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.