Wiz Co Participações e Corretagem de Seguros (WIZC3) Q2 2024 earnings summary

Executive summary

• 2Q24 net revenue excluding commissions was R$246.7M, up 21.7% YoY; EBITDA was R$166.0M, up 32.4%, and adjusted net income was R$99.8M, up 37.9%.

• H1 consolidated net revenue rose 17.0% to R$599.13M; reported net income was R$136.75M, versus R$77.81M a year earlier.

Financial highlights

• 2Q24 gross revenue was R$473.2M, up 14.4% YoY; net revenue excluding commissions rose 21.7%.

• 2Q24 consolidated net income was R$69.5M, up 60.9%; net income attributable to controlling shareholders was R$33.9M, up 35.8%.

• 1H24 net revenue excluding commissions was R$478.4M, up 15.1%; adjusted EBITDA was R$323.9M, up 30.7%, and adjusted net income was R$202.5M, up 41.1%.

Segment performance

• Insurance net revenue excluding commissions was R$139.2M, up 45.0% YoY; EBITDA reached R$121.2M, up 73.6%, with an 87.1% margin.

• Credit and Consortia revenue was R$36.2M, up 22.9%, and EBITDA was R$21.0M, up 35.6%; Promotiva revenue rose 56.2% to R$30.6M.

• Services revenue declined 10.3% to R$23.3M, while EBITDA increased to R$2.5M and margin expanded 9.2 p.p. to 10.9%.

• Run-Off Caixa revenue was R$49.4M, down 5.9%, and EBITDA was R$46.7M, down 6.2%.

• Inter Seguros had 2.6M active digital customers, up 69.8% YoY; gross revenue rose 50.6% to R$58.1M and EBITDA rose 55.8% to R$30.6M.