Qualicorp (QUAL3) posted an adjusted net loss of R$ 22.5 million in 3Q26, compared with an adjusted profit of R$ 16.1 million in 2Q26. The result was mainly affected by two non-cash effects: the adjustment to the monetary restatement of the receivable from the sale of Gama, following the change in the index from Selic to IPCA (a negative effect of about R$ 21.2 million in the quarter), and the write-off of deferred income tax and social contribution (IR/CSLL). The parent company's net loss was R$ 39.2 million.
Net revenue totaled R$ 308.5 million, down 2.8% from 2Q26 and 14.3% from 3Q25, due to a smaller average base of lives and more balanced price adjustments. Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) was R$ 119.4 million, down 1.2% from 2Q26, with a margin of 38.7%, up 0.6 percentage point. Adjusted EBITDA less CAC (customer acquisition cost) was R$ 87.4 million, with a margin of 28.3%.
In 9M26, net revenue was R$ 958.8 million (-9.5% versus 9M25) and adjusted EBITDA was R$ 377.0 million, with a margin of 39.3%. Accumulated adjusted net income was R$ 12.8 million, with a margin of 1.3%, down 75.6% from 9M25.
Recurring free cash flow was R$ 106.8 million in the quarter and R$ 261.7 million in 9M26, up 6.2% versus 9M25. Net debt closed at R$ 748.4 million, 4.0% lower than in 2Q26 and 15.1% lower than in 3Q25, a reduction of R$ 132.8 million in 12 months. Leverage stood at 1.42x adjusted EBITDA for the last 12 months. Cash and investments totaled R$ 447.7 million.
The Managed Portfolio ended the quarter with 473.2 thousand lives, down 1.5% from 2Q26. Churn (the rate of beneficiaries leaving) was 9.5%, 0.8 percentage point below 3Q25. The Total Portfolio reached 857.7 thousand lives, up 0.7% in the quarter. On September 1, Eduardo Oliveira took over as the company's CEO.
Is QUAL3 worth investing in?
- Price
- R$ 1.52
- as of 11/10/2026
- Dividend yield
- 0.59 %
- P/L
- 16.55
- P/VPA
- 0.32
