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

Executive summary

• Completed operational and financial transformation cycle, including leadership 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, with SME segment growing 1.5% sequentially.

• Gross adds increased 5.4% quarter-on-quarter to 38.0 thousand, with adjusted churn improving to 8.1% in 2Q26, down 1.3 percentage points sequentially, and LTM churn at 36.9%.

• Core portfolio stability and disciplined management led to improved retention, lower readjustments, and positive net adds at payors with active sales.

• Expansion of product offerings and partnerships, including exclusivity agreements and new products, supported growth and improved retention.

• Operational indicators and portfolio quality improved after one-off operator exit, with commercial discipline and underwriting enhancements.

Financial highlights

• Net revenue in 2Q26 was R$317.3 million, down 4.7% sequentially and 7.5% year-over-year, mainly due to operator exit.

• 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% year-over-year.

• 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 2Q26 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 emphasis on qualified sales and topline expansion.

• No formal guidance provided, but management targets quality over quantity in portfolio expansion.