Fleury S A : Dados Econômico-Financeiros

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EARNINGS 1Q23

Revenue reaches R$ 1.3 billion with growth of 13.4% (ex-Covid-19 of 20.0%) and EBITDA of R$ 345.8 million with margin of 28.0%

Investor Relations

www.fleury.com.br/ri | [e-mail] | [phone]

May 04, 2023

Highlights

• Gross Revenue of R$ 1.3 billion (growth of 13.4%)

• 1. Organic growth of 6.7%, despite the decline of 5.6 p.p. of Covid-19 revenue against 1Q22 o Ex-Covid-19 growth of 20.0%
     o Fleury brand with growth of 10.9%
     o Rio de Janeiro brands with growth of 17.2%
     o Home Service with growth of 31.1% (9.3% of revenue) o New Links with growth of 99.2% (38.9% organic)
• EBITDA of R$ 345.8 million (28.0% margin)
• Net Income of R$ 93.9 million (7.6% margin)
• Organic expansion: 4 diagnostic medicine units (2 Campana units, 1 a+ brand unit in Teresina (PI) and 1 Vita orthopedics unit)
• Completion of the Incorporation of Instituto Hermes Pardini (3rd largest diagnostics player in the country) on 04/28/23

(R$ MM)

Gross Revenue

Cancellations (% Gross Revenue)

Net Revenue

Gross Profit

Gross Margin (% Net Revenue)

EBITDA

EBITDA Margin (% Net Revenue)

Net Income

Net Income Margin (% Net Revenue)

1Q22

1.173,4 -1,0% 1.089,9 324,7 29,8% 326,6 30,0% 110,4 10,1%

1Q23

1.330,4 -0,9% 1.236,8 356,7 28,8% 345,8 28,0% 93,9 7,6%

Δ

13,4%

7 bps 13,5% 9,8%

-96 bps 5,9%

-200 bps -15,0% -254 bps

Conference Call

•	Date:	March 05th, 2023 - 11:00 am (10:00 am EDT)
•	Webcast:	ri.fleury.com.br
•	Phones:	[phone] - Code: Grupo Fleury
		EUA: [phone]
		UK: [phone]

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Summary

1.	Management Comments	4
2.	About Grupo Fleury	6
3.	Highlight Events	7
3.1.	Conclusion of the Incorporation of Instituto Hermes Pardini	7
3.2.	New Hospital in B2B - HCor	7
3.3.	Closing of Acquisition of Retina Clinic	8
4.	Income Statement	8
5.	Gross Revenue	8
5.1.	Covid-19 Impacts	9
5.2.	Diagnostics	9
	5.2.1.	Patient Service Center (PSC)	9
	5.2.2.	Volumes and Revenue per Exam	10
	5.2.3.	B2B: Hospitals and Reference Laboratory	11
5.3.	Genomics	11
5.4.	New Links and Healthcare Platform	12
	5.4.1.	New Links	12
	5.4.2.	Health Platform	12
6.	Gross Profit	13
7.	Operational Expenses	13
8.	EBITDA	......................................................................................................................................................................	14
9.	Financial Result and Net Debt	14
9.1.	Financial Result	14
9.2.	Net Debt	15
10.	Net Income	16
11.	Investiments	16
12.	Cash Flow	17
13.	Attachments	18
13.1.	Performance Indicators	18
13.2.	Balance Sheet	19
13.3.	Income Statements	20
13.4.	Cash Flow Statements	21

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1. Management Comments

In 1Q23, we continued to demonstrate consistency in the delivery of results and financial discipline, proving the efficiency of our growth strategy and construction of an integrated healthcare ecosystem. As expected, after a 4Q22 marked by seasonality effects and the impacts of the World Cup, we resumed the pace of growth. We achieved record quarterly revenue of R$1.33 billion, 13.4% higher than the same period last year. Disregarding the effect of Covid-19, we grew 20.0% in the annual comparison. Organic growth was 6.7%, even with a sharp drop in Covid-19 tests, which represented, in 1Q23, only 0.6% of revenue against 6.2% of revenue in 1Q22. The results were boosted by the positive combination of the Growth Avenues, with emphasis on the Diagnostic Medicine Patient Service Center (PSC), which had an expansion of 15.2%. The Fleury brand grew 11%, showing not only the strength of our core business, but also the strength of the premium brand that combines tradition, quality and innovation, with a high degree of customer satisfaction and relationship with the medical community. The Fleury brand was among the first placed in the Laboratories category in the eighth edition of the Estadão Best Services ranking, yet another recognition of excellence in customer service.

Still considering Avenue of Diagnostic Medicine, we also highlight the performance of the a+ brand in São Paulo, with an increase of 18.3% in revenue, and the performance of the PSCs in Rio de Janeiro, which had strong growth of 17.2%. This result was obtained despite the contraction in the number of beneficiaries, indicating a gain in market share. Home Service grew 31.1% compared to the same quarter last year, and now represents 9.3% of revenue. Additionally, 3 diagnostic medicine service units were inaugurated in the first quarter of 2023: two Campana brand PSCs (Grajaú and Sindicato dos Comerciários) and one a+ brand PSC in Teresina (PI), with organic entry in the state of Piauí.

Another highlight in the quarter was the revenue from New Links, which grew 99.2% compared to the same quarter of the previous year, representing 10% of our total revenue. Part of this strong increase is the effect of acquisitions, in particular Saha, made in August 2022. The organic growth of New Links was 38.9%, an equally expressive result. In orthopedics, another PSC of the Vita brand was inaugurated in Perdizes, in the city of São Paulo.

We reached an EBITDA of R$ 345.8 million, a growth of 5.9% compared to 1Q22, with a margin of 28%. Our discipline in executing the strategy and controlling costs and expenses and consistency in deliveries were fundamental to this result, with a healthy margin.

Finally, we had a net profit of R$ 93.9 million, with a margin of 7.6%. Compared to the same period of the previous year, there was a decrease of 15%, with a negative impact on Financial Expenses resulting from the current situation of high interest rates - this line grew 56.8% compared to 1Q22. It is worth mentioning, however, that our ongoing commitment to financial discipline has brought us a low level of leverage, with a Net Debt/EBITDA ratio of 1.2x, which gives us greater comfort and the necessary solidity to face the current challenging macroeconomic environment.

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We also highlight that, in April 2023, we completed the business combination between Grupo Fleury and Grupo Pardini, which gives rise to one of the health leaders in Brazil with combined revenue of R$ 7.1 billion and EBITDA of R$ 1.6 billion. We revised upwards (+25%) our initial estimate of opportunities to capture synergies, which now stands at an incremental EBITDA of between R$ 200 million and R$ 220 million per year (with 95% of capture by the end of the third year after closing the transaction). We expanded our national presence, with more than 500 service units, and we will rely on the full strength of the Grupo Pardini in providing services to partner laboratories. From the business combination between Grupo Fleury and Pardini, we now have four Avenues of Growth: B2C Diagnostic Medicine, B2B Diagnostic Medicine, New Links and Health Platform.

In summary, our quarterly results prove the success of the strategy we outlined almost 18 months ago and show that we are on the right path. Throughout 1Q23, we took more consistent steps towards building a healthcare ecosystem around our core diagnostics business, in addition to establishing ourselves in new links in the healthcare value chain. We have an adequate capital structure, with low debt, putting us in a favorable position to face the challenges of the coming quarters with peace of mind. We have extensive healthcare market knowledge and execution skills, and we are further strengthened by the combination with the Grupo Pardini We will continue with our organic expansion, but also attentive to opportunities for inorganic growth, and focusing on gains in scale and productivity. We have become an increasingly resilient group capable of boosting our growth in a sustainable way in the long term, continuing with our goal of staying even closer and more present in our patients' health journey.

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