Hapvida 1Q26 — Conference Call Highlights

Research evidence excerpt

Hapvida 1Q26 — Conference Call Highlights

J P M O R G A N Latin America Equity Research

12 May 2026

Hapvida Neutral

HAPV3.SA, HAPV3 BZ

1Q26 — Conference Call Highlights Price (11 May 26):R$11.44

LatAm Retail & Healthcare

Hapvida (HAPV3; N) just hosted its 1Q26 call with its top management team. Joseph Giordano AC

Please find the main takeaways below. (55-11) 4950-3020

joseph.giordano@jpmorgan.com

• Execution focus. Management reinforced a near-term agenda centered on Banco J.P. Morgan S.A.

operational discipline, return on capital, and structurally improving margins Guilherme A. Vilela, CFA

while preserving beneficiary access/service. (55-11) 4950-3059

guilherme.a.vilela@jpmorgan.com

• Commercial reset. On the commercial front, management positioned recent Banco J.P. Morgan S.A.

product and pricing adjustments as aimed at restoring competitiveness while Giovanni Vescovi

still being accretive to profitability, with growth pursued only where unit (55-11) 4950-2901

economics make sense. giovanni.vescovi@jpmchase.com

Banco J.P. Morgan S.A.

• Channel mix and pricing. The company highlighted meaningful margin Nicolas Larrain

differences across channels and argued that mix and repositioning can support

(55-11) 4950-3472

earnings even with selective price recalibration, as long as volumes and nicolas.larrain@jpmorgan.com

underwriting discipline hold. Besides, management emphasized that pricing Banco J.P. Morgan S.A.

decisions are increasingly market-by-market and channel-specific. The tone Froylan Mendez

was more constructive on pass-through pricing in individual plans, while (52-55) 5540-9482

corporate was described as more competitive and therefore less conducive to froylan.mendez@jpmchase.com

meaningful ticket expansion.