Slide 1: Earnings Presentation 4Q25
Earnings Presentation 4Q25 Earnings Presentation Q1'25 ➔ 1
Slide 2: Forward-looking statements
This presentation may contain Beginning in 2026, we expect to provide forward-looking statements. These guidance in respect of Operating Profit, forward-looking statements convey which management believes is useful dLocal’s current expectations or as a measure to compare our operating forecasts of fu
Slide 3: Pedro Arnt and Guillermo Perez
Pedro Guillermo ArntChief Executive Lopez Chief Financial Perez Officer Officer 4Q25 Earnings Presentation ➔ 3
Slide 4: CEO Message
CEO Message 4Q25 Earnings Presentation ➔ 4
Slide 5: Key takeaways
Key takeaways Record-setting year Consistent, broad-based The model keeps growth at scale compounding ➔ TPV reached $41B, up 60% YoY, ➔ Broad-based growth across all ➔ Scale compounds: higher with 5 consecutive quarters of products (PIs, POs) and flows (XB, volumes drive cost efficiencies, >50% YoY gro
Slide 6: 2025, a year of exceptional execution on our proven business model
2025, a year of exceptional execution on our proven Demonstrated the scale of the emerging markets business model opportunity: record TPV of $41B, up 60% YoY with revenue crossing the $1B milestone for the first time Deepened and diversified our merchant relationships: TPV retention of 158% and NRR of
Slide 7: 2025 was a solid year, with record results across every key metric
2025 was a solid year, with record results across every key metric TPV Revenue Gross profit US$ US$ 40.8B 1.1B US$ 403M 1 1 ▲+60% YoY ▲+48% YoY CC ▲+47% YoY ▲+39% YoY CC ▲+37% YoY ▲+29% YoY CC1 TPV increased 60% YoY, exceeding the upper end Revenue exceeds the upper end of guidance, Strong performanc
Slide 8: We continue to compound growth at scale
We continue to compound growth at scale Quarterly TPV In 2025: $ billions ~3.5B pay‑in transactions, about 6,700 payments per minute 82% CAGR (FY2020-FY2025) +100M individuals received a payout thanks to dLocal We processed in ~1 day # of countries 26 35 40 40 42 44 what we processed in an entire ye
Slide 9: 2025 in perspective: we accelerated growth across all key metrics
2025 in perspective: we accelerated growth across all key metrics Gross profit Adj. EBITDA1 Net income and Diluted EPS2 $ millions $ millions $ millions, $ per share +37% +47% YoY YoY +63% YoY +24% +16% +31% 21-24 CAGR 21-24 CAGR 21-24 CAGR Note: 1See detailed methodology for the metrics and related
Slide 10: Merchants are increasingly global but financial infrastructure remains local
Merchants are increasingly global but financial infrastructure remains local and ever more complex REGULATORY LANDSCAPE We hold 37 licenses across 26 markets (+4 in 2025) and have 16 Regulatory requirements in EMs are multiplying, additional applications in process, including in the U.S., making in-h
Slide 11: We continue to innovate on product
We continue to innovate on product, with our business following Stablecoin Solutions BNPL Fuse APMs The complete Stablecoin Infrastructure for Emerging Markets Pix Launch of Pix with Biometrics, enabling instant 1. Treasury & FX BNPL products biometric payment confirmation directly inside the checkou
Slide 12: Compounding growth with best-in-class TPV retention; only scratching the surface
We continue to compound growth at scale with best-in-class TPV retention; yet we are only scratching the surface of the total opportunity TPV bridge $ billion We are still only scratching the surface of the EM digital payments world TPV retention rate: 158% 2025 TAM 1: $2.1tn 2030 TAM 1: $4.2tn DLO:
Slide 13: Deeper, stickier merchant relationships are making our business more resilient
Deeper, stickier merchant relationships are making our business more resilient than ever Total merchants1 Share of revenues by markets % of revenues ▉ Others ▉ Top 3 markets +27% +51% YoY 2024-2025 +43% YoY Average # of countries served per Top 50 merchant2 2024-2025 +50% Share of revenues by mercha
Slide 14: Among best-in-class in efficiency and increasing operating leverage
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 Our AI e orts AI-driven automation delivered productivity gains equivalent to 93 FTEs (~7% of internal headcoun
Slide 15: Unique Growth + Profit + Cash financial model
We’ve built a unique “Growth + Profit + Cash” financial model, that with scale is now generating material cash High gross profit Strong cash flow High profitability growth generation Operating Profit + D&A1 / Gross profit Adj. FCF / Net income conversion 37% 2025 YoY 61% 2025 97% 2025 31% 2021−2024 CAGR 61
Slide 16: Financial Highlights
Financial Highlights 4Q25 Earnings Presentation ➔ 16
Slide 17: 4Q25: ending the year with strong growth momentum
4Q25: ending the year with strong growth momentum, with broad-based acceleration across key metrics TPV Revenue Gross profit US$ US$ 13.1B 338M US$ 116M ▲+70% YoY ▲+26% QoQ ▲+65% YoY ▲+20% QoQ ▲+38% YoY ▲+12% QoQ ▲+64% YoY CC1 ▲+69% YoY CC1 ▲+34% YoY CC1 TPV surpassed $13B for the first time, with re
Slide 18: TPV up 70% YoY, the 5th consecutive quarter above 50% growth
TPV up 70% YoY, the 5th consecutive quarter above 50% YoY growth +64% in constant currency TPV by type of flow $ billion TPV by type of product $ billion ▉ Cross-border¹ ▉ Pay-ins3 ▉ Local-to-local² +70% ▉ Pay-outs4 70% ⬤ Total TPV YoY growth 59% 53% 53% 51% Local-to-local: Pay-outs: +23% QoQ and +65
Slide 19: Broad based QoQ growth across verticals
Broad based QoQ growth across verticals Highlights QoQ TPV growth by verticals % On-demand delivery: growth driven by existing merchants ramping up expansion deals across Argentina. South Africa, Mexico and Colombia. Advertising: strong performance in Brazil, with recovery of volumes previously lost
Slide 20: Solid, consistent revenue and gross profit growth throughout the year
Solid, consistent revenue and gross profit growth throughout the year +38% +65% Revenue $ millions Gross Profit $ millions ▉ Africa & Asia (A&A) ▉ Africa & Asia ▉ Latin America ▉ Latin America Africa & Asia: +32% QoQ and +23% Africa & Asia: +36% QoQ and YoY. The QoQ comparison is driven +8% YoY. The Q
Slide 21: Record gross profit with accelerating growth, despite margin pressure in Argentina
Record gross profit with accelerating growth, despite margin pressure in Argentina ➔ Partial recovery of volumes from the large merchant that had previously reduced its share of Egypt ▲ +42% 10m | +3.1m vs. LQ wallet, in addition to a diversifying business with the ramp up of e-commerce, streaming, a
Slide 22: Investment cycle driving higher OPEX; healthy operating leverage sustained
Investment cycle driving higher OPEX; healthy operating leverage sustained Adjusted EBITDA1 evolution Operating Profit evolution $ millions $ millions +38% +48% Adj. EBITDA / Operating Profit / Revenue 28% 27% 27% 25% 23% Revenue 21% 21% 22% 20% 19% Adj. EBITDA / Operating Profit / Gross Profit 68% 68%
Slide 23: Strong net income growth, driven by higher operating profit and lower tax
Strong net income growth, driven by higher operating profit and lower income tax Net income evolution Return on equity2 $ millions LTM net income / total equity +87% Diluted EPS¹ 0.10 0.15 0.14 0.17 0.18 Note: 1Our diluted earnings per share is calculated by dividing the profit attributable to owners
Slide 24: Resilient cash generation, reaching $191M in 2025
Resilient cash generation, reaching $191M in 2025, up 110% YoY Adjusted free cash flow (Adj. FCF) Adj. FCF reconciliation $ millions $ in millions 4Q24 1Q25 2Q25 3Q25 4Q25 +100% Net cash (used in ) / generated (141) 95 124 95 100 from operating activities Changes in working capital 180 (48) (68) (48)
Slide 25: Final Remarks
Final Remarks 4Q25 Earnings Presentation ➔ 25
Slide 26: Full year 2026 outlook
Full year 2026 outlook 2026 Guidance Metric 2025 Key considerations (assumes constant dollars) ● Strong commercial traction with large merchants scaling across geographies ● Expansion deals with APMs TPV $40.8B 50% - 60% YoY ● Aggregation theory benefits create flywheel: pricing pressure downstream, F
Slide 27: The building blocks of our continued growth story
The building blocks of our continued growth story Growth vectors 2025 2026E 2027 and beyond (as % total incremental TPV in the period) ● Our merchants continue to ride strong secular trends around middle class growth, digitalization and e-commerce penetration (market size Existing merchants in exist
Slide 28: Adding a buyback program to our existing dividend policy
Continuing with our track record of returns to shareholders, we are adding a buyback program to our existing dividend policy $350mm in cumulative returns to shareholders since 2022 $ millions ▉ Dividends 2025 dividend: ▉ Share repurchases $0.1939/share1 confirmed for 2025, to be paid in June 10, alig
Slide 29: 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 30: Q&A
Q&A 4Q25 Earnings Presentation ➔ 30
Slide 31: Appendix
Appendix 4Q25 Earnings Presentation ➔ 31
Slide 32: Non-IFRS Financial Measures
Non-IFRS Financial Measures 4Q25 Earnings Presentation ➔ 32
Slide 33: Adjusted EBITDA reconciliation
Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted EBITDA to Gross Profit Ratio reconciliation $ in thousands 4Q24 3Q25 4Q25 2024 2025 Profit for the period 29,701 51,790 55,637 120,469 196,902 Income tax expense 11,090 9,388 8,915 30,550 31,752 Depreciation and amortization 4,888 6,129 9,527 17,177
Slide 34: Adjusted Free Cash Flow reconciliation (cont.)
Adjusted Free Cash Flow reconciliation (cont.) $ in millions 4Q24 1Q25 2Q25 3Q25 4Q25 2024 2025 Net cash (used in ) / generated from operating activities (141) 95 124 95 100 (33) 415 Changes in working capital (merchant)¹ 180 (48) (68) (48) (24) 146 (188) Capital expenditures² (6) (8) (8) (9) (11) (
Slide 35: Adjusted Free Cash Flow reconciliation (cont. 2)
Adjusted Free Cash Flow reconciliation (cont. 2) Working Capital (Corporate) reconciliation $ in millions 4Q24 1Q25 2Q25 3Q25 4Q25 2024 2025 Decrease / (Increase) in Trade and Other Receivables (109) 21 (13) (91) (8) (163) (90) Decrease / (Increase) in Other assets 4 1 1 1 (1) 5 2 Increase / (Decrea
Slide 36: Additional Information and Non-GAAP Measurements Reconciliations
Additional Information and Non-GAAP Measurements Reconciliations 4Q25 Earnings Presentation ➔ 36
Slide 37: Broad-based growth led by seasonal e-commerce, strong remittances
Broad-based growth led by seasonal e-commerce, 43% Other1 strong remittances and 35% Travel -6% Advertising on-demand relivery 46% Streaming 56% SaaS 57% Ride-hailing 139% Remittances 35% Financial services 135% On-demand delivery 85% E-commerce TPV growth by vertical (YoY) Note: 1 Other includes e-
Slide 38: TPV breakdown
TPV breakdown by type of product1 In millions of US$ 4Q24 1Q25 2Q25 3Q25 4Q25 2024 2025 Pay-ins 5,340 5,442 6,395 7,191 9,184 17,902 28,212 As % of total 69% 67% 69% 69% 70% 70% 69% Pay-outs 2,373 2,666 2,816 3,200 3,923 7,673 12,605 As % of total 31% 33% 31% 31% 30% 30% 31% Total TPV 7,714 8,107 9,
Slide 39: Revenue breakdown by geography
Revenue breakdown by geography In millions of US$ 4Q24 1Q25 2Q25 3Q25 4Q25 2024 2025 Brazil 33.7 34.4 47.0 58.9 66.9 152.0 207.2 Argentina 25.1 28.2 31.6 41.4 59.8 85.5 161.1 Mexico 40.5 36.7 45.7 45.9 54.7 149.2 183.0 Other Latam 53.6 63.5 78.4 88.0 92.9 175.5 322.8 Latin America 152.9 162.9 202.7
Slide 40: Gross profit breakdown by geography
Gross profit breakdown by geography In millions of US$ 4Q24 1Q25 2Q25 3Q25 4Q25 2024 2025 Brazil 14.8 13.0 24.3 29.3 34.4 67.3 101.0 Argentina 9.2 10.6 14.1 11.8 8.3 28.7 44.8 Mexico 10.9 10.8 11.9 10.0 12.6 42.5 45.2 Other Latam 21.6 25.1 23.4 30.4 31.1 75.7 109.9 Latin America 56.4 59.5 73.6 81.5 8
Slide 41: Revenue concentration and Net Revenue Retention rate
Revenue concentration and Net Revenue Retention rate Top 10 merchant revenue1 ($M) Revenue composition ($M) and concentration (%) 162% NRR 2 63% 60% 62% 61% 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.
Slide 42: 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) 4Q24 1Q25 2Q25 3Q25 4Q25 2024 2025 Operating Profit 42,268 45,845 55,765 55,589 62,716 140,500 219,915 Depreciation and amortization 4,888 5,062 5,540 6,129
Slide 43: Constant currency measures to reported results
TPV, Revenue and Gross profit constant currency measures to reported results As reported In millions of US$ 4Q24 4Q25 YoY Growth 2024 2025 YoY Growth TPV 7,714 13,107 70% 25,575 40,816 60% Revenue 204 338 65% 746 1,094 47% Gross Profit 84 116 38% 295 403 37% Constant currency measures In millions of U
Slide 44: Return on Equity (ROE)
Return on Equity (ROE) In millions of US$ 4Q24 1Q25 2Q25 3Q25 4Q25 2024 2025 Net income LTM 120 149 146 171 197 120 197 Total equity 489 545 448 505 569 489 569 ROE 25% 27% 33% 34% 35% 25% 35% Note: We calculate "Return on Equity (ROE)" as net income for the last twelve months ("LTM") divided by sha
Slide 45: 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 46: 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 47: Monetization bridge
Monetization bridge Growth in L2L flows Cost optimization in driven by seasonal payment strength in processing, notably e-commerce & in Brazil, alongside ramp-up with a shift in payment on-demand delivery mix toward APMs merchants Payment method mix shift towards APMs in Brazil, new large global deal
Slide 48: 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