MERCADOLIBRE $MELI JUST REPORTED Q2 EARNINGS - Net revenue & financial income of $10.17B, up 50% YoY (43% FX-neutral), the fastest pace in four years - Income from operations of $683M, a 6.7% margin, down 17% YoY - Net income of $466M, a 4.6% margin, down 11% YoY, driven by lower operating income, partially offset by smaller FX losses ($45M vs $117M a year ago) - Total Payment Volume of $101B, up 56% YoY (56% FX-neutral) - Gross Merchandise Volume of $21.9B, up 44% YoY (36% FX-neutral) - Adjusted free cash flow of $214M, after $441M in capex and $2.1B invested in credit portfolio expansion By segment: - Commerce revenue growth: 40% FX-neutral (50% in USD) - Fintech revenue growth: 47% FX-neutral (49% in USD) By country (FX-neutral net revenue growth): - Brazil: 42% (strongest market) - Mexico: 38% - Argentina: 48% Engagement metrics: - Items per buyer up 14% YoY (19% in Brazil) - Ecosystemic users (using both marketplace and Mercado Pago) up 37% YoY - MELI+ loyalty subscribers up 72% YoY - Fintech MAUs: 88 million - AUM: $23B, up 68% YoY - Credit portfolio: surpassed $16B, up 75% YoY - 15-90 day NPL ratio: 4.6% for credit cards, near all-time lows AI-driven operational gains: code submissions up 110% YoY, merged code up over 100%, deployments up nearly 75%. Product Development expenses fell to 7.2% of net revenue from 8.4% a year ago. Management's framing: the deceleration in operating margin reflects deliberate reinvestment (lower shipping thresholds in Brazil, PIX payment discounts, higher device costs in Acquiring) aimed at deepening engagement, which the company says compounds into higher long-term profitability once users become "ecosystemic."