Qualitas (Q.MX): Key takeaways from 2Q26 conference call — Written premiums to remain at mid to high-single digits

Research evidence excerpt

Qualitas (Q.MX): Key takeaways from 2Q26 conference call — Written premiums to remain at mid to high-single digits

Equity Research

23 July 2026 | 4:57AM BRT

Qualitas (Q.MX): Key takeaways from 2Q26 conference call — Written

premiums to remain at mid to high-single digits

Loss ratio could oscillate above 65%, but 62-65% range remains feasible Tiago Binsfeld, CFA

+55(11)3371-4574 |

Qualitas hosted its 2Q26 conference call, where management discussed the outlook tiago.binsfeld@gs.com

Goldman Sachs do Brasil CTVM S.A.

for loss ratio trends, pricing dynamics amid intensifying competition, and top-line

Tito Labarta

growth drivers. Management characterized the current pricing environment as +1(212)357-6760 | tito.labarta@gs.com

intense, with fierce competition likely to continue throughout 2026. Written Goldman Sachs & Co. LLC

Juliana Oharapremium growth is expected at mid- to high-single-digit in 2026. Despite challenging +55(11)3372-0202 |

top-line momentum, management maintained its target ROE of ~20% or slightly juliana.ohara@gs.comGoldman Sachs do Brasil CTVM S.A.

above, backed by solid financial results. We maintain our Sell rating with an updated

price target of P$159 (from P$161 previously). The stock trades at 10.1x 2027 P/E,

representing an 11% premium to LatAm insurance peers.

Adjusting estimates

We cut our 2026 net income estimate by 2% to P$5.5bn. Following the 2Q26

earnings miss, we incorporate a more modest written premium growth assumption

(+7% yoy from +9% previously), while the loss ratio remains elevated at 65%.

Conversely, financial income tends to remain resilient as rates in Mexico stabilize,

adding P$4.8bn to pre-tax earnings. Meanwhile, we reduce our 2027 estimates by

5% to P$6.2bn while reducing our 2028 estimates by 3% to P$6.8bn. The updated