H&E Major Pulse "HAPV: Updates on potential sale of Southern operations;..."

Research evidence excerpt

H&E Major Pulse "HAPV: Updates on potential sale of Southern operations;..."

Global Research

19 May 2026ab

H&E Major Pulse Equities

Latin AmericaHAPV: Updates on potential sale of Southern

operations; RDOR/HAPV/SAUD/FLRY: El Niño Healthcare

could increase dengue cases in BZ; GLP-1: Leonardo Olmos,AnalystCFA

Corxel's oral GLP1 data (China) leonardo.olmos@ubs.com+55-11-9658 7533

Eduardo Resende

Associate Analyst

eduardo.resende@ubs.com

Healthcare +55-11-2767 6015

HAPV: Press reports indicates that asset sale in BZ South region is progressing

Lauro Jardim’s column in O Globo reported yesterday that Hapvida has intensified

the process of divesting its operations in the Southern region. The news highlights

that negotiations in Paraná, for instance, have progressed.

UBS's view: The potential move was first reported in April by Valor Pipeline, with

management reinforcing during the Q1 conference call that the current focus is on

operational simplification, with potential divestments on the radar to support

deleveraging. In a previous report, we estimated a potential deal value for the

Southern operations in the range of R$450-800mn (implying ~5.0-9.0x EV/EBITDA).

The transaction would support deleveraging, reduce operational complexity, and

sharpen strategic focus on core regions. However, execution risk remains non-

trivial, given the absence of an obvious buyer and challenging competitive dynamics

in the region, with Unimeds holding over 60% market share.

RDOR/HAPV/SAUD/FLRY: El Niño could increase dengue cases - topic to monitor

Folha reported that Brazil—particularly the South and Southeast—could see an

increase in dengue cases this year due to potential changes in mosquito infestation

levels driven by El Niño. The phenomenon is expected to develop between May and