Hapvida (HAPV3) Posts R$ 118.8 Million Loss in 3Q26

Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) was R$ 496.6 million, down 33.5% from 3Q25 (R$ 746.4 million), with a margin of 6.1%. The cash medical loss ratio, which measures healthcare costs relative to revenue, reached 77.2%, up 2.0 p.p. from both 2Q26 and 3Q25. The company cites less favorable seasonality and civil contingencies: judicial claims rose R$ 57.4 million from 2Q26. Also weighing were roughly R$ 50 million in one-off costs from closing healthcare facilities and reducing headcount, in addition to the effect of canceled contracts under review.

Cash administrative expenses totaled R$ 515.9 million, down 23.4% from 2Q26, with a reversal of roughly R$ 48 million in variable compensation provisions. Selling expenses were R$ 740.4 million, up 22% from 3Q25, including R$ 29 million in write-offs of receivables from canceled delinquent contracts.

The health plan beneficiary base fell by 235 thousand in the quarter, to 8.433 million, of which 226 thousand are from loss-making or delinquent contracts under reevaluation. The average health ticket rose 7.0%, to R$ 313.3 per month.

Net debt stood at R$ 5.3 billion, a reduction of R$ 100.9 million from 2Q26, with a debt buyback at a discount of roughly R$ 74 million and adjustments to supplier payment terms. The net debt to EBITDA ratio rose to 1.67x, from 1.61x in 2Q26. Free cash flow over the nine months was R$ 656.2 million.