Brazil Healthcare: Readings from Porto Saúde’s 2Q26 Results – Resilient MLR and Net Adds Support Payor Thesis

Research evidence excerpt

J P M O R G A N

Latin America Equity Research

07 August 2026

Brazil Healthcare

Readings from Porto Saude’s 2Q26 Results – Resilient

MLR and Net Adds Support Payor Thesis

Porto Seguro (PSSA3, OW-rated by Guilherme Grespan) reported 2Q26 results,

including updated metrics for Porto Saúde (JPM research). We view the main

takeaways for the health industry a constructive: 1) profitability remains solid,

with reported health MLR at 77.9%, below Bradsaúde’s 83.8% consolidated MLR

in 2Q26 and broadly in line with our expectation for RDOR/SulAmérica at 77.5%;

2) Porto continues to gain scale, reaching 904k members and adding +46k lives q/q,

reinforcing industry demand despite macro headwinds; and 3) average ticket

continues to decelerate, down ~1% y/y, likely reflecting a higher mix of co-pay /

entry-ticket products rather than outright pricing pressure. In sum, Porto is

sustaining growth and MLR discipline while reducing average ticket, suggesting

that product design, co-pay adoption and mix management are helping offset

medical inflation.

LatAm Retail & Healthcare

Joseph Giordano AC

(55-11) 4950-3020

Banco J.P. Morgan S.A.

Guilherme A. Vilela, CFA

(55-11) 4950-3059

Banco J.P. Morgan S.A.

Giovanni Vescovi

(55-11) 4950-2901

Banco J.P. Morgan S.A.

Nicolas Larrain

Compared with Bradsaúde (SAUD3; OW), where the quarter showed strong

volume momentum but softer pricing and y/y MLR deterioration, Porto’s print

looks cleaner from an underwriting perspective. For Rede D’Or/SulAmérica

(RDOR3; OW), Porto’s results support our thesis that the 2Q26 hospital print

should be softer from an occupancy standpoint, likely reflecting calendar and

World Cup effects, but at least partly offset by a resilient SulAmérica performance.

Figure 1: Quarterly MRL trends

(55-11) 4950-3472

Banco J.P. Morgan S.A.

Froylan Mendez

(52-55) 5540-9482

J.P. Morgan Casa de Bolsa, S.A. de C.V., J.P.

Morgan Grupo Financiero

Figure 2: LTM MRL trends

95%

90%

85%

80%

75%

70%

65%

1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26

Rede D'Or

Hapvida

Porto

1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26

Rede D'Or

Bradsaúde

Source: Company reports, J.P. Morgan Estimates. Note:

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