Brazil · Delayed Price · Currency is BRL Méliuz Earnings Call Transcripts
Fiscal Year 2026
-
Q3 revenue and adjusted EBITDA fell amid the Casas Bahia disruption, lower take rates and softer retail. Buyer growth, resilient GMV and Beyond E-commerce expansion supported the longer-term strategy; reported earnings benefited from Bitcoin valuation and other one-offs.
-
Q2 net revenue rose 18% YoY and adjusted EBITDA grew nearly 40%, with BRL 21.3m in quarterly cash generation. Shopping growth, higher margins, AI productivity and a new flexible buyback strategy shaped the outlook.
-
Q1 EBITDA reached BRL 30.1 million, up 74% YoY, with a record 25.5% margin; LTM revenue rose 25%, led by shopping and Beyond E-commerce. Growth plans emphasize AI, profitability, and share repurchases, while campaign timing, the BV transition, and Bitcoin volatility remain uncertainties.
Fiscal Year 2025
-
FY25 revenue rose 26% and adjusted EBITDA increased 72% to BRL 93 million, with a 20.2% annual margin and 25% in Q4. Shopping Brasil led growth; 2026 priorities include healthy margins, AI-led efficiency, and higher Bitcoin per share.
-
Q3 net revenue rose 37% YoY and adjusted EBITDA grew 258%, with Shopping Brazil revenue up 63%. Growth in newer shopping lines and tighter cost control supported results, while management emphasized sustainable growth and a strong Q4 seasonal opportunity.
-
Q2 revenue rose 12% YoY, EBITDA turned positive at BRL 12 million, and net income reached BRL 7.6 million. Growth investments and a BRL 180 million follow-on supported a 908% Bitcoin yield.
-
Q1 net revenue rose 22% YoY to BRL 100.4 million, while adjusted EBITDA more than tripled to BRL 17.8 million and margin reached 17.3%. Shopping GMV grew 25%, and shareholders approved a Bitcoin treasury strategy with 99.3% of votes.
Fiscal Year 2024
-
2024 completed the turnaround, with BRL 54.1 million in adjusted EBITDA and stronger revenue, GMV and user growth. The 2025 plan targets faster sustainable growth while protecting margins and controlling costs.
-
Q3 delivered growth in Shopping Brazil and financial services, alongside BRL 14.1 million in parent-level adjusted EBITDA and an 18.8% adjusted EBITDA margin. Priorities include scaling financial products, improving engagement and capitalizing on Black Friday.
-
Q2 delivered record EBITDA, 21% consolidated revenue growth, and higher Shopping Brazil take rates, with costs controlled. Picodi remained a drag, including a non-cash BRL 82.8 million impairment; a BRL 220 million capital reduction was planned for September.
-
Q1 delivered positive EBITDA, BRL 19.1M consolidated net income and stronger shopping margins, with no extraordinary items. Priorities remain profitable Brazil Shopping growth, financial-services expansion and cost discipline, while GMV recovery and international cash burn remain challenges.
Fiscal Year 2023
-
2023 restructuring and stronger Shopping margins drove positive adjusted EBITDA and cash generation. For 2024, growth will focus on Brazil Shopping and BV financial services while preserving a net take rate above 2%.
-
Q3 reached operating break-even and positive cash generation, driven by improved margins and cost discipline. Priorities are profitable shopping growth, cautious scaling of BV financial services and a proposed BRL 210 million capital return.
-
Expenses fell sharply and adjusted EBITDA improved, while consolidated Q2 EBITDA remained negative. Management targeted parent-level operational breakeven in H2, with BV account and card growth and Picodi expansion supporting the outlook.
-
Shopping Brazil improved margins and take rate despite lower revenue, while cost controls supported adjusted EBITDA of BRL 7.6m. The BV partnership and Bankly sale are central to the shift toward asset-light operations and future growth.