EarningsQ4 2025 Earnings Report
MX:Q Q4 2025 EPS Results
Actual EPS-$0.48
Consensus EPS$3.62
Beat/MissMissed by -$4.10
One Year Ago EPS$3.44
MX:Q Q4 2025 Revenue Results
Actual Revenue$19.02B
Expected Revenue$20.02B
Beat/MissMissed by -$997.54M
YoY Revenue Growth+6.99%
Earnings Announcement Details
QuarterQ4 2025
Date01/28/2026
TimeAfter Close
Conference CallWednesday, January 28, 2026
MX:Q Upcoming Earnings
Qualitas Controladora I's next earnings date is estimated for October 15, 2026, based on past reporting schedules.
Q4 2025 Earnings Call Audio
MX:Q Q4 2025 Earnings Call
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Q4 2025 Earnings Slide Deck
Q4 2025 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed strong underlying business fundamentals—market leadership, record written premiums (MXN 75.8bn), net income of MXN 5.1bn for FY2025, 12-month ROE of 20.2%, robust capital and a resilient investment portfolio—alongside meaningful operational improvements and successful international expansion. Offsetting these positives was a significant one-time industry-wide VAT impact recognized in Q4 that led to a quarterly net loss and temporarily elevated combined and loss ratios, plus ongoing pricing pressure and a challenging competitive environment. Management framed 2026 as a transition year with deliberate actions (pricing, cost initiatives, claims focus) to restore normalized profitability. Overall, the positives (scale, profitability, capital strength, operational gains and international momentum) appear to outweigh near-term headwinds driven largely by the VAT change and market competition, but the near-term outlook remains cautious.Company Guidance
Market Leadership
Quálitas remained the clear market leader (AMIS figures): 32.7% market share in written premiums and 35.9% in earned premiums; accounted for 45.9% of the industry's total operating income and posted the best combined ratio among the top 5 companies.
Record Written Premiums and Top-Line Growth
Delivered record annual written premiums of MXN 75.8 billion. Written premiums grew 6.4% in the quarter and 9.4% for the full year 2025 despite pricing pressures.
Strong Profitability and Capital Metrics
Net income of MXN 5.1 billion for FY2025 and 12-month ROE of 20.2% (within long-term target). Regulatory capital MXN 6.1 billion; solvency margin MXN 16.1 billion; solvency ratio 362%; 12-month earned premium to capital ratio 2.7x.
Normalized Combined and Loss Ratios (Ex-VAT)
Reported combined ratio of 94.1% for FY2025; normalized combined ratio excluding one-time VAT impact was 90.6% for the year (quarterly normalized 89.3%). Full year loss ratio 65.7% (improved 40 bps YoY); excluding VAT, FY loss ratio would be 62.2%.
Operational & Service Improvements
Call center handled 3.3 million calls; average response time reduced from 6 to 5 seconds. Customer satisfaction rose to 95% and NPS metrics were the highest since measurement began. Frequency improved to 27.4% (80 bps YoY improvement); theft cases fell 11% YoY; recovery rate 43.6% (100 bps above industry).
Resilient Investment Portfolio and Financial Income
Investment portfolio MXN 53.2 billion, 86.5% fixed income, average duration 2.3 years, yield to maturity 8.4% (Mexican subsidiary 9%). Total comprehensive financial income MXN 5.1 billion FY (8.7% ROI); unrealized gains ~MXN 2 billion; 22% of portfolio in USD providing natural hedge (estimated ~MXN 675 million annual FX sensitivity per peso move).
International Expansion Progress
International subsidiaries contributed ~5% of written premiums. Latin America growth: 31.2% FY. Peru written premiums +34.1% FY (market share 7.5%). Colombia exceeded first-year targets: ~1,200 agents, >9,500 insured units, 15 offices.
Scale of Business and Unit Growth
Surpassed 6.1 million insured units, adding >335,000 units (+5.8% YoY), achieving ~10% CAGR over the last 5 years and doubling business size over 4 years.
MX:Q Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed