Slide 1: Earnings Presentation Q1'25
Earnings Presentation Q1'25 Earnings Presentation Q1'25 ➔ 1
Slide 2: Forward-looking statements
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
Slide 3: Pedro Arnt and Jeffrey Brown
Pedro Jeffrey Arnt Chief Executive Officer Brown Interim Chief Financial Officer Earnings Presentation Q1'25 ➔ 3
Slide 4: CEO Message
CEO Message Earnings Presentation Q1'25 ➔ 4
Slide 5: Q1'25 Key takeaways: Consistent and strong execution
Q1'25 Key takeaways 1 2 3 Consistent Commercial Tech and strong efforts delivering investments execution tangible results driving efficiencies ➔ Record highs across key financial and operational ➔ TPV retention rate of 144%, demonstrating the ➔ Automation and AI driving operational metrics. defensibi
Slide 6: Financial highlights
Financial highlights TPV Revenue Gross profit US$ US$ 8.1B 217M US$ 85M ▲+53% YoY ▲+5% QoQ ▲+18% YoY ▲+6% QoQ ▲+35% YoY ▲+1% QoQ ▲+72% YoY CC1 ▲+36% YoY CC1 ▲+59% YoY CC1 QoQ growth mainly driven by sustained expansion QoQ increase driven by higher cross-border QoQ growth driven by positive performan
Slide 7: Commercial highlights
Commercial highlights SELECTED MERCHANTS Our continued commitment to We continue to strengthen our partnership with Temu, enabling their innovation, customer satisfaction, customers to transact seamlessly across more than 15 emerging markets across Africa, Asia, and Latin America. and expansion of o
Slide 8: Technology & Product developments
Technology & Product developments Our advancements were centered on leveraging automation and AI to drive operational efficiency and optimize performance across key areas Operational efficiency Optimization of performance to maximize conversion rates and TPV ➔ Artificial Intelligence: Implementation of
Slide 9: Financial Highlights
Financial Highlights Earnings Presentation Q1'25 ➔ 9
Slide 10: TPV growth by vertical YoY
TPV growth by vertical YoY $ billion Remittances posting strong YoY growth driven by successful commercial efforts, along with 23% Other² sustained growth from on-demand -1% Travel delivery, commerce, and SaaS. 184% Remittances -16% Advertising 71% On-demand Delivery 42% Streaming 59% SaaS 42% Ride
Slide 11: TPV breakdown
TPV breakdown TPV by type of flow $ billion TPV by type of product $ billion ▉ Cross-border¹ ▉ Pay-ins3 ▉ Local-to-local² ▉ Pay-outs4 Cross-border: +14% QoQ and Pay-ins: +2% QoQ and +49% YoY, +76% YoY, reaching the milestone with strong performance in of $4B, mainly driven by on-demand delivery, comm
Slide 12: Revenue and gross profit
Revenue and gross profit Revenue $ millions Gross Profit $ millions ▉ Africa & Asia ▉ Africa & Asia ▉ Latin America ▉ Latin America LatAm: +7% QoQ and +30% YoY, LatAm: +5% QoQ and +23% YoY, with QoQ comparison explained with QoQ comparison explained by performance in Argentina and by performance in Ar
Slide 13: Gross profit by geography
Gross profit by geography We continue to benefit from the increasing geographic diversification of our operations, which enables us to sustain strong growth momentum, even in the face of short-term challenges in certain markets Other Latam ▲ +16% 25m | +3.5m vs. LQ ➔ Positive performance across differe
Slide 14: Net take rate QoQ bridge
Net take rate QoQ bridge Growth in higher take rate frontier Higher FX fees in markets Argentina Higher share of Weakness in key Lower hedging payouts, which advertising results vs 4Q24 have lower take rates merchant Higher share of One-off incremental cross-border processing cost in Brazil and Sout
Slide 15: Adjusted EBITDA and operating profit
Adjusted EBITDA and operating profit ➔ We improved operational leverage Adjusted EBITDA1 evolution Operating profit evolution this quarter, showcasing our $ millions $ millions efficiency-driven culture and the inherent efficiency of our business model ➔ OPEX: -6% QoQ and +8% YoY. The QoQ comparison is pr
Slide 16: Net income
Net income Solid net income growth; QoQ comparison explained by positive non-cash mark to market effect related to our Argentine bond investments and lower finance costs Net income evolution Net income bridge QoQ $ millions $ millions 0.06 0.15 0.09 0.10 0.15 Diluted EPS¹ US$ 47M ▲+163% YoY ▲+57% QoQ
Slide 17: Free cash flow (FCF)
Free cash flow (FCF) ➔ Corporate cash and cash equivalents position In millions of US$ 3Q24 4Q24 1Q25 as of March 31, 2025: $356M Cash flows from operating activities 55 43 63 ➔ FCF: +22% QoQ and +200% YoY before Working Capital and Taxes Changes in Working Capital1 (17) 0 (9) Main FCF drivers of the
Slide 18: Final Remarks
Final Remarks Earnings Presentation Earnings Q125 ➔ 18 Presentation Q1'25
Slide 19: Wrapping up
Wrapping up ➔ We continue to deliver consistent high top-line growth, with volume growth of over 50% YoY and 5% QoQ ➔ Attractive margin business: inherent operational leverage in our business model. Even with an active investment cycle, we are delivering operational efficiency ➔ Strong cash generation
Slide 20: Q&A
Q&A Earnings Presentation Q1'25 ➔ 20
Slide 21: Appendix
Appendix Earnings Presentation Q1'25 ➔ 21
Slide 22: TPV breakdown
TPV breakdown by type of product1 In millions of US$ 1Q24 2Q24 3Q24 4Q24 1Q25 Pay-ins 3,657 4,273 4,632 5,340 5,442 As % of total 69% 71% 71% 69% 67% Pay-outs 1,653 1,763 1,884 2,373 2,666 As % of total 31% 29% 29% 31% 33% Total TPV 5,310 6,035 6,516 7,714 8,107 by type of flow2 In millions of US$ 1Q
Slide 23: Revenue breakdown by geography
Revenue breakdown by geography In millions of US$ 1Q24 2Q24 3Q24 4Q24 1Q25 Brazil 43.1 42.3 32.9 33.7 34.4 Argentina 13.8 20.5 26.0 25.1 28.2 Mexico 34.0 35.8 38.9 40.5 36.7 Other Latam 34.5 40.1 47.3 53.6 63.5 Latin America 125.4 138.7 145.2 152.9 162.9 Egypt 39.0 15.0 18.6 21.4 22.0 Other Africa &
Slide 24: Gross profit breakdown by geography
Gross profit breakdown by geography In millions of US$ 1Q24 2Q24 3Q24 4Q24 1Q25 Brazil 17.9 19.2 15.4 14.8 13.0 Argentina 5.2 7.6 6.7 9.2 10.6 Mexico 9.9 8.8 12.8 10.9 10.8 Other LatAm 15.6 17.9 20.7 21.6 25.1 Latin America 48.6 53.5 55.6 56.4 59.5 Egypt 10.3 9.8 12.3 16.0 16.3 Other Africa & Asia 4.
Slide 25: 113% NRR
Revenue Top 10 merchant revenue1 ($M) Revenue composition ($M) and concentration (%) 113% NRR 2 65% 62% 62% 63% 60% % 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 26: 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 27. Earnings Presentation Q1'25 ➔ 26
Slide 27: Reconciliation of Profit to Adjusted EBITDA
Reconciliation of Profit to Adjusted EBITDA $ in thousands 1Q24 4Q24 1Q25 Profit for the period 17,718 29,701 46,667 Income tax expense 7,114 11,090 5,262 Depreciation and amortization 3,762 4,888 5,062 Finance income and costs, net (299) 1,085 (6,969) Share-based payment non-cash charges 4,461 6,339
Slide 28: Reconciliation of Net income as reported to Adjusted Net Income
Reconciliation of Net income as reported to Adjusted Net Income $ in thousands 1Q24 4Q24 1Q25 Net income as reported 17,718 29,701 46,667 Inflation adjustment 2,368 392 885 Loan - exchange difference 6,729 2,332 1,394 Argentina Treasury Notes Hedging Costs - 5,536 723 Fair value loss / (gain) of finan
Slide 29: 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$ 1Q24 1Q25 YoY Growth TPV 5,310 8,107 53% Revenue 184.4 216.8 18% Gross Profit 63.0 84.9 35% Constant currency measures In millions of US$ 1Q24 1Q25 YoY Growth TPV 5,310 9,123 7
Slide 30: Working Capital (Corporate) Buildup
Working Capital (Corporate) Buildup $ in millions 3Q24 4Q24 1Q25 Decrease / (increase) in Trade and Other Receivables 49 (109) 21 Decrease / (Increase) in Other assets (1) 4 1 Increase / (Decrease) in Trade and Other Payables (49) (71) 16 Increase / (Decrease) in Other Liabilities (7) (4) 1 Increase
Slide 31: Investor Relations Contact Media Contact
Investor Relations Contact Media Contact investor@dlocal.com media@dlocal.com