Slide 1: 1Q26 Results Presentation
1Q26 Presentation Results MAY 15, 2026
Slide 2: Agenda
AGENDA 1Q26 Earnings Presentation 1 Méliuz in Perspective 2 Growth, Earnings, and Cash Flow 3 Closing Thoughts
Slide 3: Méliuz in Perspective
AGENDA 1Q26 Earnings Presentation 1 Méliuz in Perspective
Slide 4: We achieved an EBITDA margin of 25.5%: the highest in our history
We achieved an EBITDA margin of 25.5%: the highest in our history. And this is just the beginning… Adjusted EBITDA and adjusted EBITDA margin Key objectives for the year R$ million | % Turn-around Growth with profitability 25.5% 1Q26 Adjusted EBITDA Margin Growth of Top-line growth products with a fo
Slide 5: Hyper-efficient acquisition and retention machine for the Brazilian market
We create value because we are a hyper-efficient acquisition and retention machine for the Brazilian market Acquisition Retention Total accounts Revenue retention per # million cohort R$ million Méliuz | Presentation Results 1Q26 7th most downloaded app in average, we invest +219% R$ 1.9M Retention o
Slide 6: Our value is not limited to e-commerce: we expand our addressable market
Our value is not limited to e-commerce: we innovate, create new products, and expand our Addressable Market. Addressable market 1 GMV R$ Others Pharmaceutical retail Food retail E-commerce Méliuz | Presentation Results 1Q26 Méliuz 2% of the total R$ 0.4 tri +R$ 1.1 tri +29% YoY +23% YoY +7% YoY 1 So
Slide 7: We understand the actual purchasing habits of million Brazilians
We understand the actual purchasing habits of 52 million Brazilians. AI enhances our ability to create value. Users Proprietary data + AI Partners In-depth knowledge of thousands of users A growing understanding of the challenges faced by our retail and industry partners Real purchasing habits Segme
Slide 8: We will be the largest loyalty program in Brazil
FOR USERS We will be ● Throughout the entire purchasing journey the largest ● ● With the best experience A brand that is remembered and loved loyalty FOR PARTNERS program in ● Best ROI across marketing channels ● Greater ability to generate sales Brazil! Méliuz | Presentation Results 1Q26 FOR INVEST
Slide 9: Our EV/EBITDA multiple is 5x–13x lower than comparable companies
Our EV/EBITDA multiple is 5x–13x lower than that of comparable companies, despite our growth and debt-free position. Market Cap Cash available Buyback¹ BTC Nav Adjusted Enterprise Value² R$ 485.7 M R$ 66.5 M R$ 30.4 M R$ 245.4 M R$ 143.4 M - - - = Adjusted EBITDA R$ 105.3M +60% YoY EV/EBITDA² 1.36x
Slide 10: Growth, Earnings, and Cash Flow
AGENDA 1Q26 Earnings Presentation 1 Méliuz in Perspective 2 Growth, Earnings, and Cash Flow
Slide 11: In 2026, we'll take the next step
In 2026, we'll take next step Top-line Revenue growth, Maintaining growth per with a focus a healthy user Growth of on the margin (ARPU) Bitcoin per shopping share Méliuz | Presentation Results 1Q26 IA First 11
Slide 12: In 2026, we'll take the next step
In 2026, we'll take next step Top-line Revenue growth, Maintaining growth per with a focus a healthy user Growth of on the margin (ARPU) Bitcoin per shopping share Méliuz | Presentation Results 1Q26 IA First 12
Slide 13: Strong revenue growth, setting a new record in 1Q26
We continued to see strong revenue growth, setting a new record in 1Q26 Consolidated net revenue (R$ million) +40% Shopping revenue 1Q26LTM vs 1Q25LTM -29% Revenue from fin. serv. Méliuz | Presentation Results 1Q26 1Q26LTM vs. 1Q25LTM +10% Other companies 1Q26LTM vs. 1Q25LTM 13
Slide 14: Shopping continues to grow by more than 30% YoY
Shopping continues to grow by more than 30% YoY, driven by the “beyond e-commerce” segment, which is growing by 346% YoY Shopping Brazil net revenue Growth in Shopping Brazil net revenue R$ million R$ million +9% E-commerce growth 1Q26 YoY Méliuz | Presentation Results 1Q26 +346% Growth beyond e-com
Slide 15: E-commerce business continues to grow
Our e-commerce business continues to grow, despite one-time impacts from seasonal campaign fluctuations E-commerce revenue GMV and Take rate R$ million R$ billion | % +2.4% 1Q26 Net take rate Méliuz | Presentation Results 1Q26 +2.3% 1Q26 Net take rate LTM 15
Slide 16: Beyond E-commerce drives platform engagement
The Beyond E-commerce division drives platform engagement, with strong synergies with E-Commerce Beyond Multi-product High Cross e-commerce user Frequency of Platform Use Cross Méliuz | Presentation Results 1Q26 E-commerce Low only Low High LTV per user 16
Slide 17: Beyond E-commerce makes the ecosystem more resilient
With Beyond E-commerce, our ecosystem has become more resilient and gained new growth drivers Synergies for the Ecosystem Beyond Multi-product High Cross e-commerce user Frequency of Platform Use B2B Revenue Diversification Cross Growth of the Addressable Market Méliuz | Presentation Results 1Q26 B2C
Slide 18: In 2026, we'll take the next step
In 2026, we'll take next step Top-line Revenue growth, Maintaining growth per with a focus a healthy user Growth of on the margin (ARPU) Bitcoin per shopping share Méliuz | Presentation Results 1Q26 IA First 18
Slide 19: E-commerce ARPU up 23% and Beyond E-commerce ARPU up 56%
In 2 months, we increased E-commerce ARPU by 23% and Beyond E-commerce ARPU by 56%. Revenue per active user (LTM) (base 100) E-commerce Beyond E-commerce Méliuz | Presentation Results 1Q26 1 Revenue per active user (LTM): revenue attributed to users over the past 12 months divided by the number of u
Slide 20: In 2026, we'll take the next step
In 2026, we'll take next step Top-line Revenue growth, Maintaining growth per with a focus a healthy user Growth of on the margin (ARPU) Bitcoin per shopping share Méliuz | Presentation Results 1Q26 IA First 20
Slide 21: YoY EBITDA up 74% and margin expanded 8.2 p.p.
We increased our YoY EBITDA by 74% and expanded our EBITDA margin by 8.2 p.p. Consolidated adjusted EBITDA (R$ million) Méliuz | Presentation Results 1Q26 1 In 1Q26, adjusted EBITDA reflects only the accounting impact related to Bitcoin. 21
Slide 22: Cost and expense management is a central pillar
Net revenue R$ million Cost and expense management is a central pillar of our strategy and is part of the Company’s day-to-day % of net revenue operations Méliuz | Presentation Results 1Q26 22
Slide 23: Consistency quarter after quarter is the key to our success
Consistency quarter after quarter is the key to our success Consolidated adjusted EBITDA (R$ million) Méliuz | Presentation Results 1Q26 1 In 1Q26, adjusted EBITDA reflects only the accounting impact related to Bitcoin. 23
Slide 24: In 2026, we'll take the next step
In 2026, we'll take next step Top-line Revenue growth, Maintaining growth per with a focus a healthy user Growth of on the margin (ARPU) Bitcoin per shopping share Méliuz | Presentation Results 1Q26 IA First 24
Slide 25: AI isn't the goal: it's the means behind all the results
AI isn't the goal: it's the means behind all the results we deliver +89 % PR/Dev in 12 months 1 R$ 2.2M annual revenue per employee 2 +17M recommendations + 29% YoY LTM generated for users in March 2026 Delivery speed Hyper-personalization Operational intelligence Anyone can look up Develop- Over 90
Slide 26: AI isn't the goal: it's the means behind all the results
AI isn't the goal: it's the means behind all the results we deliver +89 % PR/Dev in 12 months 1 R$ 2.2M annual revenue per employee 2 +17M recommendations + 29% YoY LTM generated for users in March 2026 Delivery speed Hyper-personalization Operational intelligence Anyone can look up Develop- Over 90
Slide 27: AI isn't the goal: it's the means behind all the results
AI isn't the goal: it's the means behind all the results we deliver +89 % PR/Dev in 12 months 1 R$ 2.2M annual revenue per employee 2 +17M recommendations + 29% YoY LTM generated for users in March 2026 Delivery speed Hyper-personalization Operational intelligence Anyone can look up Develop- Over 90
Slide 28: AI isn't the goal: it's the means behind all the results
AI isn't the goal: it's the means behind all the results we deliver +89 % PR/Dev in 12 months 1 R$ 2.2M annual revenue per employee 2 +17M recommendations + 29% YoY LTM generated for users in March 2026 Delivery speed Hyper-personalization Operational intelligence Anyone can look up Develop- Over 90
Slide 29: In 2026, we'll take the next step
In 2026, we'll take next step Top-line Revenue growth, Maintaining growth per with a focus a healthy user Growth of on the margin (ARPU) Bitcoin per shopping share Méliuz | Presentation Results 1Q26 IA First 29
Slide 30: Strong cash flow allowed R$ 24.8 million in share buybacks
xxx Our strong cash flow allowed us to allocate R$ 24.8 million to share buybacks through the first quarter; +R$ 5.6 million were repurchased through May 4 Cash position (R$ million) +R$ 5.6M Shares repurchased in 2Q26 Méliuz | Presentation Results 1Q26 1 As disclosed in the Market Announcement releas
Slide 31: Annualized Bitcoin Yield of 12.42% from share buyback program
We generated an annualized Bitcoin Yield of 12.42% as a result of the share buyback program Cash flow from core business Bitcoin acquisition Buyback shares 604.7 Bitcoin 7,537,000 shares or R$30.5M1 Méliuz | Presentation Results 1Q26 or R$238.0M (Operating cash + Follow On) (Operating cash) Maximize
Slide 32: Closing Thoughts
AGENDA 1Q26 Earnings Presentation 1 Méliuz in Perspective 2 Growth, Earnings, and Cash Flow 3 Closing Thoughts
Slide 33: IBOV companies by EV/Net Income and growth
We plotted the IBOV companies on a chart showing EV/Net Income and growth Méliuz | Presentation Results 1Q26 Méliuz Internal RI Analysis. This analysis considers Méliuz’s LTM 1Q26 Net Income, excluding the effects of Bitcoin price depreciation. Among Ibov companies, those in the banking and financial
Slide 34: Lowest EV/Net Income on the Ibov index
Méliuz's operating business has the lowest EV/Net Income ratio on the Ibov index and ranks among the top six in terms of growth Méliuz | Presentation Results 1Q26 Méliuz Internal RI Analysis. This analysis considers Méliuz’s LTM 1Q26 Net Income, excluding the effects of Bitcoin price depreciation. A
Slide 35: We will be the largest loyalty program in Brazil
FOR USERS We will be ● Throughout the entire purchasing journey the largest ● ● With the best experience A brand that is remembered and loved loyalty FOR PARTNERS program in ● Best ROI across marketing channels ● Greater ability to generate sales Brazil! Méliuz | Presentation Results 1Q26 FOR INVEST
Slide 36: Talk about BTC Strategy
We invite you to: Participants Talk about BTC Strategy Gabriel Loures Israel Salmen Mason Foard Date: May 15, 2026 Méliuz | Presentation Results 1Q26 Time: 12:30 p.m. (BRT) Access link: Click here Dan Hillery Chase Palmieri 36
Slide 37: ri.meliuz.com.br
ri.meliuz.com.br ri@meliuz.com.br