Slides
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The Backbone for Connected Commerce Business Overview Third Quarter 2025 November 2025
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The Backbone for Connected Commerce Safe Harbor This presentation has been prepared by VTEX (“we,” “us,” “our,” “VTEX” or the “Company”). This presentation may contain 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 currently available information, you are cautioned not to place undue reliance on these forward-looking statements. Forward-looking statements regarding VTEX involve known and unknown risks, uncertainties and other factors that may cause VTEX’s actual results, performance or achievements to be materially different from any future results, performances or achievements expressed or implied by the forward-looking statements. Certain risks and uncertainties are described under “Risk Factors” and “Forward-Looking Statements” sections of VTEX’s Form 20-F for the year ended December 31st, 2024 and other VTEX’s filings with the U.S. Securities and Exchange Commission (“SEC”) which are available on our investor relations website. You should read this information together with the sections of VTEX’s Form 20-F entitled “Selected Financial Data” and “Information on the Company” our audited consolidated financial statements and our unaudited interim condensed consolidated financial statements and their respective notes, which are available on our investor relations website (https://www.investors.vtex.com/). Unless required by law, VTEX undertakes no obligation to publicly update or revise any forward-looking statements to reflect circumstances or events after the date hereof. This presentation also contains estimates and other statistical data made by independent parties and by us relating to market size and other data about our industry. This data involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such data and estimates. In addition, projections, assumptions and estimates of our future performance and the future performance of the markets in which we operate are necessarily subject to a high degree of uncertainty and risk. Neither we nor our affiliates, advisors or representatives makes any representation as to the accuracy or completeness of that data or undertake to update such data after the date of this presentation. In addition to financial information prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) as well as the rules and regulations of the SEC regarding financial reporting, we use certain non-GAAP financial measures to clarify and enhance our understanding, and aid in the period-to-period comparison, of our performance. We believe that these non-GAAP financial measures provide supplemental information that is meaningful when assessing our operating performance because they exclude the impact of certain amounts that our management and board of directors do not consider part of core operating results when assessing our operational performance, allocating resources, preparing annual budgets, and determining compensation. The non-GAAP measures have limitations, including that they may not be directly comparable to other companies, and you should not consider them in isolation or as a substitute for or superior to our GAAP financial information. See the Appendix to this presentation for a reconciliation of non-GAAP financial measures to their nearest GAAP equivalent All of the financial information included in this presentation is updated as of September 30, 2025, unless otherwise indicated. Except as may be required by applicable law, we assume no obligation to publicly update or revise our statements. Numbers have been calculated using whole amounts rather than rounded amounts. This might cause some figures not to total due to rounding. 2
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The Backbone for Connected Commerce VTEX provides a software-as-a-service digital commerce suite for enterprise brands and retailers 3
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The Backbone for Connected Commerce We are the backbone for connected commerce 4
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The Backbone for Connected Commerce We are a SaaS commerce platform for enterprises (1) As of FY 2024. Per active online store 88% of our ARR comes from enterprise customers(1) Each generating at least $25K ARR, with an average of $131K in ARR(1) 5 Beauty & Health Apparel Accessories Electronics Food & Grocery Home Appliances
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The Backbone for Connected Commerce VTEX at a glance Non-GAAP(1) subscription gross margin (3Q25 LTM) 79.5% GMV B2C (3Q25 LTM in USD) $19.5 B Revenue (3Q25 LTM in USD) $234.1 M Number of active online stores(2) (FY 2024) 3.4k Countries with active online stores(2) (FY 2024) Financial stats Company metrics 43 2.4k (1) Please see appendix for reconciliation of non-GAAP metrics (2) Active online stores means the number of unique domains generating gross merchandise value Number of customers (FY 2024) 6
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The Backbone for Connected Commerce Employee headcount 3Q24 2Q25 3Q25 1,234 7 A founder-led, future-driven culture of integrity 1,283 1,409 Our principles 1. We are informed by the future 2. We deliver customers’ needs over their wants 3. We have exceptional standards 4. We choose to face bold uncomfortable challenges 5. We insist on simplicity 6. We play on the field 7. We go as deep as needed 8. There is no gap between words and actions 9. We act with extreme ownership 10. VTEX’s interest first (Photo: VTEX Connect Latam 2025, Mexico)
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The Backbone for Connected Commerce 25+ years of commerce experience A vision is Born VTEX is founded in Rio de Janeiro, planting the seed for innovation in ecommerce technology Game-Changing Moment VTEX wins Walmart’s RFP and becomes their ecommerce platform provider in Brazil, marking a pivotal milestone in scaling global retail solutions. Building for the Future VTEX embarks on international expansion, starting in LatAm, while unveiling Smart Checkout and migrating to a cloud-native microservices architecture Multibrand - Multinational VTEX gains multinational customers like Cencosud, powering ecommerce operations across LatAm. The Bold Bet VTEX transitions to a scalable, multitenant SaaS model, positioning itself as a cutting-edge ecommerce platform. Global Vision VTEX sets sights on becoming the global backbone for connected commerce, expanding to North America and Europe Innovative Solutions, Global Reach Customers now operate across all continents; launches groundbreaking tools like Live Shopping ,Sales App, Shipping Network, and more. Redefining Marketplace With VTEX’s marketplace capabilities, customers offered third-party products and connected to external marketplaces. This enables Whirlpool’s marketplace launch in Brazil, igniting a lasting global partnership Omnichannel Breakthrough Introduces click-and-collect and delivery-from-store capabilities, boosting customer performance far above market standards. IPO Listed on the NYSE, VTEX solidifies its global presence with 15 offices worldwide Expanding Frontiers Goes live with Hearst’s marketplace and Piece Manufacturing B2B in the US, marking major milestones in the region New Horizons Announces go-lives for Colgate Palmolive, HMart in the US, and OBI in Germany. Launches complementary add-ons: VTEX Ads, VTEX Data Pipeline, VTEX Shield, and Weni by VTEX 2000 2008 2010 2013 2015 2016 2018 2019 2021 2022 2023 2024 8
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The Backbone for Connected Commerce $8.1T Worldwide ecommerce market (FY 2028E) $6.1T Worldwide ecommerce market (FY 2024) $180bn LatAm ecommerce market (FY 2024) $19.5bn GMV (1) Addressing a massive market with significant room for further penetration 9 Source: eMarketer (1) As of 3Q25 LTM USD
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Customization Speed to Market Low Highly scalable Highly flexible and customizable Long implementation Slow to keep up with ecosystem evolution Born SMB Rapid time to revenue Low total cost of ownership Limited customizability Lacks feature depth Born on-premise Current offerings force enterprises to choose between deep customization or speed to market Customization meets Speed to Market Born SaaS for Enterprises Extensive out-of-the-box capabilities = speed Collaborative = multiple go-to-market strategies Composable = customizable & fast evolving High Low High
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Traditional Core Commerce VTEX Out-of-the-box Core Pricing Promotions Product Management VTEX IO Development Platform Marketplace & Seller Management Payment Gateway We deliver unprecedented time to revenue with an extensive set of out-of-the-box commerce capabilities Distributed Order Management Channel Management Content Management AI-powered Search Online Store Physical Store Mobile App Marketplace POS WMS CRM ERP Login Cart Checkout 11 Ads
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The Backbone for Connected Commerce Sales Channels Fulfillment Channels Our Complete Platform enables enterprises to explore multiple ways to sell and fulfill Distributed OMS Native Marketplace 12
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The Backbone for Connected Commerce13 Our Composable Technology is flexible and extensible by design VTEX IO Development Platform Multi-tenant architecture API-first services
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The Backbone for Connected Commerce System Integrators Marketplace Payment Shipping Fraud & Lending POS & Omnichannel Search & Merchandising Marketing Automation We have a live and connected global ecosystem of partners that lead to exponential growth Note: ecosystem data as of FY 2024 7,000+ VTEX IO extensions created by third parties 1,000+ SIs and ISVs 500+ Marketplaces 180+ Payment solutions 90+ Logistics companies 45%+ of GMV from Collaborative Commerce transactions 85%+ of GMV from customers that use Collaborative Commerce integrations 29,000+ Monthly active users accessing VTEX developer portal 680+ Deploys by 3rd parties in VTEX IO on average per day
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The Backbone for Connected Commerce Greenfield Our Competitive Advantages... Extensive out of the box solutions Displacements Collaborative commerce strategy Composable commerce technology Vibrant ecosystem · Looking to start quickly · Limited experience. Need to evolve as they learn · Prioritizing a solution that can scale as they grow · Looking for an ecosystem to minimize building solutions on their own · Looking to innovate and evolve · Facing scalability issues given legacy structures’ limitations · Searching for new go-to-market strategies to drive sales growth · Looking to upgrade to a more robust solution · Facing challenges given lack of feature depth on SMB-focused platforms … Attract Customers at Different Stages of Maturity FROM ENTERPRISE PLATFORMS FROM SMB PLATFORMS 15
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The Backbone for Connected Commerce VTEX was named a Leader by IDC among 25 B2C Vendors 16 VTEX was recognized as a Customers’ Choice in the 2025 Gartner® Voice of the Customer for Digital Commerce report, for the second year in a row
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The Backbone for Connected Commerce The age of standalone software is gone Modern software is as valuable as the ecosystem and connections it powers 17
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18 We have a disciplined go- to-market and scaling strategy Commerce Ecosystem Ecommerce Software Higher win rateLower win rate Approximately half of leads from ecosystem or inbound Almost all leads from the VTEX sales team Testing the market by getting a first reference customer Build cases and start recruiting talent Create momentum by increasing sales and brand awareness Drive towards leadership, scaling efficiently 18 The Backbone for Connected Commerce
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The Backbone for Connected Commerce Multiple vectors for ongoing growth New customer additions Grow GMV with existing customers Innovation and platform expansion Geographic expansion Ecosystem development The Backbone for Connected Commerce19
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The Backbone for Connected Commerce Financial Overview 20
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The Backbone for Connected Commerce We are driven by a scalable and global future With an attractive unit economics: LTV/CAC(1) above 6x 21 # of customers with ARR above US$250k 34% 23%24% YoY Growth (%) 2023 20242022 Global Expansion % of Revenue Subs. Revenue FX Neutral YoY Brazil RoWLatAm ex-BRA 34% 7% 28% 2023 20242022 Land-and-Expand NRR FX Neutral(2) 17% 15% 10% Same Store Sales (FX Neutral) 2023 20242022 32% 35% 35% 11% 11% 10% 57% 54% 55% (1) Means lifetime value to customer acquisition costs. LTV is calculated as gross profit from new sales divided by the subscription churn rate of the last twelve months, and CAC as total sales and marketing expenses incurred during the four quarters preceding the quarter in which the calculation is made (2) Calculated by using the avg. monthly FX for the applicable months during previous year, adjusted by inflation in countries with hyperinflation, and applying them to the corresponding months in current year, so as to calculate what our results would have been had FX remained stable Note: Figures have been restated from IFRS (as previously disclosed) to US GAAP (current reporting basis) for comparability.
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The Backbone for Connected Commerce 183 226 282 429 480 605 791 889 451 523 623 953 1,041 1,347 1,756 1,983 SSS Top 100 18% 19% 21% 22% 13% 13% 98% 103% 35% 35%SSS Top 25 Top 25 Customers Top 100 Customers CAGR 17-24: 25% CAGR 17-24: 24% 2019 2020 2021 2022 2023 23% 25% 2018 Number of customers with ARR above US$250k Stores / Customer Stores 692 5.5 557 5.9 424 5.6 313 5.4 190 5.3 2019 2020 2021 2022 2023 139 5.3 2018 Note: Same Store Sales (SSS) for Top 100 and Top 25 Customers calculated in FX Neutral 22 29% 30% 2017 46 2.6 2017 2024 732 4.7 11% 8% 2024 Average Revenue by Customer: Top 100 vs. Top 25 USD Thousands We are proud of our customers' journeys As we continue expanding upmarket, growing our base of larger customers, VTEX’s long-term growth and resilience strengthens
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The Backbone for Connected Commerce Top 100 Customers are growing, opening new stores in the same country and expanding to new countries Circle sizes in proportion to the years’ Avg. ARR / Top 100 Customers 2017 2024 39 countries 6.1 stores / customer ARR 98.7 M 29% FXN CAGR 17-24 # Countries # Stores Note: “ARR” means annual recurring revenue, calculated as subscription revenue in the most recent quarter multiplied by four 23 13 countries 2.2 stores / customer ARR 23.9 M The Backbone for Connected Commerce
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The Backbone for Connected Commerce Diversified revenue mix We are diversified across verticals. Our software works well for many different industries We are also diversified across customer tenure. We create long-term relationships between VTEX and our customers We have a fragmented and diversified customer base Customer verticals % of 2024 VTEX platform revenue Customer tenure % of 2024 VTEX platform revenue Customer concentration % of 2024 VTEX revenue Others Toys & Hobbies Department stores Home, Furn. & Decor. Electronics Home appliances Grocery Beauty & Health Apparel & Accessories 2024 20% 18% 14% 10% 8% 8% 7% 11% <1 year 1-3 years 3+ years 2024 66% 23% 11% Largest customer Top 2-10 customers Other customers 2024 84% 13% <3% 24 3% The Backbone for Connected Commerce
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The Backbone for Connected Commerce Competitors sell software & services, VTEX sells growth 25 VTEX offers a comprehensive subscription solution that provides access to our homogeneous multi-tenant SaaS platform We grow with our customers and make ourselves responsible for their success, by charging most of our revenues from transaction-based fees Business model Subscription Revenue VTEX Platform clients are charged: Fixed Fee Variable Monthly Take Rate
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The Backbone for Connected Commerce Strong land and expand model driving results 2017 20242018 2019 2020 2021 2022 2023 2024 2023 2022 2021 2020 2019 2018 Pre-2018 Revenue cohort, FX neutral (US$ millions) Cohort analysis on a FX neutral basis. Cohort means a group of customers that received the first invoice of our VTEX platform in the preceding 18 months, to account for average implementation and ramp-up times 26
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The Backbone for Connected Commerce 2024 New stores (~20% of VTEX rev., excl. SMB) ~55% ~(142)% ~(22)% ~(12)% ~(121)% % of Revenue, non-GAAP 2024A (VTEX platform + SMB + others + services) Gross margin(1) 74% Sales & Marketing (28)% Research & Development (22)% General & Administrative (12)% Operating margin 13% 2024 Existing stores (~80% of VTEX rev., excl. SMB) ~80% ~(4)% ~(22)% ~(12)% ~43% Directional P&L breakdown by existing vs. new stores High margin existing stores’ P&L, growing at VTEX’s net revenue retention Investment in new stores P&L, while impacting margin in short-term, yields returns aligned with our LTV/CAC Our global expansion outside of Latam has an estimated impact of ∼35% of our total expenses (1) Services revenue and services cost are included only in the “New Stores” P&L, as our services are mostly related to white glove PMO service to guide new stores implementations by 3rd party SIs 27 Note: Figures have been restated from IFRS (as previously disclosed) to US GAAP (current reporting basis) for comparability.
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The Backbone for Connected Commerce VTEX has an attractive SaaS business model built for scalable growth and operational leverage Note: we calculate FX Neutral measures by using the average monthly FX for each month during the previous year and applying them to the corresponding months in the current year, so as to calculate what our results would have been had FX remained stable from one financial year to the next GMV US$ billions Subscription Revenue US$ millions Subscription Gross Profit (Non-GAAP) US$ millions 16.5 18.2 4.4 5.0 2023 2024 3Q24 3Q25 YoY growth FX neutral (%) 25% 16% 17% 12% 2023 2024 3Q24 3Q25 189.6 217.7 53.9 58.4 YoY growth FX neutral (%) 23% 21% 22% 7% 2023 2024 3Q24 3Q25 YoY growth FX neutral (%) 29% 26% 27% 9% 144.4 170.2 42.3 46.9 28 Note: Figures have been restated from IFRS (as previously disclosed) to US GAAP (current reporting basis) for comparability.
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The Backbone for Connected Commerce Non-GAAP subscription gross profit(1) As % of subscription revenue Non-GAAP operating expenses(1) As % of revenue(2) $144.4 $170.2 Non-GAAP subscription gross profit ($mm) $42.3 76.1% 78.5% 80.2% $46.9 78.2% S&M R&D G&A $134 $139 $34 Non-GAAP operating expenses ($mm) 67% 61% 61% 62% $37 (1) See appendix for reconciliation (2) The total percentage of total expenses over net revenue presented in the chart includes other income (expenses) 29 2023 VTEX’s operating discipline powering innovation: reinvesting efficiency gains to drive product and AI innovation 2024 3Q24 3Q25 2023 2024 3Q24 3Q25 13% 26% 27% 12% 22% 28% 12% 21% 27% 11% 26% 25% Note: Figures have been restated from IFRS (as previously disclosed) to US GAAP (current reporting basis) for comparability.
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The Backbone for Connected Commerce Non-GAAP income from operations margin expansion driven by revenue growth and AI-powered gross margin efficiency are fueling higher R&D investment 13.6% 3Q24 Non-GAAP Income From Operations Δ Gross Profit 2.7% Δ S&M 1.8% Δ R&D (4.3)% Δ G&A 1.4% Δ Others 0.6% 3Q25 Non-GAAP Income From Operations 15.9% 30 Note: Figures have been restated from IFRS (as previously disclosed) to US GAAP (current reporting basis) for comparability.
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The Backbone for Connected Commerce 31 Massive TAM Latam leadership growing globally Strong VTEX ecosystem Powerful business model Blue-chip customer base Robust technology, low total cost of ownership and rapid revenue generation
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The Backbone for Connected Commerce Appendix 32
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The Backbone for Connected Commerce Subscription gross profit 2023 2024 Q3 2024 Q2 2025 Q3 2025 Subscription revenue 189.6 217.7 53.9 57.2 58.4 Subscription gross profit 144.2 170.2 42.2 45.7 46.8 Shared base compensation 0.2 0.0 0.1 0.1 0.0 Non-GAAP subscription gross profit 144.4 170.2 42.3 45.7 46.9 Non-GAAP subscription gross margin 76.1% 78.2% 78.5% 79.9% 80.2% Subscription gross profit reconciliation (US$ millions) 33 Note: Figures have been restated from IFRS (as previously disclosed) to US GAAP (current reporting basis) for comparability.
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The Backbone for Connected Commerce Income (loss) from operations reconciliation (US$ millions) Operating income 2023 2024 Q3 2024 Q2 2025 Q3 2025 Income (loss) from operation (14.0) 7.4 2.3 2.9 4.2 Share-based compensation expense 18.0 19.2 4.7 5.0 4.7 Amortization related to acquisitions 2.6 1.8 0.4 0.6 0.6 Earn out expenses related to acquisitions - 0.6 0.2 - - Non-GAAP income from operations 6.6 29.0 7.6 8.5 9.5 Non-GAAP income from operations margin 3.3% 12.8% 13.6% 14.4% 15.9% 34 Note: Figures have been restated from IFRS (as previously disclosed) to US GAAP (current reporting basis) for comparability.
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The Backbone for Connected Commerce Net income (loss) reconciliation (US$ millions) Net income 2023 2024 Q3 2024 Q2 2025 Q3 2025 Net income (loss) (15.9) 15.8 3.4 3.0 6.4 Share-based compensation expense 18.0 19.2 4.7 5.0 4.7 Amortization related to acquisitions 2.6 1.8 0.4 0.6 0.6 Earn out expenses related to acquisitions - 0.6 0.2 - - Net (gain) loss on equity investments (1.0) (1.6) 0.0 - - Income taxes related to non-GAAP Adjustments (3.8) (4.2) (1.1) (0.9) (1.0) Non-GAAP net income 0.0 31.6 7.6 7.7 10.6 Non-GAAP net income margin 0.0% 14.0% 13.5% 13.1% 17.8% 35 Note: Figures have been restated from IFRS (as previously disclosed) to US GAAP (current reporting basis) for comparability.
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The Backbone for Connected Commerce Operating expenses reconciliation (US$ millions) Sales & Marketing 2023 2024 Q3 2024 Q2 2025 Q3 2025 Sales & Marketing expense (59.4) (68.6) (16.6) (17.4) (16.7) Share-based compensation expense 4.3 4.6 1.3 1.1 1.5 Amortization related to acquisitions 1.2 1.2 0.3 0.4 0.4 Earn out expenses related to acquisitions - 0.4 0.1 - - Non-GAAP S&M expense (53.9) (62.4) (14.9) (16.0) (14.8) Non-GAAP S&M expense, as % of revenue (26.8)% (27.5)% (26.7)% (27.2)% (24.9)% General & Administrative 2023 2024 Q3 2024 Q2 2025 Q3 2025 General & Administrative expense (32.4) (34.3) (8.3) (9.0) (8.1) Share-based compensation expense 5.9 8.1 1.6 2.4 1.9 Amortization related to acquisitions 0.0 0.0 0.0 0.0 0.0 Non-GAAP G&A expense (26.5) (26.2) (6.7) (6.7) (6.3) Non-GAAP G&A expense, as % of revenue (13.2)% (11.5)% (12.0)% (11.3)% (10.5)% Research & Development 2023 2024 Q3 2024 Q2 2025 Q3 2025 Research & Development expense (60.2) (55.4) (13.7) (15.4) (16.7) Share-based compensation expense 7.3 5.5 1.5 1.3 1.3 Amortization related to acquisitions 1.2 0.5 0.1 0.2 0.2 Earn out expenses related to acquisitions - 0.3 0.1 - - Non-GAAP R&D expense (51.8) (49.1) (12.0) (13.9) (15.3) Non-GAAP R&D expense, as % of revenue (25.8)% (21.7)% (21.4)% (23.7)% (25.6)% 36 Note: Figures have been restated from IFRS (as previously disclosed) to US GAAP (current reporting basis) for comparability.
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The Backbone for Connected Commerce Free Cash Flow reconciliation (US$ millions) 37 Note: Figures have been restated from IFRS (as previously disclosed) to US GAAP (current reporting basis) for comparability. Free Cash Flow 2023 2024 Q3 2024 Q2 2025 Q3 2025 Net cash provided by operating activities 5.4 26.0 7.7 14.0 8.1 Acquisitions of property and equipment (0.5) (2.1) (0.4) (2.0) (0.7) Free cash flow 4.9 23.9 7.2 7.1 7.5
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The Backbone for Connected Commerce FX neutral measures reconciliation (US$ millions) FX Neutral Measures Reconciliation As Reported FXN As Reported FXN (in millions of US$, except as otherwise indicated) 3Q25 3Q24 % Change 3Q25 3Q24 % Change Subscription revenue 58.4 53.9 8.4% 57.7 53.9 7.2% Services revenue 1.2 2.1 (42.4%) 1.2 2.1 (43.4%) Total revenue 59.6 56.0 6.5% 58.9 56.0 5.3% Gross profit 46.1 41.6 10.6% 45.4 41.6 9.0% Income from operations 4.2 2.3 78.9% 4.2 2.3 80.7% 38 Note: Figures have been restated from IFRS (as previously disclosed) to US GAAP (current reporting basis) for comparability.
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The Backbone for Connected Commerce Thank you investors@vtex.com www.investors.vtex.com 39