Méliuz S.A. (CASH3) Earnings Call Transcript & Summary

[Interpreted] This will be recorded and later will be available along with the transcript on our IR website. The slides shared here are already available in our website and the Securities and Exchange Commission or the CVM website. After our presentation, we have our Q&A session. [Operator Instructions] The floor is yours, Gabriel.

[Interpreted] Thank you, Marcio, and thank everyone who is here. Well, I would like to take this moment to reflect upon this past 12 months. Since I started as the CEO in the third quarter of '24, it was the first earnings call I had as the CEO of Méliuz. Now it's my fourth earnings call as the CEO, and this is a historic moment resulting from the hard work of all of our team. I would like to thank all of our staff at YouTube and Zoom, part of our team. We went through bad times in Méliuz, the cost cuts and everybody stood together and worked really hard to deliver the results we can see today. And the work that is being consolidated now is not the result of only the first -- the last year, but the last 3 years of those who work hard for our company. Thank you for your focus, attention and dedication. And for our shareholders, the key message is that we are in a marathon. This is not a sprint race. So we had the consensus of the market in almost 60% and you can realize results were progressive every quarter we grew. It was not a surprise to us and to no one in our team because we have improved our results quarter after quarter in revenue and EBITDA, and we have acceleration of growth with accountability and safety, that's what I want to show to you. We are going to show you some of the highlights in our numbers. And with that, I would like to bring to you some of the main results. where we tripled our EBITDA. If you compare the quarter, we more than tripled, we grew 258% a consolidated EBITDA of BRL 26.6 million in the adjusted our consolidated EBITDA, 258% growth versus the third quarter of '24. We grew our revenue in 37% year-on-year and 63% growth in net revenue in Shopping Brazil. It's much higher than Brazilian retail, reflecting our efforts to improve the share of wallets of our users, increase our addressable market and find business with our partners. And the result of this work, both in revenue and costs was this EBITDA in the past 12 months, BRL 94.7 million. This is a very strong steady result, resulting from the growth in revenue and control over costs we have reached. The consequence is EBITDA margin of 21.4%, very significant growth versus the third quarter of '24. And the company is still in the very sturdy and healthy level of EBITDA, and we will maintain this pathway. The consolidated net revenue is BRL 123.7 million, 37% increase and net income of BRL 14.2 million. Another highlight here that is important to mention that for the first time in our history, we have over 1 million accounts opened in just 1 month. This is a historical hallmark for Méliuz. Even if you compare it to the year of '21 with the Black November and all of that, this year, we achieved over 1 million accounts opened in a single month. And we did that assuring the best possible experience for our users. If they have the best experience, they will bring more users, and that's our focus. Now we are going to have a different -- slightly different model. I'll start talking about growth. I believe that in 2022 and 2023, that was not our main focus. It was the turnout of our company. But now we will focus on our growth we have achieved because this will generate results for the future. And then I'll talk about bottom line and operating efficiency and then talk about the cash flow and our ability to generate cash flow, and it's linked to our strategy as a treasury company. So the first thing I would like to highlight, and we're very proud about this slide here. We are recurrently and consistently among the 5 most downloaded shopping apps in Brazil. If you recall, in 2024, we showed in our report that closed the year of '24 that we had been the seventh most downloaded app in Brazil. Now we are among the 5. Sometimes depending on the month, we are the fourth or the fifth. And if you consider the whole of Brazil, we are -- not only in shopping, we are the 19th most downloaded app in Brazil as a whole. And we are doing a lot with -- not so much. We had a -- marketing budget is BRL 1.9 million in marketing investments per month. So we have done all of that in a very efficient way. And our customer acquisition cost is well below the average of other shopping players, very efficient. This allows us to generate value for our partners in the long run. This is a platform with over 45 million users and that grows and growth, bringing users in -- with an efficient way. We can generate value for our players because we generate incremental and shop business and generating from this strong user base. The main message here, we have done a lot with little. This shows how efficient we are as Méliuz, and this is nothing new. We have been doing that since Israel Marcus (sic) [ Israel Salmen ] founded Méliuz way back when we went IPO with $6 million in funding. We have always been a very efficient company in terms of acquiring clients, and this shall continue. So the consequence of that is the growth of our shopping base. We had closed the third quarter of '24 with 35 million accounts, and we grew 30%. So we added over 10 million clients in 1 year. That's an impressive value for a company that has 14 years of history. In 1 year, we added 30% in our complete base. This was followed by a number of accounts we added. So the third quarter of '24, we had added 2 million accounts. In the third quarter of this year, we added 2.8 million with a growth of 26%. As a parenthesis here, the most important information here on this slide, even more than growth is how this reflects in our -- in the number of active users, those who really generate value for Méliuz, not only those who access the app, but those who perform an action that generate value for us, that adds value for us. We grew this number -- we grew in a number of accounts, but with quality and users who are active, 64% of active users in this quarter. We're not just bringing users. We are bringing users who will add value for the company in the short run, in the long run, and I'm going to tell you why I'm talking about long run. But talking about this acquisition and why we're so efficient in acquiring users, if you look at our main acquisition channels is -- the first is users bringing new users. This is in our organic numbers. And the second pillar is Google Search content. We do not spend to acquire these users. And we have our marketing investments with TikTok and other partners investing BRL 1.9 million per month, BRL 1.9 million per month. But mostly, we have generated users free of costs and in a spontaneous way because users will bring other users. As I told you that the growth of users in the short run will have an impact in the long run. And why? Because of this chart. Every year, we -- by the end of the year, we show this chart. So this is not yet fully accomplished. This is just for the first 9 months. But the idea here is that when I grow my bases, my user bases are creating numbers, more numbers of users, more cohorts of users, and they follow us. So each cohort of 2017, 2018 and so on, our retention of GMV is huge. And this is the secret of our business, our ability to acquire users in a cheaper way. We have a customer acquisition cost that is low. But not only that, they continue using Méliuz, and we give them the best experience, so our users keep on adding value for us and for our partners. As an example, the last cohort that completed 5 years, which is the 2019 cohort of our bases of users who entered or joined in 2019 and continuing with us, the result was 96%. So if the user got to us in 2019 and started buying with 100, they are now buying 96. This is really huge. I know no player of SaaS or e-commerce with such a large retention. This is the result of our experience of our results that we can -- and the experience we can generate for our users. So this growth will have a positive impact in the long run. What we're generating now, we will grow our revenue, 37% in the quarter, but the acquisition of new records of new active users will generate positive effects in the long run as well. So now looking at our revenue, let me talk about Shopping Brazil. We grew 63% year-on-year. We are talking about BRL 60.2 million revenue that went to BRL 98.2 million, almost BRL 100 million in this quarter. This is the largest revenue for Shopping Brazil in the history of Méliuz. And as important as the growth in the quarter, it is consistent. You can see our evolution last of month in the previous 12 months and quarter-by-quarter, every quarter, we have added additional revenue, incremental revenue. So we had BRL 244 million, then BRL 246 million, BRL 264 million, BRL 273 million, and then we had this huge leap, BRL 311.7 million, a growth of 28% in Q3 '25. So we have two main components of this revenue, and this is the first time we bring this to the market, and it's important to disclose this here. In our Shopping Brazil, we have e-commerce, traditional business, the users join Méliuz, we indicate these users to our partners, then they buy there. We get a commission as part of the total GMV, and we share this with the user. This number will be reflected by the improvement in take rate and growth in GMV and operating numbers and figures that we disclosed. And there's another vertical that has grown over the years, which are the other lines of business, other products we have developed for our partners. In these lines, in the third quarter of '24, we had BRL 10.7 million in revenue, and now we have BRL 29 million in revenue, a growth of 172%. And what do you have here inside? Inside the shopping verticals, we have other leverages that generate revenue for our partners. So I'd like to highlight three of them, but we have others. So the first of them, and we have discussed it quite greatly and has a very good result for us is Méliuz Prime. It's a subscription program. Our users can opt to pay monthly or annually to get extra benefits. And this product has a very significant result in two different ways. One, it obviously generates subscription revenue. Users paid for it from BRL 80 to BRL 90 -- or BRL 90.90 -- or up to BRL 90 per year for the subscription, but it also generates GMV and incremental revenue. In practice, the benefit we deliver to our clients, to our customers are campaigns and increased cash backs with our partners in physical stores and in online stores. And then we will pay the difference of cash back for those users. They will get more cash backs. And I do this in stores, they are not used to buy in. So I can deliver more purchases, and this will help increase the results for shopping directly on GMV and also through subscription. The second main product is Méliuz Ads. It has grown significantly. And Méliuz Ads growth is due to our capacity to deliver more segmented users to our partners. So in fact, we can deliver the best campaigns for the best users, the best channels in our app, in our website, in the clients or the customers' WhatsApp. It can be a cross-sell from a business line into another business line. And this will go into Méliuz Ads. This is how I create a space for our partners so they can communicate their products, their categories for the users. And this will generate a good result on the margin because it's very good in margin. And the third product that has grown is Méliuz For Brands. As users see it is the invoice values. They generate or the add values for the partner brands. They sell in supermarkets, in drug stores and each and every point of sale -- physical points of sale in Brazil. This has had a very good penetration, which helps net revenue in Shopping Brazil and other earnings and results. They account for 25% of the net income of Brazil in shopping and 25% of net revenue from Shopping in this third quarter. Just a final comment here. We always like to talk about the bases of premium bases. We have grown 390% in our active user base if you compare this to the third quarter of '24. This is the main value we give you. Our concern is not to generate direct subscription revenues to generate incrementality. And then I will generate value for our users because they start using their benefits. This helped us achieve these numbers and to retain a high level of satisfaction and grow our user base. And then to complete this line of thought and to help users and the market understand this, let me talk about the leverages we have worked with and we'll keep on working with to improve these revenues. To start with, there is a cross leverage that impacts Méliuz as a whole, shopping, financial services and all of our lines of business, which is the growth of our active base. As I told you before, 64% growth year-on-year. So when we grow the active base, we can grow all the business verticals, as you know. So looking at each product, each product has a different focus in the sense of either it is for our partners or it's a product for our users or both. For example, Méliuz Ads, the focus is the partners. I want to find ways so our partners can announce their brands, categories and products in a better fashion to our users and our users get that information and the best opportunity for them to buy from our partners. And then we have worked with several and important leverage to work with that. First, larger inventory so we can deliver efficiently in communications through WhatsApp to our users, via CRM and also increase opportunities of exposures, so our users can check the best offers. And most of all, we have worked with AI to show our products. So if I have two users with different -- completely different behaviors, I'm not taking the best of our this opportunity. But if I find that users, that customer that can get the best ad for them, I can deliver best opportunity. This is a very important vertical. They buy more, and we have used this at the core of our business to improve that. Then we have Méliuz Prime. First is a B2C product. Firstly, I delivered this to our customers as a subscription, but it's also a B2B product because I sell this campaign to our partners. They invest more to get to this Méliuz Prime because they have more active, more frequent clients, usually higher-end users and more recurring users when they have better penetration in e-commerce. So we have this B2B and B2C, and we have more and more campaigns for our B2B in Méliuz Prime, and there is an increase in the subscriber share of wallet. The main goal of the product is incrementality. We can sell more in e-commerce and generate more for the users and make this space grow. The third vertical is Méliuz For Brands focused on those consumer goods and fast commerce that I mentioned. And the idea is to grow the number of advertisers. We want to have more and more advertisers taking part in our promotions. And we have other products. They are mostly B2C features of our app that we can have better profitability, new opportunities for monetization and users. For example, you can answer a research or a survey and get cash back or a game with cash back, several products help monetize our business. This -- I explained to you how the shopping -- the revenue of 63% come from us. So Shopping Brazil drove Méliuz 37% growth in net revenue. This is a very good -- this is the best result in a quarter for Méliuz for any quarter, not only a third quarter in Méliuz, this is a hallmark for Méliuz. You know that the Black Friday is the top month for Méliuz. And usually, this is the most important month for e-commerce, November. But we have created several avenues for growth, not only e-commerce, we have generated better growth. We can grow even outside this November month. So BRL 1 million and more is what shows this. We can work with several verticals, not only e-commerce. So we are truly confident with this new -- this next Black Friday. We want to turn this Black Friday into the best one possible. So we grew 37% in the net revenue year-on-year and 63% of Shopping Brazil, 40% drop in the net revenue in financial services and a growth of 25% in the net revenue of other companies in the consolidated numbers. In financial services, net revenue for financial services, we had a decrease of 40%. This is due to negotiation with the BV Bank by the end of the year, which made our revenue drop in this comparison year-on-year. But if you check quarter after quarter, the revenue remains stable. Next, please. So if you look beyond financial services revenue, we had an increase of 12% of -- from BRL 14.2 million to BRL 15.9 million, resulting from our other businesses, both in Brazil and in other countries. The best -- one of the best results achieved. Looking at the future, we have this partnership with BV. We have worked together to generate more value, to add more value to our partners and end users. There was a record of funding in CDBs and other products, funding for accounts and our investments, and we have focused in this fourth quarter to guarantee that this insurance vertical also grows. There was a temporary impact because of this negotiation with the BV Bank, but we have worked to generate and add more value to our partners and values end users. Next, please. And then the conclusion, let's say, this is the total net revenue. And this chart talks about how consistent our results are. When you look quarter after quarter, we have grown our revenue that we are bringing into the company, and we brought two numbers here. The revenue addition 9 months of '25 and the revenue addition in the first 9 months of '24. In '24, we added BRL 34 million. And in '25, in the first 9 months, we added BRL 62 million, a growth of almost 80% in added revenue for the first 9 months of this year. This is a very important percentage. It shows how hard we've been working throughout 2025 to generate additional revenue in this consolidated view focused in this area. Next, please. I talked about growth and revenue. Now let's talk about bottom line and operating efficiency. This chart tells a lot about what we have done in the past 3 years and how -- and why I thanked our team. So we let 53% of our revenue as fixed costs, super high. And now we have 30% of our revenue devoted to fixed costs. So the base of costs has fell as a proportion of the revenue. This allowed us to become more and more efficiency, generating more and more results. If you look at the representativity of net revenue, we had a decrease of 23 percentage points of net revenue representation. This reflects our ability to keep on growing, maintaining controlled costs. And another idea is represented here. It shows how our business is sturdy and efficient. We have grown -- I mean, we had BRL 307 million in the third quarter of '23. And then we grew and grew and now we achieved BRL 426.6 million in this quarter. This is a LTM view. So we can see this evolution since '23 to '25. So this is a very good view that it can show you differences as a whole and discounting season abilities. So we left a very high level of fixed cost of 62%, moving on to 28%. I'm talking about cash back, and this will impact our campaigns and also have an impact on the number of users. This idea is to maintain sustainable and efficient cash backs or this is in a level that we consider pretty satisfactory and our investments in marketing grew. We invested more in marketing because our fixed costs have been reduced so as we could invest more in market and improve our EBITDA as we wanted to show the market. And this is what we delivered. So if you compare the third quarter of '24 to '25, we grew our EBITDA in 258%. So in our view here, last of months, this market -- this chart to your right, we have BRL 94.7 million or 207%. This is a very strong number, showing the consequence of growth with costs under control. This is also reflected in our net income that went from BRL 8.8 million to BRL 14 million and then growing 60%, BRL 14.2 million. And then we went from -- last year, there was a permit that was relevant, BRL 53.5 million negative and it went to BRL 53.3 million in the third quarter of '25, and the previous year. This will translate in net income. There are some taxes and depreciation costs among these lines. Our business, our operating business is very strong. And this net income achieving 61% growth is a representation of that. And this impact of EBITDA and net income generates an impact in our cash generation. So let me show this here in our results release. There's a very important description there, but we have a cash and cash equivalent in June '25 of BRL 71.5 million. And there was a cash variation in the third quarter of '25 of BRL 4.9 million -- sorry, BRL 4.2 million negative. I will explain this to you. This is BRL 4.2 million lower in Q3 '25. In October, we got BRL 20.3 million in cash addition. The impact of accounts receivable that increased in the Q3, which allowed us to reach cash and cash equivalents in October '25, BRL 87.6 million, a variation of BRL 16.8 million total change over the period in the -- considering the cash and cash equivalents in October '25, reaching this number of BRL 87.6 million. However, cash generation was higher than that. Operating cash was higher than BRL 16.8 million. It was around BRL 25 million. Let me explain you why. So if we break down net income here, we had BRL 14.2 million of net income in the Q3 '25. We had depreciation costs, BRL 5.3 million, deferred taxes of BRL 5.9 million and other impact that have no impact on cash, but they account for net income. And then our adjusted net income for Q3 '25 of adjusted and noncash effects was BRL 24.5 million in this quarter. And we had a variation of accounts receivable of BRL 23.9 million. This is a natural part sales in this quarter, but not received in this quarter. They were received in the first weeks of October. So there was this variation, this negative variation of BRL 23.9 million in the accounts receivable. And you see that in the balance sheet. Our accounts receivable grew quarter to quarter. There was BRL 4.4 million in working capital and our operating cash flow variation of September '25 or June -- versus June '25 was BRL 5 million. So there is a strong cash flow in October '25, BRL 20.3 million. Part of that accounts receivables in the third quarter, also reflecting in the cash in October, we added BRL 20.3 million to the cash flow in October. So from June '25 to October '25, we have a generation -- a cash flow generation of BRL 25.3 million. So we invested BRL 9.2 million of these proceeds in our Bitcoin strategy in an idea to have Bitcoin yield. And BRL 5.5 million were Bitcoins in the spot. We had this in September, and then we allocated around BRL 3 million as reserved cash for the -- for our derivative to generate Bitcoin investments. A small part, less than BRL 3 million that were allocated to start to escalate this derivative strategy that have generated an annualized level of BRL 40 million in this consideration. With this Bitcoin purchase, I get to BRL 16.1 million of cash variation October '25 versus June '25. So why do I say that I generate BRL 25 million in cash. But in the balance sheet, we have BRL 16 million because we allocated BRL 9.2 million in the Bitcoin strategy. This will be a tangible business, other expenses. So every time we allocate proceeds to Bitcoin strategy, this will come from our cash. This is an investment and not a drop in the cash. So we have BRL 16.1 million as a cash variation, and this is how the breakdown explains this. This was super important because this will continue to consolidate our main objective, which is to generate Bitcoin yield. We have an accumulated Bitcoin yield of 920% if you compare this to the first quarter. So we have a Bitcoin position of 604.69 Bitcoin position, at an average purchase price of BTC is $103,323, near the spot we have, but the recent variation in short term and Bitcoin reduction is for us, our strategy is a long-term strategy. We do not plan to be Bitcoin traders. We want to believe in Bitcoin as an asset, as a monetary asset for the long run. This will generate value for all of our shareholders in the long run. This is part of our long-term strategy. And then I would like to finish my presentation by sharing with you our vision. We have added a repurchase plan to rebuy parts of our shares, and let me explain why I did that. When you look at our share, we are below the fair price. There is a discount here of the market as the figures you can see on the screen. But we announced this launch of the company's share buyback plan. This is part of our strategy of Bitcoin yield because then we reduced the shares and we add more Bitcoin per share. So this strategy -- this buyback strategy is an idea that we had to generate an increased Bitcoin yield for us and for our shareholders. This is what we have announced for the market in the past few weeks. And why have we done this? These are numbers of last Tuesday. We had a market cap of BRL 483.6 million. And consequently, we get enterprise value, the adjusted enterprise value of BRL 63.3 million. We -- for a company that has grown 37% in net revenue, BRL 94.7 million in EBITDA with an increase of EBITDA year-on-year of 258%, over 45 million total accounts, fourth place in most downloaded shopping ads. So this is -- this lead us to think about that. And as a reference, we have Bemobi, we have 5.4x. Locaweb, 10.7x. TOTVS, 17.15x. And we -- the multiple EV versus EBITDA is 0.7x. So we are just comparing this. This 0.7 -- 0.67x does not represent this in comparison to other players. This is why we have launched this strategy, this buyback plan, then we reduce shares. And mathematically, we will increase our Bitcoin yield for our shareholders, our top priority here. I would like to invite you to two public events today later right after our Q&A session, we have a chat on X focused to our investors. Israel, I, Mason and Diego will be there. In this call, we'll talk about our Bitcoin strategy. And tomorrow -- I mean tomorrow on, we will be present at Satsconf. I'll be there in November -- on November 7. Mason and Diego and myself will be there. This will be an on-site event held in the city of Sao Paulo. You're all invited. Marcio, back to you. Thank you.

[Interpreted] very good presentation, very detailed. We'll now start our Q&A session. [Operator Instructions] Well, our first question from Ricardo Buchpiguel, analyst from BTG Pactual.

[Interpreted] Congratulations on your results. Well, this was a very strong quarter in terms of generating EBITDA and revenue and still have the fourth quarter that tends to be the stronger -- the strongest of the year. So please let us know about anything that has to do with the Q3 that made it so important or if it makes sense to think about season differences between the Q3 and Q4. New revenues represent 25% of Shopping and the share increasing the seasonability should have a less relevant effect as time goes by. But I would like to listen to your perspective.

[Interpreted] Well, about the Black Friday and fourth quarter in general, obviously, this is the strongest period of the year. We are very excited about the Black Friday and the fourth Q. There will be a consolidation of the growth in the base of users and growth of revenue through the quarters. As I told you, this is not a sprint. This is a marathon. And everything we have done to improve our users' experience is good for all quarters. So this is a trajectory of growth for our e-commerce and other verticals as well. And as you said, and in terms of new lines of business disclosure, we have placed new products in our channel, not necessarily they follow the same seasonability as the Black Friday in the Brazilian market. So we have some business verticals like Méliuz e-commerce, Méliuz Ads that will grow a great deal in the fourth quarter, but others will be impacted by the increase of active users in our app in terms of leverage, this will help all brands, Méliuz brands and all the others, but the seasonability has to do especially with e-commerce. I don't know if you have any follow-up questions.

[Interpreted] Our next question comes from Andrew Ruben from Morgan Stanley.

I would just like to clarify on that same point. We saw a very strong step-up in 3Q despite the GMV trends being similar. So just trying to understand these businesses that you discussed, Prime, Nota Fiscal, was there a sequential inflection? Or how else do you bridge that? Because just looking to the GMV change, the take rate, I'm not on the outset seeing the such expressive growth that you posted. And then the second topic, please, just thinking about capital allocation, you mentioned the buyback program. So I'm curious internally how you think about the decisions when it makes sense to buy back shares versus add to the Bitcoin position.

[Interpreted] thank you very much for your question, Andrew. To start with, if you look at your first question, GMV has grown below the revenue, as you mentioned. And breaking down the results here, we try to make it clearer. We have a revenue coming from e-commerce. This revenue grew 40% year-on-year. And this is a -- this reflects our growth in GMV and take rate growth because it's a line of revenue that is directly connected to commissions generated to our partners and consequently to GMV, which is the commission related to this. But there is always a mismatch between the time when we the sales and the moment when we get the revenue or we add the revenue to our balance sheet. So there will always be a mathematical mismatch, but there is a strong correlation between the growth of revenue in that e-commerce lines and our GMV. But for all the other lines, they are not related to GMV. So Méliuz Ads, for example, is a branding to generate value to our partners when they see our offers, our products not totally connected to GMV. In Méliuz Prime, it's a subscription business. It has no impact to GMV. Nota Fiscal will not change GMV. So in short, I would say that we can no longer to look at Méliuz's business that the revenue is only connected to GMV. We have other lines of business that will also generate revenue. We have financial services revenue and other shopping services revenue. They will all come together to generate the final revenue. Well, regarding capital allocation, our macro goal has been and always be to make the Bitcoin yield grow, Bitcoin per share in our balance sheet. Consequently, using our operational -- operating cash, we can decide between biting -- buying, sorry, the Bitcoin, but we took BRL 9.9 million to buy Bitcoins. And another way to do that, and we have been implementing that with the buyback plan to buy back our shares. By buying them back, we reduced the number of shares in circulation, increasing the number of Bitcoin per share in circulation. This will also give an impact or have an impact in the Bitcoin yield. And our view is that the current business is devalued. So we have a multiple of EBITDA below the market and our value of our assets in Bitcoins in case we have a value according to the market, it would be below 1. So we have an opportunity to generate a Bitcoin yield with this buyback strategy or buyback plan. Thank you for your question.

[Interpreted] Now coming -- from Bruno Kenji, analyst from UBS.

[Interpreted] Congratulations on your results. I have two questions on my side. First, considering these new verticals, let me understand if you have a breakdown on which initiative has contributed the most for the growth of that line? And what is your expectation regarding these lines in the medium and long term? And the second question is regarding GMV. We had a very good growth. And next year, the base will be a little harder. This year, we had a relevant growth for GMV. But I would like to understand your expectation considering the growth of these new initiatives.

[Interpreted] Well, let me start with your second question, okay? The best way of looking at GMV and project our GMV based on our guidelines is looking at the GMV retention slide, one of our first slides. When our users join our app, they keep on buying for a long time. And so they generate GMV throughout this period. So these new cohorts of users, they will compound that slide. And I have larger and larger cohorts of users in our app who will continue buying with us through the years as we have seen since 2010 when Méliuz was founded. So the idea is to grow this GMV is like as if it were a snowball. So we will keep on growing more and more. So this -- just something regarding GMV here.

[Interpreted] Bruno, thank you for your question. Let me add that GMV is an important part of the result. But more and more, it has become less representative as a whole. It's important to analyze that in GMV, I mean, if we consider -- in the beginning of Méliuz, we focused more on GMV. The main operating multiplier was GMV back then. I remember the results of the fourth quarter, and there was an operating previous results showing a very strong growth of GMV. However, the consequence of that growth was that we were not so focused on profitability. We improved GMV but in spite of this profitability. At that time, the market would allow us to do that. That was a good strategy at the time. But GMV is okay. If we want to increase GMV in 2 digits, we could do this. I mean, quarter-by-quarter in 40%, 50%. It's okay. We can do that. We have done this in the past. However, our current strategy does not allow us to do that. We do not want to do that. We want GMV growth to be a very sustainable growth with a good take rate and especially with a net take rate that is good and also a cross-selling between new and other Méliuz products. So GMV on itself has been very important for Méliuz. And today, GMV is not higher because we do not want it to be higher. We can make this number grow, but it is our strategy to keep it as it is. This will generate more value. This will add more value to our shareholders in the long run.

[Interpreted] Just regarding Bruno's first question on other products. We are not opening the revenue per product. This shopping -- we broke down Shopping into its two main products, but only that -- so regarding expectation of growth, I can tell you that, yes, we expect them to grow. It's not a sprint. It's a marathon for the products we have created to generate value for Shopping and not only e-commerce. They will keep on growing. I don't know if they will grow as much as they have grown for now, but we want to have -- we want to be the highest or the biggest loyalty shopping platform, not only the largest e-commerce platform in Brazil. So yes, we hope that they will keep on growing sustainably.

[Interpreted] Now we are going to wrap up our call. So we are about to start our X event, and we will wait for all of you there. So Gabriel, your take-home message.

[Interpreted] Well, thank you very much for your presence. As you have seen, this is a very important historical mark for us -- it is a landmark for us. We could make grow our EBITDA, our net revenue, our net income. You know how hard it is. Usually, if you grow margin and EBITDA, it cause -- it hurts revenue and income. But what we have done in the past few years, not only in the past year, is to do -- is to grow all of them. This is extremely positive, and this is due to the hard work on our -- of our team focused on what can add value to our users, our partners and our shareholders. Thank you very much. You are all invited to join us on X soon. Thank you very much, and have a nice day. [Portions of this transcript that are marked [Interpreted] were spoken by an interpreter present on the live call.]