Méliuz (CASH3) Q2 2025 earnings summary

Executive summary

• 2Q25 consolidated net revenue reached R$97.8 million, up 12% YoY and a second-quarter record; net income was R$7.6 million versus a R$60.8 million loss in 2Q24.

• The first full quarter under the Bitcoin Treasury strategy ended with 595.67 BTC held and 907.6% Bitcoin Yield versus 1Q25.

Financial highlights

• Consolidated EBITDA was R$12.0 million versus negative R$67.6 million YoY, with a 12.3% margin; LTM EBITDA and net income were R$75.6 million and R$47.9 million.

• 1H25 consolidated revenue was R$198.2 million, up 17% YoY; EBITDA was R$27.8 million versus negative R$61.9 million in 1H24.

• 2Q25 adjusted EBITDA was R$13.0 million, down 14% YoY, and adjusted net income was R$8.5 million, down 61% YoY.

• Cash, cash equivalents and securities totaled R$71.5 million at June 30, versus R$230.8 million at March 31, following Bitcoin purchases and operating cash generation.

Outlook and guidance

• Priorities include accelerating growth while maintaining healthy margins, improving the shopping experience, and focusing marketing and acquisition spending on profitability and payback.

• Planned financial-services initiatives include account and card insurance, Bitcoin cashback, and direct Bitcoin purchase and sale features.

• Shopping take rate is expected to remain above 7%; Q1's rate above 8% reflected unusually large partner campaigns and is not expected every quarter.