H&E Daily: RDOR/HAPV/SAUD: Lower hospital occupancy YoY in May; further debates over GLP-1 therapies at SUS; LAUR: USMCA uncertainties

Research evidence excerpt

H&E Daily: RDOR/HAPV/SAUD: Lower hospital occupancy YoY in May; further debates over GLP-1 therapies at SUS; LAUR: USMCA uncertainties

Global Research

2 July 2026ab

H&E Daily Equities

Latin AmericaRDOR/HAPV/SAUD: Lower hospital occupancy

YoY in May; further debates over GLP-1 Healthcare

therapies at SUS; LAUR: USMCA uncertainties Leonardo Olmos,AnalystCFA

leonardo.olmos@ubs.com

+55-11-9658 7533

Eduardo Resende

Healthcare Associate Analyst

RDOR/HAPV: Anahp data points to lower occupancy levels YoY in 2Q26 so far eduardo.resende@ubs.com

+55-11-2767 6015

Anahp data indicates that hospitals' occupancy rate stood at 78.5% in May (stable

MoM and below May-25 levels of 80.2%). We note that April figures were revised up,

now at 78.4% (vs. 77.8% in the prior data). QTD, average occupancy stands at 78.5%

(from 79.9% in Apr/May-25).

UBS's view: Reads tend to be positive for payors (HAPV/SulA/SAUD), but a slightly

lower occupancy YoY could be a topic to providers in Q2 (RDOR). Here, on the other

hand, we note that 2Q25 and 2Q24 figures were abnormally high (due to SARS and

dengue outbreaks in BZ respectively), with current levels appearing to return to

broad historical average and suggesting no major deviations from the typical Q1/Q2

seasonality this year. Despite some recent news flow about current SARS spread,

some articles outlined that the rise in emergency room visits has not translated into

a higher number of hospitalizations this year (more here). Finally, we recall that

Anahp data is often revised, and this figure should not be analysed in isolation, as

several other factors—such as the case-mix complexity level—are also key

operational drivers in the sector.

Figure 1: Anahp: Sector occupancy rate evolution (%)

Anahp : Sec tor o ccupa ncy r ate e volut

ion (

%)