Dasa (DASA3.SA) 2Q26 Conf Call Highlights: Work in progress

Research evidence excerpt

Flash |

14 Aug 2026 14:52:42 ET │ 11 pages

Dasa (DASA3.SA)

2Q26 Conf Call Highlights: Work in progress

CITI'S TAKE

During Dasa’s 2Q26 conference call, management attributed the

sequential growth slowdown on Diagnostic partly to a World Cup impact

of up to 1.5 percentage points and noted that demand accelerated

consistently in July, suggesting favorable growth inertia into 3Q26.

Moreover, the Diagnostics gross-margin contraction largely reflected

accounting reallocations and temporary NTO ramp-up costs, while the

growing B2B mix remains economically attractive given its low

incremental capital requirements and fixed cost dilution. Dasa expects

stronger cash generation in 2H26 to support net debt reduction, while

also expressing confidence on Américas’ ongoing margin turnaround and

healthy cash-conversion/liquidity profile. Premium diagnostics continues

to outgrow the company’s average and may receive selective capacity

additions. Overall, the tone was constructive on underlying growth,

efficiency agenda, and cash flow prospects, but translating operating

improvements into more visible deleveraging remains the key point for the

equity narrative, in our view.

We summarize our key takeaways below:

Neutral / High Risk

Price (13 Aug 26 18:00)

R$2.51

Target price

R$3.80

Expected share price return

51.4%

Expected dividend yield

0.0%

Expected total return

51.4%

Market Cap

R$3,150M

US$607M

Leandro Bastos, CFAAC

Renan Prata, CFA

Diagnostics Growth: Management estimated that the World Cup reduced quarterly

growth by up to 1.5 percentage points. Demand accelerated consistently from the

beginning of July, supported by premium diagnostics, home services, B2B and new

commercial agreements, rather than only by pent-up demand following the

tournament.

Diagnostics Gross Margin: The 1.6 percentage point year-on-year contraction

reflected approximately 1 percentage point from accounting reallocations between

expenses and costs, around 0.5 percentage points from temporary duplicated costs

during the ramp-up of new NTO equipment, and a smaller negative mix effect from

faster B2B growth. Management did not provide a normalized margin reference.

…