MercadoLibre, Inc. Traffic Tracker July’26: Amazon Saw Negative Growth in Brazil, MELI Remains the Fastest Growing; Positive

Research evidence excerpt

J P M O R G A N

Latin America Equity Research

05 August 2026

MercadoLibre, Inc.

Neutral

Traffic Tracker July’26: Amazon Saw Negative Growth

in Brazil, MELI Remains the Fastest Growing; Positive

In this report, we analyze data from SensorTower on the growth of user sessions

on a monthly basis for July. Our conclusions are: (1) Amazon saw negative growth

in July, coming in -3% y/y in Brazil vs +30% in June; (2) Amazon also decelerated

in Mexico at +8% in July vs +34% in June; (3) MELI decelerated growth in Brazil

from 49% in June-26 to 43% in July-26; (4) Shopee also saw some deceleration at

22% in July-2026 and 24% in June-2026 ; (5) MELI Mexico stayed flat vs June at

25% y/y; and (6) MELI Argentina decelerated its pace of growth. Our overall

conclusion is positive, driven especially by Amazon's deceleration y/y, despite

MELI’s slowdown in Brazil and Argentina.

MELI Brazil shows deceleration in July-26... with total app sessions in the

month at +43% y/y, vs +49% in June-2026, +56% in May-26, and +53% in

Apr-26.

… as well as Amazon and Shopee. Amazon posted negative growth in July,

coming in -3% y/y in Brazil vs 30% in June, possibly due to tough comps from

2025 Prime Day; Shopee, Brazil’s #2 player, saw deterioration, up 22% y/y vs

24% in June-2026. It is important to keep in mind that MELI’s higher growth

than peers’ at least partially reflects the reduction in free shipping at the end of

2Q25, which brought more low-ASP sales to the platform.

Argentina: MELI decreased the pace in July-26, expanding sessions 15%

y/y, -5pp vs 20% in Jun-2026, but it is noteworthy that Argentina numbers are

more volatile.

Mexico: MELI kept the pace and Amazon decreases. Sessions increased

25% y/y in July-26 flat vs June-26, while Amazon saw 8% expansion vs 34%

in June.

Figure 1: Sessions for MELI Consolidated

y/y change in app total sessions during the month

40%

35%

30%

25%

20%

15%

10%

5%

0%

LatAm Technology & Telecom /

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Marcelo Santos, CFA AC

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Banco J.P. Morgan S.A.

Livea Mizobata

(55-11) 4950-3604

Banco J.P. Morgan S.A.

Victoria Antonello

(55-11) 4950-3703

Banco J.P. Morgan S.A.

LatAm Consumer / E-Commerce

Froylan Mendez

(52-55) 5540-9482

J.P.…