Mercadolibre, Inc. · NASDAQ:MELI
Mercadolibre — Q1 2025 Earnings Presentation
28 slides from Mercadolibre's earnings presentation, May 7, 2025
Slide 1: Investor Presentation Q1'25 Results
INVESTOR PRESENTATION Q1’25 Results May 7, 2025
Slide 2: First Quarter 2025 Disclaimers
First Quarter 2025 DISCLAIMERS This presentation may contain forward-looking statements including, but A reconciliation of Non-GAAP measures can be found in our First not limited to, statements regarding MercadoLibre, Inc.'s expectations, Quarter 2025 earnings press release, available on our investo
Slide 3: MELI Content for Investors
First Quarter 2025 IR CONTENT MELI Content for Investors PODCAST PRODUCT UPDATES NEWS ALERTS Listen here Watch here Subscribe IR CALENDAR MercadoLibre, Inc. I 3
Slide 4: Operational & Financial Highlights
First Quarter 2025 Operational & Financial Highlights GMV ITEMS SOLD TOTAL TPV CREDIT PORTFOLIO US$13.3BN 492.2MM US$58.3BN US$7.8BN +17% YoY +40% FXN YoY +28% YoY +43% YoY +72% FXN YoY +75% YoY NET REVENUES AND INCOME FROM OPERATIONS NET INCOME ADJUSTED FREE CASH FINANCIAL INCOME FLOW2 US$5.9BN US$
Slide 5: Agenda
First Quarter 2025 Agenda REVENUE & 1. QUARTERLY KPIs 3. FINANCIAL FACTSHEET 2. FINANCIAL METRICS
Slide 6: Quarterly KPIs
First Quarter 2025 1. QUARTERLY KPIs
Slide 7: Marketplace Highlights: Unique Active Buyers
First Quarter 2025 1. Quarterly KPIs Marketplace Highlights Unique Active Buyers (MM) 67.3 66.6 Unique Active Buyers growing 60.8 strongly 56.6 53.5 Growth of 25% YoY is the fastest since Q1'21, during the pandemic. Investments in our value proposition are driving this rapid growth. Q1'24 Q2'24 Q3'2
Slide 8: Marketplace Highlights: GMV and Items Sold
First Quarter 2025 1. Quarterly KPIs Marketplace Highlights Solid GMV and Items Sold growth across the board, with a strong performance in Argentina Gross Merchandise Volume Items Sold (FX-Neutral YoY Growth) (% YoY Growth) Q1'24 Q4'24 Q1'25 Q1'24 Q4'24 Q1'25 214% 52% 141% 71% 32% 29% 27% 126% 56% 3
Slide 9: Marketplace Highlights: Same & Next Day Shipments
First Quarter 2025 1. Quarterly KPIs Marketplace Highlights Same & Next Day Shipments (MM) 147.5 143.4 134.6 127.3 Same & Next Day Shipments up 25% YoY 114.7 50% of shipments were delivered within the same & next day; share of slow shipments, chosen by the buyer, rose by almost 3ppts YoY Q1'24 Q2'24
Slide 10: Marketplace Highlights: Items Sold per Unique Buyer
First Quarter 2025 1. Quarterly KPIs Marketplace Highlights Items Sold per Unique Buyer (Units) 7.8 Items sold per unique buyer 7.6 The significant increase in new 7.5 buyers has diluted this metric in the 7.4 7.4 short-term; we are seeing faster growth among users that have been 7.2 on the platform
Slide 11: Fintech Services Highlights: Monthly Active Users
First Quarter 2025 1. Quarterly KPIs Fintech Services Highlights Fintech Monthly Active Users1 (MM) 64.3 61.2 56.2 MAU growth remains >30% YoY 52.0 49.0 More consumers are choosing Mercado Pago due to the strength of our value proposition; high frequency users are growing at an even faster pace Q1'2
Slide 12: Fintech Services Highlights: AUM and Credit Portfolio
First Quarter 2025 1. Quarterly KPIs Fintech Services Highlights Higher AUM translating into increased account usage and credit card portfolio size Assets Under Management1 Credit Portfolio (US$ M) (US$ M; % share of total) 3 Consumer Credit Card Merchant Asset-backed +103% 11,227 YoY +75% 10,581 7,
Slide 13: Fintech Services Highlights: Net Interest Margin After Losses
First Quarter 2025 1. Quarterly KPIs Fintech Services Highlights Net Interest Margin After Losses (% of avg portfolio) 31.5% 31.1% Solid NIMAL of 22.7% 27.6% 24.2% The YoY compression is due 22.7% to our continued move upmarket for consumers and merchants and a higher share of credit cards Q1'24 Q2'
Slide 14: Fintech Services Highlights: Past Dues and Provision Coverage
First Quarter 2025 1. Quarterly KPIs Fintech Services Highlights YoY improvement in NPLs is a function of improved asset quality and portfolio mix Past Dues 15-90 & >90 Provision Coverage ( % NPLs / Total Portfolio) (% Allowance of Doubtful Accounts / NPLs) 15-90 days past due > 90 days past due > 1
Slide 15: Acquiring Highlights: Acquiring TPV
First Quarter 2025 1. Quarterly KPIs Acquiring Highlights Acquiring TPV (US$ BN) Acquiring ON Acquiring OFF 41.9 40.3 36.0 32% YoY growth in Acquiring TPV 33.7 30.6 15.5 14.2 By delivering a more compelling 13.7 and differentiated package of 13.3 12.0 products, we are seeing positive results among o
Slide 16: Acquiring Highlights: TPV per Segment and Sellers with Credit
First Quarter 2025 1. Quarterly KPIs Acquiring Highlights Growth trends remain robust across geographies, with rising cross-sell of Credits Acquiring TPV per Segment Monthly Active Sellers with Credit (FX-Neutral YoY Growth) (% of total) Q1'24 Q4'24 Q1'25 26.3% 318% 24.6% 21.8% 214% 95% 144% 80% 19.
Slide 17: Financial Metrics
First Quarter 2025 2. FINANCIAL METRICS
Slide 18: Commerce Net Revenues
First Quarter 2025 2. Financial Metrics Financial Metrics Commerce Net Revenues (US$ M, % FXN growth) Commerce services Commerce products sales FX-Neutral YoY Growth 131% 121% 113% 106% 57% Strong Commerce revenue growth 3,554 3,303 3P take rate of 21.4% rose YoY due 3,139 2,970 709 to the final por
Slide 19: Fintech Net Revenues per Quarter
First Quarter 2025 2. Financial Metrics Financial Metrics Fintech Net Revenues per Quarter (US$ M, %) Financial services and income Credit revenues Fintech products sales YoY FXN Growth 92% 81% 84% Strong Fintech revenue growth 74% 73% Take rate of 4.5% was flat YoY with 2,632 2,505 gains from highe
Slide 20: Income from Operations and Net Income Margin
First Quarter 2025 2. Financial Metrics Financial Metrics Strong top line trends driving our solid profit growth Income from Operations and Margin Net Income and Margin (US$ M, % of Net Revenues) (US$ M, % of Net Revenues) 14.3% 13.5% 12.9% 12.2% 10.5% 10.5% 10.5% 820 7.9% 8.3% 763 7.5% 726 639 528
Slide 21: Income from Operations Margin
First Quarter 2025 2. Financial Metrics Income from Operations Margin +70 bps 1.3% 0.5% —% 0.4% 12.9% 12.2% —% (1.5)% Explained by higher share of credit card in overall portfolio (from 35% to 42%) 1 Income from Operations COGS Marketing Expenses & G&A Product Development Bad Debt Other Income from
Slide 22: Net Income Margin
First Quarter 2025 2. Financial Metrics Net Income Margin +40 bps 0.7% 0.2% 8.3% 7.9% (0.4)% (0.1)% Net Income Margin Q1'24 COGS + OPEX Interest income & expense, net Tax Foreign Exchange Net Income Margin Q1'25 MercadoLibre, Inc. I 22
Slide 23: Cash Flow
First Quarter 2025 2. Financial Metrics Cash Flow Q1’25 Cash Flow (US$ M) Total cash, restricted cash and 10,387 7,490 Q4’23 investments Q4’24 Available cash and investments B 3,828 4,810 Q4’24 Continued investment led to a $10mn Cash from Operations 1,031 1,512 adjusted free cash outflow Restricted
Slide 24: Available Cash & Leverage
First Quarter 2025 2. Financial Metrics Available Cash & Leverage Leverage Evolution (US$ M) 0.79x 0.69x 0.63x 0.48x 7,726 0.33x 6,850 6,324 2,768 Leverage remains low 5,286 5,403 2,040 1,907 976 The small QoQ increase in leverage 1,367 relates to the funding of Mercado Pago’s operations 4,810 4,958
Slide 25: Revenue & Financial Factsheet
First Quarter 2025 REVENUE & 3. FINANCIAL FACTSHEET
Slide 26: Net Revenue Breakdown by Products and Services
3. Revenue & First Quarter 2025 Financial Factsheet Net Revenue Breakdown by Products and Services Q1’251 & Q1’242 Brazil Mexico Argentina Others Total (US$ M) 1Q25 1Q24 1Q25 1Q24 1Q25 1Q24 1Q25 1Q24 1Q25 1Q24 Commerce Services (a) 1,471 1,313 667 531 406 176 157 108 2,701 2,128 Commerce Product Sal
Slide 27: Operational & Financial Factsheet
3. Revenue & First Quarter 2025 Financial Factsheet Operational & Financial Factsheet Volumes (US$ M, %) Users (MM) Net Revs. per Segment1 (US$ M, %) GMV (FX-Neutral growth) 13,330 40.3% Unique Active Buyers (units) 66.6 24.5% Brazil 3,082 19.9% Items Sold (units) 492 27.8% Fintech Monthly Active Us
Slide 28: Investor Relations
Investor Relations investor@mercadolibre.com http://investor.mercadolibre.com MercadoLibre, Inc.