Mercadolibre, Inc. · NASDAQ:MELI
Mercadolibre — Q1 2026 Earnings Presentation
35 slides from Mercadolibre's earnings presentation, May 7, 2026
Slide 1: Investor Presentation Q1'26 Results
INVESTOR PRESENTATION Q1’26 Results
Slide 2: First Quarter 2026 Disclaimers
First Quarter 2026 DISCLAIMERS This presentation may contain forward-looking statements including, but Non-GAAP reconciliations can be found in the Appendix section of this not limited to, statements regarding MercadoLibre, Inc.'s expectations, presentation. objectives and progress against strategic
Slide 3: MELI Content for Investors
First Quarter 2026 IR CONTENT MELI Content for Investors PODCAST 2025 IMPACT THOUGHT REPORT LEADERSHIP Listen here Access here IR Newsletter MercadoLibre, Inc. I 3
Slide 4: Operational & Financial Highlights
First Quarter 2026 Operational & Financial Highlights GMV ITEMS SOLD TPV CREDIT PORTFOLIO US$19.0BN 721.7MM US$87.2BN US$14.6BN +42% YoY +36% FXN YoY +47% YoY +50% YoY +55% FXN YoY +87% YoY NET REVENUES AND INCOME FROM OPERATIONS NET INCOME ADJUSTED FREE CASH FINANCIAL INCOME FLOW1 US$8.8BN US$611MM
Slide 5: Agenda
First Quarter 2026 Agenda REVENUE & 1. QUARTERLY KPIs 3. FINANCIAL FACTSHEET 2. FINANCIAL METRICS
Slide 6: Quarterly KPIs
First Quarter 2026 1. QUARTERLY KPIs
Slide 7: Marketplace Highlights: Unique Active Buyers
First Quarter 2026 1. Quarterly KPIs Marketplace Highlights Unique Active Buyers1 (MM) 83.2 84.1 76.8 70.8 66.6 Unique Active Buyers growing 26% YoY Brazil drove an acceleration of growth, with a record year-over-year increase of 17 million unique active buyers. Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Growth
Slide 8: Marketplace Highlights: GMV and Items Sold Growth
First Quarter 2026 1. Quarterly KPIs Marketplace Highlights Brazil continues to accelerate, driven by strategic investments, while growth elsewhere remains strong Gross Merchandise Volume1 Items Sold1 (FX-Neutral YoY Growth) (% YoY Growth) Q1’25 Q4'25 Q1’26 Q1’25 Q4’25 Q1’26 126% 56% 52% 45% 45% 47%
Slide 9: Marketplace Highlights: Same & Next Day Shipments
First Quarter 2026 1. Quarterly KPIs Marketplace Highlights Same & Next Day Shipments (MM) 199 191 173 163 Same & Next Day Shipments +39% YoY 143 Same & Next Day shipments continue to grow rapidly due to accelerating volume growth, particularly in Brazil Q1'25 Q2'25 Q3’25 Q4’25 Q1’26 Growth 25% 28%
Slide 10: Marketplace Highlights: Items Sold per Buyer
First Quarter 2026 1. Quarterly KPIs Marketplace Highlights Items Sold per Unique Active Buyer (Units) 9.0 Items sold per unique active buyer +16% YoY 8.6 8.3 Strong growth despite the dilution from large new buyer cohorts, reflecting 7.8 higher frequency and engagement among existing users. 7.4 Q1'
Slide 11: Fintech Services Highlights: Monthly Active Users
First Quarter 2026 1. Quarterly KPIs Fintech Services Highlights Fintech Monthly Active Users1 (MM) 82.9 77.9 72.2 MAU growing 29% YoY 67.6 64.3 Leading NPS in Brazil, Mexico, Argentina and Chile continues to positively impact Monthly Active User growth. Users are joining at the highest levels of en
Slide 12: Fintech Highlights: AUM and Credit Portfolio
First Quarter 2026 1. Quarterly KPIs Fintech Services Highlights AUM and Credit Portfolio continued to grow strongly in Q1’26 as engagement with Mercado Pago grows Assets Under Management1 Credit Portfolio (US$ M) (US$ M; % share of total) Consumer Credit Card Merchant Asset-backed 3 +77% YoY 14,555
Slide 13: Fintech Highlights: Net Interest Margin After Losses
First Quarter 2026 1. Quarterly KPIs Fintech Services Highlights Net Interest Margin After Losses (% of avg portfolio) 27.6% 22.7% 23.0% 23.3% NIMAL of 17.8% 21.0% YoY compression driven by higher 17.8% mix of the lower-spread credit card and higher provisions in our Brazil consumer portfolio due to
Slide 14: Fintech Highlights: Asset Quality
First Quarter 2026 1. Quarterly KPIs Fintech Services Highlights Asset quality remained solid as the portfolio grows, due to continued improvements in the performance of our models Past Dues 15-90 & >90 Provision Coverage ( % NPLs1 / Total Portfolio) (% Allowance of Doubtful Accounts / NPLs) 15-90 d
Slide 15: Acquiring Highlights: Acquiring TPV
First Quarter 2026 1. Quarterly KPIs Acquiring Highlights Acquiring TPV1 (US$ BN) Acquiring ON Acquiring OFF 41% YoY FXN growth in Acquiring TPV 55.7 56.0 Continued market share gains driven by 47.7 40.3 44.4 19.8 the effectiveness of our go-to-market 20.8 17.2 strategy and continued enhancements 16
Slide 16: Acquiring TPV per Segment
First Quarter 2026 1. Quarterly KPIs Acquiring Highlights Growth rates remain strong, in line with past quarters; cross-sell of Credits continues to rise. Acquiring TPV1 per Segment Monthly Active Sellers with Credit (FX-Neutral YoY Growth) (% of total) Q1’25 Q4’25 Q1’26 36.0% 144% 33.8% 29.7% 28.4%
Slide 17: Financial Metrics
First Quarter 2026 2. FINANCIAL METRICS
Slide 18: Commerce Net Revenues
First Quarter 2026 2. Financial Metrics Financial Metrics Commerce Net Revenues (US$ M, % FXN growth) 1 Commerce services Commerce products sales FX-Neutral YoY Growth 57% 45% 38% 37% 39% 4,978 4,868 Strong Commerce revenue growth 4,174 1,215 3P take rate of 21.3% was down 3,839 1,112 10bps YoY, due
Slide 19: Fintech Net Revenues per Quarter
First Quarter 2026 2. Financial Metrics Financial Metrics Fintech Net Revenues per Quarter (US$ M, %) Financial services and income Credit revenues 1 Fintech products sales YoY FXN Growth 73% 63% 65% 61% Fintech revenue +54% FX-neutral 54% 3,977 3,781 Overall fintech take rate stable YoY 18 18 with
Slide 20: Income from Operations and Net Income Margin
First Quarter 2026 2. Financial Metrics Financial Metrics Margin compression reflects our decision to invest in key long-term growth opportunities Income from Operations and Margin Net Income and Margin (US$ M, % of Net Revenues) (US$ M, % of Net Revenues) 12.9% 12.2% 8.3% 7.7% 9.8% 10.1% 5.7% 6.4%
Slide 21: Income from Operations Margin
First Quarter 2026 2. Financial Metrics Income from Operations Margin -600 bps 12.9% (3.0)% 1.4% 6.9% 0.6% (3.9)% (1.0)% Income From Operations COGS Bad Debt Sales and Marketing G&A Product Development Income From Operations Margin Q1’25 Expenses Margin Q1’26 Figures on this slide have been rounded
Slide 22: Net Income Margin
First Quarter 2026 2. Financial Metrics Net Income Margin -360bps 8.3% 1.0% 4.7% 1.7% (6.0)% (0.4)% Net Income Margin Q1'25 COGS + OPEX Interest income & expense, net Tax Foreign Exchange Net Income Margin Q1'26 Figures on this slide have been rounded to the nearest unit. As a result, totals may not
Slide 23: Adjusted Free Cash Flow
First Quarter 2026 2. Financial Metrics Adjusted Free Cash Flow Q1’26 Adjusted Free Cash Flow1 (US$ M) Total cash, restricted cash and investments Q4 2025 2 17,930 3 Available cash and investments Q4 2025 6,710 Cash from Operations 2,075 Reconciliation adjustments 4 (25) Adjusted free cash flow of -
Slide 24: Available Cash & Leverage
First Quarter 2026 2. Financial Metrics Available Cash & Leverage Leverage Evolution (US$ M) 1.46x 1.19x 1.16x 1.05x 0.83x 12,345 11,392 Low leverage & strong cash 9,877 position 8,979 4,682 5,748 7,726 The increase in leverage relates 3,830 4,605 to the funding of Mercado Pago’s 2,891 operations, e
Slide 25: Revenue & Financial Factsheet
First Quarter 2026 REVENUE & 3. FINANCIAL FACTSHEET
Slide 26: Net Revenue Breakdown by Products and Services
3. Revenue & First Quarter 2026 Financial Factsheet Net Revenue Breakdown by Products and Services Q1’261 & Q1’252 Brazil Mexico Argentina Others Total (US$ M) 1Q26 1Q25 1Q26 1Q25 1Q26 1Q25 1Q26 1Q25 1Q26 1Q25 Commerce Services (a) 2,047 1,471 1,000 667 483 406 226 157 3,756 2,701 Commerce Product S
Slide 27: Operational & Financial Factsheet
3. Revenue & First Quarter 2026 Financial Factsheet Operational & Financial Factsheet Volumes (US$ M, % YoY growth) Users (MM, % YoY growth) Net Revs. per Segment1 (US$ M, % YoY US$ growth) GMV (FX-Neutral growth) $18,951 36.4% Unique Active Buyers (units) 84.1 26.3% Brazil $4,774 54.9% Items Sold (
Slide 28: Appendix
First Quarter 2026 4. Appendix
Slide 29: Definitions
First Quarter 2026 APPENDIX Definitions Commerce Revenues from core marketplace fees, shipping fees, first-party sales, ad sales, classified fees, membership subscription fees and other ancillary services. Revenues includes fees from off-platform transactions, financing fees, interest earned from me
Slide 30: Non-GAAP Reconciliation: Revenue Growth Rates
First Quarter 2026 APPENDIX Non-GAAP Reconciliation Three months ended March 31, Revenue Year-Over-Year Growth Rates 2026 USD FX Neutral Commerce 47% 39% Fintech 51% 54% Total MELI 49% 46% MercadoLibre, Inc. I 30
Slide 31: Non-GAAP Reconciliation: FX Neutral Measures
First Quarter 2026 APPENDIX Non-GAAP Reconciliation Three Months Ended March 31, FX Neutral As reported FX Neutral Measures As reported Percentage Percentage Change Change (Unaudited) 2026 2025 2026 2025 (In millions, except percentages) (In millions, except percentages) Net revenues and financial i
Slide 32: Non-GAAP Reconciliation: Adjusted EBITDA
First Quarter 2026 APPENDIX Non-GAAP Reconciliation Three Months Ended Adjusted EBITDA March 31, 2026 2025 (In millions) Net income $417 $494 Adjustments: Depreciation and amortization 246 172 Interest income and other financial gains, net (27) (37) Interest expense and other financial losses 65 39
Slide 33: Non-GAAP Reconciliation: Net Debt
First Quarter 2026 APPENDIX Non-GAAP Reconciliation Net Debt March 31, 2026 December 31, 2025 (In millions) Current Loans payable and other financial liabilities $5,316 $4,623 Non-current Loans payable and other financial liabilities 4,611 4,570 Current Operating lease liabilities 472 430 Non-curren
Slide 34: Non-GAAP Reconciliation: Adjusted Free Cash Flow
First Quarter 2026 APPENDIX Non-GAAP Reconciliation Three Months Ended March 31, Adjusted free cash flow and Net (decrease) increase in available cash, 2026 2025 3 investments and digital assets (In millions) Net cash provided by operating activities ("CFO") $2,075 $1,031 Adjustments to reconcile CF
Slide 35: Investor Relations
Investor Relations investor@mercadolibre.com MercadoLibre, Inc. http://investor.mercadolibre.com