Slides
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Qualicorp: 3Q25 Results Public Presentation on November 14, 2025
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Disclaimer This presentation may contain forward-looking statements concerning the business outlook, estimates of operating and financial results and growth prospects of Qualicorp. These statements are based exclusively on the expectations of the management of Qualicorp. regarding the prospects of the business and its continued ability to access capital markets to finance its business plan. These forward-looking statements are highly sensitive to changes in the capital markets, government regulations, competitive pressures, the performance of the industry and the Brazilian economy and other factors, as well as to the risk factors highlighted in documents previously filed by Qualicorp, and therefore are subject to change without prior notice. Forward-looking statements
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Opening and Highlights Maurício Lopes - CEO 3
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Highlights 4 vc NEW PRODUCTS in 9M25 vs. 138 in 2024 340 • Strong Recurring Free Cash Flow Generation, of R$101.8 million. • Lowest net portfolio loss in a third quarter since 2021 (-2.7%), with churn at 10.3%, the lowest level since the pandemic period, when no price adjustments were applied. • Net revenue grew 4.3% vs. 2Q25, totaling R$372.6 million. • Adjusted net income reached R$19.7 million, up 8.8% vs. 2Q25. • Subsequent events: (i) completion of the R$400 million 8th debenture issuance; (ii) transfer of the Corporate portfolio; and (iii) divestment of Gama.
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3Q25 Performance Eder Grande - CFO 5
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11.8% 8.3% 10.3% 3Q24 2Q25 3Q25 652,9 586,5 570,5 45,4 43,6 44,2 3Q24 2Q25 3Q25 Affinity Portfolio (thousand members) Gross Adds (thousand members) Members Portfolio: In 3Q25, the members portfolio under the Affinity Portfolio segment totaled 570.4 thousand (-2.7% vs. 2Q25), with 44.2 thousand lives added (+1.4% vs. 2Q25). Total churn stood at 10.3%, remaining stable even during the third quarter, which is historically the most challenging due to the concentration of price adjustments. Managed Portfolio and Gross Adds Operational Performance 6 Churn 652.9 586.5 570.545.4 43.6 44.2 3Q24 2Q25 3Q25 Affinity Portfolio (thousand members) Gross Adds (thousand members)
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393.6 357.2 372.6 3Q24 2Q25 3Q25 • Fixed expenses improved compared to 3Q24. • Variable expenses were impacted by provisions for legal contingencies. • Fixed and variable expenses represented 30.5% and 30.8% of net revenue in the quarter, respectively. Financial Performance 7 EBITDA Adj. (-) CAC (R$ MN) Net Revenues (R$ MN) +4.3% vs. 2T25 Expenses (R$ MN) In the quarter, CAC represented 10% of net revenue, resulting in an Adjusted EBITDA – CAC margin of 28.7%. 121.0 105.5 113.6 100.5 103.6 114.8 221.5 209.1 228.4 0.0 50.0 100.0 150.0 200.0 250.0 3Q24 2Q25 3Q25 Fixed Expenses (R$ MN) Variable Expenses (R$ MN) 143.3 118.2 106.9 36.4% 33.1% 28.7% 3Q24 2Q25 3Q25 Adj. EBITDA (-) CAC (R$ MN) Adj. EBITDA (-) CAC Margin (%)
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1.44x 1.43x 1.34x 1.53x 1.53x 1.25x 1.30x 1.35x 1.40x 1.45x 1.50x 1.55x sep/24 dec/24 mar/25 jun/25 sep/25 1,021.8 970.3 852.7 928.2 881.2 1,905.4 1,863.2 1,914.7 1,363.7 1,369.9 - 500.0 1,000.0 1,500.0 2,000.0 2,500.0 - 500.0 1,000.0 1,500.0 2,000.0 2,500.0 3,000.0 sep/24 dec/24 mar/25 jun/25 sep/25 Net Debt Gross Debt 583.3 633.4 650.0 33.3 2025 2026 2027 2028 Debt Amortization Schedule (R$ MN) Paid amount (R$ MN) We reported Recurring Free Cash Flow – before debt service (principal and interest) and dividends – of R$101.8 million, returning to the levels of previous quarters after the one-off events in 2Q25. Leverage remained in line with the prior quarter at 1.53x, and we ended 3Q25 with R$488.7 million in cash. We maintained a healthy leverage level during the quarter, ending at 1.53x LTM Adjusted EBITDA. Recurring Costs & Expenses 8 ¹(Gross Debt – Cash & Cash Equivalents) / LTM Adjusted EBITDA Net Debt / Adjusted EBITDA¹ Debt (R$ MN) Debts Amortization (R$ MN)
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