Méliuz (CASH3) Q3 2026 earnings summary

Executive summary

• Q3 consolidated revenue fell 22.3% YoY to R$96.1m; adjusted EBITDA declined 37.7% to R$17.0m amid e-commerce contraction and Casas Bahia’s judicial reorganization.

• LTM revenue rose 9.8% to R$468.3m; adjusted EBITDA increased 26.7% to R$99.0m at a 21.1% margin, and adjusted net income reached R$64.5m.

• Reported net income was R$113.7m, including a R$78.5m Bitcoin impairment reversal and other non-cash effects.

• Diversification beyond e-commerce, user growth, profitability discipline and share repurchases remained strategic strengths.

Financial highlights

• Q3 revenue was R$96.1m, down 22.3% YoY and 16.9% QoQ; 9M26 revenue increased 2.5% YoY to R$330.0m.

• Adjusted EBITDA was R$17.0m, down 37.7% YoY, with a 17.7% margin; 9M26 adjusted EBITDA rose 12.8% to R$64.4m.

• Adjusted net income rose 28.4% YoY to R$19.6m; reported net income was R$113.7m, including Bitcoin and tax effects.

• Adjusted operating costs and expenses fell 19% YoY to R$82.2m; operating cash generation was R$8.3m in Q3.

Outlook and guidance

• Priorities include growing and monetizing e-commerce, broadening online and offline shopping journeys, and increasing revenue from new business verticals.

• Personalized cashback, AI-driven tracking, new brick-and-mortar partner models and financial-services partnerships support growth initiatives.

• New e-commerce buyers grew 20.2% YoY; purchase frequency and volume are expected to build over subsequent quarters and support medium-term GMV and revenue.

• Financial Services is preparing for the banco BV partnership to conclude in mid-2027; Pix installments are being tested in a restricted-user pilot.

• 4Q26 Black Friday campaign had started, with Pix installments, product feeds and price alerts among new features.