Enjoei (ENJU3) Investor presentation summary

Portfolio and business model

• Enjoei’s C2C marketplace had 1M+ active buyers, 1.2M+ active sellers and 9.3% share of fashion-category traffic in June 2024.

• Enjoei Pro handles product photography, listings, negotiation and shipping on consignment; its Cabreúva distribution center can process more than 1.5M products.

• Elo7 connects buyers with handmade and personalized products; LTM June 2024 GMV exceeded R$410M, alongside 1.3M+ active buyers and 44K+ professional sellers.

• Offline expansion included 3 own-store pilots, franchise sales planned for 4Q24 and a target of 300 franchises in 3 years.

• A 25% stake in Cresci e Perdi was acquired in Dec 2023; the kids’ secondhand franchise network had 600+ stores active or under implementation in June 2024.

Growth strategy and market opportunity

• Portfolio priorities: grow the core platform, add categories and offline channels, strengthen the value chain and maintain investment efficiency.

• Core growth levers include increasing active sellers and listings, improving sell-through, price recommendations, search and subsidy efficiency.

• Category expansion targets areas such as kids, books and electronics on enjoei, and parties, events and kids on Elo7.

• Offline franchises and Cresci e Perdi investment are intended to expand the addressable market; logistics reach and internalized value-chain stages target lower shipping costs and improved service.

• The estimated 2027 addressable market reaches R$100B with offline secondhand and Elo7 categories; secondhand TAM is R$78B and Elo7-category TAM is R$20B.

Financial progress

• GMV reached R$410.2M in 2Q24, representing 200% growth since the IPO.

• Gross profit advanced faster than GMV; logistics, payments and technology efficiency initiatives supported gross-margin growth.

• Net take rate was 18.8% in 2023 and 18.2% in 6M24, with more efficient incentive and subsidy allocation supporting its evolution.

• Gross profit covered 105% of recurrent SG&A in 6M24, versus 28% in 2021; marketing and incentives fell to 42% of gross billings from 65%.