ANS May-26: Another month with Amil and Bradsauúde outperforming, more moderate loss for HAPV

Research evidence excerpt

ANS May-26: Another month with Amil and Bradsauúde outperforming, more moderate loss for HAPV

Global Research

6 July 2026ab

First Read

Latam Healthcare Equities

ANS May-26: Another month with Amil and Americas

Bradsaúde outperforming, more moderate loss Healthcare Providers

for HAPV Leonardo Olmos,AnalystCFA

leonardo.olmos@ubs.com

+55-11-9658 7533

Thiago Batista, CFAAmil and Bradsaúde as key highlights in May, HAPV stems net losses

Analyst

ANS released today health and dental plans beneficiary data from May, with Amil thiago.batista@ubs.com

and Bradsaúde remaining the main highlights in the month, adding +42k and +33k +55-11-3513 6518

members on health plans (+69k and +91k QTD respectively). For both, however, we

Kaio Prato

note that churn data still seems misleading (standing below historical monthly Analyst

average – more details below). Regional performance for both names continues to kaio.prato@ubs.com

be solid in the Southeast, particularly in SP. SulA underperformed again, with net +55-11-3513 6573

adds at +4k members in May (-33k QTD), with timid trends across the board (and a

Olavo Arthuzo

relevant loss in SP back in April). Finally, Hapvida recorded more moderate losses in Analyst

May, losing -9k members (-48k QTD), with SP remaining lackluster (-11k lives in olavo.arthuzo@ubs.com

May). +55-11-2767 6306

Eduardo Resende

How are Q2 figures trending vs. our estimates? Associate Analyst

HAPV at -48k members (UBSe at -30k in Q2); SulA at -33k (UBSe at +45k in Q2). eduardo.resende@ubs.com

+55-11-2767 6015

Health plans: Amil and Bradsaúde remain outperformers in May Beatriz Shinye

ANS data indicates that the health plans market added +136k members in May Associate Analyst

(+146k QTD but below May-25 levels of +197k). Key company highlights are: beatriz.shinye@ubs.com