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    Irma Sgarz

    Managing Director and Senior Equity Research Analyst at Goldman Sachs

    Irma Sgarz is a Managing Director and Senior Equity Research Analyst at Goldman Sachs, specializing in Pan-European utilities and Latin American retail and consumer goods sectors. She has covered major companies such as MercadoLibre and other leading firms within these segments, attaining consistently high success rates and robust average returns according to independent analyst rankings. Sgarz began her analyst career at Goldman Sachs do Brasil in 2008 before advancing to her current role in New York in 2018, and she holds a Bachelor’s degree along with established industry credentials and necessary securities licenses. Her analytical expertise and thorough market coverage have made her a trusted resource for institutional investors seeking insight into key Latin American and European market dynamics.

    Irma Sgarz's questions to MERCADOLIBRE (MELI) leadership

    Irma Sgarz's questions to MERCADOLIBRE (MELI) leadership • Q2 2025

    Question

    Irma Sgarz from Goldman Sachs asked if the quarter's high sales and marketing spend was an outlier and questioned the potential for AI to improve the efficacy of both internal ad spend and the ad inventory offered to clients.

    Answer

    EVP & CFO Martín de los Santos attributed the increased spend to a combination of one-off, high-profile campaigns for Mercado Pago and the new free shipping policy, alongside ongoing investments in user acquisition. Commerce President Ariel Szarfsztejn added that they are bullish on AI's potential, citing its use in creating and testing multiple ad creatives and helping sellers optimize their ad bidding and onboarding.

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    Irma Sgarz's questions to MERCADOLIBRE (MELI) leadership • Q1 2025

    Question

    Irma Sgarz asked for details on the drivers of the strong growth in 1P (first-party) GMV, the contribution of specific categories like supermarket, and the margin evolution for the 1P business, including its path to breakeven.

    Answer

    Ariel Szarfsztejn, EVP of Commerce, explained that 1P GMV growth was broad-based across multiple categories, driven by improved selection, pricing, and automation. He highlighted that the supermarket category grew 65% year-over-year, faster than the marketplace average, due to better selection, navigation, and an increased share of 1P sales, which offer superior unit economics. He confirmed that margins in the supermarket category are improving.

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    Irma Sgarz's questions to MERCADOLIBRE (MELI) leadership • Q4 2024

    Question

    Irma Sgarz inquired about the margin outlook for Argentina given its strong performance and whether the contribution margin compression in Brazil was primarily due to investments in the credit card business.

    Answer

    Martin de Los Santos (CFO) confirmed optimism for Argentina, citing a strong recovery with 18% item growth in Q4 and a 4x increase in its profitable credit book. He noted Argentina's higher-margin profile positively impacts consolidated margins. For Brazil, he affirmed that the margin compression was mostly a result of conscious, strategic investments in the credit card business, noting that older cohorts are already becoming profitable.

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    Irma Sgarz's questions to MERCADOLIBRE (MELI) leadership • Q3 2024

    Question

    Irma Sgarz inquired about the drivers behind the accelerated growth of MercadoLibre's credit card portfolio in Q3, asking which geographies or customer cohorts were targeted. She also asked for more detail on the strategy of extending larger, longer-duration loans to lower-risk users and why the company isn't targeting higher-risk classes.

    Answer

    Osvaldo Giménez, an executive, explained that the Net Interest Margin (NIMAL) of 13% was affected by three factors: the ramp-up of the lower-spread credit card business (now 39% of the portfolio), a strategic move upmarket to lower-risk customers with longer-duration loans, and higher provisioning due to accelerated portfolio growth. He noted that asset quality remains solid. Regarding credit cards, he expressed excitement about the evolution in Brazil and Mexico, highlighting that early cohorts are already profitable and drive higher user engagement and transactionality across the ecosystem.

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    Irma Sgarz's questions to Sendas Distributor (ASAIY) leadership

    Irma Sgarz's questions to Sendas Distributor (ASAIY) leadership • Q1 2025

    Question

    Irma Sgarz from Goldman Sachs delved into the 'trade down' phenomenon, asking if it's a cyclical or structural trend and whether it prompts a shift towards regional or private label brands. She also inquired about the new partnership with iFood, seeking details on its economics and the customer profile it attracts.

    Answer

    CEO Belmiro de Gomes suggested the trade-down has structural components beyond just inflation, pointing to shifts in consumer spending habits. Executive Wlamir dos Anjos added that Assaí is adapting by adjusting purchase volumes towards regional brands, which are already a core part of their assortment, rather than making major changes to the product mix. Private label is not a current focus. Executive Anderson Castilho described the iFood partnership, now in 60 stores, as a successful last-mile service that attracts a diverse customer base across different income levels, serving as another valuable service offering.

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    Irma Sgarz's questions to ASAI leadership

    Irma Sgarz's questions to ASAI leadership • Q3 2023

    Question

    Followed up on the CapEx question, asking for the specific investment level for the 7 stores currently under construction, given recent cost inflation. She also asked if the current logistics network is sufficient to support future store openings or if new investments in distribution centers are planned.

    Answer

    The company stated the total investment for the 7 stores under construction is BRL 450-500 million, noting that construction costs per square meter have actually decreased by about 8% from their peak. On logistics, the current infrastructure is sufficient as it was prepared for the recent large expansion. The business model is not heavily reliant on DCs, and future investments will be gradual, low-CapEx (leased facilities), and made as needed, with a potential small project for the Midwest region under study.

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