Qualicorp 1Q26 First Take: In-line Operational Results But Lower CAC

Qualicorp reported 1Q26 results with EBITDA in line with estimates but a beat at the EBITDA-CAC level due to reduced acquisition spending. Sequential improvement in beneficiary net adds and churn suggests operational stabilization.

Key Takeaways

• 1.Adjusted EBITDA was in line with estimates, but the EBITDA minus Customer Acquisition Cost (CAC) line beat expectations by 14% due to lower CAC expenses.
• 2.Operational churn improved significantly to 9.4%, driven by better underwriting processes and appropriate pricing.
• 3.Free Cash Flow to Equity (FCFE) remains a strong point of the thesis, with a solid yield of 15% helped by divestments.

Table of Contents

• Valuation and risks
• Disclosure Appendix
• Price target and rating history chart(s)
• Target price history table(s)
• Regulatory disclosures
• General disclosures

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