Financial Data and Key Metrics Changes - In Q4 2025, GMV reached $6.3 billion, representing a year-over-year growth of 17.2% in U.S. dollars and 10.0% in FX-neutral terms [14] - For the full year, GMV reached $20.5 billion, up 12.1% in U.S. dollars and 12.9% in FX-neutral [15] - Subscription revenue in Q4 was $66.7 million, growing 12.2% year-over-year in U.S. dollars and 5.4% in FX-neutral [15] - Annual dollar churn remained broadly stable year-over-year, with net revenue retention at 99.5% in FX-neutral [15][16] - Existing stores' gross margin increased from 80% in 2024 to 82% in 2025, while operating margin reached 44%, a 1 percentage point increase year-over-year [16] Business Line Data and Key Metrics Changes - Customers generating over $250,000 in ARR reached 158, with revenue from this cohort up 13% year-over-year [6] - Subscription revenue from global markets grew 19.2% in FX-neutral, contributing 11.1% to total revenue [19] - Subscription gross profit in Q4 was $54.6 million, resulting in a gross margin of 81.8%, up from 78.8% in the same period of the prior year [19][20] Market Data and Key Metrics Changes - Global markets delivered 22% subscription revenue growth in 2025, with significant contributions from Europe [7] - Brazil's subscription revenue grew 12.2% in FX-neutral, while Latin America, excluding Brazil, grew 2.1% in FX-neutral [18] Company Strategy and Development Direction - The company is focusing on four growth levers: global expansion, B2B, retail media, and AI [5][11] - The strategy includes modernizing large enterprises with AI-ready capabilities and enhancing customer experiences through retail media [8][9] - The company aims to evolve from a platform that powers commerce to a multi-product AI-first platform [10][11] Management's Comments on Operating Environment and Future Outlook - Management acknowledged that recent growth has been below long-term ambitions due to external factors, including a challenging macro environment and elongated sales cycles [3][4] - The company remains focused on disciplined execution and believes it is well-positioned competitively despite current market challenges [6][11] - For Q1 2026, the company expects subscription revenue to grow at a mid-single-digit percentage rate on a FX-neutral basis [23] Other Important Information - The company announced a new $50 million share repurchase program for Class A shares [22] - Free cash flow reached $11.1 million in Q4, representing a 16.3% margin [22] Q&A Session Questions and Answers Question: Can you provide insights on the elongated sales cycle and any market intelligence regarding normalization? - Management noted that the elongation of sales cycles is a market-wide issue driven by macro scenarios and uncertainty around AI, with stable win rates and churn [30][31] Question: What are the main risks and opportunities of AI for the company? - AI is seen as a structural shift that enhances the company's ability to deliver value, with risks associated with not embracing the technological revolution [36][39] Question: How is the B2B pipeline evolving? - The B2B segment is gaining traction, with roughly half of new deals in the U.S. and EMEA being B2B related, effectively doubling the addressable market [51][52] Question: How does the company view capital allocation moving forward? - The company prioritizes long-term value creation while maintaining flexibility, with plans to invest in R&D and pursue strategic acquisitions [40][42] Question: What factors are critical for gaining traction in global expansion? - The company emphasizes the importance of brand recognition, partnerships, and product localization in its global strategy [62][66]

Financial Data and Key Metrics Changes - In Q4 2025, GMV reached $6.3 billion, representing a year-over-year growth of 17.2% in US dollars and 10.0% in FX-neutral [14] - For the full year, GMV reached $20.5 billion, up 12.1% in US dollars and 12.9% in FX-neutral [15] - Subscription revenue in Q4 was $66.7 million, growing 12.2% year-over-year in US dollars and 5.4% in FX-neutral [15] - For the full year, subscription revenue reached $234.9 million, growing 7.9% in US dollars and 9.5% in FX-neutral [15] - Net revenue retention was 99.5% in FX-neutral, with annual dollar churn remaining broadly stable year-over-year [15][16] - Existing stores' gross margin increased from 80% in 2024 to 82% in 2025, while operating margin reached 44% [16] Business Line Data and Key Metrics Changes - Customers generating over $250,000 in ARR reached 158, with revenue from this cohort up 13% year-over-year [6] - Subscription revenue from global markets grew 19.2% in FX-neutral, contributing 11.1% to total revenue [19] - Subscription revenue from Brazil grew 12.2% in FX-neutral, while Latin America excluding Brazil grew 2.1% [18] Market Data and Key Metrics Changes - Global markets delivered 22% subscription revenue growth in 2025, with significant contributions from partnerships in Europe [7] - B2B demand in the US and Europe is showing durable growth, with Mondelz launching B2B in Brazil [7][12] Company Strategy and Development Direction - The company is focusing on four growth levers: global expansion, B2B, retail media, and AI [5][22] - The strategy includes transitioning to an AI-first platform, enhancing product offerings, and maintaining a disciplined execution approach [10][11] - The company aims to evolve from a commerce platform to a multi-product AI-driven company [11] Management's Comments on Operating Environment and Future Outlook - Management acknowledges that recent growth has been below long-term ambitions due to external factors, including a challenging macro environment in Brazil and Argentina [3] - The company remains optimistic about its competitive positioning and the potential for growth through its strategic initiatives [7][23] - For Q1 2026, the company expects subscription revenue to grow at a mid-single-digit percentage rate on a FX-neutral basis [23] Other Important Information - Free cash flow reached $11.1 million in Q4, representing a 16.3% margin [22] - A new $50 million share repurchase program for Class A shares was announced [22] - The company executed a reorganization in sales and marketing to enhance efficiency and align investments with expected demand [21] Q&A Session Summary Question: Insights on the elongated sales cycle - Management noted that the elongation of sales cycles is due to macro scenarios and uncertainty around AI, with stable win rates and churn [30][31] Question: Drivers of gross margin gains - Gross margin gains in Q4 were primarily driven by AI automation in customer support, contributing to a 3 percentage point increase in subscription gross margin [32] Question: Risks and opportunities of AI - AI is seen as a structural shift, with opportunities in enhancing security and reliability, while risks involve not embracing the technological revolution [36][39] Question: Capital allocation strategy - The company prioritizes long-term value creation, with a focus on R&D investments and a disciplined approach to share buybacks [40][42] Question: Drivers for revenue growth back to double digits - The company identifies global expansion, B2B commerce, retail media, and AI as key growth drivers, with expectations for gradual acceleration in 2026 [48][50] Question: Evolution of the B2B pipeline - B2B is gaining traction, with roughly half of new deals in the US and EMEA being B2B related, effectively doubling the addressable market [51][52] Question: Competitive pressure from AI tools - Management believes that AI tools from large tech companies will enhance their software capabilities, positioning them favorably in the market [56][57] Question: Geographic investment prioritization - The company is shifting to a functional-oriented organizational structure to leverage AI capabilities globally, reducing the emphasis on regional approaches [63][66]

Business Overview Fourth Quarter 2025 February 2026 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 even ...

Core Insights - The integration of TPN into Flywheel enhances Flywheel's position as a leader in unified commerce, combining TPN's retail and creative expertise with Flywheel's global technology platform [1][3] - Sarah Cunningham, former President of TPN, will become the Chief Retail Experience Officer at Flywheel, indicating a strategic leadership shift [2][5] Group 1: Strategic Integration - The transition of TPN into Flywheel signifies Omnicom's commitment to advancing connected commerce, leveraging TPN's 40+ years of experience alongside Flywheel's technological capabilities [3] - TPN's operations, talent, and client relationships will be integrated into the Flywheel brand, allowing for a seamless connection of strategy, creativity, data, and activation across channels [3][4] Group 2: Leadership and Innovation - Sarah Cunningham's appointment as Chief Retail Experience Officer will enhance Flywheel's retail strategy and shopper marketing capabilities [5][6] - Additional leadership roles include Phil Camarota as Chief Creative Officer and Chris Rueckert as Senior Vice President of Commerce, further strengthening the leadership team [6] Group 3: Client Engagement and Growth - Current clients will maintain their core agency teams while gaining access to Flywheel's expanded resources and technology, enabling precise planning and measurement [7] - The unified model aims to deliver consistent value and measurable growth throughout the shopper journey [7][8]

Core Insights - Nayax Ltd. has announced a strategic partnership with Unipaas to provide a unified payments solution for SaaS platforms in the UK, integrating both card present and online payment capabilities [1][3][4] Company Overview - Nayax is a global commerce enablement platform that offers payment solutions, management tools, and loyalty programs to help merchants scale their businesses [5] - The company operates 12 global offices, employs approximately 1,200 people, and connects with over 80 merchant acquirers and payment method integrations [5] Partnership Details - The collaboration allows Unipaas to enhance its embedded payments platform, integrating Nayax's retail solutions, including Nova Modu and Nova 55F mobile terminals, to support both digital and physical payment environments [2][3] - This partnership aims to create a seamless payment experience across all channels for SaaS platforms and their merchants, facilitating connected commerce [3][4] Strategic Implications - The integration of in-person POS capabilities into Unipaas's platform provides software providers with greater flexibility to maximize transaction value, whether online or offline [4] - The partnership positions both companies to lead in the evolving landscape of payment solutions, enhancing operational efficiency and customer experience [4][6]

Core Insights - Technology is fundamentally redefining the consumer goods industry, with Kellanova identifying it as a catalyst for growth and innovation [2][3][20] Group 1: Key Technology Trends - **Agentic AI**: This technology enables real-time data analysis, recommendations, and actions without human intervention, enhancing operational efficiency and decision-making speed [5][6][7] - **Advanced Analytics**: The rise of data from digital interactions allows brands to gain deeper consumer insights, leading to more effective marketing strategies and improved ROI [8][9][10] - **Connected Commerce**: The integration of digital and physical shopping experiences is essential, creating seamless consumer journeys across channels [12][13] - **Smart Supply Chains**: Utilizing IoT, predictive analytics, and blockchain enhances supply chain resilience, transparency, and consumer trust [14][15] - **Sustainable Tech**: The focus on sustainability is intertwined with technological advancements, promoting a circular economy and responsible business practices [16][17] Group 2: Company Strategy and Vision - Kellanova aims to leverage technology to connect insights to actions, enhancing agility and adaptability in a rapidly changing market [3][20] - The company is committed to sustainability, integrating it into every stage of its innovation pipeline, and addressing consumer values through measurable progress [17][22] - Kellanova's vision is to become a leading snacks-led powerhouse, with a goal of creating better days for 4 billion people by 2030 [21][22]

Business Overview - VTEX is a SaaS commerce platform for enterprises, with 88% of its Annual Recurring Revenue (ARR) coming from enterprise customers, each generating at least $25,000 ARR, with an average of $131,000 in ARR [17] - VTEX's platform facilitated $19.0 billion in B2C Gross Merchandise Value (GMV) in the last twelve months (LTM) of the second quarter of 2025 [21] - VTEX reported $230.4 million in revenue for the LTM period of the second quarter of 2025 [21] - The company has 3,400 customers and 2,400 active online stores across 43 countries as of fiscal year 2024 [21] Financial Performance and Growth - VTEX boasts an attractive unit economics model with a Lifetime Value to Customer Acquisition Cost (LTV/CAC) ratio above 6x [68] - VTEX achieved a Non-GAAP subscription gross margin of 79.1% for the LTM period of the second quarter of 2025 [21] - The number of customers with ARR above US$250,000 experienced YoY growth of 23% in 2024 [69] - VTEX's Top 100 customers have shown a Compound Annual Growth Rate (CAGR) of 24% from 2017 to 2024 [72] - Top 100 customers ARR grew 29% FX Neutral CAGR from 2017 to 2024, reaching $98.7 million in ARR [79] Market and Technology - The Latin American e-commerce market reached $19.0 billion in GMV in fiscal year 2024 [32] - The worldwide e-commerce market is projected to reach $8.1 trillion by fiscal year 2028 [33] - Approximately 45% of VTEX's GMV comes from Collaborative Commerce transactions, with over 85% of GMV from customers using Collaborative Commerce integrations [44]

Financial Data and Key Metrics Changes - Subscription revenue grew 15% in FX neutral terms in Q1 2025, reaching $52.6 million compared to $50.4 million in Q1 2024, a 4% increase in U.S. dollars [26] - Gross profit reached $41 million, a 22% growth in FX neutral terms, with a 3.7 percentage points margin increase year over year [5] - Non-GAAP operating income increased to $5.3 million, an 85% growth year over year, with a 4.2 percentage points margin increase [5][29] - Non-GAAP net income reached $5.3 million in Q1 2025, more than doubling year over year, with a 5.2 percentage points improvement in margin [30] - Free cash flow was $6.6 million, compared to $1.6 million in the same quarter of the prior year, achieving a free cash flow margin of 12% [29] Business Line Data and Key Metrics Changes - Non-GAAP subscription gross margin reached 79%, up 191 basis points year over year, reflecting operational efficiency improvements [27] - Total gross margin rose to 76%, up 371 basis points year over year, driven by a lower mix of services revenue and subscription gross margin gains [27] Market Data and Key Metrics Changes - GMV for the quarter reached $4.3 billion, growing 8% year over year in U.S. dollars and 17% on an FX neutral basis [26] - The company successfully brought several new customers live across various regions, including Argentina, Brazil, Colombia, Ecuador, Spain, Mexico, and the U.S. [7][8] Company Strategy and Development Direction - The company is focusing on building a future where intelligent agents evolve into digital workers, managing core workflows autonomously [6] - The strategy includes doubling down on high-impact product bets, particularly in B2B commerce and retail media, with the acquisition of Newpeo to enhance retail advertising capabilities [14] - The company aims to solidify its position as a trusted, scalable, and innovation-driven platform for global enterprises [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the sustainability of the profitable growth strategy despite ongoing macroeconomic volatility [4] - The company is targeting FX neutral year-over-year subscription revenue growth of 12.5% to 15.5% for Q2 2025 and 14% to 17% for the full year 2025 [31] - Management acknowledged the challenges posed by macroeconomic conditions but emphasized the company's resilience and adaptability [56] Other Important Information - The company repurchased 2.7 million Class A common shares at an average price of $5.56 per share, totaling $15 million [29] - The company was recognized as a customer choice in the 2025 Gartner Voice of Customers for Digital Commerce report for the second consecutive year [12] Q&A Session Summary Question: Comment on subscription gross profit and sustainability of gains - Management noted a 190 basis point improvement in subscription gross margin, attributing gains to customer support optimization and the maturity of the partner ecosystem [38] Question: Areas seeing headcount reduction - Management indicated stability in headcount with minor changes, primarily in the support area, but not indicative of a trend [40] Question: Increase in R&D expenses - Management explained the increase in R&D expenses as a strategic investment in product development and innovation, particularly in B2B and retail media [46] Question: Update on U.S. expansion - Management confirmed ongoing momentum in the U.S. market, focusing on high-value enterprise customers and building durable relationships [50] Question: Macro situation in the U.S. and IT budgets - Management highlighted the company's resilience amid macroeconomic volatility, noting that enterprises are reassessing their technology infrastructure for cost efficiency [56] Question: Subscription revenue build-up by geography and category - Management provided qualitative insights, indicating that Brazil is contributing to growth through new customer implementations [68] Question: Economics of the retail ads media business - Management expressed confidence in the retail media business, emphasizing the connection between publishers and advertisers and the rapid growth of the advertiser network [72]