Qualitas (Q.MX) Competition Rules the Discussion – 2Q26 Call

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Qualitas (Q.MX) Competition Rules the Discussion – 2Q26 Call

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22 Jul 2026 11:27:00 ET │ 11 pages

Qualitas (Q.MX)

Competition Rules the Discussion – 2Q26 Call

CITI'S TAKE

Neutral We just joined Qualitas' conference call. Management highlighted

increasingly aggressive pricing, particularly in fleets, with some Price (21 Jul 26 14:00) P$173.74

competitors prioritizing volume over profitability despite higher claim Target price P$180.00

costs from VAT. While pricing pressure should persist through 2H26, Expected share price return 3.6%

management remains committed to underwriting discipline and reiterated Expected dividend yield 5.7%

its profitability targets, supported by pricing actions, cost controls and Expected total return 9.3%

operational efficiencies.

Market Cap P$69,496M

US$3,991M

Conference call highlights:

• Competition remains the main challenge. Management stated that pricing

pressure has intensified beyond initial expectations and is occurring across Arnon Shirazi, CFAAC

segments, particularly in fleets. The company noted that some competitors +55-11-4009-7906

are pursuing growth through aggressive price cuts despite ongoing cost arnon.shirazi@citi.com

inflation and VAT-related headwinds. Several competitors are pricing Gustavo Schroden

business below historical loss-cost levels in an effort to gain share. As a +55-11-4009-5858

result, fleet customers have become increasingly price sensitive, especially gustavo.schroden@citi.com

amid softer economic conditions. The company believes aggressive pricing

Brian Flores, CFA may continue through the remainder of 2026 until weaker underwriting

+55-11-4009-2842 results begin to pressure industry profitability. Management identified

luis.brian.flores@citi.com