Qualicorp Consulting and Insurance Brokerage (QUAL3) Q2 2026 earnings summary

Executive summary

• Completed operational and financial transformation cycle, including a smooth CEO transition and discontinuation of the last partnership with a small operator, resulting in a structurally higher-quality and stable portfolio of 466.6 thousand members (ex-payor), with SME segment growing 1.5% sequentially.

• Gross adds increased 5.4% quarter-on-quarter to 38.0 thousand, with improved product profitability and retention; adjusted churn improved to 8.1% in 2Q26, down 1.3 percentage points from 1Q26, and LTM churn declined to 36.9%.

• Portfolio quality and operational indicators improved, supported by disciplined management and commercial campaigns, despite a one-off operator exit impacting reported churn and portfolio size.

• Expansion of product offerings and operator partnerships, including launches with SulAmérica, Unimed Belo Horizonte, and Promédica, contributed to commercial stability.

• Core portfolio stability and positive net adds at payors with active sales reflect the success of the long-term strategy.

Financial highlights

• Net revenue for 2Q26 was R$317.3 million, down 4.7% sequentially and 7.5% year-over-year, mainly due to the discontinuation of a small operator.

• Adjusted EBITDA in 2Q26 was R$120.8 million (margin 38.1%), down 11.6% vs. 1Q26; adjusted EBITDA minus CAC margin was 28.3%.

• Adjusted net income in 2Q26 was R$16.1 million (margin 5.1%), down 16.2% vs. 1Q26; 1H26 net income was R$35.3 million, up 8.4% vs. 1H25.

• Recurring free cash flow in 2Q26 was R$28.6 million; 1H26 was R$154.9 million, up 7.0% year-over-year.

• Net debt at quarter-end was R$779.4 million, 1.41x LTM adjusted EBITDA, down 16.0% year-over-year.

Outlook and guidance

• Management expects gradual and sustainable improvement in operational and financial indicators, focusing on disciplined management, portfolio quality, and sustainable value generation.

• Growth will be driven by new products, expanded operator partnerships, and improved retention structures, with an emphasis on qualified sales and balanced price adjustments.

• No formal guidance provided, but management targets top-line growth through quality over quantity in portfolio expansion.