Earnings Call: Q2 2026

Aug 17, 2026

Summary

Q2 revenue rose 8.6% QoQ to BRL 148 million, with positive adjusted EBITDA of BRL 3.5 million and costs nearly flat. A BRL 50 million recurring-revenue pipeline could support growth into 2027.

Good afternoon, everyone. Welcome to Infracommerce 2026 quarterly earnings presentation. Good afternoon. We would like to welcome everyone. For those who would like to follow this in English, please press the translation button. My name is Bruno Vasques, CFO and Investor Relations Officer, and I will be conducting this call together with our Global CEO, Mariano Oriozabala. Before moving forward, I would like to emphasize that both this material, which will guide our discussion, and the audited financial statements are available on our IR website. This presentation and management's remark may contain forward-looking information based on reasonable and current assumptions. However, it is important to emphasize that such statements are not guarantees of future events. Various factors, including risks and uncertainties, may cause the prospective circumstances and events discussed in this document not to occur, and as a result, the company's future results may differ significantly from those expressed in these statements. Finally, we recommend that the indicators discussed herein not be analyzed in isolation. Therefore, please refer to the complete financial statements available on our website. As widely communicated to the market, the past few months have been marked by consistent and diligent execution of a comprehensive financial, capital and operational restructuring plan aimed at realigning our capital structure and liquidity indicators and optimizing operational performance. As previously noted, the first quarter of 2026 represented a transition period, paving the way for the beginning of a new cycle of growth and value creation. In the second quarter, we can already see tangible results from the beginning of this new cycle. With growth in our revenue base while maintaining operating costs stable. During the period, we highlight the 8.6% growth in the net operating revenue compared to the immediately preceding quarter. Equally important, in the second quarter of 2026, we began implementing operations for 16 new Infracommerce partners. We would also like to take this opportunity to thank our clients and the new brands joining our ecosystem in the region for their trust. We maintained strict cost management discipline. Total costs and expenses remained stable with a variation of 0.5% compared to the previous quarter. Through the intensive use of technology and AI, we could improve the quality of our services and onboard new accounts while maintaining the same expense base. We are pleased to share that we achieved a Net Promoter Score of 55 for the first half of the year, with consistent performance across all geographic areas where we operate. As a result, we achieved a positive adjusted EBITDA, defined as accounting EBITDA less rental expenses and CapEx, of BRL 3.5 million in the second quarter of 2026. Our priority remains clear: to operate efficiently, predictably, and at scale while maintaining high levels of customer service and developing new businesses without a proportional increase in our organizational structure and expenses, thereby increasing productivity and creating value. Analytical breakdown of the BRL 23 million net loss for the period highlights the significance of financial expenses related to convertible instruments and depreciation and amortization expenses. These amounts totaled BRL 21 million and BRL 18 million respectively. The remaining net results of the period, excluding financial expenses related to convertible instruments in depreciation and amortization, totaled a positive BRL 16 million. Shareholders' equity ended the second quarter of 2026 at BRL 134 million, reflecting the strengthening of the group's capital structure following the conversion of 65% of the mandatorily convertible debentures. Another important liquidity indicator is net working capital, which ended the second quarter of 2026 at BRL 249 million. The group ended the second quarter of 2026 with a cash position of BRL 118 million. Of this amount, BRL 62 million refers to restricted cash as disclosed in note 6 to the financial statements linked to guarantees provided to secure the group's BRL 80.5 million long-term debt with FINEP. The adjusted net debt, excluding balances related to financial instruments that will have no cash impact upon settlement, was negative BRL 27.7 million. Of the total debt that is not mandatorily convertible, in addition to the FINEP debt, it's worth noting that BRL 35.8 million relates to commercial notes issued as part of the restructuring to finance the optimization agenda. These commercial notes contain conversion provisions in the event of early redemption. Therefore, the total balance of potentially convertible liability amounts to BRL 392.2 million. I now turn over to Mariano, who will share his perspective on the beginning of 2026 and the strategic direction for the year. Good afternoon, everyone. Thank you, Bruno. As we mentioned before, Infracommerce consolidates its strategic position. In the second quarter of 2026, there was a trend towards a decrease with investment and revenue strongly recovering. We also had very important actions for the company after 2 years where our results depended on the dimensioning of the structure and other facts. The revenues had consecutive adjustments, but in the second quarter, we break away with this trend. We had a resumption of our net revenue. We had BRL 148 million, increasing 8.6% when compared to the first quarter of 2026, generating operational cash, strict control of expenses on the operational base, allowing us to increase our adjusted EBITDA and CapEx, reverting the negative results of minus BRL 6.9 million recorded in the first quarter. This performance confirms that the planning for the recovery of the portfolio was met. Our ecosystem is ready to escalate with profitability. Discipline of fixed costs and operations in Latin America provides the required efficiency to absorb additional volume with direct gains. For the second half of 2026, the focus is concentrated in three strategic drivers. First, technology, the implementation of automations and AI to optimize internal processes and marketplace platforms. The second aspect is the growth in its strategic accounts, accelerating the regional integration. The final aspect is the strengthening of liquidity and working capital. In July, we had BRL 20 million. The stabilization of the business provides clear visibility on our trajectory. We reaffirm our commitment with discipline, capital allocation, and excellence in the performance and sustainable value generation in the long term for our shareholders. I would also like to express my acknowledgment to all our team for their resilience, operational discipline throughout this transformation process. Likewise, I thank our shareholders and investors for their support and for the support on the company's strategic view. Thank you all very much, and I wish you a good afternoon. We are now going to start the Q&A session for our investors and analysts. If you have any questions, please click on the Q&A icon on the lower Zoom bar. We have received a question by Jose Henrique Miranda Pereira. Good afternoon. Congratulations to Mariano and the whole team for the expertise and discipline in the command of the cash. In the past year, the company reached a positive EBITDA, but in the following quarters, it was reverted by the weight of the restructuring and churn of clients. Looking at this positive EBITDA now, what are the structural factors that are different when compared to the past quarter? Well, thank you, Jose Henrique, for your question. We are now in the eighth semester of the restructuring, which started in the second half of 2024. The agenda was an internal agenda on the operational perspective with dedicated work to the re-dimensioning of the company with the logistic operations, bringing the distribution center to a size which is compatible with the company and the different companies that were purchased by Infracommerce over the years. We created an efficient ecosystem that is optimized. Throughout this journey, some clients left. Part of them were motivated by the companies because the contracts were expensive with negative margins. We also have clients, a smaller number, but this happened because of the restructuring process, and they chose to use other support other than Infracommerce. We decided to change the company's capital structure and were able to increase the quality of the services provided by Infracommerce in all of the countries we work for. A concrete measurement of this improvement is the NPS survey, which now in the first quarter of 2026 reached 52, showing the high number of Infracommerce promoters in our client portfolio. Happy clients will remain in our ecosystem, but they also recommend Infracommerce as a solution, a high-quality solution to other brands. This is happening especially in the past quarter. In the second quarter, we had some changes. We have 16 new brands in our ecosystem. It is just beginning, but we wanted to give visibility to this, and the material is made available at our IR website. We have reached BRL 3 million in the second quarter, which is also a seasonal factor, a Hot Sale period, especially in Chile and Argentina. We were able to operate with this increase in seasonality and implementation of new brands in the same base that we already used. The combination of seasonal effects, new clients, and cost discipline has enabled us to achieve this positive operational result in the second quarter, and this is only the beginning. We have other questions that we will answer regarding the pipeline, but the strategic view of the company is that we will be a partner to enable the growth of these brands in a continuous manner. Here in Brazil, we have Black Friday, for example, bringing in new clients, expanding the company without increasing the infrastructure. This strategy also allows us to have a positive recurring cash in the medium and long term. We have now received some questions from Jose Henrique Miranda Pereira and Marcos Varotti. We thank you for the questions. Good afternoon. Congratulations, Mariano and the whole team for the company's results. Regarding the expansion, what is the sales pipeline for the second half of the year, and what are the names of the main brands that were acquired? Another question: I would like to congratulate the whole team for the beautiful work that is being done. Are there any new prospective clients that could generate differentiated profitability? Good afternoon, Jose Henrique and Marco. Thank you for your question. We have been working for a year at a much better level for the company. As Bruno said, the company has stabilized in Brazil, and it enabled us to close new accounts as of 2026. This new level of the company has enabled us to follow different business pathways, and our services are very important. Today, the company is healthy all over Latin America. We today are closing important accounts. We have some accounts being negotiated, and they are part of our value proposal. We are the largest e-commerce platform for services in Latin America. We have nine clients which provide to all over the world. We know that our level of services is very important for the consumers and brands. We have a commitment with the best brands all over the world. Today, we have BRL 50 million in the next 8 to 12 months so that we can close these increases in the company's revenue. The next 6 months will be very important to help us close our accounts, and that will have an impact on the 2027 revenue. I think we are going in the right way, and we will change the company's profile. We will look at a company with good quality of services and financial health. Thank you very much. We have received another question by Mr. Marcos Varotti, specifically about Brazil. How have the businesses evolved? Good afternoon, Marcos Varotti. I will start with the commercial aspects and to complement what Mariano brought us. Today, we have contracts that have a potential to represent BRL 50 million in new recurring annual revenue. A large part of these brands are here in Brazil. So for us to illustrate how strong Infracommerce is, I mention H.Stern, Riachuelo, L'Oréal, among other renowned international companies who rely on Infracommerce for their journey. Financially, we have stabilized our accounts with a high level of service, a high level of client satisfaction in Brazil, and that enables us to absorb organic growth of the brands and new brands in our ecosystem without an equivalent increase in infrastructure. With this vision today. Well, this is the company's global view today. In the past, we had different realities. In Brazil, we had to do our homework and redimension the company. This has been done. Now we are escalating at a global level using AI massively in all regions to absorb organic growth. As Mariano said, we operate in nine countries. We are very active with these countries. I highlight Brazil, Argentina, Chile, Mexico, and then after that, Colombia, Ecuador, Panama, and Uruguay. We have received a question by Clayton Turin. Thank you for your question. Good afternoon. Do you know when the remaining debentures will be converted? Is there a possibility of a new capital increase? Thank you very much for your question. This is a very relevant issue, and it is important to make it 100% clear without any questions. The company, in its restructuring journey, has gone through debt containment. We now have two blocks of debt that have a potential to be converted. One of them is the remainder of the debentures. Throughout the cycle of the instrument in an optional way and mandatory at the end, the balance at the end of the second quarter of 2026 was BRL 366 million. The decision for the conversion is an option by our monthly debentures. Furthermore, we have the balance of notes of BRL 35.8 million. These commercial notes, which were informed to the market in October 2024, were the resources required for us to be able to fund the operational aspects of the company. We had 2,500 employees down to a little over 600 employees. This agenda, which was a hard one, but a very important one to promote the company's stabilization, required capital for the implementation. The balance was applied in the operational restructuring of the company, and this balance of BRL 35.8 million can be converted in case they are recovered before. The potential of convertible debt in the company with balances in June 2026 are BRL 360 million of debentures and the rest for the commercial notes. Moving on with the Q&A session. If you wish to ask new questions, please use the Q&A icon at the lower Zoom bar. We have another question by Mr. Marcos Varotti: Could you inform who are the main owners of debentures? Good afternoon, Marcos, once again. Of course. Debentures were issued on April 13, 2025, in two series, one with BRL 740 million. The objective was to convert the totality of what we had at the time in a second series of BRL 100 million aimed at consolidating the participation of 100% of the company in all operations in Latin America. The first series, the owners are vehicles represented by the financial creditors, and the second series, the owners are vehicles represented by minority shareholders in Latin America whose position was alienated by the second series, therefore enabling the company to consolidate 100% of shareholder participation. Likewise, the shareholders who had a right of preference at the time, the company offered them the preference in both series. Some of them have also become debenture owners. Ladies and gentlemen, we will now close the earnings release call for the second quarter of 2026. We thank you all for your presence and look forward to seeing you in our next