Qualicorp Consulting and Insurance Brokerage (QUAL3) Q3 2026 earnings summary

Executive summary

• Strategy centers on the 4Cs—Continuity, Consistency, Growth and Capital—with qualified sales, portfolio stabilization, efficient CAC and active liability management.

• Managed portfolio ended Q3 at 473.2k lives, down 7.4k; this was the smallest net decline since Q2 2025. Churn was 9.5%, the lowest Q3 level since 2020.

• 9M26 recurring FCF rose 6.2% YoY to R$261.7m; net debt fell 15.1% YoY to R$748.4m.

Financial highlights

• Q3 net revenue was R$308.5m, down 2.8% QoQ and 14.3% YoY; 9M26 revenue was R$958.8m, down 9.5% YoY.

• Q3 adjusted EBITDA was R$119.4m at a 38.7% margin; 9M26 adjusted EBITDA was R$377.0m, down 12.2% YoY.

• Adjusted EBITDA less CAC was R$87.4m in Q3, at a 28.3% margin; CAC was 10.4% of net revenue.

• Q3 adjusted net loss was R$22.5m; reported net loss attributable to the parent was R$39.2m. 9M26 adjusted net income was R$12.8m, down 75.6% YoY.

• Q3 recurring FCF was R$106.8m, up 4.9% YoY; 9M26 FCF equaled 92% of adjusted EBITDA less CAC, versus 74% in 9M25.

Outlook and guidance

• No formal guidance; management expects EBITDA margins to remain similar, without significant quarter-on-quarter fluctuations.

• Priorities include qualified sales, broader and more competitive products, improved in-house sales productivity, lower defaults and weighted readjustments, and repeating retention gains.

• Fundraising is planned to cover 2027 amortizations, including a major July maturity; proposals are under review.

• Q4 cash generation is expected to resemble Q4 2025, with seasonal sales softness, vacation and 13th-salary payments weighing on results.

• A 2027 dividend would not be material; dividends are expected in 2028.