Slide 1: Earnings Presentation 3Q25
Earnings Presentation 3Q25 Earnings Presentation Q1'25 ➔ 1
Slide 2: Forward-looking statements
This presentation may contain Unless required by law, dLocal forward-looking statements. These undertakes no obligation to publicly forward-looking statements convey update or revise any forward-looking dLocal’s current expectations or statements to reflect circumstances or forecasts of future events
Slide 3: Pedro Arnt and Jeffrey Brown
Pedro Jeffrey Arnt Chief Executive Officer Brown Interim Chief Financial Officer 3Q25 Earnings Presentation ➔ 3
Slide 4: CEO Message
CEO Message 3Q25 Earnings Presentation ➔ 4
Slide 5: 3Q25 key takeaways
3Q25 key takeaways A record-setting quarter An ever more diversified Continued focus on our business fueled by multiple innovation agenda sources of growth ➔ TPV surpassed $10B, accelerating to ➔ Sustained growth of existing clients ➔ BNPL Fuse now available in 6 countries nearly 60% YoY, the 4th str
Slide 6: Another quarter of record financial results: $10B+ of TPV, $100M+ of gross profit
Another quarter of record financial results: $10B+ of TPV, $100M+ of gross profit TPV Revenue Gross profit US$ US$ 10.4B 282M US$ 103M ▲+59% YoY ▲+13% QoQ ▲+52% YoY ▲+10% QoQ ▲+32% YoY ▲+4% QoQ ▲+66% YoY CC1 ▲+63% YoY CC1 ▲+41% YoY CC1 TPV surpassed $10B for the first time, with record QoQ increase dri
Slide 7: We simplify emerging markets payments complexity
We simplify emerging markets payments complexity The payments landscape in emerging markets is … with fast‑growing APM adoption in a region with highly fragmented and rapidly evolving… low credit card penetration Payment method mix in Brazil1 % of e-commerce volume ▉ Cards APMs expected to reach 58%
Slide 8: Reminder: S-Curve of digital merchants localizing payments across emerging markets
Reminder: S-Curve of digital merchants localizing payments across emerging markets Merchants tend to follow the following path: Theoretical S-Curve Model Merchant EM adoption intensity Launch new products/services Expand to EMs through Localize payments in Add payment methods in Expand to smaller EM
Slide 9: Our growth is broad based as merchants move up the Emerging Markets adoption S-Curve
Our growth is broad based as merchants move up the Emerging Markets adoption S-Curve TPV bridge $ billion TPV retention rate: 157% 3Q25 Earnings Presentation ➔ 9
Slide 10: We have best-in-class net revenue retention
We have best-in-class net revenue retention Represents 9M25 Net Dollar Revenue Retention Rate for dLocal and 2024 Net Dollar Revenue Retention Rate disclosed for other companies1. 2 1 3Q25 Earnings Presentation ➔ 10 Source: 1 Public company filings and call transcripts. Definition of net revenue reten
Slide 11: We continue to partner with the world's leading companies
We continue to partner with the world’s leading companies for business relationships and capabilities development Business partnerships Capabilities partnerships Enabling pay-ins in Latin America. Our partnership with Western Union integrates local and alternative payment methods into the brand's di
Slide 12: Our business becomes increasingly diversified as we grow
Our business becomes increasingly diversified as we grow Share of revenues by markets % of revenues Top 10 merchants concentration by cohort 1 ▉ Others % of revenues ▉ Top 3 markets +55% YoY 3Q24-3Q25 +49% YoY 3Q24-3Q25 Share of revenues by merchants % of revenues ▉ Others ▉ Top 10 58% YoY 3Q24-3Q25
Slide 13: We continue to enhance our products: an update
We continue to enhance our products: an update APMs-on-file BNPL Fuse APMs-on-file ➔ Alternative payment methods, The first suite, designed BNPL smooth like a card: Frictionless checkout, tokenized recurring pay, to boost seamless refunds and fraud detection aggregator conversion built for EMs rates ➔
Slide 14: Financial Highlights
Financial Highlights 3Q25 Earnings Presentation ➔ 14
Slide 15: Strong, broad-based performance across verticals
Strong, broad-based performance across 10% Travel verticals 22% Other1 -33% Advertising 45% Streaming 53% SaaS 58% On-demand delivery 48% Ride-hailing 226% Remittances 27% Financial services 89% Commerce TPV growth by vertical (YoY) Note: 1 Other includes e-learning, gaming and other verticals. 3Q25
Slide 16: TPV reaches record high of over $10B, nearly 60% YoY growth
TPV reaches record high of over $10B, nearly 60% YoY growth +66% in constant currency TPV by type of flow $ billion TPV by type of product $ billion +59% +59% ▉ Cross-border¹ ▉ Pay-ins3 ▉ Local-to-local² ▉ Pay-outs4 Local-to-local: Pay-outs: +14% QoQ and +70% +13% QoQ and +46% YoY, mainly YoY, driven
Slide 17: Another quarter of strong revenue and gross profit growth
Another quarter of strong revenue and gross profit growth Revenue $ millions Gross Profit $ millions +32% ▉ Africa & Asia (A&A) ▉ Africa & Asia +52% ▉ Latin America ▉ Latin America Africa & Asia: -10% QoQ and +19% Africa & Asia: -14% and -4% YoY. YoY. The QoQ comparison is The QoQ negatively affected
Slide 18: Record gross profit, driven by strong volumes and geographic diversification
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. ▲ +47% YoY ➔ Solid volume
Slide 19: Net take rate impacted by a number of mix shifts
Net take rate impacted by a number of mix shifts Lower interest rate spreads in Argentina along Higher share of Egypt share with temporary pay-outs decrease due to increase in merchant SoW processing loss FX spread costs. Off-set by compression in cost recovery in Bolivia and Colombia payment mix sh
Slide 20: Ongoing investment cycle driving higher OPEX
Ongoing investment cycle driving higher OPEX Adjusted EBITDA1 evolution Revenue per employee2 ➔ We continue to demonstrate $ millions $ thousand operating leverage at healthy levels despite continued investment, with revenue per employee improving QoQ +37% ➔ OPEX: +10% QoQ and +28% YoY. The QoQ comp
Slide 21: Net income up 93% YoY, driven by lower finance costs
Net income up 93% YoY, driven by lower finance costs Net income evolution Net income bridge QoQ $ millions $ millions Lower financing costs, driven by reduced ARS bond exposure in 2Q25 0.09 0.10 0.15 0.14 0.17 Diluted EPS¹ Note: 1Our diluted earnings per share is calculated by dividing the profit attri
Slide 22: Resilient cash generation, with healthy Adj. FCF to net income ratio
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 $ in millions 1Q25 2Q25 3Q25 Decrease / (Increase) in Trade and Other Receivables 21 (13) (91) Net cash (used in ) /
Slide 23: Final Remarks
Final Remarks 3Q25 Earnings Presentation ➔ 23
Slide 24: 2025 guidance: where we stand
2025 guidance: where we stand Expectation compared to 2025 updated guidance (issued with 2Q25 results) 2025 Below Above Metric Guidance Around lower Around mid Around upper lower upper (updated 2Q25) TPV 40% - 50% YoY Revenue 30% - 40% YoY Gross profit 27.5% - 37.5% YoY Adjusted EBITDA 40% - 50% YoY
Slide 25: Q&A
Q&A 3Q25 Earnings Presentation ➔ 25
Slide 26: Appendix
Appendix 3Q25 Earnings Presentation ➔ 26
Slide 27: TPV breakdown
TPV breakdown by type of product1 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 by type of flow2 In millions of US$ 3
Slide 28: Revenue breakdown by geography
Revenue breakdown by geography 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 &
Slide 29: Gross profit breakdown by geography
Gross profit breakdown by geography 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 & Asi
Slide 30: 149% NRR
Revenue Top 10 merchant revenue1 ($M) Revenue composition ($M) and concentration (%) 149% NRR 2 62% 63% 60% 62% 61% % 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.S. dollar-based measure of retention and grow
Slide 31: Adjusted EBITDA bridge ($M)
Adjusted EBITDA bridge ($M) Note: Adjusted EBITDA excludes one-off expenses and non-cash items. Unaudited quarterly results. See detailed methodology for Adjusted EBITDA in slide 32. 3Q25 Earnings Presentation ➔ 31
Slide 32: Reconciliation of Profit to Adjusted EBITDA
Reconciliation of Profit to Adjusted EBITDA $ 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
Slide 33: Reconciliation of Net income as reported to Adjusted Net Income
Reconciliation of Net income as reported to Adjusted Net Income $ 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 Arg
Slide 34: Adjusted Operating Profit and Adjusted Operating Profit to Gross Profit reconciliation
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
Slide 35: Reconciliation of TPV, Revenue and Gross profit constant currency measures
Reconciliation of TPV, Revenue and Gross profit constant currency measures to reported results As reported In millions of US$ 3Q24 3Q25 YoY Growth TPV 6,516 10,390 59% Revenue 186 282 52% Gross Profit 78 103 32% Constant currency measures In millions of US$ 3Q24 3Q25 YoY Growth TPV 6,516 10,814 66% Re
Slide 36: Investor Relations and Media Contact
Investor Relations Contact Media Contact investor@dlocal.com media@dlocal.com