Rede D'Or (RDOR3) Reports Net Income of R$ 1.5 Billion in 3Q26

Adjusted EBITDA totals R$ 3.6 billion, up 11.6%; leverage falls to 1.65x

Editorial Team Visno InvestPublished 11/12/2026 18:20

RDOR3Rede D'Or São LuizR$ 34.29as of 11/11/2026Price, ratios and dividends

Rede D'Or (RDOR3) reported net income of R$ 1,454.2 million in 3Q26 (R$ 1.5 billion), down 0.1% from 3Q25, when it totaled R$ 1,455.8 million. The figure reflects the previous accounting standard (IFRS 4), used in the management analysis. Under IFRS 17, accounting net income was R$ 1,366.7 million. Excluding the accounting amortization of the SulAmérica portfolios, net income would have been R$ 1,498.1 million.

Consolidated gross revenue totaled R$ 16.6 billion (R$ 16,569.6 million), up 6.2% from 3Q25. EBITDA (earnings before interest, taxes, depreciation and amortization) was R$ 3.1 billion (R$ 3,073.0 million), an increase of 6.4%. Adjusted EBITDA, which excludes non-recurring events and includes the financial result of SulAmérica's linked assets, reached R$ 3.6 billion, up 11.6%. The financial result was negative R$ 715.9 million, a 36.6% deterioration from 3Q25.

In the hospitals and oncology operation, gross revenue reached R$ 10,340.7 million, up 10.1%, with oncology revenue of R$ 1,246.9 million (+18.2%). Gross profit was R$ 2,562.7 million (+20.2%) and gross margin reached 28.0%, up 2.3 p.p. The segment's EBITDA totaled R$ 2,437.9 million (+4.9%), with a margin of 26.6%, versus 28.0% in 3Q25, a period that included a reversal of an ISS tax provision of R$ 101.0 million. Excluding non-recurring effects, EBITDA rose 14.4%, with a margin of 27.0%. There were 163.2 thousand surgeries (+4.0%) and 776.5 thousand patient-days (-0.9%). The occupancy rate was 79.6%, 2.0 p.p. below 3Q25. The company ended the quarter with 13,771 total beds.

At SulAmérica, net revenue was R$ 8.8 billion (R$ 8,845.6 million), up 4.6%. The loss ratio was 77.7%, an improvement of 2.4 p.p. EBITDA was R$ 635.1 million (+12.4%) and adjusted EBITDA was R$ 1,082.2 million (+5.7%). The health and dental beneficiary base reached 6.2 million, up 8.9%.

Gross debt was R$ 49,637.7 million at the end of September 2026. Net debt totaled R$ 22,274.8 million, with leverage of 1.65x net debt/EBITDA, versus 1.71x in June. During the quarter, the company declared R$ 400.0 million in gross JCP (Interest on Equity), totaling R$ 1,150.0 million year to date. Capital expenditures, excluding mergers and acquisitions, totaled R$ 810.6 million in 3Q26.