Méliuz (CASH3) reported consolidated net income of R$ 113.7 million in 3Q26, the largest quarterly profit in its history, compared with R$ 14.2 million in 3Q25. The result includes non-cash accounting effects: a reversal of R$ 78.5 million in impairment (loss in value) on the company's bitcoins, following the rise in the cryptocurrency's price during the quarter, and R$ 25.8 million in deferred income tax, resulting from the merger of Alter in August.
Consolidated net revenue totaled R$ 96.1 million, down 22.3% from R$ 123.7 million in 3Q25 and down 16.9% from 2Q26. The company attributes the decline mainly to the contraction in e-commerce (revenue of R$ 50.4 million, -35.3%), affected by Casas Bahia's judicial reorganization filing in August. The change in partner mix, the non-recurring effect of R$ 3.9 million in the comparison base, and the slowdown in retail also weighed. Méliuz estimates it failed to recognize about R$ 15 million in revenue because of Casas Bahia. E-commerce sales volume (GMV) was R$ 1.25 billion, down 3%, and the take rate (average revenue rate on sales) fell 0.9 percentage point, to 6.3%.
Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) was R$ 17.0 million, compared with R$ 27.2 million in 3Q25, with a margin of 17.7%. Consolidated EBITDA, including the impact of Bitcoin and extraordinary items, was R$ 85.3 million, compared with R$ 26.1 million a year earlier. Adjusted net income grew 28.4%, to R$ 19.6 million, from R$ 15.3 million in 3Q25. The company recorded a provision of R$ 14.0 million for losses on Casas Bahia receivables, partially offset by a R$ 3.8 million reversal in cashback.
Over the last 12 months, net revenue was R$ 468.3 million (+9.8%), adjusted EBITDA was R$ 99.0 million (+26.7%, 21.1% margin) and adjusted net income was R$ 64.5 million (+69.9%). Revenue from products beyond e-commerce totaled R$ 85.1 million (+89.5%). In the quarter, this revenue was R$ 20.3 million, up 23.8% over 3Q25 excluding the non-recurring effect. The user base reached 56.6 million accounts, up 23.3%.
Méliuz ended the quarter with 526.7 bitcoins, after selling 78 for R$ 29.4 million to fund the second share buyback program, opened in August, in which it invested R$ 44.7 million in the quarter. It purchased options to repurchase the same 78 bitcoins in 2027, at a maximum cost of US$ 5.85 million. Operating cash generation was R$ 8.3 million. Cash and investments totaled R$ 106.3 million. The earnings webcast takes place on November 5, at 11 a.m.
