Earnings ForecastThe downside revision of -40%/-35% in net income for 2025/2026 is mostly driven by lower financial income, which derives from a lower cash position.
Interest RatesShort-term headwinds should prevent a re-rating soon, as higher interest rates in Brazil and stronger USD have affected VTEX shares.
Macroeconomic ImpactA 2% revenue miss in the fourth quarter and weaker than expected guidance are attributed to macroeconomic weakness in Brazil, which accounts for 57% of annual revenues.