For FY2025, Vtex Is Targeting FX-Neutral YoY Subscription Revenue Growth Of 9.3% To 10.7%, Implying A Range Of $234M-$237M, For Q4 2025 Growth Of 5.0%-10.0%, Implying $65.8M-$68.8M

Business Outlook

VTEX remains well positioned to capture an attractive market opportunity. We are executing with discipline, leveraging the scalability of our model and our AI-driven strategy to navigate a challenging environment. While near-term revenue reflects macro conditions, particularly in Latin America, we are confident in our competitive position, our global expansion, and the durability of our business model.

For the fourth quarter of 2025, we are targeting FX-neutral year-over-year subscription revenue growth of 5.0% to 10.0%, implying US$65.8 million to US$68.8 million. Additionally, we are targeting for the quarter a non-GAAP income from operations margin in the mid-twenties and free cash flow margin in the high-teens range.

For the full year 2025, we are targeting FX-neutral year-over-year subscription revenue growth of 9.3% to 10.7%, implying a range of US$234 million to US$237 million based on October's average FX rates.

We remain confident in our path to re-accelerate our growth through our commercial expansion into the US and Europe, and our product innovation in B2B, retail media and AI-powered solutions.