MercadoLibre (MELI) Investor presentation summary

Market position and business model

• Commerce leader and fintech challenger in Latin America, consistently outgrowing key markets and among the region’s largest fintech acquirers.

• Ecosystem spans marketplace, retail, logistics, classifieds and advertising, alongside digital accounts, acquiring, investments, credit, insurance and benefits.

• E-commerce growth opportunity includes offline-to-online conversion, category expansion and seller advertising; proprietary logistics delivers around 80% of items within 48 hours.

FY2023 operating performance

• GMV $44.7bn, up 58% FXN YoY; 1.4bn items sold, up 22% YoY; net revenue $14.5bn, up 68% FXN YoY.

• TPV $182.8bn, up 120% FXN YoY; off-marketplace TPV $135.6bn, up 147% FXN YoY.

• Income from operations $1.8bn, with 12.6% margin; net income $987m, with 6.8% margin.

• Commerce revenue reached $8.2bn, up more than 41% YoY in USD; fintech revenue was $6.3bn, up 33% YoY in USD.

Q4 2023 performance

• GMV $13.5bn, up 79% FXN YoY; 413.1m items sold, up 29% YoY; net revenue $4.3bn, up 83% FXN YoY.

• TPV $56.5bn, up 153% FXN YoY; off-marketplace TPV $42.3bn, up 182% FXN YoY; credit portfolio $3.8bn, up 33% YoY.

• Commerce revenue $2.5bn, up 91% FXN YoY; fintech revenue $1.8bn, up 73% FXN YoY.

• Reported operating income $240m, 5.6% margin; excluding $351m of one-off expenses, operating income was $572m, up 78% YoY, with a 270bps margin gain.

• Reported net income $165m; excluding one-off expenses, net income was $383m, up 166% YoY, with a 9.0% margin.