Méliuz (CASH3) reported adjusted net income of R$ 9.7 million in the second quarter of 2026, up 14% from the R$ 8.5 million in 2Q25, with consolidated net revenue of R$ 115.7 million, an 18% increase on the same comparison basis. Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) totaled R$ 17.3 million in the period, a 38% advance compared to 2Q25 and a margin of 15.0%.
Considering the negative accounting impact of R$ 32.1 million related to Bitcoin impairment, the company recorded a net loss of R$ 22.4 million in 2Q26, versus a net profit of R$ 7.6 million a year earlier. This adjustment reflects the difference between the average acquisition price of Bitcoin and its market value on June 30, 2026, and does not affect cash.
In the last 12 months ended in 2Q26, Méliuz (CASH3) reached net revenue of R$ 495.9 million, up 26% from the previous equivalent period, and adjusted EBITDA of R$ 109.6 million, growth of 74%, with a record adjusted EBITDA margin of 22.1%. Revenue from Shopping Brasil, the company’s main business, was R$ 92.6 million in the quarter, a 32% increase compared to 2Q25, with emphasis on beyond e-commerce, which accounted for about 21% of the segment’s revenue.
In the quarter, adjusted operating costs and expenses totaled R$ 102.6 million, equivalent to 88.7% of net revenue, while marketing investment came to R$ 11.8 million, 15% below 2Q25. Cash, cash equivalents and marketable securities totaled R$ 112.6 million at the end of June 2026, of which R$ 75.5 million was available cash and R$ 37.2 million was tied to share buybacks.
In October 2025, the company launched its first share buyback program, completed in July 2026 with the acquisition of 9,131,725 shares at a cost of approximately R$ 37.2 million, fully funded by operating cash generation. The cancellation of these shares reduced the number of shares outstanding by 8.1% and generated, according to the company, a Bitcoin Yield of 8.46% in the period. In August 2026, the board authorized a new buyback program of up to 8,105,834 shares, corresponding to 10% of the shares outstanding, and Méliuz expanded its Bitcoin treasury strategy, starting to manage cash, Bitcoin position and non-leveraged derivatives in an integrated way.
