Slides
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March 2025 Institutional Presentation
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2 NOME APRESENTAÇÃO This presentation may contain information about future events. Such information is not just historical facts, but would reflect the wishes and expectations of the company's management. The words "believe", "expect", "plan", "anticipate", "estimate", "project", "aim" and the like are intended to identify statements that necessarily involve known and unknown risks. Known risks include uncertainties, which are not limited to the impact of price and service competitiveness, market acceptance of services, company and competitor service transactions, regulatory approval, currency fluctuation, changes in the mix of services offered and other risks. described in the company's reports. Additional unaudited or audited information contained herein reflects the interpretation of the Company's Management on information derived from its financial statements and their respective adjustments, which were prepared in accordance with market practices and for the exclusive purpose of a more detailed and specific analysis. of the Company's results. Therefore, such considerations and additional data must also be analyzed and interpreted independently by shareholders and market agents, who must make their own analyzes and conclusions on the information disclosed herein. No data or interpretative analysis carried out by the Company's Management should be treated as a guarantee of performance or future results and are merely illustrative of the Company's Management's view of its results. The Company's Management is not responsible for the compliance and accuracy of the information discussed in this report. Such information should be considered for informational purposes only and not as a substitute for analyzing our audited or audited consolidated financial statements for the purpose of an investment decision in our shares, or for any other purpose. This presentation is up to date and Grupo Fleury is not obliged to update it in light of new information and/or future events. All comparisons made are relative to the same period of the previous year, unless otherwise specified. DISCLAIMER Disclaimer
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Agenda Overview Pardini & Fleury Integration Financials ESG
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FOTOGRAFIA DA OPERAÇÃO Colar sobre este quadrado Overview
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5 Check-ups Vaccines Genomics Telemedicine Appointments Infusion Orthopedics Ophtalmology Fertility Ambulatorial Surgical Procedures Hospitals in the platform Prevention Primary Care Secondary Care Tertiary Care Diagnostics Tech Platforms Joint Ventures Genomics : + Oncology : + + Other Initiatives A l b e r t E i n s t e i n I s r a e l i H o s p i t a l T h e P o r t u g u e s e B e n e f i- c i e n c yo f S a o P a u l o B2C + B2B Note: Non-exhaustive list Focus on Diagnostic Medicine, with presence throughout the Patient Journey OVERVIEW
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6 31 Regional Brands 528 Patient Service Centers National wide reach 8.000+ L2L Clients 9 brands 35+ Hospital Clients 5 Specialties 10 Brands 33 Units Telemedicine Others B2C Diagnostic Medicine B2B Diagnostic Medicine New Links 2024 Revenues 67% - PSC: 59% - Mobile: 8% 24% 9% Quick Facts Growth Avenue Growth avenues integrate the patient journey, consolidating Grupo Fleury’s position as one of the leading health players in Brazil OVERVIEW
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7 B2C (67%) 13 14 15 16 17 18 19 20 21 22 23P 24 Platforms R$ 67 m 13,3% aa New Links R$ 0,7 b 57,5% aa B2B R$ 2,0 b 17.3% aa 12 MG R$ 0,6 b 7x aa RJ R$ 0,9 b 6,8% aa SP R$ 1,1 b 20,1% aa Fleury Brand R$ 2,1 b 9,1% aa 1,7 1,9 1,9 2,1 2,3 2,6 2,9 3,1 3,2 4,2 4,8 7,7 8,3 Regional R$ 0,9 b 17,3% aa B2C R$ 5,6 b 12,3% aa B2C R$ 1,4 b B2C 83% 7% 8% 8% 8% 8% 1% 12 13 14 15 16 16% 16% 10% 50% 17 18 19 20 21 22 17% 25% 24% 11% 11% 13% 25% 24 Platforms 43% New Links B2B Regional MG RJ SP Fleury Brand 23P R$ Billion 100% CAGR 12 - 24 14,2% aa Grupo Fleury has diversified its revenue sources over time OVERVIEW
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8 OVERVIEW Our acquisition history • EV/EBITDA LTM: 5,5x • Revenue: R$ 103 m • Campinas – SP & surroundings • 25 PSCs • Clinical Analysis • 100 km from Sao Paulo HQ technical area 2021 2023202220202017 / 2018 / 2019 2024 Infusions R$120 MM May/21 SP Orthopedics R$91 MM Jun/21 SP Health Mngt R$16 MM Dec/18 SP Diagnostics R$90 MM Nov/19 MA Diagnostics R$112 MM Jan/20 PE Diagnostics R$30 MM Sep/17 RS Diagnostics R$91 MM Mar/18 RN Diagnostics R$12 MM Oct/19 RN Diagnostics R$193 MM Sep/21 ES Diagnostics R$122 MM Sep/21 ES Ophthalmics R$30 MM Apr/21 SP Diagnostics R$385 MM May/22 PE Infusions R$120 MM Aug/22 SP Ophthalmics R$21 MM Apr/23 SP Diagnostics R$27 MM Oct/22 MG Diagnostics Merger Apr/23 MG GO PA Diagnostics R$170 MM May/19 RJ Profile EV Date STA TE Diagnostics R$ 70 MM Aug/24 SC Diagnostics R$ 130 MM Nov/24 (Announced) SP
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9 Diagnostic medicine has shown resilient growth in the past years Diagnostic Medicine Supplementary Health (R$ bn; CAGR) Number of exams perfomed Supplementary Health (# MM; CAGR) 202120192017 2018 2020 2022 +8% 817 862 917 783 995 1.100 2017 2018 2019 2020 2021 2022 +6% Diagnostic Medicine as % of Total Healthcare Expenses Maintaining the representativeness of diagnostic medicine in total supplementary health expenses close to 20% Source: ANS; Abramed. Prepared by: Fleury’s strategy department 33,4 38,8 41,5 37,9 47,8 48,6 OVERVIEW
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10 Other markets in which Grupo Fleury expanded its operations have also recorded high growth 2018 2019 2020 2021 2022 2023 13.0 15.8 16.3 18.9 24.1 29.7 Private Oncology Market (R$ B; CAGR) Private Orthopedics Market (R$ B; CAGR) 2018 2019 2020 2021 2022 2023 11.7 15.8 14.2 16.8 22.3 25.3 2018 2019 2020 2021 2022 2023 7.2 8.4 7.1 8.3 10.2 10.9 2018 2019 2020 2021 2022 2023 3.6 4.1 4.7 5.2 6.2 7.2 Private Ophthalmology Market (R$ B; CAGR) Private Infusions Market (R$ B; CAGR) +18% +17% +9% +15% OVERVIEW
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FOTOGRAFIA DA OPERAÇÃO Colar sobre este quadrado Pardini & Fleury Integration
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12 INTEGRATION Fleury and Pardini union resulted in geographic expansion, business complementarity and strengthening of Diagnostic Medicine positioning B2C Fleury B2C Pardini Lab-to-Lab + 20 million + 24% 25 Million Potencial Lifes 338 PSCs(1) + 65% 557 PSCs 49% of Brazilian Private Market B2C – Increase of 24% in potential patients Source: ANS data, internal data from Grupo Fleury and Grupo Pardini | Note: 1 – Values correspond to Grupo Fleury prior to business combination with Grupo Pardini (2022) NTO Fleury NTO Pardini
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13 INTEGRATION Decentralized, Differentiated and Highly Specialized Lab-to-Lab Productive Model… Characteristics • +8.000 clients • 9.000 tests • 2.200 cities • 400 logistics routes • Expansion of technical areas following the business combination between Grupo Fleury and Pardini Benefits for Clients • Lower processing costs • Portfolio of high-value diagnostic tests, including high-complexity tests • High level of service – Seamless and agile digital journey – Routine and urgent solutions on a single platform – Fully integrated with client systems • Nationally recognized medical advisory services Competitive Advantages • Brand and reputation • Technical quality • Extensive tests portfolio • Grupo Fleury's expertise, including continuing education offerings for clients • Logistical capillarity • Sample integrity assurance • Commercial relationship
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14 INTEGRATION … With broad footprint with national reach o Several profiles, such as laboratories, clinics, pharmaceutical companies, HMO, cooperatives and government Client Profile o 400 routes o 93.000 km/day (2,3 rounds the world) o Traceability About Logistics o Revenue evolution: Consistent Results 2018 2019 2020 2021 2022 CAGR 2018-22
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15 INTEGRATION We celebrate 1 year since the closing of the Business Combination with Pardini Jun/22 Sep/22 Apr/23 Signing Synergies R$160M ~ R$190M Bain & Co. Clean Team Nomination C-Level May/23 Synergy capture monitoring Jun/23 12 months Apr/24 Planning Standardization of finance and treasury policies Handover Bain & Co. for IMO Closing Synergies R$200M ~ R$220M Creation IMO controllership Project X (System integration to the technical areas) Implementation 8 fronts: • People • SG&A • Procurement • Technical Areas • Logistics • Units • CAPEX • Revenues • Additional
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16 INTEGRATION A few milestones Unification of R&D teams Feb/24 Migration of DLE Genomics to the technical area in São Paulo Jan/24 1st infusion services outside SP Apr/24 1st adjustment to L2L logistics Jun/23 1st toxicological testing from the Pardini legacy in Fleury’s Units Jun/23 Project X in technical areas in Rio de Janeiro Jan/24 Fleury’s 1st client in B2G Jul/23 1st testing in Fleury’s portfolio in L2L Jul/23 Structural activities ▪ Initiatives roadmap ▪ New organizational structure ▪ Retention initiative ▪ Governance design ▪ Definition of monitoring KPIs ▪ Climate survey
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17 INTEGRATION Expected synergies on-track Most synergies will be captured by 36 months after closing Estimated annual synergies generating R$ 200-220M in additional EBITDA ~90% on costs and expenses 60% 30% Mai/23 – Abr/24 ¹ 80% Mai/24 – Abr/25 95% Mai/25 – Abr/26 70% 90% average synergy in the year (captured in the year) % of synergy at year end (run rate) One-Time-Cost of R$ 65,5 million, mainly in Year 1
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FOTOGRAFIA DA OPERAÇÃO Colar sobre este quadrado Financials
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19 FINANCIALS About This Disclosure Accounting X Pro forma For a better understanding of the results evolution, we offer, in addition to accounting results, amounts on the same basis for the periods of this year and last year. The accounting result for 9M23 captures Instituto Hermes Pardini results as of May 2023 (transaction closing on 04/28/23). The pro forma result – for simple comparison and unaudited ex-adjustments to the opening balance sheet – includes the three months of Fleury and Instituto Hermes Pardini as if both operations were combined in the same period of 2023 and 2024. Fleury Pardini Fleury Pardini Fleury Pardini Fleury Pardini Accounting Oct, Nov, Dec Oct, Nov, Dec Oct, Nov, Dec Oct, Nov, Dec Jan → Dec May → Dec Jan → Dec Jan → Dec Pro forma Oct, Nov, Dec Oct, Nov, Dec Oct, Nov, Dec Oct, Nov, Dec Jan → Dec Jan → Dec Jan → Dec Jan → Dec 4Q23 4Q24 2023 2024
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20 FINANCIALS Pro forma financial indicators Gross Revenue (BRL MM) 3.207 4.172 4.803 7.746 8.320 2021 2023 P*2020 2022 Adj. EBITDA (BRL MM) and Margin (%) 20222020 2021 2023 P* +26,9% 848 1.091 1.189 1.811 1.982 28,5% 28,2% 26,7% 25,2% +23,6% 2024 25,8% 2024 * The pro forma result – for simple comparison unaudited and ex-adjustments to the opening balance sheet – includes Fleury and Instituto Hermes Pardini as if both operations were combined since 01/01/2023.
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21 FINANCIALS Profitability level Accounting Operating Cash Flow (BRL MM) e % Adj. EBITDA 647 1.019 984 1.439 1.930 20212020 2022 2023 76,3% 96,5% 83,0% 86,9% Accounting Net Income (BRL MM) and Margin (%) 257 350 308 424 616 2020 20232021 2022 +31,4% 8,6% 9,0% 6,9% 6,5% 8,0% 2024 97,4% 2024 +24,4%
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22 FINANCIALS Capital Structure with comfortable debt profile 2.446 Cash Dec/24 215 172 791 1.295 881 531 531 2025 2026 2027 2028 2029 2030 2031 901 1.411 1.545 2.116 2.038 1.445 2.150 2.003 1,1x 1,3x 1,4x 1,8x 1,7x 1,2x 1,2x 1,0x 2020 2021 1Q22 2Q22 3Q22 2022 2023 P¹ 2024 Leverage Net Debt (R$ Million); Net Debt./EBITDA (x) Amortization Schedule R$ Million ¹ Pro forma EBITDA with Pardini Business Combination 4Q24 4,2 years CDI+0,95% AAA.br stable 4Q23 3,5 years CDI+1,41% AA+.br positive Term: Cost: Moody’s: Covenants 3,0x 2,00% 9,25% 11,75% 13,25% 13,75% 13,75% 11,75% 12,25% Selic end of period
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FOTOGRAFIA DA OPERAÇÃO Colar sobre este quadrado ESG
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24 ESG • Certifications and Accreditations • Environmental Impact Management – Waste management – Water resources management – Climate change – Paper consumption management – Electricity consumption management • Goals and Deliveries • Expanding Access to Health – Business in the access segment – Digital platforms – Telemedicine and teleradiology • Partnership with NOG Gerando Falcões • Impacta Program (open innovation in ESG) • Diversity and Inclusion – Trainings – Affinity Group (Generational, Gender, PwD, Female Leadership, Ethnic- racial and LGBTQIA+ – Black Female Leadership – Em.Frente Program (combatinh all forms of violence) • Committees: – Finance – Audit, Risks and Integrity – Strategy and Technology – Culture and People – ESG • Board of Directors • Shareholders’ structure E S G Environmental Social Governance
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FOTOGRAFIA DA OPERAÇÃO Colar sobre este quadrado Environmental
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26 ESG ENVIRONMENTAL Environmental Impact WASTE • Environmental Program for Reducing Biological and Common Waste • Actions to control and reduce consumption – Technological changes in production processes (miniaturization, grouping of tests reducing collected tubes, more efficient automation lines), – Cleaner production (replacement of chemicals with greater impact) – Environmental audits WATER RESOURCES • Environmental Program for Reducing Water Consumption • Actions to reuse and reduce consumption – Rainwater harvesting – Recirculation of treated water (deionization NTO SP) – Grey water treatment plant – Reuse and flow reducers • Quality Control CLIMATE CHANGE • Short-term annual targets • Efficiency indicator (CO2e/exam) • Long-term decarbonization journey • Risk is integrated into the company's strategic map • Annual emissions inventory verified by an independent company PAPER CONSUMPTION • Annual goals • Efficiency indicator (pack of 500 sheets of A4 paper/exams) • Actions to improve performance ELECTRICAL ENERGY CONSUMPTION • Annual goals • Efficiency indicator (kWh/exams) • Actions to improve performance E S G
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27 ESG ENVIRONMENTAL Goals and Deliveries GOALS • Net Zero until 2050 – Current in-depth diagnosis – Definition of the decarbonization journey – In-depth analysis and expansion of the Company's emissions measurements in the supply chain – Targets validated by international organizations – Investments in emissions reduction • 20% reduction in biological waste by 2025 *2022 DELIVERIES • Investment in photovoltaic plants for 21% of total consumption (24% cost reduction) • Reduction 4,530 metric ton CO2* (-33%) • LEED Gold C.I. and Fit Well certifications – HQ *2022 E S G
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28 ESG ENVIRONMENTAL Certifications and Accreditations E S G
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FOTOGRAFIA DA OPERAÇÃO Colar sobre este quadrado Social
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30 ESG SOCIAL Expanding Access to Health BUSINESS IN THE ACCESS SEGMENT Expanding access to healthcare for C and D classes (basic segment) SUS Discount Programs: creation of a differentiated price list for customers who present a medical request issued by the SUS TELEMEDICINE AND TELERADIOLOGY Digital Health: digital emergency care and remote primary health care, ensuring greater access at a lower cost, with greater resolution and less environmental impact Saúde Fix: a system that offers several health services, democratizing access to quality services, combining responsibly performed telemedicine and excellence in diagnostic medicine. Subscribers have access to 24- hour service, regardless of the service package chosen, with no waiting period. DIGITAL PLATFORMS Saúde iD: a healthcare marketplace offering exams and procedures at a lower cost, aimed at people without health insurance Pra Você Card: a free card that offers exclusive discounts on services provided by Grupo Fleury’s laboratories in more than 200 PSCs. It can also be used for mobile service. E S G
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31 Partnership with NGO ‘Gerando Falcões’ Telemedicine cabin • Local nursing care • Remote medical care • Support of remote examination technologies Impacta Program Startups connected to the company's strategy Access to Health for C, D and E classes Diversity and Inclusion New Links in Health Health Education Climate Change Waste Management People with disabilities LGBTQIAPN+ Refugees Gender Equity Generational Ethnic Racial Diversity and Inclusion As a strategic vision for the company E S G
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FOTOGRAFIA DA OPERAÇÃO Colar sobre este quadrado Governance
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33 ESG GOVERNANCE Team with extensive track record in healthcare, joining the expertise of both companies, to run different businesses Jeane Tsutsui CEO Roberto Santoro President L2L and Operations Patricia Maeda President B2C Edgar Rizzatti President New Links / Medical / Technical José Filippo CFO and IRO E S G
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34 ESG GOVERNANCE High level of corporate governance through management boards and committees E S G Audit, Integrity and Risk Management Strategy and Technology ESG People and Culture Finance Executive Board Medical Culture Board of Directors Committees
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35 ESG GOVERNANCE Board of Directors with solid experience and knowledge in the diagnostic medicine E S G Board of Directors Fernando Alberto Vice Chairman Márcio Mendes Chairman Ivan Gontijo Member João Teixeira Member Luiz Carlos Trabuco Member Victor Pardini Member Samuel Monteiro Member Rui Maciel Member Regina Pardini Member Márcio Moura Member
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36 ESG GOVERNANCE Shareholders’ structure E S G 10,8% Founding Doctors 24,9% Bradesco Diagnósticos 64,3% Others Source: CVM and documents provided on the companies' IR websites
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37 ESG GOVERNANCE ESG Structure E S G 1. Sustainability 2. Maintenance and facilities 3. R&D 4. Innovation 5. Regulatory 6. People 7. Nursing 8. Health 9. Occupational Safety 10. Supplies 11. Internal audit 12. Governance 13. Risks 14. Compliance 15. Investor relations 16. Financial 17. Business and Operations 18. Marketing 19. Ombudsman 20. Corporate University Executive Board of Strategy, Innovation and ESG ESG Senior Management Privacy and Internal Controls Governance, Risks and Integrity Quality and Environment Corporate Citizenship and Diversity ESG Committee 20 areas of the company are most involved in ESG management Strategy, Indices and Projects
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38 ESG GOVERNANCE Awards E S G 100+ Influentes da Saúde 100 INOVADORAS 2022 2023 2022 2023 Index Stock Exchange
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39 ESG GOVERNANCE Commitment E S G
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Contra Capa 1 FOTOGRAFIA DA OPERAÇÃO . Alterar no Mestre https://ir.fleury.com.br/ ir@grupofleury.com.br Investor Relations https://ir.fleury.com.br/ ir@grupofleury.com.br +55 (11) 5014-7236
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Contra Capa 2 FOTOGRAFIA DA OPERAÇÃO Colocar sobre este quadrado