Meliuz SA (BSP:CASH3)

Q2 2026 Meliuz SA Earnings Call (English, Portuguese) Transcript

Aug 6, 2026 / 02:00 PM GMT

Release Date Price: R$4.65 (+1.31%)

Transcript

Key Points

Positve

Adjusted EBITDA grew 40% year-on-year in Q2 2026, reaching BRL 17.3 million, with a record LTM EBITDA of BRL 109.6 million.
Strong cash generation of BRL 21.3 million in Q2 and over BRL 41 million in the last 12 months, demonstrating high EBITDA-to-cash conversion.
Shopping revenue grew 30% year-on-year in Q2 and 44% in LTM, driven by a 114% surge in beyond e-commerce revenue.
Successfully completed first buyback program, canceling 8.1% of total shares, increasing shareholder participation by 8.5% and boosting Bitcoin yield.
AI integration improved efficiency, with PRs per engineer up 160% from Q4 2025 and revenue per employee growing 20% over the same period.
Net take rate remained stable at 7.4% in Q2, with LTM take rate improving from 6.8% to 7.4% year-on-year.
Cross-sell between e-commerce and beyond e-commerce users grew 87% in Q2, enhancing multi-product adoption and LTV.
Launched a new buyback program for up to 8.1 million shares, leveraging a compressed EV/EBITDA of 1.8x despite 74% EBITDA growth.
Fixed expenses as a percentage of revenue decreased to 27% from 29% year-on-year, improving operational leverage.
Cashback as a percentage of shopping revenue improved to 58% in Q2 from 62% in Q2 2025, maintaining historical efficiency.

Negative

Net revenue growth of 18% in Q2 was partially offset by a 26% drop in financial services revenue due to the termination of a bank partnership.
GMV growth in e-commerce slowed to 5% year-on-year in LTM, lagging behind revenue growth, indicating a reliance on take rate expansion.
Cashback as a percentage of shopping revenue rose to 58% in Q2 from 44% in Q1, though management attributes this to seasonality.
Other operating expenses and revenues line showed volatility, with a legal expense in Q1 2026 impacting comparability.
The company's Bitcoin holdings experienced a non-cash negative impact of BRL 11 million in Q2, affecting reported EBITDA.
Beyond e-commerce revenue share remained flat quarter-on-quarter, suggesting a potential plateau in its rapid growth trajectory.
The new buyback program may require selling Bitcoin, which could reduce the company's long-term Bitcoin exposure and yield.
Fixed expenses grew 11% year-on-year, indicating ongoing cost pressures despite efficiency gains.
The company faces intense competition in the Brazilian e-commerce market, with major players like Mercado Livre and Shopee increasing fragmentation.
Management did not provide specific guidance on GMV recovery, leaving uncertainty about second-half growth sustainability.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

CASH3.SA - Meliuz SA
Q2 2026 Meliuz SA Earnings Call (English, Portuguese)
Aug 06, 2026 / 02:00PM GMT

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Presentation
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Unidentified_1 [1]
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So, good morning, everyone. I am Marcio Pena. I'm IRO for Melius. It is a pleasure to be here once again to share with you our numbers relative to Q2-26, yet another great quarter with many records. We grew EBITDA, 38%. We have reached $109.6 million EBITDA last of months and $21.3 million in cash this quarter alone. Among other indicators that you'll see throughout the presentation. Last night, we announced an important material fact about a new buyback program, which will also be addressed today during my presentation.

So this conference has a simultaneous translation into English. If you wish to listen to it in English, just click on the interpretation button in the bottom part of your Zoom screen. This event is also

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