Qualicorp Consulting and Insurance Brokerage (QUAL3) investor relations material

Executive summary

• Maintained strong cash generation and financial discipline, with recurring free cash flow of R$51.7 million in 4Q25 and R$298.2 million in 2025, despite operational challenges and a highly competitive environment.

• Adjusted EBITDA for 4Q25 was R$149.8 million, with a margin of 41.9%, up 3.2 p.p. sequentially and 5.8 p.p. year-over-year.

• Net debt decreased 12% year-over-year, ending at R$853.6 million, with leverage at 1.45x adjusted EBITDA.

• Strategic divestments in the corporate segment and Gama contributed to business simplification and one-off positive cash impacts.

• Transformation strategy advanced, focusing on core business, product exclusivities, and operational improvements.

Financial highlights

• Core gross revenue for 4Q25 was R$373.8 million, down 1.8% year-over-year; full-year gross revenue was R$1,578.5 million, down 7.6% year-over-year.

• Adjusted EBITDA margin reached 41.9% in 4Q25, with adjusted EBITDA after CAC at R$119.9 million and margin at 33.5%.

• Fixed expenses decreased 6.8% and variable expenses dropped 22.9% compared to 4Q24.

• Adjusted net income was -R$10.5 million in 4Q25, with full-year adjusted net income at R$41.8 million, down 50.5% year-over-year.

• Recurring free cash flow before debt and dividends was R$51.7 million in 4Q25.

Outlook and guidance

• Expect continued efficiency gains through automation and AI, aiming for further margin and retention improvements.

• Strong pace of new product launches, with 511 new products in 2025 versus 138 in 2024, to enhance commercial competitiveness.

• Management remains focused on financial discipline, operational efficiency, and portfolio quality to drive stability and predictability.

• Anticipate a more balanced competitive landscape between Affinity and SME segments, with ongoing focus on sustainable growth.

• Project stable or improving churn rates due to competitive pricing and product exclusivities.