Slides
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1Earnings Presentation Q1'25 ➔ 3Q25Earnings Presentation
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23Q25 Earnings Presentation ➔ 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. 23Q25 Earnings Presentation ➔
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33Q25 Earnings Presentation ➔ Pedro Arnt Chief Executive Officer Jeffrey Brown Interim Chief Financial Officer
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43Q25 Earnings Presentation ➔ CEO Message 43Q25 Earnings Presentation ➔
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53Q25 Earnings Presentation ➔ 3Q25 key takeaways An ever more diversified business fueled by multiple sources of growth ➔ Sustained growth of existing clients fueled by organic growth and broader geographic reach and payment method coverage, along with addition of new merchants. ➔ Net revenue retention of 149%, up 4 p.p. QoQ. ➔ An ever more diversified business: half of the top 10 merchants are different names compared to 24 months ago. A record-setting quarter ➔ TPV surpassed $10B, accelerating to nearly 60% YoY, the 4th straight quarter above 50% YoY. ➔ Revenue up +52% YoY reaching $282M for the quarter. ➔ Gross profit surpassed $100M for the first time, reaching $103M, up +32% YoY ➔ Adjusted EBITDA up +37% YoY, representing 69% of gross profit as we continue our margin discipline. ➔ Net income growth at 93% YoY. ➔ $38M Adj. FCF generated. Continued focus on our innovation agenda ➔ BNPL Fuse now available in 6 countries across Latin America, Africa, the Middle East, and Asia. ➔ 27 APMs-on-file across 16 markets, bringing card‑on‑file convenience to APM rails. ➔ We continue to employ our stablecoin on- and off-ramp capabilities, now as part of the Fireblocks network.
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63Q25 Earnings Presentation ➔ Another quarter of record financial results: $10B+ of TPV, $100M+ of gross profit TPV surpassed $10B for the first time, with record highs across all products (PIs, POs) and flows (XB, L2L). US$10.4B ▲+59% YoY ▲+13% QoQ TPV Solid free cash generation. Adjusted FCF to net income ratio at 73%, affected by regulatory changes in Argentina expected to reverse over next few quarters. US$38M ▲+28% YoY ▼-22% QoQ Adjusted Free cash flow (Adj. FCF) Sustained healthy operating leverage with disciplined expense management. Adjusted EBITDA/Gross Profit Ratio: 69.5% US$72M ▲+37% YoY ▲+2% QoQ Adjusted EBITDA QoQ growth driven by broad-based volume growth, partially offset by Egypt and temporary margin pressure in Argentina and Mexico. US$103M ▲+32% YoY ▲+4% QoQ Gross profit Strong growth driven by lower finance costs following the reduction of our ARS bond exposure. Diluted EPS: $0.17 (vs $0.14 in 2Q25) US$52M ▲+93% YoY ▲+21% QoQ Net income QoQ increase driven by volume growth. US$282M ▲+52% YoY ▲+10% QoQ Revenue ▲+66% YoY CC1 ▲+63% YoY CC1 ▲+41% YoY CC1 Note: 1 Constant currency growth. Please refer to page 35 for the reconciliation.
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7Investor Presentation ➔ We simplify emerging markets payments complexity The payments landscape in emerging markets is highly fragmented and rapidly evolving… … with fast‑growing APM adoption in a region with low credit card penetration Payment method mix in Brazil1 % of e-commerce volume ▉ Cards ▉ Pix ▉ BNPL ▉ Others Payment method mix in Egypt1 % of e-commerce volume ▉ Cards ▉ Fawry ▉ Cash on delivery ▉ BNPL ▉ Others Payment method mix in Pakistan1 % of e-commerce volume ▉ Cards ▉ Cash on delivery ▉ Digital wallet ▉ BNPL ▉ Others Note: 1 PCMI eCommerce Data Library (2024). 2 PCMI eCommerce Data Library (2024). Emerging markets include Argentina, Brazil, Chile, Colombia, Egypt, India, Indonesia, Kenya, Mexico, Nigeria, Pakistan, Peru, Philippines, Saudi Arabia South Africa, Turkey, Vietnam. APMs include all payment methods expect Debit card, Domestic only credit card, and Internationally-enabled credit card. 3 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. APMs expected to reach 58% of EM e-commerce payments by 20272 BNPL growing faster than overall market2: expected 20% CAGR (‘24–’27) Credit card penetration in EM remains low at 11%, compared with 65% across G7 countries3
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83Q25 Earnings Presentation ➔ 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 Add payment methods in their largest markets (PIX, Boleto, Oxxo) Expand to smaller EMs/ Frontier markets Reminder: S-Curve of digital merchants localizing payments across emerging markets Merchant EM adoption intensity
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93Q25 Earnings Presentation ➔ Our growth is broad based as merchants move up the Emerging Markets adoption S-Curve TPV bridge $ billion TPV retention rate: 157%
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103Q25 Earnings Presentation ➔ We have best-in-class net revenue retention Source: 1 Public company filings and call transcripts. Definition of net revenue retention rate may vary by company. 2 Represents gross profit retention rate Represents 9M25 Net Dollar Revenue Retention Rate for dLocal and 2024 Net Dollar Revenue Retention Rate disclosed for other companies1. 1 2
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113Q25 Earnings Presentation ➔ We continue to partner with the world’s leading companies for business relationships and capabilities development Enabling pay-ins in Latin America. Our partnership with Western Union integrates local and alternative payment methods into the brand's digital channels in Chile, Peru, Panama, Argentina, and Brazil. Learn more Expanding payment options for ride-hailing. Together with Bolt, we simplify payment solutions for their delivery and mobility services in Africa, Asia, and Latin America. Learn more Strengthening fiat-stablecoin transactions. As part of the Fireblocks Network, we’re improving fiat-to-stablecoin operations for businesses in emerging markets. Learn more Fueling payout growth in Africa. With Grey, we’ve achieved 80% quarterly payout growth, enabling faster, more reliable access to payments in Africa. Learn more Agentic commerce: We join forces with Google to help shape the Agent Payments Protocol (AP2), an open standard for AI-driven transactions. Learn more Real-time payments in South Africa: With Capitec Pay, we’re enabling instant, secure account-to-account (A2A) payments, giving global merchants more choice. Learn more Business partnerships Capabilities partnerships
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123Q25 Earnings Presentation ➔ Our business becomes increasingly diversified as we grow 1 Top 10 merchants may vary from period to period. Share of revenues by markets % of revenues Top 10 merchants concentration by cohort 1 % of revenues Share of revenues by merchants % of revenues ▉ Others ▉ Top 3 markets +55% YoY 3Q24-3Q25 +49% YoY 3Q24-3Q25 ▉ Others ▉ Top 10 58% YoY 3Q24-3Q25 49% YoY 3Q24-3Q25 For each cohort, the Top 10 share falls over time as other merchants outgrow them
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133Q25 Earnings Presentation ➔ We continue to enhance our products: an update 132Q25 Earnings Presentation ➔ APMs-on-file BNPL Fuse ➔ Alternative payment methods, smooth like a card: Frictionless checkout, tokenized recurring pay, seamless refunds and fraud detection APMs-on-file suite, designed to boost conversion rates Latin America Africa & Middle East Asia Coming Soon The first BNPL aggregator built for EMs ➔ Now live in 6 countries across Latin America, Africa, Middle East, and Asia ➔ +2.5x volume growth QoQ ➔ Revenue share model; no credit risk taken by dLocal Coming Soon 16 Countries in Latin America, Africa & Asia 27 APMs-on-file +34 p.p. conversion rate uplift, driven bytokenization of Yape, a leading APM in Peru1 1 dLocal internal data (client case). Leading BNPL
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143Q25 Earnings Presentation ➔ FinancialHighlights 143Q25 Earnings Presentation ➔
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153Q25 Earnings Presentation ➔ Strong, broad-based performance across verticals TPV growth by vertical (YoY) 89% Commerce 27% Financial services 226% Remittances 48% Ride-hailing 58% On-demand delivery 53% SaaS 45% Streaming -33% Advertising 22% Other1 Note: 1 Other includes e-learning, gaming and other verticals. 153Q25 Earnings Presentation ➔ 10% Travel
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163Q25 Earnings Presentation ➔ TPV reaches record high of over $10B, nearly 60% Y oY growth +66% in constant currency TPV by type of flow $ billion Local-to-local: +13% QoQ and +46% YoY, mainly explained by on-demand delivery, e-commerce, ride-hailing, streaming, and SaaS. Cross-border: +13% QoQ and +75% YoY, mainly driven by e-commerce, financial services, remittances, SaaS, and streaming. TPV by type of product $ billion Pay-outs: +14% QoQ and +70% YoY, driven by e-commerce, remittances, and financial services. Pay-ins: +12% QoQ and +55% YoY, with strong performance in e-commerce, on-demand delivery, streaming, and ride-hailing. ▉ 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. +59% +59%
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173Q25 Earnings Presentation ➔ Another quarter of strong revenue and gross profit growth Revenue $ millions Gross Profit $ millions ▉ Africa & Asia ▉ Latin America ▉ Africa & Asia (A&A) ▉ Latin America Africa & Asia: -10% QoQ and +19% YoY. The QoQ comparison is affected by Egypt, up $4M ex Egypt (+11% QoQ). LatAm: +16% QoQ and +61% YoY, with QoQ comparison explained by strong performance across diverse markets. Africa & Asia: -14% and -4% YoY. The QoQ negatively affected by Egypt, up $2M ex Egypt (+16% QoQ). LatAm: +11% QoQ and +47% YoY, with QoQ comparison primarily explained by strong performance in Brazil, Colombia and Bolivia. +52% +32%
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183Q25 Earnings Presentation ➔ Record gross profit, driven by strong volumes and geographic diversification, despite Egypt and temporary margin pressure in Argentina and Mexico Other LatAm ▲ +30% 30m | +7.1m vs. LQ ➔ Broad-based volume growth across markets with strong performance in Colombia and Bolivia. Brazil ▲ +21% 29m | +5.0m vs. LQ ➔ Solid volume growth across streaming, e-commerce and advertising coupled with higher share of pay-ins. Other Africa & Asia ▲ +16% 14m | +2.0m vs. LQ ➔ Broad-based volume growth across markets, with cross-border growth particularly strong in Nigeria. México ▼ -16% 10m | -1.9m vs. LQ ➔ Volume growth, but affected by increase in tariffs for low-value imports from certain countries. ➔ Payment mix shift towards an APM with temporary margin pressure. Argentina ▼ -16% 12m | -2.3m vs. LQ ➔ Strong volume growth, with offsets from lower interest rate spreads, temporary increase in processing costs, and non-cash IFRS inflation adjustment. Egypt ▼ -44% 7m | -5.7m vs. LQ ➔ Full effect of 2Q share-of-wallet loss due to large merchant’s redundancy adoption (some volume recovery began in October). ▼ -22% YoY ▼ -41% YoY ▲ +75% YoY ▲ +41% YoY ▲ +90% YoY ▲ +47% YoY
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193Q25 Earnings Presentation ➔ Net take rate impacted by a number of mix shifts Note: Net take rate is defined as Gross Profit divided by TPV. Cost of serving includes processing and expatriation costs. Other include hosting expenses, amortization of intangibles, salaries and wages, and hedging results. In 3Q25, Others include adjustments related to previous quarters. Higher share of pay-outs Egypt share decrease due to merchant SoW loss Lower interest rate spreads in Argentina along with temporary increase in processing costs. Off-set by cost recovery in Colombia FX spread compression in Bolivia and payment mix shift in Mexico
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203Q25 Earnings Presentation ➔ Ongoing investment cycle driving higher OPEX 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. 2 Revenues per employee are calculated by dividing total revenues by the number of employees. ➔ We continue to demonstrate operating leverage at healthy levels despite continued investment, with revenue per employee improving QoQ ➔ OPEX: +10% QoQ and +28% YoY. The QoQ comparison is primarily attributed to salaries and wages, especially in sales & marketing and technology ➔ Adjusted EBITDA: +2% QoQ and +37% YoY, representing an Adjusted EBITDA to Gross Profit ratio of 69%, down 1 p.p. vs 2Q25 Adjusted EBITDA1 evolution $ millions Adj. EBITDA / Revenue 25%27%28% 28% 27% 69%71%67% 68% 68%Adj. EBITDA / Gross Profit +37% Revenue per employee2 $ thousand
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213Q25 Earnings Presentation ➔ Net income evolution $ millions Net income bridge QoQ $ millions Net income up 93% Y oY, driven by lower finance costs Diluted EPS¹ 0.170.140.09 0.10 0.15 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 Others include Impairment loss / gain, Inflation adjustment and secondary offering expenses. Other operating loss reflects the write-off of certain amounts mainly related to merchants/processors off-boarded by dLocal. 3 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. Lower financing costs, driven by reduced ARS bond exposure in 2Q25
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223Q25 Earnings Presentation ➔ Resilient cash generation, with healthy Adj. FCF to net income ratio Adjusted Free Cash Flow (Adj. FCF) reconciliation Working Capital (Corporate) Buildup $ in millions 1Q25 2Q25 3Q25 Decrease / (Increase) in Trade and Other Receivables 21 (13) (91) Decrease / (Increase) in Other assets 1 1 1 Increase / (Decrease) in Trade and Other Payables 16 77 126 Increase / (Decrease) in Other Liabilities 1 (3) (3) Increase / (Decrease) in Provisions 0 0 (0) Changes in working capital 39 62 33 Decrease / (Increase) in Trade receivables net 26 (9) (67) Increase / (Decrease) in Trade payables 21 77 114 Other Tax Liabilities 1 (1) 1 Changes in Working Capital (Merchant) 48 68 48 Changes in Working Capital (Corporate) (9) (5) (15) $ in millions 1Q25 2Q25 3Q25 Net cash (used in ) / generated from operating activities 95 124 95 Changes in working capital (merchant)¹ (48) (68) (48) Capital expenditures² (8) (8) (9) Adjusted Free Cash Flow 40 48 38 Adj FCF Conversion to Net Income 85% 113% 73% Note: 1 Changes in working capital (merchant) consists of (i) changes in the period in the balance of trade receivables net, plus (ii) changes in the period in the balance of trade payables, plus (iii) changes in the period in the balance of other tax liabilities. 2 Capital expenditures consist of acquisitions of property, plant and equipment and Additions of Intangible Assets. Adj. FCF: -22% QoQ and +28% Y oY. QoQ comparison mostly affected by short term issue expected to reverse over next few quarters: -$13M from the structuring used to expatriate flows from Argentina after regulatory changes during Q3. Corporate cash and cash equivalents position as of September 30, 2025: $333M
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233Q25 Earnings Presentation ➔ FinalRemarks 233Q25 Earnings Presentation ➔
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243Q25 Earnings Presentation ➔ 2025 guidance: where we stand Metric 2025 Guidance (updated 2Q25) Below lower Around lower Around mid Around upper Above upper TPV 40% - 50% YoY Revenue 30% - 40% YoY Gross profit 27.5% - 37.5% YoY Adjusted EBITDA 40% - 50% YoY Key risks Our markets are inherently volatile. Consider the following in connection to our guidance until end of year. ➔ 4Q results are sensitive to seasonal performance during the peak shopping period of the year. Aggressive discounting by competitors, or softness by our merchants, can have an impact on projected numbers. ➔ Financial results highly dependent on evolution of Argentine peso and inflation (IFRS IAS 29 requires full-year inflation/FX adjustment to financials). ➔ The evolving macroeconomic, currency and trade landscape globally and its potential impact on emerging markets. As highlighted last quarter: ○ The recent increase in tariffs in Mexico (now also singling out low-value goods), along with potential trade barriers in other markets. ○ Shifting fiscal and tax regimes in Brazil. ○ The potential for currency devaluations and/or changes in FX regimes in Argentina, Egypt and Bolivia. Expectation compared to 2025 updated guidance (issued with 2Q25 results)
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253Q25 Earnings Presentation ➔ Q&A 253Q25 Earnings Presentation ➔
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263Q25 Earnings Presentation ➔ Appendix 263Q25 Earnings Presentation ➔
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273Q25 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$ 3Q24 4Q24 1Q25 2Q25 3Q25 Pay-ins 4,632 5,340 5,442 6,395 7,191 As % of total 71% 69% 67% 69% 69% Pay-outs 1,884 2,373 2,666 2,816 3,200 As % of total 29% 31% 33% 31% 31% Total TPV 6,516 7,714 8,107 9,212 10,390 In millions of US$ 3Q24 4Q24 1Q25 2Q25 3Q25 Cross-border 3,035 3,740 4,258 4,719 5,318 As % of total 47% 48% 53% 51% 51% Local-to-Local 3,480 3,974 3,849 4,493 5,072 As % of total 53% 52% 47% 49% 49% Total TPV 6,516 7,714 8,107 9,212 10,390
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283Q25 Earnings Presentation ➔ Revenue breakdown by geography Note: Unaudited quarterly results In millions of US$ 3Q24 4Q24 1Q25 2Q25 3Q25 Brazil 32.9 33.7 34.4 47.0 58.9 Argentina 26.0 25.1 28.2 31.6 41.4 Mexico 38.9 40.5 36.7 45.7 45.9 Other Latam 47.3 53.6 63.5 78.4 88.0 Latin America 145.2 152.9 162.9 202.7 234.3 Egypt 18.6 21.4 22.0 17.6 8.1 Other Africa & Asia 22.0 30.3 31.8 36.1 40.2 Africa & Asia 40.6 51.6 53.9 53.7 48.2 Total Revenue 185.8 204.5 216.8 256.5 282.5
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293Q25 Earnings Presentation ➔ Gross profit breakdown by geography Note: Unaudited quarterly results In millions of US$ 3Q24 4Q24 1Q25 2Q25 3Q25 Brazil 15.4 14.8 13.0 24.3 29.3 Argentina 6.7 9.2 10.6 14.1 11.8 Mexico 12.8 10.9 10.8 11.9 10.0 Other Latam 20.7 21.6 25.1 23.4 30.4 Latin America 55.6 56.4 59.5 73.6 81.5 Egypt 12.3 16.0 16.3 12.9 7.3 Other Africa & Asia 10.2 11.3 9.1 12.4 14.4 Africa & Asia 22.6 27.3 25.4 25.3 21.7 Total Gross Profit 78.2 83.7 84.9 98.9 103.2
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303Q25 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. New merchants are new customers onboarded in the last 12 months. Top 10 merchant revenue1 ($M) and concentration (%) Revenue composition ($M) % Share of total revenue 61%62%62% 63% 60% 149% NRR2
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313Q25 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 32.
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323Q25 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 primarily related to merchants and processors that have been off-boarded or for which the balances are no longer considered recoverable by dLocal. $ in thousands 3Q24 2Q25 3Q25 Profit for the period 26,811 42,808 51,790 Income tax expense 2,286 8,188 9,388 Depreciation and amortization 4,438 5,540 6,129 Finance income and costs, net 10,085 3,785 (6,382) Share-based payment non-cash charges 6,204 4,911 6,840 Other operating loss¹ 578 2,480 2,398 Impairment loss / (gain) on financial assets 8 1,415 (5) Inflation adjustment 1,954 984 794 Secondary offering expenses - - 739 Adjusted EBITDA 52,364 70,111 71,690
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333Q25 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 The Company wrote off certain amounts primarily related to merchants and processors that have been off-boarded or for which the balances are no longer considered recoverable by dLocal. $ in thousands 3Q24 2Q25 3Q25 Net income as reported 26,811 42,808 51,790 Inflation adjustment 1,954 984 794 Exchange difference over intercompany loan 7,710 3,153 1,269 Exchange difference over bonds and treasury bills - 7,129 1,171 Argentina Treasury Notes Hedging Costs 4,272 2,740 831 Expatriation costs - 1,535 - Fair value loss / (gain) of financial assets at FVTPL 95 (5,133) (1,995) Impairment loss / (gain) on financial assets 8 1,415 (5) Share-based payment non-cash charges 6,204 4,911 6,840 Other operating loss¹ 578 2,480 2,397 Secondary offering expenses - - 739 Tax effect on adjustments (4,227) (803) (252) Adjusted net income 43,405 61,219 63,579
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343Q25 Earnings Presentation ➔ Adjusted Operating Profit and Adjusted Operating Profit to Gross Profit reconciliation $ in thousands (except percentages) 3Q24 2Q25 3Q25 Operating Profit 41,136 55,765 55,589 Depreciation and amortization 4,438 5,540 6,129 Adjusted Operating Profit 45,574 61,305 61,718 Gross profit 78,180 98,885 103,189 Adjusted Operating Profit to Gross Profit 58% 62% 60%
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353Q25 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$ 3Q24 3Q25 YoY Growth TPV 6,516 10,390 59% Revenue 186 282 52% Gross Profit 78 103 32% In millions of US$ 3Q24 3Q25 YoY Growth TPV 6,516 10,814 66% Revenue 186 303 63% Gross Profit 78 111 41%
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Investor Relations Contact investor@dlocal.com Media Contact media@dlocal.com