Leandro Cuccioli

And the same with Mercado Pago.

Now, we've seen the country going through different phases, right?

We are coming from a period of very high inflation at the end of 23.

And then this administration that started at the end of 23 has brought inflation down quite significantly.

And that has created a big adjustment in the economy.

So we navigated a difficult Q1 of 24, in which, for the first time, we had negative ship items growth in the history.

There was a huge recession and adjustment in Argentina in Q1, 24.

But then from Q2, and we actually published that,

From Q2, 24, we started to see a markedly improvement.

It's not unheard of that when you lower inflation so much, the real purchasing power of people improves, right?

So credit returns and all those other things, our credit book in Argentina quadrupled over a year.

and from a very low base.

But that means that if you have good macroeconomic stability, then it's easier to conduct business.

And that's what we've been seeing, right?

We've seen Argentina performing very well for us.

What I always tell investors is we don't know what's going to happen, right?

We never know.

We have a very solid business and we've had a solid business in periods of high inflation, of low inflation, et cetera, because as long as you have great price, great convenience, the fastest shipping, people will buy from you.

Now, we're very optimistic in the short term that if things continue to be in this way, you know, the market can be much, much bigger than what it is today, right?

So it can be a huge market.