Q4 2025 VTEX Earnings Call

February 26, 2026

Speaker #1: Hello everyone , and welcome to the VTEX earnings conference call for the quarter ended December 31st , 2025 . I'm Julia Fernandez , VP of Investor Relations for Vtex .

Julia Vater Fernández: Hello, everyone. Welcome to the VTEX Earnings Conference Call for the quarter ended 31 December 2025. I'm Julia Vater Fernández, VP of Investor Relations for VTEX. Our senior executives presenting today are Geraldo Thomaz Jr., Founder and Co-CEO, and Ricardo Camatta Sodré, Chief Financial Officer. Additionally, Mariano Gomide de Faria, Founder and Co-CEO, and Andre Spolidoro, Chief Strategy Officer, will be available during today's Q&A session. I would like to remind you that management may make forward-looking statements relating to such matters as continued growth prospects for the company, industry trends, and product and technology initiatives. These statements are based on currently available information and our current assumptions, expectations, and projections about future events. While we believe that our assumptions, expectations, and projections are reasonable in view of the current available information, we caution not to place undue reliance on these forward-looking statements.

Speaker #1: Our senior executives presenting today are Geraldo Thomaz, founder and co-CEO, and Ricardo Sodré, Chief Financial Officer. Additionally, Mariano de Faria, founder and co-CEO.

Speaker #1: And Andrés Polidoro , chief strategy officer , will be available during today's Q&A session . I would like to remind you that management may make forward looking statements relating to such matters as continued growth prospects for the company , industry trends and product and technology initiatives .

Speaker #1: These are based on currently available information and our current assumptions , expectations and projections about future events While we believe that our assumptions , expectations and projections are reasonable in view of the current available information , your caution not to place undue reliance on these forward looking statements Certain risks and uncertainties are described under Risk Factors and forward looking Statements .

Julia Vater Fernández: Certain risks and uncertainties are described under Risk Factors and Forward-Looking Statement sections of VTEX Form 20-F for the year ended 31 December 2025, and other VTEX filings within the U.S. Securities and Exchange Commission, which are available on our investor relation website. Finally, I would like to remind you that during the course of this conference call, we might discuss some non-GAAP measures. A reconciliation of those measures to the nearest comparable GAAP measures can be found in our Q4 2025 earnings press release, available on our investor relation website. With that, I hand the call over to Geraldo. Geraldo, the floor is yours.

Speaker #1: Sections of VTEX form 20 F for the year ended December 31st , 2025 and other filings within the US Securities and Exchange Commission , which are available on our Investor Relations website Finally , I would like to remind you that during the course of this conference call , we may discuss some non-GAAP measures .

Speaker #1: A reconciliation of those measures to the nearest comparable GAAP measures can be found in our fourth quarter 2020 earnings press release , available on our Investor Relations website With that , I hand the call over to Geraldo .

Speaker #1: Geraldo . The floor is yours

Speaker #2: Thank you . Julia , and good afternoon , everyone . Thank you for joining us today Today's call is primarily about giving shareholder transparency into how we're positioning VTEX to strengthen growth over time Let me start by acknowledging that our recent growth has been below our long term ambition .

Geraldo Thomaz Jr.: Thank you, Julia, and good afternoon, everyone. Thank you for joining us today. Today's call is primarily about giving shareholder transparency into how we're positioning VTEX to strengthen growth over time. Let me start by acknowledging that our recent growth has been below our long-term ambition. We believe that this is largely cyclical, not structural, driven primarily by three external factors: a more challenging macro environment in Brazil and Argentina, and a more promotional marketplace environment in Brazil, and longer decision cycles as enterprises reassess its priorities in a rapidly evolving AI landscape. More broadly, we recognize the market debate around AI and what it means for software.

Geraldo Thomaz: Thank you, Julia, and good afternoon, everyone. Thank you for joining us today. Today's call is primarily about giving shareholder transparency into how we're positioning VTEX to strengthen growth over time. Let me start by acknowledging that our recent growth has been below our long-term ambition. We believe that this is largely cyclical, not structural, driven primarily by three external factors: a more challenging macro environment in Brazil and Argentina, and a more promotional marketplace environment in Brazil, and longer decision cycles as enterprises reassess its priorities in a rapidly evolving AI landscape. More broadly, we recognize the market debate around AI and what it means for software.

Speaker #2: We believe that this is largely cyclical , not structural driven primarily by three external factors a more challenging macro environment in Brazil and Argentina , and a more promotional marketplace environment in Brazil .

Speaker #2: And longer decision cycles as enterprises reassess their priorities in a rapidly evolving AI landscape. More broadly, we recognize the market debate around AI and what it means for software. Although the combination of rapid AI innovation with limited tangible commerce applications so far may elongate sales cycles, the consistent view from our conversations with enterprise CIOs is that AI will change how software is built and operated.

Geraldo Thomaz Jr.: Although the combination of rapid AI innovation with limited tangible commerce applications so far may elongate sales cycle, the consistent view from our conversations with enterprise CIOs is that AI will change how software is built and operated, but it won't eliminate the need for deeply integrated enterprise-grade platforms that run mission-critical processes. While AI lowers the cost of writing code, it raises the bar for security, complex integrations, and reliability. Precisely, the attributes enterprises rely on VTEX to provide, and consistent with broadly stable dollar churn we delivered in 2025. As value shifts from seat-based to outcome-based, VTEX is structurally aligned with this shift. We are not just building AI features, we're building the mission-critical backbone for connected commerce that global brands can rely on to deploy AI safely and effectively.

Geraldo Thomaz: Although the combination of rapid AI innovation with limited tangible commerce applications so far may elongate sales cycle, the consistent view from our conversations with enterprise CIOs is that AI will change how software is built and operated, but it won't eliminate the need for deeply integrated enterprise-grade platforms that run mission-critical processes. While AI lowers the cost of writing code, it raises the bar for security, complex integrations, and reliability. Precisely, the attributes enterprises rely on VTEX to provide, and consistent with broadly stable dollar churn we delivered in 2025. As value shifts from seat-based to outcome-based, VTEX is structurally aligned with this shift. We are not just building AI features, we're building the mission-critical backbone for connected commerce that global brands can rely on to deploy AI safely and effectively.

Speaker #2: But it won't eliminate the need for deeply integrated enterprise grade platforms that run mission critical processes . And while AI lowers the cost of writing code , it raises the bar for security complex integrations and reliability .

Speaker #2: Precisely the attributes enterprises rely on VTEX to provide and consistent with broadly stable dollar churn . With delivered in 2025 . As value shifts from seat based to outcome based protected , structurally aligned with this shift , we are not just building AI features , we're building the mission critical backbone for connected commerce that global brands can rely on to deploy AI safely and effectively We could dive deeper into each of three external factors mentioned , but as we cannot control the environment , let's focus on what we can control our execution and product roadmap .

Geraldo Thomaz Jr.: We could dive deeper into each of three external factors mentioned, but as we cannot control the environment, let's focus on what we can control, our execution and product roadmap. Starting on that, we see a clear opportunity to improve growth with a plan anchoring four levers: global expansion, B2B, Retail Media, and AI. While we execute this growth plan, our enterprise focus remains front and center. In 2025, customers generating over $250,000 in ARR reached 158, with revenue from this cohort up 13% year-over-year. To illustrate the relevance of our plan, in Q4, our four growth levers represented roughly 15% of subscription revenue, delivering approximately 20% FX neutral growth and contributing to nearly half of subscription revenue growth.

Geraldo Thomaz: We could dive deeper into each of three external factors mentioned, but as we cannot control the environment, let's focus on what we can control, our execution and product roadmap. Starting on that, we see a clear opportunity to improve growth with a plan anchoring four levers: global expansion, B2B, Retail Media, and AI. While we execute this growth plan, our enterprise focus remains front and center. In 2025, customers generating over $250,000 in ARR reached 158, with revenue from this cohort up 13% year-over-year. To illustrate the relevance of our plan, in Q4, our four growth levers represented roughly 15% of subscription revenue, delivering approximately 20% FX neutral growth and contributing to nearly half of subscription revenue growth.

Speaker #2: Starting on that . We see a clear opportunity to improve growth with a plan anchored in four levers global expansion , B2B , retail , media and AI While we execute this growth plan , our enterprise focus remains front and center .

Speaker #2: And 2025 customers generating over $250,000 in IRR reached 158 , with revenue from this cohort up 13% year over year . And to illustrate the relevance of our plan in Q4 are four growth levers represented roughly 15% of subscription revenue , delivering approximately 20% FX neutral growth and contributing to nearly half of subscription revenue growth .

Speaker #2: The addressable market for these levers is materially larger than our core Latin America opportunity , and we believe we are well positioned competitively , so our focus now is disciplined execution .

Geraldo Thomaz Jr.: The addressable market for these levers is materially larger than our core Latin American opportunity, and we believe we are well-positioned competitively, so our focus now is disciplined execution. With that, let me bring our four growth levers to life. First, global expansion. We're winning and scaling in markets where complexity is highest. In 2025, global markets delivered 22% subscription revenue growth. For instance, in Europe, our partnership with Manchester City reached its first milestone with the Stadium Tour Store, offering personalized fan experiences in a single high-performance flow. Second, B2B. We're modernizing large enterprises by delivering complex capability that are AI-ready and composable by design, such as contract pricing, curated catalogs, PunchOut, and omni-channel fulfillment. Mondelēz launched B2B in Brazil on VTEX, extending a multi-region footprint.

Geraldo Thomaz: The addressable market for these levers is materially larger than our core Latin American opportunity, and we believe we are well-positioned competitively, so our focus now is disciplined execution. With that, let me bring our four growth levers to life. First, global expansion. We're winning and scaling in markets where complexity is highest. In 2025, global markets delivered 22% subscription revenue growth. For instance, in Europe, our partnership with Manchester City reached its first milestone with the Stadium Tour Store, offering personalized fan experiences in a single high-performance flow. Second, B2B. We're modernizing large enterprises by delivering complex capability that are AI-ready and composable by design, such as contract pricing, curated catalogs, PunchOut, and omni-channel fulfillment. Mondelēz launched B2B in Brazil on VTEX, extending a multi-region footprint.

Speaker #2: With that , let me bring our four growth levers to life . First , global expansion . We're winning and scaling . In markets where complexity is highest In 2025 , global markets delivered 22% .

Speaker #2: Subscription revenue growth . For instance , in Europe , our partnership with Manchester City reached its first milestone with the stadium tour store .

Speaker #2: Offering personalized fan experiences and a single high performance flow Second B2B , where modernizing large enterprises by delivering complex capability that are AI ready and composable by design , such as contract pricing , curated catalogs , punch out and omnichannel fulfillment .

Speaker #2: Mondelez launched B2B in Brazil on Vtex , extending a multi-region footprint while we still early in the mix , B2B demand in the US and Europe signals a durable shift , one we are now driving to digitalize across Latin America as well .

Geraldo Thomaz Jr.: While we're still early in the mix, B2B demand in the US and Europe signals a durable shift, one we are now driving to digitalize across Latin America as well. Third, Retail Media. 2025 was a turning point. We moved from pilots to a core growth engine with clear margin and creative outcomes. With VTEX Ads, customers run on-site, off-site, and in-store campaigns and measure them end-to-end through closed-loop attribution anchored in first-party data. The Retail Media market evolution plays directly to our integrated model. Enterprise retailers monetize traffic they already own, brands gain performance media tied to transactions, and both parties see results in a single source of truth.

Geraldo Thomaz: While we're still early in the mix, B2B demand in the US and Europe signals a durable shift, one we are now driving to digitalize across Latin America as well. Third, Retail Media. 2025 was a turning point. We moved from pilots to a core growth engine with clear margin and creative outcomes. With VTEX Ads, customers run on-site, off-site, and in-store campaigns and measure them end-to-end through closed-loop attribution anchored in first-party data. The Retail Media market evolution plays directly to our integrated model. Enterprise retailers monetize traffic they already own, brands gain performance media tied to transactions, and both parties see results in a single source of truth.

Speaker #2: Third , retail medium 2025 was a turning point . We moved from pilots to a core growth engine with clear margin accretive outcomes with Vertex Ads , customers run on site , off site and in-store campaigns , and measure them end to end through closed loop attribution .

Speaker #2: Anchored in first party data , the retail media market evolution plays directly to our integrated model . Enterprise retailers monetize traffic , they already own brands gain performance .

Speaker #2: Media tied to transactions , and both parties see results in a single source of truth . For example , SCC achieved a 39% increase in average conversion rate on average , Roas of above 17 x and consistent month over month acceleration in sales driven by retail media performance , demonstrating the power of data driven campaigns to elevate brand performance in digital retail environments Finally , AI , our work here spans two dimensions .

Geraldo Thomaz Jr.: For example, SCT achieved a 39% increase in average conversion rate on average ROAS of above 17x, and consistent month-over-month acceleration in sales driven by Retail Media performance, demonstrating the power of data-driven campaigns to elevate brand performance in digital retail environments. Finally, AI. Our work here spans two dimensions. First, our product. We're redesigning VTEX with an AI-first approach. For example, leading Brazilian retailers like Americanas and CNA are using Weni by VTEX to automate high-volume support journeys with deep enterprise integrations such as order, invoice, and CRM, reducing manual ticketing, speeding resolution, and improving customer satisfaction. Beyond Weni by VTEX, we see AI reshaping how commerce is built, operated, and optimized. We're embedding intelligence across the platform while simultaneously rethinking how we build commerce and run the company.

Geraldo Thomaz: For example, SCT achieved a 39% increase in average conversion rate on average ROAS of above 17x, and consistent month-over-month acceleration in sales driven by Retail Media performance, demonstrating the power of data-driven campaigns to elevate brand performance in digital retail environments. Finally, AI. Our work here spans two dimensions. First, our product. We're redesigning VTEX with an AI-first approach. For example, leading Brazilian retailers like Americanas and CNA are using Weni by VTEX to automate high-volume support journeys with deep enterprise integrations such as order, invoice, and CRM, reducing manual ticketing, speeding resolution, and improving customer satisfaction. Beyond Weni by VTEX, we see AI reshaping how commerce is built, operated, and optimized. We're embedding intelligence across the platform while simultaneously rethinking how we build commerce and run the company.

Speaker #2: First , our products we're redesigning VTEX with an AI first approach . For example , leading Brazilian retailers like Americanas and Sienna are using many buy Vitex to automate high volume support journeys with deep enterprise integrations such as Order , invoice and CRM .

Speaker #2: Reducing manual ticketing , speeding resolution and improving customer satisfaction . Beyond when buy Vitex , we see AI reshaping how commerce is built , operated and optimized .

Speaker #2: We're embedding intelligence across the platform while simultaneously rethinking how we build commerce and run the company . Our multi-tenant architecture and role as a mission critical commerce data aggregator give us advantages that point solutions and .

Geraldo Thomaz Jr.: Our multi-tenant architecture and role as a mission-critical Commerce data aggregator give us advantages that point solutions and legacy platforms can't easily replicate. Second, our own operations. AI is already showing up results. Automation in support has expanded gross margins by approximately 3 percentage points. In December, we implemented a reorganization in sales and marketing that impacted almost 100 headcounts. This move simplified management layers and centralized our global team for greater agility and efficiency. As we embrace an AI-first operating model, we are aligning our organizations to operate with increased speed, consistency, and technical depth. In summary, we chose structured transformation over incremental steps. Despite the challenging environment, disciplined execution and already identified productivity gains support continued improvement in profitability and enable increased R&D investments that drive our AI transformation and deepen our value with top-tier customers.

Geraldo Thomaz: Our multi-tenant architecture and role as a mission-critical Commerce data aggregator give us advantages that point solutions and legacy platforms can't easily replicate. Second, our own operations. AI is already showing up results. Automation in support has expanded gross margins by approximately 3 percentage points. In December, we implemented a reorganization in sales and marketing that impacted almost 100 headcounts. This move simplified management layers and centralized our global team for greater agility and efficiency. As we embrace an AI-first operating model, we are aligning our organizations to operate with increased speed, consistency, and technical depth. In summary, we chose structured transformation over incremental steps. Despite the challenging environment, disciplined execution and already identified productivity gains support continued improvement in profitability and enable increased R&D investments that drive our AI transformation and deepen our value with top-tier customers.

Speaker #2: Legacy platforms can't easily replicate . Second , our own operations . AI is already showing up results . Automation in support has expanded .

Speaker #2: Gross margins by approximately three percentage points , and in December , we implemented a reorganization in sales and marketing that impacted almost 100 Headcounts this move simplified management layers and centralized our global team for greater agility and efficiency as we embrace an AI first operating model , we are aligning our organizations to operate with increased speed , consistency , and technical depth .

Speaker #2: In summary , we chose structured transformation over incremental steps . Despite the challenging environment , discipline , execution and already identified productivity gains , support continued improvement in profitability and enable increased R&D investments that drive our AI transformation and deepen our value with top tier customers .

Speaker #2: We're evolving VTEX from a platform that powers commerce to a multi-product company. AI-first platform that is increasingly automated and orchestrated. We will keep executing behind this plan, expanding with existing customers as they scale on VTEX and adding more enterprises to the mix.

Geraldo Thomaz Jr.: We're evolving VTEX from a platform that powers commerce to a multi-product company, AI-first platform that increasingly automates and orchestrate it. We will keep executing behind this plan, expanding with existing customers as they scale on VTEX and adding more enterprises to the mix. These four growth levers translate into sustained compounding growth. With that, and moving to the Q4 of 2025, we added new enterprise customers, including Atacado Vila Nova, Loft Style, Luz da Lua, and TCL in Brazil, Mercacentro in Colombia, Pharmacies and Cruz Azul in Ecuador, Lantas Avanti and T-fal in Mexico. We also saw expansion activity within our existing customer base, such as EssilorLuxottica, launched two new brands in Brazil, e-Ótica and e-lens, adding to its existing portfolio of stores. Impressystem launched their B2B website in Colombia, adding to its B2C operation running on VTEX.

Geraldo Thomaz: We're evolving VTEX from a platform that powers commerce to a multi-product company, AI-first platform that increasingly automates and orchestrate it. We will keep executing behind this plan, expanding with existing customers as they scale on VTEX and adding more enterprises to the mix. These four growth levers translate into sustained compounding growth. With that, and moving to the Q4 of 2025, we added new enterprise customers, including Atacado Vila Nova, Loft Style, Luz da Lua, and TCL in Brazil, Mercacentro in Colombia, Pharmacies and Cruz Azul in Ecuador, Lantas Avanti and T-fal in Mexico. We also saw expansion activity within our existing customer base, such as EssilorLuxottica, launched two new brands in Brazil, e-Ótica and e-lens, adding to its existing portfolio of stores. Impressystem launched their B2B website in Colombia, adding to its B2C operation running on VTEX.

Speaker #2: So this for growth levers translate into sustained compounding growth . With that and moving to the fourth quarter of 2025 , we added new enterprise customers , including Atacado , Villanova loft style , Los and TCL in Brazil , Mercat Central in Colombia , pharmacies and Cruz Azul in Ecuador , lenta , Avanti and T4 in Mexico .

Speaker #2: We also saw expansion activity within our existing customer base , such as SLR , Luxottica launched two new brands in Brazil , E and E lens , adding to its existing portfolio of stores in Preston launched their B2B website in Colombia , adding to its B2C operation running on Vtex , Mondelez launched the B2B operation in Brazil , expanding its Vtex footprint ranging from Latin America to Europe .

Geraldo Thomaz Jr.: Mondelēz launched the B2B operation in Brazil, expanding its VTEX footprint, ranging from Latin America to Europe. OBI, who expanded to Italy, adding to its operation in Germany and Austria. Whirlpool launched KitchenAid in Canada, building on its successful store launch in the US, while continue our global relationship in over 20 countries. Even in a softer market environment, customers continue to choose VTEX to support strategic initiatives involving new channels, new geographies, and more complex operating models. Now, before I hand over the call to Ricardo, I would like to express my sincere gratitude to our 1,139 VTEX employees, whose dedication and adaptability were critical. I also would like to thank you, customers, partners, and investors for their trust and support. Ricardo, over to you.

Geraldo Thomaz: Mondelēz launched the B2B operation in Brazil, expanding its VTEX footprint, ranging from Latin America to Europe. OBI, who expanded to Italy, adding to its operation in Germany and Austria. Whirlpool launched KitchenAid in Canada, building on its successful store launch in the US, while continue our global relationship in over 20 countries. Even in a softer market environment, customers continue to choose VTEX to support strategic initiatives involving new channels, new geographies, and more complex operating models. Now, before I hand over the call to Ricardo, I would like to express my sincere gratitude to our 1,139 VTEX employees, whose dedication and adaptability were critical. I also would like to thank you, customers, partners, and investors for their trust and support. Ricardo, over to you.

Speaker #2: OBE , who expanded to Italy , adding to its operation in Germany and Austria , and Whirpool launched KitchenAid in Canada , building on its successful store launch in the US , while continuing our global relationship in over 20 countries .

Speaker #2: Even in a softer market environment, customers continue to choose VTEX to support strategic initiatives involving new channels, new geographies, and more complex operating models.

Speaker #2: Now , before I hand over the call to Hikaru , I would like to express my sincere gratitude to our 1139 VTEX employees .

Speaker #2: Who is dedication and adaptability were critical I also would like to thank you customers , partners and investors for their trust and support .

Speaker #2: Ricardo , over to you Thank you . Geraldo and hello everyone . I will now walk you through our financial performance for the fourth quarter and the full year of 2025 before going into the details , I would like to frame the year in context As mentioned by Geraldo , while the external environment pressure our customers , GMV growth and lengthened enterprise decision cycles , 2025 demonstrated the resilience of our business model and a strengthening of our unit economics , as evidenced , we continue to drive efficiency gains and deliver record profitability even in a slower growth environment .

Ricardo Camatta Sodré: Thank you, Geraldo, and hello, everyone. I will now walk you through our financial performance for Q4 and the full year of 2025. Before going to the details, I'd like to frame the year in context. As mentioned by Geraldo, while the external environment pressure our customer's GMV growth and lengthen enterprise decision cycles, 2025 demonstrated the resilience of our business model and the strength of our unit economics. As evidenced, we continue to drive efficiency gains and deliver record profitability even in a slower growth environment. In Q4 of 2025, our GMV reached $6.3 billion, representing a year-over-year growth of 17.2% in US dollars and 10.0% in FX neutral.

Speaker #2: In the fourth quarter of 2025 , our GMV reached $6.3 billion , representing a year over year growth of 17.2% in US dollars and 10.0% in FX neutral for the full year , GMV reached $20.5 billion , up 12.1% in US dollars and 12.9% in FX neutral subscription .

Ricardo Camatta Sodré: For the full year, GMV reached $20.5 billion, up 12.1% in US dollars and 12.9% in FX neutral. Subscription revenue reached $66.7 million in Q4, representing a growth of 12.2% year-over-year in US dollars and 5.4% in FX neutral. For the full year, subscription revenue reached $234.9 million, growing 7.9% in US dollars and 9.5% in FX neutral. Turning to revenue retention, in 2025, subscription revenue from existing stores reached $194 million, and our net revenue retention was 99.5% in FX neutral. Annual dollar churn remained broadly stable year-over-year.

Speaker #2: Revenue reached $66.7 million in the fourth quarter , representing a growth of 12.2% year over year in US dollars and 5.4% in FX neutral for the full year , subscription revenue reached $234.9 million , growing 7.9% in US dollars and 9.5% in FX neutral Turning to revenue retention in 2025 , subscription revenue from existing stores reached $194 million , and our net revenue retention was 99.5% in FX neutral annual dollar churn remained broadly stable year over year .

Speaker #2: However , given that roughly 60% of our revenue comes from a take rate on our customers , GMV , the decline in net revenue retention compared to 2024 was primarily driven by lower same store sales growth of 6.8% in FX neutral in 2025 .

Ricardo Camatta Sodré: However, given that roughly 60% of our revenue come from a take rate on our customer's GMV, the decline in net revenue retention compared to 2024, was primarily driven by lower same-store sales growth of 6.8% in FX neutral in 2025. This lower same-store sales growth reflected continued softness in Argentina and more muted consumer spending in Brazil, which weakened over the course of the year. A key highlight for the year was the continued improvement in the profitability of our existing stores. Existing stores' gross margin increased from 80% in 2024 to 82% in 2025, while operating margin reached 44%, representing a 1 percentage point increase year-over-year. This marks the second consecutive year in which this P&L exceeded the Rule of 40, reinforcing our confidence in sustaining a Rule of 40 performance as the business scales.

Speaker #2: These lower same-store sales growth reflected continued softness in Argentina and more muted consumer spending in Brazil, which weakened over the course of the year.

Speaker #2: A key highlight for the year was the continued improvement in the profitability of our existing stores. For existing stores, gross margin increased from 80% in 2024 to 82% in 2025, while operating margin reached 44%, representing a one percentage point increase year over year.

Speaker #2: This marks the second consecutive year in which these PNL exceeded the rule of 40 , reinforcing our confidence in sustaining a rule of 40 .

Speaker #2: Performance as the business scales . Moving on to subscription revenue additions in 2025 , new stores added $25 million to our base , representing approximately 13% of our 2024 VTEX platform revenue .

Ricardo Camatta Sodré: Moving on to subscription revenue addition. In 2025, new stores added $25 million to our base, representing approximately 13% of our 2024 VTEX Platform revenue. As discussed in prior quarters, elongated sales cycles throughout the year impacted revenue added from new stores and will carry over some impact in 2026. On the new stores P&L, our focus remains on maintaining a healthy return on the capital allocated to sales and marketing. On that front, LTV/CAC reached approximately 4x in 2025. The year-over-year decline in this metric was primarily driven by longer sales cycles and timing, rather than changes in win rates or the underlying attractiveness of the cohort. In fact, our continued enterprise focus drove our number of customers, generating over $250,000 in ARR to reach 158 customers in 2025.

Speaker #2: As discussed in prior quarters , elongated sales cycles throughout the year impacted revenue added from new stores and will carry over some impact in 2026 on the new stores .

Speaker #2: PNL , our focus remains on maintaining a healthy return on the capital allocated to sales and marketing . On that front , LTV over reached approximately four times in 2025 .

Speaker #2: The year over year decline in this metric was primarily driven by longer sales cycles and timing , rather than changes in win rates or the underlying attractiveness of the cohort .

Speaker #2: In fact , our continued enterprise focus drove our number of customers generating over $250,000 in AR to reach 158 customers in 2025 . While this represents only 1.9% increase in customer , it resulted in 14.5% FX neutral revenue increase from this cohort Looking forward , as mentioned by Geraldo , we adjusted our sales and marketing investments and we are reallocating capital toward R&D investments to enhance key product offerings such as B2B , retail , media and AI powered after sales support from a geographic perspective , Brazil subscription revenue grew 12.2% in FX neutral , supported by the Go live and ramp up of new stores .

Ricardo Camatta Sodré: While this represents only 1.9% increase in customer count, it resulted in 14.5% FX neutral revenue increase from this cohort. Looking forward, as mentioned by Geraldo, we adjusted our sales and marketing investments, and we are reallocating capital toward R&D investments to enhance key product offerings such as B2B, Retail Media, and AI-powered after-sale support. From a geographic perspective, Brazil subscription revenue grew 12.2% in FX neutral, supported by the go-live and ramp-up of new stores despite softer same-store sales. Latin America, excluding Brazil, grew 2.1% in FX neutral, and excluding Argentina, the region grew just slightly below Brazil's pace. Subscription revenue from global markets, formerly reported as rest of the world, grew 19.2% in FX neutral, demonstrating continued compounding even as the base expands.

Speaker #2: Despite softer same store sales , Latin America , excluding Brazil , grew 2.1% in FX neutral and excluding Argentina . The region grew just slightly below Brazil's pace .

Speaker #2: Subscription revenue from global markets formerly reported as rest of the world , grew 19.2% in FX neutral , demonstrating continued compounding even as the base expands Additionally , global markets represented 11.1% of our total revenue .

Ricardo Camatta Sodré: Additionally, global markets represented 11.1% of our total revenue. Its contribution margin, defined as gross profit minus directly allocated sales and marketing expenses, improved significantly and approached breakeven. Moving down the P&L, we maintain strong cost and expense discipline while continuing to prioritize investments aimed at supporting revenue re-acceleration. All figures I will now reference are non-GAAP, unless otherwise stated. You can find all GAAP to non-GAAP reconciliations on our investor relations website. Subscription gross profit reached $54.6 million in Q4, resulting in 81.8% subscription gross margin, up from 78.8% in the same period of the prior year.

Speaker #2: Its contribution margin , defined as gross profit minus directly allocated sales and marketing expenses , improved significantly , and approached breakeven . Moving down the PNL , we maintain strong cost and expense discipline while continuing to prioritize investments aimed at supporting revenue .

Speaker #2: Re-acceleration . Our figures are now reference our non-GAAP , unless otherwise stated , you can find our GAAP to non-GAAP reconciliations on our Investor Relations website , subscription , gross profit reached $54.6 million in the fourth quarter , resulting in 81.8% subscription gross margin , up from 78.8% in the same period of the prior year .

Speaker #2: Total gross margin increased to 79.6% , compared to 75.0% in the fourth quarter of 2024 , driven largely by AI powered customer support , automation and smaller extent , a higher mix of subscription revenue .

Ricardo Camatta Sodré: Total gross margin increased to 79.6% compared to 75.0% in Q4 2024, driven largely by AI-powered customer support automation and, to a smaller extent, a higher mix of subscription revenue. Operating expenses totaled $38 million in Q4, resulting in income from operations of $16.2 million and an operating margin of 23.8%, up from 19.9% in the same period of last year. During the quarter, we executed a reorganization in the sales and marketing to simplify layers, centralize global teams to better leverage AI, as well as align investments with the expected demand. These actions resulted in approximately $2 million severance expense above normalized level. Excluding that one-off impact, operating margin would have been just under 27%.

Speaker #2: Operating expenses totaled $38 million in the fourth quarter , resulting in income from operations of $16.2 million and an operating margin of 23.8% , up from 19.9% in the same period of last year .

Speaker #2: During the quarter , we executed a reorganization in the sales and marketing to simplify layers , centralize global teams to better leverage AI , as well as align investments with the expected demand .

Speaker #2: These actions resulted in approximately $2 million severance expense above normalized level . Excluding that one off impact operating margin would have been just under 27% .

Speaker #2: Free cash flow reached $11.1 million in the quarter , representing a 16.3% margin adjusted for one off severance payments above normalized levels . Free cash flow margin would have been just over 19% .

Ricardo Camatta Sodré: Free cash flow reached $11.1 million in the quarter, representing a 16.3% margin. Adjusted for one-off severance payments above normalized levels, free cash flow margin would have been just over 19%. Considering this level of cash generation and our current cash position as a percentage of our market cap, we are announcing a new $50 million 12-month share repurchase program for Class A shares. Looking ahead into 2026, as Geraldo highlighted at the beginning of the call, we remain focused on our four growth levers: global expansion, B2B, Retail Media, and AI. We are executing with discipline. The productivity we have unlocked across cost of revenue, sales and marketing, and G&A are expanding profitability while funding higher R&D to accelerate our AI transformation and deepen our value with top-tier customers.

Speaker #2: Considering this level of cash generation and our current cash position as percentage of our market cap , we are announcing a new $15 million , 12 month share repurchase program for class A shares Looking ahead into 2026 , as Geraldo highlighted at the beginning of the call , we remain focused on our four growth levers global expansion , B2B , retail , media and AI .

Speaker #2: We are executing discipline the productivity we have unlocked across cost of revenue , sales and marketing , and G&A are expanding profitability . While funding higher R&D to accelerate our AI transformation and deepen our value with top tier customers .

Speaker #2: While macro headwinds persist , we remain encouraged by the quality of new customers . Additions . Our competitive position among global enterprise customers and the compelling market opportunity across our four key long term growth initiatives .

Ricardo Camatta Sodré: While macro headwinds persist, we remain encouraged by the quality of new customers' additions, our competitive position among global enterprise customers, and the compelling market opportunity across our four key long-term growth initiatives. With that, and recognizing that Q1 seasonality is our lowest GMV quarter and faces the toughest year-over-year comparison, for Q1 2026, we expect subscription revenue to grow at mid-single digit percentage rate on a FX neutral year-over-year basis. Gross profit to grow at a high single digit percentage rate on a FX neutral year-over-year basis. Non-GAAP income from operations to be in the mid-teens percentage margin, and free cash flow to be in the high teens percentage margin. For the full year 2026, we are targeting subscription revenue to grow at mid to high single digit percentage rate on a FX neutral year-over-year basis.

Speaker #2: With that and recognizing that Q1 seasonality is our lowest GMV quarter and faces the toughest year over year comparison for Q1 2026 , we expect subscription revenue to grow at mid-single digit percentage rate on an FX neutral year over year basis .

Speaker #2: Gross profit is expected to grow at a high single-digit percentage rate on an FX-neutral year-over-year basis. Non-GAAP income from operations should be in the mid-teens.

Speaker #2: Percentage margin and free cash flow should be in the high teens . Percentage margin for the full year 2026 , we are targeting subscription revenue to grow at mid to high single digit percentage rate on an FX neutral year over year basis .

Speaker #2: Gross profit to grow at a high single digit to low teens . Percentage rate on an FX neutral year over year basis . non-GAAP income from operations should be in the low 20s .

Ricardo Camatta Sodré: Gross profit to grow at a high single-digit to low-teens percentage rate on a FX neutral year-over-year basis. Non-GAAP income from operations to be in the low 20s percentage margin. Free cash flow to be in the low 20s percentage margin. Assuming FX rates remain broadly consistent with January 2026 averages, the FX neutral growth guidance outlined above would translate into higher reported USD subscription revenue growth, adding approximately 8.4 percentage points in Q1 and 4.5 percentage points in the full year 2026. Before we open to Q&A, I would like to reiterate, we are executing with discipline, investing behind our 4 growth levers to drive durable growth and shareholder value, and expanding profitability while maintaining a strong balance sheet. With that, let's open it up for questions now. Thank you.

Speaker #2: Percentage margin and free cash flow should be in the low 20s . Percentage margin . Assuming FX rates remain broadly consistent with January 2026 averages , the FX neutral growth guidance outlined above would translate into higher reported USD subscription revenue growth , adding approximately 8.4 percentage points in the first quarter and 4.5 percentage points in the full year 2026 .

Speaker #2: Before we open to Q&A, I would like to reiterate we are executing with discipline, investing behind our four growth levers to drive durable growth and shareholder value, and expanding profitability while maintaining a strong balance sheet.

Speaker #2: With that, let's open it up for questions now. Thank you.

Speaker #3: We will now begin the question and answer session . If you would like to ask a question at this time , simply press star , followed by the number one on your telephone keypad And our first question comes from the line of Livia Mezzabotta with J.P.

Operator: We will now begin the question and answer session. If you would like to ask a question at this time, simply press star followed by 1 on your telephone keypad. Our first question comes from the line of Marcelo Santos with JPMorgan. Livia, please go ahead.

Speaker #3: Morgan: Livia, please go ahead.

Speaker #4: Hi everyone . Can you hear me Can you hear Hello

Marcelo Santos: Hi, everyone. Can you hear me? Can you hear?

Ricardo Camatta Sodré: Yes, we can.

Speaker #2: Yes , we can .

Speaker #5: Hi . Yes , we can hear you .

Operator: Hi. Yes, we can hear you.

Speaker #4: Okay . Thank you , thank you . So hi everyone . Thank you for the opportunity for asking questions . I would like to explore a little bit the point of the sales cycle So what I would like to understand is mainly if you see a turning point on this elongated sales cycle , I mean , from your conversations with CTOs and the industry players , what is the feedback that you are having regarding this point ?

Marcelo Santos: Okay. Thank you. Thank you. Hi, everyone. Thank you for the opportunity for asking questions. I would like to explore a little bit the point of the sales cycle. What I would like to understand is mainly if you see a turning point on this elongated sales cycle. I mean, from your conversations with CTOs and the industry players, what is the feedback that you are having regarding this point? Is there any market intelligence that you could share with us to help us understand when this could normalize? What do you think is necessary to happen in the market to change the scenario? Is there something that you see as a turning point? The second point that I would like to explore is the gross margin gains in the Q4. Is it all coming from AI?

Speaker #4: And if is there any market intelligence that you could share with us to help us understand when this could normalize ? And what do you think is necessary to happen in the market to scenario ?

Speaker #4: Is there something that you see as a turning point And the second point that I would like to explore is the gross margin gains in the fourth quarter .

Speaker #4: Is it all coming from AI ? Is there other elements that are helping you to bring this margin level up Thank you

Marcelo Santos: Is there other elements that are helping you to bring this margin level up? Thank you.

Speaker #2: Thanks, Livia. Mariano will take the first question, and I can take the second one. Mariano.

Ricardo Camatta Sodré: Thanks, Livia. Mariano will take the first question, and I can take the second one. Mariano?

Speaker #6: Yeah , I can take . Yep . Perfect . So make no mistake , what we were seeing is not a deterioration in competitiveness , but a clear elongation of sales cycle .

Mariano Gomide de Faria: Yeah, I can take. Yep, perfect. Make no mistake, what we were seeing is not a deterioration in competitiveness, but a clear allocation of sales cycle. 2024 was a record year for bookings. In 2025, we signed fewer new contracts. That's a fact. RFP processes are taking longer to close. Enterprise customers are simply taking more time to make platform decisions due to macro scenarios and uncertainty of AI future. The primary driver is what we call the AI wait-and-see effect. There is an enormous amount of discussions around how AI will reshape software. When companies are making a 5 to 10 years infrastructure decision with high switching costs, they want clarity. Decisions are being delayed. Sales cycles are being elongated.

Speaker #6: 2024 was a record year for bookings in 2025 . We signed fewer new contracts . That's a fact . And RFP process are taking longer to close .

Speaker #6: So enterprise customers are simply taking more time to make platform decisions due to macro scenarios and uncertainty of AI future . The primary driver is what we call the AI .

Speaker #6: Wait and see effect . There is an enormous amount of discussions around how AI will reshape software when companies are making a 5 to 10 years infrastructure decision with high switching costs , they want clarity .

Speaker #6: So decisions are being delayed , sales cycles are being elongated . Important importantly to mention is that our win rates remain stable . Our surance remain in the mid-single digits and is stable and this is a in in my opinion , a market wide excitation , not a VTEX specific issue .

Mariano Gomide de Faria: Importantly to mention is that our win rates remain stable, our churns remain in the mid-single digits and is stable. This is in my opinion, a market-wide hesitation, not a VTEX-specific issue. In response, we streamline our sales and marketing organization to operate more efficient, leveraging all the new AI paradigm and capabilities. The productivity gains are being redirected into R&D, accelerating our AI roadmap and positioning VTEX a AI-first native platform for commerce enterprise company. Yes, momentum is lower and cycles are longer, but fundamentals remain strong. Sodré?

Speaker #6: In response , we streamline our marketing organization to operate more efficiently , leveraging all the new AI paradigm and capabilities . The productivity gains are being redirected into R&D , accelerating our AI roadmap and positioning .

Speaker #6: VTEX is an AI-first native platform for commerce, focused on the enterprise company segment. So yes, momentum is slower and cycles are longer, but fundamentals remain strong. So—

Speaker #2: Perfect . Thanks , Mariano . And on the second question , on on gross margin , as we mentioned in the prepared remarks , we gained roughly three percentage points in subscription gross margin .

Ricardo Camatta Sodré: Perfect. Thanks, Mariano. Livia, on the second question on gross margin, as we mentioned in the prepared remarks, we gained roughly 3 percentage points in subscription gross margin this quarter from 78.8% to 81.8%. This is basically all AI-driven. Just to recap, over the past 3 years, we gained a lot of subscription gross margin. Over the first 2 years in this 3-year period, was mostly driven by hosting optimizations and gains. Over the last 1 year, so during 2025, it was driven on the support function of our existing customers. By automating the support using AI tools, we have managed to gain, you know, 3 percentage points in margin, and this is sustainable going forward as well.

Speaker #2: This quarter from 78.8% to 81.8% . And this is basically all AI driven . So just to recap , over the past three years , we gained a lot of subscription gross margin over the past over the first two years , in this three year period was mostly driven by hosting optimizations and gains over the last one year .

Speaker #2: So during 2025 , it was driven on the support function of our existing customers . And by automating the support using AI tools , we have managed to gain three percentage points in margin .

Speaker #2: And this is sustainable going forward as well

Speaker #4: Perfect . Very clear . Thank you

David Brown: Perfect. Very clear. Thank you.

Marcelo Santos: Perfect. Very clear. Thank you.

Speaker #3: And our next question comes from the line of Luca Brandon with Bank of America . Luca , please go ahead

Operator: Our next question comes from the line of Luca Bernardinelli with Bank of America. Luca, please go ahead.

Operator: Our next question comes from the line of Luca Berardinelli with Bank of America. Luca, please go ahead.

Speaker #7: Hi , everyone . Thank you for taking my questions . I have two on my side here . The first one , if you could comment a little bit on what you think are the main risks and also the main opportunities of AI that you see for the company , both in the short term but also in the long term .

Luca Bernardinelli: Hi, everyone. Thank you for taking my questions. I have 2 on my side here. The first one, if you could comment a little bit on what you think are the main risks and also the main opportunities of AI that you see for the company, both in the short term, but also in the long term, and how do you think this, both sides will pan out in the long run? Also 2nd, if you could comment a little bit on capital allocation. You guys announced the new buyback program, which is very robust. How can we think about what VTEX plans to do with the cash generation that will be coming in the next years? Thank you.

Luca Berardinelli: Hi, everyone. Thank you for taking my questions. I have 2 on my side here. The first one, if you could comment a little bit on what you think are the main risks and also the main opportunities of AI that you see for the company, both in the short term, but also in the long term, and how do you think this, both sides will pan out in the long run? Also 2nd, if you could comment a little bit on capital allocation. You guys announced the new buyback program, which is very robust. How can we think about what VTEX plans to do with the cash generation that will be coming in the next years? Thank you.

Speaker #7: And how do you think this both sides will pan out in the long run . And also second , if you could comment a little bit on capital allocation , you guys announced the new buyback program , which is very robust .

Speaker #7: So how can we think about what Vtex plans to do if the cash generation that will be coming in the next years ? Thank you

Speaker #8: So , so thank you very much for the question . I'll I'm Gerard . I once said that so so first of all like AI is not a feature upgrade .

Geraldo Thomaz Jr.: Thank you very much, Luca, for the question. I'm Geraldo, I'll answer that. First of all, like, AI is not a feature upgrade, it's a structural shift comparable to the move to the cloud that we did a decade ago and make us viable as a company. Our role in this transition is very clear, to be the mission-critical orchestration layer of AI-driven commerce. AI is lowering the cost of writing code. Everybody's talking about it, but it's raising the bar for security, integration, and reliability. Global enterprise, they don't buy lines of code, they buy future-driven domain knowledge packaged around security and reliability. They need a backbone that propels them for the future with resilience and security. As commerce fragments across AI agents, bots, and new interfaces, the front end becomes incredibly commoditized.

Geraldo Thomaz: Thank you very much, Luca, for the question. I'm Geraldo, I'll answer that. First of all, like, AI is not a feature upgrade, it's a structural shift comparable to the move to the cloud that we did a decade ago and make us viable as a company. Our role in this transition is very clear, to be the mission-critical orchestration layer of AI-driven commerce. AI is lowering the cost of writing code. Everybody's talking about it, but it's raising the bar for security, integration, and reliability. Global enterprise, they don't buy lines of code, they buy future-driven domain knowledge packaged around security and reliability. They need a backbone that propels them for the future with resilience and security. As commerce fragments across AI agents, bots, and new interfaces, the front end becomes incredibly commoditized.

Speaker #8: It's a structural shift compatible to the move to the cloud that we did a decade ago . And make us viable as a company .

Speaker #8: Our role in this transition is very clear . To be the mission critical orchestration layer of AI driven commerce . AI is lowering the cost of writing code .

Speaker #8: Everybody's talking about it . But it's raising the bar for security , integration and reliability . Global enterprise , they don't buy lines of code .

Speaker #8: They buy future-driven domain knowledge packages around security and reliability. They need a backbone that propels them for the future, with resilience and security.

Speaker #8: As commerce fragments across AI agents , bots and new interfaces , the front end becomes increasingly commodity commoditized . But every transaction is still needs a centralized system of records to validate inventory , manage price , and trigger fulfillment .

Geraldo Thomaz Jr.: Every transaction still needs a centralized system of records to validate inventory, manage price, and trigger fulfillment. That orchestration layer, the single source of truth, is where VTEX operate. We have a cloud-native multi-tenant architecture that give us access to billions of real-world commerce data points across a lot of verticals. That deterministic data is a strategic asset for training proprietary models, something silos that are on legacy platform that they cannot replicate. In our own operations, like Sodré and Mariano talked about this already, we've seen a lot of tangible impact. I would say, Luca, that, you know, the risk is that for us and for any other software company, is that we don't embrace and adopt the revolution, the technological revolution. If we

Geraldo Thomaz: Every transaction still needs a centralized system of records to validate inventory, manage price, and trigger fulfillment. That orchestration layer, the single source of truth, is where VTEX operate. We have a cloud-native multi-tenant architecture that give us access to billions of real-world commerce data points across a lot of verticals. That deterministic data is a strategic asset for training proprietary models, something silos that are on legacy platform that they cannot replicate. In our own operations, like Sodré and Mariano talked about this already, we've seen a lot of tangible impact. I would say, Luca, that, you know, the risk is that for us and for any other software company, is that we don't embrace and adopt the revolution, the technological revolution. If we

Speaker #8: That orchestration layer , the single source of truth , is where VTEX operates . We have a cloud native multi-tenant architecture that gives us access to billions of real world commerce .

Speaker #8: Data points across a lot of that verticals that deterministic data is a strategic asset for training proprietary models . Something silos or on legacy platform that that they cannot replicate in our own operations like Mariano talked about this already , we see a lot of tangible effect , impact .

Speaker #8: So I would say that , you know , the the risk is that for us and for any other software company is that we don't embrace and adopt the revolution , the technological revolution .

Speaker #8: But if we do , you know , a software company that goes to towards these technological shift , they will be stronger , not weaker .

Geraldo Thomaz Jr.: you know, a software company that goes through towards these technological shift, they will be stronger, not be weaker. We are working very hard to get there with the strength that we already got from a lot of years from now, which is the credibility, the security, the customer base, the proprietary data. I think there's a lot of room for us to use and leverage the AI revolution.

Geraldo Thomaz: you know, a software company that goes through towards these technological shift, they will be stronger, not be weaker. We are working very hard to get there with the strength that we already got from a lot of years from now, which is the credibility, the security, the customer base, the proprietary data. I think there's a lot of room for us to use and leverage the AI revolution.

Speaker #8: And and we are working very hard to get there with the strength that we already got from a lot of years from now , which is the credibility , the security , the customer base , the proprietary data .

Speaker #8: I think there's a lot of room for us to use and leverage data revolution

Speaker #2: Perfect . And on the capital allocation ? Yeah , on the capital allocation . Luca . So our capital allocation is guided by a simple principle .

Ricardo Camatta Sodré: Perfect. On the capital allocation. Yeah, on the capital allocation, Luca. Our capital allocation is guided by a simple principle. We prioritize long-term value creation while maintaining the flexibility to navigate a dynamic macro environment. We are operating from a position of significant financial strength. As our year-end 2025, we held roughly, you know, $200 million in cash. This robust position, combined with our consistent free cash flow generation, allow us to announce a new $50 million, you know, 12-month share repurchase program that you just mentioned. We view buybacks as a discipline tool to optimize our capital structure and importantly, to mitigate dilution from our share-based compensation program.

Speaker #2: We prioritize long term value creation while maintaining the flexibility to navigate the dynamic macro environment . So we are operating from a position of significant financial strength as our year end 2025 , we held roughly $200 million in cash .

Speaker #2: So this robust position , combined with our consistent free cash flow generation , allow us to announce a new $50 million , 12 month share repurchase program that you just mentioned .

Speaker #2: So we view buybacks as a discipline tool to optimize our capital structure . And importantly , to mitigate dilution from our share based compensation program .

Ricardo Camatta Sodré: While organic growth remains our primary focus, we talked a lot in the pre-prepared remarks about how we plan to reaccelerate the organic growth. We are investing more in R&D, you know, to boost our AI transformation and strengthen our, you know, main key growth pillars. We are also strategically active in the M&A market. More recently, our approach has been about acquiring capabilities that accelerate our product roadmap to enhance the platform differentiation. You've seen this recently, you know, with the Weni acquisition, which has strengthened our agentic CX product, and Newtail, which accelerated our Retail Media capabilities. Our capital allocation, you know, remains anchored in discipline, you know, ROI and long-term view for the shareholders.

Speaker #2: While organic growth remains our primary focus . And we talked a lot in the prepared remarks about how we plan to accelerate the organic growth , and we are investing more in R&D to boost our AI transformation .

Speaker #2: And strengthen our , you know , main key growth pillars . We are also strategically active in the M&A market . More recently , our approach has been about acquiring capabilities that accelerate our product roadmap to enhance the platform differentiation .

Speaker #2: So you've seen these recently . You know , with the acquisition , which strengthened our genetics product and new tail , which accelerated our retail media capabilities .

Speaker #2: So our capital allocation remains anchored in discipline . You know , ROI and long term view for the shareholders

Speaker #7: Very clear . Thank you for the

Luca Bernardinelli: Very clear. Thank you for the answers.

Luca Berardinelli: Very clear. Thank you for the answers.

Speaker #3: And your next question comes from the line of Rafael Oliveira with UBS . Rafael , please go ahead

Operator: Your next question comes from the line of Leonardo Olmos with UBS. Rafael, please go ahead.

Speaker #9: Hi everyone . Thanks for taking my questions . I got two questions here on my side . So first I want to start here by asking what are the main drivers that could drive revenue growth back to double digits in the next years ?

Operator: Hi, everyone. Thanks for taking my questions. I got two questions here on my side. First, I want to start here by asking, what are the main drivers that could drive revenue growth back to double digits in the next years? If you could disclose any regional breakdown on the current macro backdrop, would be very helpful. The second question would be: How is the B2B pipeline evolving both in terms of size and quality? Again, any color on the global expansion of B2B will be very helpful. Thank you.

Leonardo Olmos: Hi, everyone. Thanks for taking my questions. I got two questions here on my side. First, I want to start here by asking, what are the main drivers that could drive revenue growth back to double digits in the next years? If you could disclose any regional breakdown on the current macro backdrop, would be very helpful. The second question would be: How is the B2B pipeline evolving both in terms of size and quality? Again, any color on the global expansion of B2B will be very helpful. Thank you.

Speaker #9: If you could disclose any regional breakdown on the current macro backdrop, that would be very helpful. And the second question would be: how is the B2B pipeline evolving, both in terms of size and quality? And again, any color on the global expansion of B2B would be very helpful.

Speaker #9: Thank you .

Speaker #8: Good , good . I'll get that . So to address the performance , like we know , as I said in the prepared in the first remarks , we're not satisfied .

Geraldo Thomaz Jr.: Good. Good. I'll get that. To address the platform, like we know, as I said in the first remarks, we're not satisfied, and we think that we have a lot of more bandwidth to deal with more complex problems, to reaccelerate the company, to initiate other, to start other initiatives that will make the company accelerate and go back to the growth we're used to. First of all, we need to distinguish between what is cyclical and what is structural. While our Q4 of 2025 subscription revenue growth of 5.4% affects you to reflect a cyclical slowdown, mostly driven by macro softness in Brazil and Argentina, and also an unusually promotional marketplace environment, our structural foundations have never been stronger, in my opinion.

Geraldo Thomaz: Good. Good. I'll get that. To address the platform, like we know, as I said in the first remarks, we're not satisfied, and we think that we have a lot of more bandwidth to deal with more complex problems, to reaccelerate the company, to initiate other, to start other initiatives that will make the company accelerate and go back to the growth we're used to. First of all, we need to distinguish between what is cyclical and what is structural. While our Q4 of 2025 subscription revenue growth of 5.4% affects you to reflect a cyclical slowdown, mostly driven by macro softness in Brazil and Argentina, and also an unusually promotional marketplace environment, our structural foundations have never been stronger, in my opinion.

Speaker #8: And we think that we have a lot of more bandwidth to deal with , more complex problems . We accelerate the . Com to initiate other to to start other initiatives that will make the company accelerate and go back to the growth .

Speaker #8: We were used to . So , so first of all , we need to distinguish between what is cyclical and what is structural .

Speaker #8: While our Q4 of 2020, five subscription revenue growth of 5.4% to reflect a cyclical slowdown, mostly driven by Microsoft in Brazil and Argentina, and also an unusually promotional marketplace environment.

Speaker #8: Our structural foundations have never been stronger in my opinion . We have deliberately evolved the text into a multi-product company , AI driven commerce platform , and we're now seeing double digit growth momentum across four levers that will power our next phase .

Geraldo Thomaz Jr.: We have deliberately evolved the tech into a multi-product company, AI-driven Commerce Platform, and we're now seeing double-digit growth, momentum across four levers that will power our next phase. I'll try to give some picture on these four levers. First of all, is the global expansion. Our markets in the US and Europe delivered 22% subscription revenue growth in 2025. These operations are now approaching break-even contribution margins and are becoming largely self-funded. Second is B2B Commerce. This is a natural extension of our platform that effectively doubles our addressable market, in our opinion. Roughly half of our new deals in the US and EMEA are now B2B related, as enterprise migrates from outdated 20 years old legacy systems to a modern architecture. The third one is Retail Media.

Geraldo Thomaz: We have deliberately evolved the tech into a multi-product company, AI-driven Commerce Platform, and we're now seeing double-digit growth, momentum across four levers that will power our next phase. I'll try to give some picture on these four levers. First of all, is the global expansion. Our markets in the US and Europe delivered 22% subscription revenue growth in 2025. These operations are now approaching break-even contribution margins and are becoming largely self-funded. Second is B2B Commerce. This is a natural extension of our platform that effectively doubles our addressable market, in our opinion. Roughly half of our new deals in the US and EMEA are now B2B related, as enterprise migrates from outdated 20 years old legacy systems to a modern architecture. The third one is Retail Media.

Speaker #8: And I'll try to give some picture on this Four levers . So first of all is the global expansion . Our markets in the US and Europe delivered 22% subscription revenue growth in 2025 .

Speaker #8: These operations are now approaching breakeven contribution margins and are becoming largely self-funded faculties . B2B e-commerce This is a natural extension of our platform that effectively doubles our addressable market .

Speaker #8: In our opinion , roughly half of our new deals in the US and Ma are now B2B related . As enterprise migrate from outdated 20 years old legacy system to a modern architecture .

Speaker #8: Third one . The third one is retail media . We moved from a pilot to a core engine . This year by enabling retailers to monetize their digital traffic , capturing ad revenue that represents 3 to 8% of GMV for marketplaces .

Geraldo Thomaz Jr.: We moved from a pilot to a core engine this year by enabling retailers to monetize their digital traffic, capturing ad revenue that represents 3% to 8% of GMV for marketplaces. We're creating a high margin, attractive revenue streams for our customers and for VTEX. The fourth one, you know, is the AI-first approach. AI is already delivering measurable outcomes, such as the 3 percentage point expansion on the gross margin that we talked about. We're also reinvest this productivity gains back into R&D to lead the transition to our AI workspace and vision products that can be transformational to our customers. For the full year of 2026, as comps ease throughout the year, we anticipate a trajectory of gradual acceleration, with the expectation that we will exit the year at a faster pace than we entered.

Geraldo Thomaz: We moved from a pilot to a core engine this year by enabling retailers to monetize their digital traffic, capturing ad revenue that represents 3% to 8% of GMV for marketplaces. We're creating a high margin, attractive revenue streams for our customers and for VTEX. The fourth one, you know, is the AI-first approach. AI is already delivering measurable outcomes, such as the 3 percentage point expansion on the gross margin that we talked about. We're also reinvest this productivity gains back into R&D to lead the transition to our AI workspace and vision products that can be transformational to our customers. For the full year of 2026, as comps ease throughout the year, we anticipate a trajectory of gradual acceleration, with the expectation that we will exit the year at a faster pace than we entered.

Speaker #8: Were creating a high margin revenue streams for our customers and for the tax . The fourth one and you know , is the AI first approach .

Speaker #8: AI is already delivering , delivering measurable outcomes such as the 3% point expansion on the gross margin that we talked about . But we're also reinvest this productivity gains back into R&D to lead the transition of our to our AI workspace .

Speaker #8: Envision products that can be transformational to to our customers for the full year of 2026 , as comps ease throughout the year , we anticipate a trajectory of gradual acceleration with the expectation that we will exit the year at a faster pace than we entered .

Speaker #8: While we recognize there our external factors that do not , we do not control , such as the interest rate cycles , the consumption cadence , the broader market volatility .

Geraldo Thomaz Jr.: While we recognize there are external factors that we do not control, such as the interest rate cycles, the consumption cadence, the broader market volatility, we believe we have the right tools to help our customers reaccelerate their same-store sales and reinvigorate our own sales funnel. We're staying the course, executing with discipline, and positioning VTEX as the backbone for the next era of connected commerce. All of that while delivering record the profitability, as you noticed.

Geraldo Thomaz: While we recognize there are external factors that we do not control, such as the interest rate cycles, the consumption cadence, the broader market volatility, we believe we have the right tools to help our customers reaccelerate their same-store sales and reinvigorate our own sales funnel. We're staying the course, executing with discipline, and positioning VTEX as the backbone for the next era of connected commerce. All of that while delivering record the profitability, as you noticed.

Speaker #8: We believe we have the right tools to help our customers react, generate their same-store sales, and reinvigorate our own sales funnel.

Speaker #8: So we stay the course executing with discipline and positioning the text as the backbone for the next era of connected commerce . All of that while delivering record profitability .

Speaker #8: As you noticed

Speaker #6: Okay , about the B2B , can you if I am not answering correctly , but can you please repeat the B2B question if I if I , if I misunderstand , but just an overall perspective on B2B Vtex is a company that has three products and multiple solutions .

Mariano Gomide de Faria: Okay, about the B2B, can you, if I am not answering correctly, but can you please repeat the B2B question if I misunderstand? Just an overall perspective on B2B. VTEX is a company that has three products and multiple solutions. The products are Commerce Platform, Retail Media Platform, and agentic CX platform. We do support, with those three products, multiple solutions: omni-channel B2C, B2B commerce, advertising, Retail Media for advertisers, Retail Media for publishers. About B2B, we are seeing that B2B is getting traction, something that we call an acceleration phase, each in deploys and pipeline generation. Our Commerce Platform product delivers multiple solutions, especially in B2B, showing great momentum. In fact, something that we can share is roughly half of our deals in the US and EMEA are now B2B related.

Speaker #6: The products are commerce , platform , retail , media platform and a genetic platform . And we do support with those three products .

Speaker #6: Multiple solutions , omnichannel , B2C , B2B commerce , advertising , retail media for advertising , retail media for publishers . About B2B We are seeing that B2B is getting traction , something that we call in acceleration phase .

Speaker #6: Each in deploys and pipeline generation . Our commerce platform product delivers multiple solutions . Specializing B2B showing great momentum . So in fact , something that we can share is roughly half of our deals in the US and EMEA are now B2B related .

Speaker #6: So that effectively doubles our addressable market within the enterprise tier . If I don't if I didn't answer what you wanted about B2B , please let me know

Mariano Gomide de Faria: That effectively doubles our addressable market within the enterprise tier. If I didn't answer what you wanted about B2B, please let me know.

Speaker #9: No , it was super clear . I was just asking about how the B2B pipeline is evolving , but thanks for the call .

Operator: No, it was super clear. I was just asking about how the B2B pipeline is evolving, but-

Leonardo Olmos: No, it was super clear. I was just asking about how the B2B pipeline is evolving, but-

Mariano Gomide de Faria: Okay.

Operator: Thanks for the call. If I may do just a follow-up here on the AI team. How are you guys seeing the development of these new AI tools from the large tech or LLM providers? Are you guys seeing some competitive pressure? If you guys could comment about agentic commerce and how this should be maybe beneficial for the D2C platforms.

Leonardo Olmos: Thanks for the call. If I may do just a follow-up here on the AI team. How are you guys seeing the development of these new AI tools from the large tech or LLM providers? Are you guys seeing some competitive pressure? If you guys could comment about agentic commerce and how this should be maybe beneficial for the D2C platforms.

Speaker #9: If I may do just a follow up here on the AI team . How are you guys seeing the development of this new AI tools from from the large tech or LM providers ?

Speaker #9: Are you guys seeing some competitive pressure ? And if you guys could comment about Agent Commerce and how this should be , maybe beneficial for the platforms ?

Speaker #8: You know , I think every one of us are very impressed with the velocity of these revolution . And eventually are getting to conclusions that are maybe faster than than the we should we should have .

Geraldo Thomaz Jr.: You know, I think every one of us are very impressed with the velocity of this revolution and eventually are getting to conclusions that are, maybe, faster than we should have. I see that, yes, these AI companies, they're very powerful. They're doing a lot of nice work and a lot of aggregated value, but they're also enabling companies like us to deliver even better software. Like, just like the cloud revolution, they are enabling us to build much better software. If we embrace that, the technology, if we embrace the APIs that they provide to us, I believe that companies like us can provide to the retailers and brands and manufacturers, a better solution than they could do it alone. Why? Because, you know, these are high-risk workflows.

Geraldo Thomaz: You know, I think every one of us are very impressed with the velocity of this revolution and eventually are getting to conclusions that are, maybe, faster than we should have. I see that, yes, these AI companies, they're very powerful. They're doing a lot of nice work and a lot of aggregated value, but they're also enabling companies like us to deliver even better software. Like, just like the cloud revolution, they are enabling us to build much better software. If we embrace that, the technology, if we embrace the APIs that they provide to us, I believe that companies like us can provide to the retailers and brands and manufacturers, a better solution than they could do it alone. Why? Because, you know, these are high-risk workflows.

Speaker #8: I , I don't I see that this this AI companies they are they're very powerful . They're doing a lot of of nice work , a lot of aggregated value .

Speaker #8: But they're also enabling companies like us to deliver even better software , like just like the cloud revolution . They are enabling us to build much better software .

Speaker #8: And if we embrace that , that technology , if we embrace that , the APIs that they provide to us , I believe that companies like us can provide to the retailers and brands and manufacturers a better solution than they could do it alone .

Speaker #8: Why ? Because , you know , like these are high risk workflows . These are these are these are problems that are difficult to articulate .

Geraldo Thomaz Jr.: These are problems that are difficult to articulate. These are problems that requires more than building software. This requires credibility, as I said, security, compliance, trust. I believe we're better positioned as a domain application to provide the solution to our customers than the generic ones. This was always true. We always believed that in every revolution. When open source code arised, we believed that when everybody thought open source code would dominate the world, and we're here selling software, selling subscription. When the cloud revolution came, everybody thought that people would internalize their software, because now it's so easy to deploy a server and software industry, and the tech is much bigger because of the cloud revolution, not despite of that.

Geraldo Thomaz: These are problems that are difficult to articulate. These are problems that requires more than building software. This requires credibility, as I said, security, compliance, trust. I believe we're better positioned as a domain application to provide the solution to our customers than the generic ones. This was always true. We always believed that in every revolution. When open source code arised, we believed that when everybody thought open source code would dominate the world, and we're here selling software, selling subscription. When the cloud revolution came, everybody thought that people would internalize their software, because now it's so easy to deploy a server and software industry, and the tech is much bigger because of the cloud revolution, not despite of that.

Speaker #8: These are problems that requires more than building software . This requires credibility . As I said , security compliance , trust . And and I believe we're better position as a domain application to provide .

Speaker #8: The solution to our customers than the generic ones . This this was always true . You always believed that in every revolution , when open source code arised , we believe that when everybody thought open source code would dominate the world and we here selling software , selling subscription , when the cloud revolution came , everybody thought that people would internalize their software because now it's so easy to deploy a server and software industry and detect is much bigger because of the cloud revolution .

Speaker #8: Not despite of that . And now I believe that the AI revolution will give us even more strength to to deliver even more value to our customers .

Geraldo Thomaz Jr.: Now, I believe that the AI revolution will give us even more strength to deliver even more value to our customers.

Geraldo Thomaz: Now, I believe that the AI revolution will give us even more strength to deliver even more value to our customers.

Speaker #6: And just adding up on , on , on Geraldo's comments here . If the question on Llms were about the kind of the the monopoly on traffic control that can generate the way we see the world of traffic , we used to be controlled by Google , and few marketplaces , and now with a new entrance like Chinese brands becomes a huge traffic controllers open , AI with the LLM like cracking the code of become a huge aggregator .

Mariano Gomide de Faria: Just adding up on Geraldo's comments here. If the question on LLMs were about the kind of the monopoly on traffic control that can generate, the way we see the world of traffic, we used to be controlled by Meta, Google, and few marketplaces. Now with a new entrants, like Chinese brands becomes a huge traffic controllers, OpenAI with the LLM, like cracking the code of become a huge aggregator. Actually, we are seeing more fragmentation on the traffic industry. When the traffic layers fragments, the backbone for a multi-channel operation increase value. WhatsApp in Latam, for example, is a huge traffic originator. The world is evolving on creating more channels and not more consolidation of channels.

Speaker #6: Actually, we are seeing more fragmentation in the traffic industry. So, when the traffic layers fragment, the backbone for a multi-channel operation increases in value.

Speaker #6: WhatsApp in Latin , for example , is a huge traffic originator . So the world is evolving on creating more channels and not more consolidation of channels .

Speaker #6: This is , we see as a foundation for strengthening the the positioning of anyone in the backbone for commerce market . As we are

Mariano Gomide de Faria: This is, we see as a foundation for strengthening the positioning of anyone in the backbone for commerce market, as we are.

David Brown: We talk about that in our founder's letter on this earnings, annual report. I think it's worth it to take a look on our perspective on how this revolution affect us and the market in general.

Speaker #8: We we talk about that in our founders letter on this earnings annual report . I think it's worth it to take a look on on our our perspective on how this revolution affect us and the market in general

Speaker #6: Yeah , this is a good call .

Mariano Gomide de Faria: Yeah, that's a good call.

Speaker #9: Thank you so much . I will take a look on that . Thanks

Operator: Okay. Thank you so much. I will take a look on that. Thanks.

Leonardo Olmos: Okay. Thank you so much. I will take a look on that. Thanks.

Speaker #3: And our final question comes from the line of Maddie Schrager with KeyBanc Capital Markets . Maddie please go ahead .

Operator: Our final question comes from the line of Maddie Schrage, with KeyBanc Capital Markets. Maddy, please go ahead.

Speaker #10: Hey guys thanks for taking the question . Obviously you guys called out some macro headwinds . But also we're emphasizing global expansion as a key growth lever .

Maddie Schrage: Hey, guys. thanks for taking the question. obviously, you guys called out some macro headwinds, but also we're emphasizing global expansion as a key growth lever. How are you thinking about the pace and prioritization of geographic investments? In particular, as you guys move faster internationally, what do you think is the biggest factor in terms of gaining traction? Was it brand awareness, maybe partnerships, or product localization? Is there something we should call out?

Speaker #10: So how are you thinking about the pace and prioritization of geographic investments . And then in particular as you guys move faster internationally , what do you think is the biggest factor in terms of gaining traction ?

Speaker #10: Was it brand awareness ? Maybe partnerships or product localization ? Is there something we should call out

Speaker #6: Perfect . The I can give some color and Geraldo can give as well . The We cannot avoid to understand that a company that will leverage the most of the AI revolution is the company that can group competencies under org charts .

Mariano Gomide de Faria: Perfect. I can give some color and Geraldo can give as well. We cannot avoid to understand that a company that will leverage the most of the AI revolution is the company that can group competencies under org charts. Recently, precisely in December, we changed a lot of our regional approaches by having same competencies of people below different managers in many regions in the world, countries and regions. We understood that we need to bring them more in a specialization, like functional-oriented org chart. We announced a big reward on the growth structure, where now, majority of the sales and marketing organizations are oriented by functions. With that, we can leverage the most of the AI agentic revolution. The agents are unified by knowledge.

Speaker #6: So recently , precisely in December , we changed a lot of our regional approaches by having same competencies of people below different managers in many regions in the world , countries and regions .

Speaker #6: We understood that we need to bring them more in a specialization like functional oriented org chart . So we announced the a big reorg on the growth structure , where now majority of the sales and marketing organizations are oriented by functions .

Speaker #6: And with that , we can leverage the most of the AI Agentic revolution . The agents are unified by knowledge . What we are seeing VTEX reach the level of brand by being recognized on Gartner for two years , consecutive as the customer choice in the garden of voice , the brand of VTEX now was able to produce clients in all the regions , and now with the global oriented by function org chart , we can deliver through our ecosystem services and solutions among any kind of regional definition .

Mariano Gomide de Faria: What we are seeing, VTEX reach the level of brand by being recognized on Gartner for 2 years consecutive as the customer choice in the Gartner voice. The brand of VTEX now was able to produce clients in all the regions. Now, with the global-oriented by function org chart, we can deliver through our ecosystem, services and solutions among any kind of a regional definition. We believe the company that will crack the code on really uses AI in favor of operational gains, will be the ones with a global readiness by joining a human plus agents labor. The regional approach lost importance for us. This doesn't mean that the regional localization, it is less. It's quite the opposite. We reduced our solution architect layer of FTEs, increasing the trust we do have in our ecosystem.

Speaker #6: We we believe the company that will crack the code on on really uses AI in favor of operational gains will be the ones with a global readiness .

Speaker #6: By joining a human plus agents labor and so the regional approach low importance for us . This doesn't mean that the regional localization , it is less .

Speaker #6: It's quite the opposite . We reduce it . Our solution architect layer of FTEs increasing the trust . We do have in our ecosystem .

Speaker #6: That's the sign of the maturity of our ecosystem in the world . We are delivering global projects in Abu Dhabi , in Asia , in in EMEA , in Africa , in North America , in Latin .

Mariano Gomide de Faria: That's a sign of the maturity of our ecosystem in the world. We are delivering global projects in Abu Dhabi, in Asia, in EMEA, in Africa, in North America, in Latin, and now we are doing this through the ecosystem. That is a transitioning coming from the last five years. We are not seeing any more the go-to market of VTEX heavily or kind of exclusively based on regions. Now we are defining our scope to the world that is three products: Commerce Platform, Retail Media platform, and agentic CX platform with multiple solutions. The two of the biggest solutions are B2B commerce and omni-channel B2C.

Speaker #6: And now we are doing this through the the ecosystem . That is a transitioning coming from the last five years . So we are not seeing any more the go to market of VTEX heavily are kind of exclusively based on regions .

Speaker #6: Now we are defining our scope to the world That is three products commerce , platform , retail , media platform and analytics platform with multiple solutions .

Speaker #6: The two of them biggest solutions are B2B commerce and omnichannel B2C

Speaker #10: Super helpful . And if I could just ask one follow up in your conversations with CIOs and digital leaders , how often are you guys talking about discoverability in the age of agentic commerce and conversion

Maddie Schrage: Super helpful. If I could just ask one follow-up: In your conversations-

Mariano Gomide de Faria: Yeah.

Maddie Schrage: with CIOs and digital leaders, how often are you guys talking about discoverability in the age of agentic commerce and conversion?

Speaker #6: The AI genetic it is a kind of a top notch topic any RFP today , right ? What we text is really focus is to deliver the value aggregation of the disruption in technology to talk about the technology itself .

Mariano Gomide de Faria: The AI agentic, it is a kind of a top-notch topic in any RFP today, right? What VTEX is really focused is to deliver the value aggregation of the disruption in technology. To talk about the technology itself doesn't aggregate outcomes to our customers. With the agentic CX platform of VTEX, we have already deployed clients that have saved 80% in the customer service costs. This is AI for us. AI is a medium to deliver the outcome that our clients need, and our clients all over the world, they trust us to future-proof them in terms of AI. The AI bet of VTEX is pretty big.

Speaker #6: Does an aggregate outcomes to our customers . But with the Agentic platform of Vtex , we have already deployed clients that have saved 80% in the customer service costs .

Speaker #6: This is AI for us . AI is a medium to deliver the outcome that our clients need and our clients all over the world .

Speaker #6: They trust us to to future proof them in terms of AI . So the the AI bet of Vtex is pretty big . It's all across all our products and solutions , but the one that I would say that is delivering the most results , it is our solution of a genetic customer service based in our product of a genetic platform

Mariano Gomide de Faria: It's all across all our products and solutions, but the one that I would say that is delivering the most results, it is our solution of agentic customer service based in our product of agentic CX platform.

Speaker #10: Very helpful . Thank you guys very much

Maddie Schrage: Very helpful. Thank you, guys, very much.

Speaker #3: There is no further questions at this time . I will now turn the call back over to Geraldo Thomaz for closing remarks . Geraldo .

Operator: There are no further questions at this time. I will now turn the call back over to Geraldo Thomaz for closing remarks. Geraldo?

Speaker #8: Before we conclude , I want to step back once more and reflect on where the taxi stands today . 2025 tested the market .

Geraldo Thomaz Jr.: Before we conclude, I want to step back once more and reflect on where VTEX stands today. 2025 tested the market, our customers, and our industry, but it also reaffirmed the strength of our foundation. We navigated a challenging environment to deliver record profitability while deepening our relevance with enterprise customers. Crucially, we did this while increasing our investment in R&D to accelerate our AI transformation. As we look ahead, our focus is on execution. As discussed, we remain focused on our four growth levers: global expansion, B2B, Retail Media, and AI. We believe VTEX is structurally aligned with where enterprise commerce is going, and that alignment positions us to improve growth over time as these initiatives scale. Finally, I want to thank you, employees, customers, partners, and investors for their continued trust. VTEX has been built over decades by navigating moments of transitions just like now.

Geraldo Thomaz: Before we conclude, I want to step back once more and reflect on where VTEX stands today. 2025 tested the market, our customers, and our industry, but it also reaffirmed the strength of our foundation. We navigated a challenging environment to deliver record profitability while deepening our relevance with enterprise customers. Crucially, we did this while increasing our investment in R&D to accelerate our AI transformation. As we look ahead, our focus is on execution. As discussed, we remain focused on our four growth levers: global expansion, B2B, Retail Media, and AI. We believe VTEX is structurally aligned with where enterprise commerce is going, and that alignment positions us to improve growth over time as these initiatives scale. Finally, I want to thank you, employees, customers, partners, and investors for their continued trust. VTEX has been built over decades by navigating moments of transitions just like now.

Speaker #8: Our customers and our industry . But it also reaffirmed the strength of our foundation . We navigated the challenging environment to deliver record profitability while deepening our relevance with enterprise customers .

Speaker #8: Crucially , we did this while increasing our investments in R&D to accelerate our AI transformation . As we look ahead , our focus is on execution as discussed , we remain focused on our fourth growth levers global expansion , B2B retail media and AI .

Speaker #8: We believe Vtec is structurally aligned with where enterprise commerce is going , and that alignment position us to improve growth over time . As this initiatives scale Finally , I want to thank u .

Speaker #8: Employees . Customers , partners and investors for their continued trust . VTEX has been built over decades of by navigating moments of transitions just like our history shows that our willingness to adapt early and invest with discipline creates durable value over time .

Geraldo Thomaz Jr.: Our history shows that our willingness to adapt early and invest with discipline creates durable value over time. We enter the next chapter with clarity, resiliency, and confidence in our ability to deliver long-term growth and profitability. Thank you for joining us today, and we look forward to update you in our progress in the quarters ahead.

Geraldo Thomaz: Our history shows that our willingness to adapt early and invest with discipline creates durable value over time. We enter the next chapter with clarity, resiliency, and confidence in our ability to deliver long-term growth and profitability. Thank you for joining us today, and we look forward to update you in our progress in the quarters ahead.

Speaker #8: We entered the next chapter with clarity , resiliency , and confidence in our ability to deliver long term growth and profitability . Thank you for joining us today .

Speaker #8: And we look forward to update you in our progress in the quarters ahead

Operator: That concludes today's call. You may now disconnect.

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