Earnings Call: Q4 2025

Mar 19, 2026

Summary

FY25 revenue rose 26% and adjusted EBITDA increased 72% to BRL 93 million, with a 20.2% annual margin and 25% in Q4. Shopping Brasil led growth; 2026 priorities include healthy margins, AI-led efficiency, and higher Bitcoin per share.

Good morning, everyone. It's an honor to be here presenting another results, the results for the year, and also for the fourth quarter of 2025. My name is Marcio Penna. I'm the Officer of Investor Relations and Corporate Governance of the company, and Gabriel Loures, CEO and Director of Growth, Strategy and New Business, is also with me. Please note that this teleconference is being simultaneously translated into English, and for those who wish to change the language, click on the interpretation button located at the bottom of the screen. The material presented is already available on the website and at the CVM, Brazilian Securities and Exchange Commission. After the presentation, we'll hold a question and answer session. If you'd like to ask a question, just click on raise button, and we'll unmute your microphone when it's your turn. Over to you, Gabriel. Hello. Good morning. It's a pleasure to be here presenting the results for the period. It's another period of growth, of healthy margins, and also Bitcoin yield growth. I'm happy to be here. It's going to be very good to have this chat with you. Before beginning, I would like to remind our story. At the end of 2024, I had a shared objective. We wanted to accelerate growth without sacrificing margins. At the end of 2024, we had successfully completed the operating turnaround. We took hold of a company who had a negative BRL 90 million in EBITDA, and at the end of the year, we reached BRL 50 million positive numbers. Now that the turnaround is complete, now the margins are healthy, we want to grow, and we want to grow maintaining healthy margins. This is exactly what we did. We grew nearly 30% year-on-year and increased by 550 percentage points on margin. We reached 20.2% EBITDA margin in the yearly results, and we grew by 26% our revenues. There were five major objectives that I had shared with you to provide information of what we did. We said we would grow e-commerce, and we did. We grew by 23% year-on-year, which is much greater than the Brazilian e-commerce and the retail at large. So it was very successful in e-commerce with the profitability in this vertical. The second pillar we had was the growth in Nota Fiscal and the other retail verticals. Those other verticals help us monetize the shopping and accelerate the shopping. We grew by 115% year-on-year, all those verticals. The consequence of all this is that they helped us make our shopping as a whole grow over the year by more than 40%. We grew 41% Shopping Brasil, considering the whole year, 23% of e-commerce, and 115% of all those verticals that I mentioned. We did all this improving our margins. I had promised that we would maintain healthy margins, but we improved them. We managed to deliver an EBITDA margin, which was greater than what we had last year. So we grew by more than 25% of adjusted EBITDA, and we delivered more than 25% in the fourth quarter. I would like to stop and think about those numbers, because no investor or analyst I saw anyone said that we could reach this EBITDA level of 25%. The business has a cashback, and it's a great percentage of the revenue because the operating leverage is too high. We managed to do that. We delivered a 25% of adjusted EBITDA in the fourth quarter of 2025, and you see clearly that this is a growing journey. Fixed costs are leveled, and the result is an ever healthier company and ever more profitable company. One of the objectives was to monetize the financial services, both for us and for our financial partner, who is BV. We were not very successful in this regard. We had a drop of 32%, and this was a consequence of the commercial agreement with BV that we disclosed in the beginning of last year. In fact, it generated an impact of a negative 32%. We did not reduce the number of accounts. We did not reduce the number of cards that were generated, but because we started to receive less from the unit of card that was issued, this is why we had this drop in the revenue. Regardless of this, we managed to make shopping grow in a healthy way, accelerated way, and we delivered a 23% growth. In this period, we reached 26%, even stronger. The fifth major objective, which is our treasury strategy that was disclosed to the market, is the growth of Bitcoin per share. We were very successful along last year. We generated a Bitcoin yield of 953%, and we allocated all our surplus cash to growth strategy of Bitcoin. We purchased a lot of Bitcoins. We have more than 604.7 Bitcoins holding. I'm going to explain the rationale behind the share buyback. Last quarter, we announced this strategy, and purchasing our share is the best way of generating Bitcoin yield to our shareholders, considering the major big reserve that we have of Bitcoins. I said it was a year of records. We reached and consolidated net revenue of BRL 160 million, 26% more than the same period of 2024. The profitability is growing. We reached BRL 93 million, not regarding the impairment of Bitcoin. A growth of 72% in comparison to 2024, and we diversified our revenue. When we look at Shopping Brasil, it grew by 41%, as I said before, and it grew together with the growth of other verticals that diversify our revenue, new partners, new ways of making profits, and new ways of doing business. The margins, as I mentioned, are accelerating, reaching 20%, a growth of 5.4 percentage points in comparison to 2024. A very important point for us to mention, and sometimes you don't look at that so much, and the analysts would not pay so much attention to this. Our growth in revenue, our growth of EBITDA margin accelerated along the year. We considered the first half of the year, we were growing by 16%, 17%. When you look at the second half of 2025, we doubled that growth in revenue, reaching 34.4%. When we look at the EBITDA margin, the first half of the year, it reached 15.5%, but very far from the 20.7% that we posted in the second half of 2025. It's sustainable and it's our goal, and this is the objective that we have down the road. This is a consequence of the growth of all verticals that started to mature as of the second half. We believe we will continue growing, and we believe that our margin will continue to be very healthy. Now let us talk about growth in general terms, and you are going to see that we are going to bring more color in terms of products, initiatives, telling of what we are doing in order to be different from the market. I am going to talk about, not in a general way, saying that we believe in AI. I think everybody understands that the world is changing. But above all, I am going to bring concrete examples of initiatives, projects, actions that we are adopting by our team using AI in all our verticals, looking what we do at home, looking at our clients, and they will generate concrete financial results, revenues, and margins. Now, speaking of AI in a generic way, we are using AI, and we are going to continue using it. Our growth was impressive, remarkable. We managed to have 50 million registered accounts. At the beginning of the year, we reached this number of 50 million accounts. It is a big hallmark. If you look at all the indicators showing the apps most downloaded in Brazil, Méliuz is always at the top, such as TikTok and Meta apps, the major banks in Brazil. So we are very proud to have this enormous penetration in households and by consumers in Brazil. Our base growth was very strong, 29%. It was a sequence because we grew 28% in 2024, a very similar number. That was the beginning of our growth journey after the turnaround period in 2022, 2023, when the growth was accelerated and dropped. The results are going to be seen shortly and also in the long term. We are acquiring ever more healthy operations. We did this in a very efficient manner. We are the seventh most downloaded app in the shopping category, and we invested on average for the year less than BRL 2 million per month. You can consider any other app that you see in the list, and all of them invested at least more than us. Some of them maybe have invested double than we did. This is a very strong result, and this is no secret. This is a consequence of organic growth of our base. There are two important drivers for growth. There is no silver bullet, but I would like to mention the content, the creation of content that we invested in. We created content to our clients, to our partners in all social media using the app. We reached 5 billion of impressions in and outside our platforms just by describing how clients can make more. This was very strong and that helped our growth since 2024. However, our organic acquisition, users recommending other users and they coming to us organically is still very strong. Nearly 60% of our acquisitions are organic. This is a very relevant number, showing why and how we can grow so efficiently. Nothing would be possible if we were not using AI in a very aggressive way in all our marketing tools. Creating content, reviewing content, importing content, changing content, and creating multiple possibilities for us to test the same video, the same creative material. We were managing all those tests in a very automatic way, changing content every week and optimizing all our paid campaigns in a much more efficient manner than we did three years ago. I think these are practical examples of how we are using AI in order to grow efficiently and quicker. Nothing would be worth it if the user would leave our app the day after. This is not what happens. Our retention is a benchmark in Brazil because we can create cohorts, and the cohorts remain with us purchasing in the long term. This is not a monthly cohort graph. This is an annual cohort graph. So 10 years, we had a cohort that generated the double of revenues when they started being with us. So it is a long-term retention. We are not talking about weekly basis and monthly basis. This is the secret of our success, because we can create cohort, plus cohort, plus cohort as a snowball, generating results to our partners and to us as a company, ensuring that those users that we acquired continue purchasing and continue purchasing evermore with us. What is the secret of all this? There is no secret. The secret is the experience, the user's experience. Total focus on user's experience. Two examples I would like to share with you, but there are other manners when we are working with user experience on our site, on extension, on our app, also outside the platform. I would like to mention two examples. One is a major focus that we have at Méliuz since last year to ensure the total control of the customer experience with all the contact points with us and with the partners. It is not enough to say to the user, "Go to the shop and purchase." I have to make sure that I am monitoring, I accompany the user along the journey, and that they will have the best experience ever. They have to be sure that the cashback is going to be tracked, that the purchase will be identified, the cashback will be returned correctly, and we are becoming ever more efficient, and we are also improving the user's experience. Hundreds and thousands of clients that would not use their cashbacks, and they would not have any problems with the tracking system, a problem that we used to have 10 years ago, but we no longer have those problems. Another example in-house, we are ensuring that the client experience when we provide services to them is ever better. We have more automatic and intelligent ways for the client to understand what is happening to the purchase and solve the problem in a self-service way using AI in order to solve those problems. We are using AI for everything, for tracking systems, who are the users most likely to have problems, what are the transactions which are more likely to have problems. We are ensuring that we can deliver quicker cashback to those who should receive quicker cashback. Advanced modeling so that we can make sure that we are not going to have any fraud problems and return-related problems, and we can ensure this service, and we have ever more of guided purchases on WhatsApp, in the search for products, or using the app. We ensure that the user is purchasing and they know what they are buying, how they are going to buy from the moment they reach the app. Our service is ever quicker, is ever more intelligent, it is ever more efficient to our clients. The consequence of all this is growing revenues, but above all, better sales and better sales with higher profitability for us and for our partners. GMV grew by 14% year-on-year, and our take rate reached 7.6%, much higher than the 6.1% that we had in the fourth quarter of last year. The consequence is that when we look at the annual view, our take rate moved from 6.1% to 7.6% in a period of 2 years. This comes from good opportunities and better negotiations with our partners. It would make sense if we were not giving results to our partners. This is why I always say about our capacity to generate ROI. We are increasing our take, and we are also improving the profitability to our partners with the new campaigns, delivering ever more intelligent campaigns, more segmented, selling products and categories with higher margin, and ensuring that the growth of our take rate is sustainable along the time and generates value to our users. We are passing through most of the take as cashback. Our net take is stable, is at the levels that we consider to be healthy, and our users see a lot of value in the sales that we are making and the offers we are giving them. In addition to the improvement in our take rate, something that increased a lot was the revenue, which is higher than the GMV. This was in addition to the improvement in the take rate. There was a growth of all the verticals of Shopping Brasil. The growth of revenue reached 41.5% in 2025, and GMV grew 15%. This is because we are creating new ways for our clients to gain and more ways for our partners to invest. We always mention Méliuz Ads, that has been growing in the past few years, and also Nota Fiscal, which is a way for us to make sure that our clients would gain advantages in the point of sales, in the physical sales as well, and this is something which is growing as well. The Prime, which is our subscription program that ensures direct revenues from the subscription. In addition to initiatives such as combined Resgate e Joy. That includes answering survey, playing games, and other initiatives that we also have. Other products that helps us grow the revenues of our shopping in addition to the growth of GMV. Here it is a little bit of why the revenue grew so fast. Our base of Nota Fiscal grew nearly 70% year-on-year. Méliuz Prime, our subscription plan, grew its base by 285%, and our active users on the app grew 40% year-on-year. All this allows us to have more profitability. We can use the client in a better way. We can increase the revenue per active client in our app, and we can also grow other verticals in our business. With this, we can make the ads more profitable, we can monetize more, and we also can use more physical people in the POS, generating more notas fiscais. All this will generate revenues in the bottom line and also in the top line of the company. The biggest challenge that we have is how are we going to grow the new verticals without affecting other parts? We are customizing our app. This is how we are doing it. The app of each of our client is different. Each client has a different app. The communication is different. When we use WhatsApp, there's a different way to provide services. The service is provided in a different way, in a customized way. We customize the journey of the client, and we generate more revenue without cannibalizing, because the eyeballs can be anywhere. If I want to sell 10 products to the same client, I will not be able to. We need to deliver or to direct specific products to specific clients. AI is key in this. We have to understand what's the likelihood of a client to use a feature and the likelihood of purchasing a specific product. What should I do in order to ensure that the client will continue using our app? Models and specific recommendations for those who use WhatsApp, and this also uses CRM and different systems. Also, what's the level of cashback that's being delivered that will allow us to maintain a cashback rate at a very healthy level. All this allows us to grow all the verticals of the Shopping Brasil in a very aggressive manner. Speaking, as I mentioned, the growth, and now let's talk about the financial numbers, revenue, bottom line, EBITDA, and cash. We added BRL 95 million in revenue in 2025. That accounts for one additional quarter. It's as if we had five quarters in a year. This was from the growth of the Shopping Brasil, which grew 52% in the fourth quarter. 52% of growth in this core business. It's an absurd growth considering the size of the company. Méliuz has never grown so fast unless when it was very small, tiny company in the beginning of our company. We accelerated the growth. We accelerated the growth in a healthy way. Why? Other verticals of Shopping Brasil growth and other verticals. E-commerce grew by 23%, as I said, in a very healthy way. This was driven by the 115% growth of the other verticals in Shopping Brasil. It's important to mention that those verticals already account for 30% of Shopping Brasil as a whole. We're not talking about a small vertical that wouldn't generate revenue and it's not growing. What I'm saying is that 30% of our core business is increasing at this speed. Any breakdown will show that this growth of those verticals, individual verticals, are going to leverage the growth of the company as a whole. The trend is to grow and ever faster because the vertical which is growing the fastest is ever more relevant to the public. This growth was accompanied by a strong control of fixed costs. Our fixed costs are under control from 54% of revenue was dropped to 27% in the last 12 months view. This is a downward journey. We are ever more efficient. It's not that the expenses are dropping a lot, but we are able to grow revenues and maintain the expenses at very stable levels. We are delivering what we promised from the IPO, that we would find economies of scale, and we would use them. Maybe it is not a coincidence. We are doing a lot using AI to deliver more. We reached BRL 2 million in revenue per employee, BRL 2 million reals per employee. If you consider the payroll percentage, it is even more impressive. We are at the best benchmark levels of any companies in Brazil or abroad. This comes from the use of AI, and I brought an example. This is related to technology, but this can apply to other departments. We have been using AI to develop products. This graph shows the numbers of PRs per dev and per period, and it shows the evolution along the quarters. In the first quarter of 2026, it reached 168, a 46% growth. This is a result from the massive use of AI. We are delivering products at a quicker way. We are growing our revenue at a very fast pace by those verticals and other verticals that we are about to create. 100% of our devs are using them. Our technology team is using AI. We have a database fully integrated for analysis, complex analysis for modeling purposes. Data can be accessed very easily. Me, Gabriel, I am on the way to a meeting, and I can have a complete action plan for that client in 2 minutes only using AI. It is not a superficial analysis, a very quick analysis, what would be the volume of sales to that partner. I am talking about conversion, deep information about how that channel would work, how I would sell to certain clients. This is not only for me. 100% of the team of Méliuz have the access and the obligation to use those database in order to make the better decisions so we can generate greater margins and greater growth of revenues. Our process of creation is accelerating, and it is becoming ever more efficient. The consequence of all this are the records. The records are very significant. We reached 25% of EBITDA margin in the fourth quarter of 2025. Extremely healthy margin, considering that our line cost is called cashback, which accounts for more than 40% of revenue. We are nearly delivering 50% of our revenue to our clients. Even so, we reached 25% of EBITDA margin. This is very healthy, and we have been working to improve this margin even better. We reached the margin of 20%, the highest ever in our company's history, and that would not be worth anything if we were not generating cash. We had the cash generated at high record levels. We reached the BRL 34 million adjusted EBITDA in the third quarter. This is a combined effect of our operating effects and the impact of Bitcoin. There were devaluation of Bitcoin in the fourth quarter of 2025. That generated a negative impact of BRL 57 million. It does not change our strategy. We invested in Bitcoin. We believe in Bitcoin for a long-term reserve, and variations in the short term are expected to happen. We did know that it would happen sooner or later, but nothing changes our conviction and our strategy. We continue using our cash generation in order to increase the Bitcoin yield to our shareholders. There was an impact of BRL 57 million in the fourth quarter of 2025. I would like to have a dropdown of EBITDA per cash showing that we are very efficient in generating cash. There are different factors that would reduce cash generation when we talk about Bitcoins. There was BRL 1 million of impact with no cash effect, positive effect, so BRL 35.6 million adjusted EBITDA, and they have no effect on the cash. We have variations of working capital that generated BRL 22 million, which is a positive variation. This is the amount we generated in the fourth quarter. Out of the BRL 22 million, we allocated BRL 16 million for the share buyback. So BRL 6 million, BRL 7 million in September. We bought BRL 22 million in shares, in purchase of shares. We purchased BRL 16 million in shares, and the available cash stands at BRL 73 million. You see that the shares that we bought back are still in the balance sheet, and we have a derivative agreement. Our cash position in December 2020 stands at 89%, but that would include the BRL 16 million in share buybacks. Why are we buying back shares? We generated BRL 22 million in cash in the last quarter, and we have adjusted enterprise value of minus BRL 51 million. A company that generates this amount in 3 months is valued at the market in BRL 46 million. All this already adjusted to our Bitcoin position of yesterday after all the devaluation being considered. We have this 5x as a value. This is the best way we can generate value to our clients. We have this reserve, and we are buying a business that in 3 months generated nearly half of its value. It fits. I am buying a business that will allow me to buy even more Bitcoins along the year. We are valuing 0.5x EBITDA, and we have a growth of nearly 30%, BRL 93 million of adjusted EBITDA. We are the seventh most downloaded shopping app. We have a very strong EBITDA growth along the year, and 604.7 of Bitcoin holding. Sometimes we do not notice how this number is out in the market comparison, and that is why we are repurchasing the shares. When we look at other companies, I am talking about Loco and other companies. Carna.ai both are companies that can be compared to our company in U.K. and also in Brazil. They have EBITDA at 10.5x. Even companies, when we talk about technology companies, TOTVS, for example, has 13%, Locaweb, 11.35%, and Bemobi, 5.6%. You say, "Oh, makes sense. Méliuz doesn't grow. Méliuz grows little." Compared to all those companies, Méliuz is the one that grew the most. This valuation is not correct, and that is why we are buying back the shares. This is a strategy, and it is going to continue to be like this while the situation remains. We are going to continue buying back shares considering the generation of cash of our core business, and we are going to use for that purpose. This share buyback will allow us to maximize the Bitcoin per share because it is a division. The number of Bitcoins that you have in the balance sheet divided by the number of shares that you have. Last year, we worked in order to get more Bitcoins and increase our reserve. In other words, increase our multiples, and now we are buying the shares with the objective of lowering the denominator. This is the purpose, because we are removing the shares from the circulation. I am talking about 2025 and what we delivered, but there is more to mention. We do not want to grow little. We want to be a company with the largest loyalty program in Brazil, and we are close to that. We are going to work incessantly to that purpose. To our clients, we want to be present in all the purchase journey, from the discovery up to the conversion. We are doing this already. We want to encourage the beginning of the journey, the discovery in our channels and social media, the way we have already done. We want to make sure that the client will find the best product and will purchase that product inside Méliuz with the best experience considering all loyalty programs. If we look at the retention levels, I do not know any loyalty programs that would double the numbers the way we did. We want to make sure that the purchase experience will continue like this. We want to be a loved and remembered brand. If you ask the people on the street, at least one, I am sure that we are very known. We are very loved, and that is what we want. To our partners, we compete with Google, with Meta, TikTok, and other loyalty programs in Brazil. I want to make sure that I will offer the best ROI in Brazil, the best media performance, and our largest capacity to generate the highest volume of sales. To our investors, I want to make sure that we are the loyalty platform with the highest growth, highest loyalty level, highest cash generation, and the highest capacity to generate Bitcoin yield, regardless in which market we are going to be accumulating bitcoins. We are going to increase the number of bitcoins per share. In 2026, to end the presentation and to bring to the practical world, this is what we want, and these are the objectives. You can demand this from me at the end of the year. We want to grow the top line with a focus on Shopping Brasil. We want to grow the revenue growth per user. We grew our bases in the past few years. We want to ensure that the revenue will grow even more. Our revenue will grow faster than our base. We want to maintain a healthy margin. We want to maintain our EBITDA margins very healthy as we have grown along the year. Nothing will be possible if we do not use AI in the core in everything that we do. I am not talking about AI in a generic way. We are going to use AI to increase our revenue, to increase the revenue for the user, and to maintain the margin healthy. We are going to do this in our daily lives to promote success to users and to the clients. We are going to increase the number of bitcoins per share by buybacks or by the acquisition of bitcoins directly. I would like to give an invitation. We are going to go to X for a chat to talk about bitcoins. This is my invitation. I would like to turn the floor to Marcio and open for questions. Thank you. Good, Gabriel. Thank you. Excellent presentation. This is our promise for 2026. Let's start the Q&A session. If you wish to ask us a question, raise your hand. We are going to start with Gustavo with BTG. Ricardo, your microphone is open. Feel free to ask your question. Good morning, everyone. Thank you very much for the opportunity of asking question. As you said in the presentation, we see a valuation in the cashback at very low multiples, and the company's growing revenue by more than 25% a year. Something that would not make the share so interesting are two points. There is the cashback and the Bitcoin treasury company. Many investors would like to buy the thesis of cheap small caps, and they do not have a lot of appetite for the Bitcoin thesis. They might understand that if they do an analysis of the sum of the part, that would lead to a discount in the holding. Thinking of the structure of the company as a whole, would you consider separating those businesses, the cashback and the Bitcoin treasury company, maybe spin off another structure that could optimize the value of both parts? Because it may not seem very optimum at the moment, as you said. Marcio start, and then you can complement. Thank you, Ricardo, for the question. Above all, we believe in the Bitcoin as a value reserve for the long term. We believe in this thesis, and we believe that a healthy business with cash generation is the best way of accumulating Bitcoin and generate a growth in the volume of Bitcoins. Bitcoin devaluated in the past few months, and this did not come as a surprise. This is an asset that has cycles. What we are doing is to be positioned in a very efficient way with a business that generates ever higher level of cash, with more shares being offered, so that we can accumulate more Bitcoins in quicker moment, so that we can take advantage in a more positive period. In the current moment of valuation, I don't think it's a holding discount, as we need to show the market that our business is under-evaluated. Meanwhile, we continue with our strategy, allocating the money according to what we say, and make it get more evident to the market, saying that we believe in the business and in the moment we are facing. Okay, perfect. Could I ask another question, please? Could you make some comments about what to expect with GMV growth for this year, and also what we can expect from the initiatives. We see a very strong growth in 2025, and we see the level of revenues from the new initiatives close to BRL 30 million per quarter. I would like to understand how normalized would be this level, so that we can evaluate in the next quarter, and if there's any seasonality effects that we should consider for the first half of the year, considering all those initiatives. Because the new initiatives are something that we're beginning to model. These new initiatives, you can notice that they accelerated after the second half of the last year. This is a sustainable growth that we're facing. Of course, we are talking about maturation of everything we're seeing. We are creating new verticals, new products with partners. We are expanding the addressable market, as you heard in the latest calls. In practice, what we want to make sure is that those products are going to continue growing. The revenues that we generated is revenue. I would not say that the rates are going to be kept at the same, because we do not provide guidance. What I can say is that the revenues are not went off, and they will continue growing. There is a level of seasonality, yes, because they associated with the Shopping Brasil and with the retail market in Brazil. We are talking about verticals, which is, for example, the subscription program and others that operate in the physical world. The dependence of Black Friday is not so important in this business. Of course, there is the seasonality that has to be taken into consideration, and as those products get more mature, you will be able to understand and evaluate the performance year on year of those products. About GMV, Gabriel. The expectation, you can make sure that GMV is an indicator in Shopping Brasil. It is important, it will continue to be important considering that the products we have inside Shopping Brasil and their diversification, you are going to see that the growth of the revenue of Shopping Brasil will continue to be higher than the GMV. That doesn't mean that we are not going to grow our GMV. We expect the GMV will grow in 2026, especially in the highest seasonality periods, which is the third and fourth quarter of the year. We are going to see this revenue going up at a higher percentage as a result of the new products that were mentioned by Gabriel. Thank you. Thank you very much. Thank you, Ricardo. Our second question comes from Carlos Herrera. Carlos, welcome to Méliuz. Carlos has been doing the coverage of Méliuz a long time ago. He comes from Condor Insider. Welcome. Please ask your question. Thank you for the opportunity. I would like to ask about the strategy of financial services after the commercial agreement announced by BV. 5 million accounts and 270,000 cards issued. What is the contingency plan and the long-term strategy about this vertical? Are you thinking about establishing new partnerships? What is the strategy? What is your approach in order to monetize this user base, in order to mitigate the impact from the discontinuation of this agreement? Thank you, Carlos, and nice to meet you. As you said, we have an account base, which is very large, a very large base of cards, and we want to ensure or make sure that the experience of the client in all verticals will be excellent. The discontinuation of the partnership with BV involves a lot of planning. We have to make sure that we will be able to disconnect those channels, those connections with BV in a very streamlined way or seamless way that will not impact the client. Of course, there is a prior notice period that was agreed previously, which was the period that we needed in order to have this disconnection, and so the user experience would not be impacted. In addition to the recurrent revenue, it's very important to ensure that the client's experience will be favorable and will have enough time in order to do this disconnection. I cannot talk so much about next steps because we are in this period of previous notice, but we have all the other options open for the future, Carlos. We continue believing in this vertical, which is a vertical that generates value to our shareholders and to our clients. We are considering different models, different formats that are going to materialize after the prior notice is completed within period. So, 18 months after we announce the material fact. Thank you. I have another question, if I may, about a different topic. About the dilution that you see in fixed expenses. We can see that the percentage of the net income dropped to 36%. Do you intend to continue this downward term level, this level of dilution for the next years, for 2026? Is that ideal level in the long term that you're expecting to reach, and what would be the main levers to maintain those? We did not have a fixed number or a level that we could disclose to the market, Carlos. What I can say to you is that our fixed costs, well, if you look in the past few years, they are fixed, in fact. The total cost base is very close to the absolute base, and it's not growing. If it's growing, it's growing very slowly. At the same time, the revenue is growing strong. As you could see, the cost dilution is a consequence of the lack of growth or the improvement of our margins is a consequence of not growing our cost bases. What I can assure you is that we are going to continue being very restrictive, very responsible for controlling our cost base so that we'll continue at this level. Another important is our base of variable expenses, especially cashback that you can see on the graph, which was stable, and we can improve that along the time. This is a percentage of our cash that impacts the experience of the client evermore. We have to continue customization models using AI so that we can continue delivering a variable base which is ever smaller in relation to the revenue. I think you've said it all. This dilution has been going on since the turnaround period. What we can say, what we can assure is that the expense and cost policies of the company are in total control. They are all in our hands. We are going to become ever more efficient, and we are going to improve the margins. These are objectives, as Gabriel said, that will continue along the year. Maybe we'll become more efficient in those areas, but we can see that the bases has decreased a lot. You also asked about the levers. You can look at the income statement. We can see that the cost reduction is closely related to the cashback. We have always a focus on reducing the cashbacks, which are negotiated with our partners, such as the Natec and also the promotional cashback. We have to be careful so that we can ensure there's long-term retainment, which has to be very healthy. We have lots of opportunities considering the cashback when we look at the share in comparison to our revenue. Okay. Thank you. Pleasure. Pleasure to meet you, Gabriel. Thank you, Carlos. Our next question comes from Andrew, Morgan Stanley. Andrew, welcome. Go ahead. Hi. Thanks very much for the question. Two from my side, please. The first, you gave some of the percent growth, but I'm curious if you could help us size the major components of your other commerce revenue between ads, Méliuz for Brands, Prime. Just a sense of the sizing, I think, would help us to figure out just how fast this segment can grow in the years ahead. Second, on capital return, capital allocation, you mentioned Bitcoin per share, but I'm curious the levels at which you think Bitcoin would be a better buy than Méliuz's own shares. Bitcoin has retraced as well, so any framework of how you view the relative return considerations, that could help for our understanding of capital allocation. Thanks very much. Answering the questions, I'm going to start about the questions about the Shopping Brasil verticals, Marcio, and then you can add when we will talk about capital return allocation. In relation to the other verticals, we do not disclose the absolute numbers for those verticals. But what I can say to you is that the most relevant verticals, the ones that grow the fastest and the most, are the verticals we have mentioned the most. We talk about ads, we talk about Nota Fiscal and Prime, and other verticals that we have within our result that we always disclose. We really believe in the long-term potential of those verticals. I've already mentioned the physical world, and that increases exponentially our addressable market. I've already mentioned some new models of partnerships, new business models. For example, receiving a new buyer, a new user. This increases our addressable market. I've already mentioned the 5 billion of views that we had. It's a branding that will increase our addressable market. What we're doing now is trying to understand what other markets we can reach, what are the other clients and partners and types of partners we can reach. And together with that, how we can get ever higher budgets in different lines considering the marketing investments of those partners. Historically, Méliuz was only focused on performance, and now we started with branding, with ads, with acquisitions. We have been able to create new verticals to the existing partners, to the Brazilian e-commerce who have been our partners for 10 years, for example, and they're investing ever more in new business models. But we are also considering other partners, industries that are investing in CPG and other researches and companies that want to invest in games. We are trying to work with different segments, different marketing segments in our strategy. This is what is making the revenue from other business to grow. What you can model, what you can use as information is that the revenues of those products are sustainable revenues. They are not going to disappear along the years. Marcio, would you like to answer about capital allocation? Andrew, your questions were so good. I am sorry I cannot answer them directly, but they are very strategic. Gabriel talked about the operation and new products. Now I am going to answer in a very similar way, but now about capital allocation. There is no magic number. There is no valuation that we can say, "If Méliuz has a market cap at this value, we will start purchasing Bitcoin and no longer share." This is very subjective, so the management makes the decision every day. We show the ratio of some companies that we use as benchmarking, especially abroad. We know that at this moment, we are below the valuation. I am not going to say that we have to get close to those valuation in order to start purchasing Bitcoins, but this is something that we monitor every day. Considering the growth that we have been posting in the core business, and also considering the generation that we have been delivering, considering that we have debt zero, and considering the prospects we have for the future, we believe that today, the pricing of the company is lower, the valuation is lower than it should be. We believe that the share buyback is the best way to address the value generation to the shareholders. It may change with the prices of the shares in the next weeks or next months. I am sorry I cannot provide the answer saying what would be the range, because this is strategic and this is something we- Okay monitor every day. Appreciate the color from you both. Thank you. Our next question comes from Bruno from UBS. Bruno, you can proceed. Hello. Thank you for taking my question. Congratulations on the results. I would like to double-click on the margin expansion of EBITDA. How much room do you see to expand the margin for next year? Would the expansion come basically from the growth of the other businesses that I imagine are important for the margin, creative for the margin, or do you see more possibilities of efficiency by incorporating AI, as you mentioned during the call? Thank you for the question. I think both. I said about a line, a cost line within revenue, which is very important, which is the cashback. We have been using AI in order to optimize those costs to ensure customization of the level of cashback for each client. This is an example of efficiency by using AI, so it increases the speed of everything we are doing. I think the expansion of the margin is going to accompany the growth of revenue. So it is going to be leveraged by the increasing revenue and by our operating efficiency. I do not intend to grow fixed costs. We want to keep the base close to what it is. Or if it grows, it will grow very little. Also to reduce the variable expenses. A large margin of EBITDA margin will come from the increase in the revenue. If you look across the year, our EBITDA margin moved from 16% in the first half of the year to 25% in the fourth quarter of 2025. So something important for you to model how the margin EBITDA happened along a similar year. If you consider the 20% margin EBITDA for the year, we now see the result. So it is very important to consider this when you look at the curve of the EBITDA margin along the year. So we hope that the fixed costs will not increase and the profitability will be as strong or even better than what we posted this year. Very clear. Thank you. Thank you, Bruno. I would like to thank you all, and I will give the floor to Gabriel for his closing remarks. Thank you. Thank you very much for those who took part. We are very enthusiastic about the business. We are very happy with our cash generation, our growth, and with all the possibilities that we have ahead of us. I am very happy with Bitcoin. We believe in this thesis as a value reserve for the long term, and we have met the promises. I would like to thank you all, and thank you very much for taking part in the call.