Slide 1: Business Overview Fourth Quarter 2025
Business Overview Fourth Quarter 2025 February 2026 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 suite for enterprise brands and retailers
VTEX provides a software-as-a-service digital commerce suite 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 Digital Commerce (B2C & B2B) Experience Management Headless Intelligent Storefront PWA Sales Catalog Price CMS Search Application Application VTEX App Ads Promotions Checkout Distributed Order Management Live Weni by Shopping Payment Channel Inventory Order
Slide 5: 89% of our Subscription Revenue comes from enterprise customers
89% of our Subscription We are a SaaS commerce platform for enterprises Revenue comes Apparel Beauty Electronics Food Home from enterprise Accessories & Health & Grocery Appliances customers(1) Each generating at least $25K ARR, with an average of $145K in ARR(1) (1) As of FY 2025. Per active online
Slide 6: VTEX at a glance
VTEX at a glance Financial stats $20.5 B $240.5 M 80.3% GMV B2C Revenue Non-GAAP(1) (FY 2025 in USD) (FY 2025 in USD) subscription gross margin (FY 2025) Company metrics 2.2k 3.1k 44 Number of customers Number of active online Countries with active (FY 2025) stores(2) online stores(2) (FY 2025) (FY
Slide 7: A founder-led, future-driven culture of integrity
(Photo: VTEX Connect Europe 2025, Lisbon) A founder-led, future-driven culture of integrity Employee headcount Our principles 4Q24 1. We are informed by the future 6. We play on the field 1,368 2. We deliver customers’ needs over their wants 7. We go as deep as needed 3Q25 1,234 3. We have exceptiona
Slide 8: 25+ years of commerce innovation with global impact
25+ years of commerce Innovation With Global Impact VTEX evolves into a multi-product commerce platform, accelerating experience B2B digitization, Retail Media, and AI to deepen value for top-tier customers and announces H&M, Itaú, City Football Group, and Etihad Expanding Frontiers Arena go-lives G
Slide 9: Addressing a massive market with significant room for further penetration
Addressing $8.3T a massive market Worldwide ecommerce market (FY 2029E) with significant room for further $6.5T penetration Worldwide ecommerce market (FY 2025) $191bn LatAm $20.5bn GMV (1) ecommerce market (FY 2025) Source: EMARKETER (1) FY 2025 9 The Backbone for Connected Commerce
Slide 10: Speed to Market
Current offerings High force enterprises to Born SMB choose between Customization meets Speed to Market deep customization Rapid time to revenue Limited customizability Born SaaS for Enterprises Speed to Market or speed to market Low total cost of ownership Lacks feature depth Extensive out-of-the-bo
Slide 11: We deliver unprecedented time to revenue with an extensive set of out-of-the-box commerce 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 B2B Self Service & Suppliers and Assisted Sales Distributors Distributed OMS 3rd Party Marketplaces Fulfillment Fulfillment Channels Sales Channels Web/ Mobile App Store Network Social Commerce 1st Party Fulfillment P
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: We have 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 9,000+ 55%+ VTEX IO extensions of GMV from Collaborative Shipping created by third parties Commerce transactions 1,200+ 90%+ 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: Only digital commerce platform named Gartner Customer's Choice two consecutive years
VTEX was the only digital commerce platform named as Customer's Choice by Gartner for two consecutive years 4.8/5 98% average rating of VTEX customers received from VTEX would recommend customers VTEX to others 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 We have a Software Ecosystem Lower win rate Higher win rate disciplined go- Almost all leads Approximately to-market and from the VTEX sales team half of leads 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 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) of approximately 4x # of customers with Land-and-Expand Global Expansion ARR above US$250k NRR FX Neutral(2) % of Revenue Subs. Revenue FX Neutral YoY 19% 2% 12% 2024 2025 2024 2025 2024 2025 27.5% 14.5% 10.3
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$250k USD Thousands Top 100 Customers CAGR 17-24: 2
Slide 23: Top Customers are growing, opening new stores and expanding to new countries
Top 100 Customers are Circle sizes in proportion to the years’ 2025 Avg. ARR / Top 100 Customers growing, opening new stores in the 37 countries 5.4 stores / same country customer and expanding to # Countries ARR 117.7 M new countries 2017 27% FXN CAGR 17-25 13 countries 2.2 stores / customer ARR 23
Slide 24: Diversified revenue mix
Diversified revenue mix We are diversified across verticals. Our software works well for many different industries We are also diversified across customer tenure. We create long-term relationships between VTEX and our customers We have a fragmented and diversified customer base Customer verticals Custome
Slide 25: Competitors sell software & services, VTEX sells growth
Competitors sell Subscription Revenue software & services, VTEX Platform clients are charged: VTEX sells growth Fixed Fee Business model VTEX offers a comprehensive subscription solution that provides access to our homogeneous multi-tenant SaaS platform Variable Monthly We grow with our customers and
Slide 26: Strong land and expand model driving results
Strong land and expand model driving results Revenue cohort, FX neutral (US$ millions) 2025 2024 2023 2022 2021 2020 2019 2018 Pre-2018 2017 2018 2019 2020 2021 2022 2023 2024 2025 Cohort analysis on a FX neutral basis. Cohort means a group of customers that received the first invoice of our VTEX pl
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, mainly US and Europe, drives direct investm
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 20.5 234.9 188.7 18.2 217.7 170.2 6.3 5.4 66.7 54.6 59.4 46.9 2024 2025 4Q24 4Q25 2024 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 (2) As % of subscription revenue As % of revenue R&D S&M 81.8% 61.3% 61.4% 61.6% 80.3% 80.2% 55.1% 55.8% 78.8% 11.5% 10
Slide 30: Non-GAAP income from operations YoY margin expansion
Non-GAAP income from operations YoY margin expansion driven by revenue growth, and gross margin, S&M and G&A efficiencies 19.9% 4.6% 1.0% (3.6)% 1.6% 0.3% 23.8% 4Q24 Δ Gross Δ Δ Δ Δ 4Q25 Non-GAAP profit S&M R&D G&A Others Non-GAAP Income from Income from operations operations 30 The Backbone for Connec
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 2025 Q4 2024 Q3 2025 Q4 2025 Subscription revenue 189.6 217.7 234.9 59.4 58.4 66.7 Subscription gross profit 144.2 170.2 188.5 47.1 46.8 54.5 Shared base compensation 0.2 (0.0) 0.2 (0.2) 0.0 0.0 Non-GAAP subscri
Slide 34: Income (loss) from operations reconciliation
Income (loss) from operations reconciliation (US$ millions) Operating Income 2023 2024 2025 Q4 2024 Q3 2025 Q4 2025 Income (loss) from operation (14.0) 7.4 18.1 6.7 4.2 11.2 Share-based compensation expense 18.0 19.2 18.7 4.6 4.7 4.4 Amortization related to acquisitions 2.6 1.8 2.2 0.4 0.6 0.6 Earn
Slide 35: Operating expenses reconciliation
Operating expenses reconciliation (US$ millions) Sales & Marketing 2023 2024 2025 Q4 2024 Q3 2025 Q4 2025 Sales & Marketing expense (59.4) (68.6) (68.6) (17.5) (16.7) (17.7) Share-based compensation expense 4.3 4.6 4.2 1.3 1.5 0.8 Amortization related to acquisitions 1.2 1.2 1.6 0.3 0.4 0.4 Earn out
Slide 36: FX neutral measures reconciliation
FX neutral measures reconciliation (US$ millions) As As FXN FXN Reported Reported 4Q25 4Q24 % Change 4Q25 4Q24 % Change Subscription revenue 66.7 59.4 12.2% 62.6 59.4 5.4% Services revenue 1.3 2.1 (38.6)% 1.2 2.1 (41.2)% Total revenue 68.0 61.5 10.5% 63.8 61.5 3.8% Gross profit 54.0 45.9 17.7% 50.0 4
Slide 37: FX neutral measures reconciliation
FX neutral measures reconciliation (US$ millions) As As FXN FXN Reported Reported 2025 2024 % Change 2025 2024 % Change Subscription revenue 234.9 217.7 7.9% 238.3 217.7 9.5% Services revenue 5.6 9.0 (37.8)% 5.7 9.0 (37.2)% Total revenue 240.5 226.7 6.1% 244.0 226.7 7.6% Gross profit 186.3 167.0 11.6
Slide 38: Thank you
Thank you investors@vtex.com www.investors.vtex.com 38 The Backbone for Connected Commerce