QUAL3: quote, dividends and indicators for Qualicorp

Qualicorp Consultoria e Corretora de Seguros S.A. is a Brazilian company that operates in the supplementary healthcare sector, with a primary focus on the administration, management, and sale of collective health plans by membership. Its shares are traded on B3 under the ticker QUAL3. The group’s activities began in 1997 with Qualicorp Consultoria e Corretora de Seguros de Vida e Saúde Ltda., initially dedicated to brokering health assistance plans and insurance aimed at individuals linked to professional associations and trade entities. Throughout the 2000s, the company underwent a series of corporate restructurings and acquisitions, which consolidated its role as a benefits administrator and broker specialized in the collective by-membership segment. In 2008, the entry of the private equity fund General Atlantic as a significant investor reinforced the growth strategy through acquisitions in life and personal insurance, expanding Qualicorp’s presence in different niches of the supplementary healthcare market.

Historically, Qualicorp structured its operations through various subsidiaries, with specific functions in the supplementary healthcare value chain. In 2006, with the acquisition of Qualicorp Administradora de Benefícios S.A., the group began to centralize in this company the stipulation of corporate and by-membership collective policies and contracts. In 2009, after the issuance of Normative Resolutions 195 and 196 by the Agência Nacional de Saúde Suplementar (ANS), Qualicorp Administradora de Benefícios obtained registration with ANS as an operator in the benefits administrator modality, taking on a formal role within the sector’s regulated framework, without, however, assuming functions typical of health plan operators. Subsequent corporate reorganizations, culminating in 2011 and 2019, simplified the group’s structure, with mergers and spin-offs that concentrated operational activities under the listed company, allowing for the full succession of assets, liabilities, rights, and obligations of its merged subsidiaries.

Qualicorp’s business model, reflected in the operations of the company that issues QUAL3, is based on the intermediation and administration of healthcare benefits, without directly assuming actuarial risks related to medical-hospital coverage. The company positions itself as a benefits administrator and broker, combining sales and post-sales activities for collective health plans by membership and, to a lesser extent, other health-related products and personal insurance. Its services cover the contracting, marketing, and administration of health benefits, benefits management consulting, TPA (third-party administrator) services, and information technology solutions focused on healthcare. As of December 31, 2025, Qualicorp served approximately 827.8 thousand healthcare beneficiaries, with the “Adesão” segment representing most of this base, at around 533.2 thousand lives, and accounting for more than 95% of consolidated net operating revenue in the 2025 fiscal year.

The Adesão segment is the core of Qualicorp’s operations and focuses on negotiating contracts with health plan operators to offer collective plans by membership to professionals linked to associations and trade entities. In this arrangement, Qualicorp enters into agreements with these entities, uses their membership databases as a target audience, and signs collective contracts with medical-hospital and dental operators. The company offers a range of back-office services associated with this segment, including premium billing, transfer of premiums to operators, temporary assumption of delinquency, registration updates, invoice verification, call center and in-person service points, as well as support in reimbursement processes. It also offers technical services, such as monitoring claims ratios, supporting the negotiation of adjustments, analyzing plan usage, and interfacing with operators’ wellness and disease-prevention programs. In certain portfolios, it also provides concierge services under the “Quali Class” brand, aimed at facilitating the use of healthcare services for selected beneficiaries.

In addition to the Adesão segment, Qualicorp maintains “Other Segments,” which essentially encompass brokerage of health plans for small and medium-sized companies with up to 29 employees, using the same distribution infrastructure developed for the membership portfolio. As of December 31, 2025, this set of operations served approximately 101.2 thousand beneficiaries and accounted for less than 10% of consolidated revenue, characterizing it as a non-reportable segment on a standalone basis. In 2025, the company completed the sale of its corporate portfolio and the divestment of the Gama Saúde operation, which reduced the contribution of these activities to revenue throughout the year. Qualicorp’s distribution process is based on a broad network of third-party brokers and partner brokerage firms, with around 60 thousand registered brokers, in addition to its own sales force in some regions, which supports its reach in the supplementary healthcare market.

Qualicorp’s operations are concentrated exclusively in Brazil, with a commercial presence in all 26 states and the Federal District. Within this nationwide coverage, there is a significant concentration in the Southeast Region, especially in the states of São Paulo and Rio de Janeiro, which accounted for approximately 45.1% of clients in the medical-hospital Adesão segment at the end of 2025. The company maintains long-term relationships with several large health and dental plan operators, such as SulAmérica, Hapvida, Bradesco Saúde, NotreDame Intermédica, some regional Unimeds, and group dental companies, among others. The usual contractual model is based on collective contracts with annual terms and automatic renewal, in which Qualicorp acts as policyholder and administrator, receiving commissions, agency fees, and other compensation linked to the acquisition and retention of beneficiaries. In some cases, the company assumes contractual reimbursement obligations to operators, in addition to assuming the default risk of the contracting legal entity, backed by guarantee assets, as provided for in ANS regulations.

From a regulatory standpoint, Qualicorp operates in a sector that is heavily regulated by the Agência Nacional de Saúde Suplementar, an autonomous agency linked to the Ministry of Health. ANS defines rules for the establishment, operation, and supervision of health plan operators, sets minimum coverage requirements, policies for actuarial calculations, criteria for adjustments, and solvency mechanisms. Brazilian law prohibits a single contractual relationship from simultaneously involving a benefits administrator and an operator belonging to the same economic group, which reinforces Qualicorp’s profile as an intermediary and administrator, and not as a healthcare operator. To operate as a benefits administrator and brokerage firm in the supplementary healthcare sector, the company and its subsidiaries require specific authorizations from ANS and are subject to continuous supervision regarding operational, financial, and customer and provider relationship aspects.

From an economic-financial perspective, Qualicorp’s performance is directly related to the dynamics of the private healthcare sector and Brazilian macroeconomic conditions. In 2025, the company recorded net operating revenue of approximately R$ 1.43 billion, 95.2% of which came from the Adesão segment, and reported operating income before unallocated expenses predominantly from this same segment. One significant client accounted for around 16% of net revenue in the year, concentrated mostly in the Adesão segment, indicating a certain degree of revenue concentration. Over time, the company’s strategy has combined organic growth in its beneficiary base — with gross additions of 156 thousand lives in the Adesão segment in 2025 — with targeted acquisitions of benefits administrators and brokers, such as Aliança, GA, Uniconsult, Plural, and others, seeking scale, operational synergies, and portfolio diversification within the Brazilian collective by-membership health plan market.