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Analyst
Neha Agarwala
Period: Reporting periods mapped to calendar 2024 Q4 – 2026 Q2 (7 quarters).
- Questions
- 10on tracked calls
- Challenge rate
- 10%1 of 10 questions
- Companies
- 2questioned at least once
- Reporting periods
- 7with questions
These figures cover the whole profile: every tracked question, all reporting periods.
How to read these numbers
Challenge rate is the share of questions that pushed back, pressed for specifics or questioned management’s assumptions. It describes how questions were asked on the calls tracked here; it does not measure whether any view turned out to be right.
Rounding. Rates are rounded to whole percentages, so a small share can show as 0% even when some questions were challenging. The count beside each rate is exact; “none of N questions” means no question was challenging.
No questions recorded. “—” means there is nothing to calculate: no questions were recorded for that period on the calls tracked here. It does not mean there was no activity.
Fewer than 3 questions. A company-level rate is withheld when fewer than 3 questions were recorded for that company; the questions are still counted everywhere else.
Small samples. Profiles with fewer than 10 questions are marked Limited sample.
Reporting periods. Questions are grouped by the calendar quarter each company’s fiscal reporting period maps to, not by the date of the call. Periods without a calendar mapping are listed separately under their fiscal label.
Questions asked
Grouped by company, most questions first. Open a company to read its questions, newest reporting period first.
Showing 10 of 10 questions from 2 companies
MELIMercadoLibre8 questions · 7 reporting periods · 0 of 8 challenging
Calendar 2026 Q2
Could we talk about a bit of impact from the lower policy rates expected in Brazil for your different business segments?
Show response
Ariel said lower Brazil policy rates have marginal impact on acquiring and credit but modestly improve marketplace take rate, since installment pricing adjusts slowly.
Calendar 2026 Q1
Could you zoom in on which particular loan segment or any particular region that might have led to this increase in cost of risk?
Show response
Martin attributed 2/3 of provision compression to credit book growing faster (87%) than revenue (49%) requiring upfront provisioning. Remaining 1/3 from Brazil consumer book. Osvaldo confirmed payroll loans launching soon.
Calendar 2025 Q4
Does this mean that maybe in the next quarter or 2, we will start seeing an impact on 90-day NPLs and they will start going up again
Show response
Osvaldo expressed comfort with risk levels. Argentina saw cautious approach during elections. Martin noted NIMAL improved QoQ, meaning the risk-return equation is favorable.
Calendar 2025 Q3
would you require to add more fulfillment centers than what you already had on the road map
Show response
Ariel confirmed 28% QoQ volume increase managed without unplanned capacity. Osvaldo noted MELI is already #2 in Mexico by MAU and #1 in downloads.
Calendar 2025 Q2
how much of the lower pricing that you have for the sellers is being passed on to the consumers eventually in your view
Show response
Ariel confirmed most fee reductions passed through to lower consumer prices. Osvaldo noted 90+ day NPLs flat YoY at 18.5% with short-term NPLs improving.
Calendar 2025 Q1
Can you talk a bit about the asset quality trends? We did expect some seasonality and some seasonal worsening, but I also see that it's stronger growth in credit cards
Show response
Osvaldo explained credit card asset quality is at its best ever, with older profitable cohorts offsetting mix shift. Moving upmarket reduces risk but also compresses spreads.
Calendar 2024 Q4
What are the initiatives that you're taking for the lowest ASP items? How are you finding of competition from some of your peers
Show response
Ariel pushed back by citing that low-ASP items are growing at par or faster than marketplace average, driven by UI improvements, Melimise, and CVT supply.
we talked last year about investments in opening new warehouses. Where are we in the process? How many more warehouses do you expect to open
Show response
Ariel confirmed two new warehouses in Q4 and emphasized incremental capacity will continue to be necessary to drive the shift from offline to online commerce.
NUNu Holdings Ltd.2 questions · 2 reporting periods · 1 of 2 challenging
Calendar 2025 Q4
we do see a lot of other lenders being more aggressive in this market. And the market has doubled during 2025.
Show response
Lago said Nu has seen no evidence of cannibalization or structural subordination, and is restrained on private payroll only out of credit-risk conservatism, not competitive fear.
Calendar 2025 Q2
on the Brazil, there was a big pickup sequentially on the deposits. What was the driver for that?
Show response
Lago credited Brazil deposit growth to engagement and share of wallet rather than rate hikes, and said Mexico rate cuts produced no material outflow so far; direct.
Challenge rate by company
Every company this analyst questioned, most questions first. A company-level rate is shown from 3 questions; below that it is withheld.
| Company | Questions | Challenge rate |
|---|---|---|
| MELI MercadoLibre | 8 | 0%none of 8 questions |
| NU Nu Holdings Ltd. | 2 | —Rate withheld: fewer than 3 questions |
Activity by reporting period
Questions recorded for each calendar quarter that companies’ reporting periods map to (not the call date), with the challenge rate for that period. Periods inside the range with no questions are shown as “No questions recorded”.
| Calendar period | Questions | Challenge rate | Companies |
|---|---|---|---|
| 2024 Q4 | 2 | 0%none of 2 questions | 1 |
| 2025 Q1 | 1 | 0%none of 1 question | 1 |
| 2025 Q2 | 2 | 0%none of 2 questions | 2 |
| 2025 Q3 | 1 | 0%none of 1 question | 1 |
| 2025 Q4 | 2 | 50%1 of 2 questions | 2 |
| 2026 Q1 | 1 | 0%none of 1 question | 1 |
| 2026 Q2 | 1 | 0%none of 1 question | 1 |
- 2024 Q42 questions · challenge rate 0% (none of 2 questions) · 1 company
- 2025 Q11 question · challenge rate 0% (none of 1 question) · 1 company
- 2025 Q22 questions · challenge rate 0% (none of 2 questions) · 2 companies
- 2025 Q31 question · challenge rate 0% (none of 1 question) · 1 company
- 2025 Q42 questions · challenge rate 50% (1 of 2 questions) · 2 companies
- 2026 Q11 question · challenge rate 0% (none of 1 question) · 1 company
- 2026 Q21 question · challenge rate 0% (none of 1 question) · 1 company
Topics
Topics tagged on this analyst’s questions.
- Credit7
- Macroeconomic3
- Pricing3
- Competitive Dynamics2
- Capex Investment2
- Innovation & R&D1
- Demand1
- Supply Chain1