Slide 1: March 19, 2025
March 19, 2025
Slide 2: Our goal was clear for 2025
Our goal was clear for 2025: to accelerate growth without sacrificing margins Méliuz | 4Q25 Results Presentation 2
Slide 3: Goal achieved: +26% YoY revenue and +5.4 p.p. margin
This goal was achieved with great success: +26% YoY revenue and a +5.4 percentage point increase in margin Méliuz Nota Fiscal E-commerce Operating Profitability Growth and Other growth Efficiency Financial Services Retail Verticals +23 % +115 % +5.4 p.p. 25% -32 % YoY YoY YoY 4Q25 YoY Net revenue Net
Slide 4: Top records of 2025
Top records of 2025 Strong top-line growth Increasing profitability +26% +72% vs. 2024 vs. 2024 Growth and Diversification Margins accelerating of the Core Business Méliuz | 4Q25 Results Presentation +41% + 5,4 vs. 2024 p.p vs. 2024 4
Slide 5: A new level of growth, with momentum building throughout the year
We have reached a new level of growth, with momentum building throughout the year Year-over-year growth Adjusted EBITDA margin in net revenue + 17.8 + 8.2 p.p. p.p. Méliuz | 4Q25 Results Presentation 5
Slide 6: Growth & Operating Metrics
Growth & Operating Metrics
Slide 7: Over 50 million Brazilians chose Méliuz
There are 50 million Brazilians¹ who have chosen Méliuz as part of their shopping experience +50MM of registered accounts as of Jan/26 Méliuz | 4Q25 Results Presentation YoY growth + 60% + 20% + 12% + 28% + 29% ¹ 50 million registrations completed. 7
Slide 8: We are a low-cost user acquisition machine
We are a With less than low-cost R$ 2,0M user in monthly marketing spending1 acquisition machine Méliuz | 4Q25 Results Presentation 1 Average marketing and advertising budget of the parent company in 2025. 2 SensorTower Ranking: State of Mobile Report 2026. 8
Slide 9: Content spread and referral program drive growth
The massive spread of content and the strength of our referral program are the driving forces behind our explosive growth Use of AI 54% CONTENT CREATION TEST MANAGEMENT User acquisition is primarily organic Méliuz | 4Q25 Results Presentation CAMPAIGN OPTIMIZATION +5B impressions in 2025 publications
Slide 10: Exceptional cohort retention creates a snowball effect
The exceptional retention of our cohorts creates a snowball effect that accelerates our growth Cohort revenue retention R$ million +219 % Revenue retention of the cohort acquired 10 years ago1 Méliuz | 4Q25 Results Presentation 1 Refers to the 2016 cohort. 10
Slide 11: User retention through complete focus on the user experience
The O secret to user crescimento retention orgânico is simple:nas e a viralização redes , por meio a complete de indicação, focus sãoexperience on the user o motor por trás da nossa expansão de usuários Use of AI TRACKING LOSS PREDICTION FAST-TRACK CASHBACK CONFIRMATION GUIDED SHOPPING Méliuz | 4Q25
Slide 12: Qualified traffic and new monetization formats
Qualified traffic and new monetization formats: Higher sales for partners and higher commissions for Méliuz GMV and Take rate Net take rate R$ billion | % % Méliuz | 4Q25 Results Presentation 12
Slide 13: New monetization models drive revenue growth above GMV
New monetization models for the shopping are driving sustainable revenue growth that exceeds GMV Other verticals: Shopping Brasil Méliuz Ads Invoice Prime Joy "Resgate Others Méliuz | 4Q25 Results Presentation combinado" 13
Slide 14: New products drive engagement and 30% of shopping net revenue
The new products are generating strong engagement, accounting for 30% of the shopping's net revenue and driving growth Invoice Méliuz Prime APP 67 % 285% 39 % YoY YoY YoY Méliuz | 4Q25 Results Presentation Number of users sending Prime subscriber Active users on the app invoices base in 2025 in 4Q25
Slide 15: Hyper-personalization to expand into new verticals
Hyper-personalization is the key to expanding into new verticals without cannibalizing the core business. Use of AI PROPENSITY TO USE FEATURES PURCHASE INTENTION FOR PRODUCTS CHURN PREDICTION MODEL Méliuz | 4Q25 Results Presentation CUSTOMIZED PRODUCT RECOMMENDATION MODEL INDIVIDUAL SENSITIVITY TO C
Slide 16: Financial indicators
Financial indicators
Slide 17: We added R$ 95.2 million in revenue in 2025
We added R$ 95.2 million in revenue in 2025: one additional quarter’s worth of earnings generated in a single year Net revenue R$ million R$ 95.2M Addition of revenue 2025 +52% YoY Growth in net revenue for Shopping Brasil in 4Q25 R$ 38.4M +32% Addition of revenue 2024 Méliuz | 4Q25 Results Presenta
Slide 18: New products grew 115% annually
New products grew by 115% annually, diversifying our revenue streams and increasing the shopping's resilience Net revenue Net revenue Net revenue from other Shopping Brasil E-commerce shopping segments R$ million R$ million R$ million = + Méliuz | 4Q25 Results Presentation 1 Other verticals: Méliuz
Slide 19: Growth with increased efficiency and fixed cost control
Net revenue R$ million This growth was accompanied by increased efficiency and strict control of fixed costs % of net revenue Méliuz | 4Q25 Results Presentation 19
Slide 20: Becoming increasingly efficient with widespread AI adoption
We are becoming O crescimento increasingly orgânico efficient, e a viralização nasand this redesis, por justmeio the de beginning indicação,ofsão our o motor por trás widespread adoption of da nossa expansão de usuários AI Use of AI Revenue per employee 1 PR/Devs 2 100% OF ENGINEERS USING AI R$ thous
Slide 21: Record EBITDA and EBITDA margin
The result of all this: Record EBITDA and EBITDA margin Adjusted EBITDA and EBITDA margin R$ million | % Méliuz | 4Q25 Results Presentation 21
Slide 22: Cash Generation and Treasury Strategy
Cash Generation and Treasury Strategy
Slide 23: Record cash flow for a quarter
Our results translate into cash flow: we achieved record cash flow for a quarter Bridge between EBITDA and Record cash flow change R$ million cash flow for a quarter Méliuz | 4Q25 Results Presentation 23
Slide 24: Strong 4Q25 cash flow and share buybacks
We generated strong cash flow in 4Q25 and allocated R$ 16 million to share buybacks Cash position R$ million R$ 16.0 million in share buybacks allocated to marketable securities related to derivative contracts with counterparties Méliuz | 4Q25 Results Presentation 24
Slide 25: Enterprise value of R$ 46.7 million, 0.5x EV/EBITDA
Méliuz's current enterprise value is R$ 46.7 million, 0.5x EV/EBITDA, for a business in growth and debt-free Multiple Méliuz Enterprise Value (EV)¹ Adjusted EV/EBITDA: 0.50x R$ million 366.9 73.1 +26% +50 MM 20.3 Net revenue YoY Total accounts 92.9 MM 7th place Adjusted EBITDA 2025 Most downloaded s
Slide 26: Valuation multiple well below national and international peers
Our valuation multiple is well below that of national and international peers, despite our stronger growth. EV/EBITDA 1 0.50x 10.58x 17.38x 6.35x 12.93x 11.35x 5.60x Year-over-y Méliuz | 4Q25 Results Presentation +26% +25% -7% +2% +17% +11% - ear revenue growth 1. Fonte: Yahoo Finance * Bemobi divul
Slide 27: Share buybacks maximize our Bitcoin yield
At the moment, share buybacks are the most effective way to maximize our Bitcoin yield Cash flow from core business Acquisition of Bitcoin Share buyback 604.7 Bitcoin 3,755,000 ações ¹ ou R$230,0M ou R$16,0M (Operating Cash Flow + Follow-On) (Operating Cash Flow) Méliuz | 4Q25 Results Presentation Ma
Slide 28: We want to be the largest loyalty program in Brazil
FOR CUSTOMERS We want to ● Throughout the entire shopping journey be the largest ● ● With the best experience As a brand that is remembered and loved loyalty FOR PARTNERS program in ● Best ROI among marketing channels ● Greater ability to generate sales Brazil! FOR INVESTORS Méliuz | 4Q25 Results Pr
Slide 29: Our goals for 2026
Our goals for 2026 Top-line growth, Revenue Maintaining with a focus growth per a healthy on shopping user margin Bitcoin vertical (ARPU) growth per share Méliuz | 4Q25 Results Presentation IA first 29
Slide 30: BTC Strategy Discussion
We invite you to: BTC Strategy Discussion Date: March 19, 2026 Méliuz | 4Q25 Results Presentation Time: 12:30 p.m. (BRT) Access link:: Click here 30
Slide 31: ri.meliuz.com.br
ri.meliuz.com.br ri@meliuz.com.br