Méliuz (CASH3) investor relations material

Executive summary

• Q2 2026 net revenue reached a record R$115.663M, up 18% YoY; adjusted EBITDA was R$17.3M, up 38%, with a 15.0% margin.

• LTM net revenue rose 26.1% to R$495.9M; adjusted EBITDA increased 74% to a record R$109.6M.

• Q2 cash generation was R$21.3M; a non-cash Bitcoin impairment contributed to a consolidated net loss of R$22.431M.

Financial highlights

• H1 net revenue rose 18% YoY to R$233.9M; adjusted EBITDA reached R$47.5M, up 59% YoY.

• Adjusted EBITDA margin was 15.0% in Q2, up 2.2 p.p. YoY; H1 margin was 20.3%, up 5.2 p.p., and LTM margin was 22.1%.

• Q2 net loss was R$22.431M, versus net income of R$7.567M a year earlier; Q2 Bitcoin impairment was R$32.1M.

• H1 net loss was R$82.543M, including R$108.680M of asset impairment; H1 2025 had no impairment.

• Available cash, cash equivalents and marketable securities totaled R$112.6M; available cash and equivalents were R$75.5M.

Outlook and guidance

• 2026 priorities include accelerating Shopping growth, diversifying revenue, increasing revenue per user, expanding margins and converting growth into cash and shareholder value.

• Long-term treasury priorities include increasing Bitcoin exposure per share, with flexibility to allocate liquidity among buybacks, capital structure optimization and Bitcoin holdings.

• AI initiatives target end-to-end product development, real-time insights, autonomous decisions and operations, and complex workflow automation.

• Management expects GMV growth to resume in H2, partly reflecting seasonality; no formal GMV guidance was provided.