Brazil Q2 2025: Qualicorp, Movida, and Vivara Face New Business Realities

Brazil’s business landscape during the second quarter of 2025 brought significant shifts for three major firms: Qualicorp, Movida, and Vivara.

These companies, leaders in health insurance administration, car rentals and sales, and jewelry retail, each published detailed financial reports and corporate disclosures, showing how they are responding to pressures and opportunities in the local and international market.

Qualicorp: Streamlining to the Core

Qualicorp manages collective health plans, serving affinity groups and small to medium businesses. In Q2 2025, it finalized the sale of its Gama Saúde subsidiary for R$163.9 million (about $29 million).

The agreement, payable over five years and tied to national interest rates, fits with Qualicorp’s larger goal of simplifying operations and focusing on its primary business.

Earlier in the quarter, the company also sold a portfolio of corporate plan clients for R$71.4 million (around $12.5 million). These sales, combined, represent roughly one third of Qualicorp’s total market value at the time.

In 2024, its revenues reached R$1.58 billion ($277 million), with net income of R$6.6 million (about $1.2 million). Investors responded positively, with shares rising more than 10% after the Gama Saúde announcement.

The numbers tell the story of a company refocusing on what it does best. As competition tightens in the Brazilian health insurance market, cutting out complexity may offer better protection than expansion does.

Movida: Profiting From Mobility Demand

Movida, a leading car rental and sales company, posted strong numbers in Q2 2025. Net profit totaled R$68 million (about $12 million), up 59% from a year earlier.

Earnings before interest, tax, and depreciation (EBITDA) reached R$1.38 billion ($242 million). The bulk came from Movida’s Rent-a-Car segment, which delivered EBITDA of R$1.36 billion ($239 million).

Net revenue stood at R$843 million ($148 million). Movida’s story is about discipline and adaptation. The company managed to increase its average rental ticket by 15%, reaching R$154 ($27).

Its EBITDA margin rose to 68.7%, up four points from last year. The company reduced its net debt to EBITDA ratio to 2.9, compared to 3.2 a year earlier, showing improving financial health.

Movida’s car sales, including used vehicles, remained steady at R$3.68 billion ($645 million) even as the macroeconomic climate remained challenging. Strategic focus on efficiency, technology, and customer service helped Movida capture value in a tough market.

Vivara: Navigating Retail Slowdown

Vivara, Brazil’s largest jewelry retailer, had a tough Q2 2025. Net profit declined to R$151.1 million ($27 million), down 28% compared to last year.

EBITDA dropped 14% to R$227.1 million ($40 million), but adjusted EBITDA rose 25% to R$204.6 million ($36 million), beating expectations.

These results reflect the realities of Brazilian retail in 2025: competition is up and consumers are cautious, even with luxury goods.

Despite this, Vivara’s strong revenue base gives it room to adapt. The company is tightening its operations, refining costs, and seeking to align its products with new consumer demands.

Vivara’s strategy remains defensive but realistic: survive the current market pressures by improving efficiency and adjusting quickly to consumer needs.

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