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Maria Clara Infantozzi

Research Analyst at Itau BBA

Maria Clara Infantozzi is an Equity Research Associate at Itaú BBA specializing in Latin American technology and consumer sectors, with a focus on companies such as Positivo Tecnologia, Multilaser, and TOTVS. She is recognized for delivering actionable coverage, exemplified by her recent analyses on Positivo and Multilaser, where she provided market performance recommendations and target prices reflecting both growth potential and sector volatility. She began her career in equity research at Itaú BBA, where she continues to contribute insightfully to reports on top-listed technology and electronics firms, and she holds the Chartered Financial Analyst (CFA) credential. Infantozzi’s robust analytical background and industry knowledge have helped position her as a reliable voice in Brazilian equity research, particularly within the technology and consumer goods segments.

Maria Clara Infantozzi's questions to VTEX (VTEX) leadership

Maria Clara Infantozzi's questions to VTEX (VTEX) leadership • Q2 2025

Question

Maria Clara Infantozzi from Itau BBA requested more color on the drivers behind the operational deterioration in Argentina and the competitive environment there. She also asked how VTEX's guidance accounts for a potential consumption deceleration in Brazil for the second half of the year.

Answer

CFO Ricardo Camatta Sodré explained that after showing signs of recovery in Q1, GMV growth in Argentina reversed to negative double-digits in Q2, significantly impacting results. He noted no specific changes in the competitive landscape there. Regarding Brazil, Sodré confirmed that the guidance for the second half of the year already assumes a deceleration in same-store sales, reflecting trends observed in Q2 and the prolonged high-interest-rate environment.

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