H&E Daily "HAPV/RDOR/SAUD: Increasing SARS-related visits in SP (=); ANS..."

研报英文原文证据摘录

H&E Daily "HAPV/RDOR/SAUD: Increasing SARS-related visits in SP (=); ANS..."

Global Research

25 June 2026ab

H&E Daily Equities

Latin AmericaHAPV/RDOR/SAUD: Increasing SARS-related

visits in SP (=); ANS debates on new portability Healthcare

rules (=/-); procurement w/ confidential Leonardo Olmos,AnalystCFA

pricing at SUS (-) leonardo.olmos@ubs.com+55-11-9658 7533

Eduardo Resende

Associate Analyst

eduardo.resende@ubs.com

Healthcare +55-11-2767 6015

RDOR/HAPV: Increasing SARS-related visits in SP but lower hospitalizations YoY

A survey from SindHosp found that hospitals in São Paulo recorded an increase in

demand for care related to respiratory illnesses. The study gathered input from

representatives of 91 hospitals, with data showing that 88% of the units experienced

an increase in this type of care over the past 15 days (vs. 74% in the same period last

year). However, this year the rise in emergency room visits has not translated into a

higher number of hospitalizations: 68% of hospitals reported an increase in patients

admitted with SARS (vs. 85% in 2025).

UBS's view: The higher SARS-related visits could be a factor leading to increased

hospital occupancy in Q2, although the lower hospitalization levels could indicate

reduced complexity, potentially impacting hospital tickets. According to news

reports, this hospitalization dynamic could be attributable to improved hospital

efficiency and more effective clinical protocols. That said, we highlight that Anahp

data for April showed hospital occupancy at 77.6% (below April 2025 levels of 79.7%

and March 2026 at 78.7%), suggesting it is still too early to identify any meaningful

deviation from typical Q2 seasonality this year. Overall, the start of the year has