美卡多 (MELI) 2025 Q4 法說會逐字稿

Hello, everyone, and welcome to the MercadoLibre earnings conference call for the quarter ended December 31, 2025. Thank you for joining us. I'm Richard Cathcart, MercadoLibre's Investor Relations Officer. Today, we will share our quarterly highlights on video, after which we will begin our live Q&A session with our management team.

大家好，歡迎參加 MercadoLibre 截至 2025 年 12 月 31 日的季度財報電話會議。感謝您的參與。我是 MercadoLibre 的投資者關係主管 Richard Cathcart。今天，我們將透過影片分享季度亮點，之後我們將與管理團隊進行現場問答環節。

Before we go on to discuss our results for the fourth-quarter of 2025, I remind you that management may make or refer to and this presentation may contain forward-looking statements and non-GAAP measures. So please refer to the disclaimer on the screen, which will also be available in our earnings materials on our Investor Relations website. Please note that this call is being recorded, and a replay will be made available on our IR website also.

在我們繼續討論 2025 年第四季業績之前，我提醒各位，管理層可能會做出或提及前瞻性陳述和非 GAAP 指標，並且本次演示可能包含這些陳述和非 GAAP 指標。因此，請參閱螢幕上的免責聲明，該免責聲明也將在我們的投資者關係網站的收益資料中提供。請注意，本次通話將被錄音，錄音回放也將在我們的投資者關係網站上提供。

With that, let's begin with a short message from our CFO.

接下來，讓我們先聽聽財務長的簡短致詞。

Good evening, everyone, and thank you for joining us. I'm pleased to report that we ended 2025 with robust operating trends that reinforce the strength of the MercadoLibre ecosystem. Our relentless focus on customer experience translated directly into strong financial performance with fourth-quarter net revenues growth of 45% year-over-year. Our performance is supported by two primary growth drivers: the acceleration of our commerce business, and the rapid adoption and structural expansion of our fintech services. Crucially, both of these are increasingly supported by the tangible impact of our investments in artificial intelligence.

各位晚上好，感謝各位的參與。我很高興地報告，我們在 2025 年末取得了強勁的營運趨勢，這進一步鞏固了 MercadoLibre 生態系統的實力。我們對客戶體驗的不懈關注直接轉化為強勁的財務業績，第四季淨收入年增 45%。我們的業績主要得益於兩大成長動力：一是電商業務的加速發展，二是金融科技服務的快速普及和結構性擴張。至關重要的是，我們在人工智慧領域的投資所帶來的實際影響，正日益印證著這兩點。

Turning to commerce. In Brazil, our largest market, GMV grew an impressive 35% year-over-year alongside a 45% increase in sold items. This acceleration is the result of our strategic investments to enhance the value proposition, most notably the decision to lower the free shipping threshold. More free shipping is driving higher purchase frequency and bringing new buyers into the ecosystem. This volume is translating directly into efficiency. Our logistics network absorbed the increase in volumes while driving productivity gains, proving our ability to scale effectively. Our value proposition is generating traction in Mexico, too, where GMV also grew 35%.

轉向商業領域。在我們最大的市場巴西，GMV年增了驚人的35%，同時商品銷量也成長了45%。這項加速成長是我們為提升價值主張而進行的策略性投資的結果，其中最值得一提的是降低免運費門檻的決定。更多的免運費措施正在提高購買頻率，並將新買家引入生態系統。這一銷量直接轉化為效率。我們的物流網絡在應對業務量成長的同時，提高了生產效率，證明了我們有效擴展業務規模的能力。我們的價值主張在墨西哥也獲得了認可，GMV 也成長了 35%。

Across our ecosystem, we are seeing clear evidence that our investments in artificial intelligence are accelerating revenue. In advertising, AI is powering our bidding algorithms and automated campaign tools are generating better returns for sellers. This improved performance is driving higher adoption and capturing a larger share of advertisers' wallet, propelling the business to grow 67%. AI is also transforming the effectiveness of our acquiring sales force.

在我們的整個生態系統中，我們看到了明確的證據表明，我們對人工智慧的投資正在加速收入成長。在廣告領域，人工智慧正在驅動我們的競價演算法，而自動化廣告活動工具正在為賣家帶來更好的回報。效能的提升推動了更高的採用率，並佔據了廣告商更大的預算份額，從而推動業務成長了 67%。人工智慧也在改變我們銷售團隊的採購效率。

In Brazil, these tools helped identify high-value merchants faster, resulting in higher TPV per merchant and shortened payback periods. This contributed to acquiring TPV growing 25% in Brazil and 50% in Mexico. Our Mercado Pago AI assistant is solving 87% of interactions without the need of human support. Millions of users already adopt this conversational tool to manage their credit card, make transfers and understand their credit offerings.

在巴西，這些工具幫助更快地識別高價值商戶，從而提高了每位商家的總交易額，並縮短了投資回收期。這使得巴西的收購價格成長了 25%，墨西哥的收購價格成長了 50%。我們的 Mercado Pago AI 助理無需人工幹預即可解決 87% 的互動問題。數百萬用戶已經使用這種對話式工具來管理他們的信用卡、進行轉帳和了解他們的信貸產品。

In fintech services, we reached a historic milestone. Mercado Pago now holds the leading Net Promoter Score in Brazil, Mexico, Argentina and Chile. Monthly active users are growing close to 30% for 10 consecutive quarters. Our credit portfolio nearly doubled year-over-year to $12.5 billion, including almost 3 million new credit cards issued in Q4 alone. Assets under management are close to $19 billion growing at 78% year-over-year. This is helping us to increase principality amongst our users.

在金融科技服務領域，我們達到了歷史性的里程碑。Mercado Pago 目前在巴西、墨西哥、阿根廷和智利擁有領先的淨推薦值 (NPS)。月活躍用戶數連續10季成長近30%。我們的信貸組合年增近一倍，達到 125 億美元，光是第四季就發行了近 300 萬張新信用卡。管理資產規模接近 190 億美元，年增 78%。這有助於我們提高用戶之間的信任度。

Regarding our financial performance, our revenues full year growth was an impressive 39%. Income from operations grew 22% for the full year. The margin compression reflects our decision to invest in the areas of the business with the greatest long-term growth opportunity, especially shipping and credit card expansion. We remain confident these investments strengthen our ecosystem, deepen our competitive advantages and expand the long-term growth runway in a region where both e-commerce and financial services remain meaningfully underpenetrated.

就財務表現而言，我們全年的營收成長了令人矚目的 39%。全年營業收入成長22%。利潤率下降反映了我們決定投資於業務中具有最大長期成長機會的領域，特別是航運和信用卡業務的擴張。我們仍然相信，這些投資將加強我們的生態系統，深化我們的競爭優勢，並擴大電子商務和金融服務滲透率仍然很低的地區的長期成長空間。

We enter 2026 in a position of strength. All our business units are growing at a fast pace, demonstrating that these investments are already generating results and unlocking long-term value. We are as excited as always with the opportunities ahead. And now we open up to your questions.

我們以強勁的勢頭進入2026年。我們所有業務部門都在快速成長，這表明這些投資已經產生了成果，並釋放了長期價值。我們一如既往地對未來的機會感到興奮。現在進入問答環節。

(Operator Instructions)

（操作說明）

Andrew Ruben, Morgan Stanley.

安德魯魯本，摩根士丹利。

Congratulations on the growth this quarter. It was helpful you mentioned in the release of the 5-percentage-point to 6-percentage-point margin impact from -- you mentioned free shipping, 1P, cross-border, credit card investments. Maybe it involves taking these one by one when considering cross-border could be a newer call out than, say, credit card. But I'd like to understand where you are in this investment cycle? We understand the disciplined approach, but my question is, where could these investments already be at peak intensity versus where we could expect a more elongated cycle?

恭喜本季取得成長。您在發布會上提到了 5 個百分點到 6 個百分點的利潤率影響，這很有幫助——您提到了免運費、1P、跨境電商和信用卡投資。也許在考慮跨境交易時，逐一考慮這些因素可能比信用卡等方式提出了一種更新的呼籲。但我很想了解您目前處於投資週期的哪個階段？我們理解這種嚴謹的方法，但我的問題是，這些投資在哪些方面可能已經達到高峰，而在哪些方面我們可能會預期更長的週期？

Andrew, it's Martin here. Thank you for your question. First, let me clarify. We try to -- we've been talking about the investments that we are doing. We talked a lot about the results of those investments, but we wanted to give a sense of what those investments were in terms of margin compression. So what we did here is we -- basically, we look at the main areas of investment, like you said, a lowering of the shipping threshold that we did last year in Brazil.

安德魯，我是馬丁。謝謝你的提問。首先，讓我澄清一下。我們一直在努力——我們一直在談論我們正在進行的投資。我們討論了很多關於這些投資的結果，但我們想讓大家了解這些投資在利潤率壓縮方面的影響。所以，我們在這裡所做的，基本上就是——就像你說的，我們著眼於主要的投資領域，例如降低航運門檻，就像我們去年在巴西所做的那樣。

The credit card, we are investing in Brazil, Mexico and now Argentina, and the 1P, which is continuous its path to profitability, but still not profitable on its own. The same thing with CBT, which we are expanding now to the China and the US corridor and then we also added the smaller countries where we continue to invest as we reach scale in those countries. So when we put all that together, we wanted to give you a sense of the pressure that, that generated on our margins and that gives you a range of between five and six points. So that's the intention of putting it on the letter.

信用卡業務方面，我們正在巴西、墨西哥以及現在的阿根廷進行投資；而 1P 業務則持續朝著盈利的方向發展，但目前自身仍無法盈利。CBT也是如此，我們現在將其擴展到中國和美國走廊，然後我們也增加了較小的國家，隨著我們在這些國家達到規模，我們將繼續投資。所以，當我們把所有這些因素綜合起來，我們想讓您感受到這給我們的利潤率帶來的壓力，這使得利潤率的範圍在五到六個百分點之間。所以這就是把它寫在信上的目的。

In terms of the trajectory, I think it's in line with what we have been talking about this in the past. CBT is a business that when it's locally fulfilled, is profitable, international fulfillment needs to continue scaling and moving in the right direction, but it will continue to scale and it will put some pressure on margins because of that.

就發展軌跡而言，我認為這與我們過去一直在討論的內容是一致的。CBT 是一家在地化營運就能獲利的企業，國際化營運需要繼續擴大規模並朝著正確的方向發展，但它會繼續擴大規模，因此會對利潤率造成一些壓力。

When you look at our 1P, I think we talked a lot about 1P. It continues to be profitable on a variable basis level before allocating central cost, direct indirect cost is profitable. So the scale will play in our favor in terms of continuing to improve profitability.

當你查看我們的 1P 時，我認為我們已經討論了很多關於 1P 的內容。在分配中心成本之前，以變動成本計算，它仍然盈利；直接成本和間接成本加起來也是盈利的。因此，規模優勢將有助於我們繼續提高獲利能力。

I think the credit card, Osvaldo will talk about this, I'm sure, in some of the questions, but the credit card continues to improve its profitability, in particular in Brazil, where we're seeing already a significant part of the portfolio, the other cohorts being profitable.

我認為奧斯瓦爾多肯定會在一些問題中談到信用卡，信用卡的盈利能力正在不斷提高，尤其是在巴西，我們已經看到該信用卡組合的很大一部分（其他類別）實現了盈利。

So I think a lot of moving parts, right? The individual businesses are growing and moving in the right direction. Then you have a shift issue because some of these are growing at a faster pace. But the bottom line is that we're very confident that the investments that we're making in our platform and addressing the long-term opportunities that we see ahead of us, and we're also improving user experience in our platform.

所以我覺得這裡面有很多環節在運作，對吧？各個企業都在發展壯大，朝著正確的方向前進。這樣就出現了輪班問題，因為其中一些成長速度更快。但最重要的是，我們非常有信心，我們正在對平台進行投資，抓住我們看到的長期機遇，同時我們也在改善平台的使用者體驗。

This particular quarter, we mentioned that we have the highest NPS level in commerce and fintech in Argentina, Brazil and Mexico. So that's a consequence of investments that we have been doing, and we're very comfortable with these levels of investments in our ecosystem.

本季度，我們提到我們在阿根廷、巴西和墨西哥的商業和金融科技領域擁有最高的 NPS 水準。這是我們所做投資的結果，我們對目前生態系統中的投資水準非常滿意。

Irma Sgarz, Goldman Sachs.

Irma Sgarz，高盛集團。

So quick question on the direct contribution margin in Argentina, which was down a little bit quarter-over-quarter. And I know there were some specific pressures last quarter that perhaps you managed to address this quarter in terms of repricing of the credit spreads, whereas others may have still lasted, especially on the logistics and shipping side. And I know fourth-quarter is also more promotional in general.

那麼，關於阿根廷的直接貢獻利潤率，我有一個快速的問題，該利潤率環比略有下降。我知道上個季度存在一些特定的壓力，也許您在本季度透過重新調整信用利差解決了這些問題，而其他一些壓力可能仍然存在，尤其是在物流和運輸方面。我知道第四季通常也是促銷活動較多的時期。

But I was just hoping if you could break it down for us a little bit more and how we should think about this margin going into 2026 just in terms of some of those pressure points rather than specific guidance. And the other question I had was just as you had some very interesting comments around how you deploy AI across the demand and search side as well as the supply side for merchants. How one of the debates around the Agentic commerce obviously relates to the long-term opportunity for ad monetization.

但我只是希望您能再詳細地為我們分析一下，以及我們應該如何看待 2026 年的利潤率，主要關註一些壓力點，而不是具體的指導意見。我還有另一個問題，就像您剛才提到的，關於如何在需求和搜尋端以及商家的供應端部署人工智慧，您發表了一些非常有趣的評論。圍繞代理商業的爭論之一顯然與廣告貨幣化的長期機會有關。

So I was hoping you could perhaps share some of your thoughts about or early initial thoughts about how you think about the risks and preparing for some of those risks of ad monetization moving further up the funnel.

所以我希望您能分享一下您對廣告變現風險的看法，或者您初步的想法，以及您如何看待廣告變現向營銷漏斗上游發展過程中可能面臨的一些風險，並為此做好準備。

Martin here. I'll take the first part. We see, as you mentioned, some compression in Argentina. Keep in mind, Argentina continues to be the highest profitability market in terms of margins. But we did see some compression mostly coming from fulfillment. As you know, we opened couple of new fulfillment centers recently, so that generated some year-on-year compression on COGS.

我是馬丁。我來回答第一部分。正如您所提到的，我們看到阿根廷出現了一些壓縮現象。請記住，就利潤率而言，阿根廷仍然是獲利能力最高的市場。但我們確實看到一些壓縮，主要來自訂單履行環節。如您所知，我們最近開設了幾家新的物流中心，因此，與去年相比，銷售成本有所下降。

Also, provisions for bad debt because of the credit card. We launched the credit card in the middle of last year. So we're still -- we're seeing some compression because of that. As you know, the credit card requires investments upfront. And there is some year-on-year increase on funding costs.

此外，還要提列信用卡壞帳準備。我們在去年年中推出了這款信用卡。所以，由於這個原因，我們仍然看到一些壓縮。如您所知，信用卡需要預先投入資金。而且，資金成本逐年增加。

It's true what you said. Sequentially, quarter-on-quarter, the funding cost of our credit portfolio was lower in Q4 relative to Q3, but it still was higher relative to a year ago. So those are the main reasons for the compression that we saw in this quarter.

你說的沒錯。從季度環比來看，我們信貸組合的融資成本在第四季度比第三季度有所下降，但與一年前相比仍然較高。所以，以上就是本季我們看到的價格壓縮的主要原因。

Irma, Ariel here. So let me try to take a step back in answering your question on AI and the impact of our revenues. But let me start with the idea of Agentic commerce and how that will play out for us and potentially disintermediating, which is something that I've been asked over and over.

我是艾爾瑪，我是艾瑞爾。那麼，讓我退一步來回答您關於人工智慧及其對我們收入的影響的問題。但讓我先談談代理型商業的概念，以及它將如何對我們產生影響，並有可能消除中介，這是我被反覆問到的問題。

So I think it's still a bit early in the game, but we don't think that solving one part of the value chain will actually change the rules of the game, meaning that we still think that the key is to provide the best end-to-end experience for our customer. So we know that searching for an item is one important task but reading reviews, making sure the package arrives on time, offering the widest selection, having the best prices, the best financing, preventing fraud, having the best customer support

所以我覺得現在還為時過早，但我們不認為解決價值鏈中的某個環節就能真正改變遊戲規則，也就是說，我們仍然認為關鍵在於為客戶提供最佳的端到端體驗。我們知道，尋找商品固然重要，但閱讀評論、確保包裹準時送達、提供最豐富的選擇、最優惠的價格、最佳的融資方案、防範欺詐以及提供一流的客戶支持同樣至關重要。

and so on are also key parts of the end-to-end job on -- that we need to solve and that drive the decisions on where buyers will end up buying, right? So -- and by the way, to complement this comment, I would say that the part where we're putting most of our efforts is in developing our own agentic experience inside MercadoLibre. We think and we are convinced that we have the first-party data to create the best search, best recommendation, best discovery engine on which we can personalize and lay over the agentic experience that the new technology drives.

等等，這些都是端到端工作的關鍵部分——我們需要解決這些問題，這些問題將決定買家最終會在哪裡購買，對吧？所以——順便說一句，為了補充這個評論，我想說，我們投入最多精力的部分是開發我們自己的 MercadoLibre 內部代理體驗。我們認為並且確信，我們擁有第一方數據，可以創建最好的搜尋、最好的推薦、最好的發現引擎，我們可以在此基礎上進行個性化設置，並疊加新技術所驅動的智能體驗。

So -- and by the way, if you believe that there is a world of agentic commerce, that could mean that retail will move even faster from the offline to the online world. So all this to say that I do think that we are well-positioned to actually capturing ad revenues in the future because we still think that MercadoLibre will be go-to place for demand to do shopping online.

所以——順便說一句，如果你相信存在一個代理商業的世界，那可能意味著零售業將從線下更快地向線上世界轉移。綜上所述，我認為我們未來完全有能力獲得廣告收入，因為我們仍然認為 MercadoLibre 將成為人們在線購物的首選。

On top of that, then there's an issue on what happens with all the agentic commerce that will occur outside of MercadoLibre because for sure, we will not have 100% market share. And we think that, that also represents an incremental opportunity for many, right? So today, we are providing with our tech stack advertising services to third parties, we do that with Google Ad Manager, with Disney. We do that with Roku with HBO Max. And the reason behind that is that we have a unique set of data, customer knowledge, attribution capabilities that we think are very hard to match.

除此之外，還有一個問題，那就是在 MercadoLibre 之外發生的所有代理交易將如何處理，因為我們肯定不會擁有 100% 的市場份額。我們認為，這對很多人來說也是一個新增的機會，對嗎？所以今天，我們利用我們的技術堆疊向第三方提供廣告服務，我們透過 Google Ad Manager 和 Disney 等平台來實現這一點。我們透過 Roku 和 HBO Max 來實現這一點。背後的原因是，我們擁有獨一無二的數據、客戶知識和歸因能力，我們認為這些是很難匹敵的。

So we eventually what I'm trying to convey is that on the one hand, we are confident on MercadoLibre's own ability to capture traffic through its own agentic experience. And on top of that, we do think that advertising represents an additional revenue opportunity in a world in which there is agentic commerce.

所以，我最終想表達的是，一方面，我們對 MercadoLibre 透過其自身的代理商體驗來獲取流量的能力充滿信心。除此之外，我們認為在代理商業盛行的今天，廣告代表著額外的收入機會。

And by the way, the agentic world can also imply a faster shift of advertising dollars moving from traditional offline channels into digital advertising, which generates the opportunity to be even bigger. So we remain positive, we remain focused. The only thing that we know for sure is that we need to put our developers to work to have the best tech stack for advertising and the best agentic experience inside MercadoLibre.

順便說一句，代理世界也可能意味著廣告資金從傳統線下管道更快轉移到數位廣告，這創造了更大的發展機會。所以我們要保持積極樂觀，保持專注。我們唯一確定的是，我們需要讓我們的開發人員努力工作，為 MercadoLibre 打造最佳的廣告技術堆疊和最佳的代理體驗。

Bob Ford, Bank of America.

鮑伯福特，美國銀行。

Just to expand on the discussion on agentic solutions. The press release comments on the agentic solution for Pago in terms of handling queries without human intervention. But the functionality appears to be far more sophisticated than that. And I was curious, how is that Pago agent increasing engagement impacting borrowing or savings behavior or promoting the adoption of new financial products? And Daniel, maybe you could comment about how you're thinking about a personal agentic solution or solutions for the marketplace and the functionality and how to deploy that you're anticipating?

再進一步討論智能體解決方案。新聞稿評論了 Pago 的智能體解決方案，該方案能夠在無需人工幹預的情況下處理查詢。但其功能似乎遠比這複雜得多。我很好奇，Pago 代理提高參與度是如何影響借貸或儲蓄行為，或促進新金融產品的採用的？丹尼爾，您能否談談您對個人代理解決方案或市場解決方案的看法，以及您預期的功能和部署方式？

Bob. We are very excited by Mercado Pago's AI assistant it is already helping mostly with solving questions and concerns from our users. We have built a lot of functionality into our agent. Basically you can do pretty much everything you do with Mercado Pago with the agent. For example, you can tell them -- you can tell him, please tell me all of the invoices I have that are due in the next week, and then we will bring them on and you can say, pay all of them. And so the functionality is really impressive already.

鮑伯。我們對 Mercado Pago 的人工智慧助理感到非常興奮，它已經在幫助我們解決用戶的問題和疑慮方面發揮了重要作用。我們的代理程式內建了許多功能。基本上，您可以透過代理商完成在 Mercado Pago 上所做的幾乎所有事情。例如，你可以告訴他們——你可以告訴他，請告訴我下週到期的所有發票，然後我們會把它們帶來，你可以說，全部支付。所以它的功能已經非常出色了。

So far, we have been mostly dealing with these interactions that are initiated by users and the vast majority of them are responded by the agent without any kind of human intervention. But I would say, so far, we have not yet started using the agent for cross-sell, but it's something that we will start doing. Given that you are in a conversation, you can, for example, tell the consumer that she has a credit offer or a credit card offer and the benefits of the credit card. We are not doing that yet, but we believe the opportunity there is significant and the system will become more proactive.

到目前為止，我們主要處理的都是用戶發起的交互，其中絕大多數交互都是由代理自動響應，無需任何人工幹預。但我想說，到目前為止，我們還沒有開始利用代理商進行交叉銷售，但這是我們將要開始做的事情。例如，在對話中，你可以告訴消費者她可以獲得信用額度或信用卡優惠，以及該信用卡的優惠。我們目前還沒有這樣做，但我們相信這方面的機會很大，而且該系統將變得更加積極主動。

And beyond cross-sell, it will also become more proactive in terms of acting like a personal banker. So helping you, I don't know, allocate your portfolio or make the recommendations of what kind of credit is better for you. So we believe here that the opportunity is significant.

除了交叉銷售之外，它還將更加積極主動地扮演私人銀行家的角色。所以，我不知道該如何幫助你，例如幫你分配投資組合，或是推薦哪種信貸比較適合你。所以我們認為，這裡蘊藏著巨大的機會。

And also, we also see an opportunity in terms of -- on the other side of Mercado Pago on the acquiring side of Mercado Pago in helping merchants deal with presales and post-sales and also integrating with typical platforms that then will be able eventually to use Mercado Pago credentials to complete payments. So we are very excited about opportunities with AI at Mercado Pago.

此外，我們還看到了機會——在 Mercado Pago 的收單方面，幫助商家處理售前和售後事宜，並與典型平台集成，最終使這些平台能夠使用 Mercado Pago 憑證完成支付。因此，我們對 Mercado Pago 在人工智慧領域的發展機會感到非常興奮。

Just to complement Osvaldo here on the marketplace side, while we have many, many features that are powered by AI, starting with our search algorithm, our recommendation and so on, I think it's worth highlighting the fact that we have a seller assistant today running in our platform, basically 20% of our GMV is somehow advised by our assistant. It's actually proving to be pretty successful in helping sellers improve their live listing, reduce their lead times to get better reputation in our platform, capture some of their questions and requirements in terms of customer support. So very positive on the progress in that regard as well.

為了補充 Osvaldo 在市場方面的觀點，雖然我們有很多很多由人工智慧驅動的功能，例如我們的搜尋演算法、推薦等等，但我認為值得強調的是，我們目前在我們的平台上運行著一個賣家助手，基本上我們 20% 的 GMV 都是由我們的助手提供建議的。事實證明，它在幫助賣家改進其線上商品資訊、縮短交貨時間以在我們的平台上獲得更好的聲譽、收集他們在客戶支援方面的一些問題和要求方面，都取得了相當大的成功。所以，我對這方面的進展也非常滿意。

Marcelo Santos, JPMorgan.

馬塞洛桑托斯，摩根大通。

I wanted to discuss about advertising. You had some good growth, accelerating penetration. Could you discuss what are the main products that are driving these or regions or if there is any particular driver behind the acceleration?

我想談談廣告業。你們取得了不錯的成長，市場滲透率也加快了。您能否談談推動這些地區或產品成長的主要因素是什麼？或者說，加速成長背後是否存在某種特定的驅動因素？

Marcelo, Ariel here. So yes, to your point, we are very pleased with the performance we had in ads this quarter. Revenue accelerated to 67% on an FX neutral with higher adoption and spend basically driven by improvements in our tech stack. It's broad-based. So there's no one silver bullet driving that growth. But basically, we are attaching our product in the different parts of the value chain, right, auction bidding, placement optimization, demand generating initiatives and all that powered by an improved an easy-to-use platform in terms of front end for our customers. So extremely, extremely satisfied with that.

馬塞洛，我是阿里爾。是的，正如您所說，我們對本季廣告的表現非常滿意。在匯率不變的情況下，收入加速成長至 67%，這主要得益於我們技術堆疊的改進，以及更高的採用率和支出。它的基礎很廣泛。所以，並沒有什麼靈丹妙藥可以推動這種成長。但基本上，我們將我們的產品融入價值鏈的不同環節，對吧？競價、位置優化、需求產生計劃等等，所有這些都由一個改進的、易於使用的前端平台提供支持，供我們的客戶使用。對此我非常非常滿意。

Just to give you some color on a few of the initiatives. Our budget orchestrator allowed sellers to reallocate and use budgets across campaigns that were capping the use of dollars previously and that happened, of course, within the same advertiser, and that was positive. We also scaled a budget boost for seasonal campaigns with recommendations powered by predictive signals in order to make sure that advertisers have the right budget in place in order to deal with all the demand that was coming during peak season. We have performance-driven recommendations based on insights that our technology is capturing.

簡單介紹一下其中幾項舉措。我們的預算協調器允許銷售人員重新分配和使用預算，這些預算以前限制了資金的使用，當然，這種情況發生在同一廣告客戶內部，這是積極的。我們也增加了季節性活動的預算，並利用預測訊號提供建議，以確保廣告主擁有適當的預算來應對旺季期間的所有需求。我們根據技術獲取的洞察，提供以績效為導向的推薦。

We have AI agents supporting our advisers and engaging directly with sellers in order to accelerate the penetration of ads for mid- and long-tail sellers. So many, many tools being deployed and scaled, many of which are using AI. But I would say, in all, great progress from the team, but still lots of things to do. So penetration of ads with revenues as a percentage of GMV is still small compared to its potential. So very happy with the results so far, but even more encouraged with the potential looking ahead.

我們擁有人工智慧代理商來支援我們的顧問，並直接與賣家互動，以加快中長尾賣家的廣告滲透率。目前有大量工具正在部署和擴展，其中許多工具都使用了人工智慧。但總的來說，我認為團隊取得了巨大的進步，但仍有許多事情要做。因此，廣告收入佔 GMV 的百分比滲透率與它的潛力相比仍然很小。目前為止的結果讓我非常滿意，但對未來的潛力更感到鼓舞。

Rodrigo Gastim, Itau BBA.

Rodrigo Gastim，伊塔烏工商管理學士。

I just would like to double-click here on these margin investments in Brazil. So just wondering how do you see the balance -- this balance of keeping up with this strong GMV growth above 30% in Brazil and eventually dealing with this margin pressure in 2026. In other words, with the market share you've been able to clearly capture over the last couple of quarters, do you already believe we should start to see further operating leverage in Brazil going forward just to see how you are thinking this balance?

我只想雙擊這裡，看看這些在巴西的保證金投資。所以我想知道您如何看待這種平衡——既要保持巴西超過 30% 的強勁 GMV 成長，又要最終應對 2026 年的利潤率壓力。換句話說，鑑於您在過去幾季已經明顯佔據了市場份額，您是否認為我們應該開始看到巴西市場未來進一步的營運槓桿效應？請您談談對這種平衡的看法。

Rodrigo, it's Martin here. I think you -- first, it's important to put in context when we talk about margins, the growth that we're delivering. Most of the margin pressure comes from deliberate decisions that we're making in terms of pursuing investments that are generating tremendous growth and improving user experience. As you mentioned, in Brazil, in particular, we have been growing our GMV and gaining market share, mainly because of these investments. Our top line grew by 45% year-on-year. As I mentioned earlier, our NPS is at record levels, and that's because of the investments that we have been doing.

羅德里戈，我是馬丁。我認為——首先，當我們談論利潤率和我們所實現的成長時，重要的是要將其置於具體的背景中看待。大部分的利潤壓力來自我們為追求能夠帶來巨大成長和改善用戶體驗的投資所做出的深思熟慮的決定。正如您所提到的，尤其是在巴西，我們的 GMV 不斷成長，市場份額不斷擴大，這主要歸功於這些投資。我們的營收年增了 45%。正如我之前提到的，我們的 NPS 達到了歷史最高水平，這是因為我們一直在進行投資。

You mentioned CBT, 1P, the lower shipping presold, expanding more free shipping, increasing booking capacity. So we feel very comfortable with these investments and the current margin levels because we are seeing the results in terms of growth, market share gains and improvements in user experience and engagement. As I said in the past, our main focus is on capturing the large opportunities in front of us in commerce, fintech and advertising.

您提到了 CBT、1P、預售降低運費、擴大免運費範圍、增加預訂容量。因此，我們對這些投資和目前的利潤率水平感到非常滿意，因為我們在成長、市場份額提升以及用戶體驗和參與度的提高方面看到了成果。正如我之前所說，我們的主要重點是抓住商業、金融科技和廣告領域擺在我們面前的巨大機會。

And we will not hesitate to invest and to order to capture those opportunities as we have done in the past, even if that puts some short-term margin pressure, we're not trying to optimize short-term margin. We manage the business for long term -- from a long-term perspective, we believe these investments are creating a foundation for future growth, and we remain confident in our long-term margin trajectory.

我們將毫不猶豫地進行投資和訂購，以抓住這些機會，就像我們過去所做的那樣，即使這會給短期利潤率帶來一些壓力，但我們並不追求短期利潤率的最大化。我們以長遠的眼光經營業務——從長遠來看，我們相信這些投資正在為未來的成長奠定基礎，我們對長期的利潤率走勢仍然充滿信心。

So again, we are confident in the investments that we're doing in credit card and commerce, and we are seeing already the results. So that's our strategy, and that's the way for us to create long-term value for our shareholders.

所以，我們對在信用卡和電商領域的投資充滿信心，而且我們已經看到了成效。這就是我們的策略，也是我們為股東創造長期價值的方式。

Josh Beck, Raymond James.

喬許貝克，雷蒙德詹姆斯。

I'm kind of curious where maybe the business plan shook out versus your expectation with respect to the lower shipping threshold. Certainly, it seems like there's been a very nice frequency lift. Is that pretty much what you had anticipated or modeled?

我很好奇，就較低的出貨門檻而言，實際的商業計劃與你的預期相比，究竟如何。確實，頻率似乎有了非常好的提升。這和你之前的預期或模型基本上一致嗎？

And then related to the improvement in unit cost, I believe it was 11% decline in unit costs in Brazil. Is that something that is sustainable as you build out this parallel slow delivery network? Or how should we think about the prospects there?

至於單位成本的改善，我認為巴西的單位成本下降了 11%。在建構這種平行慢速配送網路的過程中，這種方式是否可持續？或者我們應該如何看待那裡的前景？

Josh, Ariel here. So indeed, we are very pleased with the results of our lower free shipping threshold in Brazil. This is the third time that we have lowered the threshold and the results we are seeing now are no different from the results we've seen in the past. So growth has accelerated, frequency has accelerated. We had a record conversion rates, record retention rates for new and existing buyers.

我是喬什，我是艾瑞爾。所以，我們對降低巴西免運費門檻所取得的成果非常滿意。這已經是我們第三次降低門檻了，而我們現在看到的結果與過去所看到的結果並無二致。因此，成長速度加快了，頻率也加快了。我們取得了創紀錄的轉換率，新舊客戶的留存率也創下了新高。

We are having more new buyers, our NPS in Brazil is at its peak. We have more sellers, more live listings per seller. We are expanding market share and reaching our record levels. So yes, indeed, we are pleased, and this is very much aligned to what we were planning for.

我們的新買家越來越多，我們在巴西的淨推薦價值 (NPS) 已達到頂峰。我們擁有更多賣家，每個賣家擁有更多在販售商品。我們正在擴大市場份額，並達到歷史新高。所以，是的，我們確實很高興，這與我們之前的計劃非常吻合。

Items sold growth accelerated from 26% year-over-year in Q2, to 42% in Q3, to 45% In Q4, I think that is huge, considering the size of MercadoLibre. The same happened with GMV from 29% to 34%, now to 35%. So -- and of course, this on top, all the growth and the size that we've achieved after 25, 26 years of existence and after a pandemic in which we accelerated growth a lot.

商品銷售成長速度從第二季的年增 26% 加速到第三季的 42%，再到第四季的 45%，考慮到 MercadoLibre 的規模，我認為這是一個巨大的成長。GMV也經歷了同樣的成長，從29%成長到34%，現在成長到35%。所以——當然，除此之外，還有我們經過 25、26 年的發展，以及在疫情期間我們加速成長所取得的所有成長和規模。

I think that as we mentioned in our shareholder letter, new buyers that have come to MercadoLibre since June when we launched the new value prop are buying more items across a larger number of categories with higher retention rates compared to cohorts of new buyers prior to that change. So we are very encouraged by the impact that we've seen, and this gives us great optimism about the foundations we are building as we look to be the driving force for e-commerce -- for commerce shifting from the offline into the online, which is at the end of the day, the goal that we are pursuing, right, serving our customers better, providing the best value proposition out there.

我認為正如我們在股東信中提到的那樣，自 6 月我們推出新的價值主張以來，來到 MercadoLibre 的新買家購買的商品種類更多，類別也更廣泛，而且與該變化之前的新買家群體相比，他們的留存率更高。因此，我們對所看到的影響感到非常鼓舞，這讓我們對我們正在建立的基礎充滿樂觀，因為我們正努力成為電子商務的驅動力——推動商業從線下向線上轉變，這最終也是我們所追求的目標，對吧？更好地服務我們的客戶，提供最好的價值主張。

In terms of shipping costs, I would say we are pleased with the performance that we are having the cost improvements come from several parts of the equation. On the one hand, of course, more volume is diluting more cost. Also, we are taking advantage of idle capacity through our slow shipping network, meaning that we are able to ship items whenever we see space in the value chain.

就運輸成本而言，我們對目前的成本改善感到滿意，成本改善來自多個方面。一方面，銷量越大，成本當然也會降低。此外，我們也利用了我們慢速運輸網路中的閒置產能，這意味著只要我們在價值鏈中看到空位，我們就可以出貨。

And of course, we continue working on technology and productivity in order to make our operation even more efficient and more sustainable. So we don't see a reason for this not to change or not to continue, right? So we are positive. I think the team has done a tremendous job but we still think we have more things to do.

當然，我們也將繼續致力於技術和生產力方面的工作，以使我們的營運更加高效和永續。所以我們認為沒有理由不改變或不繼續下去，對吧？所以我們持樂觀態度。我認為團隊做得非常出色，但我們仍然認為還有更多的事情要做。

Geoffrey Elliott, Autonomous.

傑弗裡·艾略特，自主。

Can you discuss the changes that you announced to the shipping model in Brazil, I believe, on January 20 and getting a little bit more variable around different shipping rates for different types of shipments? And then high level, how do you see that impacting financials impacting margins?

您能否談談您在1月20日宣布的巴西運輸模式的變更，以及針對不同類型貨物的運費更加多樣化的相關內容？那麼從宏觀層面來看，您認為這會對財務狀況和利潤率產生怎樣的影響？

So basically, we are trying to deleverage a bit the way we charge merchants and we think shipping costs do correlate a lot with measurements and weight. And for that reason, we decided to move to a different type of table in which we are able to charge merchants in a much more correlated way to the cost structure that we have based on actual dimensions and weight of the items.

所以基本上，我們正​​在嘗試降低向商家收費的方式，我們認為運費與尺寸和重量有很大關係。因此，我們決定採用另一種類型的表格，這樣我們就可以按照基於商品實際尺寸和重量的成本結構，以更相關的方式向商家收費。

I think it's early to make comments on impacts on financials. As you know, we don't guide. So probably at the end of Q1 with our results at the time, we will be able to share more details and color on impact. But again, as always, we continue to evolve and sophisticate the way we manage the business and what we've done with the shipping tables is no different from that.

我認為現在評論對財務的影響還為時過早。如您所知，我們不提供指導。因此，可能要等到第一季末，根據當時的業績結果，我們才能分享更多細節和影響情況。但是，和以往一樣，我們不斷發展和完善業務管理方式，我們對出貨表所做的改進也不例外。

Kaio Prato, UBS.

Kaio Prato，瑞銀集團。

I have two quick questions on my side, please, on Mercado Pago. First, specifically in Brazil, we are seeing a really solid growth on your deposit franchise, basically the double year-on-year looking to the Central Bank data. So can you please clarify if these deposits are now being used for funding to your credit business or not? If so, how much of that? I would like to understand how do you see this usage going forward and what type of impact it may bring to your NIMAL as well.

關於 Mercado Pago，我有兩個問題想請教。首先，具體到巴西，我們看到存款業務實現了非常穩健的成長，根據中央銀行的數據，基本上實現了同比翻番。所以請問這些存款現在是否用於為您的信貸業務提供資金？如果屬實，具體有多少？我想了解您如何看待這種用途的未來發展，以及它可能對您的動物產生什麼樣的影響。

And quickly, the second is in terms of your NPL ratio, the early NPL ratio between 50 and 90 days, it increased a little bit. Can you walk us through the impact of that as actually the seasonality is usually positive in the 4Q and expectation going forward?

其次，就不良貸款率而言，50 至 90 天之間的早期不良貸款率略有上升。您能否為我們詳細解釋一下這會產生什麼影響？因為實際上，第四季度的季節性因素通常是正面的，而且對未來的預期也是如此。

Kaio, let me start with the first question regarding deposits. Today, mostly, we are not using deposits for funding. We are not doing fractional banking the way -- but nonetheless, we are very happy with the growth in those deposits. And since -- we last year, a year ago, basically, when we introduced ports and a higher interest rate on ports, we saw a significant increase in the deposit rate. And what we saw is that those users that use ports and in general, have more money with us, we see a significantly higher level of engagement.

Kaio，我先問一個關於存款的問題。如今，我們基本上不再使用存款進行融資。我們沒有採用傳統的部分存款銀行模式——但儘管如此，我們對這些存款的成長非常滿意。而且自從——去年，也就是一年前，當我們推出港口和更高的港口利率以來，我們看到存款利率大幅上升。我們發現，那些使用連接埠的用戶，以及那些在我們這裡消費更多的用戶，他們的參與度明顯更高。

And we see that across the board on Mercado Pago and also MercadoLibre. So we see these users doing more transactions, using our credit products more often, being more likely to use in our debit cards or getting a credit card. So we see it as a significant driver of engagement and a driver of NPS of Net Promoter Score that is. And as you know, this is a metric we follow closely, and we are very happy to have finished the year leading the Net Promoter Score tables for financial institutions in Brazil.

我們在 Mercado Pago 和 MercadoLibre 上都看到了這種情況。因此，我們看到這些用戶進行更多交易，更頻繁地使用我們的信貸產品，更有可能使用我們的金融卡或申請信用卡。因此，我們認為它是提升用戶參與度和淨推薦值 (NPS) 的重要驅動因素。如您所知，我們一直密切關注這項指標，我們非常高興能夠在今年結束之際，在巴西金融機構的淨推薦值排行榜上名列前茅。

The second part of the question, if I got it right, was regarding NPLs and the impact of a little bit -- a slight deterioration in NPLs from the third-quarter to the fourth-quarter. And that is -- so that is -- I would say that in general, NPLs of the credit card book fell to an all-time low of 4.4% in the fourth-quarter. Nonetheless, the increase in NPL was mostly related to the consumer and merchant books.

如果我理解正確的話，問題的第二部分是關於不良貸款以及不良貸款從第三季到第四季略有惡化所帶來的影響。也就是說——所以——我認為，總體而言，第四季度信用卡不良貸款率降至歷史新低 4.4%。然而，不良貸款的增加主要與消費者和商家的帳簿有關。

But having said that, I think that more important than NPLs are NIMALs and those improve, meaning we are more profitable than we were a quarter before. Therefore, what we did was we increased the number of people and the riskier number of people we give credit to, but we price that risk accordingly. And therefore, we ended up having a significant -- a larger spread than we did on the prior quarter. So I think this was a calculated risk and it worked out well.

但話雖如此，我認為比不良貸款更重要的是淨利潤，而淨利潤正在改善，這意味著我們比上個季度更有獲利能力。因此，我們增加了信用對象的數量，也增加了風險較高的信用對象數量，但我們也相應地對這種風險進行了定價。因此，我們最終出現了顯著的價差——比上一季的價差更大。所以我認為這是一次經過深思熟慮的冒險，而且結果很好。

Neha Argawala, HSBC.

Neha Argawala，匯豐銀行。

I'd like to follow up on the last question. We have certainly seen a pickup in loan yields quarter-on-quarter in the fourth-quarter. And as you mentioned, you're taking more risk, which is resulting in the early delinquencies going up in fourth-quarter despite positive seasonality.

我想就最後一個問題再補充一點。第四季貸款收益率確實較上季上升。正如您所提到的，您承擔了更大的風險，這導致儘管季節性因素有利，但第四季的早期違約率仍然上升。

Does this mean that maybe in the next quarter or two, we will start seeing an impact on 90-day NPLs and they will start going up again since you're taking more risk? Although I understand that your pricing for it, but is this a trend that we should continue to see going forward? And just to confirm, the increase in loan yields was just from taking higher risk in the New Mexico and not coming from an increase in the share of the portfolio in Argentina?

這是否意味著，在接下來的一個或兩個季度裡，我們將開始看到90天不良貸款率受到影響，並且由於你們承擔了更多風險，不良貸款率將再次上升？雖然我理解你們的定價策略，但這是否會成為我們未來繼續看到的趨勢？另外，我想確認一下，貸款收益率的上升僅僅是因為在新墨西哥州承擔了更高的風險，而不是因為在阿根廷的投資組合份額增加？

Neha, as you know, we don't guide, but we are very comfortable with the amount of risk we are taking. We have seen our model is improving. And what we have been doing is pricing risk accordingly and having good spreads. When we expect the loss, we booked that in advance. So we don't believe there will be any surprises there.

Neha，你知道，我們不做指導，但我們對我們所承擔的風險程度感到非常滿意。我們發現我們的模型正在不斷改進。我們一直在做的就是根據風險進行合理定價，並保持良好的價差。當我們預料到會有損失時，我們會提前做好預算。所以我們認為不會有什麼意外發生。

And then I would say that we don't see an increase in yields coming. I'd say we are growing in all three countries in a very similar fashion. We were more cautious in the fourth-quarter in Argentina because of the election. Because of we saw some macro instability because of the election. So we were a little more cautious. Also, there was a spike in interest rates prior to the elections and then they came down and therefore, being interest rates higher, there was less demand for credit. But beyond that, we did not see any significant change in the other markets in terms of demand for credit or change in loan yields.

然後我認為，我們看不到產量會上升。我認為我們在這三個國家的成長方式非常相似。由於阿根廷舉行了選舉，我們在第四季度採取了更謹慎的態度。因為選舉導致了一些宏觀經濟不穩定。所以我們當時更加謹慎了一些。此外，選舉前利率曾出現飆升，之後又有所下降，因此，由於利率較高，信貸需求減少。但除此之外，我們沒有看到其他市場在信貸需求或貸款收益率方面有任何重大變化。

Maybe to complement, it's Martin here. I think the philosophy on credit has always been that we will grow our credit books as long as we have a healthy book. And as Osvaldo mentioned, you're seeing only part of it -- part of the equation on the NPLs. But obviously, we are pricing those ahead of time. And the margins in Argentina and Mexico are extremely high. I mean much better than last quarter.

或許可以補充一下，這裡是馬丁。我認為信貸理念一直都是，只要我們的信貸資產狀況良好，我們就會不斷擴大信貸規模。正如奧斯瓦爾多所提到的，你看到的只是其中的一部分——國家物理實驗室（NPL）方程式的一部分。但很顯然，我們會提前對這些產品進行定價。阿根廷和墨西哥的利潤率非常高。我的意思是，比上個季度好得多。

In fact, when you look at NIMAL, that looks at the whole equation because not only looks at bad debt and provisions, but also the revenues that are generated on that portfolio, you can see that NIMAL improved quarter-on-quarter.

事實上，當你查看 NIMAL 時，你會發現它著眼於整個等式，因為它不僅關注壞帳和撥備，還關注該投資組合產生的收入，你可以看到 NIMAL 的業績逐季有所改善。

So we feel very, very comfortable about the quality and the health of our portfolio. And that's the reason why you see our credit book growing at 90% because we are confident in our models and our collection.

因此，我們對我們投資組合的品質和健康狀況感到非常有信心。這就是為什麼你會看到我們的信貸餘額增加了 90%，因為我們對我們的模型和催收工作充滿信心。

Donnie Tiger, XP.

唐尼·泰格，XP。

I would like to explore a little bit the sales and marketing and provision of doubtful account dynamics. Firstly, regarding sales and marketing, we see an increase QoQ in terms of investments as a percentage of sales. But you also mentioned in the release some tactical investments being done because of seasonality.

我想稍微探討一下銷售、行銷以及不良帳戶處理方面的動態。首先，就銷售和行銷而言，我們看到投資佔銷售額的百分比環比成長。但您在新聞稿中也提到，由於季節性因素，進行了一些戰術性投資。

So it would be interesting for you to share with us some color around how we should think about this investment going forward, especially as we see a lower intensity coming from competition especially in Brazil in the beginning of the year.

因此，如果您能與我們分享一些關於我們應該如何看待這項投資未來發展的看法，那就太好了，尤其是在年初巴西的競爭強度下降的情況下。

And also regarding the acceleration of consumer books that you mentioned in Brazil and Mexico and that being the key lever for this doubtful accounts not improving QoQ. You also mentioned that you are benefiting from a higher cross-selling with your marketplace while as you mentioned, overall metrics remain healthy. Should we think that maybe this pressure is a consequence of you guys capturing this opportunity of kind of increasing the overlap between the two platforms? And since you have a strong momentum in commerce that is fueling the consumer book growth?

還有，關於您提到的巴西和墨西哥消費者帳簿加速成長的問題，以及這是導致可疑帳目較上季沒有改善的關鍵因素。您還提到，您從市場更高的交叉銷售額中受益，正如您所說，整體指標保持良好。我們是否應該認為，這種壓力或許是你們把握機會，增加兩個平台重疊部分的結果？既然你們在商業領域擁有強勁的發展勢頭，從而推動了消費者圖書的成長？

Martin, here. I think in the first part of the question is related to sales and marketing, I think it's consistent what we have been saying over the past couple of quarters. Specifically this quarter, if you see sequentially, we increased our spending by 60 basis points and year-on-year by 1.4 basis points on marketing.

我是馬丁。我認為問題的第一部分與銷售和行銷有關，這與我們過去幾季一直在說的內容是一致的。具體來說，本季度，如果按季比來看，我們在行銷方面的支出增加了 60 個基點，比去年同期成長了 1.4 個基點。

For the most part, is the result of expansion of our social channels. As we mentioned in the past, we are scaling our affiliate program with very positive results. In Brazil, for instance, the number of affiliates almost doubled in Q4 relative to Q3. And year-on-year, we have six times the number of affiliates that are selling or promoting products to MercadoLibre. So we see as a very positive and very -- it's a channel that should help us drive growth in the future. So we are investing in that particular channel.

這在很大程度上是我們社交管道擴張的結果。正如我們之前提到的，我們的聯盟計劃正在不斷擴大，並且取得了非常積極的成果。例如，在巴西，第四季的附屬機構數量與第三季相比幾乎翻了一番。與去年相比，向 MercadoLibre 銷售或推廣產品的聯盟夥伴數量增加了六倍。所以我們認為這是一個非常積極的管道，它應該能夠幫助我們在未來推動成長。所以我們正在投資這個管道。

So that explains most of the increase in investments and marketing. The rest of the lines remaining the same. There might be some seasonality in Q4. But for the most part, this is the affiliate program. And just to put in perspective, if you look at the past several years, the range of investment in sales and marketing is between 11% and 12%. We are on the upper range of that level, but it's within those lines that we have been investing over the past several years.

所以這就解釋了投資和行銷成長的大部分原因。其餘部分保持不變。第四季可能會有一些季節性因素。但總的來說，這是聯盟行銷計劃。為了讓大家更清楚地了解情況，如果你看看過去幾年，銷售和行銷方面的投資範圍在 11% 到 12% 之間。我們目前處於該水準的較高範圍，但過去幾年我們一直都在這個範圍內進行投資。

Second part of the question?

問題的第二部分？

I think the second part of the question was if there was an acceleration of credit driven by the momentum of e-commerce? I'd say, to some degree, that could be the case. But I would say it's mostly that we're -- we have been mostly on the -- let's split this answer in the two main areas.

我認為問題的第二部分是：電子商務的發展動能是否帶動了信貸的加速成長？我認為，在某種程度上，情況可能確實如此。但我認為主要是──我們主要──讓我們把這個問題的答案分成兩個主要面向來回答。

On the one hand, I would say that the yielding account, we have been advertising it strongly last year, and that has been the main driver. We pay a larger return in the super yielding account. And that has been the main driver for the acceleration. I would not say that it's necessarily related to the extra activity in the marketplace.

一方面，我認為收益帳是我們去年大力推廣的主要驅動因素。我們在高收益帳戶中支付更高的回報。而這正是加速發展的主要驅動力。我不認為這一定與市場上的額外活動有關。

And then on the credit card front, I would say it's a combination of two things. One, definitely, we have been improving the integration of the offer of the credit card in the checkout and also offering more installments in the checkout. So definitely, the marketplace is a big driver for the growth of the use of the credit card. But on top of that, we have continued being continuously been improving the quality of our models as we improve our credit models, we feel more comfortable issuing more cards.

至於信用卡方面，我認為這是兩方面因素的結合。第一，我們確實一直在改善信用卡付款方式在結帳流程中的整合，並且還在結帳流程中提供了更多分期付款選項。因此，市場無疑是信用卡使用成長的重要驅動力。但除此之外，隨著我們信用模型的不斷改進，我們一直在持續提高模型的質量，因此我們更有信心發行更多信用卡。

And therefore, I'd say the main driver for issuing more cards, I would say, has been the increase in the accuracy of these credit models, but also definitely the integration with the checkout of the marketplace is also a big driver.

因此，我認為，推動發卡量增加的主要因素是這些信用模型的準確性提高，但與市場結帳流程的整合也絕對是一個重要的推動因素。

Craig Maurer, FT Partners.

Craig Maurer，FT Partners。

I'd like to ask the flip side of the prior question, which is if you look over time at the -- considering the investments you've made in provisions as well as growing out the credit book through credit cards and other types of loans, I was wondering if you could dimensionalize the lift that you get on a basket size or a GMV spend basis for those that have the credit card or a borrowing versus those that are not and perhaps also the degree of retention that you see in those customers versus those that don't.

我想問上一個問題的另一面，那就是，隨著時間的推移——考慮到您在撥備方面的投資，以及通過信用卡和其他類型的貸款擴大信貸規模，我想知道您是否可以量化一下，擁有信用卡或貸款的客戶與沒有信用卡或貸款的客戶相比，在購物籃規模或GMV消費額方面所獲得的提升，以及這些客戶的留存率與信用卡或存款的客戶的存存率。

Craig, look, we have not disclosed a specific number in terms of a lift. We see neither spend or retention, but definitely is, I'd say, significant. We measure several things. One of them is how much interaction they have with the marketplace, also Net Promoter Scores, there's a significant lift when someone start using our credit products, so they get a credit card and Net Promoter Score.

克雷格，你看，我們還沒有透露具體的提升數字。我們既沒有看到消費成長，也沒有看到客戶留存率上升，但我認為這絕對意義重大。我們測量多項指標。其中之一是他們與市場的互動程度，以及淨推薦值，當有人開始使用我們的信貸產品時，他們的淨推薦值會顯著提升，從而獲得信用卡並提高淨推薦值。

And I would say, on top of those two things, we do see a higher engagement and higher net spend. Also, when we look at each of the main countries, I'm talking about Brazil, Mexico and Argentina; and we look at what percentage of mix of all of the NMV is paid with Mercado Pago products and those lines have been growing steadily in all three markets.

而且我認為，除了這兩點之外，我們還看到了更高的用戶參與度和更高的淨消費額。此外，當我們審視每個主要國家時，我指的是巴西、墨西哥和阿根廷；我們會查看所有 NMV 組合中有多少百分比是用 Mercado Pago 產品支付的，而這些產品線在所有三個市場都穩步增長。

So if you combine buy now, pay later, credit card, store balance and so on, that is growing and is becoming a more significant part of NMV in each of the markets. And those transactions are great because typically, they have a significantly higher approval rate and a lower cost and many times, we are double-dipping because we have some income also on the Mercado Pago side, or at least a lower cost. So I think there is really a big synergy going on between the marketplace and Mercado Pago there.

因此，如果將「先買後付」、信用卡、商店餘額等結合起來，就會發現它正在增長，並且正在成為每個市場淨市值中越來越重要的組成部分。這些交易非常棒，因為通常情況下，它們的批准率要高得多，成本要低得多，而且很多時候，我們還能獲得雙重收益，因為我們在 Mercado Pago 這邊也有一些收入，或者至少成本更低。所以我認為市場和 Mercado Pago 之間確實存在很大的綜效。

Marvin Fong, BTIG.

Marvin Fong，BTIG。

Two quick ones also on credit card. You -- I believe you mentioned in prepared remarks you issued 3 million plus in the fourth-quarter. I believe that's up substantially, I think the last time you mentioned in the second-quarter, you issued 1.5 million. So it didn't sound like

兩筆都是用信用卡快速支付的。我相信您在事先準備好的發言稿中提到，您在第四季度發行了超過 300 萬張債券。我認為這個數字大幅成長，我記得你上次提到是在第二季度，當時你們發行了 150 萬張債券。所以聽起來不像

Argentina was the main driver of that. But could you just kind of break out -- are you -- is the growth in Brazil and Mexico dramatically higher compared to the second-quarter? And then the second part of the question, as the NPL performance in credit card continues to get better, are you, or is there an opportunity in the future to kind of take a lower provision in the upfront and make it more margin attractive at an earlier stage?

阿根廷是主要推動因素。但您能否具體說明一下—巴西和墨西哥的成長是否比第二季大幅提高？問題的第二部分是，隨著信用卡不良貸款率的持續改善，您是否有機會，或者未來是否有機會，在前期降低撥備，從而在早期階段獲得更高的利潤率？

Marvin, let me take the first question with regards to the number of credit cards we issued in the fourth-quarter, we issued nearly 3 million cards versus, as you said, 1.5 million in the second-quarter and 2 million in the third-quarter. I would say, from the second-quarter to the third-quarter, the main increase came from Brazil where improvements in our models meant that we were able to find more users that fit into our payback targets. And that was from the second-quarter into the third one.

馬文，讓我回答第一個問題，關於我們在第四季度發放的信用卡數量，我們發放了近 300 萬張卡，而正如你所說，第二季度發放了 150 萬張，第三季度發放了 200 萬張。我認為，從第二季到第三季度，主要成長來自巴西，我們模型的改進意味著我們能夠找到更多符合我們投資回報目標的用戶。那是從第二季到第三季的情況。

But then from the third-quarter to the fourth-quarter, there were two drivers. One of them was Argentina, as you mentioned, we started issuing cards in, let's say, halfway through the third-quarter but significantly sped up through the fourth-quarter, and we issued several -- a few, I'd say, 100,000 cards as we begin to ramp up our surge in that country. Early results are promising and cards are being issued to lower-risk users than the typical ones that could use our consumer loans. So we are excited with how Argentina is growing, and we are just getting started.

但從第三季到第四季，出現了兩位車手。其中一個國家是阿根廷，正如你所提到的，我們大約在第三季中期開始發行卡片，但在第四季度大幅加快了發行速度，我們發行了數張卡片——我想說，大約 10 萬張，因為我們開始加大在該國的投入。初步結果令人鼓舞，我們向風險較低的用戶發放信用卡，這些用戶通常不符合我們消費貸款的要求。我們對阿根廷的發展感到興奮，而這只是個開始。

And then in Mexico, I would say that better-than-expected payback periods enabled us to pick up the pace of issuance and we are comfortable with the pace we're taking. So I'd say the first, we have an acceleration in the third-quarter in Brazil and then in the fourth-quarter in Mexico and Argentina, and now we're working with the three countries at full speed, I would say.

而在墨西哥，我認為好於預期的回報期使我們能夠加快發行速度，我們對目前的發行速度感到滿意。所以我認為，首先，我們在巴西第三季度實現了加速成長，然後在墨西哥和阿根廷第四季度實現了加速成長，現在我們正在與這三個國家全力合作。

And in terms of the profitability of a product, if you look at Brazil, which is the oldest cohort we have been issued credit cards in Brazil since 2021, cohorts that are older than two years are already profitable at a NIMAL level. So that gives us a lot of encouragement to continue expanding the user base.

就產品的獲利能力而言，如果你看看巴西，這是我們自 2021 年以來在巴西發放信用卡的最老的一批用戶，超過兩年的用戶群體在 NIMAL 層面已經實現盈利。這給了我們很大的鼓舞，讓我們繼續擴大用戶群。

But obviously, as we incorporate a large number of new users, the average is still not profitable, but we are seeing light at the end of the tunnel, right? So it should be a profitable business, it should add to profitability when it comes to maturity. But still, we are at a stage where we are growing the user base. So on average is not profitable yet.

但顯然，隨著我們吸收大量新用戶，平均而言仍然無法獲利，但我們已經看到了隧道盡頭的曙光，對吧？所以它應該是一項盈利的業務，而且隨著業務發展成熟，它應該會增加盈利能力。但是，我們目前仍處於用戶群不斷成長的階段。所以平均而言，目前還沒有獲利。

So just to put in perspective, we have three books of credit. We have consumer credit, which is a relatively high-margin business in terms of NIMAL. If you look at NIMAL, it's in the 30s, in the high 40s merchant credits. The credit card at this point, it's not NIMAL positive on average, but the half of the portfolio is already NIMAL average in Brazil. We are seeing positive trends also in Mexico and would be actually too early to tell.

為了讓大家更清楚了解情況，我們有三本信貸帳。我們有消費信貸業務，就 NIMAL 而言，這是一個利潤率相對較高的業務。如果你看一下 NIMAL，它的商家信用額度在 30 到 40 多之間。目前這張信用卡的平均收益還不是 NIMAL 正收益，但其投資組合的一半在巴西已經達到了 NIMAL 平均水準。我們看到墨西哥也出現了正面的趨勢，現在下結論還為時過早。

Jamie Friedman, Susquehanna International Group.

Jamie Friedman，Susquehanna International Group。

So I had a question about the acquiring TPV. In terms of the mix of on and off platform acquiring TPV, how does that mix impact, say, that the consolidated take rate of acquiring? And if it does, is the interchange component of that now facing the regulatory caps that I think are underway in Mexico?

所以我想問一下關於收購TPV的問題。就平台內外取得 TPV 的組合而言，這種組合會如何影響例如整合獲取率？如果真是如此，那麼其中的互換部分是否會面臨我認為墨西哥正在實施的監管上限呢？

Jamie, let me clarify on acquiring. So we have, if you want three segments. You mentioned on platform and off platform. But basically, all of what is on platform we are measuring straightaway on the marketplace economics. So you don't see that on the acquiring side.

傑米，讓我解釋一下收購的事情。所以，如果您需要三個部分，我們有…你提到了平台內和平台外。但基本上，平台上的所有內容，我們都會直接根據市場經濟效益來衡量。所以在收購方你不會看到這種情況。

However, we do see on the acquiring side, both online and offline. So that is typically POSs and we provide merchant services for other merchants. And there, typically, since there is higher risk and it's more complex to do online transactions. We have a higher take rate in online transactions and a lower take rate in POS transactions because, in many cases, there is really no risk in those kind of transactions.

但是，我們在收購方面確實看到了線上和線下收購方面的成長。所以，這通常指的是POS機，我們為其他商家提供者戶服務。而且，通常情況下，由於風險較高，在線交易也更為複雜，因此在線交易更容易受到影響。線上交易的手續費較高，而 POS 交易的手續費較低，因為在許多情況下，這類交易實際上沒有任何風險。

So I would say most -- the higher margin is on the online transactions. Nonetheless, offline is growing a lot, and we see a lot of potential because we have a lower market share in that part of the business. And then with regards to the interchange cap in Mexico that did not go through. The regulator decided to postpone that or to put that on hold. So there will be no change in interchanges in Mexico for the time being.

所以我覺得大部分利潤——更高的利潤——都來自線上交易。儘管如此，線下業務發展迅猛，我們看到了巨大的潛力，因為我們在該業務領域的市佔率較低。還有關於墨西哥的互換上限問題，但最終沒有通過​​。監管機構決定推遲或暫停該項措施。因此，墨西哥境內的立體交叉暫時不會改變。

Joao Soares, Citigroup.

Joao Soares，花旗集團。

I appreciate the broader strategic upside you've outlined on agentic commerce. And I fully agree with the merits of driving online retail penetration in digital advertising. What I want to hear is your thoughts on the risk component. So essentially, how these independent agentic systems could introduce new forms of disintermediation and engage clients directly, right, leading to potential changes in monetization. The most obvious one we can think of and discuss a lot is the dollar flow of advertising. So I really want to hear how you view these risks and how you're approaching them strategically.

我非常讚賞您概述的代理型商業的更廣泛的策略優勢。我完全同意透過數位廣告來推動線上零售滲透率的優點。我想聽聽你對風險因素的看法。所以本質上，這些獨立的代理系統如何引入新的去中介化形式並直接與客戶互動，這可能導致貨幣化方式的改變。我們能想到的最明顯的例子，也是我們常討論的，就是廣告的資金流動。所以我很想聽聽您如何看待這些風險，以及您是如何從策略上應對這些風險的。

Yes. Thank you, Joao. Let me try to rephrase what I meant earlier as I try to address your point. I think there are things that we know and there are things that we don't know. So we don't know which hardware people will use in 10 years to buy. We don't know whether the winning model will be X, Y or Z and so on.

是的。謝謝你，若昂。讓我試著重新表達我之前的意思，以回應你的觀點。我認為有些事情我們知道，有些事情我們不知道。所以我們不知道人們在10年後會購買哪些硬體。我們不知道最終獲勝的模型是 X、Y 還是 Z 等等。

We do know that consumers do value or do look for the best end-to-end experience. We do know -- and that means not only searching for products, but also getting products fast, having the widest selection, pricing, the best financing alternatives, post-purchase support and so on.

我們知道，消費者確實重視或追求最佳的端到端體驗。我們當然知道——這意味著不僅要搜尋產品，還要快速獲得產品，擁有最廣泛的選擇、最優惠的價格、最佳的融資方案、售後支援等等。

We also know there's a technology today that can dramatically improve the product discovery process. And for that reason, we are putting all of our efforts and deploying lots of engineers in building our own agents and our own shopping assistant within MercadoLibre.

我們也知道，如今有一種技術可以大幅改善產品發現過程。因此，我們正在全力以赴，投入大量工程師，在 MercadoLibre 內建立我們自己的代理商和購物助理。

It's early to know what will happen with other shopping assistant. I take your point that it might present a risk. I understand where you're coming from. But we are confident that we are playing this one from a position of strength that we have the relationship with consumers. We have a brand that Latin America loves. We have information and data about past purchases that allow us to offer them a great shopping assistant. And we are betting and putting our efforts on what we can control, which is building the best assistant possible. And then we'll see, right? And time will tell, it's a bit early in the process.

現在判斷其他購物助理的情況還為時過早。我明白你的意思，這可能有風險。我明白你的意思。但我們相信，我們在這件事上佔優勢，因為我們與消費者建立了良好的關係。我們擁有一個深受拉丁美洲人民喜愛的品牌。我們擁有關於用戶過往購買記錄的資訊和數據，這使我們能夠為他們提供出色的購物助理。我們正在把賭注和精力投入到我們能夠控制的事情上，那就是打造最好的助手。然後我們再看看吧？時間會證明一切，現在還為時過早。

But once again, I think that MercadoLibre is well-positioned to capture this technology transformation, which, as I said before, I think will accelerate the migration from offline retail into online retail, which will be particularly relevant in a geography like Latin America, where we are somehow like 10 years before where the US, the UK or Asia is today.

但我再次認為，MercadoLibre 已經做好充分準備，迎接這場技術變革。正如我之前所說，我認為這將加速線下零售向線上零售的轉變，這在拉丁美洲這樣的地區尤其重要，因為我們現在的發展水平比美國、英國或亞洲落後了大約 10 年。

This concludes our question-and-answer session. I would like to turn the conference back over to Martin de los Santos for any closing remarks.

我們的問答環節到此結束。我謹將會議交還給馬丁·德洛斯·桑托斯，請他作總結發言。

Thank you all for joining the call and for your questions. We are very excited with the results that we're seeing across our ecosystem. In 2025, we achieved record market share gains in commerce in Brazil and Mexico. In fintech, we also saw important market share gains in our acquiring business, and we continue to scale our credit portfolio, which is very

感謝各位參與電話會議並提出問題。我們對整個生態系統所取得的成果感到非常興奮。2025年，我們在巴西和墨西哥的商業領域取得了創紀錄的市佔率成長。在金融科技領域，我們的收單業務也取得了重要的市場份額成長，我們正在持續擴大信貸組合規模，這非常…

profitable, as we discussed earlier. This resulted in Q4 revenues growing at 45% year-on-year, marking the 28th consecutive quarter of growth above 30%, which is another sign of effectiveness of the long-term investment and customer focus that we have within our ecosystem and the way we manage our ecosystem.

正如我們之前討論的那樣，有利可圖。這使得第四季度營收年增 45%，連續第 28 個季度成長超過 30%，這再次表明了我們在生態系統中進行的長期投資和以客戶為中心的策略以及我們管理生態系統的方式是有效的。

In 2025, we reached a record NPS in commerce and fintech in Brazil, Mexico and Argentina, which is a great achievement that should enable us to sustain future growth as we look into 2026. I look forward to coming to you again in May when we disclose Q1 results. In the meantime, the Investor Relations team is available for any further questions. Thank you again, and good evening.

2025 年，我們在巴西、墨西哥和阿根廷的商業和金融科技領域實現了創紀錄的 NPS，這是一項巨大的成就，應該能夠讓我們在展望 2026 年時保持未來的成長。我期待在五月再次與您見面，屆時我們將公佈第一季業績。同時，投資者關係團隊隨時解答您的任何問題。再次感謝，晚安。

The conference has now concluded thank you for attending today's presentation. You may now disconnect.

會議到此結束，感謝各位參加今天的報告。您現在可以斷開連線了。