Méliuz (CASH3) Q3 2024 earnings summary

Executive summary

• Q3 consolidated net revenue rose 28% YoY to R$90.288m; adjusted consolidated EBITDA reached R$12.2m versus R$1.2m, alongside growth in Shopping Brazil and financial services.

• Gabriel Loures became CEO and Israel Salmen became Executive Chairman, with a new leadership structure spanning operations, product, technology and other functions.

Financial highlights

• Q3 consolidated net income was R$8.799m versus R$5.163m; 9M revenue reached R$260.341m versus R$226.220m, while 9M net loss was R$32.881m versus R$22.238m.

• 9M adjusted consolidated EBITDA was R$33.1m versus a R$17.4m loss; adjusted consolidated net income was R$13.6m in Q3 versus R$9.7m.

• 9M financial result was R$36.684m versus R$37.433m; loss before tax was R$25.572m versus income of R$2.674m.

Segment performance

• Shopping Brazil GMV reached R$1,210.9m, up 10% YoY; net revenue was R$60.2m, up 20%, and take rate rose to 6.6% from 5.9%.

• Shopping Brazil new buyers increased 31% YoY, supported by new acquisition channels and retention efforts.

• Financial-services revenue reached R$15.9m, up 86% YoY and 8% QoQ; accumulated digital accounts reached 2.7m and issued cards 172.5k.

• International shopping revenue was R$4.9m, up 5% YoY; 9M revenue fell 14% to R$13.2m.

• 9M domestic B2C, international B2C and other segment net losses were R$17.584m, R$6.959m and R$8.338m, respectively; domestic B2C results included the Picodi impairment.