Nvni Group Ltd 6-K, filed Sep 30, 2025
Nvni Group Ltd (NVNIF)
About this 6-K
Nvni Group Ltd filed this 6-K on September 30, 2025.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of September
Commission File Number:
P.O. Box 10008, Willow House, Cricket Square
Grand Cayman, Cayman Islands KY1-1001
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
EXHIBIT INDEX
| Exhibit No. | Description of Exhibit | |
| 99.1 | Unaudited interim consolidated statements as of and for the six-month period ended June 30, 2025 | |
| 99.2 | Press release dated September 30, 2025 – NVNI Reports Second Quarter 2024 Earnings Results | |
| 99.3 | Earnings Presentation | |
| 101.INS | Inline XBRL Instance Document. | |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document. | |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document. | |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document. | |
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document. | |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document. | |
| 104 | Cover Page Interactive Data File, formatted in iXBRL and contained in Exhibit 101. |
1
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| NVNI GROUP LIMITED | ||
| Date: September 30, 2025 | By: | /s/ Pierre Schurmann |
| Name: | Pierre Schurmann | |
| Title: | Chief Executive Officer | |
2
Exhibit 99.1
Nvni Group Limited
Unaudited Interim Financial Statements as of and for the Six-months ended June 30, 2025
F-1
Nvni Group Limited
Unaudited Interim Condensed Consolidated Statements of Financial Position
As of June 30, 2025, and December 31, 2024
(In thousands of Brazilian reais, unless otherwise stated)
| Notes | 6/30/2025 | 12/31/2024 | ||||||||
| ASSETS | ||||||||||
| Current assets | ||||||||||
| Cash and cash equivalents | 7 | |||||||||
| Trade accounts receivable, net | 8 | |||||||||
| Short-term advances | ||||||||||
| Other current assets | ||||||||||
| Total current assets | ||||||||||
| Non-current assets | ||||||||||
| Property and equipment, net | ||||||||||
| Right-of-use assets, net | ||||||||||
| Intangible assets, net | ||||||||||
| Goodwill | ||||||||||
| Other non-current assets | ||||||||||
| Total non-current assets | ||||||||||
| Total assets | ||||||||||
| LIABILITIES | ||||||||||
| Current liabilities | ||||||||||
| Accounts payable to suppliers | 11 | |||||||||
| Salaries and labor charges | 10 | |||||||||
| Loans and financing | 11 | |||||||||
| Debentures | 13 | |||||||||
| Exposure premium liability | 13 | |||||||||
| Lease liability | 6 | |||||||||
| Income taxes payable | ||||||||||
| Taxes, fees and contributions payable | ||||||||||
| Deferred revenue | 17 | |||||||||
| Deferred and contingent consideration on acquisitions | 5 | |||||||||
| Related parties | 9 | |||||||||
| Other liabilities | 6 | |||||||||
| Total current liabilities | ||||||||||
| Non-current liabilities | ||||||||||
| Loans and financing | 11 | |||||||||
| Loans from investors | 12 | |||||||||
| Taxes and contributions payable | ||||||||||
| Lease liability | ||||||||||
| Provisions for risks | 14 | |||||||||
| Deferred taxes | ||||||||||
| Derivative warrant liabilities | 15 | |||||||||
| Total non-current liabilities | ||||||||||
| Total liabilities | ||||||||||
| SHAREHOLDERS’ DEFICIT | ||||||||||
| Share capital | 15 | |||||||||
| Capital reserves | ||||||||||
| Accumulated losses | ( | ) | ( | ) | ||||||
| Other comprehensive income | ( | ) | ( | ) | ||||||
| Total shareholders’ deficit, Equity attributable to owners | ( | ) | ( | ) | ||||||
| Non-controlling interest | ||||||||||
| Total shareholders’ deficit | ( | ) | ( | ) | ||||||
| Total liabilities and shareholders’ deficit | ||||||||||
The above consolidated statements of financial position should be read in conjunction with the accompanying notes.
F-2
Nvni Group Limited
Unaudited Interim Condensed Consolidated Statements
of Loss and Comprehensive
Loss for the six-months ended June 30, 2025, and 2024
(In thousands of Brazilian reais, unless otherwise stated)
| Six-Months Ended | ||||||||||
| Notes | June 30, 2025 | June 30, 2024 | ||||||||
| Net operating revenue | 17 | |||||||||
| Cost of services provided | 18 | ( | ) | ( | ) | |||||
| Gross profit | ||||||||||
| Sales and marketing expenses | 18 | ( | ) | ( | ) | |||||
| General and administrative expenses | 18 | ( | ) | ( | ) | |||||
| Other operating (expenses) income, net | 18 | ( | ) | |||||||
| Operating (loss) income | ( | ) | ||||||||
| Financial income and expenses, net | 19 | ( | ) | ( | ) | |||||
| Loss before income tax | ( | ) | ( | ) | ||||||
| Income tax | 20 | ( | ) | ( | ) | |||||
| Discontinued operation | ||||||||||
| Net loss | ( | ) | ( | ) | ||||||
| Net loss attributed to: | ||||||||||
| Owners of the Company | ( | ) | ( | ) | ||||||
| Non-controlling interests | ||||||||||
| Loss per share | ||||||||||
| Basic and diluted loss per share (R$) | ( | ) | ( | ) | ||||||
| Net loss | ( | ) | ( | ) | ||||||
| Other comprehensive loss – foreign currency translation adjustment | ( | ) | ( | ) | ||||||
| Total comprehensive loss | ( | ) | ( | ) | ||||||
The above condensed consolidated statements of loss should be read in conjunction with the accompanying notes.
F-3
Nvni Group Limited
Unaudited Interim Condensed Consolidated Statements
of
Shareholders’ Equity for the six-months ended June 30, 2025, and 2024
(In thousands of Brazilian reais, unless otherwise stated)
Equity attributable to Equity Holder of the Parent
| Share Capital | Capital Reserves | Accumulated Losses | OCI | Attributable to owners of the parent | Non-controlling interests | Total Equity | ||||||||||||||||||||||
| Balances as of December 31, 2023 | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||
| Capital increase | ||||||||||||||||||||||||||||
| Distributions to non-controlling interest | ( | ) | ( | ) | ||||||||||||||||||||||||
| Provision for share-based payment | ||||||||||||||||||||||||||||
| Other comprehensive income | ( | ) | ||||||||||||||||||||||||||
| Net income | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||
| Balance as of June 30, 2024 | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||
| Share Capital | Capital Reserves | Accumulated Losses | OCI | Attributable to owners of the parent | Non-controlling interests | Total Equity | ||||||||||||||||||||||
| Balances as of December 31, 2024 | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||
| Capital increase | ||||||||||||||||||||||||||||
| Distributions to non-controlling interest | ( | ) | ( | ) | ||||||||||||||||||||||||
| Treasury stock | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||
| Provision for share-based payment | ||||||||||||||||||||||||||||
| Other comprehensive loss | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||
| Net loss | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||
| Balance as of June 30, 2025 | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||
The above condensed consolidated statements of changes in equity should be read in conjunction with the accompanying notes.
F-4
Nvni Group Limited
Unaudited Interim Condensed Consolidated Statements
of Cash Flows
for the six-months ended June 30, 2025, and 2024
(In thousands of Brazilian reais, unless otherwise stated)
| Six-Months Ended | ||||||||
| June 30, 2025 | June 30, 2024 | |||||||
| Cash flow from operating activities | ||||||||
| Loss before income tax | ( | ) | ( | ) | ||||
| Adjustments for: | ||||||||
| Depreciation and amortization | ||||||||
| Treasury stock | ( | ) | ||||||
| Share-based payment expense | ||||||||
| Adjustment in provision for risks | ( | ) | ( | ) | ||||
| Interest on loans, financing and debentures | ||||||||
| Interest on lease liabilities | ||||||||
| Allowance for expected credit loss | ( | ) | ||||||
| Loss (Gain) on disposal of assets | ( | ) | ||||||
| Deferred and contingent consideration adjustment | ||||||||
| Employee bonus provision | ||||||||
| Fair value of derivative warrant liabilities | ( | ) | ( | ) | ||||
| Increase (decrease) in operating assets: | ||||||||
| Trade accounts receivable | ( | ) | ||||||
| Other assets | ( | ) | ||||||
| (Decrease) increase in operating liabilities: | ||||||||
| Accounts payable to suppliers | ( | ) | ||||||
| Salaries and labor charges | ||||||||
| Taxes and fees | ||||||||
| Deferred revenue | ||||||||
| Other liabilities | ( | ) | ||||||
| Income taxes paid | ( | ) | ( | ) | ||||
| Net cash (used in) generated by operating activities | ( | ) | ||||||
| Investment activities | ||||||||
| Cash payments to acquire property and equipment | ( | ) | ( | ) | ||||
| Cash payments to acquire intangibles | ( | ) | ( | ) | ||||
| Write-off due to discontinuation or disposal | ||||||||
| Net cash (used in) generated by investment activities | ( | ) | ||||||
| Financing activities | ||||||||
| Payment of principal loans and financing | ( | ) | ( | ) | ||||
| Interest paid | ( | ) | ( | ) | ||||
| Payment of principal portion of lease liabilities | ( | ) | ( | ) | ||||
| Proceeds from debentures, loans, and financing | ( | ) | ||||||
| Capital increase | ||||||||
| Distributions paid to non-controlling interest | ( | ) | ( | ) | ||||
| Payment of principal on related party loans | ( | ) | ||||||
| Payment of deferred and contingent consideration on acquisitions | ( | ) | ( | ) | ||||
| Net cash (used in) generated by financing activities | ( | ) | ||||||
| Exchange rate changes on cash and cash equivalents of foreign subsidiaries | ( | ) | ||||||
| Increase (decrease) in cash and cash equivalents | ( | ) | ||||||
| Cash and cash equivalents at the beginning of the period | ||||||||
| Cash and cash equivalents at the end of the period | ||||||||
The above condensed consolidated statements of cash flows should be read in conjunction with the accompanying notes.
F-5
NVNI GROUP LIMITED
EXPLANATORY NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2025
(Amounts expressed in thousands of reais—R$, except as otherwise indicated)
Note 1. Corporate and business information
Nvni Group Limited (“Nvni Group” “Nuvini”
or the “Company”) is a Cayman Island exempted limited liability company, incorporated on
Nvni Group is a holding company and conducts substantially all of its business through Nuvini S.A. and its acquired subsidiaries (collectively, the “Nuvini Acquired Companies”). For periods prior to February 26, 2023, the financial statements represent the results of operations of Nuvini S.A. and periods after February 26, 2023, represent the results of operations of Nvni Group. Nuvini and its subsidiaries, including the Nuvini Acquired Companies, will be referred to collectively herein as the “Group”.
Nuvini’s strategy is focused on acquiring and operating established companies in the business-to-business (“B2B”) software as a service (“SaaS”) market in Brazil and Latin America. Nuvini’s acquisition targets are generally profitable B2B SaaS companies with a consolidated business model, recurring revenue, positive cash generation and/or growth potential.
Nuvini’s business philosophy is to invest in established companies and foster an entrepreneurial environment that enables companies to become leaders in their respective industries, creating value through long-term partnerships with existing management teams and accelerating growth through improved commercial strategies, increased efficiency of internal processes and enhanced governance structures.
Consolidated subsidiaries
| Subsidiaries | Place of Business/Country of Incorporation | Equity Ownership Held by the Company 6/30/2025 | Equity Ownership Held by the Company 12/31/2024 | |||||||
| Effecti Tecnologia Web LTDA. (“Effecti”) | % | % | ||||||||
| Leadlovers Tecnologia LTDA. (“Leadlovers”) | % | % | ||||||||
| Ipe Tecnologia LTDA. (“Ipe”) | % | % | ||||||||
| Dataminer Dados, Informações e Documentos LTDA (“Datahub”) | % | % | ||||||||
| Onclick Sistemas de Informação LTDA. (“Onclick”) | % | % | ||||||||
| Simplest Software LTDA (“Mercos”) | % | % | ||||||||
| Smart NX | % | |||||||||
| Nuvini S.A | % | % | ||||||||
| Nuvini LLC | % | % | ||||||||
F-6
Effecti
Effecti sells access to the “My Effecti” platform, a tool used by companies that wish to participate in bids. Within the platform, bidders can find, register, dispute and monitor the notices issued by the Brazilian federal, state and municipal government through electronic trading sessions.
Leadlovers
Nuvini acquired
Leadlovers acquired Mundi, an online platform that connects brands with consumers, suppliers, and retail chains based in São Paulo, Brazil. This acquisition integrates Munddi into Nuvini’s expanding ecosystem of software companies, with a particular focus on retail and supply chain solutions.
Ipe
Nuvini acquired
Datahub
Nuvini acquired
Onclick
Nuvini acquired
| ● | A management ERP for retail, e-commerce, industry, distribution and services. |
| ● | Business management in technology offering IT solutions and business processes tailored to its customers. |
| ● | Complete integration solution to support various technologies involved in e-commerce operations. |
Mercos
Nuvini acquired
F-7
Smart NX
Nuvini acquired
Deconsolidation of Smart NX
On January 25, 2023, the
Company acquired a
The deconsolidation was a strategic decision, following an internal assessment of Smart NX’s projected cash flow generation relative to the remaining acquisition cost. In addition, the Company reallocated its strategic focus and investment toward the adoption of artificial intelligence (AI) within its core operations and product development, which is more closely aligned with its long-term growth objectives.
As of the deconsolidation date, Smart NX reported net income of R$
Nuvini S.A.
Nuvini S.A. is a corporation duly incorporated under the laws of Brazil, with its head office at Rua Jesuíno Arruda, No. 769, Suite 20B, Itaim Bibi, São Paulo, Brazil. 04.532-082. Nuvini S.A. acquires and operates software companies within SaaS markets in Brazil. Nuvini S.A. is the leading private serial software business acquirer in Brazil and intends to use funding and capital markets access to continue expanding its acquisition strategy in Brazil and Latin America.
Nuvini LLC
Nuvini LLC was incorporated in the United States of America to explore opportunities for strategic partnerships abroad.
Note 2. Basis of presentation of the unaudited interim condensed consolidated financial information
The unaudited interim condensed consolidated financial statements for the six-month period ended June 30, 2025, have been prepared in accordance with IAS 34 — Interim Financial Reporting as issued by the International Accounting Standards Board (“IASB”).
The unaudited interim condensed consolidated financial statements do not include all the information and disclosures required in an annual consolidated financial statement. Accordingly, this report is to be read in conjunction with the Group’s annual consolidated financial statements as of and for the year ended December 31, 2024. Additionally, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group’s financial position and performance since the last annual financial statements.
The accompanying unaudited condensed consolidated financial statements are presented in Brazilian Reais (“R$”) in conformity with IFRS Accounting Standards (“IFRS”) and interpretations issued by the IFRS Interpretations Committee for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). The financial statements comply with IFRS as issued by the International Accounting Standards Board.
Going concern
The accompanying interim condensed consolidated financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business.
For the six-months ended
June 30, 2025, and 2024, the Company incurred a net loss of R$
F-8
To date, Nuvini has met its operations funding requirements primarily through the issuance of equity capital, loans and borrowings from financial institutions and related parties (including its CEO), private placements of debentures, deferred and/or contingent payment on acquisitions, and the issuance of subscription rights to investors, as well as from revenue generated from the Group’s operations. Nuvini S.A. holds debt in the Brazilian reais.
As of June 30, 2025 the Company
had current debt obligations outstanding of R$
On June 30, 2025, the Company
had cash and cash equivalents, including short-term investments, of R$
The Company’s future profitability and liquidity is particularly dependent upon the organic growth and operating performance of the Nuvini Acquired Companies and the expansion of its businesses through additional acquisitions of SaaS companies or SaaS-related assets. The Company cannot be certain when or if its operations will generate sufficient cash to fully fund its ongoing operations or the growth of its business. The Company’s business will likely require significant additional amounts of capital and expand operations to generate sufficient cash flow to meet its obligations on a timely basis.
The Company has determined that these factors raise substantial doubt about its ability to continue as a going concern.
Note 3. Summary of significant accounting policies
The interim unaudited condensed consolidated financial statements have been prepared in accordance with the accounting policies adopted in the Group’s most recent annual financial statements for the year ended December 31, 2024.
Use of estimates and judgments
The Company monitors its critical accounting estimates and judgments. For the interim period ended June 30, 2025, there were no changes in estimates and assumptions that present significant risks of assets and liabilities for the interim period, in relation to those detailed in Note 3. of the Company’s annual consolidated financial statements for the year ended December 31, 2024.
Note 4. Adoption of new and revised accounting standards
The accounting policies adopted in the preparation of the unaudited interim condensed consolidated financial statements are consistent with those followed in the preparation of the Company’s annual combined financial statements for the year ended December 31, 2024. The Company has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective.
F-9
Note 5. Business Combination and Deferred and Contingent Consideration on Acquisitions
Business Combination
On May 15, 2025, the Company,
completed the acquisition of
The acquisition was accounted
for as a business combination under IFRS 3 – Business Combinations, using the acquisition method.
| Purchase consideration: | Amount | |||
| Cash paid at closing | ||||
| Fair value of contingent payment | ||||
| Total consideration transferred | ||||
The table below summarizes the fair values of acquired assets and liabilities assumed on the respective date of acquisition:
| Recognized amounts of identifiable assets acquired and liabilities assumed: | Amount | |||
| Cash and cash equivalents | ||||
| Accounts receivable | ||||
| Brand | ||||
| Technology software | ||||
| Total - assets | ||||
| Labor obligations | ( | ) | ||
| Tax obligations | ( | ) | ||
| Loans and financing | ( | ) | ||
| Deferred tax | ( | ) | ||
| Total - liabilities | ( | ) | ||
| Goodwill | ||||
| Net assets acquired | ||||
The goodwill is attributed mainly to the skills and technical talent of the Company’s workforce and the synergies expected in the integration of the entity into the Group’s existing business. The carrying values of assets acquired and liabilities assumed, except for intangibles assets, approximates fair value on the date of the acquisition due to their nature and terms.
The Company incurred immaterial acquisition-related costs and revenue and profit contributions as of June 30, 2025. If the acquisition had occurred on January 1, 2025, management estimates that the combined entity would have reported immaterial pro forma revenue and net profit.
Deferred and Contingent Consideration on Acquisitions
The Group’s current and non-current liabilities payable under the deferred and contingent consideration arrangements are detailed as follows:
| June 30, 2025 | December 31, 2024 | |||||||
| Current deferred and contingent consideration: | ||||||||
| Effecti | ||||||||
| Leadlovers | ||||||||
| Ipe | ||||||||
| Datahub | ||||||||
| Onclick | ||||||||
| Smart NX | ||||||||
| Munddi | ||||||||
| Total current deferred and contingent consideration | ||||||||
F-10
The current deferred and
contingent consideration (relating to fixed amounts) is accounted for as amortized cost.
| Balance at January 1, 2024 | ||||
| Payments | ( | ) | ||
| Interest | ||||
| Balance at December 31, 2024 | ||||
| Initial recognition of deferred and contingent consideration relating to acquisitions | ||||
| Payments | ( | ) | ||
| Interest | ||||
| Balance at June 30, 2025 |
Note 6. Financial instruments
The classification of financial instruments is presented in the following table. There are no financial instruments classified in categories other than those reported:
| Classification | Level | June 30, 2025 | December 31, 2024 | |||||||||
| Financial liabilities: | ||||||||||||
| Derivative warrants (note 15) | Level 1 | |||||||||||
| Exposure premium - debentures (note 13) | Level 3 | |||||||||||
| Deferred consideration on acquisitions (note 5) | ||||||||||||
| Loans and financing (note 11) | ||||||||||||
| Debentures (note 13) | ||||||||||||
| Related parties (note 6) | ||||||||||||
Gains and losses on financial instruments that are measured at FVTPL are recognized as financial income or expense in the statement of profit or loss for the period. The carrying amount of the Group’s financial assets approximates fair value as of June 30, 2025, and December 31, 2024.
Financial risk management
Liquidity risk
Liquidity risk is the risk in which the Group will encounter difficulties in complying with the obligations associated with its financial liabilities that are settled with cash payments or other financial assets. The approach of the Group in liquidity management is to ensure, as much as possible, that it always has sufficient liquidity to meet its obligations, under normal conditions, without causing unacceptable losses or with the risk of harming the Group’s reputation. The Group does not expect the timing of occurrence of the cash flows estimated through the maturity date analysis will be significantly earlier, nor expect the actual cash flow amounts will be significantly different, although actual payments may vary depending on market conditions and the Group’s future performance. The table below analyzes the Group’s financial liabilities by maturity ranges corresponding to the remaining period between the balance sheet date and the contractual maturity date. There are no financial liabilities exceeding three years, as the failure of the Group to meet covenants associated with the outstanding debentures resulted in the acceleration of the maturity of the debentures (see note 13 for additional information).
F-11
| June 30, 2025 | ||||||||||||
| Less than 1 year | 1 to 3 years | Total Liabilities | ||||||||||
| Accounts payable to suppliers | ||||||||||||
| Other liabilities | ||||||||||||
| Loans and financing | ||||||||||||
| Debentures(i) | ||||||||||||
| Deferred and contingent consideration | ||||||||||||
| Lease liabilities | ||||||||||||
| Related parties | ||||||||||||
| Total | ||||||||||||
| December 31, 2024 | ||||||||||||
| Less than 1 year | 1 to 3 years | Total Liabilities | ||||||||||
| Accounts payable to suppliers | ||||||||||||
| Other liabilities | ||||||||||||
| Loans and financing | ||||||||||||
| Debentures(i) | ||||||||||||
| Deferred and contingent consideration | ||||||||||||
| Lease liabilities | ||||||||||||
| Related parties | ||||||||||||
| Total | ||||||||||||
| (i) |
| Less than 1 year | 1 to 3 years | 3 to 5 years | Total Liabilities | June 30, 2025 | ||||||||||||||||
| Debentures | ||||||||||||||||||||
Note 7. Cash and cash equivalents
The components of cash and cash equivalents are as follows:
| June 30, 2025 |
December 31, 2024 |
|||||||
| Cash and cash equivalents | ||||||||
| Short-term investments | ||||||||
| Total | ||||||||
Short-term investments in
the Group consist of liquid investments earning interest based on
F-12
Note 8. Trade accounts receivable
Trade accounts receivable are amounts due from customers for services performed in the ordinary course of business.
| June 30, 2025 | December 31, 2024 | |||||||
| Trade accounts receivable | ||||||||
| Allowance for expected credit losses | ( | ) | ( | ) | ||||
| Trade accounts receivable, net | ||||||||
The balance of trade accounts
receivable includes contract assets totaling R$
The following table shows the change in allowance for expected credit losses:
| As of January 1, 2024 | ( | ) | ||
| Allowance recorded during the year | ( | ) | ||
| As of December 31, 2024 | ( | ) | ||
| Reversal of provision | ||||
| As of June 30, 2025 | ( | ) |
The trade accounts receivable by aging category are distributed as follows:
| June 30, 2025 | December 31, 2024 | |||||||
| Aging list: | ||||||||
| Current | ||||||||
| Due up to 30 days | ||||||||
| Due from 30 to 60 days | ||||||||
| Due from 60 to 90 days | ||||||||
| Overdue from 90 to 180 days | ||||||||
| Overdue over 180 days | ||||||||
| Total | ||||||||
Note 9. Related parties
Transactions between related parties
The Group has entered into
loan agreements with certain shareholders, executives and directors. The amounts outstanding are unsecured and in the case of default
on payment, a fine of
The nature and purpose of transaction amounts and outstanding balances for related parties consist of the following:
| June 30, 2025 | December 31, 2024 | |||||||
| Related party loan—José Mário(i) | ||||||||
| Total loans from related parties | ||||||||
| (i) |
F-13
Key management compensation
The compensation of the Group’s executive management team is determined based on the Group’s compensation policy considering the performance of professionals, business areas and market trends.
Key management compensation is summarized as follows:
| June 30, 2025 | June 30, 2024 | |||||||
| Short-term compensation (including salary) | ||||||||
| Short-term employee benefits | ||||||||
| Share-based compensation | ||||||||
| Total | ||||||||
Note 10. Salaries and labor charges
The composition of salaries and labor charges are as follows:
| June 30, 2025 | December 31, 2024 | |||||||
| Wages payable | ||||||||
| Accrued labor benefits | ||||||||
| Labor taxes | ||||||||
| Total salaries and labor charges | ||||||||
Note 11. Loans and financing
The outstanding balance of loans and financing are summarized as follows:
| Interest Rate | Maturity | June 30, 2025 | December 31, 2024 | |||||||||
| Loans: | ||||||||||||
| Bradesco Bank | ||||||||||||
| Santander Bank | ||||||||||||
| Bradesco Bank | ||||||||||||
| Bradesco Bank | ||||||||||||
| Bradesco Bank | ||||||||||||
| Itaú Bank | ||||||||||||
| Itaú Bank | ||||||||||||
| Bossa Nova | CDI – | |||||||||||
| Total | ||||||||||||
| Current | ||||||||||||
| Non-current | ||||||||||||
Per the terms of the bank loan agreements, the institution may consider the loan to be due early in the case of certain events such as corporate reorganization or change of control. As of the date of these financial statements, there have been no calls for early maturity of the loans.
F-14
The amounts recorded in non-current liabilities have the following maturity schedule:
| June 30, 2025 | December 31, 2024 | |||||||
| 2026 | ||||||||
| 2027 | ||||||||
| Non-current liabilities | ||||||||
The following is a summary of loan activity as of June 30, 2025, and December 31, 2024:
| Balance as of January 1, 2024 | ||||
| Additions | ||||
| Interest accrual | ||||
| Principal payments | ( | ) | ||
| Interest payments | ( | ) | ||
| Balance as of December 31, 2024 | ||||
| Additions | ||||
| Interest accrual | ||||
| Principal payments | ( | ) | ||
| Interest payments | ( | ) | ||
| Balance as of June 30, 2025 |
Accounts payable to suppliers
The breakdown of Trade and other payables is as follows:
| June 30, 2025 | December 31, 2024 | |||||||
| Suppliers- national and foreign | ||||||||
| Trade accounts payable | ||||||||
Note 12. Loans from investors
The following is a summary of investor loan activity as of June 30, 2025, and December 31, 2024:
| As of January 1, 2024 | ||||
| Additions | ||||
| Interest accrual | ||||
| As of December 31, 2024 | ||||
| Amortization | ( | ) | ||
| Interest accrual | ||||
| As of June 30, 2025 |
F-15
Note 13. Debentures
The following is a summary of activity related to the debentures:
| As of January 1, 2024 | ||||
| Interest incurred | ||||
| Principal payments | ( | ) | ||
| Interest payments | ( | ) | ||
| As of December 31, 2024 | ||||
| Interest incurred | ||||
| Principal payments | ( | ) | ||
| Interest payments | ( | ) | ||
| As of June 30, 2025 |
Collateral and guarantees
As of June 30, 2025, and December 31, 2024, all the shares representing the share capital of the subsidiaries Effecti, Leadlovers, Onclick and Datahub, have been pledged as collateral.
Covenants
The debentures have covenants
normally applicable to these types of operations related to the meeting of economic-financial indices on an annual basis, including (i)
gross debt indicator / pro forma EBITDA ratio less than or equal to 3.0x; (ii) pro forma EBITDA margin in relation to net revenue greater
than or equal to
As of June 30, 2025, the Group was not in compliance with these covenants.
As of December 31, 2024, the Company did not meet the debt service coverage index covenant, as the calculated index was 0.7x which is less than the 4.0x targeted threshold. The Company requested a waiver for the covenant violation on April 24, 2025, which would alleviate any Company concerns regarding a potential early debt maturity due to the covenant breach. The debenture holders granted the Company’s request on April 29, 2025.
Exposure premium
As of June 30, 2025, and
December 31, 2024, the fair value of the Exposure Premium was R$
F-16
Note 14. Provision for risks
Provisions for risks are recognized when: (i) the Group has a present or constructive obligation as a result of past events; (ii) it is probable that an outflow of resources will be required to settle the obligation; and (iii) the value can be reliably estimated. The provisions for risks are estimated, considering management’s judgements, based in part on the advice and counsel of the Company’s legal advisors, as to the probability of loss and expected future amounts to settle the obligations.
The provision liability for
the periods ended June 30, 2025, and December 31, 2024, were recorded for labor and tax contingencies in connection with recognition of
Company acquisitions. After the acquisitions, due to the increase in employee headcount, the Group established a provision for the related
employee labor risk of the acquired workforce related to an infraction notice for the period 2017 to 2022, whose tax authority understands
that the Brazilian Municipal Service Tax (“ISS”) due would be
The provision activity on June 30, 2025, and December 31, 2024, is as follows:
| At January 1, 2024 | ||||
| Reversal of provision | ( | ) | ||
| Provision recorded during the period | ||||
| At December 31, 2024 | ||||
| Reversal of provision | ( | ) | ||
| Provision recorded during the period | ||||
| At June 30, 2025 |
There were no changes in contingent liabilities recorded as of June 30, 2025.
Note 15. Equity and divestitures
Share capital
The following table illustrates the shareholders’ equity of the Company after being retrospectively adjusted by the share split in line with capital restructuring of the Group in conjunction with the SPAC merger:
| Shares | ||||
| As of January 1, 2024 | ||||
| Shares issued | ||||
| As of June 30, 2024 | ||||
| Shares issued | ||||
| As of December 31, 2024 | ||||
| As of January 1, 2025 | ||||
| Shares issued | ||||
| As of June 30, 2025 (*) | ||||
| (*) |
F-17
The distribution of shareholders’ capital as of June 30, 2025, is as follows:
| Shareholders | % Participation | Common Shares(i) | Subscribed and Paid- In Share Capital (R$) | |||||||||
| Former Nuvini Stockholders (Nuvini Holdings Limited) | % | |||||||||||
| Public Stockholders | % | |||||||||||
| Mercato Founders | % | |||||||||||
| PIPE Investors | % | |||||||||||
| Total | % | |||||||||||
Derivatives
The Group has recognized the following movement in the Company’s warrant obligations:
| Total | ||||
| Balance at January 1, 2025 | ||||
| Change in fair value | ( | ) | ||
| Balance at June 30, 2025 | ||||
Non-controlling Interest
The following table summarizes the movement in the Company’s non-controlling interests in Mercos:
| At January 1, 2024 | ||||
| Share of profit for the year | ||||
| Payment of dividends | ( | ) | ||
| At December 31, 2024 | ||||
| Share of profit for the period | ||||
| Payment of dividends | ( | ) | ||
| At June 30, 2025 | ( | ) |
The following table summarizes the movement in the Company’s non-controlling interests in Smart NX:
| At January 1, 2024 | ||||
| Share of profit for the year | ||||
| Payment of dividends | ( | ) | ||
| At December 31, 2024 | ||||
| Share of profit for the period | ||||
| At June 30, 2025 |
F-18
Note 16. Net loss per share
As the Company reported a
loss for the six-month period ended June 30, 2025, and 2024, the number of shares used to calculate diluted loss per share of common shares
attributable to common shareholders is the same as the number of shares used to calculate basic loss per share of common shares attributable
to common shareholders for the period presented because the potentially dilutive shares would have been antidilutive if included in the
calculation.
| Six-Months Ended | ||||||||
| June 30, 2025 | June 30, 2024 | |||||||
| Net loss | ( | ) | ( | ) | ||||
| Weighted average shares outstanding—basic and diluted | ||||||||
| Net loss per ordinary share—basic and diluted | ( | ) | ( | ) | ||||
Note 17. Net operating revenue
The Group recognizes operating revenue from its B2B SaaS platform where revenues are disaggregated as SaaS platform subscription services, and data analytics service, set-up and other services. Revenues are recorded net of applicable municipal service taxes (ISS) and federal vat (PIS and COFINS) taxes, as well as contract cancellations and returns.
Below is a summary of net operating revenue for the six-month periods ended June 30, 2025, and 2024:
| June 30, 2025 | June 30, 2024 | |||||||
| Gross operating revenue | ||||||||
| Revenue deductions: | ||||||||
| Cancellations and returns | ( | ) | ( | ) | ||||
| Taxes on services | ( | ) | ( | ) | ||||
| Total revenue deductions | ( | ) | ( | ) | ||||
| Net operating revenue | ||||||||
Disaggregation of net operating revenue for the six-month periods ended June 30, 2025, and 2024, is as follows:
| June 30, 2025 | June 30, 2024 | |||||||
| Platform subscription service | ||||||||
| Cancellations, returns and taxes on services | ( | ) | ( | ) | ||||
| Revenue from platform subscription service | ||||||||
| Data analytics service | ||||||||
| Cancellations, returns and taxes on services | ( | ) | ( | ) | ||||
| Revenue from data analytics service | ||||||||
| Set-up and service | ||||||||
| Cancellations, returns and taxes on services | ( | ) | ( | ) | ||||
| Revenue from set-up and service | ||||||||
| Other revenue | ||||||||
| Cancellations, returns and taxes on services | ( | ) | ( | ) | ||||
| Other revenue | ||||||||
| Total net operating revenue | ||||||||
F-19
Contract assets and deferred revenue related to contracts with customers
The Group has recognized the following contract assets (included within trade accounts receivable) and deferred revenue related to contracts with customers.
The contract asset activity as of June 30, 2025, and December 31, 2024, is as follows:
| At January 1, 2024 | ||||
| Decrease from transfers to accounts receivable | ( | ) | ||
| Increase from changes based on work in progress | ||||
| At December 31, 2024 | ||||
| Decrease from transfers to accounts receivable | ( | ) | ||
| Increase from changes based on work in progress | ||||
| At June 30, 2025 |
The deferred revenue activity as of June 30, 2025, and December 31, 2024, is as follows:
| At January 1, 2024 | ||||
| Increase in deferred revenue in the current year | ||||
| Revenue recognized during the current year | ( | ) | ||
| At December 31, 2024 | ||||
| Increase in deferred revenue in the current period | ||||
| Revenue recognized during the current period | ( | ) | ||
| At June 30, 2025 |
Note 18. Cost and expenses by nature
The operating costs and expenses by nature for the six-month periods ended June 30, 2025, and 2024, are as follows:
| June 30, 2025 | June 30, 2024 | |||||||
| Payroll | ( | ) | ( | ) | ||||
| Third-party services and others | ( | ) | ( | ) | ||||
| Business and marketing expenses | ( | ) | ( | ) | ||||
| Depreciation | ( | ) | ( | ) | ||||
| Amortization | ( | ) | ( | ) | ||||
| Audit and consulting | ( | ) | ( | ) | ||||
| Other administrative expenses | ( | ) | ( | ) | ||||
| Provisions | ||||||||
| Total | ( | ) | ( | ) | ||||
| Cost of services provided | ( | ) | ( | ) | ||||
| Sales and marketing expenses | ( | ) | ( | ) | ||||
| General and administrative expenses | ( | ) | ( | ) | ||||
| Other operating income (expenses), net | ( | ) | ||||||
| Total | ( | ) | ( | ) | ||||
F-20
Note 19. Financial income and expense, net
The financial income and expense, net for the six-month periods ended June 30, 2025, and 2024, is composed of the following:
| June 30, 2025 | June 30, 2024 | |||||||
| Financial income: | ||||||||
| Income on financial investments | ||||||||
| Interest income | ||||||||
| Discounts obtained | ||||||||
| Exchange variation (foreign exchange profit) | ||||||||
| Total | ||||||||
| Financial Expenses: | ||||||||
| Contingent consideration fair value adjustments | ( | ) | ||||||
| Interest and penalty on contingent consideration by amortization cost | ( | ) | ||||||
| Earnout penalty | ( | ) | ||||||
| Interest on loans, financing and debentures | ( | ) | ( | ) | ||||
| Other interest and expense | ( | ) | ( | ) | ||||
| Exchange variation (foreign exchange losses) | ( | ) | ( | ) | ||||
| Total | ( | ) | ( | ) | ||||
| Financial income and expense, net | ( | ) | ( | ) | ||||
Note 20. Income tax
Considering that the Company
is domiciled in Cayman and there is no income tax in that jurisdiction, the combined tax rate of
Current tax
| As of June 30, | ||||||||
| 2025 | 2024 | |||||||
| Loss before income tax | ( | ) | ( | ) | ||||
| Income tax recorded in the income for the period | ( | ) | ( | ) | ||||
| Current tax | ( | ) | ( | ) | ||||
| Deferred tax | ||||||||
| Effective tax rate | % | % | ||||||
Deferred tax liability
As of June 30, 2025, and
December 31, 2024, deferred tax liabilities are recognized for the temporary differences between the book and tax basis of intangible
assets recorded in connection with business combinations in the amount of R$
Note 21. Segment information
An operating segment is a component of the Group that engages in business activities from which it may earn revenues and incur expenses, including revenues and expenses that relate to transactions with any of the Group’s other components. For reviewing the operational performance of the Group and for the purpose of allocating resources, the Chief Operating Decision Maker (“CODM”) of the Group, identified as the Chief Executive Officer, reviews the consolidated results as a whole. The CODM considers the Group a single operating and reportable segment, when monitoring operations, making decisions on capital and investment allocations and evaluating performance.
F-21
Segment revenue and non-current assets by geographical area
In presenting the geographical
information, revenue is based on the region in which the customer is located. All intellectual property is located in Brazil. Assets are
based on the geographic locations of the assets which are also centrally located in Brazil; therefore, the Group operates in
For the six-month periods
ended June 30, 2025, and 2024, the Group generated
The Company’s non-current assets are entirely located in Brazil as of June 30, 2025, and December 31, 2024.
Note 22. Supplementary items to the cash flow
For the six-month period ended June 30, 2024, the Company did not enter into any significant non-cash activities. In the six-month period ended June 30, 2025, the Group recorded the following non-cash transactions:
| June 30, 2025 | ||||
| Business combination: | ||||
| Trade accounts receivable, net | ||||
| Intangible assets | ||||
| Goodwill | ||||
| Salaries and labor charges | ( | ) | ||
| Loans and financing | ( | ) | ||
| Taxes and fees | ( | ) | ||
| Deferred and contingent consideration | ( | ) | ||
| Deferred taxes | ( | ) | ||
| Remeasurement of current lease liability: | ||||
| Right-of-use assets | ||||
| Lease liability | ( | ) | ||
Note 23. Subsequent events
The Group evaluated subsequent events and transactions that occurred after the balance sheet date up to September 30, 2025, the date the financial statements were available to be issued.
On July 29, 2025 Nvni Group
Limited, a Cayman Islands exempted company (the “Company”), entered into a Settlement Agreement and Release (“Ryan Settlement
Agreement”) and an Amendment to a Subscription Agreement (the “Ryan Subscription Agreement Amendment”) with Ryan Davis
(“Ryan”) pursuant to which the Company and Ryan agreed to terms of a settlement structure and amended a certain Subscription
Agreement dated as of December 20, 2023 (the “Ryan Original Agreement”). The Ryan Original Agreement provided Ryan the right
to require the Company to purchase all or any portion of the ordinary shares, par value US$
F-22
On July 29, 2025 the Company
entered into a Settlement Agreement and Release (“Sean Settlement Agreement”) and an Amendment to a Subscription Agreement
(the “Sean Subscription Agreement Amendment”) with Sean Davis (“Sean”) pursuant to which the Company and Sean
agreed to terms of a settlement structure and amended a certain Subscription Agreement dated as of December 20, 2023 (the “Ryan
Original Agreement”). The Sean Original Agreement provided Sean the right to require the Company to purchase all or any portion
of the ordinary shares, par value US$
The Company issued a press release announcing the next phase of its strategic AI initiative with the launch of the NuviniAI Prize, a national competition designed to accelerate artificial intelligence (“AI”) innovation across Brazil’s B2B software ecosystem.
On August 18, 2025, the “Company issued a press release announcing the implementation of a new executive compensation program designed to align leadership performance with long-term growth objectives (the “Program”). The Program links executive rewards to key performance metrics including Return on Invested Capital (ROIC) and Net Revenue Organic Growth (NROG).
On August 28, 2025, the
“Company received a notice (the “Compliance Notice”) from The Nasdaq Stock Market LLC (“Nasdaq”)
stating that the Company has regained compliance with the requirement to maintain a minimum Market Value of Listed Securities
(“MVLS”) of US$
On September 30, 2025, the Company issued a press release announcing it signed a binding term sheet to acquire MK Solutions, the leading
ERP for internet providers in Brazil. The acquisition is expected to bring an additional R$
F-23
Exhibit 99.2
Nuvini Group Reports First Half 2025 Financial Results
~ Delivers 1H25 Free Cash Flow Growth of 16%, Reinforcing SaaS Model’s Efficiency ~
~ Recurring Revenue Now 92.2% of Total Revenues, Firmly Establishing the Nuvini as a Pure Play SaaS Company ~
~ Churn Continues on Successful Downward Trend ~
~ Nuvini CEO Pierre Schurmann to Host Investor Webinar on Tuesday, September 30th, 2025, at 10:00a.m. Eastern Time ~
NEW YORK, September 30, 2025 (GLOBE NEWSWIRE) -- Nuvini Group Limited (Nasdaq: NVNI) (“Nuvini” or the “Company”), the leading serial acquirer and operator of B2B SaaS companies in Latin America, today announced its financial results for the first half of 2025, highlighting increasing cash flow generation and efficiency through AI, streamlining the portfolio by shedding businesses outside our cash flow priorities, while properly preparing the Company to scale through new acquisitions.
First Half of 2025 Key Financials:
| ● | Net Operating Revenue: R$98.2 million, up 6.5% from R$92.2 million in the first half of 2024, driven by SaaS subscription growth, increased customer retention, and a growing client base. |
| ● | Gross Profit & Margin: R$62.0 million at a 63% margin, compared to R$56.3 million and 61% in the first half of 2024. |
| ● | Operating Loss: Delivered operating loss of R$(31.9) million, versus a profit of R$14.2 million in first half 2024. |
| ● | Adjusted EBITDA: R$21.1million, compared to R$26.5 million in the first half of 2024. |
| ● | Operational Free Cash Flow Growth: Up 16.3% in first half 2025, to R$16.8 million from R$14.5 million in second half 2024, reinforcing the SaaS model’s efficiency. |
| ● | Cash & Equivalents: R$3.0 million at June 30, 2025. |
| ● | Churn: Decreased to 2.4%, compared to 14.3% in the first half of 2024. |
| ● | LTV / CAC: Ratio of 8x, up from 6x in the first half of 2024. |
| ● | Recurring Revenue: Increased to 92.2% of total revenue, underscoring the shift toward a pure SaaS model. |
| ● | On May 15, 2025, Nuvini announced the acquisition of Munddi Soluções em Tecnologia Ltda. – ME, an online platform that connects brands with consumers, suppliers, and retail chains based in São Paulo, Brazil. |
Subsequent Events:
| ● | On July 17, 2025, Nuvini hosted its inaugural NuviniAI Day at Oracle’s São Paulo headquarters, capping off the launch of its strategic AI initiative across its ecosystem, which included selecting three finalist AI projects and supporting them with infrastructure and mentorship. |
| ● | On August 12, 2025, Nuvini unveiled the NuviniAI Prize, a national competition in Brazil (in collaboration with Oracle and NVIDIA) that invites B2B software companies to compete for mentorship, infrastructure support, and partnership opportunities, with the aim of accelerating AI innovation in Brazil’s SaaS sector. |
| ● | On August 7, 2025, Nuvini launched the NuviniAI Lab, a dedicated initiative to accelerate AI adoption across its portfolio companies by embedding AI into functions like sales, finance, HR, legal, and customer service. |
| ● | On September 24, 2025, Nuvini launched the NuviniAI Index, a performance tracker and diagnostic framework designed to benchmark AI maturity within its portfolio companies, guide internal transformation, and support evaluation of M&A candidates. |
| ● | On September 26, 2025, the Company announced early results from a new initiative within NuviniAI Lab that fully transitioned its development teams from traditional coding tools to AI-driven platforms, reporting an average productivity increase of 40%. |
CEO Commentary:
“In the first half of the year, we remained laser-focused on three strategic pillars: driving cash flow efficiency through AI, streamlining our portfolio to align with our cash generation goals, and laying the groundwork for scalable growth through new acquisitions,” said Pierre Schurmann, CEO of Nuvini. “These efforts translated into a 16.3% increase in operational free cash flow, underscoring the strength of our SaaS model and our commitment to delivering consistent value to stakeholders. This is supported by a continued improvement in churn, shaving off another 240 basis points, and furthering strengthening our revenues to now, north of 92% recurring, solidifying Nuvini as a pure play SaaS company.”
FY 2025 Outlook
The Company reiterates its target of four completed acquisitions in 2025. To date the Company has successfully completed one of the four acquisitions.
Nuvini Group Limited Investor Webinar
The Company will be hosting an Investor Webinar on Tuesday September 30th at 10:00a.m. Eastern Time during which Nuvini CEO, Pierre Shurmann, will deliver prepared remarks discussing financial results, strategic updates and FY25 outlook. A question-and-answer session will follow the presentation. To register for the Investor Webinar, please click here.
Notes on KPIs
Churn: Nuvini defines Churn for a given period as the percentage calculated from the clients lost over the total active clients of the previous period. Churn is a key performance measure that Nuvini uses to evaluate its clients’ satisfaction and its performance in relation to the competition.
Client Lifetime Value (“LTV”) / Client Acquisition Cost (“CAC”): Nuvini’s marketing strategy is underpinned by disciplined, results-driven Client Lifetime Value (“LTV”) and Client Acquisition Cost (“CAC”) metrics. LTV is calculated as follows: (1/average of last 6 months churn rate)*(ARPU*Gross Margin). This provides insight to Nuvini management on the estimated lifetime value of a client over time. CAC is calculated as the sales and marketing expenses divided by the volume of new clients and provides insight on the total cost of client acquisition. Nuvini utilizes standard market premises to calculate LTV and CAC. These metrics provide Nuvini management guidance over the rate and timing of return on marketing investments. Nuvini believes enhances engagement, increases brand awareness and drives repeat purchase. Nuvini’s core brands each have a dedicated marketing team whose goal is to develop a bespoke strategy that engages existing business clients and drives awareness amongst new business clients. Additionally, Nuvini’s highly curated brand portfolio emphasizes a differentiated positioning and purpose for each of its brands in order to target a unique business client. Through a consistent focus on ensuring distinctive brand messaging, Nuvini seeks opportunities to redefine and reinvigorate its existing and acquired brands to appeal to targeted business segments.
2
About Nuvini
Headquartered in São Paulo, Brazil, Nuvini is Latin America’s leading private serial acquirer of business to business (B2B) software as a service (SaaS) companies. The Company focuses on acquiring profitable, high-growth SaaS businesses with strong recurring revenue and cash flow generation. By fostering an entrepreneurial environment, Nuvini enables its portfolio companies to scale and maintain leadership within their respective industries. The company’s long-term vision is to buy, retain, and create value through strategic partnerships and operational expertise.
Forward-Looking Statements
Statements about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements” within the meaning of The Private Securities Litigation Reform Act of 1995. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Because forward–looking statements relate to the future, they are subject to inherent uncertainties, risks, and changes in circumstances that are difficult to predict. The Company cannot guarantee future results, levels of activity, performance, or achievements. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including, without limitation: the Company’s ability to complete the potential acquisitions on the anticipated timeline or at all; general market conditions that could affect the consummation of the potential acquisition; if definitive documents with respect to a potential acquisition are executed, whether the parties will achieve any of the anticipated benefits of any such transactions; and other factors discussed in the “Risk Factors” section of the Company’s Ǫuarterly and Annual Reports filed with the Securities and Exchange Commission (“SEC”) and the risks described in other filings that the Company may make with the SEC. Factors or events that could cause the Company’s actual results to differ may emerge from time to time, and it is not possible for the Company to predict all of them. Any forward-looking statements speak only as of the date hereof, and the Company specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law. We caution you, therefore, against relying on any of these forward-looking statements.
Investor Relations Contact
Sofia Toledo
ir@nuvini.co
MZ North America
NVNI@mzgroup.us
3
Exhibit 99.3
Earnings Presentation 1H 2025
DISCLAIMER – FORWARD - LOOKING STATEMENT AND NON - GAAP FINANCIAL INFORMATION Some of the statements contained in this press release include or may include “forward - looking statements” within the meaning of Section 27 A of the Securities Act of 1933 , as amended, and Section 21 E of the Exchange Act of 1934 , as amended, which are intended to be covered by the safe harbors created by those laws . These forward - looking statements include, but are not limited to, statements regarding the expectations, hopes, beliefs, intentions or strategies regarding the future . The forward - looking statements contained in this press release are based on current expectations and beliefs concerning future developments and their potential effects on Nuvini . There can be no assurance that future developments affecting Nuvini will be those that we have anticipated . Where a forward - looking statement expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis . All statements other than statements of historical fact may be forward - looking statements . The words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “forecast,” “outlook,” “aim,” “target,” “will,” “could,” “should,” “may,” “likely,” “plan,” “probably” or similar words may identify forward - looking statements, but the absence of these words does not mean that a statement is not forward - looking . Forward - looking statements contained in this press release include, but are not limited to, statements about the ability of Nuvini to : realize the benefits expected from this strategic partnership ; achieve projections and anticipate uncertainties relating to the business, operations and financial performance of Nuvini, including (i) expectations with respect to financial and business performance, including financial projections and business metrics and any underlying assumptions, (ii) expectations regarding market size, future acquisitions, partnerships or other relationships with third parties, (iii) expectations on Nuvini’s proprietary technology and related intellectual property rights, (iv) future capital requirements and sources and uses of cash, including the ability to obtain additional capital in the future ; (v) Nuvini’s ability to enhance future operating and financial results, comply with applicable laws and regulations, stay abreast of modified or new laws and regulations applying to its business, including privacy regulation, anticipate rapid technological changes, and effectively respond to general economic and business conditions ; and (vi) Nuvini’s ability to implement its cost saving initiatives and achieve the projected cost reductions . While forward - looking statements reflect Nuvini’s good faith beliefs, they are not guarantees of future performance . Nuvini disclaims any obligation to publicly update or revise any forward - looking statement to reflect changes in underlying assumptions or factors, new information, data or methods, future events or other changes after the date of this press release, except as required by applicable law . For a further discussion of these and other factors that could cause Nuvini’s future results, performance or transactions to differ significantly from those expressed in any forward - looking statement, please see the section “Risk Factors” of the Registration Statement in Form F - 4 filed by Nuvini with the U . S . Securities and Exchange Commission on September 6 , 2023 under number 333 - 272688 . You should not place undue reliance on any forward - looking statements, which are based only on information currently available to Nuvini . NVNI provides certain non - IFRS measures as additional information relating to its operating results as a complement to results provided in accordance with IFRS . The non - IFRS financial information presented herein should be considered together with, and not as a substitute for or superior to, the financial information presented in accordance with IFRS . There are significant limitations associated with the use of non - IFRS financial measures . Further, these measures may differ from the non - IFRS information, even where similarly titled, used by other companies and therefore should not be used to compare NVNI's performance to that of other companies . 2
TABLE OF CONTENTS 1. THE CEO OVERVIEW 2. OPERATIONAL SUMMARY 3. FINANCIAL SUMMARY
THE CEO OVERVIEW 4 01.
THE CEO OVERVIEW 5 Pierre Schurmann Co - Founder, CEO and Chairman During the first half of this year, we focused on two strategic pillars: 1. Increasing cash flow generation and operational efficiency through AI - driven initiatives. 2. Preparing the company to scale through new acquisitions . We are doing that by proactively acceleration our pipeline and amplifying our funding optionality. These priorities have shaped our trajectory, and the results demonstrate solid progress.
FIRST HALF 2025 OPERATIONAL SUMMARY 6 02.
THE COO OVERVIEW 7 GUSTAVO USERO COO During the first half of this year, we focused on : Operational Efficiency Through AI, we unlocked R $ 5 . 2 million in cost savings via automation, infrastructure optimization, and AI - powered initiatives, while reducing headcount by 15 % and migrating development teams to AI coding tools, enabling higher - value productivity . Scalable Growth & Innovation We launched the NuviniAI Prize , driving innovation and new revenue within the group, and established the foundation for an additional R $ 12 million in savings over the next 12 months , supported by Oracle migration and the rollout of AI - enabled cross - sales in Q 4 2025 .
NUVINI AI LABS ACCELERATES SINERGIES, UNLOCKING VALUE THROUGH AI - POWERED EFFICIENCIES 8 (*) Nuvini’s expectations on its AI - driven cost savings are based on its current business operations and market dynamics and could be significantly impacted by various factors, including but not limited to Nuvini’s evolving business model, future investment decisions, market environment and technology landscape . See “Disclaimer – Forward - Looking Statement and Non - GAAP Financial Information” . Nuvini AI Labs announced strong progress in its AI sinergy initiative , a group - wide program that leverages artificial intelligence to boost free cash flow generation and strengthen the financial resilience of its portfolio companies . Since the it's start, earlier this year, the initiative has already delivered savings of R $ 5 . 2 million through intelligent portfolio AI - driven process automation and infrastructure optimization across companies in the group . Looking ahead, the impact is set to scale rapidly . Over the next 12 months, these initiatives are estimated to generate R $ 12 million (*) in total savings, with nearly 20 % of the total coming directly from AI - enabled migration to Oracle . This represents the equivalent of approximately 50% of all free cash flow from 2024. This milestone underscores how technology transformation, led by advanced AI capabilities, is playing a central role in driving sustainable value creation for the group.
NUVINIAI PRIZE: DRIVING INNOVATION ACROSS BRAZIL'S B2B SOFTWARE 9 Strategic Vision
AI Maturity Benchmarking Scoring companies to identify priorities in sales automation, customer support, and financial workflows Operational Efficiency Playbook Highlighting low - readiness areas and replicating proven cost - saving initiative Strategy Alignment Unified framework to standardize AI adoption across NVIDIA Inception and Windsurf NUVINIAI INDEX 10 Strategic Framework Dual Purpose Internal Portfolio Transformation Management framework for scoring, benchmarking, and prioritizing AI initiatives across portfolio companies External M&A Qualification Strategic radar for identifying acquisition targets and positioning Nuvini as a leading authority on AI maturity in Latin America ”The NuviniAI Index not only drives internal AI adoption across our portfolio but also provides a standardized framework to assess AI maturity and guide M&A targets.” - Pierre Schurmann, CEO
FIRST HALF 2025 FINANCIAL SUMMARY 12 03.
Increase Revenue Recurrence: Recurrence continued to increase during the period, reaching 91.8%. NUVINI’S FIRST HALF 2025 SUMMARY (*) See “Disclaimer – Forward - Looking Statement and Non - GAAP Financial Information”. OPERATIONAL AND STRATEGIC Churn Decrease: Churn decreased to 2.4% (a 14.3% decrease compared to 1H2024). Enhanced Cash Flow (*): The company's robust net cash from operations, amounting to R$ 16.8 million, a 16.3% increase compared to 1H24, solidifies its capacity to fund future growth initiatives. 11
NUVINI’S FIRST HALF 2025 SUMMARY • Net Revenue : R $ 98 . 2 million, 6 . 5 % growth compared to R $ 92 . 2 million in 1 H 24 . This result reflects customer base growth and retention, a fundamental metric for SaaS companies . • Net Cash from Operating Activities : Net outflow o f R $ 32 . 3 million, primarily reflecting divestments and deconsolidation executed during the period . Additionally, the Real's appreciation against the Dollar — from R $ 6 . 19 on 12 / 31 / 2024 to R $ 5 . 45 on 06 / 30 / 2025 — positively impacted the foreign exchange conversion o f NVNI Holding's balance sheet from USD to BRL, contributing to the reduction in accounts payable, considering that the presentation currency o f the Consolidated Financial Statements is the Brazilian Real . • Adjusted EBITDA(*) : R $ 21 million, representing a 20 % decrease compared to 1 H 24 , primarily impacted by higher administrative expenses . We anticipate margin recovery driven by the implementation of artificial intelligence solutions across holding and subsidiary operations . • Operating Result : Operating loss of R $ 32 million resulting from strategic investment divestiture aligned with NVNI Group's portfolio optimization guidelines . FINANCIAL MEASURES (*) See “Disclaimer – Forward - Looking Statement and Non - GAAP Financial Information”. (**) Based on 92,257,843 shares outstanding as of June 30, 2025 13
14 Net Revenue Breakdown and Saas Metrics (*) See “Disclaimer – Forward - Looking Statement and Non - GAAP Financial Information”. Saas Metrics 1H24 1H25 (unaudited) 22,055 22,660 Nuvini Group Clients 91,1% 91,8% Recurrence percentage 4,2 4,6 ARPU 2,8% 2,4% Churn % 6x 5x LTV/CAC
Consolidated Statement of Profit or Loss Data (1)For convenience purposes only, amounts in reais for the six - month period ended June 30, 2025, have been translated to U.S. dollars using an exchange rate of R$5.4565 to US$1.00, the commercial selling rate for U.S. dollars as of June 30, 2025, as reported by the Central Bank of Brazil. These translations should not be considered representations that any such amounts have been, could have been or could be converted at that or any other exchange rate. See “Risk Factors — Exchange rate instability may have adverse effects on the Brazilian economy, the Nuvini Group’s businesses and the trading prices of Nuvini Ordinary Shares and Nuvini Warrants.” 15 (*) Based on 92,257,843 shares outstanding as of June 30, 2025 1H24 1H25 (unaudited) 1H25(1) (unaudited) (in US$ thousands) (in R$ thousands) 92,154 98,176 17,992 Net operating revenue (35,826) (36,224) (6,639) Cost of services provided 56,328 61,952 11,354 Gross profit 61% 63% 63% Margin % (12,554) (15,539) (2,848) Sales and marketing expenses (31,936) (41,863) (7,672) General and administrative expenses 2,325 (36,483) (6,686) Other operating income (expenses), net 14,163 (31,933) (5,852) Operating loss (42,237) (20,896) (3,830) Financial income and expenses, net (28,074) (52,829) (9,682) Loss before income tax (5,129) (4,423) (1) Income tax, net 0,000 2,921 1 Discontinued operation (33,203) (54,331) (9,957) Net loss representing total comprehensive loss for the year Net loss attributed to: (37,353) (58,314) (10,687) Owners of the Company 4,150 3,983 1 Non - controlling interests Loss per share (1.02) (0.59) Basic and diluted loss per share (R$)
Reconciliation of Non - GAAP Financial Measures (1)For convenience purposes only, amounts in reais for the six - month period ended June 30, 2025, have been translated to U.S. dollars using an exchange rate of R$5.4565 to US$1.00, the commercial selling rate for U.S. dollars as of June 30, 2025, as reported by the Central Bank of Brazil. These translations should not be considered representations that any such amounts have been, could have been or could be converted at that or any other exchange rate. See “Risk Factors — Exchange rate instability may have adverse effects on the Brazilian economy, the Nuvini Group’s businesses and the trading prices of Nuvini Ordinary Shares and Nuvini Warrants.” 16 (*) See “Disclaimer – Forward - Looking Statement and Non - GAAP Financial Information”. 1H24 1H25 ( unaudited ) 1H25(1) ( unaudited ) (in US$ thousands) (in R$ thousands) (33,203) (54,331) (9,957) Net loss 5,129 4,423 0,811 Income tax, net 42,237 20,896 3,830 Financial income and expense, net 9,116 9,985 1,830 Depreciation and amortization 23,279 (19,027) (3,487) EBITDA 0,641 0,047 0,009 Stock - based compensation 2,563 (2,233) (0,409) Fair value of derivative warrants - 38,717 7,096 Descontinued operation - 3,628 0,665 Bonus from prior years 26,483 21,132 3,873 Adjusted EBITDA 29% 22% 22% Margin % (7,615) (8,601) (1,576) Taxes (388) 1,275 233 Working Capital (8,480) (4,725) (866) Capex 14,455 16,811 3,081 Free Cash Flow
Reconciliation of Non - GAAP Financial Measures 90.610 16.606 Non - current Liabilities 466.966 85.580 Total Liabilities 369.122 67.648 Share capital 128.892 23.622 Capital reserves (588.094) (107.779) Accumulated losses (10.455) (1.916) OCI 530 97 Non - controlling interest (100.005) (18.328) Total Equity 366.961 67.252 Total Liabilities and Equity 366.961 67.252 Total Assets 1H25 (unaudited) R$ 1H25(1) (unaudited) US$ (in thousands) Liabilities and Equity 1H25 (unaudited) R$ 1H25(1) (unaudited) US$ (in thousands) Assets 47.698 8.742 Accounts payable to suppliers 16.399 3.005 Cash and cash equivalents 19.456 3.566 Salaries and labor charges 11.777 2.158 Trade accounts receivable, net 392 72 Loans and financing 28.391 5.203 Short - term advances 20.697 3.793 Debentures 6.120 1.122 Other current assets 2.940 539 Exposure premium liability 62.687 11.488 Current Assets 573 105 Lease liability 11.578 2.122 Taxes, fees and contributions payable 4.323 792 Property and equipment, net 4.321 792 Deferred revenue 1.821 334 Right - of - use assets, net 266.577 48.855 Deferred and contingent consideration on acquisitions 118.839 21.779 Intangible assets, net 1.252 229 Related parties 170.986 31.336 Goodwill 872 160 Other current liabilities 8.305 1.522 Other non - current assets 376.356 68.974 Current Liabilities 304.274 55.764 Non - current Assets 867 159 Loans and financing 1.792 328 Taxes and contributions payable 1.363 250 Lease liability 21.633 3.965 Provisions for risks 22.734 4.166 Investors third parties 37.584 6.888 Deferred taxes 4.637 850 Derivative warrant liabilities (1)For convenience purposes only, amounts in reais for the six - month period ended June 30, 2025, have been translated to U.S. dollars using an exchange rate of R$5.4565 to US$1.00, the commercial selling rate for U.S. dollars as of June 30, 2025, as reported by the Central Bank of Brazil. These translations should not be considered representations that any such amounts have been, could have been or could be converted at that or any other exchange rate. See “Risk Factors — Exchange rate instability may have adverse effects on the Brazilian economy, the Nuvini Group’s businesses and the trading prices of Nuvini Ordinary Shares and Nuvini Warrants.” 17
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