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    Rodrigo Gastim • Itaú BBA

    Rodrigo Gastim's questions to MercadoLibre Inc (MELI) leadership

    Rodrigo Gastim's questions to MercadoLibre Inc (MELI) leadership • Q2 2025

    Question

    Rodrigo Gastim of Itau BBA sought clarification on whether Gross Merchandise Volume (GMV) in Brazil accelerated following the new free shipping campaign, similar to the acceleration seen in items sold.

    Answer

    Ariel Szarfsztejn, Commerce President, confirmed that both items sold and GMV accelerated in Brazil. He specified that items sold grew 34% year-over-year in June, a major acceleration. However, the impact on overall GMV growth was smaller because the acceleration was concentrated in the lowest Average Selling Price (ASP) segment. He stressed the move is a long-term investment in customer retention and frequency.

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    Rodrigo Gastim's questions to MercadoLibre Inc (MELI) leadership • Q1 2025

    Question

    Rodrigo Gastim asked for a more detailed explanation of the drivers behind Argentina's record-high contribution margin, questioning the impact of take rates, revenue mix from fintech, and SG&A dilution.

    Answer

    Martin de Los Santos, CFO, explained that the margin improvement was driven by strong, broad-based growth that diluted fixed costs, alongside significant growth and improved profitability in the credit business due to falling interest rates. Osvaldo Giménez, EVP of Fintech, added that lower rates also led to more transactions paid with credit card installments, which carry higher take rates.

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    Rodrigo Gastim's questions to MercadoLibre Inc (MELI) leadership • Q4 2024

    Question

    Rodrigo Gastim requested a deeper explanation of risk reduction measures in Brazil's credit book beyond just micro cards, and also asked for a qualitative update on the profitability trends (NIMAL and EBIT) of the credit card book.

    Answer

    Osvaldo Giménez (Executive) detailed that in addition to reducing micro card issuance, they are tightening payback periods and limiting issuance to riskier customer segments. Martin de Los Santos (CFO) explained that the overall NIMAL is down year-over-year due to the mix shift towards credit cards, but it improved sequentially because the NIMAL of the credit card product itself is improving as older cohorts mature and become profitable.

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    Rodrigo Gastim's questions to MercadoLibre Inc (MELI) leadership • Q3 2024

    Question

    Rodrigo Gastim asked about the loyalty program, inquiring if the recent changes were creating margin pressure. He also asked about the key differences in unit economics between the new 'Essential' and 'Total' subscription plans.

    Answer

    Executive Martin de Los Santos explained that they do not expect significant margin pressure, as the investment is funded by reallocating existing marketing dollars and is expected to be offset by incremental volume. An unnamed executive added that a key difference in unit economics is that the 'Total' plan requires a significant payment to Disney for content, whereas the revenue from the 'Essential' plan directly helps fund the benefits provided within MercadoLibre's own ecosystem.

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