May ANS data: Positive figures for the sector but Hapvida still lags

Research evidence excerpt

May ANS data: Positive figures for the sector but Hapvida still lags

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Brazil Healthcare

May ANS data: Positive figures for the

sector but Hapvida still lags

Industry Overview

Net adds of 136k in May ’26 06 July 2026

ANS reported a net increase of 136k beneficiaries in May ‘26, accelerating vs. past Equity

month and LTM average expansion. The first two months of the 2Q26 points to a net Brazil

addition of 146k beneficiaries, accelerating from the 9k net loss reported in the 1Q26. Healthcare

The Southeast and Northeast regions led net additions, with +66k and +49k Flavio Yoshida >>

beneficiaries growth respectively. Research Analyst

Merrill Lynch (Brazil)

Hapvida: net loss of 9k MoM in May impacted by NDI +55flavio.yoshida@bofa.com11 2188 4588

Hapvida lost 9k beneficiaries in May, with losses across all regions. NDI (South and Mirela Oliveira >>

Southeast) led the decrease with 8.6k beneficiaries loss, while the Northeast operation ResearchMerrill LynchAnalyst(Brazil)

(Hapvida) remained flattish at 0.7k net loss. So far ANS data points out to a challenging +55 11 99511 0591

mirela.oliveira@bofa.com

2Q26, with 48k beneficiaries loss.

Strong growth from Amil and Bradesco ANS: National Supplementary Health Agency

Once again Amil led sector’s growth, with 42k beneficiaries additions, accelerating vs. NDI: NotreDame Intermedica

27k in April and 12k in March. In the first two months of 2Q26, Amil grew 69k

beneficiaries. Bradesco was the second highest growth among large players, adding 33k

beneficiaries. Despite the deceleration vs. 57k additions in April, the pace is in line with

average monthly growth in 2026. Finally, SulAmerica rebounded growth by adding 4k

beneficiaries (vs. net loss of 36k in April).

Unimed: net adds of 20k after 7 months of losses