Wiz Co Participações e Corretagem de Seguros (WIZC3) Q3 2024 earnings summary

Executive summary

• Q3 net revenue ex commissions was BRL 265.3M, up 15.7% YoY; adjusted EBITDA reached BRL 187.6M, up 17.8%, and adjusted net income was BRL 120.8M, up 12.6%.

• Nine-month adjusted EBITDA and adjusted net income reached records of BRL 511.4M and BRL 323.3M, up 25.7% and 28.9%, respectively.

• Growth was organic, with no acquisitions since 2022, alongside a declining Rede Caixa run-off operation.

Financial highlights

• Q3 gross revenue was BRL 518.4M, up 14.1%; consolidated net income was BRL 88.5M, up 20.8%, and parent net income was BRL 50.2M, up 12.7%.

• 9M net revenue ex commissions reached BRL 743.7M, up 15.3%; consolidated net income was BRL 225.2M, up 49.1%.

• Quarterly insurance premium issuance set a record at BRL 937.8M, up 21.7% YoY.

• The Q3 financial result was negative BRL 14M, improving BRL 9.1M YoY as acquisition-related inflation adjustments declined.

Outlook and guidance

• Management expected strong growth to continue, supported by channel opportunities, new products, improved customer journeys, and deeper market penetration.

• Short-term cash management and capital structure remained priorities; M&A would depend on strategic fit and returns above the rising cost of capital.

• Financial expenses were expected to range from BRL 14M to BRL 20M in coming quarters.

• A pipeline of 30–40 mainly bancassurance opportunities was under review, subject to synergies and returns compatible with capital costs.