Company Announcements

• Commerce: Brazil delivered exceptional performance, achieving 35% FX-neutral GMV growth and a 45% increase in items sold driven by investments that continue to strengthen the value proposition
• Fintech : Monthly active users reached nearly 78 million, growing 27% YoY, and the credit portfolio grew 90% YoY
• 2025 milestone: In a year of strategic expansion, Mercado Libre solidified its leadership by achieving record market share in Commerce across core markets and reaching an all-time high in customer trust, evidenced by leading Net Promoter Scores (NPS) in both Commerce and Fintech

MONTEVIDEO, Uruguay--(BUSINESS WIRE)--Feb. 24, 2026-- Mercado Libre (NASDAQ: MELI), Latin America's leading e-commerce and fintech platform, today announced fourth quarter and full year 2025 financial results. This quarter, Mercado Libre delivered net revenue and financial income of $8.8 billion, a 45% YoY increase. This caps a year of sustained momentum with full year revenue increasing 39% YoY and income from operations growing 22% YoY. Strategic investments are driving growth, strengthening our market positioning across the region while delivering record NPS in Commerce and Fintech in Brazil, Mexico, and Argentina.

Mercado Libre's Commerce business delivered outstanding results as investments in free shipping, fulfillment, user experience, and assortment accelerated performance across all major markets, with GMV reaching $19.9 billion, growing 37% in USD YoY in Q4 2025. Unique buyers in the quarter crossed the 80 million mark for the first time, with a record 16 million more users YoY joining the platform, showing how successful our investments are in bringing people online. Mercado Libre's fulfillment network continues to be a key competitive advantage as the fastest network in the region, delivering 75% of fast shipments within 48 hours. Unit shipping costs in fulfillment fell year-over-year in Brazil, Mexico, Chile, and Colombia as the growth in users and purchase frequency led to greater scale.

In Brazil, the lower free shipping threshold was central to items sold growing 45% YoY, and FX-neutral GMV increasing 35% YoY. New buyers purchased more items across a larger number of categories with higher retention than cohorts that joined prior to the lower free shipping launch. This confirms that the investments in free shipping offering are bringing new buyers and driving higher purchase frequency. This momentum culminated in a record-breaking Black Friday in Brazil, achieving the highest ever daily sales volume for Mercado Libre. Performance was equally robust across other key markets during Q4 in Mexico, FX-neutral GMV grew 35% YoY and items sold rose 45% YoY, while Argentina delivered growth of 42% YoY FX-neutral GMV and 36% YoY in items sold.

In 2025, Mercado Pago achieved leading NPS in Brazil, Mexico, Argentina and Chile confirming that its value proposition is resonating with users. This milestone shows major progress on Mercado Pago's ambition of building the region's largest digital bank. In Q4, monthly active users reached nearly 78 million, with assets under management (AUM) growing 78% YoY to nearly $19 billion and the credit portfolio rising 90% YoY to $12.5 billion. Notably, the credit card's 15-90 day NPL reached a historic low of 4.4%, reflecting a successful balance between growth and risk management. Data from repeated interactions across the marketplace and fintech platforms continues to enhance proprietary underwriting models, a structural advantage that enabled the issuance of almost 3 million credit cards in Q4'25 alone.

The application of Artificial Intelligence across the ecosystem is driving revenue and operational efficiency. Within the Commerce business, AI-powered bidding algorithms and automated campaign tools have generated more demand in Mercado Ads, resulting in 67% FX-neutral YoY growth in the advertising business this quarter. Simultaneously, AI tools in Acquiring have helped to identify high-value merchants, leading to higher TPV per merchant and shortened payback periods. In Fintech, the Mercado Pago AI Assistant was launched in October 2025, and handled more than 9 million conversations in Q4'25 with 87% of interactions handled without the need for human support.

“We ended 2025 with exceptional momentum, gaining market share across our key markets while driving tremendous growth in Commerce and Fintech. This performance is a direct reflection of the strength of the Mercado Libre ecosystem, where our investments in the customer experience are not only fueling adoption but have led to the major milestone of record Net Promoter Scores in Brazil, Mexico, and Argentina. This level of customer satisfaction serves as a powerful foundation for future growth. By maintaining a bold yet disciplined approach to investments, we are strengthening our competitive moats, maintaining our leadership in e-commerce and driving financial inclusion across the region,” said Mercado Libre CFO, Martin de los Santos.

This period also marks the completion of the CEO transition. Following the May 2025announcement, former President of Commerce Ariel Szarfsztejn officially stepped into the role of CEO on January 1.

Highlights for Q4 2025

Financial Q4 2025:

• Net revenue and financial income of $8.8 billion, up 45% YoY in USD.
• Income from operations reached $889 million, with a 10.1% margin.
• Net income of $559 million with a 6.4% margin.

Commerce Q4 2025:

• Net revenue from the commerce business in the fourth quarter reached $5.0 billion, growing 40% in USD YoY, and 37% FXN YoY.
• Gross Merchandise Value (GMV), the total value of merchandise sold on the platform, reached approximately $19.9 billion, growing 37% in USD.
• Unique buyers across the region reached 83 million, growing 24% YoY.
• Items sold rose to 752 million units, a 43% YoY Growth, with nearly 75% of fast deliveries within 48 hours.
• In Brazil, items sold grew 45% YoY, and FX-neutral GMV increased 35% YoY.
• In Mexico, items sold were up 45% YoY, with FX-neutral GMV growing 35% YoY.
• In Argentina, items sold grew 36% YoY and FX-neutral GMV surged 42% YoY.
• Advertising revenue rose 67% YoY on an FX-neutral basis.
• Cross-border trade: First fulfillment center in China opened in December 2025.

Fintech Q4 2025:

• Net revenue from Mercado Pago in the fourth quarter reached $3.8 billion, 51% in USD YoY, and 61% FXN YoY.
• Mercado Pago monthly active users totalled nearly 78 million, a 27% YoY increase.
• Assets under management surged 78% YoY, reaching $18.8 billion.
• Total number of transactions (TPN) reached an equivalent of 4.5 billion, a 36% growth.
• Credit portfolio grew 90% YoY in USD to $12.5 billion.
• Credit card portfolio reached $5.7 billion, +114% YoY. The 15-90 day NPL reached a historic low of 4.4%.
• Overall credit portfolio NIMAL reached 23%.
• 2.8 million credit cards were issued in Q4'25.
• In Q4, Mercado Pago AI Assistant, launched in October, resolved87% of customer inquiries without the need for human operators.
• Total Payment Volume (TPV) reached $83.7 billion, an increase of 42%.
• Acquiring total payment volume, which comprises all payments processed and settled via Mercado Pago, both on the marketplace and outside of it (MPOS devices, online payments and QR codes) grew 33% YoY in USD to reach $55.7 billion.
• Merchant credit portfolio exceeded $2 billion, growing 67%.
• Mercado Pago achieved leading NPS in Brazil, Mexico, Argentina and Chile.

Full Year 2025:

Financial highlights for Full Year 2025:

• Net revenue: $28.9 billion, growing 39% YoY in dollars and 52.4% YoY in FX Neutral.
• Income from operations grew 22% YoY, reaching $3.2 billion, with a 11.1% margin.
• Net income reached $2 billion, with a 6.9% margin.

Commerce Full Year 2025:

• Net revenue from the commerce business in 2025 reached $16.3 billion, up 34% YoY.
• Throughout 2025, items sold reached 2.4 billion items.
• Gross merchandise Value (GMV), the total value of merchandise sold, in 2025 reached $65 billion, up 26% YoY.
• Annual unique buyers crossed 120 million in 2025.
• In 2025, Mercado Libre opened 16 new fulfillment centers including one in China.
• In 2025, the fulfillment network absorbed a 41% YoY increase in sold items – nearly 500 million additional items.

Fintech Full Year 2025:

• The Fintech business strategy continued to deliver consistent results in 2025 with net revenue from Mercado Pago reaching $12.6 billion, up 46% YoY.
• Total payment volume (TPV) reached $278 billion, up 41% YoY while total payment transactions (TPN) in 2025 topped 15.5 billion.
• Acquiring Total Payment Volume reached $188 billion, up 32% YoY, a result of our move upmarket and improved services like 1 second processing time.

About Mercado Libre

Founded in 1999, MercadoLibre, Inc (NASDAQ: MELI) is the leading company in e-commerce and financial technology in Latin America, with operations in 18 countries. It offers a complete ecosystem of solutions for individuals and businesses to buy, sell, advertise, obtain credit and insurance, collect, send money, save, and pay for goods and services both online and offline. Mercado Libre looks to facilitate access to commerce and financial services in Latin America, a market that offers great opportunities and high growth potential. It uses world-class technology to create intuitive solutions tailored to the local culture to transform the lives of millions of people in the region. More information at http://investor.mercadolibre.com/

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mercado-libre@milltownpartners.com

Source: Mercado Libre