Hapvida: 1Q26 Review: MLR drives earnings beat, but structural headwinds persist

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Hapvida: 1Q26 Review: MLR drives earnings beat, but structural headwinds persist

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Hapvida

1Q26 Review: MLR drives earnings beat,

but structural headwinds persist

Reiterate Rating: UNDERPERFORM | PO: 7.00 BRL | Price: 11.81 BRL

EBITDA beat BofAe, but growth remains limited 11 May 2026

Hapvida delivered a much better than expected MLR of 72.2% (vs. BofAe at 75.0%), Equity

driving EBITDA to R$791mn (mg. of 10%), 17% above our estimates and consensus. The

Flavio Yoshida >>

strong operational performance also supported the cash generation of R$18mn (better Research Analyst

than our R$68mn cash burn expectation). While the results provide some light at the end Merrill Lynch (Brazil) flavio.yoshida@bofa.com

of the tunnel, key issues remain and still appear to be structural headwinds, including: i)

Mirela Oliveira >>

the continued pressure on the beneficiary base (-45k), particularly in the Southeast Research Analyst

region (with concentration in Sao Paulo), ii) higher net new judicial deposits of R$224mn Merrill Lynch (Brazil) mirela.oliveira@bofa.com

(vs. avg. of R$155m in ’25), and iii) the still high level of ANS fines of R$128mn.

Competition is fierce and limits growth; U/P

Overall, we remain cautious on Hapvida, as despite the solid MLR trend seen in the Stock Data

quarter, we are concerned about the increasingly competitive environment, especially in Price 11.81 BRL

the Southeast. This dynamic is pressuring Hapvida’s growth in the region, which we see Price Objective 7.00 BRL

as a key pillar for further operational leverage gains and margin expansion. We keep our Date Established 18-Mar-2026

Underperform rating. Investment Opinion C-3-9

Key highlights: 52-WeekMrkt Val (mn)Range/ Shares Out 7.005,936BRL BRL- 44.85/ 502.6BRL