Qualicorp (QUAL3) reported net revenue of R$ 317.3 million in the second quarter of 2026 (2Q26), considering only the administered and SME portfolios, and adjusted EBITDA minus CAC of R$ 89.8 million, with a margin of 28.3% in the period.
The administered portfolio totaled 480.5 thousand lives in 2Q26; on an adjusted basis, excluding the smaller operator, there was a net addition of 0.7 thousand lives, ending at 466.6 thousand lives, a stable base since January 2026. Originations reached 38.0 thousand gross additions, up 5.4% compared to 1Q26, with a more qualified sales portfolio and a higher share of profitable products.
In the quarter, the portfolio’s adjusted churn was 8.1%, versus 9.4% in 1Q26, an improvement of 1.3 percentage points; on a reported basis, which includes the discontinued partnership, churn stood at 14.8%. The company highlights signs of recovery, with operators that maintain active commercialization already posting positive net additions, a trend in line with public data from ANS.
Fixed expenses totaled R$ 98.9 million in 2Q26, 10.4% higher than in 1Q26, while variable expenses came to R$ 97.6 million, down 8.6% in the same comparison. These expenses represented 31.2% and 30.7% of net revenue, respectively. CAC reached 9.8% of net revenue, reflecting an investment of R$ 5.1 million in an annual sales campaign paid in the quarter, which impacted the margin by 1.6 percentage points.
Net debt closed 2Q26 at R$ 779.4 million, slightly 0.2% above 1Q26, while the net debt/adjusted EBITDA ratio for the last 12 months stood at 1.41x. Recurring free cash flow, before debt (principal and interest) and dividends, was R$ 28.6 million; considering the receipt of R$ 20.9 million from the Corporate portfolio, free cash flow reached R$ 49.5 million.
