Brazil Healthcare: ANS Chartbook: May-2026: Hapvida keeps lagging in SP; Bradesco and Amil printed solid performances

Research evidence excerpt

Brazil Healthcare: ANS Chartbook: May-2026: Hapvida keeps lagging in SP; Bradesco and Amil printed solid performances

Equity Research

6 July 2026 | 4:53PM BRT

Brazil Healthcare: ANS Chartbook: May-2026: Hapvida keeps lagging in

SP; Bradesco and Amil printed solid performances

In this report, we provide investors with more granular data on the evolution of Gustavo Miele

+55(11)3371-0834 |

beneficiaries in the private health-plan system in Brazil, per data disclosed by the gustavo.miele@gs.com

Goldman Sachs do Brasil CTVM S.A.

National Agency of Supplemental Health (ANS) as of May 2026.

Executive Summary

Main Health and Dental Plan Operators

n Hapvida (HAPV3; Neutral); net adds of -9k MoM, still soft on GNDI; Amil

sustained its growth trend

o HAPV Group printed net adds of -9k beneficiaries MoM in May, adding up

to -48k in the QTD, which we continue to read as a soft 2Q26 to date,

specially in SP state (-34k QTD in the state). GNDI standalone was weaker

at -9k MoM (-39k QTD), reflecting the ongoing integration challenges tied

to its NDI operation despite the company’s commercial efforts. HAPV

standalone was roughly flat at -1k MoM (-9k QTD). We maintain our net

adds assumption for HAPV in 2026 at -100k beneficiaries.

o Amil Group again printed positive net adds of +42k MoM in May, adding up

to +69k in the QTD. The robust result remained concentrated in the Amil

operator (+41k MoM), which corroborates the view that the more

aggressive commercial approach Amil adopted in 2025 remains a core

component of its strategy in 2026.

n Sul America ex-ASO net adds positive but tepid, at +9k MoM; Bradesco Saude

solid at +33k MoM

o Sul America Group ex-ASO May net adds came in at +9k MoM, adding up

to +24k QTD, slightly below Amil and Bradesco’s pace as the company