MercadoLibre (MELI.O): June DAU/Dwld Tracker: DAU Growth Moderating Though MELI Continues to Outgrow Peers

Research evidence excerpt

MercadoLibre (MELI.O): June DAU/Dwld Tracker: DAU Growth Moderating Though MELI Continues to Outgrow Peers

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02 Jul 2026 18:51:11 ET │ 16 pages

MercadoLibre (MELI.O)

June DAU/Dwld Tracker: DAU Growth Moderating Though MELI

Continues to Outgrow Peers

CITI’S TAKE Neutral / High Risk

In collaboration with Citi’s Innovation Lab, we update our daily active user Price (02 Jul 26 16:00) US$1,763.36

tracker for June to assess MELI’s Commerce and Fintech performance Target price US$1,950.00

across LatAm using SensorTower data. MELI continues to outperform

Expected share price return 10.6% across its core markets, although growth momentum has moderated in

most geographies. Brazil Commerce remains the highlight, with DAUs up Expected dividend yield 0.0%

36% YoY in June, broadly in line with April and May levels and well ahead Expected total return 10.6%

of industry growth of ~14%. Importantly, MELI continued to outpace both Market Cap US$89,397M

Shopee and Amazon, which grew approximately 12% YoY each. In Mexico,

MELI’s Commerce DAUs increased 12% YoY, trailing Amazon’s stronger

21% growth. On the Fintech side, DAU growth slowed modestly to 26%

YoY in Brazil (from 32% in May), but the platform continues to outgrow João Pedro SoaresAC

most peers (e.g., Nu) while maintaining significant scale (#2 fintech app in +55-11-4009-7562

Brazil/#1 in Mexico). joao.soares@citi.com

Gustavo Schroden

With June data now available, we were able to track 2Q26 trends in Brazil, where the gustavo.schroden@citi.com

correlation between DAU growth and operating performance tends to be stronger. At Brian Flores, CFA

first glance, the data points to some moderation in growth: MELI’s Commerce DAUs luis.brian.flores@citi.com

increased 35% YoY in 2Q26, down from 45% in 4Q25 (when GMV grew 38%), while