ab 20 September 2026 Global Research Initiation of Coverage Latam Healthcare Clinical Complexity, Efficiency and Capital Discipline; Rede D'Or and Bradsaude as our preferred names Launch coverage with a positive view on main sector's consolidators We launch coverage of five Brazilian healthcare companies: Rede D'Or (Buy; PT R$48.0), Bradsaude (Buy; PT R$19.0), Dasa (Buy; PT R$3.9), Fleury (Neutral; PT R$23.3) and Hapvida (Neutral; PT R$7.8). Our preferred names are Rede D'Or and Bradsaude. Following the profitability normalization of the post-Covid cycle, we believe sector performance will increasingly depend on company-specific execution, particularly the ability to monetize clinical complexity, improve efficiency and optimize capital allocation. A net-positive view, but increasingly a stock-picking story Brazil’s healthcare industry has largely recovered from the pandemic shock. Medical loss ratios have normalized and industry profitability has improved. With sector ROE moving closer