Enjoei (ENJU3) Investor presentation summary

Business overview and portfolio

• Marketplace connects buyers and sellers of secondhand fashion and lifestyle items; more than 1 million active buyers, 1.3 million active sellers and 9.3% share of fashion-category traffic.

• Enjoei Pro provides consignment services including photography, listings, negotiation and shipping; Cabreúva distribution center can process more than 1.5 million products.

• Elo7 connects buyers with entrepreneurs selling handmade and personalized products; LTM Sep 2024 GMV was R$418 million, with more than 1.3 million active buyers and 43,000 professional active sellers.

• A 25% stake in Cresci e Perdi adds exposure to kids’ secondhand retail; the franchise network had more than 600 stores and 6 million clients as of Jun 2024.

• Addressable market is estimated at R$100 billion for 2027: R$78 billion in secondhand items and R$20 billion across Elo7 categories.

Portfolio strategy and growth levers

• Strategy prioritizes core-platform growth, category expansion, offline retail, stronger logistics and payment capabilities, and investment efficiency.

• Core-market growth targets more active sellers, listings and sell-through, supported by improvements to pricing recommendations, search and subsidy efficiency.

• Category expansion includes kids, books and electronics on Enjoei, and parties, events and kids’ products on Elo7.

• Offline expansion combines company-operated stores and franchising; three pilot stores were operating, with franchise sales expected to start in 4Q24 and 300 franchises targeted within three years.

• Portfolio plans cite secondhand-market TAM CAGR of 7.5% and Elo7-category TAM CAGR of 7.7% from 2023 to 2027.

Financial performance

• GMV reached R$418.2 million in 3Q24, up 207% since the IPO.

• Net take rate was 18.2% in 9M24, compared with 18.8% in 2023; net revenue was R$106.1 million and gross profit was R$96.9 million in 9M24.

• Gross margin reached 57.2% in 3Q24, following operational-efficiency initiatives in logistics, payments and technology.

• Gross profit covered 85% of recurrent SG&A in 9M24, versus 105% in 2023; marketing and incentives declined to 41% of gross billings from 46%.

• Adjusted EBITDA was negative R$8.9 million in 9M24, improving from negative R$16.6 million in 9M23.