Slide 1: Earnings Presentation 1Q26
Earnings Presentation 1Q26 Earnings Presentation Q1'25 ➔ 1
Slide 2: Forward-looking statements
This presentation may contain Starting in 2026, we provide guidance in forward-looking statements. These respect of Operating Profit, which forward-looking statements convey management believes is useful as a dLocal’s current expectations or measure to compare our operating forecasts of future events
Slide 3: Pedro Arnt, CEO and Guillermo Perez, CFO
Pedro Guillermo ArntChief Executive Lopez Chief Financial Perez Officer Officer 1Q26 Earnings Presentation ➔ 3
Slide 4: CEO Message
CEO Message 1Q26 Earnings Presentation ➔ 4
Slide 5: Key takeaways
Key takeaways Strong start to 2026 Multiple levers powering durable growth ➔ TPV surpassed $14B for the first time (+73% ➔ Operating in 60+ markets, enabling access YoY), six consecutive quarters of 50%+ growth to 70%+ of the world's population ➔ Record gross profit: $119M (+40% YoY) ➔ Broad-based gro
Slide 6: Ten years building financial technology for markets of the future
d-local Ten years building financial technology for markets of the future
Slide 7: A decade of compounding growth in merchants, markets, and products
A decade of compounding growth in merchants, markets, and products… 10 years & 5 years since IPO dLocal in numbers: Launch of Stablecoin Full 2026 1 $47B 12 760 + API TPV MERCHANTS1 (1Q26 LAST 12 MONTHS) 40.8 2025 60 + 1,000 + 1,300 + Launch of BNPL Fuse & SmartAPMs FCA Authorization in UK Transitio
Slide 8: Deeper relationships, broader reach, locally licensed multi-product platform
…powered by deeper relationships, broader reach, and a locally licensed, multi-product platform for emerging markets 60 + countries of operation1, including new markets such as Qatar, Kuwait, and Oman. 71 % of the world population unlocked by enabling access to emerging markets2 38 licenses & regist
Slide 9: Winning in Markets of the Future requires local payment methods and card processing
Winning in Markets of the Future requires local payment methods and local card processing - the core of One dLocal In Emerging Markets, local payment methods are the For cards, local processing is key as it drives predominant way consumers pay meaningfully higher conversion rates Payment method mix1
Slide 10: Continued TPV expansion across multiple high-growth verticals
Continued TPV expansion across multiple high-growth verticals, driving ongoing diversification TPV ($B) TPV growth 1Q24-1Q26 186 % Remains our largest vertical, continuing to E-commerce + ramp with multiple global players adding additional markets, including with a major merchant onboarded in 2023 On
Slide 11: We scale with our world-class merchants
We scale with our world-class merchants, offering ever more countries, payment methods and solutions Select examples from top 10 merchants: Ride-hailing merchant 2016 cohort SaaS (internet) merchant 2021 cohort E-commerce merchant 2023 cohort TPV evolution TPV evolution TPV evolution $ billion + 5x
Slide 12: Financial Highlights
Financial Highlights 1Q26 Earnings Presentation ➔ 12
Slide 13: 2026 is off to a strong start across top-line metrics
2026 is off to a strong start across our top-line metrics, with expected OPEX pressure TPV Revenue Gross profit US$ US$ 14.1B 336M US$ 119M ▲+73% YoY ▲+7% QoQ ▲+55% YoY ▼-1% QoQ ▲+40% YoY ▲+2% QoQ ▲+63% YoY CC1 ▲+52% YoY CC1 ▲+35% YoY CC1 TPV surpassed $14B for the first time, and once QoQ decrease d
Slide 14: TPV growth continues to accelerate
TPV growth continues to accelerate, marking six consecutive quarters of 50%+ YoY growth TPV $ billions, YoY growth QoQ TPV growth by vertical % 73% 70% 59% Travel 53% 53% On-demand delivery SaaS Advertising Ride-hailing Financial services Streaming TPV mix in 1Q26 % of TPV Other1 By type of flow: By
Slide 15: Record gross profit on Argentina strength and geographic diversification
Record gross profit on Argentina strength and geographic diversification Gross profit $ millions Gross Profit performance by market $ millions ▉ Africa & Asia (A&A) ▉ Latin America Gross Profit QoQ +40% 16M | +7.2M vs LQ ▲+86% QoQ | ▲+46% YoY ➔ Strong volume growth and normalized funding Argentina costs
Slide 16: Expected 1Q26 OPEX pressure from 2025 carry-over
Expected 1Q26 OPEX pressure from 2025 carry-over; operating leverage improvement anticipated in 2H Operating profit evolution Gross profit per employee $ millions $ thousand +15% 53 Operating profit $57M exc. 2023-2025 tax adjustments: $57M (+25%) Operating Profit / 54% 56% 54% 54% 44% Employees 1,130 1
Slide 17: Net Income +11% YoY ex prior years tax adjustments
Net Income +11% YoY ex prior years tax adjustments; Adj. FCF impacted by temporary working capital effects Net income evolution Adjusted free cash flow (Adj. FCF)2 $ millions $ millions Temporary working capital -63% effects expected to reverse in -10% following quarters: ● Tax credits ($11M): 42 Net
Slide 18: 2026 guidance: where we stand
2026 guidance: where we stand Expectation compared to 2026 guidance 2026 Below Above Metric Around lower Around mid Around upper Guidance lower upper TPV 50% - 60% YoY Gross profit 22.5% - 27.5% YoY Operating profit 27.5% - 32.5% YoY Relevant trends ➔ Continued broad-based TPV strength across multiple
Slide 19: Q&A
Q&A 1Q26 Earnings Presentation ➔ 19
Slide 20: Appendix
Appendix 1Q26 Earnings Presentation ➔ 20
Slide 21: Adjusted Free Cash Flow reconciliation (cont.)
Adjusted Free Cash Flow reconciliation (cont.) $ in millions 1Q25 2Q25 3Q25 4Q25 1Q26 Net cash (used in ) / generated from operating activities 95 124 95 100 93 Changes in working capital (merchant)¹ (48) (68) (48) (24) (68) Capital expenditures² (8) (8) (9) (11) (10) Adjusted Free Cash Flow 40 48 3
Slide 22: Adjusted Free Cash Flow reconciliation (cont. 2)
Adjusted Free Cash Flow reconciliation (cont. 2) Working Capital (Corporate) reconciliation $ in millions 1Q25 2Q25 3Q25 4Q25 1Q26 Decrease / (Increase) in Trade and Other Receivables 21 (13) (91) (8) (170) Decrease / (Increase) in Other assets 1 1 1 (1) (14) Increase / (Decrease) in Trade and Other
Slide 23: Operating profit excluding prior years tax adjustments reconciliation
Operating profit excluding prior years tax adjustments reconciliation $ in thousands (except percentages) 1Q25 1Q26 Operating profit 45,845 52,771 Prior years tax adjustments (2023-2025) - 4,404 Operating profit excluding prior years tax adjustments 45,845 57,175 Note: We calculate "Operating Profit Exc
Slide 24: Net income excluding prior years tax adjustments reconciliation
Net income excluding prior years tax adjustments reconciliation $ in thousands (except percentages) 1Q25 1Q26 Net income (Profit for the period) 46,667 41,935 Prior years tax adjustments (2023-2025) - 9,700 Net income excluding prior years tax adjustments 46,667 51,635 Note: We calculate "Net Income
Slide 25: TPV breakdown
TPV breakdown by type of product1 In millions of US$ 1Q25 2Q25 3Q25 4Q25 1Q26 Pay-ins 5,442 6,395 7,191 9,184 10,119 As % of total 67% 69% 69% 70% 72% Pay-outs 2,666 2,816 3,200 3,923 3,935 As % of total 33% 31% 31% 30% 28% Total TPV 8,107 9,212 10,390 13,107 14,055 by type of flow2 In millions of US
Slide 26: Revenue breakdown by geography
Revenue breakdown by geography In millions of US$ 1Q25 2Q25 3Q25 4Q25 1Q26 Brazil 34.4 47.0 58.9 66.9 57.8 Argentina 28.2 31.6 41.4 59.8 61.2 Mexico 36.7 45.7 45.9 54.7 55.7 Other Latam 63.5 78.4 88.0 92.9 87.8 Latin America 162.9 202.7 234.3 274.3 262.5 Africa & Asia 53.9 53.7 48.2 63.6 73.4 Total
Slide 27: Gross profit breakdown by geography
Gross profit breakdown by geography In millions of US$ 1Q25 2Q25 3Q25 4Q25 1Q26 Brazil 13.0 24.3 29.3 34.4 27.5 Argentina 10.6 14.1 11.8 8.3 15.5 Mexico 10.8 11.9 10.0 12.6 12.4 Other Latam 25.1 23.4 30.4 31.1 29.2 Latin America 59.5 73.6 81.5 86.4 84.7 Africa & Asia 25.4 25.3 21.7 29.4 34.0 Total Gr
Slide 28: Revenue concentration and Net Revenue Retention rate
Revenue concentration and Net Revenue Retention rate Top 10 merchant revenue1 ($M) Revenue composition ($M) and concentration (%) 152% NRR 2 60% 62% 61% 62% 62% % Share of total revenue Note: 1 Top 10 merchants may vary from period to period. 2 “NRR” means Net Revenue Retention rate, which is the U.
Slide 29: TPV, Revenue and Gross profit constant currency measures
TPV, Revenue and Gross profit constant currency measures to reported results As reported In millions of US$ 1Q25 1Q26 YoY Growth TPV 8,107 14,055 73% Revenue 217 336 55% Gross Profit 85 119 40% Constant currency measures In millions of US$ 1Q25 1Q26 YoY Growth TPV 8,107 13,179 63% Revenue 217 330 52%
Slide 30: Gross Profit per Employee
Gross Profit per Employee In thousand of US$ 1Q25 2Q25 3Q25 4Q25 1Q26 Gross Profit 84,879 98,885 103,189 115,803 118,684 FTE (Internal) 1,130 1,157 1,212 1,272 1,299 Gross profit per employee 75 85 85 91 91 Note: We calculate "Gross Profit per Employee" as gross profit for the period divided by total hea
Slide 31: Monetization bridge
Monetization bridge Lower seasonal volumes Higher share of wallets Lower FX spreads in Volatility in Bolivia, South Africa, Egypt and Egypt and Pakistan Lower installment mix Higher share of SaaS, due to seasonality and financial services, volume tier upgrades advertising, and travel merchants NTR1 v
Slide 32: Sources (Slide 9)
Sources (Slide 9) ➔ Interswitch. "Verve Hits 100 Million Cards Issued, Reinforcing Leadership in Africa's Card Payment Ecosystem." Interswitch Blog, 1 December 2025. Available at: interswitch.com ➔ ETBFSI Research. "RuPay Surges to 38% Share of India's Credit Card Market by Leveraging UPI." ETBFSI,
Slide 33: Investor Relations Contact
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 Inter