MercadoLibre, Inc. Q3 FY2025 Earnings Call

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MercadoLibre Q3 2025 Earnings Summary

  • Revenue: $3.84 billion, up 39% year-over-year — the 27th consecutive quarter of 30%+ revenue growth.
  • Operating Income: $724 million, up 30% year-over-year, demonstrating a strong balance between growth investments and profitability.
  • Free Shipping Strategy: Lowering the free shipping threshold in Brazil delivered strong GMV (Gross Merchandise Volume), items sold, buyer conversion, retention, and frequency improvements. Shipping unit costs in Brazil dropped 8% quarter-over-quarter due to higher utilization and improved logistics efficiency.
  • E-commerce:
    • Brazil saw significant acceleration in GMV and order volume.
    • Mexico and Chile also exhibited strong e-commerce metrics, with Chile seeing its third consecutive quarter of GMV acceleration.
    • Argentina's growth remained resilient, though slightly slower toward the end of Q3 due to macroeconomic and political uncertainty.
    • New unique buyers reached a record high of 7.8 million this quarter (compared to Q2) with an overall platform active buyer base of 75 million.
  • Fintech (Mercado Pago):
    • Monthly active users increased, especially in Brazil where Net Promoter Scores reached record highs.

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Richard Cathcart: Hello, everyone, and welcome to the MercadoLibre Earnings Conference Call for the quarter ended September 30, 2025. Thank you for joining us. I'm Richard Cathcart, MercadoLibre's Investor Relations Officer. Today, we will share our quarterly highlights on video, after which we'll begin our live Q&A session with our management team. Before we go on to discuss our results for the third 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 IR website as well. Our quarterly product updates video will now be released after earnings instead of alongside our conference call. So watch out for this coming into 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. This quarter, we continue to invest to capture the immense growth opportunities that are ahead of us e-commerce and fintech. We are exceptionally well positioned to drive financial inclusion, the offline to online retail shift in Latin America. Revenues grew by 39% year-on-year, marking the 27th consecutive quarter of growth above 30%. Our consistent top line growth comes as a result of the inves

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