Slides
Page 1
August 2026 Investor Presentation
Page 2
2Investor 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, gross profit and operating profit. 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. Starting in 2026, we provide guidance in respect of Operating Profit, which management believes is useful as a measure to compare our operating results to the operations of other companies in our industry, and to assess our operating performance independently of our capital structure, tax position, and non-cash depreciation and amortization charges. 2Investor Presentation ➔
Page 3
What is dLocal? Appendix Investment Thesis Investor Presentation
Page 4
What is dLocal? 4Investor Presentation ➔
Page 5
5Investor Presentation ➔ 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Founding Launched in Brazil and expanded across LatAm Expansion to Africa and Asia Nasdaq IPO and 1st Follow-on Offering Launch of SmartRouter Launch of dLocal for Platforms Scaled to 40+ countries, 900+ payment methods Launch of SmartRequest & Network Tokenization Launch of BNPL Fuse & SmartAPMs FCA Authorization in UK Transition to Majority Independent Board Follow-on offering A decade of compounding growth in merchants, markets, and products… 0.1 40.8 10 years & 5 years since IPO Launch of Stablecoin Full 0.3 0.6 1.3 2.1 17.7 25.6 10.6 6.0 TPV $ billions +88% CAGR 2016-2025 dLocal in numbers: 60+ MARKETS2 1,000+ PAYMENT METHODS 1,300+ TEAM MEMBERS 121 API $55B TPV (2Q26 LAST 12 MONTHS) 760+ MERCHANTS1 Note: 1 Number of merchants that processed with dLocal during the period. 2 We include a country within the scope of our payment processing markets when we have processed payments in such country at any point during the preceding 365-day period, whether directly or indirectly, through a local dLocal entity or a local partner. We remove a country from the scope of our payment processing markets when no payment volume has been recorded in such country for a period of 365 or more consecutive days.
Page 6
6Investor Presentation ➔ …powered by deeper relationships, broader reach, and a locally licensed, multi-product platform for emerging markets Note: 1 We include a country within the scope of our payment processing markets when we have processed payments in such country at any point during the preceding 365-day period, whether directly or indirectly, through a local dLocal entity or a local partner. We remove a country from the scope of our payment processing markets when no payment volume has been recorded in such country for a period of 365 or more consecutive days. 2 Considers total population as of 2026 (Source: Worldometer) across dLocal's markets. 3 Licenses and/or registrations related to financial services. 60+ countries of operation1, including new markets such as Qatar, Kuwait, and Oman. 71% of the world population unlocked by enabling access to emerging markets2 40 licenses / registrations3 + 9 regulatory authorisations across 26 markets, with 19 active applications
Page 7
Global Merchants Consumers in Emerging Markets A single platform to unlock emerging markets potential 7Investor Presentation ➔ Access to global products and services Africa, Asia & LatAm One-stop shop Accelerates time to market Improved acceptance and conversion rates with reduced fraud Expanded addressable market Tax Value Added Solutions Multiple Geographies Regulation & Compliance Multiple Payment Methods FX One One API, One Contract One Platform, One Source of Support Pay- ins & Pay- outs Local to local & cross border
Page 8
Investment Thesis 8Investor Presentation ➔
Page 9
Our Investment Thesis 9Investor Presentation ➔ Massive market opportunity underpinned by structural tailwinds Track record of profitable high growth driven by the trust of our global enterprise merchants Diversified business with multiple future drivers of growth Operating leverage inherent to business model Strong capital allocation policy focused on shareholder returns Experienced management with disciplined governance and compliance 1 2 3 4 5 6 $4.2tn+ by 2030 Statista Market Insights, April 2025 88% TPV CAGR 2016−2025 12 Average number of countries served per Top 50 merchants 61% Operating Profit + D&A / Gross Profit (2025) $494M+ Return to shareholders since 2022 Includes share repurchases and dividends Majority Independent BoD
Page 10
A massive sustainable opportunity ahead of us 4% EM Avg. GDP Growth ‘25−’303 vs 1.5% G72 78% EM Internet penetration4 vs. 90% G7 11% EM Credit card penetration5 vs 65% G7 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. LatAm2 CURRENT MERCHANTS MEA2 APAC2 CURRENT MERCHANTS CURRENT MERCHANTS 16% CAGR 25'-30' 16% CAGR 25'-30' 13% CAGR 25'-30' Estimated EM digital payments market size1 2025: $2.1tn $4.2tn+ by 2030 We are positioned at the intersection of powerful secular trends: 1
Page 11
11Investor Presentation ➔ Strong structural tailwinds supporting our business 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 1
Page 12
Merchants are increasingly global but financial infrastructure remains local and ever more complex 1 12Investor Presentation ➔ REGULATORY LANDSCAPE Regulatory requirements in EMs are multiplying, making in-house compliance costly and a barrier to growth for global merchants. We hold 40 licenses / registrations1 + 9 regulatory authorisations across 26 markets, and have 19 additional applications in process. ALTERNATIVE PAYMENT METHODS APMs now represent the majority of EM e-commerce volumes APMs continue to grow, reflecting not only favorable market trends but also our strong product innovation, from APMs on file and tokenization to enhanced user experiences like Pix Biometrics. STABLECOINS & CRYPTO Stablecoin corridors are becoming one more payment rail globally, but on-off ramps happen locally dLocal now offers a full suite of stablecoin solutions to our merchants. AGENTIC COMMERCE Agents are giving users one more way to shop and close transactions, they need a local trusted payments partner dLocal is collaborating with all the major agentic payment protocol builders to ensure our merchants are able to process agentic payment mandates wherever and however the purchase is initiated. Note: 1 Licenses and/or registrations related to financial services.
Page 13
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 These are the early stages of the S-Curve of digital merchants localizing payments across emerging markets Merchant EM adoption intensity 13Investor Presentation ➔ 1
Page 14
14Investor Presentation ➔ We have grown key metrics at a 30% - 60% CAGR since we went public2 TPV $ billions +206% Revenue $ millions Gross Profit $ millions +61% CAGR +92% +45% CAGR +56% +33% CAGR +29%
Page 15
A result of the trust of the world's largest merchants 2 15Investor Presentation ➔
Page 16
Demonstrated by best-in-class net revenue retention for 2025 Source: Public company filings and call transcripts. Definition of net revenue retention rate may vary by company. For certain companies, fiscal year 2025 ends between July 2025 and March 2026. Figures reflect the most recent full-year or quarterly disclosure as of March 2026. 16Investor Presentation ➔ 2 Represents 2025 Net Dollar Revenue Retention Rate for dLocal and most recent FY2025 Net Dollar Revenue Retention Rate disclosed for other companies1. 1
Page 17
17Investor Presentation ➔ Average # of countries served per Top 50 merchant1 Average # of pay-ins payment methods served per Top 50 merchant1 Share of revenues by markets % of revenues and US$ mm OthersTop 3 Markets We are deepening our relationship with our merchants and building a more resilient business Note: 1 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 2025. 3 +43% Y oY 2024-2025 +51% Y oY 2024-2025
Page 18
18Investor Presentation ➔ Deepening our core by constant payment innovation We continue to innovate to fuel our growth3 Widening our reach across value added solutions and new verticals Stablecoin On and Off Ramps Smart APMs Cash Pick-up Smart Routing and Requests BNPL dLocal for Platforms New Geographies and Verticals e.g. B2B Card Present Infrastructure
Page 19
19Investor Presentation ➔ Our model has inherent operating leverage Source: Company filings. Note: 1 Since 1Q20. 4 TPV bridgeRevenue, Gross Profit and Operating Expenses $ millions Ongoing automation and AI initiatives are set to further enhance efficiency and scalability Announcement of Investment Cycle +13×1 +10×1 +8×1
Page 20
20Investor Presentation ➔ Among best-in-class in efficiency and increasing operating leverage despite our scale 4 FY2025 Operating Profit + D&A1 / Gross Profit % AI & Automation Since Jan 2025, AI-driven initiatives delivered monthly hours savings equivalent to ~10% of internal headcount, automating high-volume workflows across compliance, fraud monitoring and treasury Peers' avg: 36% Source: Companies’ investor relations. 1 Operating Profit + D&A is calculated as operating income plus depreciation and amortization (D&A). See detailed methodology for the metrics and related ratios in the appendix. 2 Considers gross profit as net revenue net of transaction expenses and transaction and credit losses. 3 Excludes Bitcoin revenues and costs. 4 See detailed methodology for the metrics and related ratios in the appendix. 2 3 Gross profit per employee4 $ thousand
Page 21
21Investor Presentation ➔ Helping us deliver strong Adjusted Free Cash Flow generation4 Operating Profit $ millions Net Income $ millions Adjusted Free Cash Flow $ millions Note: 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. Adjusted Free Cash Flow defined as net cash (used in) / generated from cash flows from operating activities, less changes in working capital (merchant), and capital expenditures. See detailed reconciliations in Appendix. 1 Adjusted Free Cash Flow in 2021 was impacted by the acquisition of PrimeiroPay. 2 Adjusted Free Cash Flow in 2022 and 2023 was impacted by certain escrow/collateral obligations of the Company: in 2022, some merchants required us to secure standby letters of credit and bank guarantees which required us to put cash in escrow/collateral; most of this collateral was released in 2023. INVESTMENT CYCLE +27% CAGR +26% CAGR +38% CAGR -28% -41%+15% 2 21
Page 22
22 $494M in cumulative returns to shareholders since 2022 $ millions ▉ Dividends ▉ Share repurchases % of Adj. FCF generated since 2022 returned to shareholders 3% 38% 56% 64% We consistently return value to shareholders Dividend policy: 30% of prior-year Adjusted Free Cash Flow. 2025 dividend of $57 million, paid on June 10, 2026. Share repurchase program of $300M, highlighting the strength of our cash generation and operating leverage. Note: 1H26 figure includes dividends and share repurchases executed during 1H26 as a percentage of Adj. FCF since 2022 + 1H26 Adjusted Free Cash Flow. 5 78% 22Investor Presentation ➔
Page 23
Experienced management team 6 Carlos Menendez CHIEF OPERATING OFFICER 30 years of experience Guillermo Lopez Perez CHIEF FINANCIAL OFFICER 25 years of experience John O'Brien CHIEF REVENUE OFFICER 17 years of experience Pedro Arnt CHIEF EXECUTIVE OFFICER 25 years of experience Alberto Almeida CHIEF TECHNOLOGY OFFICER 16 years of experience Gabriela Vieira CHIEF LEGAL & COMPLIANCE OFFICER 16 years of experience 23Investor Presentation ➔
Page 24
97% 2025 109% 2023−20243 3 2 61% 2025 61% 2023−20242 1 37% 2025 Y oY 31% 2021−2024 CAGR Strong Cash Flow Generation Adj. FCF / Net Income Conversion High Profitability Operating Profit + D&A1 / Gross Profit High Gross Profit Growth We have built a unique “Growth + Profit + Cash” financial model, that with scale is now generating material cash ➔ New products / features ➔ SoW gains and new merchant pipeline ➔ Volume aggregation and smart routing drives down processing costs ➔ Netting to optimize FX ➔ Lean and frugal culture ➔ Emerging markets headcount costs ➔ AI utilization ➔ Benign working capital dynamics ➔ Asset light model ➔ Efficient tax structure Note: See detailed methodology for the metrics and related ratios in the appendix to this document. 1 See detailed methodology for the metrics and related ratios in the appendix to this document. 2 Operating Profit + D&A / Gross Profit 2023-2024 calculated as the sum of 2023 and 2024 Operating Profit + D&A divided by sum of 2023 and 2024 Gross Profit . 3 Adjusted FCF / Net income conversion calculated as the sum of 2023 and 2024 Adjusted FCF divided by sum of 2023 and 2024 Net Income. 4 Calculated by adding Gross Profit growth and Operating Profit + D&A / Gross Profit. 24Investor Presentation ➔ RULE OF 98%3AS OF 2025
Page 25
25Investor Presentation ➔ We have a unique story in public markets: earnings growth, strong cash generation, low leverage and high ROE Return on equity3 Net income / total equity Net income and diluted EPS1 $ millions, $ per share Net debt and leverage ratio3 $ millions, Net Debt / Operating Profit + D&A4 Adjusted free cash flow2 $ millions, Adj FCF / Net Income 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 See detailed methodology for the metrics and related ratios in the appendix to this document. 3 Net debt calculated as financial liabilities as disclosed in our financial statements, less corporate cash and equivalents. Return on equity calculated as net income over total equity for the period. See detailed methodology for the metrics and related ratios in the appendix to this document. 4 Calculated as Operating Profit + D&A. See detailed methodology for the metrics and related ratios in the appendix to this document.
Page 26
Appendix 26Investor Presentation ➔
Page 27
27Investor Presentation ➔ Note: 1 The working capital (merchant) is defined as (i) changes in Trade receivables net (disclosed in note 17 to our 2Q25 Financial Statements and note 21 to our financial statements for the year ended December 31, 2024 (“FY24 Financial Statements”)), plus (ii) changes in Trade payables (disclosed in note 17 to our 2Q25 Financial Statements and note 21 to our FY24 Financial Statements), plus (iii) changes in Other tax liabilities (disclosed in note 21 to our 2Q25 Financial Statements and note 23 to our FY24 Financial Statements). 2 Capital expenditures consist of acquisitions of property, plant and equipment and Additions of Intangible Assets. 3 Adjusted Free Cash Flow in 2022 and 2023 was impacted by certain escrow/collateral obligations of the Company: in 2022, some merchants required us to secure standby letters of credit and bank guarantees which required us to put cash in escrow/collateral; most of this collateral was released in 2023. Adjusted Free Cash Flow reconciliation $ in thousands (except percentages) 2022 2023 2024 2025 2Q25 2Q26 Net cash (used in ) / generated from operating activities 154 293 (33) 415 124 141 Changes in working capital (merchant)¹ (81) (71) 146 (188) (68) (62) Capital expenditures² (12) (18) (23) (37) (8) (10) Adjusted Free Cash Flow 61 204 91 191 48 69
Page 28
28Investor Presentation ➔ Operating Profit + D&A, Operating Profit + D&A margin and Operating Profit + D&A to Gross Profit reconciliation Armado Mar 11 @ 9pm Note: We calculate "Operating Profit + D&A" as operating profit for the period, plus depreciation and amortization. We calculate "Operating Profit + D&A to Gross Profit" for a period by dividing Operating Profit + D&A for the corresponding period by gross profit. Management uses Operating Profit + D&A and Operating Profit + D&A to Gross Profit as supplemental measures that we believe are useful to investors to compare our operating results to the operations of other companies in our industry. Operating Profit + D&A and Operating Profit + D&A to Gross Profit are not financial measures recognized under IFRS and do not purport to be an alternative to operating profit or any other measure of profitability recognized under IFRS. Our presentation of Operating Profit + D&A and Operating Profit + D&A to Gross Profit has limitations as an analytical tool, and you should not consider them in isolation or as a substitute for analysis of our results as reported under IFRS. $ in thousands (except percentages) 2024 2025 Operating Profit 140,500 219,915 Depreciation and amortization 17,177 26,259 Operating Profit + D&A 157,677 246,175 Gross profit 294,673 402,756 Operating Profit + D&A to Gross Profit 54% 61%
Page 29
29Investor Presentation ➔ Return on Equity (ROE) Note: We calculate "Return on Equity (ROE)" as net income for the last twelve months ("L TM") divided by shareholders' equity as of the end of the period. Management uses Return on Equity as a measure to assess the efficiency with which we generate returns on the book value of our equity base. Return on Equity is not a financial measure recognized under IFRS and does not purport to be an alternative to net income or any other measure of profitability under IFRS. Our presentation of Return on Equity has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our results as reported under IFRS. Armado Mar 11 @ 9pm In millions of US$ 2024 2025 Net income L TM 120 197 Total equity 489 569 ROE 25% 35%
Page 30
30Investor Presentation ➔ Net debt to Operating Profit + D&A Note: We calculate "Net Debt to EBITDA" as Net Debt divided by Operating Profit + D&A for the last twelve months ("L TM"). Net Debt is defined as total financial liabilities, less corporate cash and cash equivalents. Management uses Net Debt to Operating Profit + D&A as a measure to assess our leverage position. Net Debt to Operating Profit + D&A is not a financial measure recognized under IFRS and does not purport to be an alternative to any measure of indebtedness or liquidity recognized under IFRS. Our presentation of Net Debt to Operating Profit + D&A has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our results as reported under IFRS. Armado Mar 11 @ 9pm In millions of US$ 2024 2025 Financial liabilities 50 87 Corporate cash and cash equivalents 318 424 Net debt -267 -338 Operating Profit + D&A 158 246 Net debt / Operating Profit + D&A -1.7 -1.4
Page 31
31Investor Presentation ➔ Gross Profit per Employee Note: We calculate "Gross Profit per Employee" as gross profit for the period divided by total headcount as of the end of the period. Management uses Gross Profit per Employee as a supplemental measure that we believe is useful to investors to assess the productivity and efficiency of our workforce relative to the operations of other companies in our industry. Gross Profit per Employee is not a financial measure recognized under IFRS and does not purport to be an alternative to gross profit or any other measure of profitability recognized under IFRS. Our presentation of Gross Profit per Employee has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our results as reported under IFRS. Armado Mar 11 @ 9pm In thousand of US$ 2021 2022 2023 2024 2025 Gross Profit 130,443 202,167 276,859 294,673 402,756 FTE (Internal) 535 726 901 1,095 1,272 Gross profit per employee 244 278 307 269 317
Page 32
32Investor Presentation ➔ Commercial Layer Integration Layer Product Layer Pay-ins, Pay-outs, dLocal for Platforms, Fraud Prevention, Smart Routing, and more Localization Layer Compliance, Tax Management, FX, KYC, Treasury, and more Local Partner Layer1 Local Acquirers, Alternative Payment Methods, KYC/Fraud partners and more One Contract Reverse APIs & Custom CheckoutsdLocal API No-code tools & Plugins dLocal Core Services Brazil Mexico Nigeria India +40 countries Zenith Bank 900+ Payment methods 1 Illustrative and selected local partners. How our single contract model works dLocal Stack is reflected both on our teams and technology
Page 33
33Investor Presentation ➔ After dLocal The Smart Routing advantage Maximize reach with local acquiring + local payment methods Before dLocal Merchant Merchant Customers with access to international credit card International Card Acquirer Multiple Payment Methods Regulation & Compliance Value Added SolutionsFXTax Multiple Geographies Local Acquirer 1 Local Acquirer 2 Local Payment Method 1 Local Payment Method 2 Local Payment Method 3
Page 34
Investor Relations Contact investor@dlocal.com Media Contact media@dlocal.com This presentation does not contain sufficient information to constitute an interim financial report as defined in International Accounting Standards 34, “Interim Financial Reporting” nor a financial statement as defined by International Accounting Standards 1 “Presentation of Financial Statements”. The second quarter financial information in this press release has not been audited nor has it been subject to any limited review procedures, whereas the annual results for the year ended December 31, 2025 are audited.