Fleury S A : Earnings Release - 3Q22

EARNINGS 2022

Record in Revenue of R$ 4.8 billion with 15.1% growth (ex-Covid of 20.2%), and record EBITDA of R$ 1.2 billion with 26.7% margin

Private capital increase of R$ 847.3 MM, strengthening the company's capital structure.

New Technical Area in São Paulo triples processing capacity and

increases differentiation in clinical analysis.

Investor Relations

ri.fleury.com.br |[e-mail]

March 16, 2023

All figures are compared to the same period of the previous year, unless otherwise stated, and are rounded to the nearest thousand.

However, there may be differences when compared to the financial statements due to decimal digits

2022 Highlights

• Gross Revenue of R$ 4.8 billion (15.1% growth): o Ex-Covid20.2% growth; 8.0% organic o Fleury brand with 11.4% growth
  o Home Service with 33.1% growth (8.5% of the total)
  o New links and Healthcare Platform reach R$ 412.7 million (8.6% of the total) with 84.8% growth o Genomics with growth of 32.3% reaching R$119 million
• EBITDA of R$ 1.2 billion (9.1% growth; margin of 26.7%)
• Net Income of R$307.9 million (6.9% margin)
• Private capital increase of R$ 847.3 million completed on 12/08/2022
• Organic expansion: 18 units

• 1. Diagnostics: 10
  1. New Links: 8
  2. • Orthopedics: 4
     • Ophthalmology: 3
     • Infusion Therapy: 1
• New Technical Area (TA) in São Paulo triples the processing capacity and increases the differentiation of specialized exams from clinical analysis
• Inorganic expansion:
• 1. Marcelo Magalhães (Clinical Analysis; Pernambuco; May/22)

1. Saha (Infusions; São Paulo city; Aug/22)

• 1. Méthodos (Clinical Analysis; south of Minas Gerais; Oct/22) o Retina Clinic (Ophthalmology; São Paulo city; Sep/22)
• Incorporation of shares of Hermes Pardini (Diagnostics; 3rd largest player in the country; awaiting CADE)

(R$ MM)	4Q22	4Q21	Δ	2022	2021	Δ
Gross Revenue	1.199,0	1.095,6	9,4%	4.803,0	4.172,4	15,1%
Cancellations (% Gross Revenue)	-0,9%	-1,0%	7 bps	-0,9%	-1,0%	5 bps
Net Revenue	1.114,7	1.017,9	9,5%	4.463,0	3.872,7	15,2%
Gross Profit	249,9	274,8	-9,1%	1.210,1	1.126,9	7,4%
Gross Margin	22,4%	27,0%	-458 bps	27,1%	29,1%	-198 bps
EBITDA	232,7	262,2	-11,2%	1.189,7	1.056,0	12,7%
EBITDA Margin	20,9%	25,8%	-488 bps	26,7%	27,3%	-61 bps
Recurring EBITDA	232,7	255,4	-8,9%	1.189,7	1.090,8	9,1%
Recurring EBITDA Margin	20,9%	25,1%	-422 bps	26,7%	28,2%	-151 bps
Net Income	31,0	70,8	-56,3%	307,9	349,9	-12,0%
Net Income Margin	2,8%	7,0%	-418 bps	6,9%	9,0%	-214 bps

Conference Call

•	Date:	March17th, 2023 - 11:00 am (10:00 am EDT)
•	Webcast:	ri.fleury.com.br
•	Phones:	[phone] - Code: Grupo Fleury
		EUA: [phone]
		UK: [phone]

2

Summary

1.	Management Comments	4
2.	About Grupo Fleury	7
3.	Highlight Events	8
3.1.	Private Capital Increase	8
3.2.	Issuance of Debentures	8
3.3.	Inauguration of the New TA in São Paulo	8
3.4.	Organic Expansion	10
3.5.	Incorporation of shares of Hermes Pardini	12
4.	Income Statement	13
5.	Gross Revenue	14
5.1.	Covid Impacts	14
5.2.	Diagnostics	15
	5.2.1.	Patient Service Center (PSC)	15
	5.2.2.	Volumes and Revenue per Exam	16
	5.2.3.	B2B: Hospitals and Reference Laboratory	17
5.3.	Genomics	17
5.4.	New Links and Healthcare Platform	18
	5.4.1.	New Links	18
	5.4.2.	Healthcare Platform	18
6.	Gross Profit	19
7.	Operational Expenses	20
8.	EBITDA	......................................................................................................................................................................	20
9.	Financial Result and Net Debt	21
9.1.	Financial Result	21
9.2.	Net Debt	21
10.	Net Income	22
11.	Investiments	23
12.	Cash Flow	23
13.	Attachments	24
13.1.	Performance Indicators	24
13.2.	Balance Sheet	25
13.3.	Income Statements	26
13.4.	Cash Flow Statements	27

3

1. Management Comments

Discipline in the execution of the growth strategy

2022 was marked by results that prove the efficiency of the strategy we outlined almost two years ago: three quarters of consecutive records in terms of revenue and an increase of 15.1% in annual gross revenue compared to 2021 (if we disregard the effect of Covid-19, the growth was 20.2%), totaling R$4.8 billion. This result came from the contribution of our three avenues of growth - Diagnostic Medicine, New Links and Health Platform - and a balanced combination of organic growth and through acquisitions; organic growth in the annual comparison was 8.0%.

In the exploration of new channels, Mobile Service showed growth of 33.1%, through new routes and portfolio increase, reaching 8.5% of the group's total revenue, and reinforcing the change in customer behavior after the pandemic.

The formation of the ecosystem was strengthened with the services of New Links, including the specialties of orthopedics, ophthalmology, drug infusion and fertility, as well as the digital health platform, which showed growth in the year of 84.8%, already representing 8.6% of the group's total revenue. EBITDA reached a record R$1.2 billion in 2022, an increase of 9.1% over the previous year's recurring EBITDA, with a margin of 26.7%. Net income reached R$307.9 million, with a net margin of 6.9%.

In 4Q22, gross revenue totaled R$1.2 billion - an increase of 9.4% compared to 4Q21. The contribution of Covid tests in gross revenue was 1.2%, reaching the lowest level since the beginning of the pandemic - if we disregard the effects of these tests, the growth was 14.7%. We emphasize that this slowdown in growth in 4Q22 was mainly due to the cyclical impact of the unprecedented holding of a World Cup between November and December and the resumption of the expected seasonality of the year-end festivities which, in practice, reduced the normal days of customer service.

Considering the growth avenues traced, the gross revenue from Diagnostic Medicine increased by 10.0% in 4Q22 compared to 4Q21. It is worth mentioning the strong performance of the service units in Rio de Janeiro, with 14.5% growth in gross revenue, indicating a gain in market share in the region, despite the lower number of beneficiaries served by supplementary health. B2B gross revenue, on the other hand, decreased 24.7% in the quarterly comparison, with an impact mainly from the end of the 10-year contractual cycle with a large client whose effect has already been reflected throughout 2022. We can also highlight the significant performance of New Links, which showed a growth of 89.4% in gross revenue compared to 4Q21 (and 101.5% in the annual comparison), mainly due to business acquisitions that expand the value chain, confirming our strategy.

Building the health ecosystem and strengthening the capital structure

In 2022, we carried out acquisitions that strengthened both diagnostic medicine (Marcelo Magalhães in Pernambuco and Méthodos in southern Minas Gerais) and New Links (Saha and Retina Clinic in São Paulo, in the specialties of drug infusions and ophthalmology, respectively). The major highlight was the

4

announcement of the merger of shares of Instituto Hermes Pardini S.A. by Fleury S.A., held on June 30, 2022, and awaiting approval from the Administrative Council for Economic Defense (CADE). The business combination between Grupo Fleury and Grupo Pardini will result in one of the largest diagnostic medicine companies in Brazil, with a combined revenue of R$6.9 billion1 and EBITDA of R$1.7 billion1.

The complementarity of business and geography will result in a national presence with almost 500 service units, reference services for more than 6.6 thousand partner laboratories, 20.8 thousand employees, 4.6 thousand doctors and 39 brands. According to the initial estimate, the union of the groups creates opportunities to capture synergies between R$160 and 190 million of incremental EBITDA per year, after the integration is implemented.

It is also worth mentioning the organic expansions - 10 diagnostic medicine care units were opened, six of them under the Campana brand, in order to attend to the access segment in São Paulo. In New Links, eight new units were also inaugurated including orthopedics, ophthalmology, and infusion of immunobiological drugs. At the existing units, the expansion of services resulted in a 20.2% increase in revenue per square meter when we compared 2022 with 2019, a period before the pandemic. Reinforcing our innovation positioning, more than 600 new products and services were launched in the year, in addition to the presence of 26 startups that are already active in our operations resulting in increased productivity and differentiation in the provision of services to customers. As a result of the innovations, we reduced our costs by another R$34 million / year.

In December, we completed the private capital increase operation in the amount of R$847.3 million, strengthening our cash and bringing our leverage to 1.2x, versus 1.7x in 3Q22, well below the limit established by debt instruments (3.0x), putting us in a comfortable and sustainable financial position to face high interest rates and follow our ecosystem construction strategy, with financial discipline. Throughout the year, we maintained our focus on increasing productivity and operational efficiency for cost control and strengthening our capital structure.

The year 2022 was also marked by the structuring of the new Operational Technical Center (NTO) in São Paulo, with a focus on innovation, differentiation and growth projected for the next 20 years. In addition to meeting the great demand of São Paulo, one of the great differentials of the NTO will be the realization of specialized exams for all our operations in the country and for other laboratories in the diagnostic sector. The installed area goes from 4,600 m2 to 8,500 m2 and increases the production capacity by 3 times, reaching up to 500 thousand tests processed per day. The NTO now has automation line innovations,

1 Proforma data Sep/22; unaudited

5