Earnings Call: Q1 2026

May 15, 2026

Summary

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.

Good morning, everyone. My name is Marcio Penna. I am the Investor Relations Director at Méliuz, and it is a pleasure to be here again presenting our results for the first quarter of 2026. The year couldn't have started better. We exceeded, for the first time in Méliuz history, the BRL 100 million EBITDA mark. Over the last 12 months, we achieved BRL 105.3 million in adjusted EBITDA. Note that the adjustment here is only reflecting the impact of Bitcoin. Looking at the Q1 2026 in isolation, we presented the best EBITDA for the quarter, BRL 30.1 million, 74% above the first quarter of 2025. Our margin was record high in the first quarter of 2026, reaching 25.5% during the period. In the top line, we also showed strong growth, 25%, considering the LTM first quarter 2026 against the LTM first quarter 2025, with the newly named Beyond E-commerce segment showing strong quarter-on-quarter growth, approximately 340% for this segment. Please note that this teleconference is being simultaneously translated into English, and for those who wish to change the language, simply click on interpretation button located at the bottom of the screen. We also would like to inform that this event is being recorded and will be subsequently made available together with the transcript on our investor relations website. The materials presented here are already available on our website and at the Brazilian Securities Exchange Commission, CVM. After the presentation, we will hold a Q&A session. If you would like to ask a question, click the raise hand button and we will unmute your microphone when it is your turn. I will now hand over to Gabriel Loures, our CEO, to begin the presentation. Hello. Good morning. Thank you, Marcio, for the introduction. Every quarter I say that I am very happy with the historical results, but that is what happened. For the first time ever, we reached more than BRL 100 million EBITDA. It is the results of the operational business. This is also a result of the Bitcoin operation. We are doing very well in general, growing every quarter, improving EBITDA margin every quarter. I would need to thank our team that is making everything possible. During my presentation, I will talk about efficiency, about AIs, how we are managing to go farther with less, and nothing would have been possible without our team. I would like to thank everyone. Everybody is very focused and very calm because everybody is reaching the results of profitability. I would like to thank everyone. I am going to bring a little bit different vision now in my presentation, and I am going to start with a macro vision of macro. I will put you in perspective for you to understand where we are, what Méliuz is, and what is your strategy down the road. Then we are going to get into the quarterly results, and then the final remarks. I would have to start talking about the financial results. We reached 25.5% of EBITDA margin in the first quarter. It is the highest margin in history. I wasn't here during the IPO, but I remember Israel, our founder, was commenting that when we were doing the IPO, when they were doing the roadshow of IPO, analysts said, "Oh, the company can reach 18% of EBITDA margin." We are here to prove that everybody was underestimating our potential, and we delivered 25.5% of EBITDA margin. It's a consistent margin. If you look at 2022, 2023, 2020, 2024, and if you see the latest result, we only grow our EBITDA margin. This is a result of our efficiency, our focus to work on the objectives for the year. This is what I mentioned. The growth of the top line is the first focus. The focus with the Shopping Brazil, diversification of the revenues, and what we are calling Beyond E-commerce, which is our new pillar, as you will see during the presentation. For the first time, I'm going to break down some numbers related to the user, so as to understand how we are being successful, and also the maintenance of our operational efficiency, ensuring that we can do it all and be very efficient. As I said, I would like to go back a little. I would like to leave the zooming of the first quarter and go back to the principles. Why would Méliuz generate value? How can Méliuz grow and be ever more efficient? What differentiate us from the rest? First, the principles. We generate value because we have a very efficient machinery to acquire users and to retain the users. Méliuz added 11 million clients in the last 12 months, a growth of 30% of our base. We were the seventh most downloaded app, and we spent less than BRL 2 million with that. I challenge you to find a more efficient company in acquiring new users. We are very good at what we do. We know how to go about it. We have been growing since we were founded, and every day we have been evolved the day we acquire clients. If I acquire clients at a cheap price, I can add value to the partners, retail partners, online, offline partners from other verticals such as financial services, such companies that want to do research or companies that want to download games. Because I have a client base that I acquired at a very low price. But this wouldn't generate value if I couldn't keep them for a long time. The bucket with a hole would not generate value. When we talk about the retention of our clients, I showed this in the last quarter, but I would like to reinforce. The cohort that we acquired 10 years ago is doing two times the revenues this year. So I challenge you to find a company that acquired a client 10 years ago and is still generating value to the company. This is the average cohort, adding all clients, considering who left and who continued with us. So our cohort has generated three times more than the cohort that we acquired 10 years ago. When we put acquisition and retention, I become a very efficient machine to generate value to the clients. The value is to acquire new clients, can be also to generate more sales, can be to generate more games, or to do research, or any other objective. In practice, I have a client base which is very large and very versatile, and this is what we're expecting. The growth Beyond E-commerce is not a coincidence. It's an initiative which is responsible so that we can increase our addressable market and diversify our revenue streams. We have users, we can use them better, and we have to address the addressable market with clients who are willing to invest so as to acquire new clients, invest to generate more sales, and invest for any other objectives. This is what we have been doing in very efficient manner. Méliuz has more 2% of the market where we operate. So large commerce, BRL 400 billion, in retail, 1.13. We grow more than those markets, and we're expanding our share to other verticals. Pharma, which is also where we have penetration basis yet, and we want to grow, but there are many others. In practice, any company that would like to acquire a client, would like a client to make a mission, be that get a credit card or download an app or answer a survey, or a company that would like to generate sales. We can generate value because we are very efficient at everything we do, so we can generate value to the market as a whole. Then what's evolving? What changes? What changes is that now we have fuel in our activities, and the fuel is AI. We already have a hold of 52 million Brazilians, and we understand the real habit of how Brazilians purchase. We know the frequency, the recurrence, the demographic and social profile of the person. I know what Brazilians purchase, and not many companies would know what Brazilians buy. Google knows the shopping intent. Every retailer would know what their clients would purchase, but the general view. But to know what an individual wants to buy is what we have. This is what we want to grasp. We have been using our proprietary data with AI to be ever more efficient. We are segmenting much better. We are customizing much better. We are communicating much better with our client. The consequence of all this is that I generate ever more value to our clients. We acquire new clients, we increase the retention, we increase their frequency, and we grow the ROI. This is the final objective of every marketeer. So what do we need to do? I need to have the right offer, right user, at the right moment. The three things together will generate more ROI, which is unbeatable for marketing VPs or any companies that would hire us, regardless of the segment. We know that our take rate is growing and also other verticals of our business is also growing. This is the fuel that makes us grow even more. We believe, and we want to be, and we're going to be the largest loyalty program in Brazil for our users along all the purchase journey to offer the best experience from discovery to conversion. We want to be a brand which is loved, which is remembered, and we want to be the largest and best channel. I want to offer the best ROI in marketing. I want to be very relevant in the things we do. For the investors, I want to grow cash generation, growth, and returns. We are going to be the largest loyalty program in Brazil. I have already shown this material. We have an open share buyback program. EBITDA is 5 to 13 times lower than the peers. Even though we are growing 25% of month out GMV, how do I came to this result? The same way we did last quarter. We get the market cap that was at BRL 489 million, minus our available cash and the value that we have as repurchase. If you add cash and TVM, you get this amount. You have BRL 245 million in Bitcoins, and we get to the adjusted enterprise value of BRL 143 million for an EBITDA of BRL 105 million. What comes from this EBITDA is the impairment of Bitcoin, which is not cash, it is accounting, and we believe in the long term of this asset. We believe that it will appreciate along the time. It was not an investment that we made just for the next or 2 quarters from now, but in the very long term. Considering our EBITDA, we say that our EV over EBITDA is 1.36, and we have the peers which are reference with higher multiples. They also do an excellent work but the difference is that we have the lower EV over EBITDA, and we can see that our company was the second one that grew the biggest. But the EV/EBITDA is lower. We believe that our business has a growth potential, which is very large, and we have potential to generate value to the shareholders. The share buyback is open. I am going to talk a little bit more about it at the end of the presentation. Now going into results. Results for the quarter, coming away from the macro vision, so it is clear for everyone where we want to get to. In the last result, I went through those 3 major objectives. We want to grow our top line with a focus on the shopping. We want to grow revenue per user. We want to increase the ARPU, and we want to maintain the margin healthy. This is going to be enhanced with AI, and we are going to have a cash generation that will reflect the bitcoin per share by share buyback or by buying Bitcoins. We are going to use AI for all of them. I am going to go over them item by item, and I am going to break down some numbers that we do not usually do, because we believe it is important to give this visibility to the market. Looking at the top line, we grew 18% at the top line quarter-on-quarter. In the last 12 months, this growth is even bigger of 25%. This growth can be broken down as more, 40%, of shopping revenue. As I said, is the biggest objective, the biggest focus. We are growing 40%. 10% growth of other companies, I am talking about our controlled companies. A drop of 30% related to financial services, which is very similar to what we observed in the fourth quarter of 2025. As everybody know, it is a result of the end of the partnership with BV. At the end of 2024, we renegotiated, and the streams from finance services was lower. But in the first of month, we made BRL 41 million in the last 12 month, and then we recorded this drop of nearly 20%. The partnership continues until the transition period is over. The biggest focus is to grow the shopping revenue. We are doing this very successfully, as we show in the 40% growth in this vertical. It translates into the 25%, which is a very healthy growth. When I broke this down, we go to the biggest drivers. E-commerce is growing healthily. When you look at quarter-on-quarter, our growth in the e-commerce grew 9%. The Beyond E-commerce, which are all the verticals in which we are investing, grew four times, more than four times, 4.5 times those major growth verticals that are making our revenues grow in the last month view with 40% with the shopping revenue, as I mentioned in the previous page. Another way to look at that is to see the growth of the revenue, the net revenue of the shopping against the net revenue in the first quarter of 2026. We can compare, we added more than BRL 20 million in revenues year-on-year. Nearly 70%, or a bit more than 70% of this growth comes from the Beyond E-commerce, come from the other verticals that we are implementing and whose growth we are accelerating. I am going to provide more details during this presentation. Now talking about e-commerce. We have a commerce quarter-on-quarter, a growth of 9%. When we look at LTM, the e-commerce is growing by 20%. It is a very healthy growth and very strong for a business that accounts for BRL 300 billion as growth. The 9% may sound small, but the comparison base is very strong. In the first quarter of 2025, we had growth 30% versus 2024. Some seasonality effects. We had important campaigns in our results, and that is why we had a 30% growth. That did not happen in the first quarter of 2026. It is going to happen in the second quarter of 2026. We are still to disclose. There was a mismatch of some campaigns, and it seems that this result is more for e-commerce. The best way is to look at the LTM, which represents much better that we are growing every quarter. If you ignore the seasonal effects between different campaigns. Things change year-on-year. E-commerce in practice is growing by 25% year-on-year. When we look at the why of the growth, we see a GMV healthy growth in the last month view, and a very strong of take rate from 7% to 7.6%. Why is the revenue grows faster than GMV? I say this in every earnings presentation. I am going to say it again. Not GMV is the same. If you consider iPhone margin is very low. If you sell a product, consumer goods, the margin is much larger. Not all GMV are better. Every day, we maximize the ROI to our partners. Also the financial results. It is very important to sell sales with quality than generate sales just for the sake of it. In 2021, we have the largest GMV on a single day. If you see the net take rate would be zero. We generate many sales without margins. Our focus is to generate sales with margins. That is reflected in the rate and the take rate, but we have to generate margins to the partners. Then why it is very important to have a qualified GMV. The growth, 9% in nine. The growth is very similar to the growth of revenue. There were campaigns that happened in different periods. In the first quarter of 2021, we had very strong campaigns in the first quarter of 2026, campaigns did not happen. They will happen in the second quarter. But we have a growth of 9% or 10%, and the growth of revenue of 24% and 25%. We believe it is a very healthy rate for our growth. So growth GMV with quality. Of course, the new verticals come into play, which are the verticals that are going to accelerate our growth. Now, I would like to step back and explain the logic behind it. The market asks about the verticals. We do not break down or disclose the individual revenues, but I can comment on each of the elements that comprise the Beyond E-commerce. We have the Prime and different initiatives that have been growing along the years, but we do not give individual information. So each one has different characteristics, I am going to explain below. We can see that e-commerce, it is our business that has been with us since the beginning of Méliuz and where the user makes transaction with high average ticket and remains with us for a long time. But the frequency is very low. The average frequency is on average, seven times a year, or is much bigger than that. I do not disclose the number, but it is bigger than that. But it is a purchase that is not done every day. So what we are putting in this vertical of e-commerce and Beyond, are things that can be done every day. Every day, you can download an app. Every day, you can go to the supermarket, to the drugstore. Every day, you can think of a new store for them to buy using Méliuz Prime. They also can exchange a Joy benefit, and they can download a new app. So there are a number of products that generates a lot of frequency to our platform. So we have a business with high LTV, and I have a business with high frequency with lower average tickets. The magic is when we can put together those two numbers. When we get a user who is Beyond E-commerce and take to E-commerce, and when we are with the E-commerce, with the e-commerce, and can take to the Beyond E-commerce because we have the best of the both worlds. So these are the synergies we are after, and these are the synergies that are allowing our shopping business to grow both sides. E-commerce will help the Beyond E-commerce, and Beyond E-commerce will help the other. What are the synergies we are talking about? On the partner side, we have more resilient revenue. We are finding new partners to generate revenue to Méliuz and to pay for the acquisition, for the rotation, and the generation GMV. We are growing our addressable market. So it generates a very important resilience to our business. On B2C, we also see this diversification. The profile of the public of e-commerce is different from the Beyond E-commerce. I increase the target public of Méliuz. I can bring in different users, I can retain those users inside our company, and we can have a better profit with those users. This is one way we grow, and we are being able to deliver this result very successfully. One of the objectives, why do those synergies generate so much value? Because it increases revenue per user. The revenues per users is different depending on the business line. What matters to me is regardless the product mix I want for each business line, the ARPU of the client should increase because I can do a cross-sale, I can make him to use more, I can make the user to use it more. This is what we are finding. This is the first time we are showing those numbers to the market. It is how the ARPU is behaving along time. If you look at the first quarter of 2025 for e-commerce, the bases are 100. The bases are different. It is not in BRL of the base, 100 for Beyond E-commerce. They have their own 100 base, and I am showing the growth along the time. We are not going to give precise numbers of how this behave. We see that there is a growth of 25%, and it is very close to the growth of e-commerce in general. When I look Beyond E-commerce, this revenue is growing by 56% because of the strength that the products gained as of the second half of last year. This was when they started to grow faster, and we started to divide and show the results separate, segregate according to the business line. One of the main objects of the line is to increase the revenue per user. We grew it by 24% in the last 12 months. We grew this revenue for the active user, 56 is for the Beyond E-commerce, and there is much more to go. We are going to continue growing this number and generate more value to our users. As a consequence, they are going to spend more with us. The partners can also generate more value with those users. I talked about revenue, I talk about top line, I said about growth. Now, I want to talk about margin. To reach our objectives, we have to be profitable, and we have to generate cash. We reached 25.5% in EBITDA margin in the first quarter of 2026. We increased 24% the EBITDA year-on-year. Again, I would like to reinforce, this is the operating EBITDA. There is an adjustment, which is the internal adjustment because of Bitcoin. There is no other unlawful cost or revenue that would impact the impact. It is just the metric of our operating business. This operating business is growing by 74%, and the margin EBITDA reached 25.5%. Extremely healthy. There is no secret. The secret is to grow revenue and ensure that we have a routine of operational efficiency. This is a graph of our cost on net revenue. We had 52% as fixed costs in 2024, and this number is at 28%. Variable costs were 41, and now they reached 43 now. These are the costs that allow us to deliver cashback to users and grow the platform along the time to a healthy level. We increased marketing because we want to grow faster from 7% to 11%, and we believe that this level is healthy for the level of investments we want to deliver and the level of growth we want to have. Investors ask me, "Don't you want to invest double in marketing to grow faster?" We are going to do that if we get growth with profitability. Marcus is doing with his team, and this is what we use as a basis. We are growing with profitability. We invest in such a way that we're going to grow, but not using a bucket with a hole because we want users to continue with us. We grew 11 million clients investing very little. I want to ensure that we are going to invest more, but in a healthy way. This is what the growth team is focused on. There are no secrets, and this is the best graph that would reflect that. This is our EBITDA LTM, quarter on quarter. Quarter on quarter, we're growing with higher EBITDA in the 12-month vision than in the previous quarter. We moved from BRL 11.6 million in the first quarter of 2024, two years ago, and now in the first quarter of 2026, we reached BRL 106 million of EBITDA, a 6% year on year, and with an EBITDA margin reaching 22% in the consolidated view and with a trend of high because we had a 24% margin EBITDA, which was last quarter, and this quarter is even higher. There are no secrets. It's a consequence. Gabriela, why are we accelerating and why are we using AI to accelerate our businesses? I say and I repeat, I see many companies that are purpose is to adopt AI-powered activities. AI is a way to generate more revenues, to generate more cash, generate more EBITDA. It's a means for everything that we're doing and for all the value we are generating. These are the numbers that would reflect that. I'll provide more colors. We nearly doubled the development speed in the last 12 months. We grew by 89%, the pull requests per dev, which is the speed of developing products. This is a merit of our engineering team, which has adopted very willingly the AI and is becoming ever more intelligent, ever smarter. We want to increase the numbers of PRs so that the products can grow faster and increase the speed of delivering products. Because quicker products is quicker revenues. So revenue per employee grew, reaching BRL 2.2 million per year, and we're using it to use more value to our users. We have 17 million recommendations only in the last month. If you see the app today, it's completely different from what it was one year ago. This is a result of our capacity to use our models so as to customize much more. Speed of delivery, we nearly doubled year on year. Why? 90% of our code are written by AI. The infrastructure is evolving evermore from our capacity to have a very well-established data for AI to use and we can test and generate production. I would say that this is the biggest bottleneck that we have. The engineering team has improved this, and this will ensure that we are going to be growing and delivering more results. The infrastructure still needs to evolve, and we are looking at that, and the results have been very good so far. We created dozens of guardrails, operational guardrails, which are the skills that we use in the LLM model so that we can deliver products quickly and with quality. Analysis, verifications, answers to the clients with quality. These are guardrails and skills which are proprietary, and we have been using them so that we can customize the business. Nobody generates value using Claude or Gemini or ChatGPT and just using it in their business. The secret is, how are you going to create a structure that will use LLMs as inputs to generate value at the end? This is what we're doing with the skills and with the infrastructure that we've been using. From the viewpoint of the clients, we are customizing our app. We use the progression of the features and we ensure that we are delivering the right product to the right person. Remember, we're a platform with many users, and we have more business units. The Beyond E-commerce has at least 10 business units. We do not disclose them, but at least 10. I cannot sell the 10 product plus the e-commerce plus financial services to the same user. I need to know what is each propensity. This is what we've been doing with AI. We have to be sure that we're delivering the right product to the right person. In the past, it was very difficult to remove a person who bought an iPhone to buy some soda at the supermarket. The possibility for us to understand the propensity of the user to change behavior is allowing us to deliver a lot of value, and the growth of Beyond E-commerce is based on this. Otherwise, I would make everybody buying an iPhone whose average ticket is very high. Propensity is very important. The churn is also very important because we have to ensure that we predict when the user is going to leave us. The use of cashback is very important because 43% of our revenue is related to cashback. Our objective's to have a different app for each of the 52 million users, and we are managing to do that. Operational intelligence. It's not only value to the client, it's not speed to deliver. We have to ensure that we're going to optimize costs, and we are also going to optimize other verticals outside the technology team. Anybody would use Méliuz for data. A person in the service can know what's the revenue, what each user, what the user did in the last year. The IR can also do that, access all those data. All our teams can access the data in natural language, even without knowing how to use Query, which was something necessary some years ago. In the marketing, we're expanding the creative product. One of the main objectives as a company is to increase our capacity to grow using content. In terms of support, we are providing even better support into our user using AI assistant, and this generates value because it increases retention. We want quicker decisions, smarter decisions in all areas, not only in technology. The purpose of all this is to generate cash and generate bitcoin per share. So we allocated the money where we said. We generated BRL 24.1 million of cash since the beginning of the repurchase, and repurchased BRL 24.8 million in shares. Just to make it clear, this is the cash generated and repurchase is until March 26, and we purchased BRL 5.6 million after that with the cash that we've generated in the second quarter. So everything that we've been doing in terms of cash generation is being invested in share buyback, and we also sent a material fact saying that we had already completed 82% of our share buyback program, and that happened until March. So we're talking about BRL 30 million that were repurchased using the cash of the operation since September, October of last year. The purpose of this, the way we purchase shares allows us to maximize the bitcoin per share, and we did this by purchasing shares. So I reduce the number of bitcoin per share, and I maximize the bitcoin per share. This is what we do in every presentation, and we'd like to reinforce that one of the possibility that bitcoins provide us with is to allow us to be very effective in allocating our cash. If there is a negative variation in the bitcoin, and that impacted the share, we can repurchase our own share and increase the Bitcoin Yield for the shareholders and increase the share of the shareholders in our business. We generate BRL 105 million in EBITDA in the last quarter. I would like to conclude the presentation with this new way, different from what we do every time. Internally, together with the IR team and our strategy team, of course, we look very responsibly with all the companies in the Ibovespa. There are companies that do a very good job, technology company, and companies from other sectors. They can do a good job growing fast, generate income, and use their capital in a very efficient way. So this is a graph of all the companies of Ibovespa. There are only some exceptions. We remove those that generate deficit, and there are others whose line of business is very different from ours. But we included all the others. So we are talking now about the revenues growth in the LTM. So growth in the LTM. So Ibovespa that grew, the largest grew by 6% in the LTM vision. In the horizon, I show what's the EV of the company over net income, which is the best metric to compare the peers because they come from different areas. Some of them have debt. So we're using the net income, okay? So the companies have an EV over net income are in the level of 100 times. Where is Méliuz? Once again, I'm going to talk about Méliuz as operation. So Méliuz, that has 52 million clients. It generates BRL 105 million in EBITDA in the LTM. So we are in the top six in terms of growth in the EBITDAV. If we consider the operational business, we'd be in the top six in terms of growth, and we have the best of EV and net income of all this. So ours is 2.4 times in the LTM, EV over net income, and it grew 25%. So top 10 in terms of growth at EBITDA, the lowest EV over net income. This makes us convinced that our assumption is confirmed. We have a potential which is blocked, and it is no wonder that the share buyback program is open, and we are not going to stop. We have a short-term discussion in terms of our evaluation, and we are going to be the largest buyback program in Brazil, and I would like to invite everyone to take part in this journey. Over to you, Marcio. Excellent, Gabriel. This is an invitation we would like to give you, and this is a routine after our presentation. We are going to have a dialogue using old Twitter, now X, talking about the Bitcoin strategy. We also have some special guests. So in addition to the representatives of the company, we have very special guests to discuss bitcoins. It will be a pleasure to have you all with us at X after 12:30 Rio de Janeiro time. With this, we end the presentation and start the Q&A session. Our first question comes from Ricardo Cuspilio from BTG. Ricardo, good morning. You can ask your question. You can open your microphone and ask your question. Thank you for the opportunity of asking question. I have two topics I would like to ask you. First, can you help us understand what makes sense to expect in terms of EBITDA margin in the short run, looking at the next quarters and in the medium term, looking at the next one or 2 years? The question that we have is, how far can we start growing revenues with the level of investment, especially in marketing, and what would be the benefit of all those investments in AI that you said to propel the efficiency? Another topic I would like to ask you, if you could give some colors about the efforts to find the new partners in financial services. Along those lines, what were the lessons learned that you had with Woburn and with BV when you think about the new model and the new partner? Thank you. Okay. Thank you for the question. I can start, and Marcio, you can complement if you wish. You know, Ricardo, we do not provide any guidance, so we cannot say what would be the expected EBITDA margin for the year, even though it is the main focus of the company. What can I tell you are some things. I think that the best way to answer your question, if you look at our fixed costs and the evolution of the fixed costs along the time versus our revenue. So our EBITDA margin is growing to an operational leverage. So we are growing revenue without growing the fixed costs, and we hope this will continue. We want to have the fixed costs stable, very close to be stable, and we want to grow revenues. This will help us improve and ensure that EBITDA margin will continue extremely healthy as it is at 25.5%, and it was 24.4%. A little bit up, a little bit down, depending on the businesses. But we believe that the numbers are very effective with the growth of the revenue and the control of fixed costs, and the numbers are likely to remain like that. The other line is the cashback. As I said, in the fourth quarter, we closed the year with a cashback of 45%. The idea is to reduce this. We reduced to 43%. When we look in the last 12 months, there was a reduction. I cannot tell you what would be the target number, but we want to make sure that the cashback over revenue will continue to be very efficient, and we can generate ever more efficiency. As to marketing, this is what I can say to you. It will depend on our capacity to generate campaigns with positive ROI, where our growth team will always have a campaign with profitability. We have metrics of ROI in the campaigns. We have a payback target. I do not have a budget for this. I wouldn't say, "Oh, you can spend 11% for marketing purposes." What we're looking at is profitability. If we are not going to be successful, we are not going to do it. The growth is going to use the efficiency metrics that we have established, and they deliver the highest volume of new users and revenues with our marketing campaigns. This is how we see the EBITDA margin. I think it's good to add, because we believe there is a lot of room to grow numbers in absolute terms. Ricardo asked about not only margin, but revenue for growth. We talked about addressable market. The addressable market is enormous, and part of it is not explored by our company. We see the representativeness of Méliuz in the industry, considering the major retailers. Even though the growth has been happening along the quarter, the shares can be increased in the budget of the companies where we already have partnerships. We are very confident that the EBITDA of the last 12 months will be much bigger at the end of the year and also in next year, in 2027. In relation to financial services, Ricardo, it's a constant process that we have, which is underway and has been discussed. This is ongoing since the BV notification. We know that there is a migration period, a transition period, which will last up to the middle of next year. I cannot disclose a lot of information about it, but you asked about lessons learned. What I can say is that first, I have to go back to basic principles that I mentioned. I can generate value to any financial service player because I'm the player that best acquires clients and retain clients. I have to take advantage of the competitive advantage of each player. Each financial service player has a different experience, a different quality, a different attribute. I have to ensure that I can ensure to those partners the best value at where they are good at. This is something we've been discussing internally. That is, how to generate value to the partners in financial services. Something that we have discovered recently is that we have worked with financial services along the year with a vision that I'm going to bring in the users of Méliuz, and they are going to acquire financial services from our partner. There's a marketing infrastructure that can also come into play. We have a lot of information, and the information we have is very important for the financial service player. This is a lever on which we have been working so as to consider alternatives. From when this transition period that we have with BV will happen until the middle of next year, no changes. They continue to be our partners. We have been talking to them a lot, and we are working together still and generating value to BV until the partnership ends, which is going to happen in the middle of next year. That is very clear. Thank you. Thank you, Ricardo. Our second question comes from Bruno Kenji with UBS. Your microphone is open. Go ahead. Hello. Thank you very much for taking my question. I would like to touch upon three points in terms of net take rate and GMV. GMV, you said there was a campaign that is going to materialize in the second quarter. I would like to know if we should expect acceleration of GMV stronger for the second quarter. I would also like to understand the net take rate that you have seen for the second quarter and for the end of the year. If we compare the quarters, we do not see a lot of variation, and the GMV was much lower. GMV of last quarter had the effect of Black Friday. I would like to know how sustainable is the take rate level down the road. After the buyback program, would you like to open another program or are you going to go back to the strategy of purchasing Bitcoin? I am going to start answering the first question. Marcio will answer the second one. In relation to net take rate, this level is 2.3%, 2.4%. It is healthy according to how we see it. Of course, there is seasonable variation. Sometimes it will reach a 2.5, sometimes 2.1, but this average of 2.3, 2.4 of net take is a healthy level. What has been growing is the take. Again, we are keeping net take very similar from each sale. We are distributing value to the client that needs to receive more in order to buy more in certain categories, and we are improving the ROI to our partners, and we are being much smarter. Instead of including the whole site, I will go to furniture, I go to beverages. I see according to the margin. This allows us to take rate to grow, and you see that the net take is stable. We are passing through this with our users, and this is a way to generate more value and retention longer time and more value to our partners. We believe that net take is stable, and it is a healthy number. The other question was related to GMV and the campaigns, right? The campaigns that were conducted. As you said, in the first quarter of 2025, we had important campaigns, both focused on GMV and also on revenue. As a consequence, the revenue of e-commerce, if you compare quarter-on-quarter, was 9%, which is lower of the historic level that we see. GMV grew 1%, which was lower than the historic growth of GMV. We always reinforce the LTM view because there are seasonalities, there are important campaigns, Black Friday campaigns that are conducted in the first quarter. If Black Friday changes to July, obviously, those change, GMV composition will change. The market has been evolving a lot in those seasonal dates. So there are dates which are becoming more relevant in the market and that are important campaigns from our partners. If we see the major e-commerce players, they have different promotions like Magalu, like Amazon, Mercado Libre have different campaigns, and naturally changes on the dates that the campaigns happen also change, and that reflect on the results. It is just natural to see this in our business. So the LTM is the most healthy and stable vision to look at our growth because in fact, they show the evolution in the last 12 months and not a one-off evolution considering just one month or just one quarter. Okay? Is that clear? Marcio? Bruno? For governance and CVM, we cannot say whether we are going to open a new program. This is something that had to be done through a material fact. What I can assure to you is that the strategy is not going to be changed. If the management believes that the shares are undervalued or they are not capturing the adequate value by the market, there is this possibility of remaining with the share buyback program instead of buying Bitcoins. Nothing has been defined yet. There is nothing that would lead us to say that we are going to do this or that. We can only say that is that the strategy is not going to be changed. Okay? Thank you. Our next question comes from Andrew Ruben with Morgan Stanley. Andrew, nice to have you here. Hi. Thanks very much for the question. I am curious, another topic for AI. We understand how you are embedding it across your organization. I am interested, any view on the cost of AI, just thinking about the expense side of running the systems, maybe integrating within your operations. Then just a second part. We saw what looked like some expanded partnership with Mercado Libre, a general cashback offer on your platform. So given the size of that business within the Brazil e-commerce market, I am curious your view of how meaningful that could be as we think about the next leg of your growth. Thank you. Excellent questions. First, answering your question about Mercado Libre. Mercado Libre is really important to us. It is the largest e-commerce player in Brazil, and we are very happy with the partnership we have with them, and I hope they are too, and our capacity to generate results in all possible metrics. As all partners, they are another partner. We have e-commerce partners, industry partners. We have partners from different verticals, financial services, partners which are in the Beyond E-commerce. So the partners continue growing, and we continue generating value to all of them. The best way to think about it is that we have never been dependent on a single partner. We had moments where Walmart left Brazil. We faced the problems with Americanas when they were in the bankrupt condition. Walmart was the major, and Americanas was also one of the biggest partners in the e-commerce. The business continued growing, continued healthy because at the end of the day, our business is a machine of acquisition and retention of clients. If we have an active user, a user who is here, who continues coming back and purchasing along the time, I can continue generating value to Mercado Libre as well as to other partners. They are important to our results, but they are another partner that would add value to our way of generating value to our clients. What was the first question, Marcio? Oh, the use of AI and the cost base for our company. What I can say, Andrew, is that the AI-related costs are already reflected in the first quarter. Obviously, there are one-off variations up and down that would impact our fixed costs. You can see the lines. They are segregated as suppliers of software in our balance sheet, so you can have a look. It didn't last the whole quarter, but you can have an idea of the level of costs that we're using. What I can say is that everything that we do at Méliuz is efficient. We work. There are many things that we did in-house. There are many things that we use the LLMs because I cannot say that I'm going to be better than Google or Anthropic. But all the infrastructure behind our systems is ours, is proprietary and extremely efficient. We do not expect that the AI costs will explode, but rather we expect that our efficiency will explode and our capacity to deliver products will grow very fast, and that will be reflected on the revenues of the company. From the other viewpoint, Andrew, when you look at the viewpoint of gaining margins, reducing costs related to AI, we prefer to understand, by now, that our cost base is at a very healthy moment. So we are being able to do much more with the use of AI. The team is being much more productive. Honestly, I cannot tell to the market what would be the base affecting the fixed costs because of AI. But I can say that we are being much more productive, we are being much more assertive, and this is going to impact the revenue than the budget. Anything else you would like to ask, Andrew? So there's a last question, Carlos Herrera with Condor Insider. He couldn't be present in our call because he's in transit, but he asked a question to me. There are two questions. One has already been answered, and the other has been answered partially. So this is question. Perspective for the second quarter of 2026 and the rest of the year. Considering the seasonality and the campaigns of the second quarter and third quarter, and the reversion of impairment of Bitcoin, could you provide some color on the trends that you have been seeing for the second quarter in terms of revenues, margins, and cash generation, and if possible, for the end of the year? Okay, great. Obviously, again, we do not provide guidance, so I cannot say what would be our expectations for the second quarter, but this is what I can say. Bitcoin has a reversion of impairment of about BRL 22 million. Marcio, correct me if I'm wrong. No, that's right. In practice, this reinforce and continue reinforcing our thesis, which is the long-term value of the asset. Our assumption is to believe in this asset as a long-term reserve, and we are going to have a reversion in the future of this impairment, and this is what I can disclose. It will depend how the Bitcoin will behave until the end of the half of the year. We have a reversion of about BRL 22 million. In the operational viewpoint, we have been growing with Beyond E-commerce in a very quick way, in a very efficient way, and the e-commerce continues very healthy. As I said, there were campaigns in the first quarter of 2025 that did not happen in 2026. There are one-off factors affecting the result. I will not mention the numbers, but the factor is relevant. But all in all, we have been able to ensure growth in the last 12 months, which is the best metrics for you to monitor our business, of about 25% and 40% in the shopping as a whole. And we believe that these are excellent numbers. And we do not expect them to vary or to drop. Okay, perfect. Carlos, we thank you for your question also, Carlos. Now we can go to the final remarks. Gabriel. Hello, people. I think the message has been given. We have 52 million clients. It's a company that grows 25% year-on-year, and it's a company that is beyond the value that it should be at, and we're doing what we can, and we are working on the share buyback program. We believe in the long term of the company. We believe we are going to be the largest loyalty program in Brazil, taking the users, the best offers of our partners, and monetize with this. We continue being very confident in the future of our business, the future of our strategy, and we would now like to invite you to come along on this journey with us. Thank you very much for attending this call.