Meliuz Sa · BMFBOVESPA:CASH3
Meliuz Sa — Q2 2025 Earnings Presentation
26 slides from Meliuz Sa's earnings presentation, Aug 8, 2025
Slide 1: August 8, 2025
August 8, 2025
Slide 2: We achieved a BTC Yield of 908% with the operating result and our Follow-On
We achieved a BTC Yield of 908% with the operating result and our Follow-On Méliuz Operating Income Financial instruments R$ 12MM EBITDA 2Q25 Follow-on offering raises R$ 75MM EBITDA LTM R$ 180 million Méliuz | 2Q25 Earnings Presentation Bitcoin Yield = 908% 2Q25 vs. 1Q25 2
Slide 3: Agenda
AGENDA 2Q25 Financial and Operating Results Bitcoin Treasury Company
Slide 4: We recorded the best results for a second quarter in our history
We recorded the best results for a second quarter in our history. Financial Highlights R$ 97.8MM +12% R$ 7.6MM +113% R$ 75.6MM Net Revenue Consolidated vs. 2Q24 Net Income 2Q25 vs. 2Q24 EBITDA LTM 2Q25 R$ 12.0MM +118% 12.3% R$ 47.9MM Consolidated Margin EBITDA vs. 2Q24 LTM Net Income EBITDA 2Q25 2Q2
Slide 5: Highest net revenue for a second quarter, 12% year-on-year growth
We achieved the highest net revenue for a second quarter, representing a 12% year-on-year growth. Higher net Consolidated Net Revenue R$ 97.8MM revenue for a (R$ million) 2Q25 second quarter Méliuz | 2Q25 Earnings Presentation 5
Slide 6: EBITDA and EBITDA margin also records for a second quarter
EBITDA and EBITDA margin also represented records for a second quarter Consolidated EBITDA (R$ million) 12.3% 14.0% Margin Margem EBITDA EBITDA 2Q25 1zH25 Méliuz | 2Q25 Earnings Presentation 6
Slide 7: The improvement in performance has been built consistently over recent quarters
The improvement in performance has been built consistently over the last few quarters. Consolidated EBITDA Consolidated Adjusted EBITDA (R$ million) (R$ million) Méliuz | 2Q25 Earnings Presentation 7
Slide 8: R$ 47.9 million in net profit over the last months
We achieved R$ 47.9 million in net profit over the last 12 months. Consolidated Net Income (R$ million) Méliuz | 2Q25 Earnings Presentation ¹ Considers net income from continuing operations. 8
Slide 9: Strategic Plan 2025
We maintain our 2025 strategic plan, focused on accelerating growth while maintaining healthy margins. 2025 A B C Growth Financial Operational E-commerce and Services Efficiency STRATEGIC PLAN Nota Fiscal Profitability ● User Acquisition and Retention ● User Acquisition and ● Account and Card Growth R
Slide 10: Strategic Plan 2025
We maintain our 2025 strategic plan, focused on accelerating growth while maintaining healthy margins. 2025 A B C Growth Financial Operational E-commerce and Services Efficiency STRATEGIC PLAN Nota Fiscal Profitability ● User Acquisition and Retention ● User Acquisition and ● Account and Card Growth R
Slide 11: Solid growth of 15% in the Shopping vertical
We delivered solid growth of 15% in the Shopping vertical, supported by GMV growth and maintaining a strong take rate. GMV Shopping Brazil and Net Take Net revenue for shopping malls in Brazil and Rate Take Rate (R$ billion | %) (R$ million | %) Méliuz | 2Q25 Earnings Presentation 11
Slide 12: Accelerated development of B2B products, increasing our TAM
We accelerated the development of B2B products, i ncreasing our TAM and building new avenues of value creation for our partners COMPLETED COMPLETED COMPLETED Product Campaigns Showcase by SKU Méliuz | 2Q25 Earnings Presentation Méliuz technology for in-store campaigns and insights. UNDER DEVELOPMENT
Slide 13: Dozens of cases prove the value generated by Méliuz Business
Dozens of cases prove the value generated by Méliuz Business for e-commerce companies and partner brands. The brand Results: challenge: The partner needed to launch the product with: 3MM +6 pp. Users in Reach and Reduced Measurable Impacted Market Share segmented cost return in the target audience M
Slide 14: Strategic Plan 2025
We maintain our 2025 strategic plan, focused on accelerating growth while maintaining healthy margins. 2025 A B C Growth Financial Operational E-commerce and Services Efficiency STRATEGIC PLAN Nota Fiscal Profitability ● User Acquisition and Retention ● User Acquisition and ● Account and Card Growth R
Slide 15: Growing account and card base in partnership with banco BV
We continue to grow our account and card base in partnership with banco BV. Accumulated digital accounts Accumulated cards issued opened (# thousand) (# million) Méliuz | 2Q25 Earnings Presentation 15
Slide 16: New Insurance and Investment products and Bitcoin Roadmap
We launched new Insurance and Investment products and will move forward with our Bitcoin Roadmap in the second half of the year. DEVELOPMENT DEVELOPMENT COMPLETED Buying and selling Bitcoins Criptoback: Cashback in Insurance Bitcoins x x x COMPLETED Investment in CDBs Méliuz | 2Q25 Earnings Presenta
Slide 17: Strategic Plan 2025
We maintain our 2025 strategic plan, focused on accelerating growth while maintaining healthy margins. 2025 A B C Growth Financial Operational E-commerce and Services Efficiency STRATEGIC PLAN Nota Fiscal Profitability ● User Acquisition and Retention ● User Acquisition and ● Account and Card Growth R
Slide 18: Maintained efficiency levels while investing in business growth
We have maintained our efficiency levels without compromising our commitment to investing more and more in business growth Fixed Expenses¹ and Marketing Investments Ratio (% fixed expenses over % net revenue; % Marketing over net revenue) +59% Active Users on the App vs. 2Q24 Méliuz | 2Q25 Earnings Pr
Slide 19: Consistent in our mission to grow with healthy margins
We remain consistent in our mission to grow with healthy margins. Net Revenue, Adjusted EBITDA, and Consolidated Adjusted EBITDA Margin (R$ million | %) Méliuz | 2Q25 Earnings Presentation 19
Slide 20: Solid cash position of R$ 71.4 million and R$ 374.7 million in Bitcoin
We ended the quarter with a solid cash position of R$ 71.4 million, and R$ 374.7 million in Bitcoin Consolidated Cash Flow Evolution (R$ million) R$ 446.2MM Cash June/25 + current value of Bitcoin portfolio Méliuz | 2Q25 Earnings Presentation 20
Slide 21: Agenda
AGENDA 2Q25 Financial and Operating Results Bitcoin Treasury Company
Slide 22: Solid results as a BTC Treasury Company
We deliver solid results as a BTC Treasury Company Sats per share (+908% vs 1Q24) Bitcoin Bitcoin Yield Portfolio (vs. 1Q25) Valuation 528.6 (non-GAAP measure) Méliuz | 2Q25 Earnings Presentation 908% R$ 30MM 22
Slide 23: Follow-on offering and largest Bitcoin holder in Latin America
We carried out a follow-on offering with a net value of R$ 160 million and positioned ourselves as the largest holder of Bitcoin in Latin America with 595.7 Bitcoin. CASH3: Price and volume evolution +67% CASH3 Valuation (since BSE) Méliuz | 2Q25 Earnings Presentation R$ 37.6 MM Average daily tradin
Slide 24: BTC per share grew 908% quarter over quarter
We grew the number of BTC per share by 908% in the quarterly comparison Sats per share BTC Gain (BTC) BTC US$ Gain (USD) ₿ 415.0 US$ 44.5MM BTC yield (vs. 1Q25) BSE return +908% 67% Méliuz | 2Q25 Earnings Presentation Bitcoin position BTC average price (USD) ₿ 595.67 US$ 103,189 Bitcoin per thousand
Slide 25: Enterprise Value at 2.2x EBITDA LTM
Our Enterprise Value¹ is valued at 2.2x EBITDA LTM, even if we assume mNav of 1 for our BTC reserves Méliuz Enterprise Value (EV) ¹ (R$ million) EBITDA LTM: R$ 75,6MM LTM EBITDA: R$ 75.6 million EV/EBITDA multiple: Múltiplo 2.2x EV/ EBITDA: 2,2 Méliuz | 2Q25 Earnings Presentation 2 2 1. For manageme
Slide 26: ri.meliuz.com.br ri@meliuz.com.br
ri.meliuz.com.br ri@meliuz.com.br