Welcome you all to the video conference to present the results of Allied Tecnologia. I'm Adriana Santos, Analyst of Investor Relations. Before starting the presentation, I'd like to emphasize that this meeting is being recorded and simultaneously translated into English. All participants in the video conference will be only hearing all the presentation. Later on, we'll have the Q&A session. If you have questions, you can send them via the Q&A button in the bottom part of Zoom. I emphasize that some declarations regarding the business perspectives and projections are the premises and beliefs of the company that are subject to uncertainties and may not happen. Today, I have with me Silvio Stagni, CEO of the company, and Thalita Basso, Financial Director and Investor Relations Officer. Now I pass on the floor to Silvio that will emphasize in the presentation the highlights of this quarter.
Thank you, Adriana. Good morning, everyone. Welcome. Thank you for your presence. Our goal today is to have some highlights on the results of the Q2 that we launched yesterday to the market. I start with some qualitative aspects in the Q2 . Then Thalita will go into the financial and operational details. We always start the presentation remembering the three business pillars of Allied. On the right, we have distribution, how the company started in 2001. It's been 24 years of a lot of success in the area. We are now the greatest distributor of electronics in Brazil: computers, cell phones, TVs. We distribute the most important brands to the Brazilian retail. We seek every year to be the biggest player on this market of distribution.
In the beginning of 2023, we started distributing also in Miami. It's been two and a half years of success selling from Miami to all countries in Latin America. In the center, we have the physical retail with 102 points of sale. Samsung and Trocafy, our brand for refurbished. We are now the greatest partner of Samsung in physical retail. On the left, the digital retail, which comprises our store, Mobcom, that is present in the main marketplaces in Brazil, and our strategic partnerships with the online store of HP Inc., the program iPhone pra Sempre with Itaú, and recently we launched a program to sell mobile and cell phones via Nubank. In all categories we work, we have a significant market share in Brazil. 10% of the Brazilian market of smartphones, 10% also in video games, and 7% in notebooks.
These are some examples of the categories we work with an average or close to this average of 10% of the Brazilian market. Now let's see the results. On the left, we have the revenue, BRL 1.4 billion of revenue in the Q2 , 6% above last year. Last quarter, we mentioned that in Miami, that is the red part of the graph, would have a problem due to the new tariff plan of Trump's government. This tariff plan doesn't impact us because we are in an area of Miami that is the port and trade zone that is not impacted by the tariff, the taxes. The purchase and sale process has changed radically. Compared to the Q1 of last year, it was adaptation where us, as suppliers and clients, have to adapt to the new processes.
When we analyze the result of the Q2 , we see that Miami is recovering. We have USD 305 million, which is basically the level we have had in the Q2 last year. If we consider only Brazil is growing 12% compared to last year. In the middle, we have the net income of BRL 15.9 million compared to BRL 15.5 million, 1.2% growth compared to last year, which is in line with last year, except the JCP effect that last year happened, and it is emphasized in the graph like BRL 34 million. On the right, some good news that we launched last night. First of all, the new IoE to be distributed to the shareholders, BRL 69.7 million to be paid on August 29th.
This new IoE, that is the interest on equity to the shareholders, and we also launched that BRL 61 million of the IoE to be paid in October will be on August 29th. We will have the BRL 61 million payment, and we will bring a new IoE of BRL 67 million. Both payments will give us a dividend yield of 24.70% in the year, one of the greatest in the Brazilian market. That is repeated. Last year, we had more than 30%, in 2023, 13%. Every year we are able to distribute significantly to our shareholders. Now let's go into one of the three business pillars, and I will start with distribution. On the left, Brazil, growing 13% comparing one year to the other one, Q2 to Q2 , accumulated in the semester, the year to date, 10% growth. Here is a reference number.
We have the Brazilian market of smartphones this year with a growth that is significantly greater, which give us a gain in market share in the cell market of 1.5% this year, 2025. Today, we have 37% of the market of distribution of cell phones in Brazil. On the right, Miami. Here is the history of recovery, USD 305 million in the Q2 compared to USD 339 million last year. In the Q2 , we start getting back to the levels we are used to with all players on the market, suppliers, clients, and us, adapted to the new procedural conditions and that the Trump policy brought to us. Compared to the Q1 , we almost double. We have 96% of growth, the adaptation phase is over, and we are now in Miami, the levels we are used to.
In the semester, we are still below as a consequence of the Q1 that was quite low. In online retail, here in online retail, we have Mobcom Store always working as a 3P connected to the main marketplaces in Brazil. Our strategic partnerships with Itaú, iPhone pra Sempre, Nubank in selling iPhones. HP, we have an online store. It also encompasses Trocafy, that is our platform to sell remanufactured and services like McAfee Antivirus, Microsoft Office, and cell phone plans. We always measure the percentage of sales of non-mobile in this area. That can bring resilience to our results, and we grew significantly in non-mobile, 67% compared to last year. In notebooks, we doubled last year's volume. We grew 102% compared to the Q2 last year on a market that grew 11%, so we also gained share in the notebook market.
The software sales, Microsoft Office, McAfee, and the cell plans is one of the growth drivers that we believe, and we grew compared to last year, 200%, which shows we've been having result in our strategy to focus the sales of services. Going now to online retail, we have Trocafy. Trocafy is our platform to sell remanufacture. We believe this is a market that will grow significantly in Brazil. In Brazil today, we have 8% of penetration compared to the U.S.A. that has 27% of penetration. We created this platform in 2022, and then we collect in the main point of sales in Brazil. Whenever a consumer goes there, like to Fast Shop or any Samsung store, Vivo store, Claro store, when they decide to give their iPhone back that they are entitled to after 24 months, we purchase the used cell phone via Trocafy.
We have a remanufacture lab for the cell phones, and we sell them via the Trocafy platform. Trocafy within Mercado Livre and Magalu, and we now sell the product, Trocafy, the remanufacture cell phone in our distribution. We grew comparing both year, 3x the revenue and 4x s the EBITDA. We are now the main remanufacturer in the Brazilian market. Go into the physical retail. We are in a constant search to more sales in the point of sale. This is what you see in the graph on the left. If we compare 2020 with the participation we have now, it was BRL 206,000 per point of sale. It's BRL 459,000 per point of sale per month. A growth that is significant, 123% since 2020, which brings profitability results in our physical retail business. How can we do that?
We do that by attaching accessories, wearables, and selling insurance. As a reference to each sale sold today, we sell 2.5 accessories. The level of attachment is completely significant to the Brazilian retail. When we talk about wearables like watches and earplugs, we grew the average ticket in 101%. That is, we are selling watches and headsets and earplugs significantly more than last year. On July 31st, we signed the sale of our Paraná stores. We have 12 stores not impacting the result of the Q2 , but we have a relevant amount, so it's mentioned in the Q2. We decided to focus on the southeast. That is where we have the majority of our stores, and mainly in São Paulo, which would bring an operational gain to result in a better profitability.
We sell to other Samsung partners in 12 point of sales, BRL 18 million, and these BRL 18 million will impact the result of the Q3 . Our growth drivers. Internationally, we still have new countries to work on and new products to create our portfolio Miami. Trocafy, we've talked about it. It's been a significant growth, and we keep betting on the market for corporate distribution for companies, and we keep searching other strategic partnerships as we have with Nubank, Itaú, and HP. This morning, we published a relevant fact, and I'd like to explain this to you. On May 26th, we had a first relevant fact published where we mentioned that we have gained a lawsuit related to the compensation for the early end of Lei do Bem.
That is a law to prevent from PIS/Cofins on electronics, and it was over two years before the deadline. In this relevant fact, we mentioned that we had gained about BRL 890 million, and we mentioned we had two options. The option of recovering this in debt in a process that we believed would take about six years, or sell it to the market in the conditions we have today. On July 31st, a second relevant fact was the announce of the sales to EF Funds of Investment that is managed by Itaú. The amount of the sale was according to the range we had planned, which brought us BRL 350 million in gross cash.
With that, with the solid position in the cash that we had in our operations, with this additional cash that we received due to the law, we now, with this relevant fact, called a general assembly to happen in 30 days. In this assembly, the proposal is to approve the decrease of the social capital of the company in BRL 180 million and distributing this amount to our shareholders. If approved by the debentures and shareholders 60 days after the assembly, we will have the process of distributing this amount to our shareholders. Further detail on the process like date of cut and the negotiation of the shares and the proper amount we will bring later on. But this is one more demonstration of the importance of Allied in distributing the profits to our shareholders. To finish, let's analyze some big figures that are for 12 months.
Finishing July 31st is BRL 6.3 billion of gross revenue, BRL 205 million EBITDA, and BRL 95 million in net profit. We have distribution in São Paulo, Miami, Minas Gerais, and we have sold 6.1 million products, of which 563,000 of B2C deliveries, which brought a gain of 1.5 percentage points of market share in smartphones. That is the most important market of electronics, and we now count on more than 1,000 employees. Thank you very much. And now, Thalita, we go into the financial and operational details.
Good morning, everyone. I'd like to thank you for following one more result conference. This quarter, we have good financial highlights to share with you. As Silvio mentioned, on August 29, we will pay BRL 130 million of JCP to shareholders, BRL 69.7 million regarding the JCP 2024 that we are declaring now, and BRL 61 million regarding the advanced payment for October 15th that was related to the JCP declared on November 24th, BRL 102 million. Half of it was paid on April 15th. Our cash position. We finished the Q2 with a robust position of BRL 237 million. As Silvio mentioned, in August, with the cash and sale that we had, we have more than BRL 300 million. Also in August, and we finish with a net debt in the Q2 of BRL 217 million, 1.1x EBITDA with a low leverage to our sector.
Now, talking a little bit about the thesis of Lei do Bem that we won the beginning of this year, it is related to the law to foster the sale of entry electronics like cell phones below BRL 1,500 and notebooks below BRL 2,400 all national. Allied as a big retail and distributor in this sector, accumulated in this period BRL 890 million of PIS/Cofins. This law was based in the zero quote of PIS/Cofins along the chain. This modality allows us not only to compensate the credits of PIS/Cofins, but also to pay back. This is the big detail of the thesis. We had two option that would be open a new lawsuit or giving the credits to third parties.
Given the scenario that we have, the decision was to cede the credit and we signed that on July 31st and the money is with us since the beginning of August, generating a positive result to the company and to our shareholders, as Silvio mentioned. We'll distribute not only the IoE, but the idea is to distribute that via the reduction of social capital. Going to the financial indicators. In this quarter, we had a growth in revenue of 6.3% comparing the quarters. In the accumulated, we had a significant reduction of this revenue, because last quarter we had -15.6% and reduced it to -5%, we recovered 10 percentage points only in a quarter. In gross profit, almost BRL 150 million. A little drop compared to last year by the mix of what we sell.
In the accumulated, a recovery of 3 percentage points comparing semester to semester of almost BRL 3 million. Regarding EBITDA, almost BRL 54 million of EBITDA, which still shows a decrease compared to the previous quarter due to the mix, but a recovery of also 2 percentage points in the semester comparing both years, reaching BRL 104 million, a profitability of about 4%. Regarding the net income, we had a gain of 7%, reaching almost BRL 16 million. In the accumulated, we recovered. We were basically flat compared to last year, keeping a good profitability of 1.2%, quite stable along the period. Going to the distribution. We are following pathways along with the main partners for growth in a business that is so established to Allied. This is where Allied started.
It's a mature business that we have, we've been following the pathway for significant growth in this sector. Comparing the quarters, the Brazilian distribution growth at 13%, which is quite significant, analyzing the historic series of five quarters, it was the second greatest amount in the series. Regarding Miami, as Silvio mentioned, we went back to the previous level, forgetting the adaptation of the new regulations of the USA tariff, being again a big driver for Allied of growth in revenue. In growth profit, it is stable. We have a mix between Brazil and international with a significant amount, almost BRL 67 million in gross profit. As Silvio mentioned, we are growing in distribution mainly in smartphones that grew 16% on a market that grows 5%, making Allied to gain share and value comparing the years, which is representative.
Internationally, the idea is that we can keep the levels reaching what we had last year. Going to retail. Our retail grows a lot in direct sales to the end consumer that is not related to long installments, because due to the interest, our programs with the long installments are suffering, so that we grow comparing the years. Even though when we analyze the retail and physical one that they can pay in 10 installments, it suffers a little in growth, but it's still representative. Our digital retail is growing 23%, a lot to do with Trocafy and Mobcom, that is our branch in 3P. That is important to emphasize that was a growth in Mobcom. In the distribution, that is a strategy in partnership with our manufacturers not to cannibalize the channel that is so important today in the universe of channels that we have.
Regarding gross profit, we also have an impact of a mix. Last year, we didn't have the gross profit. It was very big, but with variable expenses that we'll see. With the end of that, we decrease the level of gross profit, but we decrease the expenses, and it's a reflex of the mix. There was a little drop here in physical retail impacting the quarters. What we have as highlight in the digital retail, besides what Silvio mentioned, is the growth of marketplace in 28% and 97% of growth in our HP stores. Our businesses, the new business, are growing quite well, which shows a clear direction that we are following and that now we are collecting the results. The physical retail, as Silvio mentioned, keeps following the strategy of profitability per channel.
Selling accessories and added value and selling more wearable and premium products brings more resilience to the stores, even in this scenario, with the compression for the demand of more expensive products in Brazilian market. Comparing everything and having the perspective of all channels and quarters, we can see that Allied as a whole grew 6.3%, emphasizing the Brazilian business with a 7.8%. This result of 7.8% tends to double the consumer of wearables with an expectation here in this semester to grow 4%, which is quite representative, especially in the retail scenario. As we mentioned, the net profit in the historic series was the second greatest one, growing in all channels except for physical retail that is resisting, and the international distribution that grew a lot, a little less than last quarter. In terms of gross margin, as we mentioned, all channels are quite stable.
Allied is getting results and keeping the health of each business, which is mandatory for the company to be permanent, and reaching almost BRL 650 million of gross revenue on the quarter, which is quite significant. Analyzing expenses. The operational expenses improved 4.4% in the Q2 compared to 2024. Our financial result is below Selic. When we analyze the operational expenses by parts, the greatest one is with the sales that decreases BRL 5 million comparing the quarters with an improvement of 8% with the effect of [Soudi] that decreased our margin and also expenses and the variable expenses that improved and changed the percentage of expenses. The expenses with the sales was 6.6% in 2024, and it's now 6.4% in 2025.
The general administrative expenses is BRL 31 million, the same, even though we have the inflation and our goal of keeping expenses in line is there. Other operational expenses are with a small value, just for things that are inherent to the business of distribution. The financial result, comparing the quarters, we had BRL 4.5 million increase. If we kept the debt at the same level with the increase of Selic, comparing the quarters 43%, it would be BRL 7.3 million expenses. We had a great effort to pay part of the gross debt and remove this pressure of financial expenses from the result. Therefore, we searched for profit in the ending line. Now going to indebtedness. Allied has finished the Q2 of semester 2024, with a BRL 217 debt, a leverage of 1.1%.
Our gross debt comparing the quarters is reduced in BRL 150 million, 25%. We paid the principal of the fifth debenture, which are quarterly paid, we are following the schedule that you can see on the right. The cost debt is 2.4%, we'll see the differences in the cash in the next slide. We finished the quarter BRL 100 million below with a positive in BRL 17 million in the cash, even with the stock investment to foster all the growth in distribution. The operation here generated a positive cash flow. What we had in cash was the interest of debt that we paid in the fifth and sixth debenture and BRL 17 million of principal, and we also paid the JCP, the H1 that was declared in 2024 of BRL 61 million. It's a smaller amount because the revenue was declared in November.
This is just the amount repassed to the shareholders. Now finishing with the big indicators. We have a net revenue that is quite solid and constant in the Q2 , the second-greatest in the series of five quarters, which is a representative result. The gross profit of BRL 150 million, basically keeping the level of profitability and relevance. The EBITDA of about 4%, BRL 54 million, showing Allied's resilience in the businesses, and the net income of almost BRL 16 million. That is a growth compared to last year and last quarter. Even in a moment of so much pressure in financial expenses, we are delivering consistently with no adjustments, net profit that is quite significant and constant comparing the quarters. I think today that was the big messages we had to share with you. Thank you. Have a nice day.
Thank you, Thalita. Now let's start our Q&A session, remembering that if you want to send a question, use the Q&A button, the bottom part of your screen. I will get the questions related to tax credits. Our percent of credits was 100%, what is the idea of the company in investing this amount? I would like to send the first question to Silvio.
Thank you for the question. The tax credits will be in IoE, as we announced yesterday, of BRL 69 million, something like that. If the reduction of capital is approved via the general assembly in BRL 180 million, this amount will be distributed to the shareholders. Here we have the use of BRL 250 million of this new cash and BRL 100 million will remain in the company. I emphasize that this is the gross cash with administrative expenses in this process, so the net one is a little lower than that. This is the final destination of these credit rights that we sold.
Perfect. Thank you, Silvio Stagni. The next question comes from Pedro Calixto, who congratulates the results and says that besides the dividends declared and the proposal of capital reduction, if the company intends to pay more dividends, non-recurrent dividends.
Thank you, Pedro, for your question. Today, what we have planned is the anticipation of the IoE to be paid in October of BRL 61 million. The extra one of BRL 69 million also paid the same date, August 29th, and probable distribution of BRL 180 million in capital reduction. We have nothing set aside from that. You want to say something, Thalita? No.
I have another question, but I would like to ask you to send your questions via the Q&A button in the chat in the bottom part of the Zoom screen. The next question comes from Carlos Herrera, who asks two questions. He also congratulates the results and asks you to give an idea about the results of the second semester of 2025 and also for 2026, and what are the main triggers that the investors should be alert to, and if we could go deeper on the possible effects of the balance of interest rate that is about 15%.
I'll answer the first part and then Thalita comments on the impact of the interest rate. Thank you, Carlos, for the questions. If we analyze our market, it has some seasonal dates that are quite important.
I'll get the cell market with all the electronics being the greatest one, that is BRL 40 billion-BRL 50 billion a year. The important dates to move the market are the launches of Samsung, like Galaxy S25, that is generally in February, March, and the launch of the foldables of Samsung that is happening now. This week is the week to deliver the new foldables to consumers. After these two dates, in the second semester, we have two important moments, Black Friday, that is the biggest date to sell cell phones in Brazil. We have also the launch of iPhones that generally happen in September, October, move the market. Analyzing the seasonality of the market, these are four important dates to us, two in the second semester .
When we analyze the situation that we have now with the increase of the tariff of products, we are not impacted or just a little impacted by that. Most of the electronic products are manufactured in Brazil. Cell phones, computers, TVs, they're all manufactured in Brazil. We have no impact regarding the new tariffs between the countries. We just have to pay attention to the macroeconomic situation of the country. At this moment, we have a low level of unemployment, but with a high interest rate, which impact the retail market. When we translate that in less installments and higher prices for the installments, which may bring a reduction to the market with an increase in a barrier of consumers entering to our product.
We shouldn't only analyze our market, but how the economy will be impacted in the second semester in 2026 with the new world order being established. Regarding the interest rate, I'll ask Thalita to comment.
Well, Carlos, thank you all for following our company. Carlos, your question is very important because the interest rate is a point of concern to us and guides our decisions every month. Regarding this level of rate, I don't see big impacts or surprises to us because since last year, in fact, since 2023, Allied has been working with a lot of awareness in the cash management, dealing a lot with the working capital to have a better management of all accounts with the payables, receivables, and stocking, and being aware to finish the debts as possible to reduce the pressure of financial expenses.
In this sense, we are still aware this year and for next year as well. We are quite conservative in our budget with the board members as well, it shouldn't be a factor of surprise to the market or to any relation in the sense. We keep being alert and conservative in this management. Thank you.
Thank you, Silvio and Thalita. The next question comes from Eloisa Cruz, which also congratulates the results. She asks a little about the change in this mix of cell phones, if there was a change due to the macroeconomic conditions, and if there is any point that is worth discussing regarding this changing behavior.
Well, thank you, Eloisa, for following us. We can see, but I have no data here to give you precisely, but anyways, manufacturers are mentioning that this exchange of cell phones is increasing in terms of the recurrence deadline. Apparently, people keep their cell phones for longer with them. With that, the mix of other products grow more in our sales. I would also like to add that today, currently we have a culture of using the brand ecosystem. Like you use the watch to control sleep exercises or earplugs, because everybody has one now. This ecosystem is more sophisticated and now is part of the consumer's purchase behavior than it was some years ago. We have this important aspect that ends up making us change a little this mix of sales. We are also working in the physical stores strongly in programs to bring the consumer back to us.
You buy a cell phone, and you receive a bonus for the next purchases. This is a trigger to tell the consumers, "Hey, come back to buy a charger or earplugs." It is somehow fostering our conversion. When we analyze the two things in the physical stores, that is the flow of people and the conversion of this flow of people. When we analyze shopping malls in general, the flow of people is decreasing slightly. Our conversion in our stores, that is the consumer that comes to a store, if we can sell, it is increasing significantly. It's strong because now we give more options than simply exchanging the cell phone. Besides the ecosystem that I mentioned, we also have in our stores, computers, tablets, and now we have in the physical stores also TVs.
We also increase the scope of offers in the stores, which make this mix to change to less cell phones and more other items.
Okay, Silvio, thank you. Last question from Gleison that will also be guided to Silvio that is regarding Trocafy. He would like to understand if the advancements in Trocafy are related to the marketing strategy and growth of the brand or the drop in Trocafone.
Well, it's a mix of everything. I think that in a very efficient way, we could gain the main points of sale in Brazil, and we selected the points of sale. We didn't enter by chance. We could increase our intake even more, but we selected to where we would have a better quality intake. That is Fast Shop, iPhone pra Sempre, Vivo and Claro stores. Why? Because the remanufacture market is strong in products of high price.
This is where you can have a positive business case. When you negotiate remanufacture like iPhone or Samsung Galaxy, these are the high price products that you can put them in a situation of almost new one, so there is a market demand and value in this sense to sell this product. In the remanufacture market, we see today that it is limited to us, and I believe to everyone, because it's limited to the supply and not by the demand. We cannot have the intake that we should have in terms of sales. If we open the range of intakes, we could do that, but it's not our intention due to what I explained. To summarize, I would say that obviously Trocafy decreased on the market, which gave us a strong position.
More than that, it's a strategy of searching for the proper points of intake and the proper ways of sale. We sell in 3P and 1P in two big marketplaces, that is Meli and Magalu. We are testing the physical kiosks in the shopping malls. We don't know if this is the way to follow, but we are testing. I believe success is coming from a marketing strategy that is the correct one and from the operational efficiency that is also very huge.
Thank you very much, Silvio. We have no more questions. Thank you all for your presence in this video conference, and we are available to our investors in case you have more questions related to results or anything company. You can use our communication channels in relation with investors. Thank you very much. Have a nice day. Thank you.