One of the largest independent hospital networks in Brazil, Kora Saúde reached an agreement with its creditors, in its extrajudicial recovery plan. The debt maturity of R$1.3 billion was adjusted to the company’s cash generation capacity, with the aim of preserving the operation and stabilizing the business.
The plan foresees the separation of the financial problem from the operation itself, with an attempt to avoid impact on the provision of health services in its 17 hospitals, located in Espírito Santo, Ceará, Tocantins, Mato Grosso, the Federal District and Goiás.
The strategy is to allow the company, which had revenues of R$2.4 billion last year, to maintain the regular functioning of its network, while reorganizing its obligations with creditors.
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Therefore, the postponement of payments will only apply to financial and non-operational creditors. They continue to receive doctors, suppliers, employees and other operational partners on time.
The company also informed that it continues to negotiate with other creditors not initially included in the agreement, for a broader restructuring of its liabilities. With this, Kora intends to reduce short-term pressure on cash and make debt more sustainable over time, to stabilize its financial structure and reduce the level of leverage.
In parallel, internal measures have been adopted to reinforce financial discipline, including the containment of administrative expenses and adjustments in governance, with cost reduction and cash preservation given the current scenario.
The ultimate objective, according to Kora Saúde, is to exit the process with less debt, lower leverage and a flow of payments compatible with what the company can actually generate in cash.
Changes are also expected in the field of governance and management, with moves to reduce the structure and reduce administrative expenses. As a result, a member of the board of directors was removed, and there was no immediate replacement to avoid new costs, in addition to the reduction in the minimum number of directors.
How are the results
In the most recent results release, on April 13, the network had already shown the financial pressure on its numbers. In the last quarter of last year, Kora recorded a net loss of R$167.6 million. In 2025, the loss was R$421.3 million. Financial expenses had grown 46.7% in the year, totaling R$646 million.
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On the other hand, the company’s operations continued to grow. Net revenue totaled R$597.9 million in the fourth quarter, an increase of 7.4% year-on-year. In 2025, revenue reached R$2.38 billion, growth of 5.1%.
The network has also generated cash. Adjusted Ebitda (profit before taxes, depreciation and amortization) was R$ 118.6 million in the quarter, a drop of 26.1% in the annual comparison. In the year, the indicator totaled R$538.1 million, a slight increase of 4%.
In the results release, the company stated that it had a total gross debt of R$2.77 billion, with a relevant amortization schedule starting in 2026. Cash totaled R$262.2 million at the end of December, below the short-term debt.
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Leverage, measured by the ratio between net debt and adjusted EBITDA, ended 2025 at 4.67 times. Despite this, the company reported that it remained in compliance with the financial clauses.
Who is Kora
Kora owns 17 hospitals with 2,103 beds, of which 1,780 are operational, an increase of 6.6% compared to the previous year.
In addition to hospitals, the company also operates in diagnostic and oncology services. In the fourth quarter, more than 258 thousand emergency room visits and around 119.6 thousand patient-days were recorded.
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Kora’s main shareholder is the Fuji Brasil Partners IC – FIP fund, followed by Viso Advantage and the company’s founders.
