Méliuz (CASH3) Q2 2024 earnings summary

Executive summary

• Q2’24 consolidated net revenue reached R$87.6m, up 21% YoY; adjusted consolidated EBITDA was R$15.2m and adjusted net income was R$22.0m.

• Reported consolidated net loss was R$60.8m, primarily reflecting a non-cash Picodi impairment.

• Priorities included Shopping Brazil growth, financial-services expansion, core-business innovation and operating efficiency.

Financial highlights

• 1H24 consolidated net revenue rose 9% YoY to R$170.1m; adjusted consolidated EBITDA was R$20.9m versus a loss of R$18.7m in 1H23.

• Adjusted operating expenses were R$74.3m in Q2, down 14% YoY; 1H adjusted expenses fell 14% YoY to R$153.8m.

• Consolidated cash, cash equivalents and securities totaled R$451.4m at quarter-end, down from R$676.7m in Q1, mainly due to capital reduction and earn-out payments.

• Consolidated operating cash flow generated R$2.6m in 1H24, compared with R$194.5m used in 1H23.

Outlook and guidance

• 2024 objectives included Shopping Brazil growth while maintaining net take rate, recurring-revenue product launches, financial-services expansion and expense discipline.

• Cofrinho Méliuz pilot was planned for August, with user release in September; the CDB feature was designed to increase engagement, revenue and cross-selling.

• Growth opportunities included Méliuz Nota Fiscal, Méliuz Ads and Méliuz Prime.