At the end of March, Bradesco brought its various healthcare assets under a single umbrella. Named Bradsaúde , the group presented its first results on the evening of Monday, May 4th, generating expectations among investors about how the healthcare market will operate under this new company.
The company – which debuts on the B3 stock exchange this Tuesday, May 5th, through a reverse IPO involving Odontoprev – reported closing the first quarter with a net profit of R$ 1.3 billion, revenues of R$ 13.3 billion, and an average return on equity (ROAE) of 24.8%. The comparison with the same period last year was not disclosed.
In the first quarter of 2026, Bradsaúde registered an increase of 52,000 lives in its health plans and 141,000 lives in its dental plans, reaching more than 13.4 million beneficiaries in the country. The loss ratio at Odontoprev fell 3.1 percentage points to 32.7%, and 1.4 percentage points at Bradesco Saúde to 79.1%.
On its first day on the stock exchange, Bradsaúde's shares are trading higher. Around 12:46 PM, the shares were up 4.13%, at R$ 15.64.
With this solid foundation, Bradsaúde is now moving towards growth, through capturing synergies between its different businesses and scaling up businesses that have not yet shown their full potential.
"Bradsaúde is a project that we have been developing for a long time and that today becomes a reality as an ecosystem," said Carlos Marinelli , CEO of Bradsaúde, in a press conference to discuss the results.
"But each company has its own market reality, its own business moment, and we will leverage that by creating what we call business synergies, to boost new sales, new products, new businesses, and new markets," he added.
According to him, the idea is to strengthen connections between sales teams to encourage cross-selling of products, such as corporate plans with dental and health coverage.
“Previously, these sales forces were working with some level of collaboration, but not so much with a level of coordination. Today, that is becoming a reality with Bradsaúde,” stated Marinelli. “Making new products happen is something that management has the incentives to do.”
Products for businesses are one of the company's focuses, especially for small and medium-sized enterprises (SMEs). Bradsaúde has more than 3 million lives covered in the corporate segment and sees SMEs as a growth engine for the coming years.
“We are very clear that the SME segment is a segment that is growing a lot,” said Marinelli. “It is a segment that has grown intensely both at Odontoprev and at Bradesco Saúde.”
The company's expansion also extends to the hospital sector, with Atlântica Hospitais investing heavily in expansion – of the R$ 4.8 billion committed, approximately R$ 2.8 billion has been invested, resulting in around 4,000 beds. The assessment is that this unit also helps strengthen Bradsaúde's presence in certain markets.
Bradsaúde's plan also aims to balance the representation of the platform's companies in the results. In the first quarter, Bradesco Saúde accounted for 83% of the profit, while Atlântica's share was 1%.
According to Marinelli, this proportion should begin to change, with the "consistent growth" of other businesses, which are at different stages of maturity.
“Within the profitability share of the various businesses, there are clearly some with a faster development rate than the traditional, already mature businesses,” said the executive. “One of these businesses is Atlântica, which is appearing timidly, but the idea is that it will contribute more significantly in the coming quarters and years.”
According to BTG Pactual , Bradsaúde's results are encouraging. Although the disclosure was limited, analyst Samuel Alves assessed that the final result is robust, reaching approximately 32% of his estimate for fiscal year 2026 — above the company's historical seasonality for the first quarter, suggesting upside potential in the numbers.
"Overall, despite the still limited disclosure, we consider the first quarter encouraging. The results reinforce the main pillars of our assessment for action (improvement in MLR, continued growth in the number of members, and an already positive contribution from Atlântica hospitals)," says an excerpt from the report.
