Mercado Libre Kicks Off 2026 with Fastest Revenue Growth in Almost Four Years as Strategic Investments Drive Market Share Gains

Commerce: Results demonstrate the transformative impact of the lower free shipping threshold in Brazil, with unique buyer growth accelerating to 32% YoY - the fastest pace in five years - GMV growth accelerating to 38% YoY (FX-neutral) and sold items growth surging to 56% YoY - more than twice the pace of growth prior to the change Fintech: Reach is broadening as monthly active users hit 83 million, up 29% YoY; and engagement is deepening with credit portfolio increasing 87% YoY to $14.6 billion, the largest ever quarterly increase in nominal terms and assets under management growing 77% YoY to nearly $20 billion Advertising: Revenue grew 73% YoY in USD, making Mercado Ads the fastest growing player in the region AI: The company completed a major transformation of its search engine across Latin America, rebuilding the entire architecture around large language models MONTEVIDEO, Uruguay--(BUSINESS WIRE)--Mercado Libre (NASDAQ: MELI): NET REVENUE $8.8 BILLION ↑49% YoY Growth INCOME FROM OPERATIONS $611 MILLION 6.9% Margin NET INCOME $417 MILLION 4.7% Margin Q1 2026 Mercado Libre (NASDAQ: MELI), Latin America's leading e-commerce and fintech platform, today announced first quarter 2026 financial results, with net revenue and financial income growing 49% YoY to $8.8 billion - the fastest pace of growth since the second quarter of 2022. Income from operations reached $611 million, with a 6.9% margin, and net income of $417 million with a 4.7% margin. Strategic investments in free shipping, the Mercado Pago credit card, first-party selection, and cross-border trade are driving exceptional growth and strengthening competitive positioning across the region. The lower free shipping threshold in Brazil, one of our most important strategic decisions of 2025, continued to deliver results at a pace that exceeded the company’s own expectations. Unique buyer growth in Brazil accelerated 32% YoY, the fastest pace in five years. GMV growth accelerated to 38% YoY on an FX-neutral basis in Q1’26, with sold items rising 56% YoY, up from 26% in Q2'25, the quarter in which Mercado Libre lowered the free shipping threshold. Conversion, frequency, retention, and NPS all reached record highs, engagement is deepening as daily active users grow faster than monthly active users, and new buyer cohorts are purchasing more items across a broader range of categories with higher retention than older cohorts. Unit shipping costs in Brazil fell 17% YoY in local currency, accelerating from an 11% reduction in Q4'25, as Mercado Libre's technology enabled its logistics network to absorb significant volume growth efficiently. Across the rest of the region, Mexico delivered FX-neutral GMV growth of 28% YoY with sold items up 34%, while Argentina delivered 41% FX-neutral GMV growth and 35% growth in sold items. Chile maintained strong momentum with FX-neutral GMV growth of 40% YoY, supported by record levels of free shipping penetration and same- and next-day delivery. Mercado Libre's fulfillment network continues to be a key competitive advantage as the fastest network in the region, delivering 76% of fast shipments within 48 hours. In Advertising, Mercado Libre has been the fastest growing player in the region - 4x the market in 2025 - and this strong momentum continued in Q1'26 with ads revenue growth of 73% YoY in US dollars. Ongoing investments in AI-powered setup, targeting, and measurement tools are driving more sellers to activate advertising products and increasing advertising spend per seller. Mercado Pago reached 83 million monthly active users, up 29% YoY, with growth accelerating in both Brazil and Mexico. Assets under management grew 77% YoY to nearly $20 billion - more than twice the pace of MAU growth - reflecting deeper engagement among existing users drawn to deposit returns that incumbent banks find difficult to match. The credit portfolio grew 87% YoY to $14.6 billion, with the largest-ever quarterly increase in nominal terms. The credit card portfolio rose 104% YoY to $6.6 billion, supported by the issuance of 2.7 million cards in the quarter. A significant proportion of cardholders were previously marketplace-only users and they have now become active fintech users, demonstrating the cross-sell flywheel at work across the ecosystem. The acquiring business delivered FX-neutral TPV growth of 41% YoY, with strong contributions from Brazil (26%), Mexico (46%), Argentina (55%) and Chile (69%). Growth reflected the effectiveness of the company’s go-to-market approach, enhanced by AI tools and the marketplace as an acquisition channel, alongside continued product enhancements, including the launch of Tap to Phone in Mexico during Q1’26. "Q1'26 was another exceptional quarter for Mercado Libre, extending the momentum we built through 2025. We are investing boldly to transform how hundreds of millions of Latin Americans shop, pay and access financial services - and these investments are deepening engagement and bringing new users onto the platform. The pace and breadth of growth strengthen our conviction that we are well positioned to capture the substantial long-term opportunity ahead of us in commerce and fintech," said Mercado Libre CFO Martín de los Santos. Highlights for Q1 2026 Financial Q1 2026: Net revenue and financial income of $8.8 billion, up 49% YoY in USD. Income from operations of $611 million, with a 6.9% margin. Net income of $417 million, with a 4.7% margin. Commerce Q1 2026: Net revenue from the commerce business in the first quarter reached $5 billion, growing 47% in USD YoY. Gross Merchandise Value (GMV), the total value of merchandise sold on the platform, reached $19.0 billion, growing 42% in USD. Items sold grew at the fastest pace in years across the region reaching 722 million, +47% YoY, supported by accelerating growth in Brazil following the lower free shipping threshold. Unique Active Buyers grew 26% surpassing 84 million. The addition of more than 17 million unique active buyers across our platform YOY marks the highest annual growth, notably driven by a significant and continuous quarterly acceleration in Brazil since lowering the free shipping threshold. In Brazil, items sold grew 56% YoY and FX-neutral GMV increased 38% YoY. Unit shipping costs in Brazil fell 17% YoY in local currency, accelerating from an 11% YoY reduction in Q4'25. In Mexico, items sold grew 34% and FX-neutral GMV grew 28% YoY. In Argentina, items sold grew 35% YoY and FX-neutral GMV grew 41% YoY. In Chile, FX-neutral GMV grew 40% YoY, supported by record levels of free shipping penetration and same- and next-day delivery. Mercado Libre's logistics network has expanded to over 50 fulfillment facilities, handling 55% of shipments as of Q1'26, allowing us to deliver 76% of fast shipments within 48 hours. Advertising revenue rose 73% YoY in USD and 63% YoY on an FX-neutral basis. Fintech Q1 2026: Net revenue from Mercado Pago in the first quarter reached $4.0 billion, growing 51% in USD YoY. Fintech monthly active users reached 83 million, up 29% YoY. Assets under management grew 77% YoY, reaching nearly $20 billion. Total number of transactions (TPN) reached an equivalent of 4.6 billion, a 39% growth. Credit portfolio grew 87% YoY to $14.6 billion - the largest ever quarterly increase in nominal terms. Credit card portfolio reached $6.6 billion, up 104% YoY. 2.7 million credit cards were issued in Q1'26. Acquiring total payment volume grew 41% YoY on an FX-neutral basis. Tap to Phone launched in Mexico in Q1'26, while continuing to grow at a triple-digit pace in Brazil. About Mercado Libre Founded in 1999, MercadoLibre, Inc (NASDAQ: MELI) is the leading company in e-commerce and financial technology in Latin America, with operations in 18 countries. It offers a complete ecosystem of solutions for individuals and businesses to buy, sell, advertise, obtain credit and insurance, collect, send money, save, and pay for goods and services both online and offline. Mercado Libre looks to facilitate access to commerce and financial services in Latin America, a market that offers great opportunities and high growth potential. It uses world-class technology to create intuitive solutions tailored to the local culture to transform the lives of millions of people in the region. More information at http://investor.mercadolibre.com/ Contacts Mercado Libre mercado-libre@milltownpartners.com

Mercado Libre Kicks Off 2026 with Fastest Revenue Growth in Almost Four Years as Strategic Investments Drive Market Share Gains

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