On Wednesday, August 12, 2026, Qualicorp (QUAL3) released its results for the second quarter of 2026 (2Q26), reporting adjusted net income of R$ 16.1 million, with a margin of 5.1%. In the period, net revenue came to R$ 317.3 million, down 4.7% compared to 1Q26, and Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) was R$ 120.8 million, with a margin of 38.1%.
In the first half of 2026, net revenue totaled R$ 650.3 million, a decline of 7.1% versus 1H25. Adjusted EBITDA reached R$ 257.5 million, with a margin of 39.6%, while adjusted net income was R$ 35.3 million, with a margin of 5.4%, an increase of 0.8 percentage point compared to 1H25.
The managed portfolio closed 2Q26 with 480.5 thousand lives, a 7.4% decrease compared to 1Q26, influenced by the discontinuation of a partnership with a smaller operator. On an adjusted basis, which excludes this operator, the portfolio remained stable at around 466.6 thousand lives, with a net addition of 0.7 thousand lives in the quarter and an adjusted churn of 8.1%, below the 9.4% in 1Q26.
Recurring free cash flow was R$ 28.6 million in 2Q26 and R$ 154.9 million in 1H26. In the quarter, CAC (organic investment in commissions, on a cash basis) totaled R$ 31.0 million, equivalent to 9.8% of net revenue, including R$ 5.1 million related to the 2025 annual sales campaign paid in the period.
Qualicorp’s net debt reached R$ 779.4 million in 2Q26, practically stable in relation to 1Q26, but 16.0% lower compared to 2Q25. The corresponding leverage was 1.41 times Adjusted EBITDA for the last 12 months, a reduction of 0.12x in 12 months.
