SAUD3 Odontoprev

Odontoprev S.A. is a private dental care plan operator founded in 1987 by dentistry professionals, initially focused on serving corporate clients seeking dental plans with a higher degree of professionalism, quality, and technology. In 1998, control passed to private equity funds, a move that drove its consolidation in the market and the adoption of corporate governance practices aligned with Brazil’s supplemental healthcare sector. From the late 1990s onward, the company began a continuous acquisition process, incorporating operators such as Unidont, Clidec, DentalCorp, Rede Dental, Care Plus Dental, Sepao, Prontodente, OdontoServ, ADCON, Odonto System, and Mogidonto, among others, which expanded its beneficiary base and regional presence. In 2006, it carried out its initial public offering and became a widely held company, with shares traded on B3 under the ticker ODPV3, listed on the Novo Mercado corporate governance segment.

Odontoprev’s corporate history includes important milestones in partnerships with major groups in the financial and supplemental healthcare sectors. In 2009, it entered into an association agreement with Bradesco Dental, which was later merged, becoming a wholly owned subsidiary of the company until its corporate integration in 2010. In 2010, it signed a memorandum of understanding with BB Seguros Participações and Bradesco Seguros to form a strategic alliance focused on distributing dental plans. In 2013, it structured the joint venture Brasildental Operadora de Planos Odontológicos S.A., in partnership with BB Seguros, for the development and sale of dental plans under the BB Dental brand, with exclusive distribution through Banco do Brasil’s channels for an initial term of 20 years. Also in 2014, Bradesco Saúde came to hold a direct interest equal to 50.01% of Odontoprev’s total share capital, consolidating a reference shareholder from the health insurance sector.

Odontoprev’s core activities are centered on operating, managing, marketing, and providing private dental care plans for both corporate and individual clients. The company is classified by the National Supplemental Health Agency (ANS) as an exclusively dental operator in the tertiary “group dentistry” segment, operating predominantly as a risk manager in employer-sponsored group plans, group affinity plans, and individual and family plans. Its business model is based on monthly per-capita remuneration of beneficiaries and on managing a broad accredited network of dentists, combined with proprietary technology systems for eligibility control, virtual clinical records, auditing, risk management, and quality control. In addition to directly operating plans, the company also holds equity interests in related-service companies, such as software providers for practice management, distributors of dental materials, company-owned clinics, and imaging diagnostics providers.

Odontoprev and its subsidiaries’ products and services are organized into three main plan segments and one group of complementary activities. In prepaid group plans, the company fully assumes the cost of care, plan administration, and oral health management in exchange for a monthly consideration per beneficiary. In postpaid group plans, actuarial risk lies with the corporate client, while Odontoprev provides management, support, and administrative services, receiving a fixed monthly fee and reimbursement of care costs. In prepaid individual plans, it operates similarly to prepaid group plans, but targeting individuals. The business lines are further segmented internally into corporate, SME, and individual, according to portfolio size and beneficiary profile, which guides commercial and pricing strategies. Revenues classified as “other” include dental care at company-owned clinics, administrative and consulting services, distribution of dental materials to the accredited network, development of management software, dental insurance through a subsidiary in Mexico, use of artificial intelligence in clinical auditing, and dental imaging diagnostics.

Odontoprev maintains a diversified corporate structure to support its core dental plan operation. Key subsidiaries and affiliates include Odontoprev Serviços, dedicated to commercial advisory, consulting, and business management; Easy Software, specialized in developing and licensing software for dental offices, clinics, and dental operators; and Dental Partner, focused on wholesale and retail of dental products and equipment, as well as administrative and logistics support services. In the direct provision of healthcare services, Clidec and Boutique Dental stand out for operating networks of company-owned dental clinics, and Grupo Papaiz specializes in dental imaging diagnostics, whose operations were integrated through gradual acquisitions until full control was achieved in 2023. Brasildental, jointly controlled with BB Seguros, operates exclusively dental plans under the BB Dental brand, reinforcing Odontoprev’s presence in the banking channel.

Odontoprev’s geographic presence is nationwide, with an accredited network that, at the end of 2024, comprised around 27,000 dentists distributed across all Brazilian states, proportionally to the beneficiary base. This network is managed by a field consultant structure, supervised by dentists in each region and supported by in-house consultants based at the head office, with strong integration into information systems and CRM and workflow tools. Abroad, the company operates in Mexico through subsidiaries Odontored Seguros Dentales and Oprev Administradora, responsible for the development, operation, management, and marketing of dental care plans and accident and illness insurance, in compliance with local regulations from the Ministry of Health and the National Insurance and Bonding Commission. This international presence broadens its revenue scope, although the main focus remains the Brazilian market.

The regulatory environment is a core element of Odontoprev’s activities. The company is subject to the Private Health Care Plans Law (Law No. 9,656/98) and to ANS oversight, which defines requirements for incorporation, operation, technical reserves, chart of accounts, adjustment criteria, and minimum coverage rules for dental plans. As an exclusively dental operator, Odontoprev registers all its plans with ANS and offers at least the mandatory coverage established in Normative Resolution No. 465. The company is classified in the tertiary dental segment, with less than 10% of care costs incurred in its own network, and is subject to prudential rules that include independent auditing and publication of financial statements. Regulation also defines how monthly premiums may be adjusted: for exclusively dental group plans, adjustments must be communicated to ANS, and for individual plans, they may be tied to official price indices.

In environmental, social, and governance aspects, Odontoprev adopts practices consistent with the less resource-intensive nature of its business model, while paying attention to specific obligations of company-owned clinics and diagnostic units. The company’s dental and radiology facilities follow the guidelines of the National Health Surveillance Agency (ANVISA) and the National Environmental Council (CONAMA) for the generation, handling, and disposal of healthcare service waste, via a Healthcare Waste Management Plan (PGRSS) and sustainability guides shared with its accredited network. The company has a sustainability department responsible for measuring the satisfaction of accredited dentists, beneficiaries, corporate clients, and employees, commissioning research institutes and turning the results into management information for process improvement. In governance, listing on B3’s Novo Mercado under the ticker ODPV3 reinforces the adoption of practices such as share capital composed only of common shares and greater transparency in dealings with the capital markets.

Odontoprev’s commercial strategy combines proprietary distribution channels and partnerships with financial institutions and healthcare operators, enabling access to different customer profiles. The company sells plans through an in-house sales team, a network of independent brokers, alliances with medical-hospital plans, affinity groups, credit card issuers, insurers, as well as through Bradesco and Banco do Brasil channels, e-commerce, and call centers. Partnerships may range from simple joint distribution to models in which Odontoprev assumes the healthcare risk, including co-responsibility contracts with Brasildental and Unimed BH. This multichannel structure seeks to broaden the reach of corporate, SME, and individual dental plans, sustaining the company’s relevance in Brazil’s supplemental dental healthcare segment.