Meliuz SA (BSP:CASH3) Q4 2025 Earnings Call Highlights: Record Growth in Shopping Vertical and ...

This article first appeared on GuruFocus .

Release Date: March 19, 2026

For the complete transcript of the earnings call, please refer to the full earnings call transcript .

Positive Points

• Meliuz SA ( BSP:CASH3 ) reported a significant growth of 115% year-on-year in their vertical shopping segment.

• The company achieved a 41% overall growth for the year, with e-commerce growing by 23%.

• Meliuz SA ( BSP:CASH3 ) successfully maintained a healthy margin, achieving a 25% adjusted margin in the fourth quarter.

• The company has effectively utilized AI to enhance marketing efficiency and content creation, contributing to organic growth.

• Meliuz SA ( BSP:CASH3 ) reached 15 million registered accounts, indicating strong user base growth and market penetration in Brazil.

Negative Points

• The company faced a 32% drop in financial services monetization due to a commercial agreement with BB.

• There was a negative impact of 57 million in the fourth quarter related to Bitcoin valuation.

• Despite growth, the company experienced variations in short-term financial performance.

• Meliuz SA ( BSP:CASH3 ) struggled to monetize financial services effectively, impacting revenue streams.

• The company faces challenges in maintaining growth momentum and managing fixed costs efficiently.

Q & A Highlights

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Q: Can you provide insights into the growth of Meliuz's e-commerce and shopping verticals? A: Unidentified_2, Strategy and Business: We experienced a 115% year-on-year growth in our shopping vertical, contributing to an overall growth of 41% for the year. Our e-commerce segment grew by 23%, and we maintained a healthy margin, exceeding last year's figures by more than 1% adjusted and over 25% in the fourth quarter.

Q: How did the commercial agreement with BB impact Meliuz's financial services? A: Unidentified_2, Strategy and Business: The agreement led to a 32% drop in financial services, impacting our revenue by 2%. Despite this, we did not reduce the number of accounts or cards generated, but we received less per card issued.

Q: What role does AI play in Meliuz's growth strategy? A: Unidentified_2, Strategy and Business: AI is integral to our growth, helping us achieve 15 million registered accounts. We use AI aggressively in marketing, content creation, and improving user experience, which has led to nearly 6% of our acquisitions being organic.

Q: Can you elaborate on Meliuz's Bitcoin strategy and its impact on financials? A: Unidentified_2, Strategy and Business: We generated a Bitcoin yield of 953% last year, allocating cash to purchase bitcoins. This strategy aims to maximize shareholder value, with a significant reserve of Bitcoin contributing to our revenue growth.