The largest private hospital group in Brazil, with 76 hospitals and three under management, Rede D'Or is expected to benefit from the creation of Bradsaúde , a company announced in February by Grupo Bradesco and which will be listed on the Novo Mercado segment of the B3 stock exchange through a reverse IPO.
According to analysts at BTG Pactual bank, the merger of assets in hospital health plans will guarantee an acceleration in the pace of greenfield projects for Atlântica D'Or, a joint venture between Rede D'Or (50.01%) and Bradesco Seguros (49.99%).
According to a report from the bank, the perception of the company founded by the Moll family is that Bradsaúde will continue with its strategy of establishing partnerships with market leaders in the hospital segment.
"The largest hospital investment in Bradsaúde's portfolio is precisely Atlântica D'Or. Therefore, the company sees potential for new projects in the future," says the document signed by Maria Resende and Samuel Alves.
The joint venture is expected to inaugurate the group's hospital in Ribeirão Preto in 2026, which will be branded São Luiz and located in an area adjacent to RibeirãoShopping. Investments for the construction of this hospital alone total R$ 250 million.
Today, Atlântica D'Or manages six hospitals (three already in operation, which were incorporated, and three under construction). In addition to the Ribeirão Preto unit, the company is also expected to open a hospital in Taubaté, also in the interior of São Paulo state, this year.
In this sense, BTG sees capacity expansion as an important growth driver for Rede D'Or's revenue. Last year, approximately 500 new beds were added, and another 800 are planned for 2026, taking into account the Atlântica D'Or projects.
"In terms of operational beds, the administration expects at least the same level of growth observed in 2025, with the potential for further increases."
In November 2025, the CEO of Rede D'Or, Paulo Moll , told NeoFeed that Atlântica D'Or hospitals have reached a financial break-even point much sooner than they had anticipated.
“Generally speaking, a hospital takes more than a year to reach breakeven . At Rede D'Or, we achieved it in six months. In the three hospitals opened under the Atlântica D'Or umbrella, we achieved it in less than two months,” Moll said at the time.
Among the reasons given were the shortage of referral beds in the regions where the hospital units are located and the immediate inclusion of Bradesco Seguros and SulAmérica insurance providers.
According to BTG, another piece of good news that should contribute to the expansion of the network created in 1977 in Rio de Janeiro by Jorge Moll was the recent approval by the Ministry of Education (MEC) of a medical school managed by the company.
"Although this initiative is not expected to have a material impact in the short term, the company sees potential for further expansion in the educational area, especially as a way to strengthen its relationship with the medical community," analysts say.
In early March, the Ministry of Education (MEC) authorized the D'Or Institute of Education, the group's education arm, to move forward with the project. It will offer 100 student places per year, starting in 2027.
The view that the bank's analysts heard from the hospital network's directors is of a strong start to the year, with solid hospital volumes and healthy operational indicators.
"Even considering that Carnival took place in March of last year, the company reported higher volumes in January and February compared to the same period last year. This reinforces the expectation that March could be the strongest month of the quarter," the report says.
Regarding margins, the outlook, according to the bank, is for improvement. The company stated that there are currently nine hospitals in the ramp-up phase and that, when they reach full capacity, the consolidated impact could reach an additional two percentage points in margins.
“Other factors that should help include greater operational leverage, ERP system migration in more than 20 hospitals, better control of claim denials, and efficiency in purchasing,” explains BTG.
From this perspective, BTG reiterated that the company remains its top pick for stocks in the hospital segment. "Overall, Rede D'Or appears well-positioned to further consolidate its leadership in the hospital and health insurance markets by 2026," it stated.
Over the past 12 months, Rede D'Or's shares on the B3 stock exchange have accumulated a 35% increase. However, by 2026, they are projected to be down 8%. The company is valued at R$ 85 billion.
