MercadoLibre, Inc. Q2 FY2025 Earnings Call

· Earnings call transcript and AI-powered summary

MercadoLibre Q2 2025 Earnings Summary

  • Revenue Growth: Total revenue grew by over 30% year-over-year (YoY).
  • Operating Income: Reached a record $825 million, reflecting strong operational performance.
  • E-commerce Highlights:
    • Brazil: Lowered free shipping threshold from BRL 79 to BRL 19. This move led to a 34% YoY increase in items sold in June and increased engagement and traffic.
    • Mexico: GMV growth sharply accelerated with the fastest rise in items sold in nearly two years, driven by strong 1P and cross-border business.
  • Advertising: Revenue grew 38% YoY in USD and 59% YoY in FX-neutral terms. Display and video advertising nearly doubled YoY. Notably, Argentina is closing the ad revenue gap with Brazil and Mexico.
  • Fintech Highlights:
    • Mercado Pago: Monthly active users reached 68 million.
    • Assets Under Management (AUM): More than doubled YoY.
    • Credit Portfolio: Surpassed $9.3 billion, up 91% YoY. Credit card portfolio grew 118% YoY.
    • NIMAL: Remained stable; over-90-day NPLs were 18.5%, flat YoY and up slightly (0.5pp) QoQ.

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Richard M. Cathcart: Hello, everyone, and welcome to the MercadoLibre Earnings Conference Call for the quarter ended June 30, 2025. Thank you for joining us. I am Richard Cathcart, MercadoLibre's Investor Relations Officer. Today, we will share our quarterly highlights on video, after which we will begin our live Q&A session with our management. Before we go on to discuss our results of the second quarter of 2025, I remind you that management may make or refer to and this presentation may contain forward-looking statements and non-GAAP measures. So please refer to the disclaimer on screen, which will also be available in our earnings materials on our Investor Relations website. Please note that this call is being recorded, and a replay will be made available on our Investor Relations website as well. As we continue to evolve our communications with investors, we have decided to launch our quarterly product update video after earnings rather than together with our results call. So watch out for this coming to your inboxes in the weeks after our results disclosure. With that, let's begin with a short message from our CFO. Martin de los Santos: Hello, everyone. In Q2, MercadoLibre delivered another quarter of strong financial performance with revenues growing over 30% year-on-year and record income from operations of $825 million. These results reflect the strength and consistency of our execution as we continue to invest with discipline to advance our long-term ambitions in com

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