MELI Earnings

m, but it is equally visible in accelerating growth, deeper engagement, greater scale, and a strengthening competitive position across Mercado Libre. As our investments mature, we expect their cost to be diluted and their profitability to improve. We believe the choices we are making today position us to maximize long-term cash flow – and we are confident that

in productivity mean that we intend to keep engineer headcount broadly stable in 2026, which will continue to contribute to operating leverage in product development expenses. We expect this leverage to be partially offset by the ramp up in our use of third-party AI models. This reflects a deliberate choice to prioritize company-wide adoption over cost optimi

rategic priorities; initiatives and strategies related to our products and services, including our ability to successfully deliver new products and services; business and market outlook, opportunities, strategies and trends; financing and investment plans; competitive position; the macroeconomic environment; customer preferences and demand and market expansion

In December, these efforts culminated in the opening of our first fulfillment center in China, which is already shipping to our five largest markets. We expect the China–LatAm corridor to be an area of incremental growth and investment in 2026 as we scale our fulfilled-from-China model.

tegic priorities; initiatives and strategies related to our products and services, including our inability to successfully deliver new products and services; business and market outlook, opportunities, strategies and trends; financing plans; competitive position; the macroeconomic environment; customer preferences and demand and market expansion; our planned p

useful information to both Management and investors by excluding the foreign currency exchange rate impact that may not be indicative of our core operating results and business outlook. The FX neutral measures were calculated by using the average monthly exchange rates for each month during 2024 and applying them to the corresponding months in 2025, so as to

Section 21E of the Exchange Act) contained in or incorporated by reference in any of the Registration Statement, the Time of Sale Information or the Prospectus has been made or reaffirmed without a reasonable basis or has been disclosed other than in good faith. (ss) Statistical and Market Data .

is defined under Section 3(a)(62) under the Exchange Act and (ii) no such organization shall have publicly announced that it has under surveillance or review, or has changed its outlook with respect to, its rating of the Securities or of any other debt securities or preferred stock issued or guaranteed by the Company or any of its subsidiaries (other than an a