Earnings Call: Q2 2026

Aug 12, 2026

Summary

Platform GMV rose 25.4% YoY to BRL 409.3 million, while continuing-operations adjusted EBITDA turned positive at BRL 1.6 million. Focus shifts to platform growth, cost dilution and stronger profitability after Elo7’s wind-down.

Good morning, ladies and gentlemen, and welcome to the Enjoei conference call to discuss the results for the second quarter 2026. This conference is being recorded, and the replay can be accessed on the IR site of the company. The presentation is also available for download. Please be advised that all participants will be in listen-only mode during the company presentation. Ensuing this, we will go on to the Q&A session when further instructions will be provided. Before proceeding, please bear in mind that the forward-looking statements made herein are based on beliefs and assumptions of the company management and on information currently available to the company. Such statements involve risks and uncertainties as they refer to future events and therefore depend on circumstances that may or may not occur. At this conference, we have Ana Luiza McLaren, Chairman of the Board, Tiê Lima, the CEO, and Leandro Mota Marchesi, CFO and IRO. I would now like to turn the floor over to Tiê Lima, who will begin the presentation. You may proceed, Tiê. Good morning, everyone, and thank you for joining our second quarter 2026 earnings call. We ended the quarter with two very important messages. The first is the strong acceleration of the Enjoei platform. The second is a process of simplifying the business, allowing us to increasingly focus our resources and attention on developing the platform. We reached a new GMV record supported by improvements in the user experience and strong traction from our commercial campaigns. Initiatives such as AI-powered uploads, Free Mode, and new initiatives have increased the number of products available and helped to improve liquidity on the platform. Consolidated adjusted EBITDA returned to positive territory in a quarter that required several adjustments due to non-recurring impacts. Our clear priority is to sustain growth on the Enjoei platform and, through disciplined execution, to convert this increased scale into higher profitability. The main figures for the quarter illustrate this combination of growth and disciplined execution. GMV on the Enjoei platform reached BRL 409.3 million, up 25.4% vis-à-vis the second quarter 2025. Net revenue grew at almost the same pace, increasing 24.3% to BRL 59.6 million. Gross profit totaled BRL 30.1 million, an increase of 19% compared with the second quarter 2025. The parent company net financial result improved by BRL 4.7 million year-on-year, reflecting the progress of our proprietary payment solutions. The number of items transacted also increased by 19.5%, reaching 2.2 million, while net revenue per item grew by 4%. On a consolidated basis, already excluding the impact of discontinued operation, adjusted EBITDA was positive at BRL 1.6 million, an improvement of BRL 3.6 million vis-à-vis the first quarter. We ended June with BRL 182 million in cash. On slide 4, we present the initial results of our recent technology launches. During the first half of 2026, we focused on improving seller experience and expanding the number of products, including new categories. To achieve this, we reduced friction in the listing process through AI-powered uploads, List and Earn missions, and Free Mode. As a result, we accelerated the growth of our product offering and reached a record of 6.2 million uploads during the quarter, up 29% vis-à-vis the second quarter 2025 and almost 11% compared with the previous quarter. This drove inventory growth of 17.7% versus the second quarter of 2025, allowing us to generate more value for our user base while improving efficiency. On the buyer side, we supported the liquidity of this additional inventory through commercial campaigns and media investments. The number of items transacted increased by 19.5%, showing that the growth in product supply was accompanied by a higher transaction of volumes. I now give the floor to Leandro Marchesi. Thank you, Tê. Good morning, everyone. Starting with the Enjoei platform, GMV grew 25.4% in the quarter, reaching BRL 409.3 million mentioned by Tê, with a net take rate of 16.3%. Net revenue grew almost in line with GMV, up 24.3% to BRL 59.6 million. Gross profit reached BRL 30.1 million, up 19%, with a gross margin of 50.4%, which means we delivered strong volume growth while preserving monetization and maintaining a gross margin close to 50%. We now go on to slide six. We have the consolidated results from continuing operations, which include the Enjoei platform and the physical stores. In the second quarter of 2026, net revenue reached BRL 60.8 million, up 24% compared with the second quarter of last year, and 22.5% compared with the first quarter of this year. We also saw a 48.1% increase in revenue per user, reflecting stronger monetization of our recurring user base. On the cost side, cost of services represented 50.2% of net revenue, an increase of 1.6 percentage points compared with the second quarter 2025. This was mainly explained by one-off technology costs related to the wind down of Elo7 and investments associated with recent launches. To a lesser extent, we also had higher transaction costs related to our own payment solution. On slide number seven, we come to a particularly important point to understand the evolution of the company's profitability. Consolidated gross profit reached BRL 30.3 million, up 20.4% compared with the same period last year, and 19.6% compared with the first quarter. Excluding the BRL 1.2 million of non-recurring effects related to the discontinuation of Elo7, adjusted gross profit reached BRL 31.5 million with an adjusted gross margin of 51.8%. On this adjusted basis, the margin was therefore 0.5 percentage points higher than in the second quarter of last year. General and administrative expenses, excluding stock option plan expenses, represented 35.3%, an increase of 8.1 percentage points compared with the second quarter of 2025. Despite the impact from the loss of scale following the Elo7 wind down, when we exclude the non-recurring severance costs related to the simplification of the group, these expenses totaled BRL 18.9 million, representing 31.2% of net revenue. The sequential comparison is particularly important here because the ratio was 35.3% in the first quarter. In other words, we improved by 4.1 percentage points in the second quarter. This is an important message to understand where the company stands today. Our adjusted cost structure in this quarter is already close to its new structural level. This means that from now on, growth on the Enjoei platform becomes the main driver for further dilution of our fixed costs and to improve profitability. On slide eight, in marketing, advertising expenses representing 16.1% of net revenue in the quarter, an increase of one percentage point vis-à-vis the first quarter. Marketing and incentives as a percentage of Enjoei's platform gross billings also increased by 1.4 percentage points sequentially. These investments were mainly focused on promoting Free Mode listing missions and our Double Date and mid-month commercial campaigns. In this same sequential comparison, GMV grew 16.8% and the number of items transacted increased 20.2%, showing the acceleration in platform activity. We continue to manage these investments with discipline, seeking to balance faster growth with returns on the resources invested. On slide 9, we present the evolution of EBITDA and our cash position. In the second quarter of 2026, consolidated adjusted EBITDA reached BRL 1.6 million. This result reflects the operating performance on the Enjoei platform following the reclassification of the Elo7 as a discontinued operation. It is worth noting that the year-on-year comparison is also affected by the sale of Cresci e Perdi. There are two main points. The first relates to the discontinuation of Elo7, including the write-off of goodwill and purchase price allocation assets, severance costs, and technology wind-down costs. The second point is that we took advantage of favorable conditions to settle a dispute related to an ISS tax in São Paulo. We eliminated a potential exposure of BRL 18.6 million through a payment of BRL 5.7 million. Regarding cash, we ended June with BRL 182 million after cash consumption of BRL 8 million during the quarter. Of this amount, BRL 6.9 million came from the discontinued Elo7 operation. In continuing operations, we generated BRL 2.8 million in operating cash flow, despite the BRL 7.9 million in working capital consumption related to our payment solution. Excluding this effect, we generated BRL 10.7 million in cash. It is also important to note that the working capital dynamics in our payment operation is already close to its structural level. Therefore, going forward, working capital consumption should be increasingly associated with growth in transaction volumes. It is worth remembering that the BRL 182 million cash position was before the BRL 41.3 million capital return completed in early July. To close our presentation, I would like to reinforce our strategic priorities for the second half of 2026. We want to sustain the growth of the Enjoei platform, continue to dilute our cost structure, and progressively improve profitability. With a simpler structure, we can focus our efforts on developing the platform, improving the user experience, increasing supply and liquidity across the ecosystem, and progressively converting this growth into greater profitability and cash generation. Thank you all very much, and we will now open the floor for questions and answers. We will now go on to the Q&A session for investors and analysts. Should you wish to pose a question live, please click on raise hand. If your question has been answered, you can withdraw from the queue by clicking on lower hand. For questions in writing, please type in your name and company in the Q&A icon. The question and answer session ends here. We would like to return the floor to Tiê Lima for the company's closing remarks. Good day to all of you. Thank you very much for your attendance today. The call today points to the new stage of the company. We made investments in the past, we followed some initiatives, and now we have cleaned out the strategies that simply were not very fruitful in the past. This is part of our M&A initiatives, our share in other companies. The good news is that in all initiatives where we partnered with, we were able to eliminate some investments in a very productive way. Enjoei platform is growing, as you can see, and now through the simplification, we will foster more growth with the alignment that we will follow going forward. I would like to thank all of you for the call today. Thank you very much, and let us continue forward. The Enjoei conference ends here. We would like to thank all of you for your attendance. Have an excellent day.