Slide 1: Business Overview First Quarter 2025
Business Overview First Quarter 2025 May 2025 The Backbone for Connected Commerce
Slide 2: Safe Harbor
Safe Harbor This presentation has been prepared by VTEX (“we,” “us,” “our,” “VTEX” or the “Company”). This presentation may contain forward-looking statements relating to such matters as continued growth prospects for the Company, industry trends and product and technology initiatives. These stateme
Slide 3: VTEX provides a SaaS digital commerce platform for enterprise brands and retailers
VTEX provides a software-as-a-service digital commerce platform for enterprise brands and retailers 3 The Backbone for Connected Commerce
Slide 4: We are the backbone for connected commerce
We are the backbone for connected commerce 4 The Backbone for Connected Commerce
Slide 5: 88% of our ARR comes from enterprise customers
88% of our ARR comes We are a SaaS commerce platform for enterprises from enterprise Apparel Beauty Electronics Food Home customers(1) Accessories & Health & Grocery Appliances Each generating at least $25K ARR, with an average of $131K in ARR(1) (1) As of FY 2024. Per active online store The Backbo
Slide 6: VTEX at a glance
VTEX at a glance Financial stats $18.6 B $228.2 M 78.6% GMV B2C Revenue Non-GAAP(1) (1Q25 LTM in USD) (1Q25 LTM in USD) subscription gross margin (1Q25 LTM) Company metrics 2.4k 3.4k 43 Number of customers Number of active online Countries with active (FY 2024) stores(2) online stores(2) (FY 2024) (
Slide 7: A founder-led, future-driven culture of integrity
A founder-led, future-driven culture of integrity Employee headcount Integrity We honor our word 1Q24 Extraordinary Commitment 1,334 We are in it for something bigger than ourselves 4Q24 Authenticity 1,368 We are free to be who we are 1Q25 On the Playing Field 1,320 We make ourselves responsible for
Slide 8: 25+ years of commerce
25+ years of commerce Expanding Frontiers Goes live with Hearst’s marketplace and Piece experience Manufacturing B2B in the US, marking major milestones in the region IPO Listed on the NYSE, VTEX solidifies its global presence The Bold Bet Redefining Marketplace Omnichannel Breakthrough with 15 offices
Slide 9: Addressing a massive market with significant room for further penetration
Addressing $8.1T a massive market Worldwide ecommerce market (FY 2028E) with significant room for further $6.1T penetration Worldwide ecommerce market (FY 2024) $180bn LatAm $18.6bn GMV (1) ecommerce market (FY 2024) Source: eMarketer (1) As of 1Q25 LTM USD 9 The Backbone for Connected Commerce
Slide 10: Speed to Market
Current offerings High Born SMB force enterprises to Customization meets choose between Speed to Market deep customization Rapid time to revenue Limited customizability Born SaaS for Enterprises Speed to Market Extensive out-of-the-box capabilities = speed or speed to market Low total cost of ownersh
Slide 11: We deliver unprecedented time to revenue with an extensive set of out-of-the-box capabilities
Ads We deliver VTEX IO Development Platform unprecedented time to revenue with Online Store ERP VTEX an extensive set of Out-of-the-box Core out-of-the-box AI-powered Product commerce Physical Store Search Traditional Core Management CRM Commerce capabilities Pricing Promotions Content Login Cart Ma
Slide 12: Our Complete Platform enables enterprises to explore multiple ways to sell and fulfill
Our Complete Platform enables enterprises to explore multiple ways to sell and fulfill Distributed OMS Fulfillment Channels Sales Channels Native Marketplace 12 The Backbone for Connected Commerce
Slide 13: Our Composable Technology is flexible and extensible by design
Our Composable Technology is flexible and extensible by design API-first services Multi-tenant architecture VTEX IO Development Platform 13 The Backbone for Connected Commerce
Slide 14: A live and connected global ecosystem of partners
System Integrators We have a live and connected global Marketplace ecosystem of partners that lead to exponential growth Payment 7,000+ 45%+ VTEX IO extensions of GMV from Collaborative Shipping created by third parties Commerce transactions 1,000+ 85%+ SIs and ISVs of GMV from customers that use Fr
Slide 15: Our Competitive Advantages
Our Competitive Extensive out of the box solutions Collaborative commerce strategy Composable commerce technology Vibrant ecosystem Advantages... … Attract Customers at Different Stages of Maturity Greenfield Displacements FROM ENTERPRISE FROM SMB PLATFORMS PLATFORMS · Looking to start quickly · Prior
Slide 16: VTEX was named a Leader by IDC among B2C Vendors
VTEX was named a Leader by IDC among 25 B2C Vendors VTEX was recognized as a Customers’ Choice in the 2025 Gartner® Voice of the Customer for Digital Commerce report, for the second year in a row 16 The Backbone for Connected Commerce
Slide 17: The age of standalone software is gone
The age of standalone software is gone Modern software is as valuable as the ecosystem and connections it powers 17 The Backbone for Connected Commerce
Slide 18: We have a disciplined go-to-market and scaling strategy
Ecommerce Commerce Software Ecosystem We have a Lower win rate Higher win rate disciplined go- Almost all leads Approximately from the VTEX half of leads to-market and sales team from ecosystem or inbound scaling strategy Testing the Build cases Create Drive market by and start momentum towards gett
Slide 19: Multiple vectors for ongoing growth
Ecosystem development Multiple vectors for ongoing growth Geographic expansion Innovation and platform expansion Grow GMV with existing customers New customer additions 19 The Backbone for Connected Commerce
Slide 20: Financial Overview
Financial Overview 20 The Backbone for Connected Commerce
Slide 21: We are driven by a scalable and global future
We are driven by a scalable and global future With an attractive unit economics: LTV/CAC(1) above 6x # of customers with Land-and-Expand Global Expansion ARR above US$250k NRR FX Neutral(2) % of Revenue Subs. Revenue FX Neutral YoY 10% 11% 11% 34% 35% 35% 32% 7% 55% 54% 57% 28% 2022 2023 2024 2022 2
Slide 22: We are proud of our customers' journeys
We are proud of our customers' journeys As we continue expanding upmarket, growing our base of larger customers, VTEX’s long-term growth and resilience strengthens Average Revenue by Customer: Top 100 vs. Top 25 Number of customers with ARR above US$250k USD Thousands Top 100 Customers CAGR 17-24: 2
Slide 23: Top Customers are growing, opening new stores and expanding to new countries
Top 100 Customers are Circle sizes in proportion to the years’ 2024 Avg. ARR / Top 100 Customers growing, opening new stores in the 39 countries 6.1 stores / same country customer and expanding to # Countries ARR 98.7 M new countries 2017 29% FXN CAGR 17-24 13 countries 2.2 stores / customer ARR 23.
Slide 24: Diversified revenue mix
Diversified revenue mix We are diversified across verticals. Our software works well for many different industries We are also diversified across customer tenure. We create long-term relationships between VTEX and our customers We have a fragmented and diversified customer base Customer verticals Custome
Slide 25: Competitors sell software & services, VTEX sells growth
Competitors sell Subscription Revenue software & services, VTEX Platform clients are charged: VTEX sells growth Fixed Fee Business model VTEX offers a comprehensive subscription solution that provides access to our homogeneous multi-tenant SaaS platform Variable Monthly We grow with our customers and
Slide 26: Strong land and expand model driving results
Strong land and expand model driving results Revenue cohort, FX neutral (US$ millions) 2024 2023 2022 2021 2020 2019 2018 Pre-2018 2017 2018 2019 2020 2021 2022 2023 2024 Cohort analysis on a FX neutral basis. Cohort means a group of customers that received the first invoice of our VTEX platform in
Slide 27: Directional P&L breakdown by existing vs. new stores
Directional P&L breakdown by existing vs. new stores High margin existing stores’ P&L, growing at VTEX’s net revenue retention Investment in new stores P&L, while impacting margin in short-term, yields returns aligned with our LTV/CAC Our global expansion outside of Latam has an estimated impact of
Slide 28: Resilient growth and SaaS metrics with an attractive business model
Resilient growth and SaaS metrics with an attractive business model: we grow by enabling our customers to grow GMV Subscription Revenue Subscription Gross Profit (Non-GAAP) US$ billions US$ millions US$ millions 18.2 217.7 170.2 16.5 189.6 144.4 4.0 4.3 50.4 52.6 41.6 38.8 2023 2024 1Q24 1Q25 2023 20
Slide 29: VTEX keeps growing and unlocking efficiency with steady costs
VTEX keeps growing and unlocking efficiency with steady costs and an optimized, agile organizational structure Non-GAAP subscription gross profit(1) Non-GAAP operating expenses(1) G&A As % of subscription revenue As % of revenue(2) R&D S&M 79.0% 78.2% 67% 67% 66% 61% 77.1% 13% 13% 12% 12% 76.1% 26% 22%
Slide 30: Non-GAAP income from operations
Non-GAAP income from operations YoY margin expansion driven by revenue growth, gross margin expansion and S&M efficiencies 5.4% 3.7% 1.8% (1.5)% 0.4% (0.1)% 9.8% 1Q24 Δ Gross Δ Δ Δ Δ 1Q25 Non-GAAP profit S&M R&D G&A Others Non-GAAP Income from Income from operations operations Note: Figures have been r
Slide 31: Massive TAM
Massive TAM Latam leadership growing globally Blue-chip customer base Robust technology, low total cost of ownership and rapid revenue generation Strong VTEX ecosystem Powerful business model 31 The Backbone for Connected Commerce
Slide 32: Appendix
Appendix 32 The Backbone for Connected Commerce
Slide 33: Subscription gross profit reconciliation
Subscription gross profit reconciliation (US$ millions) Subscription gross profit 2023 2024 Q1 2024 Q1 2025 Subscription revenue 189.6 217.7 50.4 52.6 Subscription gross profit 144.2 170.2 38.8 41.5 Shared base compensation 0.2 0.0 0.0 0.1 Non-GAAP subscription gross profit 144.4 170.2 38.8 41.6 Non-GAA
Slide 34: Income (loss) from operations reconciliation
Income (loss) from operations reconciliation (US$ millions) Operating income 2023 2024 Q1 2024 Q1 2025 Income (loss) from operation (14.0) 7.4 (2.5) (0.2) Share-based compensation expense 18.0 19.2 4.9 4.5 Amortization related to acquisitions 2.6 1.8 0.5 0.5 Earn out expenses related to acquisitions
Slide 35: Net income (loss) reconciliation
Net income (loss) reconciliation (US$ millions) Net income 2023 2024 Q1 2024 Q1 2025 Net income (loss) (15.9) 15.8 (0.9) 0.9 Share-based compensation expense 18.0 19.2 4.9 4.5 Amortization related to acquisitions 2.6 1.8 0.5 0.5 Earn out expenses related to acquisitions - 0.6 - 0.5 Net (gain) loss o
Slide 36: Operating expenses reconciliation
Operating expenses reconciliation (US$ millions) Sales & Marketing 2023 2024 Q1 2024 Q1 2025 Sales & Marketing expense (59.4) (68.6) (17.2) (16.8) Share-based compensation expense 4.3 4.6 1.0 0.8 Amortization related to acquisitions 1.2 1.2 0.3 0.4 Earn out expenses related to acquisitions - 0.4 - 0
Slide 37: FX neutral measures reconciliation
FX neutral measures reconciliation (US$ millions) As As FXN FXN Reported Reported 1Q25 1Q24 % Change 1Q25 1Q24 % Change Subscription revenue 52.6 50.4 4.4% 57.9 50.4 15.0% Services revenue 1.6 2.3 (30.6)% 1.7 2.3 (26.6)% Total revenue 54.2 52.6 2.9% 59.6 52.6 13.2% Gross profit 41.0 37.9 8.2% 46.2 37
Slide 38: Thank you
Thank you investors@vtex.com www.investors.vtex.com 38 The Backbone for Connected Commerce