Slide 1: Business Overview First Quarter 2026
Business Overview First Quarter 2026 May 2026
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: 1Q26 Earnings Highlights
1Q26 Earnings Highlights. Key Financial Metrics Gross Merchandise Subscription Subscription Operating Free Cash Value (GMV) Revenue Gross Margin1 Income1 Flow1 $5.1B $60.0M 81.5% $10.6M $13.3M ○ +17.1% USD ○ +14.0% USD ○ +240bps YoY ○ Doubled YoY ○ Doubled YoY ○ +6.8% FXN ○ +4.2% FXN ○ 17.4% margin
Slide 4: VTEX is the AI-native commerce suite for enterprise brands
VTEX is the AI-native commerce suite for VTEX VTEX enterprise brands CX Platform Ads Platform and retailers. VTEX Commerce Platform Powering B2B and B2C commerce, Ads, and CX in one unified suite to drive revenue and improve efficiency. 4
Slide 5: The backbone for connected commerce
The backbone for connected commerce. Digital Commerce (B2C & B2B) Experience Management Sales App Catalog Price Headless Intelligent Storefront PWA CMS Search Application Application VTEX Data Pipeline Live Promotions Checkout Shopping Distributed Order Management Payment Channel Inventory Order Shi
Slide 6: 89% of our Subscription Revenue comes from enterprise customers
Grocery & 89% of our Electronics & Fashion & Home, Convenience Pharma Appliances Sporting Goods Furniture & DIY Stores Subscription Revenue comes from enterprise customers(1). Each generating at least $25K ARR, with an average of $145K in ARR(1). (1) As of FY 2025. Per active online store. 6
Slide 7: VTEX at a glance
VTEX at a glance. Financial stats $21.2 B $247.0 M 80.9% GMV B2C Revenue Non-GAAP(1) (1Q26 LTM in USD) (1Q26 LTM in USD) subscription gross margin (1Q26 LTM) Company metrics 2.2k 3.1k 44 Number of customers Number of active Countries with active (FY 2025) online stores(2) online stores(2) (FY 2025)
Slide 8: Investment Thesis: Why VTEX?
Investment Thesis: Why VTEX? AI-native commerce suite. Commerce data & domain knowledge. AI embedded across Commerce, Ads, and CX in one unified Commerce-specific intelligence built from decades of enterprise suite designed to drive business impact. use cases, workflows, and signals. Enterprise comm
Slide 9: A founder-led, future-driven culture of integrity
Photo: VTEX Day 2026, São Paulo - Brazil A founder-led, future-driven culture of integrity. Employee headcount Our principles 1Q25 1Q25 1. We are informed by the future. 6. We play on the field. 1,320 2. We deliver customersʼ needs over their wants. 7. We go as deep as needed. 4Q25 4Q25 1,139 3. We
Slide 10: Agility & Innovation Speed
The market is layering High incremental AI features Born SMB. on top of legacy Limited Feature Set. Transforming AI into Real complexity. Commerce Impact. Agility & Innovation Speed Fast time to market but lacks the deep Combines the speed of SaaS with the feature set needed for the demanding flexib
Slide 11: We deliver unprecedented time to revenue
We deliver Ads unprecedented VTEX IO Development Platform time to revenue Online Store ERP with an extensive set VTEX Out-of-the-box Core of out-of-the-box commerce AI-powered Product Search Management Physical Traditional Core Store CRM Commerce capabilities. Pricing Promotions Content Login Cart M
Slide 12: Sales Channels and Fulfillment Channels
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 Fulfillm
Slide 13: Our Composable Technology is flexible and extensible by design
Our Composable Technology is flexible and extensible by design. AI Developer Toolkit API-first services Multi-tenant architecture VTEX IO Development Platform 13
Slide 14: Global ecosystem of partners that lead to exponential growth
System We have a live and Integrators 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%+ Fraud & SIs and ISVs. of GMV from customers
Slide 15: Our Competitive Advantages
Our Competitive AI-native Commerce Suite 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 ○ Prioritizing a
Slide 16: The age of siloed, feature-based SaaS is gone
The age of siloed, feature-based SaaS is gone. Modern commerce software is as valuable as the domain knowledge and data it connects to deliver measurable AI impact on revenue growth and operating efficiency. 16
Slide 17: From intelligence to execution across Commerce, Ads, and CX
From intelligence to execution across Commerce, Ads, and CX. Commerce Platform CX Platform VTEX Ads leading AI Workspace adopted by already resolves retailers converting 91%+ 0.5%+ AI Developer Toolkit of after-sales of their GMV into gaining traction with interactions without high-margin customers
Slide 18: We have a disciplined go-to-market strategy
We have a Ecommerce Software Commerce Ecosystem disciplined Lower win rate Higher win rate Almost all leads ~ Half of leads go-to-market from the VTEX sales team from ecosystem or inbound and scaling Testing the Build cases Create Drive market by and start momentum towards strategy. getting a first
Slide 19: Multiple vectors for ongoing growth
Ecosystem Multiple vectors for development ongoing growth Geographic expansion Innovation and platform expansion Grow GMV with existing customers New customer additions
Slide 20: Financial Overview
Financial Overview First Quarter 2026
Slide 21: We are driven by a scalable and global future
We are driven by a scalable and global future. With 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, VTEXʼs long-term growth and resilience strengthen. Average Revenue by Customer: Top 100 vs. Top 25 Number of customers with ARR above US$250k USD Thousands Top 100 Customers CAGR 17-24:
Slide 23: Top Customers are growing, opening new stores and expanding
Top 100 Customers are Circle sizes in proportion to the yearsʼ 2025 growing, opening Avg. ARR / Top 100 Customers new stores in the 40 37 countries 5.4 stores / same country 35 customer and expanding to 30 # Countries 25 new countries. 20 2017 ARR 117.7 M 27% FXN CAGR 17-25 15 13 countries 2.2 store
Slide 24: Diversified revenue mix
Diversified revenue mix. We are diversified across verticals. Our software works well for many different industries. We are also diversified across customer tenure. We create long-term relationships between VTEX and our customers. We have a fragmented and diversified customer base. Customer vertical
Slide 25: Competitors sell software & services, VTEX sells growth
Competitors sell Subscription Revenue software & services, VTEX Platform clients are charged: VTEX sells growth. Fixed Fee Business model. VTEX offers a comprehensive subscription solution that provides access to our homogeneous multi-tenant SaaS platform. Variable Monthly We grow with our customers
Slide 26: Strong land and expand model driving results
Strong land and expand model driving results. Revenue cohort, FX neutral (US$ 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 p
Slide 27: Directional P&L breakdown by existing vs. new stores
Directional P&L breakdown by existing vs. new stores. High margin existing storesʼ P&L, growing at VTEXʼs 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 inve
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 +17.1% +14.0% +17.6% 5.1 60.0 48.9 4.3 52.6 41.6 2024
Slide 29: 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 66.2% 81.5% 62.5% 61.3% 61.4% 12.1% 80.3% 10.1% 79.0% 11.5%
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. 9.8% 4.0% 2.7% (1.2)% 2.0% 0.1% 17.4% 1Q25 Δ Gross Δ Δ Δ Δ 1Q26 Non-GAAP profit S&M R&D G&A Others Non-GAAP Income from Income from operations operations margin margin 30
Slide 31: Continued growth and efficiency gains keep boosting cash generation
Continued growth and efficiency gains keep boosting cash generation. 1Q26 Free Cash Flow doubled YoY, reaching 21.9% margin. Free Cash Flow As % of revenue Low- Twenties 21.9% 13.4% 12.2% 10.5% 2.5% 2023 2024 2025 2026 1Q25 1Q26 Guidance 4.9 23.9 32.3 — 6.6 13.3 Free Cash Flow ($mm) 31
Slide 32: 2Q26 & FY2026 Guidance Summary
2Q26 & FY2026 Guidance Summary Executing across our four growth levers as an AI-native commerce suite while expanding margins and free cash flow. 2Q26 Guidance FY2026 Guidance FX impact is expected to add Subscription Revenue Low-to-mid single digit Mid-single digit approximately 10.3 p.p. in Q2 and
Slide 33: 1Q26 reinforces VTEX's long-term investment thesis
1Q26 reinforces VTEXʼs long-term investment thesis AI-native commerce suite. Outcome-based model. Commerce, Ads, and CX in one unified suite. Revenue aligned with customer GMV growth. Enterprise customers. Multiple growth levers. Trusted by global blue-chip brands and retailers. Enterprise expansion
Slide 34: Appendix
V9 vtex Appendix First Quarter 2026
Slide 35: Subscription gross profit reconciliation
Subscription gross profit reconciliation (US$ millions) Subscription gross profit 2023 2024 2025 Q1 2025 Q4 2025 Q1 2026 Subscription revenue 189.6 217.7 234.9 52.6 66.7 60.0 Subscription gross profit 144.2 170.2 188.5 41.5 54.5 48.8 Shared base compensation 0.2 (0.0) 0.2 0.1 0.0 0.0 Non-GAAP subscr
Slide 36: Income (loss) from operations reconciliation
Income (loss) from operations reconciliation (US$ millions) Operating Income 2023 2024 2025 Q1 2025 Q4 2025 Q1 2026 Income (loss) from operation (14.0) 7.4 18.1 (0.2) 11.2 5.8 Share-based compensation expense 18.0 19.2 18.7 4.5 4.4 4.1 Amortization related to acquisitions 2.6 1.8 2.2 0.5 0.6 0.6 Ear
Slide 37: Operating expenses reconciliation
Operating expenses reconciliation (US$ millions) Sales & Marketing 2023 2024 2025 Q1 2025 Q4 2025 Q1 2026 Sales & Marketing expense (59.4) (68.6) (68.6) (16.8) (17.7) (16.8) Share-based compensation expense 4.3 4.6 4.2 0.8 0.8 0.8 Amortization related to acquisitions 1.2 1.2 1.6 0.4 0.4 0.4 Earn out
Slide 38: Net income (loss) reconciliation
Net income (loss) reconciliation (US$ millions) Net income 2023 2024 2025 Q1 2025 Q4 2025 Q1 2026 Net income (loss) (15.9) 15.8 20.0 0.9 9.8 4.1 Share-based compensation expense 18.0 19.2 18.7 4.5 4.4 4.1 Amortization related to acquisitions 2.6 1.8 2.2 0.5 0.6 0.6 Earn out expenses related to acqui
Slide 39: Free Cash Flow reconciliation
Free Cash Flow reconciliation (US$ millions) Free Cash Flow 2023 2024 2025 Q1 2025 Q4 2025 Q1 2026 Net cash provided by operating activities 5.4 26.0 33.4 6.7 11.3 13.4 Acquisitions of property and equipment (0.5) (2.1) (1.0) (0.1) (0.2) (0.1) Free Cash Flow 4.9 23.9 32.3 6.6 11.1 13.3 Free Cash Flo
Slide 40: FX neutral measures reconciliation
FX neutral measures reconciliation (US$ millions) As As FXN FXN Reported Reported 1Q26 1Q25 % Change 1Q26 1Q25 % Change Subscription revenue 60.0 52.6 14.0% 54.8 52.6 4.2% Services revenue 0.7 1.6 (53.7%) 0.7 1.6 (56.5%) Total revenue 60.7 54.2 12.1% 55.5 54.2 2.4% Gross profit 48.5 41.0 18.2% 43.6
Slide 41: Thank you
Thank you investors@vtex.com www.investors.vtex.com