Earnings Call: Q2 2026

Aug 6, 2026

Summary

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.

Good morning everyone. I am Marcio Pena, the IRO for Méliuz. It is a pleasure to be here once again to share with you our numbers relative to 2Q 2026. Yet another great quarter with many records. We grew the EBITDA 50%. We have reached BRL 109.6 million EBITDA last 12 months, and BRL 21.3 million in cash this quarter alone, among other indicators that you will see throughout the presentation. Last night we announced an important material fact about the new buyback program, which will also be addressed today during my presentation. This conference has simultaneous translation into English. If you wish to listen to it in English, just click on the interpretation button in the bottom part of the same screen. This event is also being recorded and will be made available at our IR website. The respective materials can already be found at our IR website and also have been filed at CVM. At the end of the presentation, we will start our Q&A session. For those who want to ask a question or make a comment, just click on Raise Your Hand and we will unmute your mic. I would like to turn it over to Gabriel Loures, our CEO, to kick off the presentation. Over to you, Gabriel. Thank you, Marcio. Good morning everyone. As Marcio said, very happy to be here with you once again. Yet another strong quarter, both in terms of operational results and also in terms of new things, material facts, which was announced yesterday about the canceling of shares for the first buyback program, which we opened October last year. We closed this program in record time, less than a year, nine to ten months to be exact. We did it exclusively with the cash generated by the operation, and we started a new buyback program. I will start with our operating results, the growth of our results, our verticals, and then I will be talking about our new buyback program and our treasury strategy as well, which was also announced yesterday. Okay, just to start, a bit of our large numbers. We are quite happy because we proved once again that our operating results are not only accounting relative, they are also cash generation. In the first half of the year, I would say one of the most important results is the generation of BRL 21.3 million in cash in 2Q. Last 12 months, it is over BRL 41 million in the operation, reinforcing that our EBITDAs, our accounting results, are not only accounting based. We have no debt, no high depreciation amortization. Everything we generate is translating into cash, and that is yet another proof of that. Looking at the operating numbers and accounting numbers as well, our net revenue, consolidated terms, grew 18% vis-à-vis 2Q last year, BRL 115 million in the quarter. And in the LTM view, BRL 500 million in revenue, a growth of 26% vis-à-vis LTM for last year's second quarter. Shopping growing significantly, we are going to be talking about in a moment. Shopping grew 30% year on year, and for the last 12 months, we grew 44%. So very strong growth results, but more importantly, without losing margin. So adjusted EBITDA grew almost 40% year on year, BRL 17.3 million. Once again, the only adjustment here is the Bitcoin, which is a non-cash effect. The rest is a de facto result from the operation. And in terms of the LTM, BRL 110 million in the adjusted EBITDA. Yet another historical record, growing EBITDA quarter-on-quarter. Every quarter we present a stronger quarter when compared to previous ones. In terms of new things, we had the cancellation of the shares. We canceled about 8% of our total equity, 10% of the free float. The share of all our shareholders accounts for 8.5% more. More participation in EBITDA, net profit, and also Bitcoin. The Bitcoin yield is the same metric, 8.4%. Strong results once again, and I'll be going into more detail as we move forward, both in terms of operation and in terms of products that we have. I also have to start the presentation by commenting on our strategic plan, which we announced late last year, which hasn't changed. We have four main pillars, as you can see on this slide, for the operating front, and our main objective is to grow, return to our shareholders. I'll walk you through all the slides, all the pillars. We are comparing what we promised last year and what we are now delivering quarter-on-quarter across all the verticals we have in our company. Looking at the growth and top line with a focus on shopping. When I look at a broader period for the past three years, you can see that our total accounts have grown at a pace which is impressive, increasingly higher. 2Q23 to 2Q24, 5 million accounts were added, and then 10 million accounts 2024 to 2025. Now, once again, we have added 11 million of accounts. At every quarter and every year, we add more users to our database. We have more users actually accessing our platform. On the right-hand side, the number of new buyers. That number is not officially announced, but it's important to notice that on the right-hand side, it's not an accumulated number. Otherwise, the growth would be a lot more than that. We're talking here about the growth of new buyers. First-time users accessing our platform, and that number only grows. Year-on-year, we add new buyers when you compare year-on-year. Whether it's usually 4 and 5, and 5 and 6. That is a record. That's a very relevant result. We show that the base growth that we talked about last year, we were among the seven most downloaded apps in Brazil, and that reflects in the number of new users as you can see. They're using the app, using the site, and as a consequence, we increase our revenue. An increase in the number of accounts, of course, helps us increase our active base and reflects in the revenue. As important as the growth in new buyers is to reinforce the following. We have to retain them, right? Here, once again, this is the secret of our success, the retention level over time. We bring increasingly more users, and those users are buying the accounts on those graphs, and those users are retained in the long run. This is the number I showed last quarter, a long-term view. We show this once a year, and we show that retention of revenue of our users for the last 10 years is 219%. In other words, whoever we acquired back in 2016, '16, is today generating more revenue than they did back ten years ago. We have excellent retention numbers. I have said this before and I will repeat it. I do not know of any other B2C platform with such a high long-term retention. I am not talking about users retained for two months. We are talking about five, six, ten years. That is the value of our platform, and that is why growing our user base, as we have done for the past few years, helps us to create value in the long run. That is what we also see on the next slide when we show our revenue. When we compare Q2 2025 to Q2 2026, we grew 18% total net revenue. When we look at the LTM vision for the last 12 months, that growth was even higher, 26%. In practice, that result is a consequence of the growth in our shopping revenue by 44%. Our core business, the business which has been here since 2010, 2011, is growing 44% in the LTM metric, which is quite strong. This was offset by a drop in financial services. We have already announced the termination of our partnership with the banco BV, so this will lead to a drop in revenue along that vertical, for 26%. We also had a negative result for other companies, especially because of the BinCo deal. When you add all that together, we had a drop of 5%, actually. When you add that all, we grew 26% our revenue, in the last 12 months. A growth which was healthy and strong without forgetting the margin. Of course, focusing on our core business, which is the shopping vertical. A bit of a breakdown of those numbers. I had the same chart last quarter. This is a chart that shows the growth of net revenue for Shopping Brazil broken down across its different divisions. E-commerce, our traditional business with commission with our retail partners online, and beyond e-commerce, the new verticals we launched in the past few years. Here we have Nota Fiscal, research, games, several other business verticals that make up our beyond e-commerce front. When you look at the Shopping Brazil net revenue, it grew 32% quarter-on-quarter and 44% LTM. The breakdown is 19% of e-commerce, traditional business, 20% growth year-on-year. The beyond e-commerce more than doubled at 114%, and as a consequence, we have increased its share. A nice way to see it is the addition of absolute revenue across periods, quarter-on-quarter. We have added, in terms of revenue, about BRL 22 million in revenue, BRL 22.2 million to be exact. It is basically half and half. Half of that growth came from e-commerce at 30% a year growth, and half of that growth came from beyond e-commerce, which we have doubled. Very happy with those results. The trend is that we are continuing to see an increase in the share of beyond e-commerce within the whole business because its growth rate is higher. When we look at e-commerce specifically, I think some important takeaways here. When we look at year-on-year LTM, we grew by 26%, the e-commerce revenue at the same period GMV grew by 5%. There is a huge impact of our take rate growth, which moved from 6.6.8 to 7.6 earlier in the year, Black Friday, first quarter of this year, and now it is at 7.4. I heard some comments from analysts. We have been talking to several analysts, of course, since the announcement of the results last night, and some have asked me about that percentage, the take rate percentage. Why did we see a drop quarter-on-quarter, first to second quarter? I would like to reinforce that there is a very important seasonality. The Q4 and Q1, they have a very strong impact coming from seasonal events such as Black Friday, which is only natural that we see this sort of variation of take rate across quarters. That is why it is good to look at it from the last 12 months view. Then you clearly see an increase of the take rate when you compare year-on-year, 2024, 2025, 2026. Moving from a level of 6.8 or 7.1, 7.2 to a level of 7.4, 7.6. Let us say quite positive result at the end of the day. When you look quarter-on-quarter, it is a very stable trend. If you look at net take rate, which shows it more explicitly, you see that all the historical series, we have a very flat behavior, 6.2, 6.3, which we consider to be a healthy level, and which we always pursue going forward. Moving away from e-commerce and going to beyond e-commerce, I have this matrix, which I saw last quarter. Just a quick recap before I move forward. The role that the products play within our ecosystem, they are products which have a use frequency which is higher, but a LTV per user, which is lower. Whereas e-commerce has a higher LTV, higher tickets, higher commissions. But on the other hand, the frequency is lower when compared to other products. Considering Nota Fiscal, research surveys, those are higher frequency products. Our main objective here is to have multi-product users, because I have high frequency users and combine them with higher tickets. So I have higher LTV users and combine that with higher frequency. So I have the best of both worlds as I increase retention. So those two bits of our ecosystem, they are very synergistic. That is why we break it down like this, beyond e-commerce and e-commerce, because they have very different characteristics. And the great piece of news we had in Q2 was our ability to increase that and lead users to adapt or to access other products. So the cross sell has really increased. So users who were using beyond e-commerce now use e-commerce. That number grew by 87% in one single quarter. So we had 100 users at one business level migrating to the other. Now we have 187. The impact is not immediate. We have the different seasons, which is our e-commerce business as usual. But it shows that in the long run, we will be able to continue to grow our multi-product base, be it a user from e-commerce using beyond e-commerce or beyond e-commerce users moving to e-commerce. And an important part of that number, that result, comes from intelligence. I have an AI section, and I will talk about that in a moment, but it is nice to show a bit of those changes. We have generated over 80 million recommendation leverages per month based on the consumption behavior of users on beyond e-commerce offline. So that is somebody who goes to supermarket, buys diapers, and then they also buy those diapers at e-commerce because perhaps it is cheaper, quicker freight or free freight. We have managed to do that very efficiently, and we want this to grow. There is room for that to grow across products and across platforms, where I have just started that journey along recommendations. Talking about the two products, in addition to growing that user base, which was the focus of our first vertical, the second was to grow revenue per user. The mission I have shared with the market, and we conveyed to our team, has been met and really well at that. This is the chart of our revenue per user, considering active users and direct revenues. When you look at ads, it's difficult to have a direct correlation. I'm talking about for each user based on what they actually did within our ecosystem. When you look at e-commerce, that number grew 37% LTM year on year, and in beyond e-commerce, that number grew by 78% year on year, also on LTM view. You can see by the chart that it is a very significant growth when you compare to Q1. We continue to grow revenue per user across both verticals. As I mentioned before, a totally different LTV when you compare both verticals. Of course, the ARPU, the per user revenue is different. It's a different base across those two users. But the idea is to show the growth, the growth of both verticals which are happening. We retain more users, they become more frequent, they use more verticals, and then we expand the share of wallets across the board. Once again, I like to show this number under LTM view, because we do have seasonality. If I was focusing on Q4 2025, the number would be higher, of course. The revenue would be higher because of seasonality, because of Black Friday specifically. The LTM view shows that we are having an average across the 12 months, including the most recent quarter and the most profitable quarter, so that we are growing anyway across all fronts. A well-succeeded front. When we started the turnaround process back then, we want to grow, but also maintaining or preserving margins. That's what we're doing. Our revenue moved from BRL 393 LTM to BRL 495. We have added BRL 100 million, and that's a lot. We grew fast, especially given the already relevant level in 2025. Our percentage of costs on net revenue remains quite stable. When you look at the cashback, it moved. Not since Yeah, I think he crashed. He crashed. He's going to rephrase. Can you hear me now? Yes. I think we can, yes. Let me backtalk a little bit. I said our revenues were growing. We added BRL 100 million in revenue, BRL 393 to BRL 495, and our level of expenses remained flat at 46% in Q2 2025. Expenses with cashback, that number dropped two percentage points. We are now a bit more efficient at 45%. Fixed expenses, suppliers, personnel, AI, 29% down to 25%. Here, we have also decreased by two percentage points, and our marketing expenses moving from 12% to 10%. That's a vertical. That we intend to increase actually in terms of investment in marketing. We do not see a payback there, so we are quite cautious in terms of investments in marketing, but our aim here is to increase that a little bit. Everything I want to reduce the fixed expense, I want to offset in our marketing investments so that we can continue to grow while preserving margin. Unlike other quarters, I would like to give you a breakdown of our cashback costs. When we talk with analysts, we receive some questions about the cashback as a percentage of revenue, which in 1Q26, reached 58%. So cashback as a percentage of net revenue for shopping hit 58% in 1Q26. It is higher than Q1, which was sitting at 44%, and some analysts asked, "Why did it grow so much, 44% to 58%?" If you look at the analyst's track record throughout time, there are seasonalities involved. Q1, we know, has revenue coming from Q4. They had GMV for Black Friday and so on and so forth. So it is only natural that they have a different sort of behavior. When you look across all quarters, a longer historical series, it is actually below our historical average, which is about 59%, 58.5%. Some quarters a little above, some quarters a little below. But always ensuring that consistency. So nothing has changed. We are not delivering more cashback than before. The rationale here is to ensure sustainability for the business. Cashback is the most important tool for us to guarantee retention. We do not intend to reduce that number in a very aggressive manner. In practice, we are maintaining those costs at a healthy level. So when we compare 1Q26 to 1Q25, we were more efficient, four percentage points. We moved from 62% to 58% in 1Q26. Not for nothing in an LTM view, that percentage of cashback per revenue has dropped a few points because the current quarter was more efficient than the same quarter of last year. That is always the correct comparison. Compare the same quarters, the same seasonality, or looking at the LTM, including more periods to reduce the impact of seasonality. The consequence of that very strict cost control appears in the adjusted EBITDA. Comparing quarter-on-quarter once again and LTM, we never compare one quarter with the previous quarter. So quarter-on-quarter, 40% growth. Half of the year, 60% growth. Year-on-year, 75%, right? Being very efficient, generating a much stronger EBITDA quarter-on-quarter. Our EBITDA margin from Q2 was 15%, vis-à-vis 12.8% the previous quarter. When you look at the whole half of the year, 15.3% vis-à-vis 15.1% and LTM, 22.1% vis-à-vis 16.1%. Across all comparison bases, we are growing EBITDA and bringing more results. That of course reflects through all time. We moved from BRL 38 million EBITDA last 12 months to BRL 109 million. Just do the math. We practically more than doubled EBITDA, moving from BRL 40 million to BRL 110 million, almost tripling the EBITDA in two years. We moved from an EBITDA margin back in the day at 11.3% to a margin of 22%, have doubled EBITDA margin and tripled the EBITDA in this period shown on the charts, 2024 to 2026. On an annual basis, we grew 75% the absolute EBITDA and added five percentage points in margin. So it is a very strong momentum, and we continue on track as we deliver results, both from revenue growth, from EBITDA growth. Of course, you can always improve, but this has been, without a doubt, a very strong quarter. To reinforce this perception, the variation of our cash. I would like to reinforce this. Our EBITDA translates into cash for the business. We move from EBITDA accounting BRL 14.8 million negative. There is an impact of Bitcoin, which is relevant to a non-cash effect in Q2, which will be partially reversed based on the current evaluation. Of course, it depends on future numbers, but in a hypothetical scenario, if we looked at the numbers today, there would be a reversal within this month. The adjusted EBITDA for Q2 was BRL 17.4 million. It is a number that appears on other pages. With BRL 17.4 million of adjusted EBITDA and ex Bitcoin, I generate BRL 21.3 million in cash. There is no non-cash impact. Of course, there are seasonal effects, but what you can clearly see is that our conversion from EBITDA to cash is quite strong, and we are able to generate BRL 21.3 million in cash in Q2. When I look at the last 12 months, we generated more than BRL 40 million in cash, something close to BRL 41 million, BRL 42 million in cash for the last 12 months, up to the second quarter of 2026. Why is this important? Because cash generation is the main tool for us to generate our Bitcoin and increase our participation of our shareholders in our buyback program, which I will be addressing in a moment. Before, let us talk about the fourth block of our operational strategy, which is the AI front. How are we using AI to leverage our results? This is a slightly different way to approach it. This is a timeline approach to where we started, where we were, and how have we evolved in Q2 and where we want to get to. I have split engineering products, analytics, the use of data across the company, and the business and support areas, including operations, service, commercial, growth, all the business areas under the umbrella of the company. When we look at the fourth quarter of 2025, and even before Q2, Q3 2025, AI was a support tool for most companies, I dare say. Sort of a chatbot, something that helped with writing. Not very much integrated with other processes. We have done that here, and we decided we had to change. We are lagging behind. We need to speed up. We accelerated the process early this year, and the results that I showed in our last call were quite evident. The first Q, moving AI from a support tool to an integrated tool. 90% of our codes are written by AI agents, so we use more AI. We create the whole basic infrastructure to integrate our database, to create analysis scenarios, decorate GMV adjustments, creating skills for AI to be able to read and interpret and make the analysis. We created several simple automation. Co-creation of content, CRM, ads, several processes which were automated, registration of cashbacks, things which were manual but simple. Processes that consume time. They were time-consuming, and we were able to optimize and free those people up to do other things. In the second quarter, we have changed even more. When I look at engineering products, we talked about the end-to-end flow. The products, it is not restricted to code writing. We start translating a business need into a requisite to translate into a code, and it only ends when that product reaches the final user. In the first Q, we focused on the middle part, which is to actually do code. In the second quarter, we improved the flow end to end. I mentioned that in our letter. Our engineering team, designing team, they are automating all those flows now, and we are now able to generate a business need, translate that automatically into PRDs, which are read by AI. Throughout the development of all that code, we are already doing that using AI, which is also testing that. We are rolling that out to all teams, and the idea is to make that flow increasingly more automatic. Our teams will not only coding, but they will be reviewing, editing, ensuring recommendations are well done, and that AI is truly translating what has been specified early on in the process. Looking at analytics, another very important part, which is a real-time insight. How can we make sure we move from the ad hoc analysis as we had before in Q1? How can I integrate all that with the database? Now I have to have real-time insights. How do I know the performance of a partner in the past 30 minutes has dropped and that might create a problem? How do I know that test I uploaded in our partner landing page is losing 10%, it is time to turn it off. How can I make sure that looking at our partners, they can see real time the results of their campaigns? We have moved forward significantly on that front. We are doing really well in automating those real-time insights, these are the ad hoc insights. We have an increasingly more automated process. We already manage platforms, TikTok and other, can analyze performance much faster, and have a very more important back office to do things more automatically, faster, more expectantly using AI agents. Of course, customer service has become more effective, generates more satisfaction on the side of the customers because we are using data intelligence from end agents to better service. That's what we've done so far. The results were very nice in Q2, but there's a long way to go. We are just in our first steps in this AI journey, even though we have advanced significantly. What are the next steps then? When I look at engineering and products, we want to have a 24/7 product. It will close today, go to bed, and the agents will continue to work. Next morning, they'll be able to review the code and be able to upload that for production. 24/7, that's how long we are developing our products, and that increases our development speed and the speed between somebody thinking about an idea and the final user actually putting that to the test. In analytics, we moved from real-time insights to autonomous decisions. Instead of knowing that the A/B test is 10% worse, now I need someone to go there and address the problem. I want the agents to make decisions on their own. The same thing goes for business and support. Increasingly an autonomous process. Those are the next steps. A lot to go. Now we already have 46 days since the end of the quarter. We have advanced significantly across many of those topics, and I'll share that in our next calls. At the end of the day, AI is not a target. I always say that we cannot make a mistake. Our goal is to generate EBITDA cash return that's not using AI. AI is a way to get there, and we need to use AI to be able to improve those results. That's a game changer, but not the goal. Looking at the clear results we had, the first metric is the number of PRs per engineer. That number is already 160% higher than it was in Q4 2025, 33% more than the previous quarter. We have increased our speed by 33% quarter on quarter, and our annual revenue per employee has already grown as well. Some running analyst, the fourth quarter to this quarter, 20% growth and quarter on quarter, the growth was 100%. We are now more efficient and generating more value for our users, partners, and to our whole ecosystem. That was the main takeaway I'd like to share with you in terms of operating points. Then I'll move on to our buyback program we announced yesterday and what are the next steps for that. The idea is the same, to generate value to our shareholders and growth our numbers. I'd like to start by recapping our buyback program. We announced that on October 8th, 2025. At that material fact we wrote, if you take our market cap minus our net assets minus Bitcoin, the number is BRL 10 million. That's back in October 2025. On the right-hand side, we have the last 12 months results, 12 months later after that material fact. The last announced number was in the second half, the second quarter. Then we had an EV of BRL 10 million, and generating 12 months, BRL 110 million in EBITDA, BRL 41 million in cash. With those BRL 40 million in cash we generated, we re-bought 37 million shares. In other words, we generated four times more cash than it was our enterprise value back then. It was quite mismatched, and we did our role to capture that asymmetry. In 12 months, we bought 8.1% of our total capital, 10% of the free float. That's the limit we had. So 9.1 million shares. When we announced yesterday, when we announced the material fact, we canceled 100% of those re-bought shares. Now we have 8.1 million fewer shares in circulation, which means that the share of all our shareholders from now on is 8.5% more. Looking at the asymmetry of EV of BRL 10 million back then, we captured that mismatch, and with that, we generated value to our shareholders, increasing the share of all those shareholders in 8.5%. Of course, that results in a Bitcoin yield of 8.5%. So they now have 8.5% more of Bitcoin in the operation and also 8.5% more of the business, EBITDA revenue, and other results that we have achieved. In an annualized view, the result of the program was 11.5%, which is also quite relevant when you look at the Bitcoin yield metric. In short, we have delivered an increase of 8.5% of Bitcoin yield to our shareholders because of this buyback program capturing that mismatch. That scenario continues to exist. We have a market cap. Those are yesterday numbers before the cancellation of the shares. Of course, this will change once those shares are canceled. As of yesterday, August 4th, two days before, our market cap was BRL 509 million, removing cash, the treasury shares, and the Bitcoin NAV back then, we reached an adjusted enterprise value of around BRL 200 million on the right-hand side. Our adjusted EBITDA for the last 12 months is BRL 109 million, which is growing 74% a year. That gives them an EV/EBIT of 8.1 times for a company that's growing EBITDA at 75% rate and growing revenue at 26%. We continue to have very compressed multiples when compared to our peers, and we continue to be the peer that most grows revenue and EBITDA. The asymmetry I mentioned just now, which we captured in October, it's still present. There's another way to look at it, looking at all the comparables. Here, we plotted on this chart all the Ibovespa companies which announced results for Q2. The ones who have not announced, we're using Q1 numbers, but still we remain the company that has the highest growth rate in terms of revenue. We continue to be the company with the lowest EV multiple on net profit. I use net profit because it helps us compare companies with debt with those with no debt. We are negotiating at 1.8 times EBITDA. We have no debt, and consequently, we are negotiating at three times net profit and growing really fast. Based on that information, we decided to create and launch a new buyback program, which we announced yesterday. With the new buyback program, we'll buy up to 8.1 million shares, which means 10% of our free float, at about 8% of our total capital. In parentheses, all the ones I mentioned throughout the presentation. Adjusted EBITDA of BRL 110 million, growing 75% a year, more than BRL 40 million in terms of cash generation for the last 12 months, BRL 260 million in net assets, no debt, and an EV/EBITDA of 1.8. That justifies this new buyback program. To speed up the success of that program, we will have also changed our treasury policy. We are now looking at our net resources like this. We have the cash generation from our core business as part of our net resources for cash, and we have our Bitcoin treasury, which is also a net asset. We will assess and manage that in an integrated fashion throughout time, and we will maintain the same objective, which is generate Bitcoin yield and value to shareholders. The final target doesn't change, but we'll do that using all our resources across two verticals. We require more Bitcoin through cash generation or via derivative operations, and we will also use the resources to rebuy shares. The last buyback program was done with our operational cash balance, can now be done with our Bitcoin balance. To reinforce, nothing changes in our final objective. We want to generate value to shareholders and also generate Bitcoin yield. Nothing we do will harm Bitcoin yield we have generated to our shareholders. The idea is to be more flexible and allocate capital in a more efficient, integrated manner. That's why we're launching this new buyback program. At the end of the day, this program and everything I have mentioned throughout the presentation is being implemented now. We do that because we do believe in our historical results, the consistency of those results quarter on quarter, but because we also believe we once again, be the largest loyalty program in Brazil. The best place for users to buy and win, the best place for our partners to generate ROI, and for us, we want to be the best company, the best program for investors to have results in results, Bitcoin yield, and capital valorization. Thank you so much. Back to you, Marcio. Very good, Gabriel. Our first question comes from Ricardo Buchpiguel from BTG. Ricardo, you may carry on, please. Good morning, everyone. Thank you for the chance. Your comments were quite clear about the seasonality, not only on GMV, but on revenue, on net take rate, and the importance to use at a longer period. I would like to confirm if it makes sense for us to imagine an increase in take rate in the coming quarters, and also explore a bit how you see competition this year, other cashback platforms, and also other marketing options for partners. A second question that I have, I would like to better understand the rationale around the Bitcoin sale. Do you think you will need to do that for the second program? Because when you look at the company cash position at BRL 75 million, you are generating cash. If you could use cash generation to buy back, that could also be a question moving forward when you look at future potential buybacks, if you need to be more flexible. Let me answer your first question, and then Marcio will address the second one. As for partners and peers and competition, of course, several e-commerce players have grown strongly, Mercado Livre, Shopee, Amazon, of course. What we have seen from last year was an increase in competitiveness in the market. The Brazilian market has reached a moment where it is highly concentrated around Mercado Livre. It continues to grow strongly, but there are other players coming. Shopee growing fast, Shein, all the Chinese players actually growing fast, in addition to Brazilian retailers, who have maintained their focus on sales. Of course, that scenario is evolving, but we see e-commerce with very high potential, e-commerce growing throughout time. We see that fragmentation in the market helping us generate value. We are a partner of everyone in the Brazilian e-commerce. For us, we are helping our partners, some we help more, some we help less, but we still generate value for the market as a whole. As for the net take, yes, you are right about the LTM view. In fact, I made it a point to reinforce that. Of course, you have variations which are due to seasonality, so it is always best to look at the longer run. The net take rate, you can expect to continue to maintain our historical levels. We do not expect any significant change in net take rate going forward. Of course, short-term variations may happen up or down, but the long-term trend continues. Marcio, as for the buyback program, it is a great question, Ricardo. Despite our cash generation being above BRL 20 million in the quarter and the LTM over BRL 40 million, part of that cash generation are being invested in other things other than Bitcoin. Our idea is to use an asset which is totally net, Bitcoin, to, in a timely manner, be able to buy shares, use those resources to buy shares. That gives us flexibility and gives us agility when the administration deems it the right moment to rebuy shares. We can use that Bitcoin balance to do that when we see fit. But you are correct. Cash generation in itself would be enough for a potential buyback program. But part of it is committed, or of course, compromised with our investments, suppliers. The Bitcoin, because it is net, provides us with that flexibility. That is basically it. If I could complement, Marcio. The buzzwords here would be flexibility and efficiency. We want to be flexible to conduct the buyback program, and we want to be efficient in doing that. But nothing changes in the mid-run targets. Nothing changes in our goals, the targets we presented in terms of Bitcoin yield. What changes is that we are going to be looking at the cash in a more integrated manner so that we become more flexible and more efficient. Okay. Thank you. Thank you. Our next question comes from Carlos Ejeda from Ponta Investments. Carlos, you may carry on. Hi. Hello, good morning. Good morning. Thank you for the opportunity. I have two questions. The first one is about this reclassification of expenses, other operating expenses, actually, that other revenues would be 100.3 vis-à-vis last year, which was 1.3 or something. I am not getting the numbers right. Anyway, I would like to understand how that classification happened. If you could explain what would be the run rate of that line, other expenses, if you will, moving forward. That is one question. And within the same line, as for fixed expenses, they grew by 11% year-on-year. When you look at it vis-à-vis the revenue, 27% EBITDA. What kind of level were you expecting to have those fixed expenses vis-à-vis the revenue in the long run? Okay. Marcio, would you like to start? Okay, I can start. Yes. Carlos, thank you for the question. Basically, we are talking about products that have generated revenue in the last quarters, which have increased their impact on the final bottom line. When you look at the second quarter of 2025, many of the products that made up the revenue of beyond e-commerce, they were falling under other revenues and expenses. And why was that? Because those were less significant costs. We made that accounting change, that reclassification, as you mentioned, late last year. From then on, with a higher impact and a higher share of those products, we created the beyond e-commerce class within Shopping Brazil revenue line. That is why there is a difference between the Q2 number 2025 and Q2 2026. In Q2 2025, there was a revenue from other products that are now no longer present because they do have a specific line within Shopping Brazil revenue. Of course, those are accounting changes which do not affect EBITDA. They are net zero. In the previous period, they were expenses, now they are revenues, not affecting EBITDA. When you talk about run rate for other expenses and revenues, given that we made this accounting change, it would be more normal to expect run rates are more related to 1Q26, not 1Q25. It is worth remembering that other expenses and revenues have many variations, and they also vary across quarters. It is normal to think that the run rate number will be more linked to 1Q26 because of what I explained. Carlos, you can also look at other expenses and revenues. From the moment we reclassified those entries, 3Q25. As of 3Q25, that account, other expenses and revenues, it was already including only expenses, but no revenues, because revenues had already been reclassified. As Marcio said, this will vary quarter on quarter. From 2Q25, 1Q26 rather, the second part of 2026, it dropped because we had a legal expense which happened in the first quarter. This will vary, just to say, this will vary quarter on quarter. About your other question about fixed expenses, I think the best way to look at it is on a line-by-line basis. I have the personnel, software, third-party services, and other expense and revenues that you mentioned. All of them are dropping on a year-on-year basis or moving sideways from 20 to 18, software 3.3.4, sort of flat, and third-party services also flat. Fixed expenses are called fixed, not by chance. The idea is to stabilize those expenses. We try to avoid increases in those expenses even when revenues go up. When you look at expenses over revenue, that number is going down. Those are the charts I showed during the presentation. Of course, we will have variations. It is not endless, right. It is not an infinite chart. There will be a point where you need to reinforce your costs and platform personnel and so on, but we believe we are at a very healthy level now in terms of expenses over revenue. There is room for us to maintain that level. In answer to both your questions. Thank you. Can I ask another question? Yes, please. It has to do with the beyond e-commerce. We saw a growth in beyond e-commerce, 114% year on year. What I would like to ask is, if you could, talk a bit more about what products are now part of that line and which are gaining more traction. Which of those products have reached break-even or positive margin, and what do you expect to see on that front in the second half of the year? We do not announce the results by business line. I cannot tell you which one is more important than others, but I will try to give you an overall answer. Number one, the products which are here, you are correct. We have several products. Physical products, Nota Fiscal, Méliuz for brands. We have the ads product, quite relevant, which we have had since 2011 and which has been growing significantly. We have the Prime, where as you have shown before, it has grown very fast. Several other products we launched throughout the years. The survey, the gaming verticals, and several fronts that helps us monetize our user base. All of them are profitable products. None of those products are burning margins. They are all profitable, be it directly profitable. The very user base creates revenue that allows us to generate a contribution margin, which is positive for that business. Also, we have products that generate impact for the ecosystem, more frequent users, cross-selling opportunities. In summary, they are all profitable and they are all growing. We are launching new products. At every quarter, we are launching new products under the beyond e-commerce. That is why we have such a strong growth rate. Products have been growing quarter on quarter, as I said. Okay. Thank you. Thank you, Carlos. Our next question comes from Kaio Prato from UBS. Please, Kaio, you may carry on. Hello, everyone. Good morning. Two questions. First, about the flexibilization of treasury. From the point of view of flexibilization, it is clear and it makes sense, but I would like to better understand the Bitcoin in and of itself. We saw some sales events, some companies that follow similar strategies as yours. Is that a strategy which has to do with those other companies doing the same? What about the long-term expectations? Bitcoin could also be an opportunity. How do you see that trade-off currently? That is the first question. The second about GMV of Marketplace Brazil. We notice a slightly weaker trend in the quarter. Even for the last 12 months, it shows a sort of a slowdown. If I could have an update, what can we expect moving forward in terms of GMV? Thank you. I will start with the first one, okay, Kaio, and then we will continue. To be quite confident in the long-term view of Bitcoin. We see Bitcoin as valuable in the long run, and as I have always said, it is a volatile asset. It does fluctuate in the short run, and that is what happened actually in Q4 and Q1 also. As you mentioned, we also see that as an opportunity. That is why we want to continue to be exposed to Bitcoin and its results. When you talk about being more flexible in treasury, we are also talking about making sure we are exposed to a high in Bitcoin, and nothing changes in that. We want to continue having, as the company's name, exactly a generation of Bitcoin yield. I see that also as an opportunity as we move forward with Bitcoin. We do not want to reduce our exposure to Bitcoin, no. With that, we are more flexible in our treasury and strategy. You want to talk about the GMV, Marcio? I can do that, yes. Kaio, GMV actually, if you look at the last 12 months, it did not grow as much as revenue of e-commerce or shopping in Brazil. That can be explained by other variables. The take rate went up a lot in the past quarters. It has proved last year, and I always remember 2021, that the 2021 GMV metric, if we wanted to double GMV the next quarter or next year, we would be able to. We have done it. We did it in Q4 2021, and we know the consequence of that. The consequence of that is that perhaps users will not be back. The margin of the company will deteriorate in the mid-run. Our strategy is always to consider both variables in terms of revenue for Brazil shopping, GMV and take rate. In the past quarters, take rate had a better positive impact than GMV had. We cannot give you a guidance, but I can tell you that there is an expectation for the second half. Because of seasonality, we expect GMV to resume growth. That is what we expect for the rest of the year. Knowing that we have an integrated view of both variables, it is important to grow that vertical, and growth might come from both variables or because of one more than the other. We may start to see now GMV gaining more traction as of the second half, among other reasons, because of seasonality that we see in this period. Just to add something I have always said, not all GMVs are equal, and that sits at the core of what we say. It is a lot easier to sell iPhones than to sell pens, right? You generate more margin selling iPhones than when you sell pens or pencils. Our partners have different needs. Maybe a partner does not need help in selling an iPhone now, but they do need help in selling other products. When you look at the take rate being above GMV, that is proof that we are being more intelligent, more efficient in helping our partners to sell. Promoting campaigns, broken down per category, per specific product, and that helps our partners sell more. Some products you have margins, which are completely different from others. That kind of thing will change significantly and will help us grow commission revenue, but not having the same GMVs. At the end of the day, what matters is to generate value for users and partners, and that is what we want to continue to do in the long run. Because of that, we can say that our current levels are quite healthy. Thank you, Gabriel. Thank you, Marcio. Thank you, Caio. We have a question from Andrew, from Alexandri, from Morgan Stanley. Unfortunately, they could not connect, but they sent their questions in writing. Some of the questions they sent have been answered, but I will ask them anyway. The first question is about the GMV performance. We have just addressed that, and they wanted to explore a bit of the growth for the second half. The second question was about our beyond e-commerce revenue. They identified that the share of that segment was flat when we compare with the last quarter, 1Q26. They asked how we should look at this growth going forward. The last question, which was also answered, is about the share of cashback vis-à-vis revenue, something which was shown in one of the slides. Would you like to touch upon any of those topics? I think it is clear. If you want to stress those points, but those questions have been addressed. Yes. The questions have been answered. Just to register their participation. That is what we had. With that, Gabriel, I turn the floor back over to you for your final comments. Okay, everyone. First of all, thank you so much once again for being here, for the questions. We continue to look at the business from a very optimistic point of view. We are quite happy with the results we have achieved in terms of operations for the past three months and overall in the past years. We have managed to also be able to be more efficient with our capital allocation, and even across our Bitcoin vertical. Now with the new buyback program, with the first program, we generate a lot of value to our shareholders. We increased, as I said, the participation of our shareholders by 8.5%, and that, of course, reflects in a higher Bitcoin yield, and we want to speed that movement up. That is why we started a new buyback program. We captured a mismatch we saw in the market in 2025, and that mismatch continues to exist, and we can explore that. We are going to be, as I said, the largest loyalty program in Brazil, and we-