H&E Daily "HAPV/SulA/SAUD: Listed players outperform sector MLR trends i..."

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H&E Daily "HAPV/SulA/SAUD: Listed players outperform sector MLR trends i..."

levels YoY mainly on taxes. Operational result was R$531mn (vs. R$193mn in

1Q25), while EBT was at R$737mn (vs. R$513mn in 1Q25).

Cross reads to sector competition: Amil’s MLR continues to show improvement,

broadly tracking trends observed among listed players in 1Q26 as highlighted above.

In our view, the strong operational result could potentially continue sustaining

company's growth appetite, reinforced by management in recent interviews:

targeting 15% revenue growth in 2026. Our channel checks suggest that the

company has been adopting a more aggressive commercial approach over the past

year, although this has so far been largely concentrated in entry-level products

(mainly competing with HAPV and Unimeds). While we acknowledge that the margin

impact of this strategy does not materialize immediately, we find it difficult to

identify signs of irrational competition at this stage amid strong profitability.

ONCO: Cade's favourable opinion on ONCO/Master past deal

BZ antitrust authority (Cade) approved on Monday the acquisition of an 11.9% stake

in Oncoclínicas by the Quíron and Tessália funds, both controlled by Banco Master.

The transaction was only formally submitted to the antitrust authority with nearly a

two-year delay, after Cade’s tribunal concluded in April this year that the funds’

initial investment in Oncoclínicas constituted 'gun jumping'.

UBS's view: Cade’s approval could support Oncoclínicas’ legal position in its ongoing

dispute regarding Banco Master’s stake in the company following the bank’s

liquidation last year. We recall that ONCO priorly intended to exercise a call option

on the quotas of those funds to partially offset losses with Master's CDBs, though