Qualicorp Consulting and Insurance Brokerage (QUAL3) investor relations material

Executive summary

• Sector conditions remain challenging, but operational improvements, new product launches, and restructuring have strengthened the business and improved retention, with churn at 8.3%, the lowest since 4Q20.

• Adjusted EBITDA-CAC reached R$118.2M in 2Q25 with a 33.1% margin, and adjusted net income rose 25.1% sequentially to R$18.1M.

• Net revenue for 2Q25 was R$357.2M, down 3.7% sequentially, mainly due to portfolio divestments.

• Two major deals completed: corporate portfolio transfer and Gama sale, generating R$71.3M and R$164.0M, streamlining operations.

• Portfolio ended at 1.47M members, a 2.0% decrease from 1Q25, with 84 new products launched in 1H25 to support diversification.

Financial highlights

• Managed portfolio reached 5,086,500 lives, with 43,500 net additions, up 33% over the previous quarter.

• Net revenue for 2Q25 was R$357.2M, down 3.7% from 1Q25 and 10.4% year-over-year.

• Adjusted EBITDA margin improved to 41.5% in 2Q25, up 2.0 p.p. sequentially.

• Recurring free cash flow before debt and dividends was R$2.3M in 2Q25.

• Fixed expenses decreased by 18M BRL year-over-year, while variable expenses increased due to legal costs.

Outlook and guidance

• Expect continued portfolio stability or growth in the second half, supported by lower churn, new product launches, and increased investments in customer acquisition.

• No further major asset divestments anticipated; focus remains on core business and operational enhancements.

• Management prioritizes operational efficiency, commercial realignment, and prudent capital allocation.