Dlocal Limited · NASDAQ:DLO
Dlocal — Q2 2026 Earnings Presentation
28 slides from Dlocal's earnings presentation, August 2026
Slide 1: Earnings Presentation 2Q26
d-local Earnings Presentation 2Q26
Slide 2: 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 amoun
Slide 3: Pedro Arnt, CEO and Guillermo Perez, CFO
Pedro Guillermo ArntChief Executive Lopez Chief Financial Perez Officer Officer 2Q26 Earnings Presentation ➔ 3
Slide 4: CEO Message
CEO Message 2Q26 Earnings Presentation ➔ 4
Slide 5: Key takeaways
Key takeaways Broad-based, sustained growth, with Guidance update reflects strong execution significant opportunities ahead and continued discipline ➔ TPV reached nearly $18B, +92% YoY, marking ➔ We are raising 2026 TPV guidance to the 7th consecutive quarter of 50%+ YoY 60%–70% YoY growth and gross p
Slide 6: Sustained TPV momentum with accelerating growth and diversified vertical exposure
Sustained TPV momentum, with accelerating growth and diversified vertical exposure TPV $ billion, YoY growth Consistent acceleration 7 consecutive quarters of 50%+ YoY growth and accelerating for 5 straight quarters Broad-based vertical contribution Growth is diversified across verticals, led by ride-
Slide 7: Our platform is a key enabler of merchants' growth in Emerging Markets
Our platform is a key enabler of merchants' growth in Emerging Markets 1 API. Trusted by 760+ global merchants3 One platform, One integration removes the complexity of made simple fragmented local payment infrastructure. 1 contract. 1 platform. 4 of the 5 largest ride-hailing players4 60+ markets1.
Slide 8: Deepening merchant relationships with significant opportunities ahead
We continue to deepen our relationships with merchants, with significant opportunities ahead TPV bridge $ billion We are still only scratching the surface of the EM digital TPV retention rate: payments world 180% in 1H26 | 188% in 2Q26 2025 TAM 1: $2.1tn 2030 TAM 1: $4.2tn DLO: ~3% of market share2 C
Slide 9: Product and tech investments broaden our platform and unlock new revenue streams
Our product and tech investments continue to broaden our platform, enhance efficiency and unlock new revenue streams Coverage & Performance AI & Automation Value-added services Expanding our local payment Development capacity dMore reach dCoder, our proprietary agentic Our Merchant of Record solutio
Slide 10: Financial Highlights
Financial Highlights 2Q26 Earnings Presentation ➔ 10
Slide 11: Sustained growth momentum supports another strong quarter
Sustained growth momentum supports another strong quarter, with operating leverage and Adj. FCF conversion improving QoQ TPV Revenue Gross profit US$ US$ 17.7B 400M US$ 127M ▲+92% YoY ▲+26% QoQ ▲+56% YoY ▲+19% QoQ ▲+29% YoY ▲+7% QoQ ▲+80% YoY CC1 ▲+50% YoY CC1 ▲+23% YoY CC1 Record TPV, marking the 7t
Slide 12: TPV sustained 50%+ YoY growth for a 7th consecutive quarter
TPV sustained over 50%+ YoY growth for a 7th consecutive quarter, supported by broad-based expansion across verticals TPV $ billions, YoY growth 92% QoQ TPV growth by vertical % 73% 70% YoY growth 59% Ride-hailing 248% 53% Travel 156% On-demand delivery 204% Remittances 69% E-commerce 59% Saas 66% A
Slide 13: Record gross profit driven by Brazil and Argentina
Record gross profit driven by strong performance in Brazil and Argentina Gross profit $ millions Gross Profit performance by market $ millions ▉ Africa & Asia (A&A) ▉ Latin America Gross Profit QoQ 40M | +12.2M vs LQ ➔ Record TPV and gross profit, driven by +29% ▲+44% QoQ | ▲+64% YoY ride-hailing and tra
Slide 14: Operating leverage is beginning to kick in
Operating leverage is beginning to kick in, with stronger improvement expected in 2H26 Operating profit evolution Gross profit per employee $ millions $ thousand +15% Operating Profit / 56% 54% 54% 44% 50% Employees 1,157 1,212 1,272 1,299 1,303 Gross Profit excluding 2023-2025 48% tax adjustment +13% 2
Slide 15: Net Income +28% YoY, Adj. FCF to Net income at 125%
Net Income +28% YoY, with EPS growth supported by share buyback, and Adj. FCF to Net income at 125% Net income evolution Adjusted free cash flow (Adj. FCF)2 $ millions $ millions +28% +41% Adj. FCF / Diluted EPS¹ 0.14 0.17 0.18 0.14 0.18 113% 73% 117% 35% 125% Net income excluding 2023-2025 0.17 tax
Slide 16: 2026 guidance update
2026 guidance update Expectation based on 2026 original guidance 2026 Below Above Metric Lower Mid Upper New range Guidance lower upper TPV 50% - 60% YoY 60% - 70% YoY Gross profit 22.5% - 27.5% YoY 25% - 30% YoY Operating profit Operating profit 27.5% - 32.5% YoY exc. prior-year tax Unchanged adjustme
Slide 17: Q&A
Q&A 2Q26 Earnings Presentation ➔ 17
Slide 18: Appendix
Appendix 2Q26 Earnings Presentation ➔ 18
Slide 19: Adjusted Free Cash Flow reconciliation (cont.)
Adjusted Free Cash Flow reconciliation (cont.) $ in millions 2Q25 3Q25 4Q25 1Q26 2Q26 Net cash (used in ) / generated from operating activities 124 95 100 93 141 Changes in working capital (merchant)¹ (68) (48) (24) (68) (62) Capital expenditures² (8) (9) (11) (10) (10) Adjusted Free Cash Flow 48 38
Slide 20: Adjusted Free Cash Flow reconciliation (cont. 2)
Adjusted Free Cash Flow reconciliation (cont. 2) Working Capital (Corporate) reconciliation $ in millions 2Q25 3Q25 4Q25 1Q26 2Q26 Decrease / (Increase) in Trade and Other Receivables (13) (91) (8) (170) (410) Decrease / (Increase) in Other assets 1 1 (1) (14) (4) Increase / (Decrease) in Trade and
Slide 21: TPV breakdown
TPV breakdown by type of product1 In millions of US$ 2Q25 3Q25 4Q25 1Q26 2Q26 Pay-ins 6,395 7,191 9,184 10,119 13,440 As % of total 69% 69% 70% 72% 76% Pay-outs 2,816 3,200 3,923 3,935 4,254 As % of total 31% 31% 30% 28% 24% Total TPV 9,212 10,390 13,107 14,055 17,694 by type of flow2 In millions of
Slide 22: Revenue breakdown by geography
Revenue breakdown by geography In millions of US$ 2Q25 3Q25 4Q25 1Q26 2Q26 Brazil 47.0 58.9 66.9 57.8 90.2 Argentina 31.6 41.4 59.8 61.2 68.9 Mexico 45.7 45.9 54.7 55.7 74.7 Other Latam 78.4 88.0 92.9 87.8 92.8 Latin America 202.7 234.3 274.3 262.5 326.6 Africa & Asia 53.7 48.2 63.6 73.4 73.0 Total
Slide 23: Gross profit breakdown by geography
Gross profit breakdown by geography In millions of US$ 2Q25 3Q25 4Q25 1Q26 2Q26 Brazil 24.3 29.3 34.4 27.5 39.8 Argentina 14.1 11.8 8.3 15.5 19.7 Mexico 11.9 10.0 12.6 12.4 11.9 Other Latam 23.4 30.4 31.1 29.2 30.9 Latin America 73.6 81.5 86.4 84.7 102.2 Africa & Asia 25.3 21.7 29.4 34.0 25.0 Total G
Slide 24: Revenue concentration and Net Revenue Retention rate
Revenue concentration and Net Revenue Retention rate Top 10 merchant revenue1 ($M) Revenue composition ($M) and concentration (%) 153% NRR 2 62% 61% 62% 62% 63% % 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 25: 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$ 2Q25 2Q26 YoY Growth TPV 9,212 17,694 92% Revenue 256 400 56% Gross Profit 99 127 29% Constant currency measures In millions of US$ 2Q25 2Q26 YoY Growth TPV 9,212 16,562 80% Revenue 256 385 50%
Slide 26: Gross Profit per Employee
Gross Profit per Employee In thousand of US$ 2Q25 3Q25 4Q25 1Q26 2Q26 Gross Profit 98,885 103,189 115,803 118,684 127,150 FTE (Internal) 1,157 1,212 1,272 1,299 1,303 Gross profit per employee 85 85 91 91 98 Note: We calculate "Gross Profit per Employee" as gross profit for the period divided by total he
Slide 27: Monetization bridge
Monetization bridge Lower FX spreads in Higher share of Volatility Vietnam local-to-local driven by Higher share of ride-hailing & on-demand credit cards delivery verticals Higher volume pricing tier Higher share of large from large ride-hailing / ride-hailing / on-demand on-demand delivery delivery
Slide 28: 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