Slides
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The Backbone for Connected Commerce Business Overview Fourth Quarter 2025 February 2026
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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, 2025 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 December 31, 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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Third-party Marketplaces Conversational Commerce Sales App Personal Shopper Other Channels PIM/ CPQ OMS/ WMS Carriers Payments Search & Personalization Third-party Sellers Marketing & Analytics ERP CRM Experience Management Headless CMS Storefront Application Intelligent Search PWA Application Digital Commerce (B2C & B2B) Catalog Promotions Checkout Payment Gateway Price Buying Organizations Request for Quote Channel Management Distributed Order Management Logistics Order Routing Shipping Network Marketplace Management Seller Portal Offer Quality & Mgmt Marketplace Network User Admin Dashboard & Analytics Releases User & Account Mgmt Extensions Hub Developer Tooling VTEX IO Storefront Platform VTEX IO App Platform APIs Masterdata Mgmt Inventory Management Seller Management Buying Policies Punchout Precision engineering, augmented by AI Live Shopping VTEX Data Pipeline VTEX Ads VTEX Shield Weni by VTEX Pick and Pack We are the backbone for connected commerce
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The Backbone for Connected Commerce(1) As of FY 2025. Per active online store 89% of our Subscription Revenue comes from enterprise customers(1) Each generating at least $25K ARR, with an average of $145K in ARR(1) We are a SaaS commerce platform for enterprises 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 (FY 2025) 80.3% GMV B2C (FY 2025 in USD) $20.5 B Revenue (FY 2025 in USD) $240.5 M Number of active online stores(2) (FY 2025) 3.1k Countries with active online stores(2) (FY 2025) Financial stats Company metrics 44 2.2k (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 2025) 6
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The Backbone for Connected Commerce Employee headcount 4Q24 3Q25 4Q25 1,368 1,139 1,234 7 A founder-led, future-driven culture of integrity 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 Europe 2025, Lisbon)
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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 2025 8 2024 Innovation With Global Impact VTEX evolves into a multi-product commerce platform, accelerating B2B digitization, Retail Media, and AI to deepen value for top-tier customers and announces H&M, Itaú, City Football Group, and Etihad Arena go-lives
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The Backbone for Connected Commerce $8.3T Worldwide ecommerce market (FY 2029E) $6.5T Worldwide ecommerce market (FY 2025) $191bn LatAm ecommerce market (FY 2025) $20.5bn GMV (1) Addressing a massive market with significant room for further penetration 9 Source: EMARKETER (1) FY 2025
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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 B2B Self Service & Assisted Sales Marketplaces Web/ Mobile App Social Commerce Physical Store Live Shopping / Conversational Commerce Agentic Commerce and other channels Inventory & Warehouses 3rd Party Sellers Dropship Network 1st Party Fulfillment Store Network 3rd Party Fulfillment Suppliers and Distributors
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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 2025 9,000+ VTEX IO extensions created by third parties 1,200+ SIs and ISVs 500+ Marketplaces 200+ Payment solutions 90+ Logistics companies 55%+ of GMV from Collaborative Commerce transactions 90%+ of GMV from customers that use Collaborative Commerce integrations 26,000+ Monthly active users accessing VTEX developer portal 700+ 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 Commerce16 of VTEX customers would recommend VTEX to others average rating received from VTEX customers VTEX was the only digital commerce platform named as Customer's Choice by Gartner for two consecutive years 4.8/5 98%
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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
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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
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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) of approximately 4x 21 # of customers with ARR above US$250k 27.5% 14.5% Cohort Revenue Growth (FX Neutral) 2024 2025 Global Expansion % of Revenue Brazil Global Markets3LatAm ex-BRA 2% 12% 2024 2025 Land-and-Expand NRR FX Neutral(2) 10.3% 6.8% Same Store Sales (FX Neutral) 2024 2025 (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 (3) Formerly reported as “Rest of the World”. 19% Subs. Revenue FX Neutral YoY
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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: 24% CAGR 17-24: 23% 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 2025 723 4.6 9% 11% 2025 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 11% 8% 2024 2,287 1,013 2024 732 4.7
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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 2025 37 countries 5.4 stores / customer ARR 117.7 M 27% FXN CAGR 17-25 # Countries # Stores Note: “ARR” means annual recurring revenue, calculated as subscription revenue in the most recent quarter multiplied by four 23 ARR 23.9 M 13 countries 2.2 stores / customer
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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 2025 VTEX platform revenue Customer tenure % of 2025 VTEX platform revenue Customer concentration % of 2025 VTEX revenue Others Toys & Hobbies Department stores Home, Furn. & Decor. Electronics Home appliances Grocery Beauty & Health Apparel & Accessories 2025 19% 17% 16% 10% 8% 8% 7% <1 year 1-3 years 3+ years 2025 72% 21% 7% Largest customer Top 2-10 customers Other customers 2025 84% 13% <3% 24 3% 12%
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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 2025 2024 2023 2022 2021 2020 2019 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 Pre-2018 2025
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The Backbone for Connected Commerce 2025 New stores (~13% of VTEX rev., excl. SMB) ~61% ~(173)% ~(24)% ~(10)% ~(153)% % of Revenue, non-GAAP 2025A (VTEX platform + SMB + others + services) Gross margin(1) 78% Sales & Marketing (26)% Research & Development (24)% General & Administrative (10)% Operating margin 16% 2025 Existing stores (~87% of VTEX rev., excl. SMB) ~82% ~(4)% ~(24)% ~(10)% ~44% 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, mainly US and Europe, drives direct investments representing ∼40% of our total S&M 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
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The Backbone for Connected Commerce Resilient growth and SaaS metrics with an attractive business model: we grow by enabling our customers to grow 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 18.2 20.5 5.4 6.3 2024 2025 4Q24 4Q25 YoY growth FX neutral (%) 16.2% 12.9% 10.9% 10.0% 2024 2025 4Q24 4Q25 217.7 234.9 59.4 66.7 YoY growth FX neutral (%) 20.5% 9.5% 14.0% 5.4% 2024 2025 4Q24 4Q25 YoY growth FX neutral (%) 24.9% 12.8% 16.5% 8.3% 170.2 188.7 46.9 54.6 28
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The Backbone for Connected Commerce (1) See appendix for reconciliation (2) The total percentage of total expenses over net revenue presented in the chart includes other revenues (expenses) (3) Includes approximately US$2 million severance expense above normalized level Non-GAAP subscription gross profit(1) As % of subscription revenue Non-GAAP operating expenses(1) As % of revenue(2) $170.2 $188.7 Non-GAAP subscription gross profit ($mm) $46.9 $46.9 78.2% 78.8% 80.2% 81.8% $54.6 80.3% S&M R&D G&A $138.9 $147.6 $33.9 Non-GAAP operating expenses ($mm) 61.3% 61.4% 55.1% 55.8% $37.9(3) 61.6% $36.7 29 VTEX keeps growing and unlocking efficiency with steady costs and an optimized, agile organizational structure 2024 2025 4Q24 3Q25 4Q25 2024 2025 4Q24 3Q25 4Q25 11.5% 21.7% 27.5% 10.4% 24.2% 26.0% 9.8% 19.2% 25.2% 10.5% 25.6% 24.9% 8.2% 22.8% 24.2%
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The Backbone for Connected Commerce Non-GAAP income from operations YoY margin expansion driven by revenue growth, and gross margin, S&M and G&A efficiencies 19.9% 4Q24 Non-GAAP Income from operations Δ Gross profit 4.6% Δ S&M 1.0% Δ R&D (3.6)% Δ G&A 1.6% Δ Others 0.3% 4Q25 Non-GAAP Income from operations 23.8% 30
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The Backbone for Connected Commerce31 Massive TAM Latam leadership growing globally Strong VTEX ecosystem Powerful business model Blue-chip customer base Robust technology, low total cost of ownership and rapid revenue generation
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The Backbone for Connected Commerce Appendix 32
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The Backbone for Connected Commerce Subscription gross profit 2023 2024 2025 Q4 2024 Q3 2025 Q4 2025 Subscription revenue 189.6 217.7 234.9 59.4 58.4 66.7 Subscription gross profit 144.2 170.2 188.5 47.1 46.8 54.5 Shared base compensation 0.2 (0.0) 0.2 (0.2) 0.0 0.0 Non-GAAP subscription gross profit 144.4 170.2 188.7 46.9 46.9 54.6 Non-GAAP subscription gross margin 76.1% 78.2% 80.3% 78.8% 80.2% 81.8% Subscription gross profit reconciliation (US$ millions) 33
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The Backbone for Connected Commerce34 Income (loss) from operations reconciliation (US$ millions) Operating Income 2023 2024 2025 Q4 2024 Q3 2025 Q4 2025 Income (loss) from operation (14.0) 7.4 18.1 6.7 4.2 11.2 Share-based compensation expense 18.0 19.2 18.7 4.6 4.7 4.4 Amortization related to acquisitions 2.6 1.8 2.2 0.4 0.6 0.6 Earn out expenses related to acquisitions - 0.6 0.5 0.5 - - Non-GAAP income from operations 6.6 29.0 39.4 12.3 9.5 16.2 Non-GAAP income from operations margin 3.3% 12.8% 16.4% 19.9% 15.9% 23.8% 34
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The Backbone for Connected Commerce Operating expenses reconciliation (US$ millions) Sales & Marketing 2023 2024 2025 Q4 2024 Q3 2025 Q4 2025 Sales & Marketing expense (59.4) (68.6) (68.6) (17.5) (16.7) (17.7) Share-based compensation expense 4.3 4.6 4.2 1.3 1.5 0.8 Amortization related to acquisitions 1.2 1.2 1.6 0.3 0.4 0.4 Earn out expenses related to acquisitions - 0.4 0.3 0.3 - - Non-GAAP S&M expense (53.9) (62.4) (62.6) (15.5) (14.8) (16.5) Non-GAAP S&M expense, as % of revenue (26.8)% (27.5)% (26.0)% (25.2)% (24.9)% (24.2)% General & Administrative 2023 2024 2025 Q4 2024 Q3 2025 Q4 2025 General & Administrative expense (32.4) (34.3) (34.0) (7.7) (8.1) (7.8) Share-based compensation expense 5.9 8.1 8.9 1.7 1.9 2.2 Amortization related to acquisitions 0.0 0.0 0.0 0.0 0.0 0.0 Non-GAAP G&A expense (26.5) (26.2) (25.1) (6.0) (6.3) (5.6) Non-GAAP G&A expense, as % of revenue (13.2)% (11.5)% (10.4)% (9.8)% (10.5)% (8.2)% Research & Development 2023 2024 2025 Q4 2024 Q3 2025 Q4 2025 Research & Development expense (60.2) (55.4) (63.9) (13.4) (16.7) (16.9) Share-based compensation expense 7.3 5.5 4.9 1.3 1.3 1.3 Amortization related to acquisitions 1.2 0.5 0.6 0.1 0.2 0.2 Earn out expenses related to acquisitions - 0.3 0.2 0.2 - - Non-GAAP R&D expense (51.8) (49.1) (58.2) (11.8) (15.3) (15.5) Non-GAAP R&D expense, as % of revenue (25.8)% (21.7)% (24.2)% (19.2)% (25.6)% (22.7)% 35
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The Backbone for Connected Commerce FX neutral measures reconciliation (US$ millions) 36 As Reported FXN As Reported FXN 4Q25 4Q24 % Change 4Q25 4Q24 % Change Subscription revenue 66.7 59.4 12.2% 62.6 59.4 5.4% Services revenue 1.3 2.1 (38.6)% 1.2 2.1 (41.2)% Total revenue 68.0 61.5 10.5% 63.8 61.5 3.8% Gross profit 54.0 45.9 17.7% 50.0 45.9 9.1% Income (loss) from operations 11.2 6.7 66.7% 9.3 6.7 38.6%
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The Backbone for Connected Commerce FX neutral measures reconciliation (US$ millions) 37 As Reported FXN As Reported FXN 2025 2024 % Change 2025 2024 % Change Subscription revenue 234.9 217.7 7.9% 238.3 217.7 9.5% Services revenue 5.6 9.0 (37.8)% 5.7 9.0 (37.2)% Total revenue 240.5 226.7 6.1% 244.0 226.7 7.6% Gross profit 186.3 167.0 11.6% 189.4 167.0 13.4% Income (loss) from operations 18.1 7.4 145.2% 17.6 7.4 138.3%
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The Backbone for Connected Commerce Thank you investors@vtex.com www.investors.vtex.com 38