Qualicorp (QUAL3) reported net revenue of R$ 1.363 bn in the 12-month period ended in the second quarter of 2026 (2Q26). In the same interval, adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) minus CAC totaled R$ 425 mn, with a margin of 31.2%.
The company’s total expenses came to R$ 810.4 mn in 2Q26 LTM, of which R$ 392.3 mn were fixed expenses and R$ 418 mn were variable expenses. Compared to 2022, Qualicorp reports a nominal reduction of 30.9% in expenses and a real decline of 41.5% in the period.
The total portfolio of lives went from 1.776 mn in 2021 to 852 thousand in 2Q26, while the group plan portfolio fell from 1.169 mn to 481 thousand in the same interval. In 2Q26, reported churn was 14.8%, with ex-operator churn of 8.1% and gross adds of 38 thousand lives.
Net debt closed June 2026 at R$ 779.4 mn, with leverage of 1.41x, measured by net debt over adjusted EBITDA for the last 12 months. The company reported a cash and financial investment balance of R$ 414.3 mn at the end of 2Q26.
Recurring free cash flow was R$ 308.4 mn in 2Q26 LTM, after R$ 298.2 mn in 2025, R$ 438.8 mn in 2024 and R$ 511.6 mn in 2023, while the debt amortization schedule calls for payments of R$ 583.3 mn in 2026, R$ 781.3 mn in 2027, R$ 204.4 mn in 2028 and R$ 133.3 mn in 2029.
