Enjoei (ENJU3) Investor presentation summary

Business and growth

• GMV reached R$1.4bn LTM 2023 including Elo7; 1Q24 GMV was R$382.5m, up 180% since IPO, with a leading position in Brazil’s secondhand market.

• Net revenue grew from R$106.1m in 2021 to R$194.6m in 2023; gross take rate was 27.1%, 23.7% and 22.4%, while net take rate was 14.7%, 14.4% and 18.8%.

• G&A coverage by gross profit improved from 65.3% in 2021 to 148.4% in 2023; marketing and incentives fell from 65.4% to 46.2% of gross billings over the same period.

• Adjusted EBITDA was -R$55.9m in 2021, -R$72.0m in 2022 and -R$13.2m in 2023.

Portfolio strategy

• Strategy targets core-business growth, category and channel expansion, value-chain strengthening, operational breakeven and continued expense dilution.

• Elo7 expands addressable markets in party and event categories; offline channels target higher margins with low investment risk, alongside logistical efficiency and operational risk mitigation.

• A 25% stake was acquired in Cresci e Perdi, with a call option for the remaining 75% in 2028.

Offline channel

• Cresci e Perdi had 561 franchise units sold, focused on kids and babies secondhand; plans include major-city coverage, omnichannel development, service expansion and entry into cities with up to 50,000 inhabitants.

• Franchising is positioned as a lower-investment-risk, faster expansion model; target is 300 franchises in three years.

• Physical-store rollout included one location operational since April 2024, with openings expected in July and August 2024 and expansion beginning in 4Q24.