MercadoLibre (MELI.O): Highlights from SVP/Brazil Pago Country Head Andre Chaves

Research evidence excerpt

MercadoLibre (MELI.O): Highlights from SVP/Brazil Pago Country Head Andre Chaves

Viewpoint |

08 Jul 2026 13:53:26 ET │ 14 pages

MercadoLibre (MELI.O)

Highlights from SVP/Brazil Pago Country Head Andre Chaves

CITI'S TAKE

We listened to MELI’s IR podcast featuring an interview with André Chaves,

SVP and Country Head of Mercado Pago Brazil. Key takeaways were: (1)

mgmt.'s message remains consistent that there are currently no signs of Neutral / High Risk

deterioration in credit quality, despite some competitors reporting weaker Price (07 Jul 26 16:00) US$1,813.61

credit trends; (2) mgmt. reiterated that it has a well-established playbook

Target price US$1,950.00to tighten underwriting standards, including “shutting down certain credit

lines” should macro conditions worsen; (3) regarding deposits, mgmt. sees Expected share price return 7.5%

no compelling reason to increase their use as a funding source, given several Expected dividend yield 0.0%

alternative funding channels, including securitization; (4) on the investment

Expected total return 7.5%platform, mgmt. expects to expand the product suite (e.g., mutual funds

and other savings solutions) but does not intend to evolve into a securities Market Cap US$91,945M

trading platform; and (5) mgmt. continues to view PIX as a net positive, as

it increases liquidity, transaction activity, and data generation, while also

creating monetization opportunities.

Price Performance

(RIC: MELI.O, BB: MELI US)

See detailed takeaways in the note

João Pedro Soares AC

+55-11-4009-7562

Estimates 2025A 2026E 2027E 2028E Q126A Q226E Q326E Q426E

joao.soares@citi.com

Sales (US$M) 28,893 41,330 51,999 65,642 8,845 9,802 10,592 12,091

EBITDA adj (US$M) 4,017 3,891 5,028 6,947 857 965 942 1,127 Felipe Husein