Slide 1: Earnings Presentation 2Q25
Ea rning s Pre s e nt a t io n 2Q 25 Earnings Presentation Q1'25 ➔ 1
Slide 2: Forward-looking statements
Fo rw a rd - lo o king s t a t e m e nt s This presentation may contain forward- Unless required by law, dLocal looking statements. These forward- undertakes no obligation to publicly looking statements convey dLocal’s update or revise any forward-looking current expectations or forecasts of stateme
Slide 3: Pedro Arnt, CEO and Jeffrey Brown, Interim CFO
Pedro Jeffrey ArntC hie f Exe c ut ive O ffic e r Brown Int e rim C hie f Fina nc ia l O ffic e r 2Q25 Earnings Presentation ➔ 3
Slide 4: CEO Message
C EO Me s s a g e 2Q25 Earnings Presentation ➔ 4
Slide 5: 2Q25 key takeaways
2 Q 25 ke y t a ke a w a ys Consistent execution Continued innovation and Guidance update delivering strong results strategic expansion ➔ TPV at record high of $9.2B, growing ➔ Continuing APM leadership with launch ➔ We are providing an upward adjustment >50% YoY for 3rd consecutive quarter, of Smar
Slide 6: 2Q TPV, Revenue, and Adj. EBITDA all growing >50% YoY
2Q 2 5 TPV, Re ve nue , a nd Ad j. EBITDA a ll g ro w ing >5 0 % Yo Y TPV Re ve nue Gro s s p ro fit US$ 9 .2 B US$ 25 6 M US$ 99 M ▲+53% YoY ▲+14% QoQ ▲+50% YoY ▲+18% QoQ ▲+42% YoY ▲+17% QoQ ▲+65% YoY CC1 ▲+63% YoY CC1 ▲+55% YoY CC1 Volume growth driven by strong performance QoQ increase driven by
Slide 7: The massive sustainable opportunity ahead of us
The m a s s ive s us t a ina b le o p p o rt unit y a he a d o f us We are positioned at the Estimated EM digital payments market size1 2025: $2.1TN $4.2TN by 2030 intersection of powerful secular trends: LATAM2 MEA2 APAC2 16% CAGR 16% CAGR 13% CAGR 25'-30' 25'-30' 25'-30' 4% EM Avg. GDP Growth ‘25-
Slide 8: Early stages of the S-Curve of digital merchants localizing payments
The s e a re t he e a rly s t a g e s o f t he S- C urve o f d ig it a l m e rc ha nt s lo c a lizing p a ym e nt s a c ro s s e m e rg ing m a rke t s Me rc ha nt s t e nd t o fo llo w t he fo llo w ing p a t h: Theoretical S-Curve Model Merchant EM adoption intensity Launch new products/services E
Slide 9: We are growing merchants and deepening our relationship with them
We a re g ro w ing m e rc ha nt s a nd d e e p e ning o ur re la t io ns hip w it h t he m , le a d ing t o a m o re d ive rs ifie d a nd s t ic kie r b us ine s s More merchants using us more… …leading to a more diversified business To t a l m e rc ha nt s 1 Sha re o f re ve nue s b y m a rke t s %
Slide 10: We continue innovating on product: examples
We c o nt inue inno va t ing o n p ro d uc t : 3 e xa m p le s APMs innovation: Product expansion: Segments leadership: SmartPix BNPL Fuse Stablecoin remittances ➔ Our proprietary solution developed by ➔ Exclusively powered by dLocal. ➔ dLocal is uniquely positioned as a on- dLocal. ➔ The only BNPL
Slide 11: Improvement in operating leverage with Adj. EBITDA / Gross Profit at 71%
Im p ro ve m e nt in o p e ra t ing le ve ra g e w it h Ad j. EBITDA / Gro s s Pro fit a t 71% , d e s p it e t he o ng o ing inve s t m e nt c yc le Pro d uc t a nd t e c h s a la rie s e xp e ns e s e vo lut io n 1 In the 3Q23 we announced an investment cycle ▉ Product and tech ▉ Other focused on
Slide 12: Financial Highlights
Fina nc ia l Hig hlig ht s 2Q25 Earnings Presentation ➔ 12
Slide 13: Strength across multiple verticals highlights our multi category capabilities
St re ng t h a c ro s s m ult ip le ve rt ic a ls hig hlig ht s o ur m ult i c a t e g o ry c a p a b ilit ie s 35% Other 1 8% Travel 186% Remittances -32% Advertising 43% On-demand delivery 33% Streaming 46% SaaS 41% Ride Hailing 25% Financial services 85% Commerce TPV growth by vertical (YoY) Note
Slide 14: We continue growing TPV >50% YoY
We c o nt inue g ro w ing TPV >5 0 % Yo Y… >6 0 % in c o ns t a nt c urre nc y TPV b y t yp e o f flo w $ billion TPV b y t yp e o f p ro d uc t $ billion +53% +53% ▉ Cross-border¹ ▉ Pay-ins3 ▉ Local-to-local² ▉ Pay-outs4 Cross-border: +11% QoQ and Pay-ins: +18% QoQ and +50% +75% YoY, mainly driven
Slide 15: Healthy revenue and gross profit growth as core markets accelerate
He a lt hy re ve nue a nd g ro s s p ro fit g ro w t h a s c o re m a rke t s a c c e le ra t e +50% Re ve nue $ millions Gro s s Pro fit $ millions ▉ Africa & Asia (A&A) ▉ Africa & Asia +42% ▉ Latin America ▉ Latin America LatAm: +24% QoQ and +46% YoY, LatAm: +24% QoQ and +37% YoY, with QoQ compari
Slide 16: Gross profit growth supported by strong core markets performance
Gro s s p ro fit g ro w t h s up p o rt e d b y s t ro ng c o re m a rke t s p e rfo rm a nc e a nd g e o g ra p hic d ive rs ific a t io n ➔ Volume growth, higher share of installment payments and recovery of one-off processing costs Brazil ▲ +86% 24m | +11.2m vs. LQ from the previous quarter ▲ +26
Slide 17: Net take rate up QoQ mainly driven by higher pay-ins share
Ne t t a ke ra t e up Q o Q m a inly d rive n b y hig he r p a y- ins s ha re a nd re c o ve ry o f p ro c e s s ing c o s t fro m p re vio us Q p a rt ia lly o ffs e t b y lo w e r FX s p re a d s in Arg e nt ina Higher share of Higher share of Tightening spreads in Argentina pay-ins larger EM mark
Slide 18: Consistent operational leverage improvement for five consecutive quarters
C o ns is t e nt o p e ra t io na l le ve ra g e im p ro ve m e nt fo r five c o ns e c ut ive q ua rt e rs Ad jus t e d EBITDA1 e vo lut io n EBITDA e vo lut io n ➔ We continue to demonstrate $ millions $ millions operational leverage through careful investment and expense management +64% ➔ OPEX: +
Slide 19: Solid net income, negatively impacted by Argentine peso devaluation
So lid ne t inc o m e , ne g a t ive ly im p a c t e d b y Arg e nt ine p e s o d e va lua t io n; ha ve s inc e s ig nific a nt ly re d uc e d AR$ e xp o s ure lim it ing fut ure vo la t ilit y Ne t inc o m e e vo lut io n Ne t inc o m e b rid g e Q o Q $ millions $ millions Impacted by FX hit to o
Slide 20: Continued strong cash generation, with healthy FCF to net income ratio
C o nt inue d s t ro ng c a s h g e ne ra t io n, w it h he a lt hy FC F t o ne t inc o m e ra t io ➔ Corporate cash and cash equivalents position $ in millions 4Q24 1Q25 2Q25 as of June 30, 2025: $254M. The decrease Cash flows from operating activities from the prior quarter reflects the payment of
Slide 21: Final Remarks
Fina l Re m a rks 2Q25 Earnings Presentation ➔ 21
Slide 22: 2025 guidance update
20 25 g uid a nc e up d a t e Expectation based on 2025 original guidance 2025 Below Above Metric Lower Mid Upper New range Guidance lower upper TPV 35% - 45% YoY 40% - 50% YoY Revenue 25% - 35% YoY 30% - 40% YoY Gross profit 20% - 25% YoY 27.5% - 37.5% YoY Adjusted EBITDA 20% - 30% YoY 40% - 50% Yo
Slide 23: Q&A
Q &A 2Q25 Earnings Presentation ➔ 23
Slide 24: Appendix
Ap p e nd ix 2Q25 Earnings Presentation ➔ 24
Slide 25: TPV breakdown
TPV b re a kd o w n b y t yp e o f p ro d uc t 1 In millions of US$ 2Q24 3Q24 4Q24 1Q25 2Q25 Pay-ins 4,273 4,632 5,340 5,442 6,395 As % of total 71% 71% 69% 67% 69% Pay-outs 1,763 1,884 2,373 2,666 2,816 As % of total 29% 29% 31% 33% 31% Total TPV 6,035 6,516 7,714 8,107 9,212 b y t yp e o f flo w 2
Slide 26: Revenue breakdown by geography
Re ve nue b re a kd o w n b y g e o g ra p hy In millions of US$ 2Q24 3Q24 4Q24 1Q25 2Q25 Brazil 42.3 32.9 33.7 34.4 47.0 Argentina 20.5 26.0 25.1 28.2 31.6 Mexico 35.8 38.9 40.5 36.7 45.7 Other Latam 40.1 47.3 53.6 63.5 78.4 Latin America 138.7 145.2 152.9 162.9 202.7 Egypt 15.0 18.6 21.4 22.0 17.6
Slide 27: Gross profit breakdown by geography
Gro s s p ro fit b re a kd o w n b y g e o g ra p hy In millions of US$ 2Q24 3Q24 4Q24 1Q25 2Q25 Brazil 19.2 15.4 14.8 13.0 24.3 Argentina 7.6 6.7 9.2 10.6 14.1 Mexico 8.8 12.8 10.9 10.8 11.9 Other Latam 17.9 20.7 21.6 25.1 23.4 Latin America 53.5 55.6 56.4 59.5 73.6 Egypt 9.8 12.3 16.0 16.3 12.9 Ot
Slide 28: Revenue: top merchant revenue and concentration
Re ve nue To p 10 m e rc ha nt re ve nue 1 ($ M) Re ve nue c o m p o s it io n ($ M) a nd c o nc e nt ra t io n (% ) 145% NRR 2 62% 62% 63% 60% 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.S. dollar-bas
Slide 29: Adjusted EBITDA bridge ($M)
Ad jus t e d EBITDA b rid g e ($ M) Note: Adjusted EBITDA excludes one-off expenses and non-cash items. Unaudited quarterly results. See detailed methodology for Adjusted EBITDA in slide 30. 2Q25 Earnings Presentation ➔ 29
Slide 30: Reconciliation of Profit to Adjusted EBITDA
Re c o nc ilia t io n o f Pro fit t o Ad jus t e d EBITDA $ in thousands 2Q24 1Q25 2Q25 Profit for the period 46,239 46,667 42,808 Income tax expense 10,060 5,262 8,188 Depreciation and amortization 4,089 5,062 5,540 Finance income and costs, net (28,045) (6,969) 3,785 Share-based payment non-cash c
Slide 31: Reconciliation of Net Income to Adjusted Net Income
Re c o nc ilia t io n o f Ne t inc o m e a s re p o rt e d t o Ad jus t e d Ne t Inc o m e $ in thousands 2Q24 1Q25 2Q25 Net income as reported 46,239 46,667 42,808 Inflation adjustment 1,941 885 984 Loan - exchange difference 5,831 1,394 3,153 Bonds/Tbills - exchange difference - - 7,129 Argentina
Slide 32: Reconciliation of constant currency measures to reported results
Re c o nc ilia t io n o f TPV, Re ve nue a nd Gro s s p ro fit c o ns t a nt c urre nc y m e a s ure s t o re p o rt e d re s ult s As re p o rt e d In millions of US$ 2Q24 2Q25 YoY Growth TPV 6,035 9,212 53% Revenue 171 256 50% Gross Profit 70 99 42% C o ns t a nt c urre nc y m e a s ure s In milli
Slide 33: Working Capital (Corporate) Build up
Wo rking C a p it a l (C o rp o ra t e ) Build up $ in millions 4Q24 1Q25 2Q25 Decrease / (Increase) in Trade and Other Receivables (109) 21 (13) Decrease / (Increase) in Other assets 4 1 1 Increase / (Decrease) in Trade and Other Payables (71) 16 77 Increase / (Decrease) in Other Liabilities and Pr
Slide 34: Investor Relations and Media Contact
Investor Relations Contact Media Contact investor@dlocal.com media@dlocal.com