H&E Daily "SAUD3: R$230mn IoC announced (+); HAPV/SulA: Debates over GLP..."

Research evidence excerpt

H&E Daily "SAUD3: R$230mn IoC announced (+); HAPV/SulA: Debates over GLP..."

Global Research

26 June 2026ab

H&E Daily Equities

Latin AmericaSAUD3: R$230mn IoC announced (+); HAPV/

SulA: Debates over GLP-1 therapies at SUS; Healthcare

BLAU3 R$250mn commercial notes issuance Leonardo Olmos,AnalystCFA

(=) leonardo.olmos@ubs.com+55-11-9658 7533

Eduardo Resende

Associate Analyst

eduardo.resende@ubs.com

Healthcare +55-11-2767 6015

SAUD3: R$230mn IoC announced, positive signs on effective tax rate

Bradsaúde announced yesterday the distribution of R$230mn in IoC (R$0.08/share).

Payment will be made on November 30th and will be based on shareholding position

on Jun 30th (with shares trading ex IoC on July 1st).

UBS's view: Distribution (0.55% yield w/SAUD3 at R$14.00) is the first since the

establishment of Bradsaúde. Overall, the dynamics of interest on capital (IoC)

payments had been widely discussed in the market as one of the drivers of earnings

growth going forward, given the associated tax benefits. We recall that, under the

corporate structure prior to the establishment of Bradsaúde, there was a tax

inefficiency, with pro forma data provided by the company indicating a

consolidated effective tax rate of ~37% in 2024/25 (vs. BZ nominal rate of 34%).

Finally, we note that management has been reinforcing its shareholder return

stance, maintaining Odontoprev’s dividend policy (minimum payout of 50%) for

Bradsaúde.

HAPV/SulA/SAUD: Debates over the economic impacts of obesity could

strengthen arguments in favour of incorporating GLP-1 therapies into SUS

A study conducted by Instituto Cordial estimates that the prevalence of overweight

and obesity could cost the Brazilian government between R$41.7bn and R$44.6bn

per year (equivalent to roughly 2% of GDP).