Mercadolibre, Inc. · NASDAQ:MELI
Mercadolibre — Q3 2025 Earnings Presentation
28 slides from Mercadolibre's earnings presentation, Oct 29, 2025
Slide 1: Investor Presentation Q3'25 Results
INVESTOR PRESENTATION Q3’25 Results October 29, 2025
Slide 2: Third Quarter 2025 Disclaimers
Third Quarter 2025 DISCLAIMERS This presentation may contain forward-looking statements including, but A reconciliation of Non-GAAP measures can be found in our Third not limited to, statements regarding MercadoLibre, Inc.'s expectations, Quarter 2025 earnings press release, available on our investo
Slide 3: IR Content: MELI Content for Investors
Third Quarter 2025 IR CONTENT MELI Content for Investors PODCAST IMPACT REPORTS IR CALENDAR Watch Here Read here See here MercadoLibre, Inc. I 3
Slide 4: Operational & Financial Highlights
Third Quarter 2025 Operational & Financial Highlights GMV ITEMS SOLD TOTAL TPV CREDIT PORTFOLIO US$16.5BN 635.2MM US$71.2BN US$11.0BN +28% YoY 35% FXN YoY +39% YoY +41 YoY +54% FXN YoY +83% YoY NET REVENUES AND INCOME FROM OPERATIONS NET INCOME ADJUSTED FREE CASH FINANCIAL INCOME FLOW2 US$7.4BN US$7
Slide 5: Agenda
Third Quarter 2025 Agenda REVENUE & 1. QUARTERLY KPIs 3. FINANCIAL FACTSHEET 2. FINANCIAL METRICS
Slide 6: Quarterly KPIs
Third Quarter 2025 1. QUARTERLY KPIs
Slide 7: Marketplace Highlights: Unique Active Buyers
Third Quarter 2025 1. Quarterly KPIs Marketplace Highlights Unique Active Buyers (MM) 76.8 70.8 Unique Active Buyers Growth 67.3 66.6 Accelerated to 26% YoY 60.8 Growth reached another record high since Q1’21. All major countries are growing strongly. In Brazil, our decision to lower the free shippi
Slide 8: Marketplace Highlights: GMV and Items Sold Growth
Third Quarter 2025 1. Quarterly KPIs Marketplace Highlights GMV and Items Sold growth accelerated in Brazil and Mexico, with consolidated items sold growth at its highest since Q1’21 Gross Merchandise Volume Items Sold (FX-Neutral YoY Growth) (% YoY Growth) Q3'24 Q2'25 Q3’25 Q3'24 Q2'25 Q3’25 218% 4
Slide 9: Marketplace Highlights: Same & Next Day Shipments
Third Quarter 2025 1. Quarterly KPIs Marketplace Highlights Same & Next Day Shipments (MM) 172.9 162.9 147.5 143.4 Same & Next Day Shipments +28% YoY 134.6 High growth in Same & Next Day, despite the significant ramp-up in SLOW shipments; penetration of Same & Next Day for FAST shipments rose 1ppt Y
Slide 10: Marketplace Highlights: Items Sold per Unique Buyer
Third Quarter 2025 1. Quarterly KPIs Marketplace Highlights Items Sold per Unique Buyer (Units) 8.3 Items sold per unique buyer +11% YoY 7.8 7.8 High growth despite the large increase in new buyers, which dilutes this metric 7.5 in the short-term 7.4 Q3'24 Q4'24 Q1'25 Q2'25 Q3’25 MercadoLibre, Inc.
Slide 11: Fintech Services Highlights: Monthly Active Users
Third Quarter 2025 1. Quarterly KPIs Fintech Services Highlights Fintech Monthly Active Users1 (MM) 72.2 67.6 64.3 61.2 MAU growing 29% YoY 56.2 Strong growth across countries, particularly Brazil, Mexico and Chile, as our value proposition continues to improve, as reflected in leading NPS in all ma
Slide 12: Fintech Services Highlights: AUM and Credit Portfolio
Third Quarter 2025 1. Quarterly KPIs Fintech Services Highlights AUM and credit portfolio both expand strongly in Q3’25 as engagement with Mercado Pago grows Assets Under Management1 Credit Portfolio (US$ B) (US$ M; % share of total) 3 +89% Consumer Credit Card Merchant Asset-backed 15,070 YoY +83%
Slide 13: Fintech Services Highlights: Net Interest Margin After Losses
Third Quarter 2025 1. Quarterly KPIs Fintech Services Highlights Net Interest Margin After Losses (% of avg portfolio) 27.6% 24.2% 22.7% 23.0% 21.0% Solid NIMAL of 21.0% Some compression QoQ, mainly due to Argentina where funding costs rose substantially, but asset quality remains broadly stable Q3'
Slide 14: Fintech Services Highlights: Past Dues and Provision Coverage
Third Quarter 2025 1. Quarterly KPIs Fintech Services Highlights Early NPLs were stable QoQ and down YoY due to better 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
Slide 15: Acquiring Highlights: Acquiring TPV
Third Quarter 2025 1. Quarterly KPIs Acquiring Highlights Acquiring TPV (US$ BN) Acquiring ON Acquiring OFF 47.7 44.4 41.9 40.3 36.0 17.2 32% YoY growth in Acquiring TPV 16.2 15.5 14.2 Sequential improvement in growth 13.7 in Brazil and Mexico was partially offset by slower growth in Argentina 28.2
Slide 16: Acquiring Highlights: TPV per Segment and Sellers with Credit
Third Quarter 2025 1. Quarterly KPIs Acquiring Highlights Growth trends remain robust across geographies, albeit slowing in Argentina; cross-sell of Credits continues to rise Acquiring TPV per Segment Monthly Active Sellers with Credit (FX-Neutral YoY Growth) (% of total) Q3'24 Q2'25 Q3’25 294% 29.7
Slide 17: Financial Metrics
Third Quarter 2025 2. FINANCIAL METRICS
Slide 18: Commerce Net Revenues
Third Quarter 2025 2. Financial Metrics Financial Metrics Commerce Net Revenues (US$ M, % FXN growth) Commerce services Commerce products sales FX-Neutral YoY Growth 121% 106% 57% 45% 38% 4,174 Strong Commerce revenue growth 3,839 3,554 3P take rate of 21.1% down 10bps 3,303 916 3,139 811 709 YoY wi
Slide 19: Fintech Net Revenues per Quarter
Third 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 81% 84% 73% 63% 65% Strong Fintech revenue growth 3,235 2,951 17 Take rate slightly higher YoY, with 15 2,505 2,63
Slide 20: Income from Operations and Net Income
Third Quarter 2025 2. Financial Metrics Financial Metrics Strong top line drove solid Income from Operations growth; Net Income impacted by higher FX losses and tax rate Income from Operations and Margin Net Income and Margin (US$ M, % of Net Revenues) (US$ M, % of Net Revenues) 13.5% 12.9% 10.5% 12
Slide 21: Income from Operations Margin
Third Quarter 2025 2. Financial Metrics Income from Operations Margin -70 bps 1.8% 10.5% 9.8% 2.1% (1.4)% (2.6)% (0.6)% EBIT Margin Q3'24 COGS Marketing Expenses & Sales G&A Product Development Bad Debt EBIT Margin Q3'25 Expenses MercadoLibre, Inc. I 21
Slide 22: Net Income Margin
Third Quarter 2025 2. Financial Metrics Net Income Margin -180bps 7.5% 0.1% (0.7)% 5.7% (0.6)% (0.6)% Net Income Margin Q3'24 COGS + OPEX Interest income & expense, net Tax Foreign Exchange Net Income Margin Q3'25 MercadoLibre, Inc. I 22
Slide 23: Adjusted Free Cash Flow
Third Quarter 2025 2. Financial Metrics Adjusted Free Cash Flow Q3’25 Adjusted Free Cash Flow (US$ M) Total cash, restricted cash, Total cash,and investments restricted cash, digital assets investments and digital assets... 12,979 8,348 Q2’24 Q2’25 Available cash, investments and 4,116 5,149 digital
Slide 24: Available Cash & Leverage
Third Quarter 2025 2. Financial Metrics Available Cash & Leverage Leverage Evolution (US$ M) 1.19x 1.05x 0.83x 0.73x 0.69x 9,877 8,979 7,726 Leverage remains low 6,324 6,850 3,830 4,605 2,891 The QoQ increase in debt - and the 2,001 2,247 leverage ratio - is primarily a result of additional funding
Slide 25: Revenue & Financial Factsheet
Third Quarter 2025 REVENUE & 3. FINANCIAL FACTSHEET
Slide 26: Net Revenue Breakdown by Products and Services
3. Revenue & Third Quarter 2025 Financial Factsheet Net Revenue Breakdown by Products and Services Q3’251 & Q3’242 Brazil Mexico Argentina Others Total (US$ M) 3Q25 3Q24 3Q25 3Q24 3Q25 3Q24 3Q25 3Q24 3Q25 3Q24 Commerce Services (a) 1,789 1,452 864 647 426 358 179 144 3,258 2,601 Commerce Product Sal
Slide 27: Operational & Financial Factsheet
3. Revenue & Third Quarter 2025 Financial Factsheet Operational & Financial Factsheet Volumes (US$ M, %) Users (MM) Net Revs. per Segment1 (US$ M, %) GMV (FX-Neutral growth) $16,543 35.3% Unique Active Buyers (units) 76.8 26% Brazil $4,009 37.6% Items Sold (units) 635.2 39.3% Fintech Monthly Active
Slide 28: Investor Relations
Investor Relations investor@mercadolibre.com http://investor.mercadolibre.com MercadoLibre, Inc.