MercadoLibre, Inc.

“MercadoLibre, Inc. ... is the leading online commerce and fintech ecosystem in Latin America. Our e-commerce platform is the leader in the region based on gross merchandise volume”

“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”

“individuals and micro, small and medium-sized enterprises (“MSMEs”) in the physical world were being underserved or overlooked by incumbent payment providers and financial institutions”

“Third-party sellers (“3P”) account for most of the GMV transacted on the Marketplace. We complement this by selling directly to consumers on a first-party basis (“1P”) ... this accounts for less than 10% of GMV”

“In our main markets, we currently offer the following solutions: ■Digital payment solutions ... ■A cryptocurrency buy, hold and sell feature of our digital account in Brazil, Mexico and Chile”

“Our logistics network is built around fulfillment centers (which accounts for more than half of shipments) ... 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”

“These listings differ from our Marketplace listings because we charge placing fees only, not final value fees”

“The products we offer are Product Ads (sponsored listings), Brands Ads (product carrousels), Display Ads (banners) and Video Ads”

“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”

“We also have a selection of international products available, primarily from sellers in China and the U.S., through our cross-border trade (“CBT”) operations”

“Revenues recognized under ASC 606 “Revenue from contracts with customers” amounted to $20,335 million, $15,137 million and $10,487 million for the years ended December 31, 2025, 2024 and 2023”

“Mercado Pago relies on banks, investment funds or payment processors to process the funding of Mercado Pago transactions and Mercado Libre Marketplace collections”

“surpassing 123,000 employees at MercadoLibre. In 2025 alone, we welcomed more than 39,000 new team members ... almost quadrupling our workforce from 29,957 to 123,670 employees in the last four years”

“a region with a population of over 650 million people where penetration of e-commerce over total retail significantly lags benchmarks such as the United States of America (“U.S.”), the United Kingdom (“U.K.”) and China”

“In January 2025, we announced the migration of Mercado Shops to “Mi Página,” ... Mercado Shops was discontinued as of December 31, 2025”

“our fintech platform is the leader in monthly active users (“MAUs”) among fintech companies in Argentina, Chile and Mexico, and the second largest in Brazil”

“Approximately 95% of the Company’s employees have adopted AI tools in their work. This metric is more than 50% above industry benchmarks”

“Net interest margins after losses (“NIMAL”) represents the annualized ratio between the total credits revenues”

“We are also subject to significant general data protection and privacy-related regulations in many of the jurisdictions in which we operate (e.g. Law No. 13,709 in Brazil, Law No. 25,326 in Argentina”

“Our business depends on the continued growth of online commerce and digital financial services, the commercial and financial activity that our users generate on our platforms and the availability and reliability of the Internet in Latin America”

“In 2025 and 2024, installment payments represented 19.0% and 20.3%, respectively, of Mercado Pago’s total payment volume”

“Our lending solution exposes us to the credit risk of our merchants and consumers, among other risks”

“As of December 31, 2025, the spread between the official exchange rate and the Blue Chip Swap Rate was 4.6%”

“Our financial performance remains highly sensitive to changes in the proportion of payments funded with credit cards, which we refer to as funding mix sensitivity”

“We rely on third-party platforms, such as Google Play and Apple app stores, to access our Mercado Libre and Mercado Pago apps”

“We face significant risks related to the ongoing reliability of our logistics network and shipping service”

“The failure of the financial institutions with which we conduct business may have a material adverse effect on our business, operating results, and financial condition”

“Any use of AI/ML technologies in our operations may present additional labor, legal, regulatory, and social risks”

“We also offer Mercado Pago prepaid and debit cards in Brazil and Mexico, respectively (both under VISA brand), and prepaid cards in Argentina and Chile (both under MasterCard brand)”

“We are exposed to the value of digital assets that may be subject to volatile market prices and unique risks of loss”

“If we are unable to compete effectively for advertising spend, or if our merchants reduce advertising spend, our business and results of operations could be materially harmed”

“Manufacturers may limit distribution of their products by distributors, prevent distributors from selling through us or encourage governments to limit e-commerce”