Financial expenses remained a drag, with a negative result of R$ 42.6 million in the quarter and R$ 87.0 million in the first half. Capex consumed R$ 27 million in the quarter, according to the earnings release.
The operational gains are now feeding a geographic expansion. Rede Mater Dei plans to enter São Paulo by the end of 2028, with a first unit in the Santana neighborhood in partnership with Bradesco Seguros and Atlântica Hospitais. The company currently operates in Minas Gerais, Bahia, and Goiás, and describes São Paulo as the country’s largest supplementary health market.
The expansion is backed by first-quarter 2026 results that showed net revenue of R$ 575 million, up 15.1%, and adjusted EBITDA of R$ 130 million, up 34.6%. Those figures, reported in early August, provide a baseline for the growth strategy now underway.
The central tension is whether the occupancy and ticket gains that powered the second quarter can be replicated in a new, highly competitive market. The balance sheet is stronger, but the São Paulo entry will require sustained capital discipline and operational execution.
Can Rede Mater Dei convert its current occupancy and pricing momentum into profitable growth in São Paulo without eroding the leverage gains that investors just rewarded?
Sources: Source 1 · Source 2 · Source 3 · Source 4 · Source 5 · Source 6
