Dlocal Limited · NASDAQ:DLO
Dlocal — Investor Presentation (August 2026)
34 slides from Dlocal's investor presentation, August 2026
Slide 1: Investor Presentation
August 2026 Investor Presentation
Slide 2: Forward-looking statements
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
Slide 3: Investor Presentation agenda
Investor Presentation What is dLocal? Investment Thesis Appendix
Slide 4: What is dLocal?
What is dLocal? Investor Presentation ➔ 4
Slide 5: 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 $55B 12 760 + API TPV MERCHANTS1 (2Q26 LAST 12 MONTHS) 40.8 2025 60 + 1,000 + 1,300 + Launch of BNPL Fuse & SmartAPMs FCA Authorization in UK Transitio
Slide 6: Powered by deeper relationships, broader reach, and a locally licensed 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 40 licenses / regist
Slide 7: A single platform to unlock emerging markets potential
A single platform to unlock emerging markets potential Global Merchants Consumers in Emerging Markets Tax Multiple Multiple One-stop shop Geographies Payment Access to global products and services Methods Accelerates time to market One Pay- ins Local to local & Pay- outs & cross border Expanded addr
Slide 8: Investment Thesis
Investment Thesis Investor Presentation ➔ 8
Slide 9: Our Investment Thesis
Our Investment Thesis $ Massive market opportunity underpinned by structural tailwinds 4.2tn+ by 2030 Statista Market Insights, April 2025 1 Track record of profitable high growth driven by the trust of our global enterprise merchants 88% TPV CAGR 2016−2025 2 Diversified business with multiple 12 3 fu
Slide 10: A massive sustainable opportunity ahead of us
1 A massive sustainable opportunity ahead of us $ Estimated EM digital payments market size1 2025: $2.1tn 4.2tn+ by 2030 We are positioned at the intersection of powerful LatAm2 MEA2 APAC2 secular trends: 16% 16% 13% CAGR 25'-30' CAGR 25'-30' CAGR 25'-30' 4% EM Avg. GDP Growth ‘25−’303 vs 1.5% G72 7
Slide 11: Strong structural tailwinds supporting our business
1 Strong structural tailwinds supporting our business 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 reac
Slide 12: Merchants are increasingly global but financial infrastructure remains local
1 Merchants are increasingly global but financial infrastructure remains local and ever more complex REGULATORY LANDSCAPE We hold 40 licenses / registrations1 + 9 regulatory Regulatory requirements in EMs are multiplying, authorisations across 26 markets, and have 19 additional making in-house compli
Slide 13: Merchant EM adoption intensity S-curve
1 These are the early stages of the 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 metho
Slide 14: We have grown key metrics at a 30% - 60% CAGR since we went public
2 We have grown key metrics at a 30% - 60% CAGR since we went public TPV Revenue Gross Profit $ billions $ millions $ millions + 61% CAGR + 45% CAGR + 33% CAGR + 92% + 56% + 29% Investor Presentation ➔ 14
Slide 15: A result of the trust of the world's largest merchants
2 A result of the trust of the world's largest merchants Investor Presentation ➔ 15
Slide 16: Best-in-class net revenue retention for 2025
2 Demonstrated by best-in-class net revenue retention for 2025 Represents 2025 Net Dollar Revenue Retention Rate for dLocal and most recent FY2025 Net Dollar Revenue Retention Rate disclosed for other companies1. 1 Source: Public company filings and call transcripts. Definition of net revenue retentio
Slide 17: Deepening our relationship with our merchants and building a more resilient business
3 We are deepening our relationship with our merchants and building a more resilient business Average # of countries served per Average # of pay-ins payment methods served Share of revenues by markets Top 50 merchant1 per Top 50 merchant1 % of revenues and US$ mm Top 3 Others Markets +51% YoY 2024-2
Slide 18: We continue to innovate to fuel our growth
3 We continue to innovate to fuel our growth Deepening our core by Widening our reach across value constant payment innovation added solutions and new verticals Stablecoin On and Off Ramps BNPL Smart APMs dLocal for Platforms Smart Routing and Requests Card Present Infrastructure Cash Pick-up New Ge
Slide 19: Our model has inherent operating leverage
4 Our model has inherent operating leverage Revenue, Gross Profit and TPVOperating bridge Expenses $ millions +13×1 Announcement of Investment Cycle +10×1 +8×1 Ongoing automation and AI initiatives are set to further enhance efficiency and scalability Investor Presentation ➔ 19 Source: Company filings
Slide 20: Among best-in-class in efficiency and increasing operating leverage
4 Among best-in-class in efficiency and increasing operating leverage despite our scale FY2025 Operating Profit + D&A1 / Gross Profit Gross profit per employee4 % $ thousand Peers' avg: 36% 2 3 AI & Automation Since Jan 2025, AI-driven initiatives delivered monthly hours savings equivalent to ~10% of i
Slide 21: Strong Adjusted Free Cash Flow generation
4 Helping us deliver strong Adjusted Free Cash Flow generation Operating Profit Net Income Adjusted Free Cash Flow $ millions $ millions $ millions + 27% CAGR + + 26% 38% CAGR CAGR + - 15% 41% - 28% 1 2 2 INVESTMENT CYCLE Note: Although Adjusted EBITDA and Adjusted EBITDA Margin may be commonly viewe
Slide 22: We consistently return value to shareholders
5 We consistently return value to shareholders $494M in cumulative returns to shareholders since 2022 $ millions ▉ Dividends Dividend policy: ▉ Share repurchases 30% of prior-year Adjusted Free Cash Flow. 2025 dividend of $57 million, paid on June 10, 2026. Share repurchase program of $300M, highlig
Slide 23: Experienced management team
6 Experienced management team Pedro Arnt Guillermo Lopez Perez Carlos Menendez CHIEF EXECUTIVE OFFICER CHIEF FINANCIAL OFFICER CHIEF OPERATING OFFICER 25 years 25 years 30 years of experience of experience of experience Alberto Almeida John O'Brien Gabriela Vieira CHIEF TECHNOLOGY OFFICER CHIEF REVE
Slide 24: Growth + Profit + Cash financial model: Rule of 98%
We have built a unique “Growth + Profit + Cash” financial model, that with scale is now generating material cash 1 2 3 High Gross High Strong Cash Profit Growth Profitability Flow Generation Operating Profit + D&A 1 / Gross Profit Adj. FCF / Net Income Conversion 37% 31% 61% 61% 2 97% 109% 2025 YoY 2021−2
Slide 25: A unique story in public markets
We have a unique story in public markets: earnings growth, strong cash generation, low leverage and high ROE Net income and diluted EPS1 Adjusted free cash flow2 Net debt and leverage ratio3 Return on equity3 $ millions, $ per share $ millions, Adj FCF / Net Income $ millions, Net Debt / Operating Pr
Slide 26: Appendix
Appendix Investor Presentation ➔ 26
Slide 27: Adjusted Free Cash Flow reconciliation
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) (
Slide 28: Operating Profit + D&A reconciliation
Operating Profit + D&A, Operating Profit + D&A margin and Operating Profit + D&A to Gross Profit reconciliation $ 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 Oper
Slide 29: Return on Equity (ROE)
Return on Equity (ROE) In millions of US$ 2024 2025 Net income LTM 120 197 Total equity 489 569 ROE 25% 35% Note: We calculate "Return on Equity (ROE)" as net income for the last twelve months ("LTM") divided by shareholders' equity as of the end of the period. Management uses Return on Equity as a
Slide 30: Net debt to Operating Profit + D&A
Net debt to Operating Profit + D&A 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 Note: We calculate "Net Debt to EBITDA" as Net Debt divided by Operating
Slide 31: Gross Profit per Employee
Gross Profit per Employee 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 Note: We calculate "Gross Profit per Employee" as gross profit for the period divided by total he
Slide 32: How our single contract model works
How our single contract model works dLocal Stack is reflected both on our teams and technology Commercial Layer One Contract Integration Layer Reverse APIs & Custom No-code tools dLocal API Checkouts & Plugins Product Layer Pay-ins, Pay-outs, dLocal for Platforms, Fraud Prevention, Smart Routing, and
Slide 33: The Smart Routing advantage
The Smart Routing advantage Maximize reach with local acquiring + local payment methods Before After dLocal dLocal Merchant Merchant International Card Acquirer Customers with access to international Local Local Local Local Local credit card Acquirer Acquirer Payment Payment Payment Method Method Me
Slide 34: 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