Mercadolibre reports $421 million net income for Q3 2025

Cover page 2 changes

3 unchanged paragraphs

For the quarterly period ended June September 30, 2025

24 unchanged paragraphs

50,697,375 50,697,182 shares of the issuer's common stock, $0.001 par value, outstanding as of August 4, October 29, 2025.

1 unchanged paragraph

Unaudited interim condensed consolidated financial statements 5 changes

Interim Condensed Consolidated Balance Sheets as of June 3 0 , o f September 30, 2025 and December 31, 202 4

Interim Condensed Consolidated Statements of Income for the six nine and three-month periods ended June September 30, 2025 and 2024

Interim Condensed Consolidated Statements of Comprehensive Income for the six nine and three-month periods ended June September 30, 2025 and 2024

Interim Condensed Consolidated Statements of Equity for the six nine and three-month periods ended June September 30, 2025 and 2024

Interim Condensed Consolidated Statements of Cash Flows for the six nine -month periods ended June 3 0 , September 30, 2025 and 202 4

1 unchanged paragraph

Exhibits 764 changes

Other assets 634 403

Other assets 351 182

Total assets $ 32,948 $ 25,196

MercadoLibre, Inc. - Interim Condensed Consolidated Balance Sheets as of June September 30, 2025 and December 31, 2024 (In millions of U.S. dollars, except par value) (Unaudited)

Cash and cash equivalents $ 3,008 2,582 $ 2,635

Restricted cash and cash equivalents 3,880 6,617 2,064

Short-term investments 4,634 3,715 4,485

Accounts receivable, net 313 298 255

Credit card receivables and other means of payments, net 6,552 6,648 5,288

Loans receivable, net of allowances of $ 2,413 2,762 and $ 1,630

Other assets 593 403

Total current assets 26,062 28,795 20,142

Long-term investments 1,388 1,336 1,203

Loans receivable, net of allowances of $ 50 68 and $ 48

Property and equipment, net 1,799 2,058 1,380

Operating lease right-of-use assets 1,664 2,042 1,098

Intangible assets, net 39 38 12

Intangible assets at fair value 69 78 49

Deferred tax assets 1,139 1,376 802

Other assets 425 182

Total non-current assets 6,886 7,896 5,054

Total assets $ 36,691 $ 25,196

1 unchanged paragraph

Taxes payable 766 525

Other liabilities 342 209

Accounts payable and accrued expenses $ 3,875 4,053 $ 3,196

Funds payable to customers 9,379 10,567 6,954

Amounts payable due to credit and debit card transactions 2,556 2,943 1,923

Salaries and social security payable 670 840 727

Taxes payable 888 525

Loans payable and other financial liabilities 3,818 4,431 2,828

Operating lease liabilities 344 401 241

Other liabilities 399 209

Total current liabilities 21,750 24,522 16,603

1 unchanged paragraph

Other liabilities 300 216

Total liabilities $ 27,235 $ 20,845

Amounts payable due to credit and debit card transactions 75 116 41

Loans payable and other financial liabilities 3,484 3,409 2,887

Operating lease liabilities 1,333 1,636 894

Deferred tax liabilities 293 341 204

Other liabilities 449 216

Total non-current liabilities 5,485 5,951 4,242

Total liabilities $ 30,473 $ 20,845

1 unchanged paragraph

Treasury stock ( 311 ) ( 311 )

Retained earnings 4,829 3,812

Total equity 5,713 4,351

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 1,770 1,771 1,770

Treasury stock, 225,931 and 225,474 shares

Retained earnings 5,250 3,812

Accumulated other comprehensive loss ( 575 491 ) ( 920 )

Total equity 6,218 4,351

Total liabilities and equity $ 32,948 36,691 $ 25,196

3 unchanged paragraphs

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

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

For the six nine and three-month periods ended June September 30, 2025 and 2024 (In millions of U.S. dollars, except for share data)

June September 30, Three Months Ended

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

Product and technology development ( 1,118 1,685 ) ( 918 1,422 ) ( 567 ) ( 460 504 )

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

1 unchanged paragraph

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

Basic and Diluted earning per share

3 unchanged paragraphs

1 unchanged paragraph

3 unchanged paragraphs

1 unchanged paragraph

7 unchanged paragraphs

8 unchanged paragraphs

3 unchanged paragraphs

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

3 unchanged paragraphs

1 unchanged paragraph

6 unchanged paragraphs

3 unchanged paragraphs

4 unchanged paragraphs

2 unchanged paragraphs

3 unchanged paragraphs

2 unchanged paragraphs

2 unchanged paragraphs

1 unchanged paragraph

2 unchanged paragraphs

2 unchanged paragraphs

4 unchanged paragraphs

3 unchanged paragraphs

2 unchanged paragraphs

3 unchanged paragraphs

3 unchanged paragraphs

2 unchanged paragraphs

2 unchanged paragraphs

10 unchanged paragraphs

1 unchanged paragraph

1 unchanged paragraph

2 unchanged paragraphs

1 unchanged paragraph

2 unchanged paragraphs

2 unchanged paragraphs

1 unchanged paragraph

6 unchanged paragraphs

2 unchanged paragraphs

2 unchanged paragraphs

3 unchanged paragraphs

1 unchanged paragraph

3 unchanged paragraphs

2 unchanged paragraphs

2 unchanged paragraphs

2 unchanged paragraphs

6 unchanged paragraphs

2 unchanged paragraphs

3 unchanged paragraphs

2 unchanged paragraphs

5 unchanged paragraphs

3 unchanged paragraphs

2 unchanged paragraphs

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

3 unchanged paragraphs

2 unchanged paragraphs

3 unchanged paragraphs

2 unchanged paragraphs

4 unchanged paragraphs

3 unchanged paragraphs

6 unchanged paragraphs

1 unchanged paragraph

6 unchanged paragraphs

1 unchanged paragraph

6 unchanged paragraphs

3 unchanged paragraphs

7 unchanged paragraphs

5 unchanged paragraphs

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

2 unchanged paragraphs

2 unchanged paragraphs

2 unchanged paragraphs

2 unchanged paragraphs

2 unchanged paragraphs

3 unchanged paragraphs

1 unchanged paragraph

1 unchanged paragraph

2 unchanged paragraphs

1 unchanged paragraph

2 unchanged paragraphs

1 unchanged paragraph

2 unchanged paragraphs

1 unchanged paragraph

1 unchanged paragraph

2 unchanged paragraphs

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

3 unchanged paragraphs

2 unchanged paragraphs

1 unchanged paragraph

2 unchanged paragraphs

3 unchanged paragraphs

1 unchanged paragraph

2 unchanged paragraphs

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

2 unchanged paragraphs

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

3 unchanged paragraphs

5 unchanged paragraphs

2 unchanged paragraphs

3 unchanged paragraphs

1 unchanged paragraph

3 unchanged paragraphs

2 unchanged paragraphs

2 unchanged paragraphs

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

and 684 more changes in the filing

Forward-looking statements 1 change

7 unchanged paragraphs

■ a discussion of our principal trends and results of operations for the six nine and three-month periods ended June September 30, 2025 and 2024;

5 unchanged paragraphs

Other information 358 changes

1 unchanged paragraph

37 39 | MercadoLibre, Inc.

4 unchanged paragraphs

Mercado Envios is a logistics solution that is one of the value-added services that we offer to our sellers and buyers on our platform. The logistics services we offer are an integral and crucial part of our value proposition as they reduce friction between buyers and sellers, allow us to have greater control over the full user experience and enable faster deliveries at a more competitive cost than would otherwise be available with third-party carriers. Sellers that use Mercado Envios are eligible to access shipping subsidies that enable free or discounted shipping for consumers that buy sellers' goods on our Marketplace. Our logistics network is built around fulfillment centers (which accounts account for more than half of shipments), where sellers place their inventory in our warehouses, and cross-docking, where we collect items sold from sellers directly or via a network of thousands of partner stores ("MELI Places") where sellers drop off sold items that need to be fed into our logistics network. MELI Places are also enabled for pick up of items purchased and processing of returns. Our transportation network includes dedicated aircraft, trucks and thousands of last-mile delivery vans, the vast majority of which are owned and operated by our third-party carriers.

4 unchanged paragraphs

Our lending solution is available in Argentina, Brazil, Mexico and Chile. We offer loans mostly to merchants and consumers that already form part of our user base, many of whom have historically been underserved or overlooked by financial institutions and therefore suffer from a lack of access to credit. Facilitating credit is a key service overlay that enables us to further strengthen the engagement and lock-in rate of our users, while also generating additional touchpoints and incentives to use Mercado Pago as an end-to-end financial solution. As part of the expansion of our lending solution, during August 2025 we launched the Mercado Pago credit card in Argentina.

1 unchanged paragraph

38 40 | MercadoLibre, Inc.

2 unchanged paragraphs

Our segment reporting is based on geography, which is the criterion our Management currently uses to evaluate our segment performance. Our geographic segments are Brazil, Mexico, Argentina and Other Countries (including Bermuda, Chile, China, Colombia, Costa Rica, Ecuador, Peru, Uruguay and the U.S.). Although we discuss long-term trends in our business, it is our policy not to provide earnings guidance in the traditional sense. We believe that uncertain conditions make the forecasting of near-term results difficult. Further, we seek to make decisions focused primarily on the long-term welfare of our Company and believe focusing on short-term earnings does not best serve the interests of our stockholders. We believe that execution of key strategic initiatives as well as our expectations for long-term growth in our markets will best create stockholder value. A long-term focus may make it more difficult for industry analysts and the market to evaluate the value of our Company, which could reduce the value of our common stock or permit competitors with short-term tactics to grow more rapidly than us. We, therefore, encourage potential investors to consider this strategy before making an investment in our common stock.

The following table sets forth the percentage of our consolidated net revenues and financial income by segment for the six nine and three-month periods ended June September 30, 2025 and 2024:

June September 30, Three Months Ended

1 unchanged paragraph

Brazil 51.5 % 57.0 % 51.1 % 54.9 %

Mexico 21.4 23.1 22.2 23.7

Argentina 22.9 15.7 22.5 17.0

Brazil 52.5 % 56.2 % 54.1 % 54.8 %

Mexico 21.7 22.5 22.3 21.6

Argentina 21.6 17.1 19.4 19.4

Other Countries 4.2 4.2 4.2 4.4 4.2

Net revenues and financial income for the six nine and three-month periods ended June September 30, 2025 as compared to the same periods in 2024 are described in "Item 2 — Management's Discussion and Analysis of Financial Condition and Results of Operations—Principal trends in results of operations— Net revenues and financial income.

2 unchanged paragraphs

Results of operations for the six nine and three-month periods ended June September 30, 2025 compared to the six nine and three-month periods ended June September 30, 2024

The selected financial data for the six nine and three-month periods ended June September 30, 2025 and 2024 discussed herein is derived from our unaudited interim condensed consolidated financial statements included in Item 1 of Part I of this report. The results of operations for the six nine and three-month periods ended June September 30, 2025, are not necessarily indicative of the results that may be expected for the full year ending December 31, 2025 or for any other period.

7 unchanged paragraphs

39 41 | MercadoLibre, Inc.

15 unchanged paragraphs

We have a highly fragmented customer revenue base given the large numbers of sellers and buyers who use our platforms. For the six nine and three-month periods ended June September 30, 2025 and 2024, no single customer accounted for more than 5.0% of our net revenues and financial income.

1 unchanged paragraph

Our net revenues and financial income grew during the six nine and three-month periods ended June September 30, 2025 as compared to the same periods in 2024, boosted by the growth of credit originations from our lending solution, an increase in total payment volume and fees due to payment in installments in our Mercado Pago platform, and the growth in gross merchandise volume.

The following table summarizes our consolidated net revenues and financial income for the six nine and three-month periods ended June September 30, 2025 and 2024:

June September 30, Change from 2024 to 2025 Three Months Ended

June September 30, Change from 2024 to 2025

3 unchanged paragraphs

Net revenues and financial income $ 12,725 $ 9,406 $ 3,319 35.3 % $ 6,790 $ 5,073 $ 1,717 33.8 %

Net revenues and financial income $ 20,134 $ 14,718 $ 5,416 36.8 % $ 7,409 $ 5,312 $ 2,097 39.5 %

40 42 | MercadoLibre, Inc.

The following table summarizes our consolidated net revenues and financial income by revenue stream and geographic segment for the six nine and three-month periods ended June September 30, 2025 and 2024:

Consolidated net revenues and financial income Six Nine Months Ended

June September 30, Change from 2024 to 2025 Three Months Ended

June September 30, Change from 2024 to 2025

2 unchanged paragraphs

Commerce $ 3,996 $ 3,264 $ 732 22.4 % $ 2,123 $ 1,701 $ 422 24.8 %

Fintech 2,559 2,093 466 22.3 1,350 1,085 265 24.4

Commerce 1,770 1,412 358 25.4 992 799 193 24.2

Fintech 958 760 198 26.1 514 402 112 27.9

Commerce 994 507 487 96.1 520 307 213 69.4

Fintech 1,915 971 944 97.2 1,007 556 451 81.1

Commerce 382 283 99 35.0 204 163 41 25.2

Fintech 151 116 35 30.2 80 60 20 33.3

Commerce 7,142 5,466 1,676 30.7 3,839 2,970 869 29.3

Fintech 5,583 3,940 1,643 41.7 2,951 2,103 848 40.3

Total $ 12,725 $ 9,406 $ 3,319 35.3 % $ 6,790 $ 5,073 $ 1,717 33.8 %

For the six and three-month periods ended June 30, 2025, the increase in Argentina's net revenues and financial income was also boosted by the average inter-annual inflation rate in our Argentine segment of 56.3% and 43.4%, respectively, which was higher than the average of inter-annual increase of Argentina's official exchange rate against the U.S. dollar of 28.3% and 29.9%, respectively.

42 | MercadoLibre, Inc.

Commerce $ 6,412 $ 5,073 $ 1,339 26.4 % $ 2,416 $ 1,809 $ 607 33.6 %

Fintech 4,152 3,197 955 29.9 1,593 1,104 489 44.3

Commerce 2,819 2,170 649 29.9 1,049 758 291 38.4

Fintech 1,560 1,147 413 36.0 602 387 215 55.6

Commerce 1,489 918 571 62.2 495 411 84 20.4

Fintech 2,861 1,593 1,268 79.6 946 622 324 52.1

Commerce 596 444 152 34.2 214 161 53 32.9

Fintech 245 176 69 39.2 94 60 34 56.7

Commerce 11,316 8,605 2,711 31.5 4,174 3,139 1,035 33.0

Fintech 8,818 6,113 2,705 44.2 3,235 2,173 1,062 48.9

Total $ 20,134 $ 14,718 $ 5,416 36.8 % $ 7,409 $ 5,312 $ 2,097 39.5 %

See Note 8 – Segments of our unaudited interim condensed consolidated financial statements for further information regarding our net revenues and financial income disaggregated by similar products and services for the six nine and three-month periods ended June September 30, 2025 and 2024.

Our Commerce revenues grew $1,676 $2,711 million and $869 $1,035 million, or 30.7% 31.5% and 29.3%, 33.0%, for the six nine and three-month periods ended June September 30, 2025, respectively, as compared to the same periods in 2024. This increase in Commerce revenues was primarily attributable to:

■ an increase of $1,099 $1,756 million and $526 $657 million in our Commerce services revenues for the six nine and three-month periods ended June September 30, 2025, respectively, mainly related to (i) a 19% 22% and 21% 28% increase in gross merchandise volume, and (ii) higher flat fee contributions for low gross merchandise volume transactions. Shipping carrier costs netted against revenues decreased $137 $88 million, from $581 $794 million for the six-month nine-month period ended June September 30, 2024, to $444 $706 million for the six-month nine-month period ended June September 30, 2025, mainly due to an increase in the share of shipping services where we act as principal, as opposed to agent during the first quarter of 2025. For the three-month period ended June September 30, 2025 as compared to the same period in 2024, shipping carrier costs netted against revenues increased $13 $49 million, from $220 $213 million for the three-month period ended June September 30, 2024, to $233 $262 million for the three-month period ended June September 30, 2025; and

■ an increase of $577 $955 million and $343 $378 million in our revenues from Commerce product sales for the six nine and three-month periods ended June September 30, 2025, respectively, as compared to the same periods in 2024, mainly in Brazil, Mexico and Argentina.

Our Fintech revenues grew 41.7% 44.2% and 40.3%, 48.9%, from $3,940 $6,113 million and $2,103 $2,173 million for the six nine and three-month periods ended June September 30, 2024, respectively, to $5,583 $8,818 million and $2,951 $3,235 million for the six nine and three-month periods ended June September 30, 2025, respectively. This increase was mainly generated by:

■ an increase of $827 $1,452 million and $451 $625 million in our Credit revenues for the six nine and three-month periods ended June September 30, 2025, respectively, mainly as a consequence of higher originations; and

■ an increase of $811 $1,245 million and $395 $434 million in our revenues from Financial services and income for the six nine and three-month periods ended June September 30, 2025, respectively, mainly related to our off-platform transactional fees and financing transactions, reflecting as a result of a 41% and 39% increase in our total payment volume for both periods.

41 43 | MercadoLibre, Inc.

Commerce revenues in Brazil increased 22.4% 26.4% in the six-month nine-month period ended June September 30, 2025 as compared to the same period in 2024. This increase was generated by an increase of $369 $700 million in our revenues from Commerce product sales services revenues and an increase of $363 $639 million in our Commerce services revenues from Commerce product sales. Fintech revenues grew by 22.3%, 29.9%, a $466 $955 million increase during the six-month nine-month period ended June September 30, 2025 as compared to the same period in 2024, mainly driven by an increase of $409 $749 million in our Credit revenues and an increase of $55 $204 million in our revenues from Financial services and income.

Commerce revenues in Brazil increased 24.8% 33.6% in the three-month period ended June September 30, 2025 as compared to the same period in 2024. This increase was driven by an increase of $217 $337 million in our revenues from Commerce product sales services revenues and an increase of $205 $270 million in our Commerce services revenues from Commerce product sales. Fintech revenues grew by 24.4%, 44.3%, a $265 $489 million increase, during the three-month period ended June September 30, 2025 as compared to the same period in 2024, mainly driven by an increase of $229 $340 million in our Credit revenues and an increase of $36 $149 million in our revenues from Financial services and income.

Net revenues growth during the six and three-month periods nine-month period ended June September 30, 2025, as compared to the same periods period in 2024, were offset by the average increase of Brazil's exchange rate against U.S. dollar of 13.2% and 8.6%, respectively. 7.9%. During the three-month period ended September 30, 2025, as compared to the same period in 2024, there was an average decrease of Brazil's exchange rate against U.S. dollar of 1.8%.

Commerce revenues in Mexico increased 25.4% 29.9% in the six-month nine-month period ended June September 30, 2025 as compared to the same period in 2024. This increase was driven by an increase of $253 $470 million in our Commerce services revenues and an increase of $105 $179 million in our revenues from Commerce product sales. Fintech revenues grew 26.1%, 36.0%, a $198 $413 million increase, during the six-month nine-month period ended June September 30, 2025 as compared to the same period in 2024, mainly driven by an increase of $105 $207 million in our Credit revenues from Financial services and income and an increase of $90 $201 million in our Credit revenues from Financial services and income.

Commerce revenues in Mexico increased 24.2% 38.4% in the three-month period ended June September 30, 2025 as compared to the same period in 2024. This increase was generated by an increase of $117 $217 million in our Commerce services revenues and an increase of $76 $74 million in our revenues from Commerce product sales. Fintech revenues grew 27.9%, 55.6%, a $112 $215 million increase, during the three-month period ended June September 30, 2025 as compared to the same period in 2024, mainly driven by an increase of $62 $117 million in our Credit revenues from Financial services and income and an increase of $48 $96 million in our Credit revenues from Financial services and income.

Net revenues growth during the six and three-month periods nine-month period ended June September 30, 2025, as compared to the same periods period in 2024, were offset by the average increase of Mexico's exchange rate against U.S. dollar of 16.5% and 12.9%, respectively. 10.0%. During the three-month period ended September 30, 2025, as compared to the same period in 2024, there was an average decrease of Mexico's exchange rate against U.S. dollar of 1.8%.

Commerce revenues in Argentina increased 96.1% 62.2% in the six-month nine-month period ended June September 30, 2025 as compared to the same period in 2024. This increase was driven by an increase of $409 $477 million in our Commerce services revenues mainly due to a increase of 48.6% in successful items sold, and an increase of $78 $94 million in our revenues from Commerce product sales. Fintech revenues increased 97.2%, 79.6%, a $944 $1,268 million increase, mainly due to an increase of 34.7% in our total payment transactions, during the six-month nine-month period ended June September 30, 2025 as compared to the same period in 2024, mainly driven by an increase of $615 $773 million in our revenues from Financial services and income and an increase of $329 $495 million in our Credit revenues.

Commerce revenues in Argentina increased 69.4% 20.4% in the three-month period ended June September 30, 2025 as compared to the same period in 2024. This increase was generated by an increase of $179 $68 million in our Commerce services revenues mainly due to a increase of 45.9% in successful items sold, and an increase of $34 $16 million in our revenues from Commerce product sales. Fintech revenues increased 81.1%, 52.1%, a $451 $324 million increase, mainly due to an increase of 31.3% in our total payment transactions, during the three-month period ended June September 30, 2025 as compared to the same period in 2024, mainly driven by an increase of $276 $166 million in our Credit revenues from Financial services and income and an increase of $175 $158 million in our Credit revenues from Financial services and income.

3 unchanged paragraphs

Net revenues and financial income $ 5,935 $ 6,790 n/a $ 7,409 n/a

Percent change from prior quarter (2) % 14 % 9 %

2 unchanged paragraphs

44 | MercadoLibre, Inc.

The following table sets forth the growth in net revenues and financial income in local currencies, for the six nine and three-month periods ended June September 30, 2025 as compared to the same periods in 2024:

2 unchanged paragraphs

Brazil 38.3 % 35.4 %

Other countries 37.6 30.9

Total consolidated 58.0 % 52.7 %

Six-month Nine-month period Three-month period

Brazil 37.2 % 35.1 %

Other countries 38.9 40.7

1 unchanged paragraph

2 unchanged paragraphs

3 unchanged paragraphs

3 unchanged paragraphs

3 unchanged paragraphs

3 unchanged paragraphs

4 unchanged paragraphs

2 unchanged paragraphs

3 unchanged paragraphs

2 unchanged paragraphs

3 unchanged paragraphs

2 unchanged paragraphs

3 unchanged paragraphs

2 unchanged paragraphs

1 unchanged paragraph

2 unchanged paragraphs

4 unchanged paragraphs

1 unchanged paragraph

3 unchanged paragraphs

2 unchanged paragraphs

2 unchanged paragraphs

2 unchanged paragraphs

2 unchanged paragraphs

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

2 unchanged paragraphs

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

2 unchanged paragraphs

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

3 unchanged paragraphs

1 unchanged paragraph

2 unchanged paragraphs

2 unchanged paragraphs

3 unchanged paragraphs

7 unchanged paragraphs

2 unchanged paragraphs

3 unchanged paragraphs

2 unchanged paragraphs

1 unchanged paragraph

4 unchanged paragraphs

8 unchanged paragraphs

1 unchanged paragraph

14 unchanged paragraphs

3 unchanged paragraphs

3 unchanged paragraphs

6 unchanged paragraphs

4 unchanged paragraphs

4 unchanged paragraphs

4 unchanged paragraphs

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

4 unchanged paragraphs

and 278 more changes in the filing

Market risk 23 changes

4 unchanged paragraphs

As of June September 30, 2025, we hold cash and cash equivalents, restricted cash and cash equivalents, short and long-term investments in local currencies in our subsidiaries, and have receivables denominated in local currencies in all of our operations. Our subsidiaries generate revenues and incur most of their expenses in the respective local currencies of the countries in which they operate. As a result, our subsidiaries use their local currency as their functional currency except for our Argentine subsidiaries, whose functional currency is the U.S. dollar due to the inflationary environment. As of June September 30, 2025, the total cash and cash equivalents, restricted cash and cash equivalents denominated in foreign currencies totaled $6,093 $8,388 million, short-term investments denominated in foreign currencies totaled $3,778 $2,481 million, long-term investments denominated in foreign currencies totaled $637 $703 million and accounts receivable, credit card receivables and other means of payment (including those presented within non-current other assets) and loans receivable in foreign currencies totaled $13,826 $15,235 million. To manage exchange rate risk, our treasury policy is to transfer most cash and cash equivalents in excess of working capital requirements into U.S. dollar-denominated accounts in the United States and to enter into certain foreign exchange derivatives, such as currency forwards contracts, in order to mitigate our exposure to foreign exchange risk. As of June September 30, 2025, our U.S. dollar-denominated cash and cash equivalents, restricted cash and cash equivalents and short-term investments totaled $1,651 $2,045 million and our U.S. dollar-denominated long-term investments totaled $751 $633 million.

For the six nine and three-month periods ended June September 30, 2025, we had a consolidated loss on foreign currency of $172 $274 million and $117 $102 million, respectively, mainly related to foreign exchange losses from our Argentine subsidiaries. See "Management's Discussion and Analysis of Financial Condition and Results of Operations—Results of operations— Other income (expenses), net" for more information.

2 unchanged paragraphs

Net revenues and financial income $ 14,137 $ 12,725 $ 11,570 (12,318) (11,137) (10,170)

Income from operations 1,819 1,588 1,400

The table below shows the impact on our net revenues and financial income, cost of net revenues and financial expenses, operating expenses, other income (expenses), net, income tax, net income and equity for a positive and a negative 10% fluctuation on all the foreign currencies to which we are exposed to at the moment of translating our financial statements to U.S. dollars for the six-month nine-month period ended June September 30, 2025:

Net revenues and financial income $ 22,367 $ 20,134 $ 18,306 (19,716) (17,822) (16,272)

Income from operations 2,651 2,312 2,034

1 unchanged paragraph

Net Income $ 1,188 $ 1,017 $ 877

Total Shareholders' Equity $ 6,370 $ 5,713 $ 5,176

Net Income $ 1,687 $ 1,438 $ 1,235

Total Shareholders' Equity $ 6,944 $ 6,218 $ 5,625

(1) Increase Appreciation of the subsidiaries' local currency against U.S. Dollar.

(2) Decrease Depreciation of the subsidiaries' local currency against U.S. Dollar.

2 unchanged paragraphs

Considering a hypothetical increase (depreciation) of 10% of the Brazilian Real exchange rate against the U.S. dollar on June September 30, 2025, the reported local currency net assets in our Brazilian subsidiaries would have decreased by approximately $345 $389 million with the related impact in Other Comprehensive Income. Additionally, we would have recorded a foreign currency loss amounting to approximately $58 $13 million in our Brazilian subsidiaries regarding our non-functional currency net liability position.

Considering a hypothetical increase (depreciation) of 10% of the Mexican Peso exchange rate against the U.S. dollar on June September 30, 2025, the reported local currency net assets in our Mexican subsidiaries would have decreased by approximately $198 $236 million with the related impact in Other Comprehensive Income. Additionally, we would have recorded a foreign currency loss amounting to approximately $43 $64 million in our Mexican subsidiaries regarding our non-functional currency net liability position.

In accordance with U.S. GAAP, we have classified our Argentine operations as highly inflationary since July 1, 2018, using the U.S. dollar as the functional currency for purposes of reporting our financial statements. Therefore, no translation effect has been accounted for in other comprehensive income related to our Argentine operations since July 1, 2018. Argentina's inflation rate for the six-month nine-month periods ended June September 30, 2025 and 2024 was 15.1% 22.0% and 79.8%, 101.6%, respectively.

We use Argentina's official exchange rate to account for transactions in our Argentine segment, which as of June September 30, 2025 and December 31, 2024 was 1,205.00 1,380.00 and 1,032.00 Argentine Pesos, respectively, against the U.S. dollar. During the six-month nine-month periods ended June September 30, 2025 and 2024 Argentina's official exchange rate against the U.S. dollar increased 16.8% 33.7% and 12.8%, 20.0%, respectively. The average exchange rate for the six-month nine-month periods ended June September 30, 2025 and 2024 was 1,104.02 1,180.36 and 860.30, 887.76, respectively, resulting in an increase of 28.3%. 33.0%.

Considering a hypothetical increase (depreciation) of 10% of the Argentine Peso exchange rate against the U.S. dollar on June September 30, 2025, the effect on non-functional currency net asset position in our Argentine subsidiaries would have been a foreign exchange loss amounting to approximately $88 $62 million in our Argentine subsidiaries.

2 unchanged paragraphs

Our earnings and cash flows are also affected by changes in interest rates. These changes could have an impact on the interest rates that financial institutions charge us prior to the time we sell our credit card receivables and on the financial debt that we use to fund Mercado Pago and lending's operations. As of June September 30, 2025, Credit card receivables and other means of payments, net totaled $6,629 $6,746 million (includes $77 $98 million presented within non-current other assets in the interim condensed consolidated balance sheets). Interest rate fluctuations could also impact interest earned through our lending solution. As of June September 30, 2025, loans receivable net of the allowance for doubtful accounts from our lending solution totaled $6,884 $8,192 million. Interest rate fluctuations could also negatively affect certain of our fixed rate and floating rate investments comprised primarily of time deposits, money market funds and sovereign debt securities. Investments in both fixed rate and floating rate interest earning products carry a degree of interest rate risk. Fixed rate securities may have their fair value adversely impacted due to a rise in interest rates, while floating rate securities may produce less income than predicted if interest rates fall.

As of June September 30, 2025, our short-term investments amounted to $4,634 $3,715 million and our long-term investments amounted to $1,388 $1,336 million. Our short-term investments can be readily converted at any time into cash or into securities with a shorter remaining time to maturity. We determine the appropriate classification of our investments at the time of purchase and re-evaluate such designations as of each balance sheet date. See Note 3 – Fintech Regulations and Note 4 – Cash, cash equivalents, restricted cash and cash equivalents and investments of our unaudited interim condensed consolidated financial statements for further detail on our restricted investments.

Fluctuations of the interest rate could also have a negative impact on interest expense related to our Loans payable and other financial liabilities, as a portion of these instruments is subject to variable interest rates. As of June September 30, 2025, our Loans payable and other financial liabilities which accrue interest based on variable rates amounted to $5,269 $5,811 million, while our Loans payable and other financial liabilities, which accrue interest based on fixed rates, amounted to $2,033 $2,029 million. See Note 12 – Loans payable and other financial liabilities and Note 13 – Securitization transactions of our unaudited interim condensed consolidated financial statements for further detail. Considering a hypothetical increase of 100 basis points in the interest rates, the reported charge to the interim condensed consolidated statements of income for the six-month nine-month period ended June September 30, 2025 would have increased by approximately $24 $39 million with the impact in Cost of net revenues and financial expenses or in Interest expense and other financial losses. We have entered into swap and future contracts to hedge the interest rate fluctuation of $826 $909 million notional amount, $709 $789 million of which have been designated as hedging instruments. See Note 15 – Derivative instruments of our unaudited interim condensed consolidated financial statements for further detail on derivative instruments.

3 unchanged paragraphs

As of June September 30, 2025, the total contractual obligation fair value of our outstanding LTRP Variable Payment obligation subject to equity price risk amounted to $973 $866 million. As of June September 30, 2025, the accrued liability related to the outstanding Variable Payment of the LTRP included in Salaries and social security payable in our consolidated balance sheet amounted to $114 $151 million. The following table shows a sensitivity analysis of the risk associated with our total contractual obligation fair value related to the outstanding LTRP Variable Award Payment subject to equity price risk if our common stock price per share were to increase or decrease by up to 40%:

1 unchanged paragraph

Change in equity price in percentage As of June September 30, 2025

2 unchanged paragraphs

Controls and procedures 1 change

4 unchanged paragraphs

There have been no changes in our internal control over financial reporting (as such term is defined in Rule 13a-15(f) and 15d-15(f) under the Exchange Act) during the three-month period ended June September 30, 2025, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Risk factors 1 change

As of June September 30, 2025, there have been no material changes in our risk factors from those disclosed in the Company's 2024 10-K.

1 unchanged paragraph

Unregistered sales of stock 6 changes

1 unchanged paragraph

May, 2025 — — — Up to $_

Period Total Number of Shares Purchased Average Price per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Program (In millions) (1)

Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Program (In millions)

April, July, 2025 — — — Up to $_

August, 2025 457 $2,342.13 457 Up to $_

(1) As announced on August 1, 2025, our Board of Directors authorized the repurchase of up to $4.05 million in Company stock at any time and from time to time through open-market repurchases, derivatives and trading plans, including pursuant to a 10b5-1 trading plan. During the third quarter of 2025, we repurchased 457 shares for $1 million, excluding any broker commissions, under a 10b5-1 trading plan. The 10b5-1 plan pursuant to which such shares were repurchased will expire pursuant to its terms on June 30, 2027 which is also the expiration date of the share repurchase program described above.