Earnings release
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VTEX VTEX Financial Results Second Quarter 2026 August 2026
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2 NEW YORK, August 6, 2026 – VTEX (NYSE: VTEX), the backbone for connected commerce, today announced results for the second quarter of 2026 ended June 30, 2026. VTEX results have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) as well as the rules and regulations of the Securities and Exchange Commission (“SEC”) regarding financial reporting. Geraldo Thomaz Jr., founder and co-CEO of VTEX, commented, “We are now far enough into our AI-native transformation to see the scale of the opportunity ahead. We are still in the early stages of this journey, and the full impact is not yet reflected in our overall growth. But we are increasingly confident in the direction we are taking: our growth drivers — Global Expansion, B2B, Ads, and AI — grew 20% on an FX-neutral basis this quarter. Our financial discipline gives us the flexibility to invest for the long term while expanding profitability and delivering strong cash generation.” Mariano Gomide de Faria, founder and co-CEO of VTEX, added, “We continue to see encouraging progress beneath the headline numbers. Across the US and Europe, we are improving the quality of our pipeline, winning larger enterprise opportunities, and strengthening our position with global customers. While macro conditions continue to influence near-term growth, we are building a broader, more diversified product suite that we believe will drive sustainable growth over the long term.” VTEX Reports Second Quarter 2026 Financial Results
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GMV reached US$5.7 billion in the second quarter of 2026, representing a YoY increase of 17 .8% in USD and 7 .0% on an FX neutral basis. Total revenue increased to US$64.4 million in the second quarter of 2026 from US$58.8 million in the second quarter of 2025, representing a YoY increase of 9.5% in USD and a decrease of 0.4% on an FX neutral basis. Subscription revenue represented 99.1% of total revenues, reaching US$63.8 million in the second quarter of 2026, from US$57 .2 million in the second quarter of 2025. This represents a YoY increase of 11.4% in USD and 1.3% on an FX neutral basis. Non-GAAP subscription gross profit was US$52.2 million in the second quarter of 2026, compared to US$45.7 million in the second quarter of 2025, representing a YoY increase of 14.1% in USD and 2.0% on an FX neutral basis. Non-GAAP subscription gross margin was 81.8% in the second quarter of 2026, compared to 79.9% in the same quarter of 2025. Non-GAAP income from operations was US$13.8 million during the second quarter of 2026, compared to US$8.5 million in the same quarter of 2025. Non-GAAP net income was US$13.6 million during the second quarter of 2026, compared to US$7 .9 million in the same quarter of 2025. Subscription revenue grew 11.4% (+1.3% FXN), with GMV up 17 .8% (+7 .0% FXN) Non-GAAP income from operations increased 62.4% to US$13.8 million, reaching a 21.4% margin Free cash flow increased 79.1% to US$12.7 million, reaching a 19.8% margin Non-GAAP free cash flow was US$12.7 million during the second quarter of 2026, compared to US$7 .1 million in the same quarter of 2025. As of June 30, 2026, our total headcount was 1,102, decreasing 3.9% QoQ and 14.1% YoY. During the second quarter of 2026, 6.2 million Class A common shares had been repurchased pursuant to the share buyback program at an average price of US$3.76 per share for a total cost of US$23.2 million. +17.8% 2Q26 YoY in USD +7.0% 2Q26 YoY in FXNGMV US$ 13.8M 2Q26 21.4% Margin 2Q26 Income From Operations (Non-GAAP) US$ 12.7M 2Q26 19.8% Margin 2Q26 Free Cash Flow (Non-GAAP) Subscription revenue +11.4% 2Q26 YoY in USD +1.3% 2Q26 YoY in FXN 3 Second Quarter 2026 Financial Highlights
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New customers who initiated their operations with us, among others: ❏ Di Santinni and Dolce & Gabbana in Brazil; ❏ Grupo Ramos in the Dominican Republic; ❏ Indurama in Ecuador; ❏ Gigatron in Serbia; ❏ Iberdrola in Spain; and ❏ Acron Aviation in the US. Existing customers expanding their operations with us by opening new online stores, among others: ❏ C&A launched the ACE operations in Brazil, its first independent brand with standalone stores. ❏ Grupo Nazan migrated its B2B operations in Mexico to VTEX, building on its B2C success; ❏ OBI expanded into Poland, adding to its operations in Austria, Germany and Italy; ❏ Panasonic launched a B2B operation in Brazil, adding to its B2C operation with VTEX; and ❏ STIHL expanded into Argentina, adding to its operations in Brazil and Mexico. Customers adopting or expanding their use of the VTEX product suite included, among others: ❏ Angeloni expanded its relationship with VTEX by implementing the VTEX CX Platform in Brazil; ❏ Fast Shop expanded its relationship with VTEX by implementing the VTEX CX Platform in Brazil; ❏ Olímpica expanded its relationship with VTEX by becoming a VTEX Ads Platform publisher in Colombia; and ❏ Whirlpool expanded its relationship with VTEX by becoming a VTEX Ads Platform advertiser in Brazil. Second Quarter 2026 Commercial Highlights 4
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❏ Angeloni, a leading Brazilian retail group, implemented the VTEX CX Platform to elevate the customer experience across its diverse brands, including Angeloni Eletro, Super, and Divvino. By centralizing its customer service on WhatsApp with a suite of AI Agents, the company now automates approximately 65% of inquiries, achieving an exceptional customer satisfaction score of 4.89 out of 5. The most significant financial impact was driven by automated abandoned cart campaigns, which generated a consolidated 10.7x ROI in the first five months of 2026 and represented 3% of the site's total sales. Additionally, the AI-powered Concierge tool contributed a further 2% to total site sales. With VTEX, Angeloni has transformed its customer service into a scalable and profitable engine, delivering a consistent, high-quality experience across its distinct business units. Second Quarter 2026 Operational Highlights We innovate aligned with our guiding principles. We express our brand through the success of our customers. VTEX key operational highlights this quarter are: ❏ Acron Aviation, a specialized provider in the US aviation industry, partnered with VTEX to digitalize two distinct and highly specialized commercial operations, launching separate, purpose-built storefronts on a unified platform. The primary goal was to create dedicated digital channels for its complex service and parts offerings. For its data intelligence division, Acron launched "Avionics Hub," a portal where clients can order and manage "Express Readout" services, a sophisticated offering that analyzes flight recorder data to speed up maintenance diagnostics. Simultaneously, for its Avionics aftermarket division, it launched "Skyparts," a B2B ecommerce store providing direct access to a catalog of re-certified, out-of-production aircraft components. By leveraging VTEX's flexible architecture, Acron Aviation successfully deployed two unique commerce experiences tailored to different customer needs, one focused on selling specialized technical services and the other on transacting complex, used parts. This strategy established a scalable and efficient digital foundation to serve the diverse needs of the aviation maintenance and repair industry.
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❏ Farmacity, one of Argentina's leading health, beauty, and wellness retail chains, partnered with VTEX Ads to build and scale its retail media program from the ground up, successfully monetizing its high-intent digital audience. In its first year, Farmacity transitioned the program from a launch phase to a mature, highly efficient operation, scaling its on-site ad investment by 2.4 times. This growth was driven by improved performance, not just increased traffic, as the platform's conversion rate grew by over 70% while the number of active advertisers doubled. Leveraging the VTEX Ads platform, Farmacity expanded its monetized catalog from two to five complete verticals, and is now extending its strategy into an omnichannel model by piloting in-store media. With VTEX Ads, Farmacity has successfully established a scalable, high-margin retail media business and is creating a unified advertising experience across its physical and digital channels. ❏ Dolce&Gabbana do Brasil, the Brazilian subsidiary of the global luxury leader, partnered with VTEX to launch the brand's first-ever official ecommerce channel in the country, creating a digital flagship that mirrors its premium in-store experience. The primary goal was to establish a direct-to-consumer channel with full control over the customer journey, moving beyond third-party marketplaces. Leveraging VTEX's composable architecture and FastStore front-end framework, Dolce&Gabbana do Brasil implemented a sophisticated ship-from-store model, transforming 15 of its physical boutiques into local fulfillment hubs. The platform seamlessly integrates with DG's existing POS system to ensure real-time inventory synchronization across its Brazilian store network, a critical component for preventing stockouts and ensuring a reliable luxury experience. With VTEX, Dolce&Gabbana do Brasil successfully translated its renowned physical retail excellence into a powerful and scalable digital channel, establishing a new benchmark for luxury ecommerce operations in Brazil. Second Quarter 2026 Operational Highlights
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❏ Grupo Ramos, one of the largest retail groups in the Dominican Republic, partnered with VTEX to transform its flagship supermarket brand, La Sirena, into a full-fledged omnichannel operation. The goal was to replace a limited legacy ecommerce site with a scalable, modern platform capable of supporting a complex, multi-store fulfillment strategy. Leveraging VTEX's composable architecture, Grupo Ramos implemented a sophisticated marketplace model where each physical La Sirena store operates as an individual white-label seller, managing its own inventory and delivery zones. This structure enabled the launch of multiple delivery options, including express delivery, scheduled delivery, and in-store pickup, all orchestrated through VTEX's native Pick and Pack solution and integrated with last-mile provider SimpliRoute. With VTEX, Grupo Ramos successfully built a robust digital foundation that unifies its physical store network into a cohesive and efficient ecommerce operation, providing customers with a seamless, omnichannel grocery shopping experience. ❏ Grupo Nazan, one of Mexico's leading footwear distributors, expanded its partnership with VTEX to migrate its extensive B2B operation from a legacy platform, unifying its entire digital ecosystem on a single, agile foundation. The primary goal was to overcome the technical limitations of their previous system and establish a scalable platform for their unified commerce strategy. Leveraging VTEX's composable architecture, Grupo Nazan implemented a sophisticated solution that integrates seamlessly with its complex network of enterprise systems — handling order orchestration, catalog and pricing, and custom loyalty and discount programs — and unifying omnichannel inventory across its entire operation to ensure real-time product availability. Through the power and efficiency of the VTEX checkout, the company has streamlined the wholesale purchasing journey, significantly reducing friction at the most critical stage of the transaction. This strategic migration empowers Grupo Nazan to manage its 200,000 active B2B clients through a modern, high-performance portal while also enabling new channels like in-store kiosks and social selling, creating a robust and future-proof foundation for its continued market leadership. Second Quarter 2026 Operational Highlights
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❏ Gigatron, a leading Serbian electronics retailer, migrated its full digital catalog to VTEX to modernize its commerce core without disrupting its existing headless enterprise architecture. The primary goal was to replace its legacy backend with a more robust, scalable engine while preserving its flexible frontend and internal operational orchestration. By establishing VTEX as its new commerce backbone for catalog, search, checkout, and OMS, Gigatron achieved a pragmatic modernization that seamlessly integrated with its surrounding enterprise systems. The platform's strong extensibility empowered Gigatron's internal engineering team to build and maintain custom applications, successfully supporting a complex, localized launch featuring dynamic pricing, localized payment methods, and sophisticated promotional structures. With VTEX, Gigatron has successfully upgraded its headless commerce foundation, securing the agility and scalability needed for future growth without the operational cost of a full systemic rebuild. ❏ Second Quarter 2026 Operational Highlights ❏ Sanofi, a global pharmaceutical leader, leveraged VTEX Ads to execute a continuous, data-driven retail media strategy across multiple pharmacy channels, connecting with high-intent consumers at critical moments in their purchase journey. Through consistent monitoring and weekly optimizations, the platform successfully balanced brand visibility with performance, generating sales across 96 campaigns and achieving a strong return on ad spend (ROAS) above 7x. With VTEX Ads, Sanofi transformed its retail media investment into a powerful, measurable engine for sales growth and enhanced its portfolio's presence in strategic digital environments.
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For the full year 2026, we are now targeting: ● Subscription revenue to grow at a low-single digit percentage rate on an FX-neutral year-over-year basis; ● Gross profit to grow at a mid-single digit percentage rate on an FX-neutral year-over-year basis; ● Non-GAAP income from operations to be in the low-twenties percentage margin; and ● Free cash flow to be in the low-twenties percentage margin. Assuming FX rates remain broadly consistent with July's average rates, the FX-neutral growth guidance outlined above would translate into higher reported USD subscription revenue growth, adding approximately 7 .0 percentage points in the third quarter and 8.1 percentage points for the full year 2026. The business outlook provided above constitutes forward-looking information within the meaning of applicable securities laws and is based on a number of assumptions and subject to a number of risks. Actual results could vary materially as a result of numerous factors, including certain risk factors, many of which are beyond VTEXʼs control. See the cautionary note regarding “Forward-Looking Statements” below. Fluctuations in VTEXʼs operating results may be particularly pronounced in the current economic environment. There can not be an assurance that VTEX will achieve these results. 9 We continue to advance our AI-native commerce vision through tangible product innovation and remain focused on our growth drivers — Global Expansion, B2B, Ads, and AI — while deploying technology to reaccelerate performance for both VTEX and our customers. Despite a volatile macro environment, our disciplined execution supports improving profitability and sustained investment in R&D. We are encouraged by the quality of new customer additions, continued expansion within our base, and our strong positioning with global enterprises, reinforcing our confidence in long-term growth and value creation. Our updated outlook reflects weaker consumption trends in Brazil in June and July and the continued customer-mix shift toward larger enterprise accounts. It assumes a modest improvement in FX-neutral subscription revenue growth in the fourth quarter, supported by less demanding year-over-year comparisons and an increasing contribution from our growth drivers. For the third quarter of 2026, we are targeting: ● Subscription revenue to grow at an approximately flat percentage rate on an FX-neutral year-over-year basis; ● Gross profit to grow at a low-single digit percentage rate on an FX-neutral year-over-year basis; ● Non-GAAP income from operations to be in the low-twenties percentage margin; and ● Free cash flow to be in the low-twenties percentage margin. Second Quarter 2026 Business Outlook
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(1) Calculated by using the average monthly exchange rates for the applicable months during 2025, adjusted by inflation in countries with hyperinflation, and applying them to the corresponding months in 2026, as applicable, so as to calculate what our results would have been had exchange rates remained stable from one year to the next. (2) Corresponds to our subscription revenues minus our subscription costs. (3) Corresponds to our subscription gross profit divided by subscription revenues. (4) Reconciliation of Non-GAAP metrics can be found in tables below. 10 The following table summarizes certain key financial and operating metrics for the six months ended June 30, 2026 and 2025. Three months ended June 30, Six months ended June 30, In millions of US$, except as otherwise indicated 2026 2025 2026 2025 GMV 5,700.5 4,840.3 10,784.6 9,182.1 GMV growth YoY FXN (1) 7 .0% 13.6% 6.9% 15.3% Subscription Revenue 63.8 57 .2 123.8 109.8 Subscription Revenue growth YoY FXN (1) 1.3% 11.2% 2.7% 13.0% Non-GAAP subscription gross profit (2) (4) 52.2 45.7 101.0 87 .3 Non-GAAP subscription gross profit margin (3) (4) 81.8% 79.9% 81.6% 79.5% Non-GAAP income from operations (4) 13.8 8.5 24.4 13.8 Non-GAAP net income (4) 13.6 7 .9 21.7 13.2 Total number of employees 1,102 1,283 1,102 1,283
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11 Second Quarter 2026 Conference Call and Webcast The conference call may be accessed by dialing +1-833-461-5787 (Conference ID –210398135–) and requesting inclusion in the call for VTEX. The live conference call can be accessed via audio webcast at the investor relations section of the Company's website, at https://www.investors.vtex.com/ An archive of the webcast will be available for one week following the conclusion of the conference call.
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“Customers” means companies ranging from small and medium-sized businesses to larger enterprises that pay to use VTEXʼs platform. “GMV” means the total value of customer orders processed through our platform, including value-added taxes and shipping. Our GMV does not include the value of orders processed by our SMB customers or B2B transactions. “FX Neutral” or “FXN” means a way of using the average monthly exchange rates for each month during the previous year, adjusted by inflation in countries with hyper-inflation, and applying them to the corresponding months of the current year, so as to calculate what results would have been had exchange rates remained stable from one year to the next. “Stores” or “Active Stores” means the number of unique domains generating gross merchandise value. Each customer might have multiple stores. Definition of Selected Operational Metrics
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For investor convenience, this document presents certain non-GAAP financial measures. We regularly assess other metrics that are not in accordance with U.S. generally accepted accounting principles (“GAAP”) and are defined as non-GAAP financial measures by the SEC. These measures help us evaluate our business, track performance, prepare financial forecasts, and make strategic decisions. The key metrics we consider include non-GAAP subscription gross profit, non-GAAP income from operations, non-GAAP net income, free cash flow, and FX Neutral measures. These non-GAAP financial measures, which may differ from similarly titled non-GAAP measures used by other companies, provide supplemental insights into our operating performance. They exclude certain gains, losses, and non-cash charges that occur infrequently or that management considers unrelated to our core operations. Special Note Regarding Non-GAAP Financial Metrics
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The following table presents a reconciliation of our Non-GAAP subscription gross profit to subscription gross profit for the following periods: The following table presents a reconciliation of our Non-GAAP S&M expenses to S&M expenses for the following periods: 14 Three months ended June 30, Six months ended June 30, In millions of US$, except as otherwise indicated 2026 2025 2026 2025 Sales & Marketing expense (15.5) (17 .4) (32.2) (34.3) Share-based compensation expense 0.7 1.1 1.5 1.9 Amortization related to acquisitions 0.4 0.4 0.8 0.8 Earn out expenses related to acquisitions — 0.0 — 0.3 Non-GAAP Sales & Marketing expense (14.3) (16.0) (29.9) (31.3) Reconciliation of Non-GAAP Measures Three months ended June 30, Six months ended June 30, In millions of US$, except as otherwise indicated 2026 2025 2026 2025 Subscription revenue 63.8 57 .2 123.8 109.8 Subscription cost (11.7) (11.6) (22.8) (22.7) Subscription gross profit 52.1 45.7 101.0 87 .2 Share-based compensation 0.0 0.1 0.1 0.2 Non-GAAP subscription gross profit 52.2 45.7 101.0 87 .3 Non-GAAP subscription gross margin 81.8% 79.9% 81.6% 79.5%
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Three months ended June 30, Six months ended June 30, In millions of US$, except as otherwise indicated 2026 2025 2026 2025 Research & Development expense (17 .9) (15.4) (35.2) (30.3) Share-based compensation expense 0.9 1.3 2.1 2.4 Amortization related to acquisitions 0.2 0.2 0.3 0.3 Earn out expenses related to acquisitions — 0.0 — 0.2 Non-GAAP Research & Development expense (16.8) (13.9) (32.7) (27 .5) Three months ended June 30, Six months ended June 30, In millions of US$, except as otherwise indicated 2026 2025 2026 2025 General & Administrative expense (8.8) (9.0) (16.9) (18.1) Share-based compensation expense 1.8 2.4 3.9 4.9 Amortization related to acquisitions 0.0 0.0 0.0 0.0 Non-GAAP General & Administrative expense (7 .0) (6.7) (13.1) (13.2) The following table presents a reconciliation of our Non-GAAP R&D expenses to R&D expenses for the following periods: 15 The following table presents a reconciliation of our Non-GAAP G&A expenses to G&A expenses for the following periods: Reconciliation of Non-GAAP Measures
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16 The following table presents a reconciliation of our Non-GAAP income from operations to income (loss) from operations for the following periods: The following table presents a reconciliation of our non-GAAP net income to our net income provided for the following periods: Reconciliation of Non-GAAP Measures Three months ended June 30, Six months ended June 30, In millions of US$, except as otherwise indicated 2026 2025 2026 2025 Net income 10.0 3.0 14.1 3.8 Share-based compensation expense 3.5 5.0 7 .7 9.6 Amortization related to acquisitions 0.6 0.6 1.2 1.0 Earn out expenses related to acquisitions — — — 0.5 Income taxes related to non-GAAP adjustments (0.6) (0.7) (1.3) (1.7) Non-GAAP net income 13.6 7 .9 21.7 13.2 Three months ended June 30, Six months ended June 30, In millions of US$, except as otherwise indicated 2026 2025 2026 2025 Income from operations 9.7 2.9 15.5 2.7 Share-based compensation expense 3.5 5.0 7 .7 9.6 Amortization related to acquisitions 0.6 0.6 1.2 1.0 Earn out expenses related to acquisitions — — — 0.5 Non-GAAP income from operations 13.8 8.5 24.4 13.8
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17 The following table presents a reconciliation of our free cash flow to net cash provided by operating activities for the following periods: Reconciliation of Non-GAAP Measures Three months ended June 30, Six months ended June 30, In millions of US$, except as otherwise indicated 2026 2025 2026 2025 Net cash provided by operating activities 12.9 7 .3 26.3 14.0 Acquisitions of property and equipment (0.2) (0.1) (0.2) (0.2) Free cash flow 12.7 7 .1 26.0 13.8
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The financial information in this press release has not been audited. Numbers have been calculated using whole amounts rather than rounded amounts. This might cause some figures not to total due to rounding. As Reported FXN As Reported FXN In millions of US$, except as otherwise indicated 2Q26 2Q25 % Change 2Q26 2Q25 % Change Subscription revenue 63.8 57 .2 11.4% 58.0 57 .2 1.3% Services revenue 0.6 1.5 (61.7%) 0.6 1.5 (63.4%) Total revenue 64.4 58.8 9.5% 58.5 58.8 (0.4%) Gross profit 51.7 45.3 14.2% 46.3 45.3 2.2% Income from operations 9.7 2.9 231.7% 7 .7 2.9 165.5% 18 The following table sets forth the FX neutral measures related to our reported results of the operations for the three months ended June 30, 2026: Reconciliation of FX Neutral Measures
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VTEX (NYSE: VTEX) is the AI-native commerce suite designed for CIOs and CEOs, focused on driving operational efficiency. Evolving from software into a connected platform, VTEX unifies a multi-product ecosystem—comprising a Commerce platform (VTEX Commerce Platform), an Ads platform (VTEX Ads Platform), and an AI conversational platform (VTEX CX Platform)—to deliver solutions such as B2C Omnichannel, B2B commerce, agent-assisted customer service, WhatsApp Store, distributed OMS, marketplace enablement, and advertising solutions. This architecture enables brands and retailers to eliminate friction, orchestrate operations, and accelerate profitable growth. Trusted by approximately 2,200 customers—including Carrefour, Colgate, OBI, Stanley Black & Decker, KitchenAid, Whirlpool, and Electrolux—across 44 countries, VTEX brings the best of Brazilian engineering to the global market. For more information, visit www.vtex.com. 19 About VTEX 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 Digital Commerce (B2C & B2B) User Admin AI Workspace Experience Management Headless CMS Storefront Application Intelligent Search PWA Application User & Account Mgmt Dashboard & Analytics Extensions Hub Developer Tooling AI Developer Toolkit VTEX IO Storefront Platform VTEX IO App Platform Masterdata Mgmt Distributed Order Management Logistics Order Routing Shipping Network Inventory Management Marketplace Management Seller Portal Offer Quality & Mgmt Marketplace Network Seller Management Live Shopping VTEX Data Pipeline VTEX Shield Pick and Pack Catalog Price Checkout Channel Management Request for Quote Punchout Promotions Payment Gateway Buying Organizations Buying Policies VTEX Ads On-Site Off-site In-store Insights & Analytics VTEX CX Platform WhatsApp Store Agentic Multichannel Experience Autonomous Post-Sales Voice Commerce Commerce Platform Ads Platform CX Platform
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As a consequence, current plans, anticipated actions and future financial position and results of operations may differ significantly from those expressed in any forward-looking statements in this announcement. You are cautioned not to unduly rely on such forward-looking statements when evaluating the information presented as there is no guarantee that expected events, trends or results will actually occur. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information or future events or for any other reason. This announcement may also contain estimates and other information concerning our industry that are based on industry publications, surveys and forecasts. This information involves a number of assumptions and limitations, and we have not independently verified the accuracy or completeness of the information. This announcement contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1993, as amended, and Section 21E of the Securities Exchange of 1934, as amended. Statements contained herein that are not clearly historical in nature, including statements about the VTEX strategies and business plans, are forward-looking, and the words “anticipate,” “believe,” “continues,” “expect,” “estimate,” “intend,” ”strategy,” “project,” “target” and similar expressions and future or conditional verbs such as “will,” “would,” “should,” “could,” “might,” “can,” “may,” or similar expressions are generally intended to identify forward-looking statements. VTEX may also make forward-looking statements in its periodic reports filed with the U.S. Securities and Exchange Commission, or the SEC, in press releases and other written materials and in oral statements made by its officers and directors. These forward-looking statements speak only as of the date they are made and are based on the VTEXʼs current plans and expectations and are subject to a number of known and unknown uncertainties and risks, many of which are beyond VTEXʼs control. A number of factors and risks could cause actual results to differ materially from those contained in any forward-looking statement. Further information regarding these and other risks is included in VTEX filings with the SEC. 20 Forward-looking Statements
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Three months ended Six months ended June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Subscription revenue 63,798 57 ,248 123,760 109,828 Services revenue 591 1,542 1,325 3,127 Total revenue 64,389 58,790 125,085 112,955 Subscription cost (11,650) (11,597) (22,782) (22,677) Services cost (1,025) (1,916) (2,138) (4,019) Total cost (12,675) (13,513) (24,920) (26,696) Gross profit 51,714 45,277 100,165 86,259 Operating expenses General and administrative (8,766) (9,025) (16,946) (18,060) Sales and marketing (15,471) (17 ,441) (32,242) (34,288) Research and development (17 ,933) (15,416) (35,181) (30,284) Other income (losses) 116 (482) (292) (911) Income from operations 9,660 2,913 15,504 2,716 Other income (expense), net 1,667 888 (95) 2,525 Income before income tax 11,327 3,801 15,409 5,241 Total income tax (1,300) (815) (1,331) (1,394) Net income for the period 10,027 2,986 14,078 3,847 Less: net loss attributable to non-controlling interest (10) (8) (20) (5) Net income attributable to controlling shareholders 10,037 2,994 14,098 3,852 Earnings per share Basic earnings per share 0.060 0.016 0.083 0.021 Diluted earnings per share 0.058 0.016 0.080 0.020 21 VTEX Condensed consolidated interim statements of operations (Unaudited) In thousands of U.S. dollars, unless otherwise indicated
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ASSETS June 30, 2026 December 31, 2025 Current assets Cash and cash equivalents 15,451 15,744 Marketable securities 170,512 176,357 Trade receivables 58,309 61,601 Recoverable taxes 6,597 6,716 Deferred commissions 2,081 2,021 Prepaid expenses and other current assets 5,494 5,066 Total current assets 258,444 267 ,505 Non-current assets Equity investments 9,649 9,649 Trade receivables 3,359 6,218 Deferred tax assets 13,019 11,765 Recoverable taxes 5,753 5,050 Deferred commissions 4,420 5,025 Prepaid expenses and other non-current assets 1,390 1,151 Right-of-use assets 6,959 2,751 Property and equipment, net 3,064 3,245 Intangible assets, net 7 ,109 7 ,949 Goodwill 27 ,296 26,324 Total non-current assets 82,018 79,127 Total assets 340,462 346,632 22 VTEX Condensed consolidated interim balance sheets (Unaudited) In thousands of U.S. dollars, unless otherwise indicated
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23 LIABILITIES June 30, 2026 December 31, 2025 Current liabilities Accounts payable and accrued expenses 34,962 36,216 Taxes payable 5,517 7 ,263 Lease liabilities 2,117 1,635 Deferred revenue 39,259 37 ,931 Other current liabilities 6,895 4,918 Total current liabilities 88,750 87 ,963 Non-current liabilities Accounts payable and accrued expenses 2,680 3,602 Taxes payable 144 161 Lease liabilities 4,978 1,249 Accounts payable from acquisition of subsidiaries 1,640 1,449 Deferred revenue 15,898 17 ,743 Deferred tax liabilities 480 589 Other non-current liabilities 1,936 317 Total non-current liabilities 27 ,756 25,110 Equity Common stock: $0.0001 par value, 2,100,000,000 shares authorized Class A: 87 ,385,586 and 92,576,749 issued; 87 ,285,403 and 92,576,749 outstanding. Class B: 78,046,730 and 80,416,730 issued and outstanding 17 17 Additional paid-in capital 296,237 321,976 Accumulated other comprehensive income 3,335 1,307 Accumulated losses (75,706) (89,804) Equity attributable to VTEXʼs shareholders 223,883 233,496 Non-controlling interests 73 63 Total shareholdersʼ equity 223,956 233,559 Total liabilities and equity 340,462 346,632 VTEX Condensed consolidated interim balance sheets (Unaudited) In thousands of U.S. dollars, unless otherwise indicated
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Six months ended June 30, 2026 June 30, 2025 Income for the period 14,078 3,847 Adjustments for: Depreciation and amortization 1,740 1,547 Deferred income tax (844) 1,324 Gain (loss) on disposal of rights of use, property, equipment, and intangible assets (66) 7 Expected credit losses from trade receivables 884 843 Share-based compensation 7 ,155 8,749 Gain on investments and other financial instruments, net (1,683) (8,183) Others and foreign exchange, net 2,004 4,222 Change in operating assets and liabilities Trade receivables 7 ,931 3,475 Recoverable taxes (204) 1,030 Prepaid expenses and other assets 125 (894) Accounts payable and accrued expenses (2,499) 574 Operating leases (919) (783) Taxes payable (2,073) (1,650) Deferred revenue (2,247) (645) Other liabilities 2,890 489 Net cash provided by operating activities 26,272 13,952 Cash flows from investing activities Purchase of marketable securities and equity investments (22,215) (107 ,979) Sales and maturities of marketable securities and equity investments 31,131 119,455 Acquisition of subsidiaries net of cash acquired — (3,678) Acquisitions of intangible assets (480) — Acquisitions of property and equipment (244) (200) Derivative financial instruments (1,666) 478 Other investing activities (97) — Net cash provided by investing activities 6,429 8,076 Cash flows from financing activities Proceeds from the exercise of stock options 744 223 Net-settlement of share-based payment (785) (1,427) Buyback of shares (32,925) (18,911) Acquisition of subsidiary noncontrolling interest (438) (164) Payment of loans and financing — (47) Net cash used in financing activities (33,404) (20,326) Net increase (decrease) in cash and cash equivalents (703) 1,702 Cash and cash equivalents, beginning of the period 15,744 18,673 Effect of exchange rate changes 410 966 Cash and cash equivalents, end of the period 15,451 21,341 Supplemental cash flow information: Cash (paid) refunded for income taxes 200 299 Non-cash transactions: Lease liabilities arising from obtaining right-of-use assets and remeasurement 5,453 938 Unpaid amount related to business combinations 191 507 Unpaid amount related to intangible assets acquisitions 146 1,446 Transactions with non-controlling interests 28 12 24 VTEX Condensed consolidated interim statements of cash flows (Unaudited) In thousands of U.S. dollars, unless otherwise indicated
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25 Thank you! Contact Julia Vater Fernández VP of Investor Relations investors@vtex.com