Qualicorp Consultoria E Corretora De Seguros SA (BSP:QUAL3)

Q2 2026 Qualicorp Consultoria e Corretora de Seguros SA Earnings Call (English, Portuguese) Transcript

Aug 13, 2026 / 01:00 PM GMT

Release Date Price: R$1.59 (+6.00%)

Transcript

Key Points

Positve

Core portfolio stability with active operators, showing positive net adds and disciplined MLR.
Churn reduction: adjusted churn improved 1.3 percentage points year-over-year to 1.1% in core portfolio, and LTM churn dropped to 36.9% from 46.1% in 2023.
Product portfolio expansion with new launches and campaigns across multiple operators (e.g., Sellamerica, Unimed Belo Horizonte, Promedica) and regions.
Strong capital management: gross debt reduced from 1.9 billion to 1.2 billion, net debt down 16% year-over-year, and free cash generation up 7% in H1 2026 despite lower revenue.
Improved origination quality with gross ads up 5% quarter-over-quarter, focusing on profitable operators and longer length of stay.
Readjustments below SME levels for most of the portfolio, leading to lower churn and longer customer retention.
Healthy cash generation trajectory with recurring cash generation of BRL28.6 million, and BRL49.5 million including corporate portfolio proceeds.
Successful CEO transition plan with a smooth handover, ensuring strategic continuity.

Negative

Net revenue declined due to discontinuation of an operator, impacting top-line performance.
Cash generation in Q2 was seasonally weak, with recurring cash generation of only BRL28.6 million, though H1 was stronger.
Leverage slightly increased to 1.41 times adjusted EBITDA, though still at a healthy level.
Lawsuit expenses remain structurally high, with readjustments being a major driver, and short-term volatility expected.
Origination levels are not yet at expected levels, indicating ongoing challenges in sales growth.
The company faces liability management for 2027 debt, requiring ongoing negotiations and potential refinancing.
The discontinuation of a small operator led to a loss of 150,000 lives, impacting portfolio size and increasing lawsuit risks.
Fixed expenses increased due to provisions and payroll, partially offset by variable expense reductions.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

QUAL3.SA - Qualicorp Consultoria e Corretora de Seguros SA
Q2 2026 Qualicorp Consultoria e Corretora de Seguros SA Earnings Call (English, Portuguese)
Aug 13, 2026 / 01:00PM GMT

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Presentation
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Unidentified_1 [1]
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Good morning, ladies and gentlemen, and thank you for holding. Welcome to Qualicorp's second quarter 2026 earnings webcast. Joining us today are Mr. Mauricio Lopez, CEO, Mr. Eduardo Oliveira, VP, and Mr. Edward Grande, CFO and IRO, and Mr. Eduardo Garcia, Head of IR.

Certain statements in this webcast may be projections or statements about future expectations. Forward-looking statements are subject to known and unknown risks and uncertainties that may cause these expectations not to materialize or to be substantially different from what was anticipated.

Please note that this event is being broadcast simultaneously over the internet and can

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