Wiz Co Participações e Corretagem de Seguros (WIZC3) Q4 2024 earnings summary

Executive summary

• FY24 gross revenue reached a record BRL 1.943bn (+9.3%); net revenue excluding commissions was BRL 1,003.1m (+9.8%), EBITDA BRL 686.0m (+18.3%) and consolidated net income BRL 296.8m (+25.8%).

• 2024 distribution across insurance, credit and consortium products totaled BRL 20.5bn (+15.9%); insurance premiums issued reached BRL 3.6bn (+26.2%) and credit and consortium sales BRL 16.9bn (+13.9%).

• Net debt closed FY24 at BRL 445.6m, down BRL 162.9m (26.8%) YoY; Wiz Pro expanded to six business units, with 2025 priorities including deleveraging and operational efficiency.

Financial highlights

• 4Q24 gross revenue was BRL 511.1m (+3.8% YoY); net revenue excluding commissions was BRL 259.4m (-3.5%), or BRL 208.0m excluding Caixa (+0.1%).

• 4Q24 EBITDA was BRL 174.5m, down 4.5% reported but up 1.1% adjusted; 4Q adjusted net income was BRL 115.8m (-1.4%), while reported net income was BRL 71.6m (-15.6%).

• FY24 adjusted net income was BRL 439.2m (+19.2%); parent-company net income was BRL 160.1m (+13.1%), or BRL 174.1m excluding Polishop-related non-recurring charges.

• FY24 costs were BRL 213.8m (-3.8%); general and administrative expenses were BRL 157.2m (+3.8%).

• Consolidated EBITDA margin reached 68.4% (+4.9 p.p.); net margin was 29.6% (+3.8 p.p.).

Outlook and guidance

• 2025 priorities include deleveraging, capturing synergies, operational excellence and profitable growth; no numerical financial guidance was stated.

• Wiz Pro digital transformation remains central, alongside expansion of proprietary sales and direct channels; Promotiva plans greater capacity and a broader solutions portfolio.

• Management cited early-2025 sales growth and benign Q1 credit conditions, while describing the broader market as challenging; a BRL 300m debenture issuance extended maturities to 2030.