Slides
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1Earnings Presentation Q1'25 ➔ 2Q25Earnings Presentation
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22Q25 Earnings Presentation ➔ Forward-looking statements This presentation may contain forward-looking statements. These forward-looking statements convey dLocal’s current expectations or forecasts of future events, including guidance in respect of total payment volume, revenue, gross profit and Adjusted EBITDA. Forward-looking statements regarding dLocal and amounts stated as guidance involve known and unknown risks, uncertainties and other factors that may cause dLocal’s actual results, performance or achievements to be materially different from any future results, performances or achievements expressed or implied by the forward-looking statements. Certain of these risks and uncertainties are described in the “Risk Factors,” and “Cautionary Statement Regarding Forward-Looking Statements” sections of dLocal’s filings with the U.S. Securities and Exchange Commission. Unless required by law, dLocal undertakes no obligation to publicly update or revise any forward-looking statements to reflect circumstances or events after the date hereof. In addition, dLocal is unable to present a quantitative reconciliation of forward-looking guidance for Adjusted EBITDA, because dLocal cannot reliably predict certain of their necessary components, such as impairment gains/(losses) on financial assets, transaction costs, and inflation adjustment. 22Q25 Earnings Presentation ➔
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32Q25 Earnings Presentation ➔ Pedro Arnt Chief Executive Officer Jeffrey Brown Interim Chief Financial Officer
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42Q25 Earnings Presentation ➔ CEO Message 42Q25 Earnings Presentation ➔
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52Q25 Earnings Presentation ➔ 2Q25 key takeaways Continued innovation and strategic expansion ➔ Continuing APM leadership with launch of SmartPix, a proprietary solution for the Brazilian market, further BNPL integrations and a growing number of on- and off-ramps for select stablecoin partners ➔ Secured 3 payment licenses / authorizations in UAE, Turkey, and Philippines Consistent execution delivering strong results ➔ TPV at record high of $9.2B, growing >50% YoY for 3rd consecutive quarter, adjusted EBITDA +64% YoY ➔ Brazil and Mexico posting solid results, while growth remains fastest in the rest of our geographies, leading to increased diversification ➔ Consistent operational leverage with Adjusted EBITDA over Gross Profit increasing for 5th straight quarter (71% in 2Q25) ➔ Continued strong cash flow generation with $48M of FCF Guidance update ➔ We are providing an upward adjustment on our full-year 2025 guidance for TPV, Revenue, Gross Profit and Adjusted EBITDA ➔ This reflects our strong performance in 1H25 and the sustained momentum we expect across our business ➔ It is important to consider the uncertainty inherent in the markets we operate in into account ➔ More details on slide 22
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62Q25 Earnings Presentation ➔ 2Q25 TPV, Revenue, and Adj. EBITDA all growing >50% Y oY Volume growth driven by strong performance across products (PIs, POs) and flows (XB, L2L). US$9.2B ▲+53% YoY ▲+14% QoQ TPV Continued strong cash generation, with FCF to net income ratio at 113%. US$48M ▲+156% YoY ▲+22% QoQ Free cash flow (FCF) OPEX increasing QoQ, driven by G&A and tech expenses but far below gross profit growth. Adjusted EBITDA/Gross Profit Ratio: 71% US$70M ▲+64% YoY ▲+21% QoQ Adjusted EBITDA QoQ growth driven mainly by performance and payment method mix in Brazil and Argentina. US$99M ▲+42% YoY ▲+17% QoQ Gross profit Growth impacted by the Argentine peso devaluation and related expatriation costs. We have reduced our AR bond position by >80%. US$43M ▼-7% YoY ▼-8% QoQ Net income QoQ increase driven by volume growth and higher pay-ins share. US$256M ▲+50% YoY ▲+18% QoQ Revenue ▲+65% YoY CC1 ▲+63% YoY CC1 ▲+55% YoY CC1 Note: 1 Constant currency growth. Please refer to page 32 for the reconciliation.
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72Q25 Earnings Presentation ➔ LATAM2 Estimated EM digital payments market size1 2025: $2.1TN CURRENT MERCHANTS MEA2 APAC2 We are positioned at the intersection of powerful secular trends: 78% EM Internet penetration4 vs. 90% G7 11% EM Credit card penetration5 vs 65% G7 4% EM Avg. GDP Growth ‘25-’303 vs 1.5% G72 CURRENT MERCHANTS CURRENT MERCHANTS 16% CAGR 25'-30' 16% CAGR 25'-30' 13% CAGR 25'-30' Note: 1 Statista Market Insights, April 2025. Data was converted from local currencies using average exchange rates of the respective year. Total addressable market considers Digital Commerce and Inward Remittances markets. Current Merchants wallet size is an internal estimate based on merchant’s financial data, Statista Market Insights, and industry reports. This analysis covers 89.6%, 82.1%, and 69.4% of dLocal's TPV for LatAm, APAC, and MEA, respectively. dLocal’s share of wallet is defined as the amount processed by dLocal for an existing customer, over their total processed volume in dLocal’s addressable markets. 2 LatAm includes Argentina, Belize, Bolivia, Brazil, Chile, Costa Rica, Cuba, Dominican Republic, Ecuador, El Salvador, Guatemala, Guyana, Haiti, Honduras, Jamaica, Mexico, Nicaragua, Panama, Paraguay, Suriname, Uruguay. MEA includes Algeria, Angola, Benin, Botswana, Burkina Faso, Burundi, Cameroon, Chad, Egypt, Equatorial Guinea, Ethiopia, Gabon, Gambia, Ghana, Guinea, Ivory Coast, Kenya, Lesotho, Madagascar, Malawi, Mauritius, Morocco, Mozambique, Namibia, Niger, Nigeria, Republic of the Congo, Rwanda, Senegal, Seychelles, Sierra Leone, South Africa, Sudan, Tanzania, Togo, Tunisia, Uganda, Zambia, Zimbabwe, Bahrain, Iran, Iraq, Israel, Jordan, Kuwait, Lebanon, Oman, Saudi Arabia, United Arab Emirates. APAC includes Brunei Darussalam, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, Timor-Leste, Vietnam, Bangladesh, Bhutan, India, Nepal, Pakistan, Sri Lanka. G7 includes Canada, France, Germany, Italy, Japan, United Kingdom, United States. 3 IMF, April 2025. Average Real GDP growth between 2025 and 2030. Comparison between Emerging market and developing economies and Major advanced economies (G7) as classified by IMF. 4 Statista Market Insights, ITU - International Telecommunication Union, May 2025. The internet penetration indicator refers to individuals who have utilized the internet (from any location) in the past three months. 5 Statista Market Insights, ITU - International Telecommunication Union, May 2025. Credit card penetration refers to the percentage of individuals or households in a given area or population that have a credit card. The massive sustainable opportunity ahead of us Region dLocal (B) Current Merchants wallet' size (B) Total addressable market (B) dLocal's share MEA 1.8 50 306 3.70% Americas 19.9 103 448 19.40% APAC 1.7 116 1372 1.50% $4.2TN by 2030
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82Q25 Earnings Presentation ➔ Merchants tend to follow the following path: Theoretical S-Curve Model Launch new products/services in developed markets Expand to EMs through international acquiring only Localize payments in largest EM markets (BRICs or similar) Add payment methods in their largest markets (PIX, Boleto, Oxxo) Expand to smaller EMs/ Frontier markets These are the early stages of the S-Curve of digital merchants localizing payments across emerging markets Merchant EM adoption intensity
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92Q25 Earnings Presentation ➔ We are growing merchants and deepening our relationship with them, leading to a more diversified and stickier business Total merchants1 Average # of countries served per Top 50 merchant2 Average # of pay-ins payment methods served per Top 50 merchant2 Share of revenues by markets % of revenues Share of revenues by merchants % of revenues More merchants using us more… …leading to a more diversified business +82% YoY 2Q24-2Q25 +26% YoY 2Q24-2Q25 51% YoY 2Q24-2Q25 49% YoY 2Q24-2Q25 ▉ Others ▉ Top 3 markets ▉ Others ▉ Top 10 Note: 1 Number of merchants that processed with dLocal during the period. 2 Average of different countries and pay-ins payment methods utilized by our top 50 merchants during the period. Top 50 merchants represents more than 90% of total TPV as of 2Q25.
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We continue innovating on product: 3 examples 102Q25 Earnings Presentation ➔ APMs innovation: SmartPix ➔ Our proprietary solution developed by dLocal. ➔ Redefines the Pix experience by enabling automated, recurring, and on-demand payments, without the need for users to authorize each transaction manually. Product expansion: BNPL Fuse ➔ Exclusively powered by dLocal. ➔ The only BNPL aggregator built for high-growth markets, offering the widest BNPL coverage across emerging economies, reaching over 530 million users ➔ Business model where dLocal takes revenue share (no credit risk) Segments leadership: Stablecoin remittances ➔ dLocal is uniquely positioned as a on- and off-ramp provider across emerging markets ➔ The “stablecoin sandwich” is the key opportunity for stablecoins in cross-border payments: MXN MXN USDC USDC VND VND Blockchain On-ramp Partner Off-ramp Partner Seconds / minutes
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112Q25 Earnings Presentation ➔ Improvement in operating leverage with Adj. EBITDA / Gross Profit at 71%, despite the ongoing investment cycle Product and tech salaries expenses evolution1 Revenue per employee2 $ thousand Automation and AI initiatives Revenue per employee have turned the corner and continue to be above larger best-in-class peers In the 3Q23 we announced an investment cycle focused on tech, product, compliance and operations Ongoing automation and AI initiatives are set to further enhance efficiency and scalability ▉ Product and tech ▉ Other ▉ Peers ▉ DLO Note: 1 Salaries and wages of Product and Tech team, including third party contractors. Other considers FTEs only . 2 Revenues per employee are calculated by dividing total revenues by the number of employees. Peer comparisons, including Adyen, FIS, Fiserv, PayPal, and Shift4, are based on publicly available data. 3 Between November 2024 and July 2025. ➔ Operational Efficiency in Customer Service: 70% of tickets being handled by AI, with 37% not requiring any interaction from CS associates, decreasing the overall median response time from 2h to 16min3 ➔ Platform Capabilities: +1.4 p.p. conversion rate uplift with Smart Request across the entire platform during 2Q25
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122Q25 Earnings Presentation ➔ FinancialHighlights 122Q25 Earnings Presentation ➔
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132Q25 Earnings Presentation ➔ Strength across multiple verticals highlights our multi category capabilities TPV growth by vertical (YoY) 85% Commerce 25% Financial services 41% Ride Hailing 46% SaaS 33% Streaming 43% On-demand delivery -32% Advertising 186% Remittances 8% Travel Note: 1 Other includes e-learning, gaming and other verticals. 132Q25 Earnings Presentation ➔ 35% Other 1
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142Q25 Earnings Presentation ➔ We continue growing TPV >50% Y oY … >60% in constant currency TPV by type of flow $ billion Cross-border: +11% QoQ and +75% YoY, mainly driven by commerce, SaaS, remittances and ride-hailing verticals across various markets Local-to-local: +17% QoQ and +35% YoY, mainly explained by commerce, on-demand delivery, and ride-hailing verticals TPV by type of product $ billion Pay-ins: +18% QoQ and +50% YoY, with strong performance in commerce, on-demand delivery, ride-hailing, SaaS and streaming verticals Pay-outs: +6% QoQ and +60% YoY, driven by commerce, and ride-hailing verticals, partially offset by financial services ▉ Pay-ins3 ▉ Pay-outs4 ▉ Cross-border¹ ▉ Local-to-local² Note: 1“Cross-border” means a payment transaction whereby dLocal is collecting in one currency and settling into a different currency and/or in a different geography. 2“Local-to-local” means a payment transaction whereby dLocal is collecting and settling in the same currency. 3”Pay-in” means a payment transaction whereby dLocal’s merchant customers receive payment from their customers. 4“Pay-out” means a payment transaction whereby dLocal disburses money in local currency to the business partners or customers of dLocal’s merchant customers. +53% +53%
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152Q25 Earnings Presentation ➔ Healthy revenue and gross profit growth as core markets accelerate Revenue $ millions Gross Profit $ millions ▉ Africa & Asia ▉ Latin America ▉ Africa & Asia (A&A) ▉ Latin America LatAm: +24% QoQ and +46% YoY, with QoQ comparison explained by strong performance across diverse markets, with notable contribution of Brazil, Mexico and Argentina. Africa & Asia: flat QoQ and +65% YoY. The QoQ comparison is affected by Egypt. Excellent performance of Other A&A markets, particularly South Africa LatAm: +24% QoQ and +37% YoY, with QoQ comparison mainly explained by volume growth and favourable payment method mix in Brazil and Argentina. Africa & Asia: flat QoQ and +56% YoY. The QoQ negatively affected by Egypt, up $3M otherwise. +50% +42%
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162Q25 Earnings Presentation ➔ Gross profit growth supported by strong core markets performance and geographic diversification Brazil ▲ +86% 24m | +11.2m vs. LQ ➔ Volume growth, higher share of installment payments and recovery of one-off processing costs from the previous quarter Other Africa & Asia ▲ +36% 12m | +3.3m vs. LQ ➔ Volume growth, particularly in South Africa, due to positive performance in commerce and improvement in processing costs Argentina ▲ +32% 14m | +3.4m vs. LQ ➔ Strong volume growth and increase in advancements, more than offsetting for the impact of lower FX spreads México ▲ +10% 12m | +1.1m vs. LQ ➔ Increased volumes, driven by strong payouts and commerce and ride-hailing performance, which have lower take rates Other LatAm ▼ -7% 23m | -1.7m vs. LQ ➔ Despite volume growth, gross profit was negatively affected by penalties for retries invoiced during this quarter in Chile and Colombia. Excluding both, Other LatAm grew by 9%. Egypt ▼ -21% 13m | -3.4m vs. LQ ➔ Partial volume loss due to a large merchant implementing redundancies in the market and FX devaluation ▲ +35% YoY ▲ +32% YoY ▲ +31% YoY ▲ +84% YoY ▲ +90% YoY ▲ +26% YoY
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172Q25 Earnings Presentation ➔ Net take rate up QoQ mainly driven by higher pay-ins share and recovery of processing cost from previous Q partially offset by lower FX spreads in Argentina Note: Net take rate is defined as Gross Profit divided by TPV. Cost of serving includes processing and expatriation costs. Other costs include hosting expenses, amortization of intangibles, salaries and wages, and hedging results. Higher share of pay-ins Higher share of local-to-local Partial SoW loss with Ads merchant in Egypt Tightening spreads in Argentina lead to both lower FX fees and FX costs Higher share of larger EM markets Cost of serving further impacted by one-off recovery of processing cost from previous quarter
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182Q25 Earnings Presentation ➔ Consistent operational leverage improvement for five consecutive quarters Note: 1dLocal has only one operating segment. Although Adjusted EBITDA and Adjusted EBITDA Margin may be commonly viewed as non-IFRS measures in other contexts, pursuant to IFRS 8, Adjusted EBITDA and Adjusted EBITDA Margin are treated by dLocal as IFRS measures based on the manner in which dLocal utilizes these measures. See detailed methodology for Adjusted EBITDA and Adjusted EBITDA Margin in appendix. ➔ We continue to demonstrate operational leverage through careful investment and expense management ➔ OPEX: +10% QoQ and +9% YoY. The QoQ comparison is primarily attributed to increase Tech & Development and G&A expenses, partially offset decrease in Sales & Marketing ➔ Adjusted EBITDA: +21% QoQ and +64% YoY, representing an Adjusted EBITDA to Gross Profit ratio of 71%, up 3 p.p. vs Q1 ➔ EBITDA: +20% QoQ and +79% YoY Adjusted EBITDA1 evolution $ millions EBITDA evolution $ millions Adj. EBITDA / Revenue 27%27%25% 28% 28% 71%68%61% 67% 68%Adj. EBITDA / Gross Profit +64% +79% EBITDA / Revenue 24%23%20% 25% 23% 62%60%49% 58% 56%EBITDA / Gross Profit
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192Q25 Earnings Presentation ➔ Net income evolution $ millions Net income bridge QoQ $ millions Solid net income, negatively impacted by Argentine peso devaluation; have since significantly reduced AR$ exposure limiting future volatility Diluted EPS¹ 0.140.150.15 0.09 0.10 Note: 1Our diluted earnings per share is calculated by dividing the profit attributable to owners of the group of dLocal by the weighted average number of common shares outstanding during the period plus the weighted average number of common shares that would be issued on conversion of all dilutive potential common shares into common shares. 2 Other non-recurring costs consist of costs not directly associated with the Company’s core business activities, including costs associated with addressing the allegations made by a short-seller report and certain class action and other legal and regulatory expenses (which include fees from counsel, global expert services and a forensic accounting advisory firm) in 2025. 3 Others include Impairment loss / gain and Inflation adjustment. Impacted by FX hit to our ARS position which we have now reduced by >80%
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202Q25 Earnings Presentation ➔ Continued strong cash generation, with healthy FCF to net income ratio ➔ Corporate cash and cash equivalents position as of June 30, 2025: $254M. The decrease from the prior quarter reflects the payment of dividends in June. ➔ FCF: +22% QoQ and +156% YoY ➔ Main FCF drivers of the quarter were: improved operational results, partially offset by higher income tax paid. Note: 1 Please refer to page 33 for reconciliation. 2 Capex is determined by acquisitions and additions balances related to PP&E and Intangible Assets. $ in millions 4Q24 1Q25 2Q25 Cash flows from operating activities before Working Capital and Taxes 43 63 72 Changes in Working Capital¹ 0 (9) (5) Income Tax Paid (5) (7) (10) Capex² (6) (8) (8) FCF 33 40 48 FCF Conversion to Net Income 109% 85% 113%
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212Q25 Earnings Presentation ➔ FinalRemarks 212Q25 Earnings Presentation ➔
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222Q25 Earnings Presentation ➔ 2025 guidance update Metric 2025 Guidance Below lower Lower Mid Upper Above upper New range TPV 35% - 45% YoY 40% - 50% YoY Revenue 25% - 35% YoY 30% - 40% YoY Gross profit 20% - 25% YoY 27.5% - 37.5% YoY Adjusted EBITDA 20% - 30% YoY 40% - 50% YoY Key risks Our markets are inherently volatile. Consider the following in connection to our updated guidance. ➔ The evolving macroeconomic, currency and trade landscape globally and its potential impact on emerging markets ○ The recent increase in tariffs in Mexico, along with potential trade barriers in other markets. ○ Shifting fiscal regimes in Brazil. ○ The potential for currency devaluations and/or changes in FX regimes in Argentina and Egypt Expectation based on 2025 original guidance
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232Q25 Earnings Presentation ➔ Q&A 232Q25 Earnings Presentation ➔
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242Q25 Earnings Presentation ➔ Appendix 242Q25 Earnings Presentation ➔
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252Q25 Earnings Presentation ➔ TPV breakdown Note: 1”Pay-in” means a payment transaction whereby dLocal’s merchant customers receive payment from their customers. “Pay-out” means a payment transaction whereby dLocal disburses money in local currency to the business partners or customers of dLocal’s merchant customers. 2“Cross-border” means a payment transaction whereby dLocal is collecting in one currency and settling into a different currency and/or in a different geography. “Local-to-local” means a payment transaction whereby dLocal is collecting and settling in the same currency. by type of product1 by type of flow2 In millions of US$ 2Q24 3Q24 4Q24 1Q25 2Q25 Pay-ins 4,273 4,632 5,340 5,442 6,395 As % of total 71% 71% 69% 67% 69% Pay-outs 1,763 1,884 2,373 2,666 2,816 As % of total 29% 29% 31% 33% 31% Total TPV 6,035 6,516 7,714 8,107 9,212 In millions of US$ 2Q24 3Q24 4Q24 1Q25 2Q25 Cross-border 2,701 3,035 3,740 4,258 4,719 As % of total 45% 47% 48% 53% 51% Local-to-Local 3,334 3,480 3,974 3,849 4,493 As % of total 55% 53% 52% 47% 49% Total TPV 6,035 6,516 7,714 8,107 9,212
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262Q25 Earnings Presentation ➔ Revenue breakdown by geography Note: Unaudited quarterly results In millions of US$ 2Q24 3Q24 4Q24 1Q25 2Q25 Brazil 42.3 32.9 33.7 34.4 47.0 Argentina 20.5 26.0 25.1 28.2 31.6 Mexico 35.8 38.9 40.5 36.7 45.7 Other Latam 40.1 47.3 53.6 63.5 78.4 Latin America 138.7 145.2 152.9 162.9 202.7 Egypt 15.0 18.6 21.4 22.0 17.6 Other Africa & Asia 17.5 22.0 30.3 31.8 36.1 Africa & Asia 32.6 40.6 51.6 53.9 53.7 Total Revenue 171.3 185.8 204.5 216.8 256.5
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272Q25 Earnings Presentation ➔ Gross profit breakdown by geography Note: Unaudited quarterly results In millions of US$ 2Q24 3Q24 4Q24 1Q25 2Q25 Brazil 19.2 15.4 14.8 13.0 24.3 Argentina 7.6 6.7 9.2 10.6 14.1 Mexico 8.8 12.8 10.9 10.8 11.9 Other Latam 17.9 20.7 21.6 25.1 23.4 Latin America 53.5 55.6 56.4 59.5 73.6 Egypt 9.8 12.3 16.0 16.3 12.9 Other Africa & Asia 6.5 10.2 11.3 9.1 12.4 Africa & Asia 16.3 22.6 27.3 25.4 25.3 Total Gross Profit 69.8 78.2 83.7 84.9 98.9
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282Q25 Earnings Presentation ➔ Revenue Note: 1 Top 10 merchants may vary from period to period. 2 “NRR” means Net Revenue Retention rate, which is the U.S. dollar-based measure of retention and growth of our merchants. We calculate the NRR of a period by dividing the Current Period Revenue by the Prior Period Revenue. The Prior Period Revenue is the revenue billed by us to all our customers in the prior period. The Current Period Revenue is the revenue billed by us in the current period to the same customers included in the Prior Period Revenue. Current Period Revenue includes any upsells and cross sells of products, geographies, and payment methods to such merchant customers, and is net of any contractions or attrition, but excludes revenue from new customers onboarded in the last 12 months. Top 10 merchant revenue1 ($M) and concentration (%) Revenue composition ($M) % Share of total revenue 62%60%62% 62% 63% 145% NRR2
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292Q25 Earnings Presentation ➔ Adjusted EBITDA bridge ($M) Note: Adjusted EBITDA excludes one-off expenses and non-cash items. Unaudited quarterly results. See detailed methodology for Adjusted EBITDA in slide 30.
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302Q25 Earnings Presentation ➔ Reconciliation of Profit to Adjusted EBITDA Note: Although Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted EBITDA to Gross Profit Ratio may be commonly viewed as non-IFRS measures in other contexts, pursuant to IFRS 8, Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted EBITDA to Gross Profit Ratio are treated by dLocal as IFRS measures based on the manner in which dLocal utilizes these measures. Adjusted EBITDA as used by dLocal is defined as the profit from operations before financing and taxation for the year or period, as applicable, before depreciation of property, plant and equipment, amortization of right-of-use assets and intangible assets, and further excluding finance and income cost, impairment gains/(losses) on financial assets, other operating losses/gain, share-based payment non-cash charges, non recurring transaction expenses and inflation adjustment. 1 The company wrote-off certain amounts mainly related to merchants/processors off-boarded by dLocal. 2 Refer to Note 17 - Trade and Other Receivables in the Financial Statements dated June 30, 2025, for detailed information. $ in thousands 2Q24 1Q25 2Q25 Profit for the period 46,239 46,667 42,808 Income tax expense 10,060 5,262 8,188 Depreciation and amortization 4,089 5,062 5,540 Finance income and costs, net (28,045) (6,969) 3,785 Share-based payment non-cash charges 6,776 6,020 4,911 Other operating loss¹ 1,553 422 2,480 Impairment loss / (gain) on financial assets² 76 386 1,415 Inflation adjustment 1,941 885 984 Other non-recurring costs - 123 - Adjusted EBITDA 42,689 57,858 70,111
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312Q25 Earnings Presentation ➔ Reconciliation of Net income as reported to Adjusted Net Income Note: Adjusted Net Income is a non-IFRS financial measure. As used by dLocal, Adjusted Net Income is defined as the profit for the period (net income) excluding impairment gains/(losses) on financial assets, transaction costs, share-based payment non-cash charges, and other operating (gain)/loss, in line with our Adjusted EBITDA calculation (see detailed methodology for Adjusted EBITDA on page 30). It further excludes the accounting non-cash charges related to the fair value gain from the Argentine dollar-linked bonds, the exchange difference loss from the intercompany loan denominated in USD that we granted to our Argentine subsidiary to purchase the bonds, and the hedging cost associated with the Argentina treasury notes. In addition, it excludes the inflation adjustment based on IFRS rules for hyperinflationary economies. We believe Adjusted Net Income is a useful measure for understanding our results of operations while excluding certain non-cash effects such as currency devaluation, inflation, and hedging costs. Our calculation for Adjusted Net Income may differ from similarly-titled measures presented by other companies and should not be considered in isolation or as a replacement for our measure of profit for the period as presented in accordance with IFRS. 1 Refer to Note 17 - Trade and Other Receivables in the Financial Statements dated June 30, 2025, for detailed information. 2 The company wrote-off certain amounts mainly related to merchants/processors off-boarded by dLocal. $ in thousands 2Q24 1Q25 2Q25 Net income as reported 46,239 46,667 42,808 Inflation adjustment 1,941 885 984 Loan - exchange difference 5,831 1,394 3,153 Bonds/Tbills - exchange difference - - 7,129 Argentina Treasury Notes Hedging Costs - 723 2,740 Expatriation costs - - 1,535 Fair value loss / (gain) of financial assets at FVTPL (22,774) (7,122) (5,133) Impairment loss / (gain) on financial assets¹ 76 386 1,415 Share-based payment non-cash charges 6,776 6,020 4,911 Other operating loss² 1,553 422 2,480 Other non-recurring costs - 123 - Tax effect on adjustments 5,998 1,405 (803) Adjusted net income 45,640 50,903 61,219
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322Q25 Earnings Presentation ➔ Reconciliation of TPV, Revenue and Gross profit constant currency measures to reported results As reported Constant currency measures Note: Constant currency revenue is a non-IFRS financial measure. Constant currency measures are prepared and presented to eliminate the effect of foreign exchange, or “FX,” volatility between the comparison periods, allowing management and investors to evaluate our financial performance despite variations in foreign currency exchange rates, which may not be indicative of our core operating results and business outlook. The constant currency measures are not calculated in accordance with IFRS or any other generally accepted accounting principles and should not be considered as a measure of performance in isolation. Our calculation for constant currency may differ from similarly-titled measures presented by other companies and should not be considered in isolation or as a replacement for our measure of revenue for the period as presented in accordance with IFRS. As used by dLocal, constant currency measures were calculated as the aggregated value of current period TPV, revenue and gross profit multiplied by current period average FX rate divided by previous period average FX rate for each country we transacted during given period. Constant currency measures do not include adjustments for any other macroeconomic effect, such as local currency inflation effects, or any price adjustment to compensate for local currency inflation or devaluation. In millions of US$ 2Q24 2Q25 YoY Growth TPV 6,035 9,212 53% Revenue 171 256 50% Gross Profit 70 99 42% In millions of US$ 2Q24 2Q25 YoY Growth TPV 6,035 9,960 65% Revenue 171 279 63% Gross Profit 70 108 55%
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332Q25 Earnings Presentation ➔ Working Capital (Corporate) Buildup $ in millions 4Q24 1Q25 2Q25 Decrease / (Increase) in Trade and Other Receivables (109) 21 (13) Decrease / (Increase) in Other assets 4 1 1 Increase / (Decrease) in Trade and Other Payables (71) 16 77 Increase / (Decrease) in Other Liabilities and Provisions (4) 1 (3) Changes in working capital (180) 39 62 Decrease / (Increase) in Trade and Other Receivables (107) 26 (9) Increase / (Decrease) in Trade and Other Payables (74) 21 77 Other Tax Liabilities 1 1 (1) Changes in Working Capital (Merchant) (180) 48 68 Changes in Working Capital (Corporate) 0 (9) (5)
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