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SECURITIZATION TRANSACTIONS (Tables)

9 Months Ended

Sep. 30, 2025

Securitization Transactions [Abstract]

Collateralized Debt

The following table summarizes the Company’s collateralized debt under securitization transactions, as of September 30, 2025:

SPEs

Collateralized debt (In millions)

Interest rate

Currency

Maturity

Mercado Crédito I Brasil Fundo de Investimento Em Direitos Creditórios Não Padronizados

$

95

CDI + 2.25%

Brazilian Reais

March 2027

Mercado Crédito I Brasil Fundo de Investimento Em Direitos Creditórios Não Padronizados

19

CDI + 5.25%

Brazilian Reais

June 2029

Mercado Crédito Fundo de Investimento Em Direitos Creditórios Não Padronizado

58

CDI + 3.00%

Brazilian Reais

April 2028

Mercado Crédito II Brasil Fundo De Investimento Em Direitos Creditórios Nao Padronizados

198

CDI + 1.75%

Brazilian Reais

October 2031

Mercado Crédito II Brasil Fundo De Investimento Em Direitos Creditórios Nao Padronizados

62

CDI + 5.25%

Brazilian Reais

July 2028

Seller Fundo De Investimento Em Direitos Creditórios

199

CDI + 1.60%

Brazilian Reais

March 2026

Seller Fundo De Investimento Em Direitos Creditórios

100

CDI + 1.80%

Brazilian Reais

May 2026

Seller Fundo De Investimento Em Direitos Creditórios

40

CDI + 1.40%

Brazilian Reais

September 2026

Seller Fundo De Investimento Em Direitos Creditórios

20

CDI + 1.60%

Brazilian Reais

November 2026

Seller Fundo De Investimento Em Direitos Creditórios

296

CDI + 0.85%

Brazilian Reais

May 2028

Seller II Fundo De Investimento Em Direitos Creditórios Segmento Meios De Pagamento De Resp Ltda

189

CDI + 0.85%

Brazilian Reais

July 2027

Mercado Crédito XXVIII

1

Badlar rates plus 200 basis points with a min 15% and a max 60%

Argentine Pesos

September - November 2025 (1)

SPEs

Collateralized debt (In millions)

Interest rate

Currency

Maturity

Mercado Crédito XXIX

2

Badlar rates plus 200 basis points with a min 15% and a max 60%

Argentine Pesos

September - November 2025 (1)

Mercado Crédito XXX

8

Badlar rates plus 200 basis points with a min 15% and a max 60%

Argentine Pesos

October - December 2025 (1)

Mercado Crédito XXXI

8

Badlar rates plus 200 basis points with a min 15% and a max 60%

Argentine Pesos

October - December 2025 (1)

Mercado Crédito XXXII

19

Badlar rates plus 200 basis points with a min 15% and a max 60%

Argentine Pesos

November 2025 - January 2026 (1)

Mercado Crédito XXXIII

18

Badlar rates plus 200 basis points with a min 15% and a max 60%

Argentine Pesos

November 2025 - February 2026 (1)

Mercado Crédito XXXIV

31

Badlar rates plus 200 basis points with a min 10% and a max 50%

Argentine Pesos

January - March 2026 (1)

Mercado Crédito XXXV

59

Badlar rates plus 200 basis points with a min 10% and a max 40%

Argentine Pesos

February - March 2026 (1)

Mercado Crédito XXXVI

59

TAMAR rates plus 100 basis points with a min 15% and a max 50%

Argentine Pesos

March - July 2026 (1)

Mercado Crédito XXXVII

65

TAMAR rates plus 100 basis points with a min 15% and a max 50%

Argentine Pesos

April - August 2026 (1)

Mercado Crédito XXXVIII

64

TAMAR rates plus 100 basis points with a min 15% and a max 50%

Argentine Pesos

May - August 2026 (1)

Mercado Crédito XXXIX

64

TAMAR rates plus 100 basis points with a min 25% and a max 50%

Argentine Pesos

July - October 2026 (1)

Mercado Crédito XL

59

TAMAR rates plus 100 basis points with a min 20% and a max 75%

Argentine Pesos

July - November 2026 (1)

Mercado Crédito XLI (2)

48

TAMAR rates plus 100 basis points with a min 20% and a max 75%

Argentine Pesos

August - December 2026 (1)

Mercado Crédito XLII (2)

51

TAMAR rates plus 100 basis points with a min 20% and a max 75%

Argentine Pesos

September - December 2026 (1)

Fideicomiso Irrevocable de Administración y Fuente de Pago 6203

282

The equilibrium interbank interest rate published by Banco de Mexico in the Diario Oficial plus 2.20%

Mexican Pesos

November 2029

Fideicomiso Irrevocable de Administración y Fuente de Pago 6189

247

The equilibrium interbank interest rate published by Banco de Mexico in the Diario Oficial plus 2.8%

Mexican Pesos

April 2027

Fideicomiso Irrevocable de Administración y Fuente de Pago Número 6279

246

The equilibrium interbank interest rate published by Banco de Mexico in the Diario Oficial plus 2.50%

Mexican Pesos

August 2027

Fideicomiso Irrevocable de Administración y Fuente de Pago F/6191

131

The equilibrium interbank interest rate published by Banco de Mexico in the Diario Oficial plus 2.20%

Mexican Pesos

April 2026

Frontal Trust Mercado Pago Créditos Fondo de Inversión

11

TAB 30 + 2.10%

Chilean Pesos

November 2027

SPEs

Collateralized debt (In millions)

Interest rate

Currency

Maturity

Frontal Trust Mercado Pago Créditos Fondo de Inversión

2

TAB 30 + 3.90%

Chilean Pesos

November 2027

Frontal Trust Mercado Pago Créditos Fondo de Inversión

9

TAB 30 + 4.25%

Chilean Pesos

November 2027

$

2,760

(1) Minimum and maximum maturity depending on the applicable interest rate within the range.

(2) As of September 30, 2025, Loans payables owned by this trust were obtained through private placements. Mercado Crédito XLI trust made the public debt issuance in the Argentine stock market on October 13, 2025.

Assets and Liabilities of the Trust

The assets and liabilities of the SPEs through which the Company securitizes financial assets as of September 30, 2025 and December 31, 2024 are as follows:

			September 30, 2025						December 31, 2024
Assets			(In millions)
Current assets:
Restricted cash and cash equivalents (1)			$	487					$	492
Loans receivable, net of allowances			2,284						1,410
Intercompany receivables			1,446						743
Other assets			—						1
Total current assets			4,217						2,646
Non-current assets:
Long-term investments			8						12
Loans receivable, net of allowances			198						102
Total non-current assets			206						114
Total assets			$	4,423					$	2,760
Liabilities
Current liabilities:
Accounts payable and accrued expenses			$	—					$	1
Loans payable and other financial liabilities			1,311						610
Intercompany liabilities			113						24
Other liabilities			—						1
Total current liabilities			1,424						636
Non-current liabilities:
Loans payable and other financial liabilities			1,449						1,232
Total non-current liabilities			1,449						1,232
Total liabilities			$	2,873					$	1,868

(1) Restricted cash and cash equivalents from the SPEs include balances maintained in digital wallets that are eliminated for consolidation purposes.

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