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Mercadolibre Inc(MELI US)

$1,624.53-35.602.14%Ext:$1,628.67+4.140.25%(Market Closed · 23:59:36 UTC)
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Financials(79)

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  • 10-QQ2ended 30 Jun 20265 Aug
  • 10-QQ1ended 31 Mar 20268 May
  • 10-KFY 2025ended 31 Dec 202525 Feb
  • 10-QQ3ended 30 Sept 202530 Oct 2025
  • 10-QQ2ended 30 Jun 20255 Aug 2025
  • 10-QQ1ended 31 Mar 20258 May 2025
  • 10-KFY 2024ended 31 Dec 202421 Feb 2025
  • 10-QQ3ended 30 Sept 20247 Nov 2024
  • 10-QQ2ended 30 Jun 20242 Aug 2024
  • 10-QQ1ended 31 Mar 20243 May 2024
  • 10-KFY 2023ended 31 Dec 202323 Feb 2024
  • 10-QQ3ended 30 Sept 20232 Nov 2023
  • 10-QQ2ended 30 Jun 20233 Aug 2023
  • 10-QQ1ended 31 Mar 20234 May 2023
  • 10-KFY 2022ended 31 Dec 202224 Feb 2023

Events(229)

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  • 8-KOther Events14 Sep
  • 8-KEntry into a Material Definitive Agreement10 Sep
  • 8-KMONTEVIDEO, Uruguay; August 5, 2026 -- MercadoLibre, Inc. (Nasdaq: MELI) (http://www.mercadolibre.com), Latin America’s leading e-commerce and fintech company, today reported financial results for the second quarter ended June 30, 2026. Net revenues & financial income of $10,169 million, up 50% YoY and 43% FX-neutral Income from operations of $683 million, with a 6.7% margin Net income of $466 million, with a 4.6% margin Total Payment Volume of $101 billion, up 56% YoY and 56% FX-neutral Gross Merchandise Volume of $21.9 billion, up 44% YoY and 36% FX-neutral To our Shareholders Mercado Libre delivered another quarter of exceptional growth in Q2'26, sustaining the strong momentum we saw at the start of the year. Net revenue and financial income grew 50% YoY – the fastest pace in four years – to $10.2bn, with Brazil continuing to show the strongest trends. Income from operations of $683mn declined 17% YoY, with a margin of 6.7%, broadly stable QoQ, as we continue to set the dial in a way that prioritizes long-term value creation over short-term profitability – a trade-off we make carefully, and only where we see clear evidence of the economics that will follow. In our last shareholder letter, we described the size of the opportunity ahead of us in Latin America's digital economy, and why we believe investing boldly today is the right response to seize it. This quarter, we want to focus on a different part of that same story: why the structure of our business – a single ecosystem spanning Commerce and Fintech – creates a flywheel in which each makes the other stronger, and why deepening engagement is what accelerates that flywheel into a durable competitive advantage. This, we believe, is what will ultimately support long-term profitability and cash flow. Engagement, the Ecosystem and MELI+ Growth metrics remained outstanding in Q2'26. On an FX-neutral basis, GMV grew 36% YoY to $22bn and TPV rose 56% YoY to $101bn. We are pleased with this growth, which is expanding the scale of our ecosystem, but what we care about most lies beneath these numbers: engagement. This is the best leading indicator of the durability of our investments, and of whether we are truly succeeding in our long-term ambition to transform commerce and financial services in Latin America. More importantly, it provides the clearest signal that we are changing behavior. Engagement strengthened across the business in Q2'26. In Commerce, users are transacting more frequently, with items per buyer rising 14% YoY – this was led by Brazil, where growth was 19% YoY, highlighting the success of our investments and the resilience of our value proposition. Users are becoming stickier as the ratio of daily active users to monthly active users reached its highest level ever. And their relationship with our marketplace is broadening, as the share of users purchasing three or more categories rose almost 6ppts YoY to an all-time high. In Fintech Services, engagement metrics are also hitting record levels. AUM per user reached $264, growing 29% YoY, as users entrust more of their money to Mercado Pago; and credit exposure per user in our consumer and credit card portfolios reached $231 and $446, growing 34% and 20% YoY, respectively, as users deepen their financial relationship with us. Users are becoming stickier here too, with the ratio of daily to monthly active users rising YoY in each of our four largest markets. This is not a series of isolated data points, but the latest evidence of a trend that has been building for some time, and particularly since we lowered the free shipping threshold in Brazil, accelerated credit card issuance in Brazil and Mexico and began issuing cards in Argentina. These gains are even more notable given the continued influx of new users, who tend to dilute these averages. Our users are not just transacting with us – they are building habits around us. MercadoLibre, Inc. Letter to Shareholders MercadoLibre Letter to Shareholders 1 Q2’26 ResultsThis deepening engagement is being matched by growth in the number of users choosing our platform. Unique buyers in Commerce grew 26% YoY in Q2'26 and Fintech MAUs grew 30% YoY. But the strongest growth has come from users engaged with both sides of our platform. Ecosystemic users – those engaging with both our marketplace and Mercado Pago, rather than just one or the other – grew 37% YoY in Q2'26 and have been our fastest-growing segment since Q4’23, with their share of our total user base expanding by 8ppts over that period. This is not a coincidence: users who hold the Mercado Pago credit card are 2-3x more likely to remain ecosystemic than those who don't. This helps explain why the shift to ecosystemic usage, once underway, has proven to be durable rather than transient. Commerce and Fintech are complementary businesses designed to make each other more valuable. The data bears this out: when a user becomes ecosystemic, engagement strengthens significantly. Compared with marketplace-only users, ecosystemic users generated 70% more GMV and 55% more items sold per user in Q2'26. The share of ecosystemic users purchasing three or more categories was more than 15ppts higher, and the share who were active daily in our marketplace app was meaningfully higher too. In Fintech, we see a similar dynamic: TPV per user was almost 90% higher among ecosystemic users than fintech-only users, while AUM per user was more than twice as high, and insurtech policies per user were almost 4x higher. Most importantly, this deeper engagement results in improved profitability – contribution profit per ecosystemic user is multiples of the sum of the profit of a marketplace-only user and a fintech-only user. Profitability doesn't simply add when a user becomes ecosystemic – it multiplies. This is why we believe engagement – more than growth alone – is the true engine of higher profitability over time. Very few companies anywhere in the world operate at the intersection of commerce and fintech at the scale we do in Latin America. This is a structural advantage that is difficult to replicate, and it is the foundation on which we built MELI+ – a loyalty program designed to deepen engagement even further, layered on top of an ecosystem that is already structurally more engaging than a single-vertical platform. We are seeing great traction, with subscriber growth accelerating since late last year and up 72% YoY in Q2'26. Across a range of metrics, engagement among MELI+ users meaningfully outpaces that of ecosystemic users. MELI+, in short, is a tool that takes engagement to a new level, as well as being a catalyst for users to become ecosystemic. MELI+ is not, however, a standalone lever. Everything we have described in this letter so far – the strength of our engagement metrics, the compounding effect of the ecosystem, the added lift from MELI+ – is the outcome we are solving for, and our investments are the pieces designed to get us there. Step back, and a broader pattern emerges: the lower free shipping threshold, our pricing and supply investments, 1P, CBT, the credit card, our yielding account, and MELI+ are interlocking pieces of the same system – each reinforcing the others, each deepening engagement, all pointed at the same outcome: an ecosystem that becomes more valuable the more of it a user experiences. Engagement is the thread that ties them together, and the clearest signal that, collectively, they are working. Commerce One year on from lowering the free shipping threshold in Brazil, the impact is clear. It was a bold decision, but we had seen this pattern before when we first introduced free shipping in 2016. That experience gave us the conviction to make the same call again. Growth accelerated, and this continued into Q2'26, with FX-neutral GMV growing 39% YoY and sold items growing 56% YoY. But it is the engagement metrics and evolution of our unit economics that give us the most conviction that the decision was the right one. MercadoLibre Letter to Shareholders 2 Q2’26 ResultsBefore the threshold change, conversion gains were incremental. Lowering it delivered a step-change – and twelve months on, that gain has proven sustainable, with conversion in Q2'26 up 1.1ppts YoY, even as we lapped the June 2025 threshold reduction. The ratio of daily (DAU) to monthly active users (MAU) has inflected, with the former growing faster than the latter every single quarter since. The share of users buying three or more categories per month has risen 10ppts over the same period. And new buyer cohorts after the change are purchasing more items across more categories, with higher retention, than the cohorts that preceded them. This is visible too in the growth of our most engaged users: ecosystemic user growth in Brazil accelerated from 35% YoY in the quarter before the threshold change to almost 50% YoY in Q2'26. Together, these shifts point to something more durable than a one-time promotional effect: our platform has become genuinely more attractive to buyers, and that increased attractiveness is what is driving lasting change in how they shop with us. The unit economics of this decision are also evolving as we expected. Free and slow shipments are now variable contribution- positive across half of the ASP ranges between R$19 and R$79, as technology, scale, and the use of previously unused capacity continue to bring costs down. Building on this momentum, in April we introduced PIX discounts for buyers and discounts on take rates for sellers in certain categories and ASP ranges, conditional on listings having competitive pricing. The result was a meaningful improvement in our price competitiveness index, and a sharp acceleration in active sellers, which grew 29% YoY in Q2'26. A larger, more competitive seller base strengthens supply, and stronger supply is one of the clearest ways to support demand. This is a powerful flywheel that should continue to support growth and engagement in Brazil – where we continue to grow ahead of the market – and beyond. In Mexico, GMV grew 26% YoY on an FX-neutral basis and sold items grew 34% YoY – a robust performance, achieved despite the continued headwind from the tax reform we flagged in last quarter's shareholder letter. We are focused on several levers to support demand, one of which is expanding supply into new categories. One example of this is pharmacy, which is gaining traction in Mexico after building the foundational capabilities, particularly safety and regulatory compliance, to operate the category over several years. In Argentina, growth decelerated to 38% YoY in FX-neutral GMV and 22% YoY in sold items, against a challenging consumption environment. Even so, we continue to gain share from physical retail, underscoring the resilience of our value proposition. Cross-border trade continued to contribute materially to our growth in Q2'26, with FX-neutral GMV growing 60% YoY. Mexico, still by far our largest CBT market, continues to perform well, with FX-neutral GMV growing well above the country's overall average. Growth was even faster in Argentina, Brazil and Others – all three grew at a triple-digit pace, and CBT now represents almost twice the share of GMV in smaller countries as it did a year ago. This reflects the improvements we made to our value proposition last year, and growing momentum in our China fulfillment center, where thousands of sellers now operate and volume grew 170% QoQ, further improving service levels through faster deliveries and fewer cancellations. CBT is another lever for expanding supply – in this case by giving buyers access to a far broader range of products and price points than domestic sellers alone could offer. Advertising had a landmark quarter: we surpassed 10% share of the digital advertising market in Latin America for the first time, with net revenue growing 62% YoY on an FX-neutral basis in Q2'26. Growth broadened beyond Self-Service as momentum in our CBT and Top Brands channels strengthened. We also saw strong performance around seasonal shopping events – like Hot Sale and Cyber Day – which are a meaningful source of demand for advertising, one of our highest-margin revenue lines. We are seeing a similar dynamic in low ASPs as the increase in lower-priced, more accessible, everyday items is increasing demand for our ads products. We continue to invest in our technology to make advertising more effective for sellers of every size. Mercado Ads’ AI Advisor reaches sellers on WhatsApp, analyzes campaigns in real time and delivers fully automated budget and ROAS recommendations with zero human intervention. It has scaled from small pilots to tens of thousands of sellers per month, and one in three sellers who engage with it go on to make a change to a campaign directly within the conversation. The number of sellers adopting our AI- powered budget orchestrator, which helps sellers manage spend across multiple campaigns, grew 63% QoQ in Q2'26. These initiatives lower barriers to entry, and enable sellers to invest more in advertising. We also improved how we rank ads on product pages, and our new AI-powered search architecture helps us to surface more relevant ads and increase click-through-rates. We materially expanded our video advertising inventory too by integrating HBO Max, which increases our addressable video audience by around 50%. MercadoLibre Letter to Shareholders 3 Q2’26 ResultsFintech Services Fintech Services continued to scale in Q2'26, reaching 88mn MAUs. Brazil and Mexico were the standout performers, growing 38% and 45% YoY, respectively, both accelerating versus the 2025 rate of growth. AUM reached $23bn, up 68% YoY. These figures reinforce the scale of the deepening engagement that we described on a per user basis earlier. Our credit portfolio is showing a similar dynamic as it surpassed $16bn in Q2'26, growing 75% YoY. Consolidated NIMAL improved by 3ppts sequentially, driven by a recovery in our Brazil consumer portfolio spread, as provisioning normalized following the increase we flagged last quarter. Compared to Q2'25, NIMAL compressed 2ppts to 20.7%, driven primarily by a shift in mix toward the lower-spread credit card, which rose from 43% to 47% of the total. Our other loans – mostly consumer and merchant – continue to show strong profitability, even with the move upmarket to serve lower risk users. Credit card NIMAL compressed from breakeven in Q2'25 to -2.5% in Q2'26. This is not because of a deterioration in asset quality; it simply reflects the significant step-up in issuance – 2.6mn new cards in Q2'26 versus 1.6mn in Q2'25 – as new cohorts are naturally dilutive. As these cohorts mature, in line with the pattern we have consistently seen, we expect the credit card NIMAL to strengthen. We continue to invest in growing the book at this pace not only because we have the technology in place to manage risk — our underwriting models continue to improve — but also because the card is one of our most powerful levers for engagement and principality; as we noted earlier in this letter, cardholders are 2-3x more likely to remain ecosystemic than users that don't have the card. The growth of our credit card portfolio is managed within strict risk parameters, as demonstrated by the 15-90 NPL of 4.6% in Q2'26, which is close to all-time lows. The mix of our loan portfolio has shifted toward lower risk users in recent years. The credit card has grown to almost half of the portfolio, up from just a fifth four years ago, as its improving value proposition attracts more marketplace buyers. At the same time, we have moved upmarket within our consumer and merchant loan portfolios. This shift, combined with continued improvements in our underwriting models, is reflected in the strength of our asset quality: in Q2'26, the 15-90 day NPL was 7.0% for the portfolio as a whole, and 4.6% for the credit card specifically – both near their historic lows. MercadoLibre Letter to Shareholders 4 Q2’26 ResultsAcquiring We continue to gain share across all of our markets as Acquiring TPV growth remained steady at 42% YoY in Q2'26 on an FX- neutral basis. In Brazil, growth accelerated to 32% YoY, driven by a handful of large merchants in Online Payments, which reflects our continued move upmarket. These merchants typically attract lower take rates, but their absolute TPV makes them incremental to net revenue and profit dollars. Instore growth in Brazil remained stable and well above the market, a reflection of the strength of our product and the continued success of our cross-sell efforts, principally credit and banking services. We continue to see significant growth potential in the Instore channel, and are investing accordingly given strong unit economics (CAC/LTV). Acquiring TPV in Mexico grew 47% YoY, with our Instore channel growing almost 70% as we continue to pursue the large, structural opportunity to drive a shift from cash to digital payments. We see high engagement from merchants, which has enabled us to reach 1.4mn active devices in Mexico, equal to all of the incumbent banks combined. This pace of expansion is creating some near-term margin pressure, driven by higher upfront investment in acquiring new users, where we continue to see healthy payback periods, and by higher device costs, reflecting the increase in memory chip prices. The former reflects a deliberate choice to invest in future growth, while the latter is largely industry-wide and beyond our control. This also impacted Argentina, albeit to a lesser extent. Acquiring TPV growth in Argentina slowed marginally to 52%, driven by deceleration of momentum in the Instore channel, where soft consumption dynamics negatively impacted growth. We also launched Instore in Uruguay this quarter, extending our acquiring footprint to a new market. Artificial Intelligence (AI) AI is transforming how we build and operate, particularly in our technology organization. A year ago, AI was a tool our engineers used to help them write code. Today, human-written code has become the exception, and productivity has soared as a result. In Q2'26, code submissions were up 110% YoY, merged code was up more than 100%, and deployments were up nearly 75%, all while rollbacks fell YoY. Agents are doing genuinely autonomous work, having independently reviewed more than half a million code submissions and migrated roughly 9,000 services to newer platforms over the past year. This is a structural gain in productivity that is accelerating our product roadmap. In Q2'26, we completed the rollout of our AI-powered marketplace search architecture across our five largest sites. We deployed this architecture with different models in certain countries and they are achieving comparable results – uplifts in conversion and click-through-rates – at a lower cost. In all cases – even where we use more expensive models – the uplifts in conversion and ads click-through-rate more than offset the cost of using third-party LLMs. Engagement with our Seller Assistant continues to rise, with sellers representing almost half of our GMV using it, interactions per seller rising, and DAU growing 21% MoM in June. As engagement rises, our assistant is resolving a growing share of interactions: in Q2'26, more than half of the requests on our Help Portal were solved by the assistant without any human intervention. These gains are also showing up in our cost structure. We have built technology that analyzes usage patterns across teams, helping us improve our mix of models, reduce inefficiencies in how they're used, and refine the tools built on top of them – all aimed at maximizing results at a lower cost. This, combined with better commercial terms negotiated with AI suppliers, has resulted in a reduction of cost per token QoQ and YoY. AI investment grew roughly $80mn YoY in Q2'26, split between cost of goods sold and Product Development. Despite this, Product Development expenses fell from 8.4% of net revenue in Q2'25 to 7.2% in Q2'26, as the productivity gains described above allow us to grow without adding engineers at the pace we once would have. Consolidated Financial Results Net revenue and financial income of $10.2bn grew 50% YoY. Currency movements acted as a tailwind to YoY growth of 59% in Brazil and 55% in Mexico, and acted as a headwind to Argentina’s 20% YoY growth. FX-neutral growth accelerated to 42% in Brazil, remained broadly stable in Mexico at 38% and slowed to 48% in Argentina. Commerce revenue growth was stable at 40% on an FX- neutral basis (50% in USD), while Fintech decelerated to 47% (49% in USD). MercadoLibre Letter to Shareholders 5 Q2’26 ResultsIncome from operations of $683mn declined 17% YoY, with margin compressing 550bps to 6.7%. Much of this reflects the ramp-up of the investments we have described over the past year in our shareholder letters – as a result, we see the sequential comparison as more informative for this particular quarter. Margin was broadly stable versus 6.9% in Q1'26, although its make up was different, with operating expenses as a percentage of net revenue 2.6ppts lower QoQ broadly offset by 2.8ppts of compression in our gross margin. This reflects deliberate decisions to reinvest operating leverage in our value proposition. The QoQ gross margin compression was driven primarily by: 1) initiatives launched on our marketplace in Brazil to improve price competitiveness and supply in certain categories and ASPs, as discussed earlier, which take the form of discounts for buyers who pay with PIX and take rate discounts for sellers, both of which reduce revenue; 2) higher shipping costs that were not fully offset by higher revenue; and 3) investment in user acquisition and higher POS device costs in Acquiring, particularly in Mexico. While the discounts in Brazil negatively impact our profitability in the short term, we have seen this pattern before – when we lowered seller shipping charges in 2024 and 2025 – and it consistently strengthens engagement with our platform. That deeper engagement is what we believe will ultimately support long- term profitability, cash flow and shareholder value. Our credit portfolio remains highly profitable, and continues to be a meaningful contributor to our overall margins. Provisions for doubtful accounts were the main driver of the sequential improvement in opex as a percentage of net revenue, as noted above. Provisions are a necessary part of a growing credit business, and they naturally scale with the size of the portfolio. On a YoY basis, provisions rose approximately 2ppts as a percentage of net revenue, reflecting the fact that our credit portfolio is growing significantly faster (75% YoY) than our consolidated net revenue (50% YoY). This is not a sign of weaker economics: if you net credit revenue against provisions, as a share of consolidated revenue, the result was slightly higher in Q2'26 than in Q2’25 – meaning the incremental revenue this business generates continues to more than keep pace with the incremental provisions required to support it. Put simply, our credit portfolio is scaling profitably. Direct contribution margin trends varied by country in Q2'26. In Brazil, margin improved QoQ, as the recovery in profitability of our credit portfolio – particularly consumer credit, as provisions normalized following the increase we flagged last quarter – and operating leverage offset the impact of the pricing and supply initiatives discussed earlier in this letter. In Mexico, margin compressed by roughly 4ppts QoQ, with just under half of this due to lower profitability in our Acquiring business. This reflects a faster pace of upfront investment in acquiring new users, and also an industry-wide increase in device costs. The remainder of Mexico's margin compression was due to commercial initiatives designed to offset weaker demand, which itself led to lower dilution of fixed costs. In Argentina, margin compressed by almost 2ppts QoQ, driven by a similar (in nature) but smaller (in size) increase in POS device costs, and by slower growth in Acquiring amid a soft consumption backdrop, which also reduced fixed cost dilution. Net income of $466mn declined 11% YoY in Q2'26, driven by lower income from operations and partially offset by lower FX losses of $45mn (versus $117mn in Q2'25). Adjusted free cash flow was $214mn, even after $441mn of capex and $2.1bn of investment in the expansion of our credit portfolio (partially offset by $560mn of fintech funding). Looking ahead The opportunity ahead of us is enormous, as Latin America's digital economy is still in the early stages of a transformation we expect to play out over decades, not years. We intend to continue to lead that transformation, and we believe we are uniquely placed to do so. This is not only because of the strength of the value propositions we have built in Commerce and Fintech, but because of the ecosystem that connects them. We believe this is very hard to replicate. That ecosystem is a structural advantage that shapes users’ engagement, and in turn our economics, in ways a single-vertical competitor cannot easily match. The results we are seeing this quarter reinforce our confidence that we are deploying capital in the right places: engagement continues to strengthen, growth remains strong across our markets, and our ecosystem continues to compound. We are changing users’ behavior, and that is why we will continue to invest at the scale and pace the opportunity demands, with the same discipline that has guided us for almost three decades. For Mercado Libre and Latin America, the best is coming. MercadoLibre Letter to Shareholders 6 Q2’26 ResultsThe following table summarizes certain key performance metrics for the six and three-month periods ended June 30, 2026 and 2025: (1) Growth calculations based on this table may not total due to rounding. Year-over-year USD Growth Rates by Quarter Consolidated net revenues and financial income Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 Brazil 25 % 38 % 48 % 55 % 59 % Mexico 25 % 44 % 56 % 62 % 55 % Argentina 77 % 39 % 23 % 23 % 20 % Commerce 29 % 33 % 40 % 47 % 50 % Fintech 40 % 49 % 51 % 51 % 49 % Total MELI 34 % 39 % 45 % 49 % 50 % Gross merchandise volume Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 Brazil 18 % 36 % 46 % 54 % 57 % Mexico 16 % 36 % 49 % 48 % 42 % Argentina 35 % 2 % (1) % 5 % 13 % Total MELI 21 % 28 % 37 % 42 % 44 % Total payment volume Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 TPV Total 39 % 41 % 42 % 50 % 56 % TPV Acquiring 31 % 32 % 33 % 39 % 44 % MercadoLibre Letter to Shareholders 7 Six Months Ended June 30, Three Months Ended June 30, (IN MILLIONS, except %) (1) 2026 2025 2026 2025 Fintech monthly active users 88 68 88 68 Unique active buyers 117 90 89 71 Gross merchandise volume 40,877 28,588 21,926 15,258 Number of items sold 1,517 1,042 795 550 Total payment volume 188,138 122,905 100,952 64,602 Acquiring total payment volume 120,072 84,682 64,079 44,365 Total payment transactions 9,821 6,951 5,181 3,607 NIMAL 19.4 % 22.8 % 20.7 % 23.0 % Capital expenditures 712 543 441 287 Depreciation and amortization 538 371 292 199 Q2’26 ResultsYear-over-year FX-neutral Growth Rates by Quarter Consolidated net revenues and financial income Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 Brazil 35 % 35 % 37 % 39 % 42 % Mexico 41 % 42 % 41 % 39 % 38 % Argentina 130 % 97 % 77 % 65 % 48 % Commerce 45 % 38 % 37 % 39 % 40 % Fintech 63 % 65 % 61 % 54 % 47 % Total MELI 53 % 49 % 47 % 46 % 43 % Gross merchandise volume Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 Brazil 29 % 34 % 35 % 38 % 39 % Mexico 32 % 34 % 35 % 28 % 26 % Argentina 75 % 44 % 42 % 41 % 38 % Total MELI 37 % 35 % 37 % 36 % 36 % Total payment volume Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 TPV Total 61 % 54 % 53 % 55 % 56 % TPV Acquiring 53 % 45 % 40 % 41 % 42 % Conference Call and Webcast The Company will host an earnings video as well as a conference call and audio webcast for any questions that investors may have on August 5, 2026, at 5:00 p.m. Eastern Time. In order to access our video webcast and the live audio, investors, analysts and the market in general may access the following link at https://event.choruscall.com/mediaframe/webcast.html?webcastid=xr1sGkCu to attend the live event. Also, to ask questions on our conference call, investors, analysts and the market in general may access the following link https:// hdr.choruscall.com/?$Y2FsbHR5cGU9MiZyPXRydWUmaW5mbz1jb21wYW55LXBob25l or dial in through the following numbers: TOLL FREE 1-833-821-3654 | INTERNATIONAL 1-412-652-1249 and ask to join MercadoLibre's conference call to be able to pose questions. Access to our video webcast and the live audio will be available in the investor relations section of the Company’s website, at http:// investor.mercadolibre.com. An archive of the webcast will be available for one week following the conclusion of the conference call. MercadoLibre Letter to Shareholders 8 Q2’26 ResultsDefinition of Selected Metrics ■ Fintech monthly active users (MAU) – Defined as Fintech payers and/or collectors that, during the last month of the reporting period, performed at least one of the following actions during such month: 1) made a debit or credit card payment, 2) made a QR code payment, 3) made an off-platform online payment using our checkout or link of payment solutions while logged in to our Mercado Pago fintech platform, 4) made an investment or employed any of our savings solutions, 5) has an active insurance policy, 6) has an outstanding loan up to date or non performing below 90 days, or 7) received the payment from a sale or transaction either on or off marketplace. ■ Unique active buyers – Defined as users that have performed at least one purchase on the Mercado Libre Marketplace during the reported period. From the second quarter of 2025 onwards, we have included food delivery transactions in the current indicator. ■ Foreign Exchange (“FX”) Neutral – Calculated by using the average monthly exchange rate of each month of 2025 and applying it to the corresponding months in 2026, so as to calculate what the results would have been had exchange rates remained constant. Intercompany allocations are excluded from this calculation. These calculations do not include any other macroeconomic effect such as local currency inflation effects or any price adjustment to compensate local currency inflation or devaluations. ■ Gross merchandise volume (GMV) – Measure of the total U.S. dollar sum of all transactions completed through the Mercado Libre Marketplace, excluding Classifieds transactions. From the second quarter of 2025 onwards, we have included food delivery transactions in the current indicator. ■ Total payment transactions (TPN) – Measure of the number of all transactions paid for using Mercado Pago, excluding peer-to-peer transactions. ■ Total payment volume (TPV) – Measure of total U.S. dollar sum of all transactions paid for using Mercado Pago, including marketplace and non-marketplace transactions, excluding peer-to-peer transactions. ■ Acquiring total payment volume – Measure of the total U.S. dollar sum of all transactions settled using our Mercado Pago and its payment processing and settling services in marketplace and non-marketplace transactions and consist of the following transactions volume: 1) point of sale payment volume, 2) commerce payment volume through our Mercado Libre Marketplace, 3) online payment volume through our checkout or link payment solution for merchants, and 4) QR code payment volume. ■ MPOS – Mobile point-of-sale is a dedicated wireless device that performs the functions of a cash register or electronic point-of-sale terminal wirelessly. ■ Commerce – Revenues from core marketplace fees, shipping fees, first-party sales, ad sales, classified fees, membership subscription fees and other ancillary services. ■ Fintech – Revenues include fees from off-platform transactions, financing fees, interest earned from merchant and consumer credits, interest earned on cash and investments as part of Mercado Pago activities net of interest gains passed through to our Brazilian users in connection with our asset management product, and sale of MPOS. ■ Items sold – Measure of the number of items that were sold/purchased through the Mercado Libre Marketplace, excluding Classifieds items. From the second quarter of 2025 onwards, we have included food delivery transactions in the current indicator. ■ G&A - General and administrative expenses. ■ Local Currency Growth Rates – Refer to FX Neutral definition. ■ Net income margin – Defined as net income as a percentage of net revenues & financial income. ■ Operating margin – Defined as income from operations as a percentage of net revenues & financial income. ■ Net Interest Margins After Losses (NIMAL) – NIMAL is the spread between credit revenues (excluding the results of sale of loans receivables) and the expenses associated with provisions for doubtful accounts (excluding the results of sale of loans receivable) and funding costs, and usually expressed as a percentage of the average portfolio for the period. ■ Non-performing loan (NPL) ratio – Shows the percentage of the loan portfolio that is not being paid on-time. MercadoLibre Letter to Shareholders 9 Q2’26 ResultsAbout Mercado Libre Founded in 1999, MercadoLibre is the largest ecommerce and fintech ecosystem in Latin America. The company's efforts are centered on enabling e-commerce and digital financial services for our users through a complete suite of technology solutions, with a mission of democratizing access to commerce and financial services. The Company is listed on NASDAQ (Nasdaq: MELI) following its initial public offering in 2007. For more information about the Company visit: http://investor.mercadolibre.com. Forward-Looking Statements This press release and the investor conference call contain forward-looking statements, including, but not limited to, statements regarding MercadoLibre, Inc.’s possible or assumed future results of operations; expectations, objectives and progress against strategic priorities; initiatives and strategies related to our products and services, including our ability to successfully deliver new products and services; business and market outlook, opportunities, strategies and trends; financing and investment plans; competitive position; the macroeconomic environment; customer preferences and demand and market expansion; our planned product and services releases and capabilities; industry growth rates; inflation; and internet, ecommerce and credit card penetration in Latin America. Words such as, but not limited to, “believe,” “will,” “so we can,” “when,” “anticipate,” “intend,” “estimate,” “expect,” “project” and similar expressions are used to identify forward-looking statements, although not all forward-looking statements contain these words. Our forward-looking statements, and the risks and uncertainties related to them, convey MercadoLibre, Inc.’s current assumptions, expectations or forecasts of future events. Forward-looking statements regarding MercadoLibre, Inc. involve known and unknown risks, uncertainties and other factors that may cause MercadoLibre, Inc.’s actual results, performance or achievements to be materially different from any future results, performances or achievements expressed or implied by the forward- looking statements. Additional information on the potential risks, uncertainties and factors that could affect MercadoLibre, Inc.’s results is included in filings we make with the Securities and Exchange Commission ("SEC") from time to time, including in the sections entitled “Risk Factors” and “Forward-Looking Statements” of MercadoLibre, Inc.’s annual report on Form 10-K for the year ended December 31, 2025 and in any of MercadoLibre, Inc.’s other applicable filings with the SEC. The financial information contained in this press release should be read in conjunction with the consolidated financial statements and notes thereto included in MercadoLibre, Inc.’s most recent reports on Forms 10-K and 10-Q, each as may be amended from time to time. MercadoLibre, Inc.’s financial results for its second quarter of 2026 are not necessarily indicative of MercadoLibre Inc.’s operating results for any future periods. The information provided herein is as of June 30, 2026. Unless required by law, MercadoLibre, Inc. undertakes no obligation to, and does not intend to, publicly update or revise any forward-looking statements to reflect circumstances or events after the date hereof. MercadoLibre Letter to Shareholders 10 Q2’26 ResultsMercadoLibre, Inc. Interim Condensed Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025 (In millions of U.S. dollars, except par value) (Unaudited) June 30, 2026 December 31, 2025 Assets Current assets: Cash and cash equivalents $ 3,649 $ 3,670 Restricted cash and cash equivalents 13,114 9,867 Short-term investments 2,081 2,629 Accounts receivable, net 418 369 Credit card receivables and other means of payments, net 8,349 6,893 Loans receivable, net of allowances of $4,251 and $3,057 11,412 8,855 Inventories 822 570 Other assets 937 720 Total current assets 40,782 33,573 Non-current assets: Long-term investments 1,715 1,764 Credit card receivables and other means of payments, net 170 153 Loans receivable, net of allowances of $128 and $86 584 510 Property and equipment, net 2,725 2,303 Operating lease right-of-use assets 2,560 2,201 Goodwill 168 163 Intangible assets, net 30 33 Deferred tax assets 2,167 1,541 Other assets 455 426 Total non-current assets 10,574 9,094 Total assets $ 51,356 $ 42,667 Liabilities Current liabilities: Accounts payable and accrued expenses $ 5,739 $ 4,502 Funds payable to customers 16,035 13,029 Amounts payable due to credit and debit card transactions 4,996 3,584 Salaries and social security payable 830 916 Taxes payable 1,219 1,140 Loans payable and other financial liabilities 6,482 4,623 Operating lease liabilities 513 430 Other liabilities 558 409 Total current liabilities 36,372 28,633 Non-current liabilities: Amounts payable due to credit and debit card transactions 188 187 Loans payable and other financial liabilities 4,144 4,570 Operating lease liabilities 2,037 1,769 Deferred tax liabilities 312 372 Other liabilities 469 388 Total non-current liabilities 7,150 7,286 Total liabilities $ 43,522 $ 35,919 Commitments and contingencies Equity Common stock, $0.001 par value, 110,000,000 shares authorized, 50,696,802 and 50,697,182 shares issued and outstanding $ — $ — Additional paid-in capital 1,772 1,771 Treasury stock, 226,593 and 225,931 shares (313) (312) Retained earnings 6,692 5,809 Accumulated other comprehensive loss (317) (520) Total equity 7,834 6,748 Total liabilities and equity $ 51,356 $ 42,667 MercadoLibre Letter to Shareholders 11 Q2’26 ResultsMercadoLibre, Inc. Interim Condensed Consolidated Statements of Income For the six and three-month periods ended June 30, 2026 and 2025 (In millions of U.S. dollars, except for share data) (Unaudited) Six Months Ended June 30, Three Months Ended June 30, 2026 2025 2026 2025 Net service revenues and financial income $ 16,407 $ 11,284 $ 8,692 $ 5,964 Net product revenues 2,607 1,441 1,477 826 Net revenues and financial income 19,014 12,725 10,169 6,790 Cost of net revenues and financial expenses (10,993) (6,860) (6,010) (3,696) Gross profit 8,021 5,865 4,159 3,094 Operating expenses: Product and technology development (1,428) (1,118) (729) (567) Sales and marketing (2,113) (1,350) (1,131) (751) Provision for doubtful accounts (2,520) (1,293) (1,276) (690) General and administrative (666) (516) (340) (261) Total operating expenses (6,727) (4,277) (3,476) (2,269) Income from operations 1,294 1,588 683 825 Other income (expenses): Interest income and other financial gains, net 57 81 30 44 Interest expense and other financial losses (127) (75) (62) (36) Foreign currency losses, net (39) (172) (45) (117) Net income before income tax expense 1,185 1,422 606 716 Income tax expense (302) (405) (140) (193) Net income $ 883 $ 1,017 $ 466 $ 523 . Six Months Ended June 30, Three Months Ended June 30, 2026 2025 2026 2025 Basic earnings per share Basic net income available to shareholders per common share $ 17.42 $ 20.06 $ 9.19 $ 10.31 Weighted average of outstanding common shares 50,697,176 50,697,375 50,697,171 50,697,375 Diluted earnings per share Diluted net income available to shareholders per common share $ 17.42 $ 20.06 $ 9.19 $ 10.31 Weighted average of outstanding common shares 50,697,299 50,697,375 50,697,301 50,697,375 MercadoLibre Letter to Shareholders 12 Q2’26 ResultsMercadoLibre, Inc. Interim Condensed Consolidated Statements of Cash Flows For the six-month periods ended June 30, 2026 and 2025 (In millions of U.S. dollars) (Unaudited) Six Months Ended June 30, 2026 2025 Cash flows from operations: Net income $ 883 $ 1,017 Adjustments to reconcile net income to net cash provided by operating activities: Unrealized foreign currency (gains) losses, net (124) 95 Depreciation and amortization 538 371 Accrued interest, financial income and other revenues (681) (325) Non cash interest expense and amortization of debt issuance costs and other charges 205 173 Provision for doubtful accounts 2,520 1,293 Provision for contingencies 88 51 Results on derivative instruments 153 52 Results on digital assets at fair value — (4) Long term retention program (“LTRP”) accrued compensation 165 188 Deferred income taxes (606) (154) Changes in assets and liabilities: Receivables (1,535) (1,057) Inventories (226) (100) Other assets (179) (243) Payables and accrued expenses 1,038 423 Funds payable to customers 2,456 1,636 Amounts payable due to credit and debit card transactions 1,209 415 Other liabilities 6 95 Operating lease liabilities (255) (198) Interest received from investments 82 220 Net cash provided by operating activities 5,737 3,948 Cash flows from investing activities: Purchases of investments (5,436) (6,449) Proceeds from sale and maturity of investments 6,140 6,803 Proceeds from settlements of derivative instruments 23 2 Payments from settlements of derivative instruments (108) (8) Changes in loans receivable, net (4,069) (2,856) Investments in property and equipment, intangible assets and intangible assets at fair value (712) (559) Net cash used in investing activities (4,162) (3,067) Cash flows from financing activities: Proceeds from loans payable and other financial liabilities 42,544 18,725 Payments on loans payable and other financing liabilities (41,408) (17,621) Payments of finance lease liabilities (32) (26) Common Stock repurchased (1) — Net cash provided by financing activities 1,103 1,078 Effect of exchange rate changes on cash, cash equivalents, restricted cash and cash equivalents 548 230 Net increase in cash, cash equivalents, restricted cash and cash equivalents 3,226 2,189 Cash, cash equivalents, restricted cash and cash equivalents, beginning of the period 13,537 4,699 Cash, cash equivalents, restricted cash and cash equivalents, end of the period $ 16,763 $ 6,888 MercadoLibre Letter to Shareholders 13 Q2’26 ResultsMercadoLibre, Inc. Financial results of reporting segments (Unaudited) Three Months Ended June 30, 2026 Brazil Mexico Argentina Other Countries Total (In millions) Net service revenues and financial income $ 4,592 $ 1,996 $ 1,717 $ 387 $ 8,692 Net product revenues 938 341 122 76 1,477 Net revenues and financial income 5,530 2,337 1,839 463 10,169 Local operating expenses (4,845) (1,936) (1,187) (384) (8,352) Depreciation and amortization (135) (95) (29) (14) (273) Total segment costs (4,980) (2,031) (1,216) (398) (8,625) Direct contribution 550 306 623 65 1,544 Operating expenses and indirect costs of net revenues and financial expenses (861) Income from operations 683 Other income (expenses): Interest income and other financial gains, net 30 Interest expense and other financial losses (62) Foreign currency losses, net (45) Net income before income tax expense $ 606 Three Months Ended June 30, 2025 Brazil Mexico Argentina Other Countries Total (In millions) Net service revenues and financial income $ 2,959 $ 1,311 $ 1,446 $ 248 $ 5,964 Net product revenues 514 195 81 36 826 Net revenues and financial income 3,473 1,506 1,527 284 6,790 Local operating expenses (2,834) (1,178) (847) (245) (5,104) Depreciation and amortization (98) (60) (19) (11) (188) Total segment costs (2,932) (1,238) (866) (256) (5,292) Direct contribution 541 268 661 28 1,498 Operating expenses and indirect costs of net revenues and financial expenses (673) Income from operations 825 Other income (expenses): Interest income and other financial gains, net 44 Interest expense and other financial losses (36) Foreign currency losses, net (117) Net income before income tax expense $ 716 MercadoLibre Letter to Shareholders 14 Q2’26 ResultsNon-GAAP Measures of Financial Performance To supplement our unaudited interim condensed consolidated financial statements presented in accordance with U.S. GAAP, we present earnings before interest income and other financial gains, net, interest expense and other financial losses, foreign currency gains (losses), net, income tax expense and depreciation and amortization (“Adjusted EBITDA”), net debt, foreign exchange (“FX”) neutral measures, adjusted free cash flow and net (decrease) increase in available cash, investments and digital assets as non- GAAP measures. Reconciliations of these non-GAAP financial measures to the most comparable U.S. GAAP financial measures can be found in the tables below. These non-GAAP measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with U.S. GAAP and may be different from non-GAAP measures used by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. Non-GAAP measures have limitations in that they do not reflect all of the amounts associated with our results of operations as determined in accordance with U.S. GAAP. These non-GAAP financial measures should only be used to evaluate our results of operations in conjunction with the most comparable U.S. GAAP financial measures. We believe that reconciliation of these non-GAAP measures to the most directly comparable GAAP measure provides investors an overall understanding of our current financial performance and its prospects for the future. Adjusted EBITDA Adjusted EBITDA is a non-GAAP financial measure that represents our net income, adjusted to eliminate the effect of depreciation and amortization charges, interest income and other financial gains, net, interest expense and other financial losses, foreign currency losses, net and income tax expense. We have included this non-GAAP financial measure because it is used by our Management to evaluate our operating performance and trends, make strategic decisions and the calculation of leverage ratios. Accordingly, we believe this measure provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our Management. In addition, it provides a useful measure for period-to-period comparisons of our business, as it removes the effect of certain items. The following table presents a reconciliation of net income to Adjusted EBITDA for the periods indicated: Three Months Ended June 30, 2026 2025 (In millions) Net income $ 466 $ 523 Adjustments: Depreciation and amortization 292 199 Interest income and other financial gains, net (30) (44) Interest expense and other financial losses 62 36 Foreign currency losses, net 45 117 Income tax expense 140 193 Adjusted EBITDA $ 975 $ 1,024 MercadoLibre Letter to Shareholders 15 Q2’26 ResultsNet debt We define net debt as total debt which includes current and non-current loans payable and other financial liabilities and current and non-current operating lease liabilities, less cash and cash equivalents (excluding cash and cash equivalents restricted due to management restriction policies), short-term investments and long-term investments, excluding time deposits, foreign debt securities and foreign government debt securities restricted and held in guarantee, securitization transactions and equity securities held at cost. We have included this non-GAAP financial measure because it is used by our Management to analyze our current leverage ratios and set targets to be met, which will also impact other components of the Company’s balance sheet, cash flows and income statement. Accordingly, we believe this measure provides useful information to investors and other market participants in showing the evolution of the Company’s indebtedness and its capability of repayment as a means to, alongside other measures, monitor our leverage based on widely-used measures. The following table presents a reconciliation of net debt for each of the periods indicated: June 30, 2026 December 31, 2025 (In millions) Current Loans payable and other financial liabilities $ 6,482 $ 4,623 Non-current Loans payable and other financial liabilities 4,144 4,570 Current Operating lease liabilities 513 430 Non-current Operating lease liabilities 2,037 1,769 Total debt 13,176 11,392 Less: Cash and cash equivalents (1) 3,494 3,410 Short-term investments (2) 1,622 1,614 Long-term investments (3) 1,635 1,686 Cash and cash equivalents(1), short-term investments(2) and long-term investments(3) 6,751 6,710 Net debt $ 6,425 $ 4,682 (1) Includes cash and cash equivalents (excluding cash and cash equivalents restricted due to management restriction policies). (2) Excludes time deposits, foreign debt securities and foreign government debt securities restricted and held in guarantee. (3) Excludes foreign government debt securities restricted and held in guarantee, investments held in VIEs as a consequence of securitization transactions and equity securities held at cost. MercadoLibre Letter to Shareholders 16 Q2’26 ResultsFX neutral We believe that FX neutral measures provide useful information to both Management and investors by excluding the foreign currency exchange rate impact that may not be indicative of our core operating results and business outlook. The FX neutral measures were calculated by using the average monthly exchange rates for each month during 2025 and applying them to the corresponding months in 2026, so as to calculate what our results would have been had exchange rates remained stable from one year to the next. The table below excludes intercompany allocation FX effects. Finally, these measures do not include any other macroeconomic effect such as local currency inflation effects, the impact on impairment calculations or any price adjustment to compensate local currency inflation or devaluations. The following table sets forth the FX neutral measures related to our reported results of the operations for the three-month period ended June 30, 2026: Three Months Ended June 30, As reported Percentage Change FX Neutral Measures As reported Percentage Change 2026 2025 2026 2025 (In millions, except percentages) (In millions, except percentages) Net revenues and financial income $ 10,169 $ 6,790 49.8 % $ 9,701 $ 6,790 42.9 % Cost of net revenues and financial expenses (6,010) (3,696) 62.6 % (5,684) (3,696) 53.8 % Gross profit 4,159 3,094 34.4 % 4,017 3,094 29.8 % Operating expenses (3,476) (2,269) 53.2 % (3,316) (2,269) 46.1 % Income from operations $ 683 $ 825 (17.3) % $ 701 $ 825 (15.0) % MercadoLibre Letter to Shareholders 17 Q2’26 ResultsAdjusted free cash flow and Net (decrease) increase in available cash, investments and digital assets Adjusted free cash flow Adjusted free cash flow represents cash from operating activities less the increase (decrease) in cash and cash equivalents and investments related to customer funds due to regulatory requirements and other restrictions and equity securities held at cost, investments in property and equipment and intangible assets, changes in loans receivable, net and net proceeds from/payments on loans payable and other financial liabilities related to our Fintech solutions, since we consider those liabilities as the working capital of the Fintech activities. From the second quarter of 2025 onwards, we have also included increase (decrease) in cash and cash equivalents and investments restricted due to management restriction policies and digital assets as an adjustment in the calculation of our adjusted free cash flow. We consider adjusted free cash flow to be a measure of liquidity generation that provides useful information to management and investors since it shows how much cash the Company generates with its core activities that can be used for discretionary purposes and to repay its corporate and/or commerce debt. A limitation of the utility of adjusted free cash flow as a measure of liquidity generation is that it is a partial representation of the total increase or decrease in our available cash, investments and digital assets balance for the period. Therefore, we believe it is important to view the adjusted free cash flow measure only as a complement to our entire consolidated statements of cash flows. Net (decrease) increase in available cash, investments and digital assets Net (decrease) increase in available cash, investments and digital assets (from the second quarter of 2025 onwards, our available funds include digital asset holdings) represents adjusted free cash flow less net proceeds from/payments on loans payable and other financial liabilities, related to our Commerce and corporate activities, payments of finance lease obligations, other investing and/or financing activities not considered above and the effect of exchange rates changes on available cash and investments. We consider Net (decrease) increase in available cash, investments and digital assets to be a measure of liquidity availability that provides useful information to management and investors after netting out all other debt and corporate payments and activities from the adjusted free cash flow. MercadoLibre Letter to Shareholders 18 Q2’26 ResultsThe following table shows a reconciliation of Net cash provided by operating activities to Adjusted free cash flow and Net (decrease) increase in available cash, investments and digital assets: Six Months Ended June 30, 2026 2025 (In millions) Net cash provided by operating activities ("CFO") $ 5,737 $ 3,948 Adjustments to reconcile CFO to Adjusted free cash flow (1) 7 109 Increase in cash and cash equivalents and investments related to customer funds due to regulatory requirements and other restrictions (including management restriction policies) and equity securities held at cost (2,023) (1,416) Investments in property and equipment and intangible assets (712) (543) Changes in loans receivable, net (4,069) (2,856) Proceeds from loans payable and other financial liabilities related to our Fintech solutions, net 1,218 1,270 Adjusted free cash flow 158 512 Payments on loans payable and other financial liabilities, related to our Commerce and Corporate activities, net (199) (192) Other investing and/or financing activities (1) (6) Effect of exchange rate changes on available cash and investments 83 232 Net increase in available cash, investments and digital assets $ 41 $ 546 Available cash, investments and digital assets (2), at the beginning of the period 6,710 4,603 Available cash, investments and digital assets (2), at the end of the period 6,751 5,149 Net cash used in investing activities (4,162) (3,067) Net cash provided by financing activities 1,103 1,078 (1) Includes accrued interest and financial income net of interest received from available and restricted investments, and results on digital assets. (2) Includes cash and cash equivalents (excluding cash and cash equivalents restricted due to management restriction policies), short-term investments (excluding time deposits, foreign debt securities and foreign government debt securities restricted and held in guarantee) and long-term investments (excluding foreign government debt securities restricted and held in guarantee, investments held in VIEs as a consequence of securitization transactions and equity securities held at cost) and digital assets. > CONTACT: MercadoLibre, Inc. Investor Relations [email protected] http://investor.mercadolibre.com MercadoLibre Letter to Shareholders 19 Q2’26 Results5 Aug
  • 8-KSubmission of Matters to a Vote of Security Holders12 Jun
  • 8-KMONTEVIDEO, Uruguay; May 7, 2026 -- MercadoLibre, Inc. (Nasdaq: MELI) (http://www.mercadolibre.com), Latin America’s leading e-commerce and fintech company, today reported financial results for the first quarter ended March 31, 2026. Net revenues & financial income of $8,845 million, up 49% YoY and 46% FX-neutral Income from operations of $611 million, with a 6.9% margin Net income of $417 million, with a 4.7% margin Total Payment Volume of $87.2 billion, up 50% YoY and 55% FX-neutral Gross Merchandise Volume of $19.0 billion, up 42% YoY and 36% FX-neutral To our Shareholders Mercado Libre delivered another exceptional quarter of growth in Q1'26, building on the strong momentum with which we ended last year. Net revenue and financial income grew 49% YoY in Q1’26 – the fastest pace in almost four years – reflecting continued progress on our strategic objectives across Commerce and Fintech in all of our major markets, and particularly in Brazil. Income from operations decreased by 20% YoY as we chose to prioritize long-term growth investments over short-term profitability. The results of these investments give us confidence that we are taking the right steps to capture the compelling opportunities ahead in Latin America. Twenty-six years after launch, Mercado Libre is growing at startup rates across all of our major markets. Nowhere is this more evident than in Brazil, our largest and most established market, where growth is not just fast – it is accelerating. When your business is behaving like this, we believe the right response is not to harvest – it is to invest. We have a once-in-a-generation opportunity to transform how hundreds of millions of Latin Americans shop, pay and access financial services. In commerce, the region is at an early stage of a shift that markets like the US are much further along. The average American makes 41 online purchases per year whereas the average Latin American makes just 7. Our own buyers average 11 – ahead of the region, but still a fraction of what we expect over time as online shopping becomes a habit for many more people. The opportunity is just as compelling in fintech. In Mexico, more than half of the population relies on informal sources of credit and 85% uses cash most frequently for purchases under $30. In Argentina, more than 80% of adults have a bank account but credit to individuals as a percentage of GDP sits at just a fifth of the level of Brazil. In both countries, we have the opportunity to lead the creation of markets that today are a fraction of their potential size. In Brazil, we outperform everyone on NPS, particularly the incumbent banks with a gap of up to 30ppts – reflecting how much better we serve our customers than the traditional financial system, and how much room we have to displace it. These are clear indicators of how much runway lies ahead. In Latin America, the digital economy is not slowing down – it is just getting started. We are investing boldly to capture this runway, and we have never been better-placed to do so. Our cash generation is strong, our market shares are reaching new highs, and our NPS in Commerce and Fintech in our four largest countries has never been more competitive. These conditions give us confidence to continue investing in our ecosystem. Investments made in prior years have compounded into the position of strength we see today, and we expect today's investments to compound into the same kind of structural advantages that our past investments have created. Our approach has been consistent over time: invest with discipline in competitive advantages and build the best value proposition in the knowledge that scale and engagement will follow. We are willing to be patient when we see clear signals of this, and when we are confident that our investments will contribute to long-term cash generation and profitability. The investments we are making today – in free shipping, the credit card, first-party, cross-border trade, and fulfillment – follow the same logic. MercadoLibre, Inc. Letter to Shareholders MercadoLibre Letter to Shareholders 1 Q1’26 ResultsThe Lower Free Shipping Threshold Lowering the free shipping threshold in Brazil was one of the most important decisions we made in 2025, and our Q1'26 results reinforce our conviction that it was the right one. Brazil GMV growth accelerated to 38% YoY on an FX-neutral basis, supported by items sold growth of 56% YoY, up from 45% in Q4'25, 42% in Q3'25 and 26% in Q2'25. Our volume growth has doubled from a high base in just nine months. Unique buyer growth accelerated to 32% YoY – the fastest pace in five years. Conversion, frequency, retention and NPS are at record highs. Engagement is deepening as daily active users grow faster than monthly active users. New buyer cohorts joining since the threshold change are purchasing more items across a broader range of categories with higher retention than older cohorts. We believe the data is clear: we are expanding the market, deepening engagement and strengthening our platform. We are equally focused on improving the economics of this investment. Reducing unit shipping costs is one of the key variables that will help us offset the shipping revenue we chose to give back to our buyers. We are seeing significant progress on this front, with the YoY reduction in Brazil in local currency accelerating to 17% in Q1'26 from 11% in Q4'25. This is particularly notable given that the introduction of free & fast shipping below R$79 for MELI+ members in October has led to a 49% increase in subscribers since Q3'25. The unit cost decline is driven by the robustness of our technology and operations, which enabled us to absorb such a large increase in volume in a way that maximized efficiency and maintained high levels of service across the network. We expect unit shipping costs to continue to fall over time, but not necessarily in a linear fashion, and further gains will be harder won as we move up the efficiency curve. This is a multi-year effort with a clear trajectory, and we are confident in our ability to continue driving costs down as volume scales and we adapt the network to the new slow shipping method. Lower unit shipping costs are improving the variable contribution (VC) of free low ASP shipments in Brazil. Almost half of the decline in VC per shipment from May (immediately prior to lowering the free shipping threshold) to June (immediately after the change) has been offset by scale, productivity, efficiency and some pricing. This means that some ASP ranges below R$79 are now breakeven. Free shipping has always been a long-term investment in user behavior, not a short-term promotional tool. When we launched it in 2016, it took time for unit economics to improve enough to offset the investment – but the compounding impact on engagement and scale validated the decision. Today, like in 2016, the signals we see give us confidence: user behavior is responding as we expected, and unit shipping costs are falling faster than we had anticipated. These are the two most important signals at this stage. The Mercado Pago Credit Card Investing in our credit card is as pivotal for Mercado Pago as the launch of our managed logistics network was for our marketplace ten years ago. Just as fulfillment was a critical element of achieving market leadership in Commerce, the credit card is central to our ambition of being the region’s largest digital bank. Our confidence to invest in the credit card is built on predictable, consistent and attractive payback periods. It is one of our most powerful ecosystemic tools, turning millions of marketplace-only users into active fintech users too. The credit card increases marketplace conversion, GMV per user, and transactions across the ecosystem. This is the cross-sell flywheel at work. The credit card's results in Q1'26 remained strong, and reflect the unique power of our ecosystem as the foundation of our strategy. Our ecosystem generates the demand that enabled us to issue 2.7mn cards and grow the portfolio by 104% YoY to $6.6bn in Q1'26; it also provides the data which makes our underwriting decisions increasingly accurate, contributing to improving asset quality as the credit card’s 15-90 day NPL fell by 80bps YoY. After five years of investment in the credit card in Brazil, the cohort dynamics are playing out as we expected. Older cohorts are maturing at a pace that is increasingly offsetting the dilutive impact of new cohorts, and we expect this trend to strengthen over time. These dynamics give us confidence to invest in the credit card in other markets. We are increasing the pace of issuance in Mexico, which has attractive projected paybacks, while in Argentina we launched the credit card just last year so we are in the early stages of investment. MercadoLibre Letter to Shareholders 2 Q1’26 ResultsThe credit card is one of our longest duration investments so far. We continued to invest over five years in Brazil because the short- term signals – consistent evolution of NIMAL to breakeven and profitability, market share gains in credit card TPV, and positive ecosystemic impact – were clear, and validated our business plan. This successful track record gives us the confidence to pursue a similarly ambitious and patient plan in Mexico and Argentina. First-Party (1P) Selection While we are a 3P-first marketplace, we operate a complementary 1P business, which generated almost $5bn of GMV over the past 12 months and grew 69% YoY on an FX-neutral basis in Q1'26. It has strengthened the attractiveness of our platform by broadening assortment and improving price competitiveness. This means users can find more of the items they are looking for and purchase them at attractive prices, contributing to higher traffic, conversion, and retention. This has been most effective in consumer electronics, where the gaps have historically been the largest. Three years ago, our market share in cellphones in Brazil was just 12%; today it is three times higher and we are the market leader. We see the same dynamics in other categories and countries. The positive trends around growth and engagement are clear, and so is the trajectory of 1P’s profitability. Although 1P still acts as a detractor to income from operations, its margin has improved consistently and structurally over time as we have gained scale and deployed technology to better manage buying, pricing and inventory. Furthermore, 1P achieved positive direct contribution in 2024, which means that diluting corporate allocations is the key component of achieving income from operations profitability. This is not necessarily a quick process as 1P takes a larger share of allocations as it grows faster than our overall GMV. The most encouraging signal is that some of the categories we entered first are already profitable, as the chart demonstrates. MercadoLibre Letter to Shareholders 3 Q1’26 ResultsThe 1P playbook is no longer new to us; it is a core capability that enabled us to build category leadership. We have done this by investing ahead of profitability in the knowledge that scale, engagement and advertising cross-sell would follow. We expect the path to income from operations profitability to be a matter of continued execution and time. Cross-Border Trade (CBT) We are investing in CBT because we have an unmatched competitive advantage to offer to merchants in China and the USA: we are the largest ecommerce platform in the world's fastest-growing region by sales. Our domestic fulfillment network also creates a unique pathway for top sellers in China to migrate into local markets, further improving conversion rates with faster delivery times. China's supply base offers our buyers something unique: it excels in low ASPs, fast innovation cycles and extraordinary product depth. Consumers consistently look for lower prices and greater selection, so we expect this combination to become more attractive over time, not less. We are investing today to build a channel we think will see increasing demand in the coming years. CBT complements our core local marketplace, and we expect to be able to do it profitably over time as we scale. Last year was one of transformation in CBT as we removed many of the frictions that were limiting growth in our international drop- shipping (IDS) model. This included easier access to free shipping, multiple-seller shopping carts and incentives that brought new sellers and selection to the platform. We also expanded our presence in China – including the opening of our first fulfillment center in the country – to strengthen execution and deepen relationships with merchants in the country. These investments are delivering results. FX-neutral GMV growth accelerated consistently through 2025, and we maintained strong momentum in Q1'26 with growth of 68% YoY. Momentum has also spread beyond Mexico, our primary CBT market, with Argentina and the Andean countries contributing more meaningfully to growth. In markets such as Colombia and Peru where the local seller base is not as deep as it is in our largest markets, CBT directly expands the assortment available to buyers – and assortment is one of the most critical drivers of ecommerce development in any market. Fulfillment Our fulfillment network is at the core of our competitive position. It enables fast delivery, gives us full control over the end-to-end purchasing experience on our marketplace, and improves service levels and NPS. It is the single most powerful driver of conversion, retention and expansion of ecommerce penetration across our markets. It has taken years of investment in technology and operational expertise to build today's fulfillment network, which had more than 50 facilities as of Q1'26, and handled 55% of shipments, growing 39% YoY. We will continue to invest in fulfillment as much as we need to to support the growth of our marketplace. We are convinced that the approach of prioritizing the business’ long-term strength, scale and profitability over near- term margin optimization is the right one. Building for the Long-Term When there is so much opportunity ahead at such an early stage in the development of Latin America's digital economy, we choose to invest boldly. The impact of our investments is visible today as a meaningful but deliberate compression of margins in the near- term, but it is equally visible in accelerating growth, deeper engagement, greater scale, and a strengthening competitive position across Mercado Libre. As our investments mature, we expect their cost to be diluted and their profitability to improve. We believe the choices we are making today position us to maximize long-term cash flow – and we are confident that they will also lead to significantly higher margins over time. Artificial Intelligence AI is playing an increasingly important role in how we execute across Commerce and Fintech – improving efficiency, enhancing the user experience and generating incremental revenue. We rolled out our first AI-powered search experience in our marketplace in Q1’26, shifting the architecture away from keywords and rebuilding it around LLMs. In Brazil and Mexico, the improvement in product relevance led to uplifts in conversion and click-through-rate for sponsored listings, both of which represent incremental revenue. These are early results, which we believe have the potential to transform how our customers search and discover products on our platform. Engagement with our Seller Assistant is strengthening, with daily active users growing more than 40% MoM in MercadoLibre Letter to Shareholders 4 Q1’26 ResultsMarch. In shipping, an AI-powered assistant that provides reps with real-time process information and performance challenges has increased productivity across our fulfillment network. In Fintech, our AI Assistant is becoming more proactive. In Brazil, it now alerts users to negative balances in accounts connected via Open Finance and identifies funds held elsewhere that could be earning a higher yield with Mercado Pago — and crucially, it can act on these opportunities instantly, moving balances between accounts within seconds. This is a meaningful step beyond a traditional assistant: it is not just surfacing information, it is helping users take action. In Acquiring, AI tools continue to drive significant improvements in sales force productivity, contributing to the strong market share gains we are seeing across the region. Productivity gains across our technology teams are among the most tangible results of our AI investment. Headcount grew 8% YoY in Q1’26 – a carryover effect of 2025 hiring – but productivity KPIs are growing 7-10x faster. Many of our most senior engineers that were previously spending most of their time reviewing code are now also building code because of the productivity gains enabled by AI tools. Rollbacks – code that is returned to its developer due to errors – are materially lower YoY. More broadly, we have rolled out Claude Cowork to 31,000 employees, making Mercado Libre one of the earliest, large-scale enterprise adopters globally. Commerce Looking at Q1'26 performance beyond Brazil – discussed earlier – our growth remained strong across the region. In Mexico, items sold growth of 34% was strong, while FX-neutral GMV growth of 28% YoY remained solid and ahead of the market, albeit slowing sequentially. This year's tax reform created a more challenging environment for small and medium-sized sellers, prompting them to raise prices at a time when consumers are already exercising greater caution. While this represents a short-term headwind, we believe the long-term growth opportunity in Mexico remains as compelling as ever. Argentina delivered FX-neutral GMV growth of 41% YoY, driven primarily by items sold growth of 35% YoY. Our strong growth on top of a very high base is a signal of the strength of our value proposition versus physical retail, even in a consumption environment that remains lukewarm. In Chile, record levels of free shipping penetration and same- and next-day delivery helped to maintain last year's strong momentum, leading to solid FX-neutral GMV growth of 40% YoY in Q1'26. Advertising is a large and fast-growing opportunity as traditional channels still account for half of the market in Latin America versus just a quarter in the US. As those budgets migrate to digital, we are capturing a disproportionate share of the growth because of the structural advantages we have built as the region's leading commerce and fintech ecosystem: a huge audience, rich first-party data, and strong performance attribution. We have been one of the fastest growing players in the region – 4x the market in 2025 – and this strong momentum continued in Q1'26 with ads revenue growth of 63% YoY on an FX-neutral basis and 73% in US dollars. This growth is driven in large part by our investments in technology that improve setup, targeting and measurement, and the results are visible: more sellers are activating advertising products, and those who are already using them are investing more. Fintech Services Momentum in Fintech Services remained strong in Q1'26, with MAUs reaching 83mn and growing 29% YoY. We added almost 20mn users in a single year, which is equivalent to onboarding the entire population of Chile. Growth accelerated in both Brazil and Mexico, and these users are joining at the highest levels of retention and engagement we have ever seen. AUM reached almost $20bn, up 77% YoY – more than twice the pace of MAU growth, which reflects deeper engagement. Users are choosing to hold more of their money with Mercado Pago because we offer returns on deposits that incumbent banks find difficult to match. The growth of our credit portfolio reflects the engagement of our users, and our ability to monetize our cross-sell of fintech services. The portfolio reached $14.6bn in Q1'26, up 87% YoY, with the largest ever quarterly increase in nominal terms. The credit card – discussed earlier – more than doubled and now accounts for 46% of the portfolio, up from 42% in Q1'25, while the remainder of the portfolio – primarily merchant and consumer loans – grew 75% YoY. Asset quality remained solid, with the 15-90 day NPL of 8.0% broadly stable YoY, reflecting the continued strong performance of our underwriting models and our prioritization of risk MercadoLibre Letter to Shareholders 5 Q1’26 Resultsmanagement. NIMAL of 17.8% was lower QoQ, which follows the normal pattern of seasonality, while the 4.9ppts YoY decline was driven by the higher mix of the lower-spread credit card and some compression of spreads in Brazil due to higher provisions. While the financial system in Argentina is seeing rising delinquency, our 15-90 day NPL fell sequentially in Q1'26 while spreads increased. This demonstrates the strength of our underwriting and our agility. Acquiring Our acquiring business delivered FX-neutral TPV growth of 41% YoY in Q1'26, with strong and broadly stable performance in Brazil (26%), Mexico (46%), Argentina (55%) and Chile (69%) that has enabled us to increase market share across the region. Growth was driven by three consistent themes: the effectiveness of our go-to-market, enhanced by AI tools and our marketplace as an acquisition channel; continued enhancements to our product offering; and cross-sell of credit and daily banking services. For example, Tap to Phone is growing at a triple-digit pace in Brazil, and was launched in Mexico during Q1'26 as a way of expanding the universe of merchants who can accept digital payments. We expect this to further strengthen our leadership position among fintechs in Mexico, and our ability to continue to drive the digitalization of cash in the country. In Chile, the strength of our distribution and cross-sell capability is helping us to continue gaining market share even as competition increases. Consolidated Financial Results Net revenue and financial income of $8.8bn grew 49% YoY, our fastest pace of growth in almost four years. Currency movements acted as a tailwind to YoY growth of 55% in Brazil and 62% in Mexico, and acted as a headwind to Argentina’s 23% YoY growth. FX- neutral growth accelerated to 39% in Brazil, remained broadly stable in Mexico at 39% and slowed to 65% in Argentina. Commerce revenue growth accelerated to 39% on an FX-neutral basis (47% in USD), while Fintech decelerated to 54% (51% in USD). Income from operations of $611mn declined 20% YoY, with a margin compression of 600bps to 6.9% as we chose to prioritize long- term investments over short-term profitability. Those investments are generating tremendous growth, engagement and scale, and as they mature over time, so too will their profitability. Gross margin compressed by 3ppts YoY due to the lower free shipping threshold and the rapid growth of 1P. Sales & marketing expenses rose by 1ppt YoY as we scaled our affiliate channel across the region. The YoY trends in gross margin and sales & marketing are consistent with previous quarters. Our strong growth continues to dilute our G&A expenses, which scaled by 60bps YoY. Product Development expenses also scaled, falling from 9.3% of revenue in Q1’25 to 7.9% in Q1’26. This reflects the deceleration in headcount growth, and the increasing use of AI among our engineers. Gains in productivity mean that we intend to keep engineer headcount broadly stable in 2026, which will continue to contribute to operating leverage in product development expenses. We expect this leverage to be partially offset by the ramp up in our use of third-party AI models. This reflects a deliberate choice to prioritize company-wide adoption over cost optimization at this stage. This investment is contributing to cost efficiency across many other expense lines (customer service, for example) as well as helping us to generate incremental revenue (in Acquiring and Advertising, for example). We are optimistic that as adoption matures, the productivity and revenue benefits will become much more widespread. Provisions for doubtful accounts generated 3.9ppts of margin compression YoY. Two thirds of that compression is a function of the credit portfolio growing at a much faster pace (87% YoY) than our consolidated revenue (49% YoY). The remaining third mostly relates to higher provisions in the consumer portfolio in Brazil due to our decision to offer longer loan terms and increase the reach of personal loans. This led to some compression of the margin of this individual portfolio, which remains highly profitable – as do each of our other consumer and merchant loan portfolios. Net income of $417mn declined 16% YoY in Q1'26, driven by lower income from operations and partially offset by a small FX gain of $6mn (versus FX losses of $55mn in Q1'25). We started the year with Q1’26 adjusted free cash flow1 of -$56mn, seasonally low and MercadoLibre Letter to Shareholders 6 1 Adjusted free cash flow is a non-GAAP measure; a reconciliation to Net cash provided by operating activities (“CFO”) can be found on page 20 of this document and on our Form 10-Q for the quarter ended March 31. Q1’26 Resultsbroadly similar to Q1'25, even with higher investment in the expansion of our credit portfolio1, which totaled almost $2bn in Q1'26, and similar capex2 of $271mn. Looking ahead The results we are seeing across our investments give us confidence that we are making the right choices at the right moment. That includes a bold plan for 2026, reflecting the incremental opportunities we have identified and the strong momentum we are seeing across our business. We have the ability to dial margins up or down as circumstances and opportunities evolve – Q1'26 reflects where we have chosen to set the dial, and we do not anticipate this changing materially in the near term. We want to be equally clear about the long-term picture. The same investments that are compressing margins today are building the platform, the user base, and the competitive moats that we believe will drive margins and cash flow significantly higher over time. At a moment of such significant opportunity in the development of Latin America’s digital economy, we are committed to seizing the opportunity by investing at the pace it demands. This is a market at the early stages of a transformation that has a runway of decades, and we have exceptional competitive advantages with which to capture it. For Mercado Libre and Latin America, the best is yet to come. MercadoLibre Letter to Shareholders 7 1 Refers to Changes in loans receivable, net, as reported on our Form 10-Q for the quarter ended March 31. 2 Refers to Investments in property and equipment and intangible assets, as reported on our Form 10-Q for the quarter ended March 31. Q1’26 ResultsThe following table summarizes certain key performance metrics for the three-month periods ended March 31, 2026 and 2025: (1) Figures have been calculated using rounded amounts. Growth calculations based on this table may not total due to rounding. Year-over-year USD Growth Rates by Quarter Consolidated net revenues and financial income Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 Brazil 20 % 25 % 38 % 48 % 55 % Mexico 26 % 25 % 44 % 56 % 62 % Argentina 125 % 77 % 39 % 23 % 23 % Commerce 32 % 29 % 33 % 40 % 47 % Fintech 43 % 40 % 49 % 51 % 51 % Total MELI 37 % 34 % 39 % 45 % 49 % Gross merchandise volume Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 Brazil 10 % 18 % 36 % 46 % 54 % Mexico 2 % 16 % 36 % 49 % 48 % Argentina 77 % 35 % 2 % (1) % 5 % Total MELI 17 % 21 % 28 % 37 % 42 % Total payment volume Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 TPV Total 43 % 39 % 41 % 42 % 50 % TPV Acquiring 32 % 31 % 32 % 33 % 39 % MercadoLibre Letter to Shareholders 8 Three Months Ended March 31, (IN MILLIONS, except %) (1) 2026 2025 Fintech monthly active users 83 64 Unique active buyers 84 67 Gross merchandise volume 18,951 13,330 Number of items sold 722 492 Total payment volume 87,186 58,303 Acquiring total payment volume 55,993 40,317 Total payment transactions 4,640 3,344 NIMAL 17.8 % 22.7 % Capital expenditures 271 256 Depreciation and amortization 246 172 Q1’26 ResultsYear-over-year FX-neutral Growth Rates by Quarter Consolidated net revenues and financial income Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 Brazil 41 % 35 % 35 % 37 % 39 % Mexico 51 % 41 % 42 % 41 % 39 % Argentina 184 % 130 % 97 % 77 % 65 % Commerce 57 % 45 % 38 % 37 % 39 % Fintech 73 % 63 % 65 % 61 % 54 % Total MELI 64 % 53 % 49 % 47 % 46 % Gross merchandise volume Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 Brazil 30 % 29 % 34 % 35 % 38 % Mexico 23 % 32 % 34 % 35 % 28 % Argentina 126 % 75 % 44 % 42 % 41 % Total MELI 40 % 37 % 35 % 37 % 36 % Total payment volume Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 TPV Total 72 % 61 % 54 % 53 % 55 % TPV Acquiring 59 % 53 % 45 % 40 % 41 % Conference Call and Webcast The Company will host an earnings video as well as a conference call and audio webcast for any questions that investors may have on May 7, 2026, at 5:00 p.m. Eastern Time. In order to access our video webcast and the live audio, investors, analysts and the market in general may access the following link at https://event.choruscall.com/mediaframe/webcast.html?webcastid=G65zV13n to attend the live event. Also, to ask questions on our conference call, investors, analysts and the market in general may access the following link https:// hdr.choruscall.com/?$Y2FsbHR5cGU9MiZyPXRydWUmaW5mbz1jb21wYW55LXBob25l or dial in through the following numbers: TOLL FREE 1-833-821-3654 | INTERNATIONAL 1-412-652-1249 and ask to join MercadoLibre's conference call to be able to pose questions. Access to our video webcast and the live audio will be available in the investor relations section of the Company’s website, at http:// investor.mercadolibre.com. An archive of the webcast will be available for one week following the conclusion of the conference call. MercadoLibre Letter to Shareholders 9 Q1’26 ResultsDefinition of Selected Metrics ■ Fintech monthly active users (MAU) – Defined as Fintech payers and/or collectors that, during the last month of the reporting period, performed at least one of the following actions during such month: 1) made a debit or credit card payment, 2) made a QR code payment, 3) made an off-platform online payment using our checkout or link of payment solutions while logged in to our Mercado Pago fintech platform, 4) made an investment or employed any of our savings solutions, 5) has an active insurance policy, 6) has an outstanding loan up to date or non performing below 90 days, or 7) received the payment from a sale or transaction either on or off marketplace. ■ Unique active buyers – Defined as users that have performed at least one purchase on the Mercado Libre Marketplace during the reported period. From the second quarter of 2025 onwards, we have included food delivery transactions in the current indicator. ■ Foreign Exchange (“FX”) Neutral – Calculated by using the average monthly exchange rate of each month of 2025 and applying it to the corresponding months in 2026, so as to calculate what the results would have been had exchange rates remained constant. Intercompany allocations are excluded from this calculation. These calculations do not include any other macroeconomic effect such as local currency inflation effects or any price adjustment to compensate local currency inflation or devaluations. ■ Gross merchandise volume (GMV) – Measure of the total U.S. dollar sum of all transactions completed through the Mercado Libre Marketplace, excluding Classifieds transactions. From the second quarter of 2025 onwards, we have included food delivery transactions in the current indicator. ■ Total payment transactions (TPN) – Measure of the number of all transactions paid for using Mercado Pago, excluding peer-to-peer transactions. ■ Total payment volume (TPV) – Measure of total U.S. dollar sum of all transactions paid for using Mercado Pago, including marketplace and non-marketplace transactions, excluding peer-to-peer transactions. ■ Acquiring total payment volume – Measure of the total U.S. dollar sum of all transactions settled using our Mercado Pago and its payment processing and settling services in marketplace and non-marketplace transactions and consist of the following transactions volume: 1) point of sale payment volume, 2) commerce payment volume through our Mercado Libre Marketplace, 3) online payment volume through our checkout or link payment solution for merchants, and 4) QR code payment volume. ■ MPOS – Mobile point-of-sale is a dedicated wireless device that performs the functions of a cash register or electronic point-of-sale terminal wirelessly. ■ Commerce – Revenues from core marketplace fees, shipping fees, first-party sales, ad sales, classified fees, membership subscription fees and other ancillary services. ■ Fintech – Revenues includes fees from off-platform transactions, financing fees, interest earned from merchant and consumer credits, interest earned on cash and investments as part of Mercado Pago activities net of interest gains passed through to our Brazilian users in connection with our asset management product, and sale of MPOS. ■ Items sold – Measure of the number of items that were sold/purchased through the Mercado Libre Marketplace, excluding Classifieds items. From the second quarter of 2025 onwards, we have included food delivery transactions in the current indicator. ■ G&A - General and administrative expenses. ■ Local Currency Growth Rates – Refer to FX Neutral definition. ■ Net income margin – Defined as net income as a percentage of net revenues & financial income. ■ Operating margin – Defined as income from operations as a percentage of net revenues & financial income. ■ Net Interest Margins After Losses (NIMAL) – NIMAL is the spread between credit revenues (excluding the results of sale of loans receivables) and the expenses associated with provisions for doubtful accounts (excluding the results of sale of loans receivable) and funding costs, and usually expressed as a percentage of the average portfolio for the period. ■ Non-performing loan (NPL) ratio – Shows the percentage of the loan portfolio that is not being paid on-time. MercadoLibre Letter to Shareholders 10 Q1’26 ResultsAbout Mercado Libre Founded in 1999, MercadoLibre is the largest ecommerce and fintech ecosystem in Latin America. The company's efforts are centered on enabling e-commerce and digital financial services for our users through a complete suite of technology solutions, with a mission of democratizing access to commerce and financial services. The Company is listed on NASDAQ (Nasdaq: MELI) following its initial public offering in 2007. For more information about the Company visit: http://investor.mercadolibre.com. Forward-Looking Statements This press release and the investor conference call contain forward-looking statements, including, but not limited to, statements regarding MercadoLibre, Inc.’s possible or assumed future results of operations; expectations, objectives and progress against strategic priorities; initiatives and strategies related to our products and services, including our ability to successfully deliver new products and services; business and market outlook, opportunities, strategies and trends; financing and investment plans; competitive position; the macroeconomic environment; customer preferences and demand and market expansion; our planned product and services releases and capabilities; industry growth rates; inflation; and internet, ecommerce and credit card penetration in Latin America. Words such as, but not limited to, “believe,” “will,” “so we can,” “when,” “anticipate,” “intend,” “estimate,” “expect,” “project” and similar expressions are used to identify forward-looking statements, although not all forward-looking statements contain these words. Our forward-looking statements, and the risks and uncertainties related to them, convey MercadoLibre, Inc.’s current assumptions, expectations or forecasts of future events. Forward-looking statements regarding MercadoLibre, Inc. involve known and unknown risks, uncertainties and other factors that may cause MercadoLibre, Inc.’s actual results, performance or achievements to be materially different from any future results, performances or achievements expressed or implied by the forward- looking statements. Additional information on the potential risks, uncertainties and factors that could affect MercadoLibre, Inc.’s results is included in filings we make with the Securities and Exchange Commission ("SEC") from time to time, including in the sections entitled “Risk Factors” and “Forward-Looking Statements” of MercadoLibre, Inc.’s annual report on Form 10-K for the year ended December 31, 2025 and in any of MercadoLibre, Inc.’s other applicable filings with the SEC. The financial information contained in this press release should be read in conjunction with the consolidated financial statements and notes thereto included in MercadoLibre, Inc.’s most recent reports on Forms 10-K and 10-Q, each as may be amended from time to time. MercadoLibre, Inc.’s financial results for its first quarter of 2026 are not necessarily indicative of MercadoLibre Inc.’s operating results for any future periods. The information provided herein is as of March 31, 2026. Unless required by law, MercadoLibre, Inc. undertakes no obligation to, and does not intend to, publicly update or revise any forward-looking statements to reflect circumstances or events after the date hereof. MercadoLibre Letter to Shareholders 11 Q1’26 ResultsMercadoLibre, Inc. Interim Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025 (In millions of U.S. dollars, except par value) (Unaudited) March 31, 2026 December 31, 2025 Assets Current assets: Cash and cash equivalents $ 3,677 $ 3,670 Restricted cash and cash equivalents 11,464 9,867 Short-term investments 1,973 2,629 Accounts receivable, net 370 369 Credit card receivables and other means of payments, net 7,971 6,893 Loans receivable, net of allowances of $3,708 and $3,057 10,169 8,855 Inventories 677 570 Other assets 822 720 Total current assets 37,123 33,573 Non-current assets: Long-term investments 1,696 1,764 Credit card receivables and other means of payments, net 163 153 Loans receivable, net of allowances of $112 and $86 566 510 Property and equipment, net 2,413 2,303 Operating lease right-of-use assets 2,402 2,201 Goodwill 165 163 Intangible assets, net 33 33 Deferred tax assets 1,890 1,541 Other assets 483 426 Total non-current assets 9,811 9,094 Total assets $ 46,934 $ 42,667 Liabilities Current liabilities: Accounts payable and accrued expenses $ 5,037 $ 4,502 Funds payable to customers 14,145 13,029 Amounts payable due to credit and debit card transactions 4,305 3,584 Salaries and social security payable 878 916 Taxes payable 1,298 1,140 Loans payable and other financial liabilities 5,316 4,623 Operating lease liabilities 472 430 Other liabilities 518 409 Total current liabilities 31,969 28,633 Non-current liabilities: Amounts payable due to credit and debit card transactions 190 187 Loans payable and other financial liabilities 4,611 4,570 Operating lease liabilities 1,946 1,769 Deferred tax liabilities 386 372 Other liabilities 551 388 Total non-current liabilities 7,684 7,286 Total liabilities $ 39,653 $ 35,919 Commitments and contingencies Equity Common stock, $0.001 par value, 110,000,000 shares authorized, 50,697,182 shares issued and outstanding $ — $ — Additional paid-in capital 1,771 1,771 Treasury stock, 225,931 shares (312) (312) Retained earnings 6,226 5,809 Accumulated other comprehensive loss (404) (520) Total equity 7,281 6,748 Total liabilities and equity $ 46,934 $ 42,667 MercadoLibre Letter to Shareholders 12 Q1’26 ResultsMercadoLibre, Inc. Interim Condensed Consolidated Statements of Income For the three-month periods ended March 31, 2026 and 2025 (In millions of U.S. dollars, except for share data) (Unaudited) Three Months Ended March 31, 2026 2025 Net service revenues and financial income $ 7,715 $ 5,320 Net product revenues 1,130 615 Net revenues and financial income 8,845 5,935 Cost of net revenues and financial expenses (4,983) (3,164) Gross profit 3,862 2,771 Operating expenses: Product and technology development (699) (551) Sales and marketing (982) (599) Provision for doubtful accounts (1,244) (603) General and administrative (326) (255) Total operating expenses (3,251) (2,008) Income from operations 611 763 Other income (expenses): Interest income and other financial gains, net 27 37 Interest expense and other financial losses (65) (39) Foreign currency gains (losses), net 6 (55) Net income before income tax expense 579 706 Income tax expense (162) (212) Net income $ 417 $ 494 . Three Months Ended March 31, 2026 2025 Basic earnings per share Basic net income available to shareholders per common share $ 8.23 $ 9.74 Weighted average of outstanding common shares 50,697,182 50,697,375 Diluted earnings per share Diluted net income available to shareholders per common share $ 8.23 $ 9.74 Weighted average of outstanding common shares 50,697,298 50,697,375 MercadoLibre Letter to Shareholders 13 Q1’26 ResultsMercadoLibre, Inc. Interim Condensed Consolidated Statements of Cash Flows For the three-month periods ended March 31, 2026 and 2025 (In millions of U.S. dollars) (Unaudited) Three Months Ended March 31, 2026 2025 Cash flows from operations: Net income $ 417 $ 494 Adjustments to reconcile net income to net cash provided by operating activities: Unrealized foreign currency gains, net (66) (2) Depreciation and amortization 246 172 Accrued interest, financial income and other revenues (283) (157) Non cash interest expense and amortization of debt issuance costs and other charges 100 68 Provision for doubtful accounts 1,244 603 Provision for contingencies 39 23 Results on derivative instruments 95 28 Results on digital assets at fair value — 12 Long term retention program (“LTRP”) accrued compensation 96 92 Deferred income taxes (261) (60) Changes in assets and liabilities: Accounts receivable Receivables (887) (71) Inventories (88) (46) Other assets (98) (247) Payables and accrued expenses 340 (191) Funds payable to customers 585 58 Amounts payable due to credit and debit card transactions 523 87 Other liabilities 123 120 Operating lease liabilities (118) (79) Interest received from investments 68 127 Net cash provided by operating activities 2,075 1,031 Cash flows from investing activities: Purchases of investments (2,824) (4,242) Proceeds from sale and maturity of investments 3,613 3,905 Proceeds from settlements of derivative instruments 4 2 Payments from settlements of derivative instruments (44) — Changes in loans receivable, net (1,949) (1,235) Investments in property and equipment, intangible assets and intangible assets at fair value (271) (272) Net cash used in investing activities (1,471) (1,842) Cash flows from financing activities: Proceeds from loans payable and other financial liabilities 21,524 8,931 Payments on loans payable and other financing liabilities (21,035) (8,453) Payments of finance lease liabilities (16) (13) Net cash provided by financing activities 473 465 Effect of exchange rate changes on cash, cash equivalents, restricted cash and cash equivalents 527 145 Net increase (decrease) in cash, cash equivalents, restricted cash and cash equivalents 1,604 (201) Cash, cash equivalents, restricted cash and cash equivalents, beginning of the period 13,537 4,699 Cash, cash equivalents, restricted cash and cash equivalents, end of the period $ 15,141 $ 4,498 MercadoLibre Letter to Shareholders 14 Q1’26 ResultsMercadoLibre, Inc. Financial results of reporting segments (Unaudited) Three Months Ended March 31, 2026 Brazil Mexico Argentina Other Countries Total (In millions) Net service revenues and financial income $ 3,987 $ 1,774 $ 1,607 $ 347 $ 7,715 Net product revenues 787 202 91 50 1,130 Net revenues and financial income 4,774 1,976 1,698 397 8,845 Local operating expenses (4,278) (1,546) (1,065) (320) (7,209) Depreciation and amortization (107) (86) (26) (13) (232) Total segment costs (4,385) (1,632) (1,091) (333) (7,441) Direct contribution 389 344 607 64 1,404 Operating expenses and indirect costs of net revenues and financial expenses (793) Income from operations 611 Other income (expenses): Interest income and other financial gains, net 27 Interest expense and other financial losses (65) Foreign currency gains, net 6 Net income before income tax expense $ 579 Three Months Ended March 31, 2025 Brazil Mexico Argentina Other Countries Total (In millions) Net service revenues and financial income $ 2,673 $ 1,107 $ 1,313 $ 227 $ 5,320 Net product revenues 409 115 69 22 615 Net revenues and financial income 3,082 1,222 1,382 249 5,935 Local operating expenses (2,457) (960) (714) (193) (4,324) Depreciation and amortization (83) (45) (20) (11) (159) Total segment costs (2,540) (1,005) (734) (204) (4,483) Direct contribution 542 217 648 45 1,452 Operating expenses and indirect costs of net revenues and financial expenses (689) Income from operations 763 Other income (expenses): Interest income and other financial gains, net 37 Interest expense and other financial losses (39) Foreign currency losses, net (55) Net income before income tax expense $ 706 MercadoLibre Letter to Shareholders 15 Q1’26 ResultsNon-GAAP Measures of Financial Performance To supplement our unaudited interim condensed consolidated financial statements presented in accordance with U.S. GAAP, we present earnings before interest income and other financial gains, net, interest expense and other financial losses, foreign currency gains (losses), net, income tax expense and depreciation and amortization (“Adjusted EBITDA”), net debt, foreign exchange (“FX”) neutral measures, adjusted free cash flow and net (decrease) increase in available cash, investments and digital assets as non- GAAP measures. Reconciliations of these non-GAAP financial measures to the most comparable U.S. GAAP financial measures can be found in the tables below. These non-GAAP measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with U.S. GAAP and may be different from non-GAAP measures used by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. Non-GAAP measures have limitations in that they do not reflect all of the amounts associated with our results of operations as determined in accordance with U.S. GAAP. These non-GAAP financial measures should only be used to evaluate our results of operations in conjunction with the most comparable U.S. GAAP financial measures. We believe that reconciliation of these non-GAAP measures to the most directly comparable GAAP measure provides investors an overall understanding of our current financial performance and its prospects for the future. Adjusted EBITDA Adjusted EBITDA is a non-GAAP financial measure that represents our net income, adjusted to eliminate the effect of depreciation and amortization charges, interest income and other financial gains, net, interest expense and other financial losses, foreign currency gains (losses), net and income tax expense. We have included this non-GAAP financial measure because it is used by our Management to evaluate our operating performance and trends, make strategic decisions and the calculation of leverage ratios. Accordingly, we believe this measure provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our Management. In addition, it provides a useful measure for period-to-period comparisons of our business, as it removes the effect of certain items. The following table presents a reconciliation of net income to Adjusted EBITDA for the periods indicated: Three Months Ended 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 Foreign currency gains (losses), net (6) 55 Income tax expense 162 212 Adjusted EBITDA $ 857 $ 935 MercadoLibre Letter to Shareholders 16 Q1’26 ResultsNet debt We define net debt as total debt which includes current and non-current loans payable and other financial liabilities and current and non-current operating lease liabilities, less cash and cash equivalents (excluding cash and cash equivalents restricted due to management restriction policies), short-term investments and long-term investments, excluding time deposits, foreign debt securities and foreign government debt securities restricted and held in guarantee, securitization transactions and equity securities held at cost. We have included this non-GAAP financial measure because it is used by our Management to analyze our current leverage ratios and set targets to be met, which will also impact other components of the Company’s balance sheet, cash flows and income statement. Accordingly, we believe this measure provides useful information to investors and other market participants in showing the evolution of the Company’s indebtedness and its capability of repayment as a means to, alongside other measures, monitor our leverage based on widely-used measures. The following table presents a reconciliation of net debt for each of the periods indicated: 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-current Operating lease liabilities 1,946 1,769 Total debt 12,345 11,392 Less: Cash and cash equivalents (1) 3,458 3,410 Short-term investments (2) 1,537 1,614 Long-term investments (3) 1,602 1,686 Cash and cash equivalents(1), short-term investments(2) and long-term investments(3) 6,597 6,710 Net debt $ 5,748 $ 4,682 (1) Includes cash and cash equivalents (excluding cash and cash equivalents restricted due to management restriction policies). (2) Excludes time deposits, foreign debt securities and foreign government debt securities restricted and held in guarantee. (3) Excludes foreign government debt securities restricted and held in guarantee, investments held in VIEs as a consequence of securitization transactions and equity securities held at cost. MercadoLibre Letter to Shareholders 17 Q1’26 ResultsFX neutral We believe that FX neutral measures provide useful information to both Management and investors by excluding the foreign currency exchange rate impact that may not be indicative of our core operating results and business outlook. The FX neutral measures were calculated by using the average monthly exchange rates for each month during 2025 and applying them to the corresponding months in 2026, so as to calculate what our results would have been had exchange rates remained stable from one year to the next. The table below excludes intercompany allocation FX effects. Finally, these measures do not include any other macroeconomic effect such as local currency inflation effects, the impact on impairment calculations or any price adjustment to compensate local currency inflation or devaluations. The following table sets forth the FX neutral measures related to our reported results of the operations for the three-month period ended March 31, 2026: Three Months Ended March 31, As reported Percentage Change FX Neutral Measures As reported Percentage Change (Unaudited) 2026 2025 2026 2025 (In millions, except percentages) (In millions, except percentages) Net revenues and financial income $ 8,845 $ 5,935 49.0 % $ 8,637 $ 5,935 45.5 % Cost of net revenues and financial expenses (4,983) (3,164) 57.5 % (4,799) (3,164) 51.7 % Gross profit 3,862 2,771 39.4 % 3,838 2,771 38.5 % Operating expenses (3,251) (2,008) 61.9 % (3,168) (2,008) 57.8 % Income from operations $ 611 $ 763 (19.9) % $ 670 $ 763 (12.2) % MercadoLibre Letter to Shareholders 18 Q1’26 ResultsAdjusted free cash flow and Net (decrease) increase in available cash, investments and digital assets Adjusted free cash flow Adjusted free cash flow represents cash from operating activities less the increase (decrease) in cash and cash equivalents and investments related to customer funds due to regulatory requirements and other restrictions and equity securities held at cost, investments in property and equipment and intangible assets, changes in loans receivable, net and net proceeds from/payments on loans payable and other financial liabilities related to our Fintech solutions, since we consider those liabilities as the working capital of the Fintech activities. From the second quarter of 2025 onwards, we have also included increase (decrease) in cash and cash equivalents and investments restricted due to management restriction policies and digital assets as an adjustment in the calculation of our adjusted free cash flow. We consider adjusted free cash flow to be a measure of liquidity generation that provides useful information to management and investors since it shows how much cash the Company generates with its core activities that can be used for discretionary purposes and to repay its corporate and/or commerce debt. A limitation of the utility of adjusted free cash flow as a measure of liquidity generation is that it is a partial representation of the total increase or decrease in our available cash, investments and digital assets balance for the period. Therefore, we believe it is important to view the adjusted free cash flow measure only as a complement to our entire consolidated statements of cash flows. Net (decrease) increase in available cash, investments and digital assets Net (decrease) increase in available cash, investments and digital assets (from the second quarter of 2025 onwards, our available funds include digital asset holdings) represents adjusted free cash flow less net proceeds from/payments on loans payable and other financial liabilities, related to our Commerce and corporate activities, payments of finance lease obligations, other investing and/or financing activities not considered above and the effect of exchange rates changes on available cash and investments. We consider Net (decrease) increase in available cash, investments and digital assets to be a measure of liquidity availability that provides useful information to management and investors after netting out all other debt and corporate payments and activities from the adjusted free cash flow. MercadoLibre Letter to Shareholders 19 Q1’26 ResultsThe following table shows a reconciliation of Net cash provided by operating activities to Adjusted free cash flow and Net (decrease) increase in available cash, investments and digital assets: Three Months Ended March 31, 2026 2025 (3) (In millions) Net cash provided by operating activities ("CFO") $ 2,075 $ 1,031 Adjustments to reconcile CFO to Adjusted free cash flow (1) (25) 18 Increase (decrease) in cash and cash equivalents and investments related to customer funds due to regulatory requirements and other restrictions (including management restriction policies) and equity securities held at cost (544) 35 Investments in property and equipment and intangible assets (271) (256) Changes in loans receivable, net (1,949) (1,235) Proceeds from loans payable and other financial liabilities related to our Fintech solutions, net 658 465 Adjusted free cash flow (56) 58 Payments on loans payable and other financial liabilities, related to our Commerce and Corporate activities, net (185) — Other investing and/or financing activities (40) 2 Effect of exchange rate changes on available cash and investments 168 172 Net (decrease) increase in available cash, investments and digital assets $ (113) $ 232 Available cash, investments and digital assets (2), at the beginning of the period 6,710 4,603 Available cash, investments and digital assets (2), at the end of the period 6,597 4,835 Net cash used in investing activities (1,471) (1,842) Net cash provided by financing activities 473 465 (1) Includes accrued interest and financial income net of interest received from available and restricted investments, and results on digital assets. (2) Includes cash and cash equivalents (excluding cash and cash equivalents restricted due to management restriction policies), short-term investments (excluding time deposits, foreign debt securities and foreign government debt securities restricted and held in guarantee) and long-term investments (excluding foreign government debt securities restricted and held in guarantee, investments held in VIEs as a consequence of securitization transactions and equity securities held at cost) and digital assets. (3) Recast for consistency with the current presentation due to the changes explained above. > CONTACT: MercadoLibre, Inc. Investor Relations [email protected] http://investor.mercadolibre.com MercadoLibre Letter to Shareholders 20 Q1’26 Results7 May
  • 8-KDeparture of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers3 Apr
  • 8-KResults of Operations and Financial Condition24 Feb
  • 8-KOther Events9 Dec 2025
  • 8-KEntry into a Material Definitive Agreement5 Dec 2025
  • 8-KMONTEVIDEO, Uruguay; October 29, 2025 -- MercadoLibre, Inc. (Nasdaq: MELI) (http://www.mercadolibre.com), Latin America’s leading e-commerce and fintech company, today reported financial results for the third quarter ended September 30, 2025. Net revenues & financial income of $7,409 million, up 39% YoY and 49% FX-neutral Income from operations of $724 million, with a 9.8% margin Net income of $421 million, with a 5.7% margin Total Payment Volume of $71.2 billion, up 41% YoY and 54% FX-neutral Gross Merchandise Volume of $16.5 billion, up 28% YoY and 35% FX-neutral To our Shareholders We are pleased to report another strong quarter, demonstrating that our investments are delivering results across our ecosystem. From widening access to credit and payments to strengthening our marketplace value proposition and reducing the frictions of shopping online, our investments underpin the rapid growth of our key operating metrics. Our net revenue and financial income grew 39% YoY in Q3’25 – the 27th consecutive quarter of growth above 30% YoY. During this seven-year period, market share and NPS data show that we have significantly strengthened our competitive position across our businesses, while margins and cash flow have improved markedly. This shows the power of scale and our ability to balance growth, investment and profitability over multiple years. We see ourselves as exceptionally well-positioned to accelerate financial inclusion and ecommerce penetration across Latin America, and are committed to investing to achieve this. Commerce We continue to make strong progress in leading the shift of offline retail to ecommerce in our region. Ecommerce penetration has the potential to double in the coming years, which implies the ecommerce market more than doubling. Our ambition is always to grow ahead of the market. Offering more free shipping is a key pillar of our strategy to capture this long-term growth opportunity. The recent reduction in the free shipping threshold in Brazil from R$79 to R$19 is already driving strong results, consistent with previous threshold reductions. Unique buyers in Brazil grew 29% YoY in Q3'25 – the fastest pace since Q1'21 and the largest quarterly addition of unique buyers ever, surpassing even the pandemic peak. Sold items growth in Brazil accelerated to 42% YoY and FX-neutral GMV also accelerated, rising 34% YoY. Market share gains accelerated and our NPS reached its highest level ever. We are also seeing solid momentum on the supply side of our marketplace in Brazil. The number of merchants making sales in the R$19–79 range grew at a double-digit YoY pace in Q3’25, while new listings in that range grew 3x YoY. These trends make our marketplace more dynamic by broadening buyer choice and expanding opportunities for sellers. This explains why the number of visits accelerated substantially, conversion reached an all-time high and retention hit record levels for new and existing customers. Put simply, the lower free shipping threshold is attracting more buyers and enabling sellers to turn that traffic into higher sales. This, in turn, creates a powerful flywheel of supply and demand. The strength of our logistics network enabled us to absorb a 28% QoQ increase in shipments in Brazil without any negative impact on service levels or speed. We are seeing good progress in the slow layer of our logistics network, which underpins free shipping below R$79. The speed of those deliveries improved markedly through the quarter, making slow/free delivery options more attractive. This has further reduced shipping revenue but, more importantly, has lifted conversion to record highs. Unit shipping costs in Brazil fell 8% QoQ in local currency as our slow volumes increase scale and leverage unused capacity across our network. This is an important milestone in a gradual journey to reduce unit shipping costs across the business. Mexico delivered another outstanding quarter in Q3’25 as sold items growth accelerated to 42% YoY and FX-neutral GMV was up 34%. This growth reflects the broad strength of our value proposition, with on-time deliveries and free shipping penetration MercadoLibre, Inc. Letter to Shareholders MercadoLibre Letter to Shareholders 1 Q3’25 Resultsreaching record highs, while 1P and CBT sustained their strong momentum. Fulfillment penetration also reached a new high, and the resulting scale – together with ongoing productivity and efficiency initiatives – enabled us to achieve our lowest-ever unit shipping cost in fulfillment in Mexico, down more than 12% YoY in local currency In Argentina, we have added nearly 1mn new buyers per quarter so far this year – more than in any previous quarter in our history. This reflects the strength of our value proposition compared to physical retail, which still represents approximately 85% of the total retail market. The share of same- and next-day deliveries increased nearly 7ppts YoY as fulfillment penetration reached a new record, even before our new Buenos Aires fulfillment center came online. We added drop-shipping from China to our CBT platform and although the business remains small, we see potential to complement our US assortment with lower ASP categories, such as fashion, toys and baby. Growth in Argentina remained resilient in Q3'25 despite a challenging macro backdrop, with sold items up 34% YoY and FX-neutral GMV up 44%. Our marketing investments focus on expanding our social platforms and presence, positioning Mercado Libre as the destination for the best prices, deals and assortment, and strengthening our brand. Latin Americans spend over three hours per day on social media – well above the global average of two hours and twenty minutes. This is why we have intensified investment in social commerce, with affiliate participants up 4x YoY in Q3'25. At the same time, our content creators produced tens of thousands of videos driving traffic to our site for specific campaigns. Together, these programs put us at the center of younger users’ attention and strengthen our position in categories such as apparel and beauty. Our branding campaigns also contributed to record brand preference scores across Brazil, Mexico, Argentina and Chile. Mercado Ads is becoming a comprehensive digital media platform that goes beyond retail media by leveraging our first-party data as a competitive advantage. Brands have responded positively to the expansion of our off-ecosystem inventory announced in Q2'25, which enables campaigns to achieve high frequency and low CPMs. This complements on-ecosystem campaigns, where users have higher intent (leading to higher CPMs). We are also adding new premium advertising inventory through partnerships with Roku and HBO. Display & Video revenue is growing close to triple-digits, helping drive an acceleration of FX-neutral Ads revenue growth to 63% YoY in Q3'25 (56% in USD). Loyalty We continue to strengthen MELI+ as its user base expands. In October, we announced that MELI+ subscribers in Brazil will be eligible for fast shipping on marketplace purchases from R$19 (versus slow shipping for non-MELI+ buyers in the R$19-79 range). This reintroduces a differentiated shipping benefit for MELI+ users in Brazil following the expansion of free shipping below R$79 to all users in June. We launched the MELI+ Mega “super bundle” that includes Disney+, Netflix, HBO Max, Apple TV+, and our ecosystem benefits, all managed in a single subscription. This shows the strength of MELI+ as a distribution channel for our partners, and its compelling benefits for users. We also signed partnerships with McDonald’s, Petrobras, and 99 in Brazil to offer MELI+ users co-funded cashback in Meli Dólar when paying with their Mercado Pago credit card. We think we are uniquely positioned to offer the most compelling benefits package in LatAm, which will drive engagement with the Mercado Libre and Mercado Pago platforms. Fintech Services Our goal in Fintech Services is to become the largest digital bank in Latin America by having the best value proposition. We made further progress on both fronts in Q3'25 with MAUs up 29% YoY to 72mn and NPS reaching record highs – again – in Brazil. Our internal data shows we now have the highest NPS among fintechs in Brazil, and we have maintained NPS leadership among fintechs in Mexico. The next step toward our goal is to continue driving principality. Principal relationships bring clear benefits: higher retention, lower delinquency and broader cross-sell. NPS among principal users in Brazil is double-digit percentage points higher than our overall NPS, which itself ranks among the market's highest. This gives us confidence that we have the right product and experience to generate engagement and build principality. In Q3'25, the share of principal users rose 11ppts YoY in Brazil and 2ppts in Mexico. MercadoLibre Letter to Shareholders 2 Q3’25 ResultsThe Mercado Pago credit card is one of the key drivers of rising principality and strong NPS, and its compelling value proposition is translating into higher usage. In Brazil, Mercado Pago’s share of wallet among low risk users has been rising consistently. More than 50% of credit card TPV in Brazil is transacted off-platform, showing how the card is used broadly beyond our ecosystem, not just as a ‘MELI store card’. On-platform trends are also positive, with our credit card now consistently the #1 choice for installment transactions in Brazil, surpassing all third-party cards. Offering extra installments has supported this, reflecting the power of our ecosystem synergies. We aim to replicate this dynamic in Argentina, where we launched our credit card in August. Engagement with Mercado Pago is high due to widespread and frequent use of our QR payments network and our longstanding commitment to remunerating funds held in our account. This solid foundation for the credit card is another demonstration of the strength of the ecosystem. The card will enable users to further consolidate their finances with Mercado Pago and will strengthen our efforts to increase financial inclusion in Argentina, where six out of ten adults do not have a credit card. The total number of users in our credit portfolio surpassed 27mn in Q3’25. User growth was a key contributor to the portfolio’s expansion, which rose 83% YoY to $11.0bn in Q3’25. The increasing accuracy of our underwriting models alongside improvement in our asset quality metrics underpins our confidence to grow at a rapid pace. NIMAL compressed sequentially by 2ppts to 21.0% in Q3'25, partly due to higher funding costs in Argentina; excluding Argentina, the compression would have been less than 1ppt. The 15-90 day NPL remained stable at 6.8%. Put simply, we are growing rapidly without compromising the quality of our portfolio. We are able to do this because of our huge marketplace audience and the increasing accuracy of our models. In Q3’25, we issued a record number of credit cards in Brazil as first payment defaults reached another record low. This metric also improved YoY in Mexico. Our credit card cohorts continue to show consistent progress towards breakeven, profitability and payback. Approximately half of the Brazil credit card portfolio is now profitable. Acquiring Our Acquiring business leverages the payments infrastructure we have built over more than two decades, originally for our marketplace and then for merchants outside our ecosystem. Our market share is rising across all our markets, and has done so consistently for several years. This is the result of the quality of our product and our wider value proposition, which includes credits, banking services and, increasingly, software solutions. This helps us to increase retention and promote financial inclusion. For example, our recent Brazil Impact Report showed that two out of three entrepreneurs in our ecosystem made their first financial investment via Mercado Pago and 60% received their first ever credit from us. This strong foundation enabled us to grow FX-neutral Acquiring TPV at 28% YoY in Q3'25 in Brazil, even with intense competition, as growth rates picked up sequentially in In-store and Online Payments, and remained solid in QR. In Mexico, our Acquiring business is also a key pillar of our efforts to digitalize cash. It enables merchants to accept payments with the debit and credit cards issued by Mercado Pago (as well as other cards), increasing the usefulness of those cards. We surpassed 1mn active POS devices in Mexico in Q3'25 and continue to grow rapidly – a testament to strong demand, as well as the quality of our product. Merchants using these devices can also access credit lines, providing another lever to promote financial inclusion in Mexico. This structural growth opportunity helped us maintain strong momentum in Q3'25, with Mexico's FX-neutral Acquiring TPV up 53% YoY, supported by much higher growth in the In-store segment. Near-term trends in Argentina are mixed. FX-neutral Acquiring TPV is growing at a solid pace – 70% YoY in Q3'25 – despite macro headwinds, but growth has slowed. This is driven by our In-store and QR segments, which have been impacted by near-term weakness in consumption. Online Payments remains resilient as we attract new customers and ramp up new features, such as our recurring payments product. We continue to believe there many long-term growth opportunities in Argentina. MercadoLibre Letter to Shareholders 3 Q3’25 ResultsConsolidated Financial Results Net revenue and financial income grew 39% in Q3’25 to $7.4bn. Growth accelerated sequentially, despite a major increase in free shipping and lower seller shipping charges, which reduced shipping revenue. FX-neutral growth decelerated modestly to 49% YoY due to lower inflation in Argentina; growth in Brazil (35% YoY) and Mexico (42% YoY) remained strong, as we continued executing on the structural growth opportunities we are pursuing in both countries. Income from operations grew 30% YoY to $724mn in Q3’25. We made strategic investments that increased cost of revenue, sales & marketing and provisions for doubtful accounts as a percentage of revenue. These include lowering our free shipping threshold in Brazil, ramping-up 1P, investing in social commerce and expanding our credits business. In parallel, their contribution to revenue and a combination of scale, efficiency and tight cost management allowed us to significantly dilute product development and G&A expenses. The net effect was a modest YoY decline in our income from operations margin – a reasonable trade-off for investments that expand our addressable markets, seed future growth, strengthen our competitive position and drive long-term scale. Direct Contribution (DC) margin in Brazil declined YoY for the reasons discussed above. However, strong top line growth in Brazil also contributed significantly to the dilution of product development and G&A expenses, much of which is recorded between DC and income from operations. Short-term macro headwinds in Argentina resulted in lower growth on the marketplace and increased funding costs in our acquiring and credit businesses. This led to a 4-5ppt compression of DC margin YoY and QoQ. Net income of $421mn rose 6% YoY, growing at a slower pace than income from operations due to larger FX losses and a higher tax rate YoY. The depreciation of the Argentine Peso against the US Dollar has a negative translation impact on our P&L, and generates FX losses. This means that revaluations of monetary assets and liabilities nominated in local currency are recorded in our P&L, which is not the case for other countries, due to Argentina being considered hyperinflationary under US GAAP. Furthermore, this increases our tax rate under US GAAP because these FX losses are not deductible under local accounting rules. We continue to generate strong cash flow, even with an intense pace of investment and the growth of our credit portfolio. Adjusted free cash flow reached $206mn in Q3’25 after capex of $357mn and investment of $1,730mn in the growth of the credit portfolio (partially offset by $485mn of third-party funding). Looking ahead We believe we are still in the early stages of realizing our full potential, with ecommerce penetration of just mid-teens in Latin America, and single-digit market shares – in some cases, low-single digits – in many of our fintech businesses and advertising. This conviction drives our approach to investments aimed at continuing to improve our value proposition for individuals and merchants in commerce and fintech. While these investments put short term pressure on our margins, other investments, such as the credit card in Brazil, begin to mature and their margin pressure eases. The balance between new and maturing investments will vary over time, but the common theme across all of them is their long-term nature, and our conviction that they will drive sustainable engagement, growth and scale. We are confident in our ability to execute on these growth opportunities and we remain committed to doing so in a disciplined manner. This ensures that the best is yet to come. MercadoLibre Letter to Shareholders 4 Q3’25 ResultsThe following table summarizes certain key performance metrics for the nine and three-month periods ended September 30, 2025 and 2024: (1) Figures have been calculated using rounded amounts. Growth calculations based on this table may not total due to rounding. As of December 31, 2024, we no longer disclose the key performance indicator "Number of items shipped". Management believes that "Number of items shipped", as a complementary disclosure to "items sold", no longer provides useful information to investors to better understand our business. Following years of investment, our logistics network now ships 95% of items sold. As such, the two performance metrics, "Number of items sold" and "Number of items shipped", have converged so we no longer see a benefit for investors in disclosing both. Year-over-year USD Growth Rates by Quarter Consolidated net revenues and financial income Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Brazil 41 % 38 % 20 % 25 % 38 % Mexico 44 % 43 % 26 % 25 % 44 % Argentina 14 % 31 % 125 % 77 % 39 % Commerce 48 % 44 % 32 % 29 % 33 % Fintech 21 % 29 % 43 % 40 % 49 % Total Meli 35 % 37 % 37 % 34 % 39 % Gross merchandise volume Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Brazil 17 % 13 % 10 % 18 % 36 % Mexico 14 % 11 % 2 % 16 % 36 % Argentina 4 % (5) % 77 % 35 % 2 % Total Meli 14 % 8 % 17 % 21 % 28 % Total payment volume Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 TPV Total 34 % 33 % 43 % 39 % 41 % TPV Acquiring 21 % 20 % 32 % 31 % 32 % MercadoLibre Letter to Shareholders 5 Nine Months Ended September 30, Three Months Ended September 30, (IN MILLIONS, except %) (1) 2025 2024 2025 2024 Fintech monthly active users 72 56 72 56 Unique active buyers 107 87 77 61 Gross merchandise volume 45,131 36,919 16,543 12,907 Number of items sold 1,677 1,262 635 456 Total payment volume 194,129 137,746 71,224 50,691 Acquiring total payment volume 132,394 100,367 47,712 36,042 Total payment transactions 10,964 8,030 4,013 2,936 NIMAL 22.0 % 28.3 % 21.0 % 24.2 % Capital expenditures 900 555 357 223 Depreciation and amortization 580 465 209 157 Q3’25 ResultsYear-over-year FX-neutral Growth Rates by Quarter Consolidated net revenues and financial income Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Brazil 60 % 62 % 41 % 35 % 35 % Mexico 60 % 64 % 51 % 41 % 42 % Argentina 245 % 212 % 184 % 130 % 97 % Commerce 121 % 106 % 57 % 45 % 38 % Fintech 81 % 84 % 73 % 63 % 65 % Total Meli 103 % 96 % 64 % 53 % 49 % Gross merchandise volume Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Brazil 34 % 32 % 30 % 29 % 34 % Mexico 27 % 28 % 23 % 32 % 34 % Argentina 218 % 141 % 126 % 75 % 44 % Total Meli 71 % 56 % 40 % 37 % 35 % Total payment volume Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 TPV Total 126 % 109 % 72 % 61 % 54 % TPV Acquiring 110 % 95 % 59 % 53 % 45 % Conference Call and Webcast The Company will host an earnings video as well as a conference call and audio webcast for any questions that investors may have on October 29th, 2025, at 5:00 p.m. Eastern Time. In order to access our video webcast and the live audio, investors, analysts and the market in general may access the following link at https://event.choruscall.com/mediaframe/webcast.html?webcastid=ISOKwq7s to attend the live event. Also, to ask questions on our conference call, investors, analysts and the market in general may access the following link https:// hdr.choruscall.com/?$Y2FsbHR5cGU9MiZyPXRydWUmaW5mbz1jb21wYW55LXBob25l or dial in through the following numbers: TOLL FREE 1-833-821-3654 | INTERNATIONAL 1-412-652-1249 and ask to join MercadoLibre's conference call to be able to pose questions. Access to our video webcast and the live audio will be available in the investor relations section of the Company’s website, at http:// investor.mercadolibre.com. An archive of the webcast will be available for one week following the conclusion of the conference call. MercadoLibre Letter to Shareholders 6 Q3’25 ResultsDefinition of Selected Metrics ■ Fintech monthly active users (MAU) – Defined as Fintech payers and/or collectors as of September 30, 2025, that, during the last month of the reporting period, performed at least one of the following actions during such month: 1) made a debit or credit card payment, 2) made a QR code payment, 3) made an off-platform online payment using our checkout or link of payment solutions while logged in to our Mercado Pago fintech platform, 4) made an investment or employed any of our savings solutions, 5) purchased an insurance policy, 6) took out a loan through our lending solution, or 7) received the payment from a sale or transaction either on or off marketplace. ■ Unique active buyers – Defined as users that have performed at least one purchase on the Mercado Libre Marketplace during the reported period. From the second quarter of 2025 onwards, we have included food delivery transactions in the current indicator. ■ Foreign Exchange (“FX”) Neutral – Calculated by using the average monthly exchange rate of each month of 2024 and applying it to the corresponding months in 2025, so as to calculate what the results would have been had exchange rates remained constant. Intercompany allocations are excluded from this calculation. These calculations do not include any other macroeconomic effect such as local currency inflation effects or any price adjustment to compensate local currency inflation or devaluations. ■ Gross merchandise volume (GMV) – Measure of the total U.S. dollar sum of all transactions completed through the Mercado Libre Marketplace, excluding Classifieds transactions. From the second quarter of 2025 onwards, we have included food delivery transactions in the current indicator. ■ Total payment transactions (TPN) – Measure of the number of all transactions paid for using Mercado Pago, excluding peer-to-peer transactions. ■ Total payment volume (TPV) – Measure of total U.S. dollar sum of all transactions paid for using Mercado Pago, including marketplace and non-marketplace transactions, excluding peer-to-peer transactions. ■ Acquiring total payment volume – Measure of the total U.S. dollar sum of all transactions settled using our Mercado Pago and its payment processing and settling services in marketplace and non-marketplace transactions and consist of the following transactions volume: 1) point of sale payment volume, 2) commerce payment volume through our Mercado Libre Marketplace, 3) online payment volume through our checkout or link payment solution for merchants, and 4) QR code payment volume. ■ MPOS – Mobile point-of-sale is a dedicated wireless device that performs the functions of a cash register or electronic point-of-sale terminal wirelessly. ■ Commerce – Revenues from core marketplace fees, shipping fees, first-party sales, ad sales, classified fees and other ancillary services. ■ Fintech – Revenues includes fees from off-platform transactions, financing fees, interest earned from merchant and consumer credits, interest earned on cash and investments as part of Mercado Pago activities net of interest gains passed through to our Brazilian users in connection with our asset management product, and sale of MPOS. ■ Items sold – Measure of the number of items that were sold/purchased through the Mercado Libre Marketplace, excluding Classifieds items. From the second quarter of 2025 onwards, we have included food delivery transactions in the current indicator. ■ G&A - General and administrative expenses. ■ Local Currency Growth Rates – Refer to FX Neutral definition. ■ Net income margin – Defined as net income as a percentage of net revenues & financial income. ■ Operating margin – Defined as income from operations as a percentage of net revenues & financial income. ■ Net Interest Margins After Losses (NIMAL) – NIMAL is the spread between credit revenues (excluding the results of sale of loans receivables) and the expenses associated with provisions for doubtful accounts (excluding the results of sale of loans receivable) and funding costs, and usually expressed as a percentage of the average portfolio for the period. ■ Non-performing loan (NPL) ratio – Shows the percentage of the loan portfolio that is not being paid on-time. MercadoLibre Letter to Shareholders 7 Q3’25 ResultsAbout Mercado Libre Founded in 1999, MercadoLibre is the largest ecommerce and fintech ecosystem in Latin America. The company's efforts are centered on enabling e-commerce and digital financial services for our users through a complete suite of technology solutions, with a mission of democratizing access to commerce and financial services. The Company is listed on NASDAQ (Nasdaq: MELI) following its initial public offering in 2007. For more information about the Company visit: http://investor.mercadolibre.com. The MercadoLibre, Inc. logo is available at https://resource.globenewswire.com/Resource/Download/6ab227b7-693f-4b17- b80c-552ae45c76bf?size=0 Forward-Looking Statements This press release and the investor conference call contain forward-looking statements, including, but not limited to, statements regarding MercadoLibre, Inc.’s possible or assumed future results of operations; expectations, objectives and progress against strategic priorities; initiatives and strategies related to our products and services; our inability to successfully deliver new products and services; business and market outlook, opportunities, strategies and trends; financing plans; competitive position; the macroeconomic environment; customer preferences and demand and market expansion; our planned product and services releases and capabilities; industry growth rates and internet and credit card penetration in Latin America; and inflation. Words such as, but not limited to, “believe,” “will,” “so we can,” “when,” “anticipate,” “intend,” “estimate,” “expect,” “project” and similar expressions are used to identify forward-looking statements, although not all forward-looking statements contain these words. Our forward-looking statements, and the risks and uncertainties related to them, convey MercadoLibre, Inc.’s current assumptions, expectations or forecasts of future events. Forward-looking statements regarding MercadoLibre, Inc. involve known and unknown risks, uncertainties and other factors that may cause MercadoLibre, Inc.’s actual results, performance or achievements to be materially different from any future results, performances or achievements expressed or implied by the forward-looking statements. Additional information on the potential risks, uncertainties and factors that could affect MercadoLibre, Inc.’s results is included in filings we make with the Securities and Exchange Commission ("SEC") from time to time, including in the sections entitled “Risk Factors” and “Forward-Looking Statements” of MercadoLibre, Inc.’s annual report on Form 10-K for the year ended December 31, 2024 and in any of MercadoLibre, Inc.’s other applicable filings with the SEC. The financial information contained in this press release should be read in conjunction with the consolidated financial statements and notes thereto included in MercadoLibre, Inc.’s most recent reports on Forms 10-K and 10-Q, each as may be amended from time to time. MercadoLibre, Inc.’s financial results for its third quarter of 2025 are not necessarily indicative of MercadoLibre Inc.’s operating results for any future periods. The information provided herein is as of September 30, 2025. Unless required by law, MercadoLibre, Inc. undertakes no obligation to, and does not intend to, publicly update or revise any forward-looking statements to reflect circumstances or events after the date hereof. MercadoLibre Letter to Shareholders 8 Q3’25 ResultsMercadoLibre, Inc. Interim Condensed Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024 (In millions of U.S. dollars, except par value) (Unaudited) September 30, 2025 December 31, 2024 Assets Current assets: Cash and cash equivalents $ 2,582 $ 2,635 Restricted cash and cash equivalents 6,617 2,064 Short-term investments 3,715 4,485 Accounts receivable, net 298 255 Credit card receivables and other means of payments, net 6,648 5,288 Loans receivable, net of allowances of $2,762 and $1,630 7,810 4,716 Inventories 532 296 Other assets 593 403 Total current assets 28,795 20,142 Non-current assets: Long-term investments 1,336 1,203 Loans receivable, net of allowances of $68 and $48 382 179 Property and equipment, net 2,058 1,380 Operating lease right-of-use assets 2,042 1,098 Goodwill 161 149 Intangible assets, net 38 12 Intangible assets at fair value 78 49 Deferred tax assets 1,376 802 Other assets 425 182 Total non-current assets 7,896 5,054 Total assets $ 36,691 $ 25,196 Liabilities Current liabilities: Accounts payable and accrued expenses $ 4,053 $ 3,196 Funds payable to customers 10,567 6,954 Amounts payable due to credit and debit card transactions 2,943 1,923 Salaries and social security payable 840 727 Taxes payable 888 525 Loans payable and other financial liabilities 4,431 2,828 Operating lease liabilities 401 241 Other liabilities 399 209 Total current liabilities 24,522 16,603 Non-current liabilities: Amounts payable due to credit and debit card transactions 116 41 Loans payable and other financial liabilities 3,409 2,887 Operating lease liabilities 1,636 894 Deferred tax liabilities 341 204 Other liabilities 449 216 Total non-current liabilities 5,951 4,242 Total liabilities $ 30,473 $ 20,845 Commitments and contingencies Equity Common stock, $0.001 par value, 110,000,000 shares authorized, 50,697,182 and 50,697,375 shares issued and outstanding $ — $ — Additional paid-in capital 1,771 1,770 Treasury stock, 225,931 and 225,474 shares (312) (311) Retained earnings 5,250 3,812 Accumulated other comprehensive loss (491) (920) Total equity 6,218 4,351 Total liabilities and equity $ 36,691 $ 25,196 MercadoLibre Letter to Shareholders 9 Q3’25 ResultsMercadoLibre, Inc. Interim Condensed Consolidated Statements of Income For the nine and three-month periods ended September 30, 2025 and 2024 (In millions of U.S. dollars, except for share data) (Unaudited) Nine Months Ended September 30, Three Months Ended September 30, 2025 2024 2025 2024 Net service revenues and financial income $ 17,760 $ 13,307 $ 6,476 $ 4,760 Net product revenues 2,374 1,411 933 552 Net revenues and financial income 20,134 14,718 7,409 5,312 Cost of net revenues and financial expenses (11,060) (7,890) (4,200) (2,873) Gross profit 9,074 6,828 3,209 2,439 Operating expenses: Product and technology development (1,685) (1,422) (567) (504) Sales and marketing (2,183) (1,555) (833) (566) Provision for doubtful accounts (2,108) (1,331) (815) (507) General and administrative (786) (709) (270) (305) Total operating expenses (6,762) (5,017) (2,485) (1,882) Income from operations 2,312 1,811 724 557 Other income (expenses): Interest income and other financial gains 130 107 49 43 Interest expense and other financial losses (110) (117) (35) (40) Foreign currency losses, net (274) (132) (102) (40) Net income before income tax expense 2,058 1,669 636 520 Income tax expense (620) (397) (215) (123) Net income $ 1,438 $ 1,272 $ 421 $ 397 . Nine Months Ended September 30, Three Months Ended September 30, 2025 2024 2025 2024 Basic earnings per share Basic net income available to shareholders per common share $ 28.37 $ 25.09 $ 8.32 $ 7.83 Weighted average of outstanding common shares 50,697,338 50,697,442 50,697,265 50,697,438 Diluted earnings per share Diluted net income available to shareholders per common share $ 28.37 — $ 25.09 $ — $ 8.32 — $ 7.83 Weighted average of outstanding common shares 50,697,344 50,697,442 50,697,284 50,697,438 MercadoLibre Letter to Shareholders 10 Q3’25 ResultsMercadoLibre, Inc. Interim Condensed Consolidated Statements of Cash Flows For the nine-month periods ended September 30, 2025 and 2024 (In millions of U.S. dollars) (Unaudited) Nine Months Ended September 30, 2025 2024 Cash flows from operations: Net income $ 1,438 $ 1,272 Adjustments to reconcile net income to net cash provided by operating activities: Unrealized foreign currency losses, net 297 176 Depreciation and amortization 580 465 Accrued interest and financial income (850) (287) Non cash interest expense and amortization of debt issuance costs and other charges 271 (33) Provision for doubtful accounts 2,108 1,331 Provision for contingencies 71 111 Results on derivative instruments 96 (18) Results on digital assets at fair value (13) (10) Long term retention program (“LTRP”) accrued compensation 252 210 Deferred income taxes (310) (167) Changes in assets and liabilities: Accounts receivable (44) (94) Credit card receivables and other means of payments (1,059) (1,421) Inventories (187) (110) Other assets (234) (270) Payables and accrued expenses 718 957 Funds payable to customers 2,607 1,880 Amounts payable due to credit and debit card transactions 766 761 Other liabilities 256 202 Operating lease liabilities (276) (131) Interest received from investments 420 170 Net cash provided by operating activities 6,907 4,994 Cash flows from investing activities: Purchases of investments (9,883) (12,383) Proceeds from sale and maturity of investments 11,242 10,089 Receipts from settlements of derivative instruments 3 18 Payments from settlements of derivative instruments (38) (12) Changes in loans receivable, net (4,586) (3,316) Investments in property and equipment, intangible assets and intangible assets at fair value (916) (555) Net cash used in investing activities (4,178) (6,159) Cash flows from financing activities: Proceeds from loans payable and other financial liabilities 30,703 12,575 Payments on loans payable and other financing liabilities (29,140) (11,334) Payments of finance lease liabilities (40) (38) Common Stock repurchased (1) (1) Net cash provided by financing activities 1,522 1,202 Effect of exchange rate changes on cash, cash equivalents, restricted cash and cash equivalents 249 (407) Net increase (decrease) in cash, cash equivalents, restricted cash and cash equivalents 4,500 (370) Cash, cash equivalents, restricted cash and cash equivalents, beginning of the period 4,699 3,848 Cash, cash equivalents, restricted cash and cash equivalents, end of the period $ 9,199 $ 3,478 MercadoLibre Letter to Shareholders 11 Q3’25 ResultsMercadoLibre, Inc. Financial results of reporting segments (Unaudited) Three Months Ended September 30, 2025 Brazil Mexico Argentina Other Countries Total (In millions) Net service revenues and financial income $ 3,374 $ 1,460 $ 1,371 $ 271 $ 6,476 Net product revenues 635 191 70 37 933 Net revenues and financial income 4,009 1,651 1,441 308 7,409 Local operating expenses (3,439) (1,279) (848) (252) (5,818) Depreciation and amortization (95) (67) (21) (13) (196) Total segment costs (3,534) (1,346) (869) (265) (6,014) Direct contribution 475 305 572 43 1,395 Operating expenses and indirect costs of net revenues and financial expenses (671) Income from operations 724 Other income (expenses): Interest income and other financial gains 49 Interest expense and other financial losses (35) Foreign currency losses, net (102) Net income before income tax expense $ 636 Three Months Ended September 30, 2024 Brazil Mexico Argentina Other Countries Total (In millions) Net service revenues and financial income $ 2,548 $ 1,030 $ 979 $ 203 $ 4,760 Net product revenues 365 115 54 18 552 Net revenues and financial income 2,913 1,145 1,033 221 5,312 Local operating expenses (2,334) (914) (557) (179) (3,984) Depreciation and amortization (74) (39) (19) (12) (144) Total segment costs (2,408) (953) (576) (191) (4,128) Direct contribution 505 192 457 30 1,184 Operating expenses and indirect costs of net revenues and financial expenses (627) Income from operations 557 Other income (expenses): Interest income and other financial gains 43 Interest expense and other financial losses (40) Foreign currency losses, net (40) Net income before income tax expense $ 520 MercadoLibre Letter to Shareholders 12 Q3’25 ResultsNon-GAAP Measures of Financial Performance To supplement our unaudited interim condensed consolidated financial statements presented in accordance with U.S. GAAP, we present earnings before interest income and other financial gains, interest expense and other financial losses, foreign currency losses, net, income tax expense and depreciation and amortization (“Adjusted EBITDA”), net debt, foreign exchange (“FX”) neutral measures and Adjusted free cash flow and Net increase (decrease) in available cash, investments and digital assets as non-GAAP measures. Reconciliation of these non-GAAP financial measures to the most comparable U.S. GAAP financial measures can be found in the tables below. These non-GAAP measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with U.S. GAAP and may be different from non-GAAP measures used by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. Non-GAAP measures have limitations in that they do not reflect all of the amounts associated with our results of operations as determined in accordance with U.S. GAAP. These non-GAAP financial measures should only be used to evaluate our results of operations in conjunction with the most comparable U.S. GAAP financial measures. We believe that reconciliation of these non-GAAP measures to the most directly comparable GAAP measure provides investors an overall understanding of our current financial performance and its prospects for the future. Adjusted EBITDA Adjusted EBITDA is a non-GAAP financial measure that represents our net income, adjusted to eliminate the effect of depreciation and amortization charges, interest income and other financial gains, interest expense and other financial losses, foreign currency losses, net and income tax expense. We have included this non-GAAP financial measure because it is used by our Management to evaluate our operating performance and trends, make strategic decisions and the calculation of leverage ratios. Accordingly, we believe this measure provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our Management. In addition, it provides a useful measure for period-to-period comparisons of our business, as it removes the effect of certain items. The following table presents a reconciliation of net income to Adjusted EBITDA for the periods indicated: Three Months Ended September 30, 2025 2024 (In millions) Net income $ 421 $ 397 Adjustments: Depreciation and amortization 209 157 Interest income and other financial gains (49) (43) Interest expense and other financial losses 35 40 Foreign currency losses, net 102 40 Income tax expense 215 123 Adjusted EBITDA $ 933 $ 714 MercadoLibre Letter to Shareholders 13 Q3’25 ResultsNet debt We define net debt as total debt which includes current and non-current loans payable and other financial liabilities and current and non-current operating lease liabilities, less cash and cash equivalents (excluding cash and cash equivalents restricted due to management restriction policies) and digital assets, short-term investments and long-term investments, excluding time deposits and foreign government debt securities restricted and held in guarantee, securitization transactions and equity securities held at cost. We have included this non-GAAP financial measure because it is used by our Management to analyze our current leverage ratios and set targets to be met, which will also impact other components of the Company’s balance sheet, cash flows and income statement. Accordingly, we believe this measure provides useful information to investors and other market participants in showing the evolution of the Company’s indebtedness and its capability of repayment as a means to, alongside other measures, monitor our leverage based on widely-used measures. The following table presents a reconciliation of net debt for each of the periods indicated: September 30, 2025 December 31, 2024 (In millions) Current Loans payable and other financial liabilities $ 4,431 $ 2,828 Non-current Loans payable and other financial liabilities 3,409 2,887 Current Operating lease liabilities 401 241 Non-current Operating lease liabilities 1,636 894 Total debt 9,877 6,850 Less: Cash and cash equivalents and digital assets (1) 2,527 2,428 Short-term investments (2) 1,496 1,051 Long-term investments (3) 1,249 1,124 Net debt $ 4,605 $ 2,247 (1) Includes cash and cash equivalents (excluding cash and cash equivalents restricted due to management restriction policies) and digital assets. Figures as of December 31, 2024 were recast for consistency with the current presentation due to the changes explained in "Adjusted free cash flow". (2) Excludes time deposits and foreign government debt securities restricted and held in guarantee. (3) Excludes foreign government debt securities restricted, investments held in VIEs as a consequence of securitization transactions and equity securities held at cost. MercadoLibre Letter to Shareholders 14 Q3’25 ResultsFX neutral We believe that FX neutral measures provide useful information to both Management and investors by excluding the foreign currency exchange rate impact that may not be indicative of our core operating results and business outlook. The FX neutral measures were calculated by using the average monthly exchange rates for each month during 2024 and applying them to the corresponding months in 2025, so as to calculate what our results would have been had exchange rates remained stable from one year to the next. The table below excludes intercompany allocation FX effects. Finally, these measures do not include any other macroeconomic effect such as local currency inflation effects, the impact on impairment calculations or any price adjustment to compensate local currency inflation or devaluations. The following table sets forth the FX neutral measures related to our reported results of the operations for the three-month period ended September 30, 2025: Three Months Ended September 30, As reported Percentage Change FX Neutral Measures As reported Percentage Change (Unaudited) 2025 2024 2025 2024 (In millions, except percentages) (In millions, except percentages) Net revenues and financial income $ 7,409 $ 5,312 39.5 % $ 7,908 $ 5,312 48.9 % Cost of net revenues and financial expenses (4,200) (2,873) 46.2 % (4,396) (2,873) 53.0 % Gross profit 3,209 2,439 31.6 % 3,512 2,439 44.0 % Operating expenses (2,485) (1,882) 32.0 % (2,641) (1,882) 40.3 % Income from operations $ 724 $ 557 30.0 % $ 871 $ 557 56.4 % MercadoLibre Letter to Shareholders 15 Q3’25 ResultsAdjusted free cash flow and Net increase (decrease) in available cash, investments and digital assets Adjusted free cash flow Adjusted free cash flow represents cash from operating activities less the increase (decrease) in cash and cash equivalents and investments related to customer funds due to regulatory requirements and other restrictions and equity securities held at cost, investments in property and equipment and intangible assets, changes in loans receivable, net and net proceeds from/payments on loans payable and other financial liabilities related to our Fintech solutions, since we consider those liabilities as the working capital of the Fintech activities. From the second quarter of 2025 onwards, we have also included increase (decrease) in cash and cash equivalents and investments restricted due to management restriction policies and digital assets as an adjustment in the calculation of our adjusted free cash flow. We consider adjusted free cash flow to be a measure of liquidity generation that provides useful information to management and investors since it shows how much cash the Company generates with its core activities that can be used for discretionary purposes and to repay its corporate and/or commerce debt. A limitation of the utility of adjusted free cash flow as a measure of liquidity generation is that it is a partial representation of the total increase or decrease in our available cash, investments and digital assets balance for the period. Therefore, we believe it is important to view the adjusted free cash flow measure only as a complement to our entire consolidated statements of cash flows. Net increase (decrease) in available cash, investments and digital assets Net increase (decrease) in available cash, investments and digital assets (from the second quarter of 2025 onwards, our available funds include digital asset holdings) represents adjusted free cash flow less net proceeds from/payments on loans payable and other financial liabilities, related to our Commerce and corporate activities, payments of finance lease obligations, other investing and/or financing activities not considered above and the effect of exchange rates changes on available cash and investments. We consider Net increase (decrease) in available cash, investments and digital assets to be a measure of liquidity availability that provides useful information to management and investors after netting out all other debt and corporate payments and activities from the adjusted free cash flow. MercadoLibre Letter to Shareholders 16 Q3’25 ResultsThe following table shows a reconciliation of Net cash provided by operating activities to Adjusted free cash flow and Net increase in available cash, investments and digital assets: Nine Months Ended September 30, 2025 2024 (3) (In millions) Net cash provided by operating activities ("CFO") $ 6,907 $ 4,994 Adjustments to reconcile CFO to Adjusted free cash flow (1) 70 127 Increase in cash and cash equivalents and investments related to customer funds due to regulatory requirements and other restrictions (including management restriction policies) and equity securities held at cost (2,528) (1,584) Investments in property and equipment and intangible assets (900) (555) Changes in loans receivable, net (4,586) (3,316) Proceeds from loans payable and other financial liabilities related to our Fintech solutions, net 1,755 989 Adjusted free cash flow 718 655 Payments on/Proceeds from loans payable and other financial liabilities, related to our Commerce and Corporate activities, net (232) 214 Other investing and/or financing activities (36) 5 Effect of exchange rate changes on available cash and investments 219 (219) Net increase in available cash, investments and digital assets $ 669 $ 655 Available cash, investments and digital assets (2), at the beginning of the period 4,603 3,668 Available cash, investments and digital assets (2), at the end of the period 5,272 4,323 Net cash used in investing activities (4,178) (6,159) Net cash provided by financing activities 1,522 1,202 (1) Includes accrued interest and financial income net of interest received from available and restricted investments, and results on digital assets. (2) Includes cash and cash equivalents (excluding cash and cash equivalents restricted due to management restriction policies), short-term investments (excluding time deposits and foreign government debt securities restricted and held in guarantee) and long-term investments (excluding foreign government debt securities restricted, investments held in VIEs as a consequence of securitization transactions and equity securities held at cost) and digital assets. (3) Recast for consistency with the current presentation due to the changes explained above. > CONTACT: MercadoLibre, Inc. Investor Relations [email protected] http://investor.mercadolibre.com MercadoLibre Letter to Shareholders 17 Q3’25 Results29 Oct 2025
  • 8-KEntry into Material Agreement16 Sep 2025
  • 8-KMONTEVIDEO, Uruguay; August 4, 2025 -- MercadoLibre, Inc. (Nasdaq: MELI) (http://www.mercadolibre.com), Latin America’s leading e-commerce and fintech company, today reported financial results for the second quarter ended June 30, 2025. Net revenues & financial income of $6,790 million, up 34% YoY and 53% FX-neutral Income from operations of $825 million, with a 12.2% margin Net income of $523 million, with a 7.7% margin $64.6 billion Total Payment Volume, up 39% YoY and 61% FX-neutral $15.3 billion Gross Merchandise Volume, up 21% YoY and 37% FX-neutral To our Shareholders Mercado Libre delivered another strong quarter in Q2'25 with net revenues & financial income growing 34% YoY and maintaining its high pace of expansion. We are encouraged by the progress we are making towards our long-term goals of being the destination of choice for online commerce in Latin America, becoming the region's largest fintech and building the best value proposition for advertisers in branding and search. We took bold steps on all three fronts this quarter. These actions will help us to build greater scale and further enhance customer experience and satisfaction. We are pleased with the business’ performance and remain confident in Mercado Libre's long-term growth potential. Commerce Free shipping remains one of our most effective tools for bringing offline retail online and extending our position as Latin America's largest ecommerce platform. For nearly a decade, we have offered free shipping on a large portion of our business, so we know it is a crucial driver of conversion, retention and customer satisfaction. With this in mind, we significantly strengthened our value proposition in June by expanding our free shipping offer in Brazil to include millions of items from R$19 for all buyers (R$79 previously). We also reduced shipping charges for sellers in the R$79-200 range. Together, these changes are broadening and deepening our marketplace assortment, boosting engagement among existing users and attracting new buyers. At the same time, our new AI-powered search experience - with infinite scroll - is increasing navigation time in key categories where we expect these shipping enhancements to have the greatest impact. Initial results have been encouraging, with items sold growth in Brazil accelerating to 34% YoY in June and reaching 26% YoY in Q2'25, despite a tougher base of comparison than Q1. Brazil GMV followed a similar pattern with strong FX-neutral growth of 29% YoY in the quarter. FX-neutral GMV growth in Brazil has now remained above or close to 30% YoY for eight consecutive quarters – a testament to the strength of our momentum. We have built the fastest shipping network in Latin America since launching our managed network in 2017. This speed is powered by more than 30 fulfillment centers, which handled 57% of shipments across the region in Q2'25. We are committed to maintaining our competitive advantage in speed as we are convinced that fast delivery will always be in high demand. In fact, we still see solid demand for fast (paid) shipping on purchases below R$79 in Brazil despite the introduction of free (slower) shipping in this price range. Those opting for free shipping below R$79 are served with a slower, lower cost layer of our network that leverages existing infrastructure. We have operated this layer with limited volume for 18 months and are now scaling rapidly. Over time, we expect unit costs to fall and slow delivery promises to improve as we innovate, deploy technology and drive more volume through the network. Argentina had another exceptional quarter in Q2'25. Unique buyer growth exceeded 30% YoY for the second consecutive quarter – underscoring the attractiveness of our value proposition versus physical retail in Argentina as the economy stabilizes, confidence returns and consumption strengthens. Items sold rose 46% YoY, showing robust growth versus Q2'24, which was the point at which momentum in Argentina started to accelerate after a tough start to the year. This supported FX-neutral GMV growth of 75% YoY in MercadoLibre, Inc. Letter to Shareholders MercadoLibre Letter to Shareholders 1 Q2’25 ResultsQ2’25. Growth was broad-based and driven by multiple factors: a higher mix of premium take rate transactions (which offers interest-free installments to buyers), incremental installments funded by Mercado Libre, the launch of MELI+ and a 6ppt YoY increase in fulfillment penetration. This led to a record level of same day deliveries in Argentina. Mexico delivered an excellent performance in Q2'25. Items sold grew 36% YoY - the fastest pace in nearly two years - driving FX- neutral GMV growth to accelerate to 32% YoY. Our ongoing investment in logistics continues to yield good results. Fulfillment penetration in Mexico exceeded 75% for the first time, supported by the opening of new facilities that expanded capacity available to sellers. As a result, the proportion of same- and next-day deliveries rose sequentially in Q2'25 and improved YoY after falling slightly in Q1'25. Cross-border GMV growth accelerated following the roll-out of a range of initiatives in Q1'25 designed to improve competitiveness. Pricing and financing were sharper across the site in Q2'25, while assortment improvements further strengthened our value proposition. Executing well on these efforts reversed the specific weaknesses in consumer electronics that we highlighted in Q1’25, and drove a substantial acceleration in first-party (1P) growth in Mexico. Our 1P business continues to scale rapidly across the region. Quarterly GMV surpassed $1bn for the first time in Q2'25 after growing 103% YoY on an FX-neutral basis. This rapid scaling is an indicator of the strength of our value proposition and the strategic importance of 1P as a tool to fill gaps in our assortment or price competitiveness. This is enabling us to expand share in categories such as consumer electronics, where we have historically been underweighted. We continue to deploy technology to manage all aspects of the business, gain scale with suppliers, and increase advertising revenue. Our integration with Google Ad Manager and AdMob went live in April. This is an important milestone as we seek to build the best value proposition for advertisers in branding as well as search. This integration expands our reach beyond Mercado Libre's ecosystem. Advertisers can now seamlessly manage campaigns that simultaneously target consumers both inside and outside our ecosystem. Advertisers can leverage our rich first-party data and we can provide attribution for branding campaigns. These are unique capabilities that are core to our vision of Mercado Ads as a major media company in Latin America with a compelling full- funnel offer for advertisers of all shapes and sizes. In Q2'25, advertising revenue growth accelerated to 38% YoY and 59% on an FX-neutral basis. Growth in search remains resilient, while Display & Video revenue almost doubled YoY, albeit still from a low base. All countries posted solid growth as revenue relative to GMV rose across-the-board, with Argentina narrowing the gap with Brazil and Mexico. Fintech Services We are excited about the trends we are seeing in Fintech Services. We have worked hard for years to build a value proposition with exceptional customer satisfaction and user experience. Leading net promoter scores (NPS) in Brazil, Mexico, Argentina and Chile show that this is already a reality. So too does the growth in our user base, which has doubled over the last two and a half years to reach almost 68mn MAUs in Q2'25 (+30% YoY). The average number of products per user in Brazil, Mexico and Argentina has risen by approximately 50% over the same two and a half year period, and the proportion of high frequency users continues to rise consistently across-the-board. In other words: engagement is strengthening. This is the context in which we launched bold marketing campaigns in Brazil, Mexico and Chile in Q2'25 with the objective of significantly expanding Mercado Pago's reach beyond its current 68mn MAUs. Our yielding account and savings products were central elements of these marketing campaigns. We are convinced that offering attractive yields on funds held in Mercado Pago accounts is great for consumers and a powerful engagement tool. It is the Fintech equivalent of free shipping, which reduces friction for people to come to our platform. This strategy has enabled us to build the largest retail money market fund in Argentina. It is helping us attract funds in Brazil, where we see a huge opportunity in the $180bn held in “poupança” savings accounts. These accounts pay approximately 65% of the benchmark rate vs. 100% to 120% at Mercado Pago. In Mexico, this strategy is helping to digitalize payments in an economy where a major portion of consumption is still handled in physical currency. As a result, we saw the largest ever QoQ nominal increase in AUM in Brazil, Mexico and Chile in Q2'25, with the total more than doubling YoY to $13.8bn. MercadoLibre Letter to Shareholders 2 Q2’25 ResultsMercado Pago's credit card performed strongly in Q2'25, with the portfolio growing 118% YoY to $4.0bn. We continue to see steady progress towards profitability across cohorts. In Brazil, our entire 2023 cohort is now NIMAL positive, which is consistent with prior cohorts that typically reached this milestone within two years. Together, these cohorts represent 51% of our credit card portfolio in Brazil, and are now being followed into profitability by our 2024 cohort – the biggest cohort yet. As more cohorts reach profitability, our ability to offset the dilutive impact of new, initially unprofitable cohorts continues to improve. This trend enabled the credit card to achieve NIMAL breakeven in Q2'25 – even as we accelerated new card issuance to more than 1.5mn cards in the quarter. The credit card was the primary driver of 91% YoY growth in the total credit portfolio in Q2'25. It now represents 43% of our $9.3bn book, up from 37% in Q2'24. Brazil's credit card led the portfolio's sequential growth, with additional strength in the country's merchant and consumer books. In Mexico, both consumer and credit card portfolios posted their largest ever QoQ increase in nominal terms. This strong growth was accompanied by solid spreads and healthy asset quality. NIMAL of 23% was broadly stable QoQ as the unwinding of negative Q1 seasonality was offset by credit card mix and moves upmarket. Our 15-90 day NPL ratio improved to 6.7%, with sequential improvements across all major countries and products. We are encouraged by these trends, which reflect our strategy of growth with risk management as the top priority. Acquiring We continued to gain market share across all major geographies in Q2'25 with Acquiring TPV growth of 53% YoY on an FX-neutral basis. Our ability to offer multiple products and serve merchants with a single point of contact is proving to be attractive for large merchants in Argentina. This move upmarket has been a key driver of TPV growth well ahead of inflation. In Chile, processing times improved as we continued migrating devices from Redelcom to Mercado Pago, contributing to acceleration of growth in Q2'25. In Brazil, our Instore segment delivered its highest FX-neutral TPV growth since Q1'23 as we continue to reap the benefits of our focus on attracting high quality TPV. In Mexico, we introduced new features that enable merchants to accept bill payments (such as cable TV), driving traffic to their stores and enhancing our cash network. We also enabled a dynamic currency conversion feature that enables merchants to display payment amounts in US dollars as well as Mexican pesos. This adds flexibility and creates monetization opportunities for Mercado Pago. Operating efficiently remains a top priority. We have integrated our AI platform, Verdi, into our CRM tool to enhance the productivity of our commercial teams, resulting in faster activation and higher TPV per new merchant. We have also deployed Verdi to support online payments merchants with their technical integrations with Mercado Pago and to assist instore merchants facing device issues. This has enabled more autonomous problem resolution and significantly reduced the number of device replacements. Consolidated Financial Results Net revenues & financial income sustained its rapid pace of growth in Q2'25, rising 34% YoY to $6.8bn. This is consistent with performance in recent quarters, despite lapping shipping reporting updates, incremental investment in free shipping and reduced shipping charges for sellers. Consolidated FX-neutral revenue growth of 53% YoY moderated versus previous quarters due to slowing inflation in Argentina, which is beneficial for our business, consumers, and the broader economy. This revenue growth was supported by strong FX-neutral trends in both Commerce (+45% YoY) and Fintech (+63%). We are investing to capture the many growth opportunities ahead, while maintaining our commitment to doing so profitably and sustainably. In Q2'25, we believe we struck a good balance: income from operations grew 14% YoY to $825mn while the margin contracted by 210bps YoY. This compression was primarily driven growth investments. Forgone revenue from incremental free shipping and seller shipping discounts (implemented in June) flows directly through to the income from operations line. Additionally, we saw a negative mix impact from 1P this quarter, and marketing spend also increased to support our free shipping and Mercado Pago campaigns. We are confident these are the right investments to make for the benefit of our users and our ecosystem as, over time, they stimulates engagement with our marketplace, and potential fintech and advertising cross-sells. While provisions increased as a percentage of consolidated revenue - as credit grew faster than the business overall - the credit business was a net positive for YoY margin evolution overall. On the positive side, we are pleased to have diluted G&A and Product Development expenses once again. MercadoLibre Letter to Shareholders 3 Q2’25 ResultsNet income of $523mn was down slightly YoY due to higher FX losses and normalization of our tax rate in Q2'25. FX losses of $117mn doubled YoY, mainly due to the devaluation of the Argentine Peso in April. This led to larger FX losses compared to previous devaluations because our net asset position in the country has grown as the economy has stabilized. The effective tax rate was higher YoY because deductions related to tax inflation adjustments significantly reduced taxable income in Argentina in 2024. Adjusted free cash flow reached $454mn in Q2'25 after capex of $287mn and $816mn net investment in Fintech funding, most of which was directed to growing our credit portfolio. We also discounted fewer receivables in Brazil, as we used lower-cost funding alternatives. In July, S&P recognized the strength of our business and finances by upgrading Mercado Libre to investment grade with a rating of BBB-. This milestone reflects the importance we place on maintaining a strong balance sheet to support our long- term growth ambitions. It comes after last year's upgrade to investment grade at Fitch. Looking ahead In May, we announced that our Founder and CEO, Marcos Galperin, would transition to the role of Executive Chairman as of January 1, 2026. Ariel Szarfsztejn, President of Commerce, will take on the role of CEO. Investors can learn more about the transition in the latest episode of our IR podcast and in Marcos’ Open Letter to Employees, both available on our Investor Relations website. This is a significant moment in our 26-year history, but also a moment marked by continuity. Continuity in our mission to democratize commerce and financial services in Latin America, continuity in our long-term strategy of sustainable growth, and continuity in our culture of entrepreneurship, innovation, ambition and excellence. Above all, continuity in our belief that the best is yet to come. MercadoLibre Letter to Shareholders 4 Q2’25 ResultsThe following table summarizes certain key performance metrics for the six and three-month periods ended June 30, 2025 and 2024: (1) Figures have been calculated using rounded amounts. Growth calculations based on this table may not total due to rounding. As of December 31, 2024, we decided no longer disclose the key performance indicator "Number of items shipped". Management believes that "Number of items shipped", as a complementary disclosure to "items sold", no longer provides useful information to investors to better understand our business. Following years of investment, our logistics network now ships 95% of items sold. As such, the two performance metrics, "Number of items sold" and "Number of items shipped", have converged so we no longer see a benefit for investors in disclosing both. Year-over-year USD Growth Rates by Quarter Consolidated net revenues and financial income Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Brazil 51 % 41 % 38 % 20 % 25 % Mexico 66 % 44 % 43 % 26 % 25 % Argentina 1 % 14 % 31 % 125 % 77 % Commerce 53 % 48 % 44 % 32 % 29 % Fintech 28 % 21 % 29 % 43 % 40 % Total Meli 42 % 35 % 37 % 37 % 34 % Gross merchandise volume Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Brazil 30 % 17 % 13 % 10 % 18 % Mexico 34 % 14 % 11 % 2 % 16 % Argentina (8) % 4 % (5) % 77 % 35 % Total Meli 20 % 14 % 8 % 17 % 21 % Total payment volume Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 TPV Total 36 % 34 % 33 % 43 % 39 % TPV Acquiring 24 % 21 % 20 % 32 % 31 % MercadoLibre Letter to Shareholders 5 Six Months Ended June 30, Three Months Ended June 30, (IN MILLIONS, except %) (1) 2025 2024 2025 2024 Fintech monthly active users 68 52 68 52 Unique active buyers 90 73 71 57 Gross merchandise volume $ 28,588 $ 24,012 $ 15,258 $ 12,647 Number of items sold 1,042 806 550 421 Total payment volume $ 122,905 $ 87,055 $ 64,602 $ 46,328 Acquiring total payment volume $ 84,682 $ 64,325 $ 44,365 $ 33,746 Total payment transactions 6,951 5,093 3,607 2,675 NIMAL 22.8 % 31.4 % 23.0 % 31.1 % Capital expenditures $ 543 $ 332 $ 287 $ 184 Depreciation and amortization $ 371 $ 308 $ 199 $ 154 Q2’25 ResultsYear-over-year FX-neutral Growth Rates by Quarter Consolidated net revenues and financial income Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Brazil 59 % 60 % 62 % 41 % 35 % Mexico 62 % 60 % 64 % 51 % 41 % Argentina 285 % 245 % 212 % 184 % 130 % Commerce 131 % 121 % 106 % 57 % 45 % Fintech 92 % 81 % 84 % 73 % 63 % Total Meli 113 % 103 % 96 % 64 % 53 % Gross merchandise volume Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Brazil 36 % 34 % 32 % 30 % 29 % Mexico 30 % 27 % 28 % 23 % 32 % Argentina 252 % 218 % 141 % 126 % 75 % Total Meli 83 % 71 % 56 % 40 % 37 % Total payment volume Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 TPV Total 137 % 126 % 109 % 72 % 61 % TPV Acquiring 124 % 110 % 95 % 59 % 53 % Conference Call and Webcast The Company will host an earnings video as well as a conference call and audio webcast for any questions that investors may have on August 4th, 2025, at 5:00 p.m. Eastern Time. In order to access our video webcast and the live audio, investors, analysts and the market in general may access the following link at https://event.choruscall.com/mediaframe/webcast.html?webcastid=Zl712yGg to attend the live event. Also, to participate in our conference call, investors, analysts and the market in general may access the following link https:// hdr.choruscall.com/?$Y2FsbHR5cGU9MiZyPXRydWUmaW5mbz1jb21wYW55LXBob25l or dial in through the following numbers: TOLL FREE 1-833-821-3654 | INTERNATIONAL 1-412-652-1249 and ask to join MercadoLibre's conference call to be able to pose questions. Access to our video webcast and the live audio will be available in the investor relations section of the Company’s website, at http:// investor.mercadolibre.com. An archive of the webcast will be available for one week following the conclusion of the conference call. MercadoLibre Letter to Shareholders 6 Q2’25 ResultsDefinition of Selected Metrics ■ Fintech monthly active users (MAU) – Defined as Fintech payers and/or collectors as of June 30, 2025, that, during the last month of the reporting period, performed at least one of the following actions during such month: 1) made a debit or credit card payment, 2) made a QR code payment, 3) made an off-platform online payment using our checkout or link of payment solutions while logged in to our Mercado Pago fintech platform, 4) made an investment or employed any of our savings solutions, 5) purchased an insurance policy, 6) took out a loan through our lending solution, or 7) received the payment from a sale or transaction either on or off marketplace. ■ Unique active buyers – Defined as users that have performed at least one purchase on the Mercado Libre Marketplace during the reported period. From the second quarter of 2025 onwards, we have included food delivery transactions in the current indicator. ■ Foreign Exchange (“FX”) Neutral – Calculated by using the average monthly exchange rate of each month of 2024 and applying it to the corresponding months in 2025, so as to calculate what the results would have been had exchange rates remained constant. Intercompany allocations are excluded from this calculation. These calculations do not include any other macroeconomic effect such as local currency inflation effects or any price adjustment to compensate local currency inflation or devaluations. ■ Gross merchandise volume (GMV) – Measure of the total U.S. dollar sum of all transactions completed through the Mercado Libre Marketplace, excluding Classifieds transactions. From the second quarter of 2025 onwards, we have included food delivery transactions in the current indicator. ■ Total payment transactions (TPN) – Measure of the number of all transactions paid for using Mercado Pago, excluding peer-to-peer transactions. ■ Total payment volume (TPV) – Measure of total U.S. dollar sum of all transactions paid for using Mercado Pago, including marketplace and non-marketplace transactions, excluding peer-to-peer transactions. ■ Acquiring total payment volume – Measure of the total U.S. dollar sum of all transactions settled using our Mercado Pago and its payment processing and settling services in marketplace and non-marketplace transactions and consist of the following transactions volume: 1) point of sale payment volume, 2) commerce payment volume through our Mercado Libre Marketplace, 3) online payment volume through our checkout or link payment solution for merchants, and 4) QR code payment volume. ■ MPOS – Mobile point-of-sale is a dedicated wireless device that performs the functions of a cash register or electronic point-of-sale terminal wirelessly. ■ Commerce – Revenues from core marketplace fees, shipping fees, first-party sales, ad sales, classified fees and other ancillary services. ■ Fintech – Revenues includes fees from off-platform transactions, financing fees, interest earned from merchant and consumer credits, interest earned on cash and investments as part of Mercado Pago activities net of interest gains passed through to our Brazilian users in connection with our asset management product, and sale of MPOS. ■ Items sold – Measure of the number of items that were sold/purchased through the Mercado Libre Marketplace, excluding Classifieds items. From the second quarter of 2025 onwards, we have included food delivery transactions in the current indicator. ■ G&A - General and administrative expenses. ■ Local Currency Growth Rates – Refer to FX Neutral definition. ■ Net income margin – Defined as net income as a percentage of net revenues & financial income. ■ Operating margin – Defined as income from operations as a percentage of net revenues & financial income. ■ Net Interest Margins After Losses (NIMAL) – NIMAL is the spread between credit revenues (excluding the results of sale of loans receivables) and the expenses associated with provisions for doubtful accounts (excluding the results of sale of loans receivable) and funding costs, and usually expressed as a percentage of the average portfolio for the period. ■ Non-performing loan (NPL) ratio – Shows the percentage of the loan portfolio that is not being paid on-time. MercadoLibre Letter to Shareholders 7 Q2’25 ResultsAbout Mercado Libre Founded in 1999, MercadoLibre is the largest ecommerce and fintech ecosystem in Latin America. The company's efforts are centered on enabling e-commerce and digital financial services for our users through a complete suite of technology solutions, with a mission of democratizing access to commerce and financial services. The Company is listed on NASDAQ (Nasdaq: MELI) following its initial public offering in 2007. For more information about the Company visit: http://investor.mercadolibre.com. The MercadoLibre, Inc. logo is available at https://resource.globenewswire.com/Resource/Download/6ab227b7-693f-4b17- b80c-552ae45c76bf?size=0 Forward-Looking Statements This press release and the investor conference call contain forward-looking statements, including, but not limited to, statements regarding MercadoLibre, Inc.’s possible or assumed future results of operations; expectations, objectives and progress against strategic priorities; initiatives and strategies related to our products and services; our inability to successfully deliver new products and services; business and market outlook, opportunities, strategies and trends; financing plans; competitive position; impacts of foreign exchange; the potential impact of the uncertain macroeconomic and geopolitical environment, including trade policies and restrictions, on our financial results; customer preferences and demand and market expansion; our planned product and services releases and capabilities; industry growth rates; inflation; future stock repurchases; our expected tax rate and tax strategies; and the effects of future regulation and competition. Words such as, but not limited to, “believe,” “will,” “so we can,” “when,” “anticipate,” “intend,” “estimate,” “expect,” “project” and similar expressions are used to identify forward-looking statements, although not all forward-looking statements contain these words. Our forward-looking statements, and the risks and uncertainties related to them, convey MercadoLibre, Inc.’s current assumptions, expectations or forecasts of future events. Forward-looking statements regarding MercadoLibre, Inc. involve known and unknown risks, uncertainties and other factors that may cause MercadoLibre, Inc.’s actual results, performance or achievements to be materially different from any future results, performances or achievements expressed or implied by the forward-looking statements. Additional information on the potential risks, uncertainties and factors that could affect MercadoLibre, Inc.’s results is included in filings we make with the Securities and Exchange Commission ("SEC") from time to time, including in the sections entitled “Risk Factors,” “Forward-Looking Statements” and “Cautionary Note Regarding Forward-Looking Statements” of MercadoLibre, Inc.’s annual report on Form 10-K for the year ended December 31, 2024 and in any of MercadoLibre, Inc.’s other applicable filings with the SEC. The financial information contained in this press release should be read in conjunction with the consolidated financial statements and notes thereto included in MercadoLibre, Inc.’s most recent reports on Forms 10-K and 10-Q, each as may be amended from time to time. MercadoLibre, Inc.’s financial results for its second quarter of 2025 are not necessarily indicative of MercadoLibre Inc.’s operating results for any future periods. The information provided herein is as of August 4, 2025. Unless required by law, MercadoLibre, Inc. undertakes no obligation to, and does not intend to, publicly update or revise any forward-looking statements to reflect circumstances or events after the date hereof. MercadoLibre Letter to Shareholders 8 Q2’25 ResultsMercadoLibre, Inc. Interim Condensed Consolidated Balance Sheets as of June 30, 2025 and December 31, 2024 (In millions of U.S. dollars, except par value) (Unaudited) June 30, 2025 December 31, 2024 Assets Current assets: Cash and cash equivalents $ 3,008 $ 2,635 Restricted cash and cash equivalents 3,880 2,064 Short-term investments 4,634 4,485 Accounts receivable, net 313 255 Credit card receivables and other means of payments, net 6,552 5,288 Loans receivable, net of allowances of $2,413 and $1,630 6,607 4,716 Inventories 434 296 Other assets 634 403 Total current assets 26,062 20,142 Non-current assets: Long-term investments 1,388 1,203 Loans receivable, net of allowances of $50 and $48 277 179 Property and equipment, net 1,799 1,380 Operating lease right-of-use assets 1,664 1,098 Goodwill 160 149 Intangible assets, net 39 12 Intangible assets at fair value 69 49 Deferred tax assets 1,139 802 Other assets 351 182 Total non-current assets 6,886 5,054 Total assets $ 32,948 $ 25,196 Liabilities Current liabilities: Accounts payable and accrued expenses $ 3,875 $ 3,196 Funds payable to customers 9,379 6,954 Amounts payable due to credit and debit card transactions 2,556 1,923 Salaries and social security payable 670 727 Taxes payable 766 525 Loans payable and other financial liabilities 3,818 2,828 Operating lease liabilities 344 241 Other liabilities 342 209 Total current liabilities 21,750 16,603 Non-current liabilities: Amounts payable due to credit and debit card transactions 75 41 Loans payable and other financial liabilities 3,484 2,887 Operating lease liabilities 1,333 894 Deferred tax liabilities 293 204 Other liabilities 300 216 Total non-current liabilities 5,485 4,242 Total liabilities $ 27,235 $ 20,845 Commitments and contingencies Equity Common stock, $0.001 par value, 110,000,000 shares authorized, 50,697,375 shares issued and outstanding $ — $ — Additional paid-in capital 1,770 1,770 Treasury stock (311) (311) Retained earnings 4,829 3,812 Accumulated other comprehensive loss (575) (920) Total equity 5,713 4,351 Total liabilities and equity $ 32,948 $ 25,196 MercadoLibre Letter to Shareholders 9 Q2’25 ResultsMercadoLibre, Inc. Interim Condensed Consolidated Statements of Income For the six and three-month periods ended June 30, 2025 and 2024 (In millions of U.S. dollars, except for share data) (Unaudited) Six Months Ended June 30, Three Months Ended June 30, 2025 2024 2025 2024 Net service revenues and financial income $ 11,284 $ 8,547 $ 5,964 $ 4,592 Net product revenues 1,441 859 826 481 Net revenues and financial income 12,725 9,406 6,790 5,073 Cost of net revenues and financial expenses (6,860) (5,017) (3,696) (2,708) Gross profit 5,865 4,389 3,094 2,365 Operating expenses: Product and technology development (1,118) (918) (567) (460) Sales and marketing (1,350) (989) (751) (511) Provision for doubtful accounts (1,293) (824) (690) (450) General and administrative (516) (404) (261) (218) Total operating expenses (4,277) (3,135) (2,269) (1,639) Income from operations 1,588 1,254 825 726 Other income (expenses): Interest income and other financial gains 81 64 44 39 Interest expense and other financial losses (75) (77) (36) (39) Foreign currency losses, net (172) (92) (117) (58) Net income before income tax expense 1,422 1,149 716 668 Income tax expense (405) (274) (193) (137) Net income $ 1,017 $ 875 $ 523 $ 531 . Six Months Ended June 30, Three Months Ended June 30, 2025 2024 2025 2024 Basic and Diluted earning per share Basic and Diluted net income available to shareholders per common share $ 20.06 $ 17.26 $ 10.31 $ 10.48 Weighted average of outstanding common shares 50,697,375 50,697,444 50,697,375 50,697,447 MercadoLibre Letter to Shareholders 10 Q2’25 ResultsMercadoLibre, Inc. Interim Condensed Consolidated Statements of Cash Flows For the six-month periods ended June 30, 2025 and 2024 (In millions of U.S. dollars) (Unaudited) Six Months Ended June 30, 2025 2024 Cash flows from operations: Net income $ 1,017 $ 875 Adjustments to reconcile net income to net cash provided by operating activities: Unrealized foreign currency losses, net 95 123 Depreciation and amortization 371 308 Accrued interest and financial income (325) (173) Non cash interest expense and amortization of debt issuance costs and other charges 173 45 Provision for doubtful accounts 1,293 824 Provision for contingencies 51 37 Results on derivative instruments 52 (18) Results on digital assets at fair value (4) (12) Long term retention program (“LTRP”) accrued compensation 188 127 Deferred income taxes (154) (191) Changes in assets and liabilities: Accounts receivable (60) (63) Credit card receivables and other means of payments (997) (965) Inventories (100) (45) Other assets (243) (205) Payables and accrued expenses 423 484 Funds payable to customers 1,636 1,466 Amounts payable due to credit and debit card transactions 415 580 Other liabilities (103) 59 Interest received from investments 220 138 Net cash provided by operating activities 3,948 3,394 Cash flows from investing activities: Purchases of investments (6,449) (8,718) Proceeds from sale and maturity of investments 6,803 7,494 Receipts from settlements of derivative instruments 2 — Payments from settlements of derivative instruments (8) (5) Changes in loans receivable, net (2,856) (1,990) Investments in property and equipment, intangible assets and intangible assets at fair value (559) (332) Net cash used in investing activities (3,067) (3,551) Cash flows from financing activities: Proceeds from loans payable and other financial liabilities 18,725 7,323 Payments on loans payable and other financing liabilities (17,621) (6,820) Payments of finance lease liabilities (26) (26) Common Stock repurchased — (1) Net cash provided by financing activities 1,078 476 Effect of exchange rate changes on cash, cash equivalents, restricted cash and cash equivalents 230 (344) Net increase (decrease) in cash, cash equivalents, restricted cash and cash equivalents 2,189 (25) Cash, cash equivalents, restricted cash and cash equivalents, beginning of the period 4,699 3,848 Cash, cash equivalents, restricted cash and cash equivalents, end of the period $ 6,888 $ 3,823 MercadoLibre Letter to Shareholders 11 Q2’25 ResultsMercadoLibre, Inc. Financial results of reporting segments (Unaudited) Three Months Ended June 30, 2025 Brazil Mexico Argentina Other Countries Total (In millions) Net service revenues and financial income $ 2,959 $ 1,311 $ 1,446 $ 248 $ 5,964 Net product revenues 514 195 81 36 826 Net revenues and financial income 3,473 1,506 1,527 284 6,790 Local operating expenses (2,834) (1,178) (847) (245) (5,104) Depreciation and amortization (98) (60) (19) (11) (188) Total segment costs (2,932) (1,238) (866) (256) (5,292) Direct contribution 541 268 661 28 1,498 Operating expenses and indirect costs of net revenues and financial expenses (673) Income from operations 825 Other income (expenses): Interest income and other financial gains 44 Interest expense and other financial losses (36) Foreign currency losses, net (117) Net income before income tax expense $ 716 Three Months Ended June 30, 2024 Brazil Mexico Argentina Other Countries Total (In millions) Net service revenues and financial income $ 2,489 $ 1,084 $ 816 $ 203 $ 4,592 Net product revenues 297 117 47 20 481 Net revenues and financial income 2,786 1,201 863 223 5,073 Local operating expenses (2,039) (964) (464) (187) (3,654) Depreciation and amortization (71) (43) (18) (10) (142) Total segment costs (2,110) (1,007) (482) (197) (3,796) Direct contribution 676 194 381 26 1,277 Operating expenses and indirect costs of net revenues and financial expenses (551) Income from operations 726 Other income (expenses): Interest income and other financial gains 39 Interest expense and other financial losses (39) Foreign currency losses, net (58) Net income before income tax expense $ 668 MercadoLibre Letter to Shareholders 12 Q2’25 ResultsNon-GAAP Measures of Financial Performance To supplement our unaudited interim condensed consolidated financial statements presented in accordance with U.S. GAAP, we present earnings before interest income and other financial gains, interest expense and other financial losses, foreign currency losses, net, income tax expense and depreciation and amortization (“Adjusted EBITDA”), net debt, foreign exchange (“FX”) neutral measures and Adjusted free cash flow and Net increase (decrease) in available cash, investments and digital assets as non-GAAP measures. Reconciliation of these non-GAAP financial measures to the most comparable U.S. GAAP financial measures can be found in the tables below. These non-GAAP measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with U.S. GAAP and may be different from non-GAAP measures used by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. Non-GAAP measures have limitations in that they do not reflect all of the amounts associated with our results of operations as determined in accordance with U.S. GAAP. These non-GAAP financial measures should only be used to evaluate our results of operations in conjunction with the most comparable U.S. GAAP financial measures. We believe that reconciliation of these non-GAAP measures to the most directly comparable GAAP measure provides investors an overall understanding of our current financial performance and its prospects for the future. Adjusted EBITDA Adjusted EBITDA is a non-GAAP financial measure that represents our net income, adjusted to eliminate the effect of depreciation and amortization charges, interest income and other financial gains, interest expense and other financial losses, foreign currency losses, net and income tax expense. We have included this non-GAAP financial measure because it is used by our Management to evaluate our operating performance and trends, make strategic decisions and the calculation of leverage ratios. Accordingly, we believe this measure provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our Management. In addition, it provides a useful measure for period-to-period comparisons of our business, as it removes the effect of certain items. The following table presents a reconciliation of net income to Adjusted EBITDA for the periods indicated: Three Months Ended June 30, 2025 2024 (In millions) Net income $ 523 $ 531 Adjustments: Depreciation and amortization 199 154 Interest income and other financial gains (44) (39) Interest expense and other financial losses 36 39 Foreign currency losses, net 117 58 Income tax expense 193 137 Adjusted EBITDA $ 1,024 $ 880 MercadoLibre Letter to Shareholders 13 Q2’25 ResultsNet debt We define net debt as total debt which includes current and non-current loans payable and other financial liabilities and current and non-current operating lease liabilities, less cash and cash equivalents (excluding cash and cash equivalents restricted due to management restriction policies) and digital assets, short-term investments and long-term investments, excluding time deposits and foreign government debt securities restricted and held in guarantee, securitization transactions and equity securities held at cost. We have included this non-GAAP financial measure because it is used by our Management to analyze our current leverage ratios and set targets to be met, which will also impact other components of the Company’s balance sheet, cash flows and income statement. Accordingly, we believe this measure provides useful information to investors and other market participants in showing the evolution of the Company’s indebtedness and its capability of repayment as a means to, alongside other measures, monitor our leverage based on widely-used measures. The following table presents a reconciliation of net debt for each of the periods indicated: June 30, 2025 December 31, 2024 (In millions) Current Loans payable and other financial liabilities $ 3,818 $ 2,828 Non-current Loans payable and other financial liabilities 3,484 2,887 Current Operating lease liabilities 344 241 Non-current Operating lease liabilities 1,333 894 Total debt 8,979 6,850 Less: Cash and cash equivalents and digital assets (1) 2,880 2,428 Short-term investments (2) 965 1,051 Long-term investments (3) 1,304 1,124 Net debt $ 3,830 $ 2,247 (1) Includes cash and cash equivalents (excluding cash and cash equivalents restricted due to management restriction policies) and digital assets. Figures as of December 31, 2024 were recast for consistency with the current presentation due to the changes explained in "Adjusted free cash flow". (2) Excludes time deposits and foreign government debt securities restricted and held in guarantee. (3) Excludes foreign government debt securities restricted, investments held in VIEs as a consequence of securitization transactions and equity securities held at cost. MercadoLibre Letter to Shareholders 14 Q2’25 ResultsFX neutral We believe that FX neutral measures provide useful information to both Management and investors by excluding the foreign currency exchange rate impact that may not be indicative of our core operating results and business outlook. The FX neutral measures were calculated by using the average monthly exchange rates for each month during 2024 and applying them to the corresponding months in 2025, so as to calculate what our results would have been had exchange rates remained stable from one year to the next. The table below excludes intercompany allocation FX effects. Finally, these measures do not include any other macroeconomic effect such as local currency inflation effects, the impact on impairment calculations or any price adjustment to compensate local currency inflation or devaluations. The following table sets forth the FX neutral measures related to our reported results of the operations for the three-month period ended June 30, 2025: Three Months Ended June 30, As reported Percentage Change FX Neutral Measures As reported Percentage Change (Unaudited) 2025 2024 2025 2024 (In millions, except percentages) (In millions, except percentages) Net revenues and financial income $ 6,790 $ 5,073 33.8 % $ 7,745 $ 5,073 52.7 % Cost of net revenues and financial expenses (3,696) (2,708) 36.5 % (4,148) (2,708) 53.2 % Gross profit 3,094 2,365 30.8 % 3,597 2,365 52.1 % Operating expenses (2,269) (1,639) 38.4 % (2,550) (1,639) 55.6 % Income from operations $ 825 $ 726 13.6 % $ 1,047 $ 726 44.2 % MercadoLibre Letter to Shareholders 15 Q2’25 ResultsAdjusted free cash flow and Net increase (decrease) in available cash, investments and digital assets Adjusted free cash flow Adjusted free cash flow represents cash from operating activities less the increase (decrease) in cash and cash equivalents and investments related to customer funds due to regulatory requirements and other restrictions and equity securities held at cost, investments in property and equipment and intangible assets, changes in loans receivable, net and net proceeds from/payments on loans payable and other financial liabilities related to our Fintech solutions, since we consider those liabilities as the working capital of the Fintech activities. As of June 30, 2025 we have also included increase (decrease) in cash and cash equivalents and investments restricted due to management restriction policies and digital assets as an adjustment in the calculation of our adjusted free cash flow. We consider adjusted free cash flow to be a measure of liquidity generation that provides useful information to management and investors since it shows how much cash the Company generates with its core activities that can be used for discretionary purposes and to repay its corporate and/or commerce debt. A limitation of the utility of adjusted free cash flow as a measure of liquidity generation is that it is a partial representation of the total increase or decrease in our available cash, investments and digital assets balance for the period. Therefore, we believe it is important to view the adjusted free cash flow measure only as a complement to our entire consolidated statements of cash flows. Net increase (decrease) in available cash, investments and digital assets Net increase (decrease) in available cash, investments and digital assets (effective June 30, 2025, our available funds include digital asset holdings) represents adjusted free cash flow less net proceeds from/payments on loans payable and other financial liabilities, related to our Commerce and corporate activities, payments of finance lease obligations, other investing and/or financing activities not considered above and the effect of exchange rates changes on available cash and investments. We consider Net increase (decrease) in available cash, investments and digital assets to be a measure of liquidity availability that provides useful information to management and investors after netting out all other debt and corporate payments and activities from the adjusted free cash flow. MercadoLibre Letter to Shareholders 16 Q2’25 ResultsThe following table shows a reconciliation of Net cash provided by operating activities to Adjusted free cash flow and Net increase in available cash, investments and digital assets: Six Months Ended June 30, 2025 2024 (3) (In millions) Net cash provided by operating activities ("CFO") $ 3,948 $ 3,394 Adjustments to reconcile CFO to Adjusted free cash flow (1) 109 47 Increase in cash and cash equivalents and investments related to customer funds due to regulatory requirements and other restrictions (including management restriction policies) and equity securities held at cost (1,416) (895) Investments in property and equipment and intangible assets (543) (332) Changes in loans receivable, net (2,856) (1,990) Proceeds from loans payable and other financial liabilities related to our Fintech solutions, net 1,270 432 Adjusted free cash flow 512 656 Payments on/Proceeds from loans payable and other financial liabilities, related to our Commerce and Corporate activities, net (192) 45 Other investing and/or financing activities (6) (6) Effect of exchange rate changes on available cash and investments 232 (247) Net increase in available cash, investments and digital assets $ 546 $ 448 Available cash, investments and digital assets (2), at the beginning of the year 4,603 3,668 Available cash, investments and digital assets (2), at the end of the period 5,149 4,116 Net cash used in investing activities (3,067) (3,551) Net cash provided by financing activities 1,078 476 (1) Includes accrued interest and financial income net of interest received from available and restricted investments, and results on digital assets. (2) Includes cash and cash equivalents (excluding cash and cash equivalents restricted due to management restriction policies), short-term investments (excluding time deposits and foreign government debt securities restricted and held in guarantee) and long-term investments (excluding foreign government debt securities restricted, investments held in VIEs as a consequence of securitization transactions and equity securities held at cost) and digital assets. (3) Recast for consistency with the current presentation due to the changes explained above. > CONTACT: MercadoLibre, Inc. Investor Relations [email protected] http://investor.mercadolibre.com MercadoLibre Letter to Shareholders 17 Q2’25 Results4 Aug 2025
  • 8-KOther Events1 Aug 2025
  • 8-KSubmission of Matters to Shareholder Vote18 Jun 2025
  • 8-KDirector/Officer Changes & Compensatory Arrangements21 May 2025

Insider Ownership(269)

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  • 3Initial statement of beneficial ownership26 Jun
  • 4Statement of changes in beneficial ownership15 Jun
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  • 4Statement of changes in beneficial ownership26 May
  • 4Statement of changes in beneficial ownership2 Mar
  • 3Yunes Elias Fraiha Fernando13 Jan
  • 3Costa Agustin Pablo13 Jan
  • 4Statement of changes in beneficial ownership15 Dec 2025
  • 4Calemzuk Emiliano12 Dec 2025

Beneficial Ownership(109)

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  • SC 13D/AMERCADOLIBRE INC18 Jun
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  • SC 13G/AMERCADOLIBRE INC6 May
  • SC 13G/AMERCADOLIBRE INC30 Apr 2025
  • SC 13G/AMERCADOLIBRE INC7 Feb 2025
  • SC 13G/AMERCADOLIBRE INC4 Nov 2024
  • SC 13D/AMERCADOLIBRE INC1 Nov 2024
  • SC 13G/AMERCADOLIBRE INC1 Jul 2024
  • SC 13DMERCADOLIBRE INC24 May 2024
  • SC 13G/AMERCADOLIBRE INC14 Feb 2024
  • SC 13G/AMERCADOLIBRE INC13 Feb 2024
  • SC 13G/AMERCADOLIBRE INC9 Feb 2024
  • SC 13G/AMERCADOLIBRE INC29 Jan 2024
  • SC 13G/AMERCADOLIBRE INC8 Dec 2023
  • SC 13G/AMERCADOLIBRE INC13 Feb 2023

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  • 144Dubugras Henrique Vasoncelos12 Dec 2025
  • 144Meliga No. 1 LP28 May 2025
  • 144Meliga No. 1 LP26 Feb 2025
  • 144Calemzuk Emiliano27 Nov 2024
  • 144Meliga No. 1 LP13 Aug 2024

Proxies(40)

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  • DEFA14ADefinitive additional materials23 Apr
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  • DEFA14AADDITIONAL DEFINITIVE PROXY SOLICITING MATERIALS9 Jun 2025
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  • DEFA14ADefinitive additional materials28 Apr 2025
  • DEF 14ADefinitive proxy statement28 Apr 2025
  • PRE 14APreliminary proxy statement18 Apr 2025
  • DEFA14ADefinitive additional materials25 Apr 2024
  • DEF 14ADefinitive proxy statement25 Apr 2024
  • DEF 14ADefinitive proxy statement28 Apr 2023
  • DEFA14ADefinitive additional materials28 Apr 2023
  • DEFA14ADefinitive additional materials27 Apr 2022
  • DEF 14ADefinitive proxy statement27 Apr 2022
  • DEF 14ADefinitive proxy statement29 Apr 2021
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Registrations(39)

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  • 8-A12BRegistration of securities (Section 12(b))14 Sep
  • 424B2Prospectus filing (Rule 424(b)(2))10 Sep
  • FWPFree writing prospectus9 Sep
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  • 8-A12BRegistration of securities (Section 12(b))9 Dec 2025
  • 424B2Prospectus filing (Rule 424(b)(2))5 Dec 2025
  • FWPFree writing prospectus4 Dec 2025
  • 424B2Prospectus filing (Rule 424(b)(2))2 Dec 2025
  • S-3ASRAutomatic shelf registration statement (S-3)17 Nov 2025
  • 424B5Prospectus filing (Rule 424(b)(5))17 Nov 2021
  • 424B5Prospectus filing (Rule 424(b)(5))15 Nov 2021
  • 8-A12BRegistration of securities (Section 12(b))9 Feb 2021
  • 424B2Prospectus filing (Rule 424(b)(2))11 Jan 2021
  • FWPFree writing prospectus7 Jan 2021
  • 424B2Prospectus filing (Rule 424(b)(2))4 Jan 2021

Filing Review Correspondence(12)

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  • UPLOADFiling review upload30 May 2025
  • CORRESPFiling review correspondence23 May 2025
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  • CORRESPFiling review correspondence29 Aug 2022
  • CORRESPFiling review correspondence25 Jul 2022
  • CORRESPFiling review correspondence28 Jun 2017
  • CORRESPFiling review correspondence5 Jun 2017
  • UPLOADFiling review upload5 Aug 2013
  • CORRESPFiling review correspondence9 Jul 2013
  • UPLOADFiling review upload24 Jun 2013
  • CORRESPFiling review correspondence23 May 2013
  • UPLOADFiling review upload9 May 2013

SEC Orders And Notices(1)

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  • EFFECTNotice of effectiveness9 Aug 2007

Other(4)

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  • CERTCERT16 Sep
  • CERTCERT10 Dec 2025
  • CERTCERT9 Feb 2021
  • CERTNASAUTO-GENERATED PAPER DOCUMENT9 Aug 2007