6-K - DLO - Equibles

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of August 2025

Commission File Number: 001-40451

DLocal Limited

(Exact name of registrant as specified in its charter)

Dr. Luis Bonavita 1294

Montevideo

Uruguay 11300

+1 (424) 392-7437

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F ☒ Form 40-F ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

Yes ☐ No ☒

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

Yes ☐ No ☒

TABLE OF CONTENTS

EXHIBIT

99.1	Press release dated August 13, 2025 - dLocal Reports 2025 Second Quarter Financial Results
99.2	DLocal Limited Unaudited Consolidated Condensed Interim Financial Statements as of June 30, 2025 and for the six-month and three-month periods ended June 30, 2025 and 2024
99.3	Quarterly Report 2025 - dLocal Reports 2025 Second Quarter Financial Results
99.4	dLocal Q2 2025 Earnings Presentation
99.5	Press Release dated August 13, 2025 – dLocal announces appointment of Chief Financial Officer

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

DLocal Limited
By:	/s/ Jeffrey Brown
Name:	Jeffrey Brown
Title:	Interim Chief Financial Officer

Date: August 13, 2025

EX-99.1

Exhibit 99.1

dLocal Reports 2025 Second Quarter Financial Results

TPV at record high of US$9.2 billion, growing more than 50% YoY for the third consecutive quarter.

Brazil and Mexico posted solid results, while growth remains fastest in the rest of our geographies, leading to increased diversification.

Consistent operational leverage with Adjusted EBITDA over Gross Profit increasing for the fifth straight quarter (71% for the second quarter of 2025).

Continued strong cash flow generation with US$48 million of FCF (free cash flow).

Upward adjustment on our full-year 2025 guidance for TPV, Revenue, Gross Profit and Adjusted EBITDA.

Montevideo, Uruguay, August 13, 2025 — DLocal Limited (“dLocal”, “we”, “us”, and “our”) (NASDAQ:DLO), a technology - first payments platform, today announced its financial results for the second quarter ended June 30, 2025.

dLocal’s management team will host a conference call and audio webcast on August 13, 2025 at 5:00 p.m. Eastern Time. Please click here to pre-register for the conference call and obtain your dial in number and passcode.

The live conference call can be accessed via audio webcast at the investor relations section of dLocal’s website, at https://investor.dlocal.com/. An archive of the webcast will be available for a year following the conclusion of the conference call. The investor presentation will also be filed on EDGAR at www.sec.gov.

“We are pleased to report another quarter of solid growth and disciplined execution, with significant acceleration across our key financial metrics. These results are a testament to our high-growth, expanding margin, and healthy free cash flow business model, and they demonstrate the substantial value we provide to our merchants,” said Pedro Arnt, CEO of dLocal.

Governance changes

Board of Directors structure change: we are committed to transitioning to a majority independent Board. We have begun the search for additional independent directors, and we are also constituting Nominating & Corporate Governance and Compensation Committees.
Cancellation of treasury shares: we will cancel the treasury shares currently held on our balance sheet, underscoring our ability to deliver strong growth while returning excess capital to shareholders.

2025 guidance update (year-over-year growth rates versus 2024):

TPV: 40%-50% YoY
Revenue: 30%-40% YoY
Gross profit: 27.5%-37.5% YoY
Adjusted EBITDA: 40%-50% YoY

Our updated guidance reflects the strong performance in the first half of the year and the sustained momentum anticipated across our business. While we remain optimistic, we encourage careful consideration of the outlined risks:

The evolving macroeconomic, currency and trade landscape globally and its potential impact on emerging markets.

The recent increase in tariffs in Mexico, along with potential trade barriers in other markets.
Shifting fiscal regimes in Brazil.
The potential for currency devaluations and/or changes in FX regimes in Argentina and Egypt.

Second quarter 2025 financial highlights

dLocal reports in US dollars and in accordance with IFRS as issued by the IASB

Total Payment Volume (“TPV”) reached a record US$9.2 billion in the second quarter, up 53% year-over-year compared to US$6.0 billion in the second quarter of 2024 and up 14% compared to US$8.1 billion in the first quarter of 2025. In constant currency, TPV growth for the period would have been 65% year-over-year.
Revenues amounted to US$256.5 million, up 50% year-over-year compared to US$171.3 million in the second quarter of 2024 and up 18% compared to US$216.8 million in the first quarter of 2025. The quarter-over-quarter increase, exceeding TPV growth, was driven by a higher share of pay-ins. This positive result was partly offset by Egypt, where we experienced a partial volume loss due to a large merchant implementing redundancies in the market in addition to lower FX spreads as a result of the currency devaluation. In constant currency, revenue growth for the period would have been 63% year-over-year.
Gross profit was US$98.9 million in the second quarter of 2025, up 42% compared to US$69.8 million in the second quarter of 2024 and up 17% compared to US$84.9 million in the first quarter of 2025. The quarter-over-quarter comparison was primarily due to (i) performance in Brazil, given a higher share of installment payments and the recovery of one-off processing costs from the previous quarter; (ii) Argentina's strong performance, driven by higher volumes and increase in advancements, fully offsetting the impact of lower FX spreads; and (iii) performance in other Africa & Asia markets, particularly in South Africa, due to volume growth and lower processing costs. This positive result was offset by Egypt, as mentioned previously, and Other LatAm markets, that despite volume growth across various countries, were adversely affected by retry costs invoiced during this quarter in Chile and Colombia. Excluding Chile and Colombia, these markets grew 9%. In constant currency, gross profit growth for the period would have been 55% year-over-year.
As a result, gross profit margin was 39% in this quarter, compared to 41% in the second quarter of 2024 and 39% in the first quarter of 2025.
Gross profit over TPV was at 1.07% decreasing from 1.16% in the second quarter of 2024 and increasing from 1.05% compared to the first quarter of 2025.
Operating profit was US$55.8 million, up 85% compared to US$30.2 million in the second quarter of 2024 and up 22% compared to US$45.8 million in the first quarter of 2025. Operating expenses grew by 9% year-over-year, as we continue to invest in our capabilities. On the sequential comparison, operating expenses increased by 10% quarter-over-quarter, primarily linked to increase in headcount, especially in tech, and higher third party services.
As a result, Adjusted EBITDA was US$70.1 million, up 64% compared to US$42.7 million in the second quarter of 2024 and up 21% compared to US$57.9 million in the first quarter of 2025.
Adjusted EBITDA margin was 27%, compared to the 25% recorded in the second quarter of 2024 and 27% in the first quarter of 2025. Adjusted EBITDA over gross profit of 71% increased compared to 61% in the second quarter of 2024 and 68% in the first quarter of 2025, marking the fifth consecutive quarter of improvement.
EBITDA was US$61.3 million, up 79% compared to US$34.3 million in the second quarter of 2024 and up 20% compared to US$50.9 million in the first quarter of 2025.
Net financial result was US$3.8 million loss, compared to a net finance gain of US$28.0 million in the second quarter of 2024 and a net finance gain of US$7.0 million in the first quarter of 2025, as explained in the Net Income section.
Our effective income tax rate increased to 16% from 10% last quarter, as a result of higher local-to-local share of pre-tax income. As mentioned in the previous quarter, the effective tax rate in the first quarter of 2025 was favorably impacted by a one-off cost in Brazil.
Net income for the second quarter of 2025 was US$42.8 million, or US$0.14 per diluted share, down 7% compared to a
profit of US$46.2 million, or US$0.15 per diluted share, for the second quarter of 2024 and down 8% compared to a profit of US$46.7 million, or US$0.15 per diluted share for the first quarter of 2025. During the current period, net income was negatively impacted by the Argentine peso’s devaluation on our bond portfolio. Given the shifting market dynamics, we took the opportunity to expatriate funds from Argentina more efficiently, reducing our position by over 80% and reallocating to US treasuries.
Free cash flow for the second quarter of 2025 amounted to US$48.4 million, up 156% year-over-year compared to US$19.0 million in the second quarter of 2024 and up 22% compared to US$39.7 million in the first quarter of 2025. The variation quarter-over-quarter is primarily explained by improved operational results, partially offset by higher income tax paid.
As of June 30, 2025, dLocal had US$476.9 million in cash and cash equivalents, which includes US$253.8 million of Corporate cash and cash equivalents. The Corporate cash and cash equivalents increased by US$1.1 million from US$252.7 million as of June 30, 2024. When compared to the US$355.9 million Corporate cash and cash equivalents position as of March 31, 2025, it decreased by US$102.1 million quarter-over-quarter, explained by the payment of US$150.0 million in dividends in June 2025.

The following table summarizes our key performance metrics:

	Three months ended June 30		Six months ended June 30
	2025	% change	2025	2024	% change
Key Performance metrics	(In millions of US except for %)
TPV	9,212	53%	17,319	11,346	53%
Revenue	256.5	50%	473.2	355.7	33%
Gross Profit	98.9	42%	183.8	132.8	38%
Gross Profit margin	39%	-2p.p	39%	37%	2p.p
Adjusted EBITDA	70.1	64%	128.0	79.5	61%
Adjusted EBITDA margin	27%	2p.p	27%	22%	5p.p
Adjusted EBITDA/Gross Profit	71%	10p.p	70%	60%	10p.p
Profit	42.8	-7%	89.5	64.0	40%
Profit margin	17%	-10p.p	19%	18%	1p.p

All values are in US Dollars.

Special note regarding Adjusted EBITDA and Adjusted EBITDA Margin

dLocal has only one operating segment. dLocal measures its operating segment’s performance by Revenues, Adjusted EBITDA and Adjusted EBITDA Margin, and uses these metrics to make decisions about allocating resources. Adjusted EBITDA as used by dLocal is defined as the profit from operations before financing and taxation for the year or period, as applicable, before depreciation of property, plant and equipment, amortization of right-of-use assets and intangible assets, and further excluding the finance income and costs, impairment gains/(losses) on financial assets, transaction costs, share-based payment non-cash charges,other operating gain/loss,other non-recurring costs, and inflation adjustment. dLocal defines Adjusted EBITDA Margin as the Adjusted EBITDA divided by consolidated revenues. dLocal defines Adjusted EBITDA to Gross Profit Ratio as Adjusted EBITDA divided by Gross Profit. Although Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted EBITDA to Gross Profit Ratio may be commonly viewed as non-IFRS measures in other contexts, pursuant to IFRS 8, (“Operating Segments”), Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted EBITDA to Gross Profit Ratio are treated by dLocal as IFRS measures based on the manner in which dLocal utilizes these measures. Nevertheless, dLocal’s Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted EBITDA to Gross Profit Ratio metrics should not be viewed in isolation or as a substitute for net income for the periods presented under IFRS. dLocal also believes that its Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted EBITDA to Gross Profit Ratio metrics are useful metrics used by analysts and investors, although these measures are not explicitly defined under IFRS. Additionally, the way dLocal calculates operating segment’s performance measures may be different from the calculations used by other entities, including competitors, and therefore, dLocal’s performance measures may not be comparable to those of other entities. Finally, dLocal is unable to present a quantitative reconciliation of forward-looking guidance for Adjusted EBITDA because dLocal cannot reliably predict certain of their necessary components, such as impairment gains/(losses) on financial assets, transaction costs, and inflation adjustment.

The table below presents a reconciliation of dLocal’s Adjusted EBITDA to net income:

$ in thousands	Three months ended June 30		Six months ended June 30
	2025	2024	2025	2024
Profit for the period	42,808	46,239	89,475	63,957
Income tax expense	8,188	10,060	13,450	17,174
Depreciation and amortization	5,540	4,089	10,602	7,851
Finance income and costs, net	3,785	(28,045)	(3,184)	(28,344)
Share-based payment non-cash charges	4,911	6,776	10,931	11,237
Other operating loss¹	2,480	1,553	2,902	3,372
Impairment loss / (gain) on financial assets²	1,415	76	1,801	(101)
Inflation adjustment	984	1,941	1,869	4,309
Other non-recurring costs	-	-	123	-
Adjusted EBITDA	70,111	42,689	127,969	79,455

Note: 1 The company wrote-off certain amounts mainly related to merchants/processors off-boarded by dLocal. 2 Refer to Note 17 - Trade and Other Receivables in the Financial Statements dated June 30, 2025, for detailed information.

dLocal Limited

Certain financial information

Consolidated Statements of Comprehensive Income for the three-month and six-month periods ended June 30, 2025 and 2024

(All amounts in thousands of U.S. Dollars except share data or as otherwise indicated)

		Six months ended June 30
	2024	2025	2024
Continuing operations
Revenues	171,279	473,217	355,709
Cost of services	(101,468)	(289,453)	(222,927)
Gross profit	69,811	183,764	132,782
Technology and development expenses	(6,408)	(14,147)	(11,873)
Sales and marketing expenses	(4,505)	(11,977)	(9,136)
General and administrative expenses	(27,074)	(51,327)	(51,406)
Impairment (loss)/gain on financial assets	(76)	(1,801)	101
Other operating loss	(1,553)	(2,902)	(3,372)
Operating profit	30,195	101,610	57,096
Finance income	29,247	23,338	47,504
Finance costs	(1,202)	(20,154)	(19,160)
Inflation adjustment	(1,941)	(1,869)	(4,309)
Other results	26,104	1,315	24,035
Profit before income tax	56,299	102,925	81,131
Income tax expense	(10,060)	(13,450)	(17,174)
Profit for the period	46,239	89,475	63,957
Profit attributable to:
Owners of the Group	46,244	89,440	63,952
Non-controlling interest	(5)	35	5
Profit for the period	46,239	89,475	63,957
Earnings per share (in )
Basic Earnings per share	0.16	0.31	0.22
Diluted Earnings per share	0.15	0.30	0.21
Other comprehensive Income

All values are in US Dollars.

Items that are or may be reclassified to profit or loss:
Exchange difference on translation on foreign operations	4,303	(5,604)	7,829	(6,273)
Other comprehensive income for the period, net of tax	4,303	(5,604)	7,829	(6,273)
Total comprehensive income for the period	47,111	40,635	97,304	57,684
Total comprehensive income for the period is attributable to:
Owners of the Group	47,010	40,642	97,184	57,678
Non-controlling interest	101	(7)	120	6
Total comprehensive income for the period	47,111	40,635	97,304	57,684

dLocal Limited

Certain financial information

Consolidated Condensed Interim Statements of Financial Position as of June 30, 2025 and March 31, 2025

(All amounts in thousands of U.S. dollars)

	Three months ended June 30
	2025	2025
	June 30, 2025	March 31, 2025
ASSETS
Current Assets
Cash and cash equivalents	476,939	511,506
Financial assets at fair value through profit or loss	125,526	125,487
Trade and other receivables	487,320	477,349
Derivative financial instruments	691	463
Other assets	29,888	28,001
Total Current Assets	1,120,364	1,142,806
Non-Current Assets
Trade and other receivables	14,698	15,518
Deferred tax assets	5,961	5,468
Property, plant and equipment	4,208	4,007
Right-of-use assets	4,124	3,852
Intangible assets	68,165	65,301
Other assets	3,792	4,695
Total Non-Current Assets	100,948	98,841
TOTAL ASSETS	1,221,312	1,241,647
LIABILITIES
Current Liabilities
Trade and other payables	691,081	614,133
Lease liabilities	1,201	1,107
Tax liabilities	14,330	20,631
Derivative financial instruments	2,555	1,098
Financial liabilities	56,806	54,248
Provisions	544	543
Total Current Liabilities	766,517	691,760
Non-Current Liabilities
Deferred tax liabilities	3,918	1,862
Lease liabilities	2,697	2,825
Total Non-Current Liabilities	6,615	4,687
TOTAL LIABILITIES	773,132	696,447
EQUITY
Share Capital	587	570
Share Premium	192,820	187,671
Treasury Shares	(200,980)	(200,980)
Capital Reserve	39,241	38,556
Other Reserves	(13,190)	(17,390)
Retained earnings	429,482	536,654
Total Equity Attributable to owners of the Group	447,960	545,081
Non-controlling interest	220	119
TOTAL EQUITY	448,180	545,200
TOTAL EQUITY AND LIABILITIES	1,221,312	1,241,647

dLocal Limited

Certain interim financial information.

Consolidated Statements of Cash flows for the three-month and six-month periods ended June 30, 2025 and 2024

(All amounts in thousands of U.S. dollars)

	Three months ended June 30		Six months ended June 30
	2025	2024	2025	2024
Cash flows from operating activities
Profit before income tax	50,996	56,299	102,925	81,131
Adjustments:
Interest Income from financial instruments	(5,976)	(6,473)	(11,083)	(13,915)
Interest charges for lease liabilities	41	44	82	87
Other interests charges	1,568	1,673	2,452	1,800
Finance expense related to derivative financial instruments	3,177	2,446	3,591	12,324
Net exchange differences	9,765	(1,469)	13,908	6,168
Fair value loss/(gain) on financial assets at FVPL	(4,791)	(22,774)	(12,134)	(33,589)
Amortization of Intangible assets	5,055	3,690	9,639	7,114
Depreciation and disposals of PP&E and right-of-use	485	348	1,188	748
Share-based payment expense, net of forfeitures	4,911	6,776	10,931	11,237
Other operating gain	2,480	1,553	2,902	3,372
Net Impairment loss/(gain) on financial assets	1,415	76	1,801	(101)
Inflation adjustment and other financial results	3,180	(5,982)	9,265	(11,874)
	72,306	36,207	135,467	64,502
Changes in working capital
Increase in Trade and other receivables	(13,046)	(69,322)	8,036	(102,158)
Decrease / (Increase) in Other assets	1,176	(716)	2,200	2,503
Increase / (Decrease) in Trade and Other payables	76,948	67,268	93,294	113,232
Increase / (Decrease) in Tax Liabilities	(2,928)	8,870	(1,963)	7,750
Increase / (Decrease) in Provisions	1	(90)	44	(86)
Cash (used) / generated from operating activities	134,457	42,218	237,078	85,743
Income tax paid	(9,998)	(13,409)	(17,206)	(16,967)
Net cash (used) / generated from operating activities	124,459	28,808	219,872	68,776
Cash flows from investing activities
Acquisitions of Property, plant and equipment	(515)	(440)	(1,460)	(1,226)
Additions of Intangible assets	(7,919)	(4,842)	(14,486)	(9,864)
Acquisition of financial assets at FVPL	(92,090)	(96,841)	(133,464)	(96,841)
Collections of financial assets at FVPL	86,555	98,544	133,970	98,301
Interest collected from financial instruments	5,976	6,473	11,083	13,915
Payments for investments in other assets at FVPL	(2,500)	-	(12,500)	-
Net cash (used in) / generated investing activities	(10,493)	2,894	(16,857)	4,285
Cash flows from financing activities
Repurchase of shares	-	(81,751)	-	(81,751)
Share-options exercise paid	940	92	940	92
Dividends paid	(149,982)	-	(149,982)	-
Interest payments on lease liability	(41)	(44)	(82)	(87)
Principal payments on lease liability	(478)	26	(1,141)	(69)
Finance expense paid related to derivative financial instruments	(1,948)	(888)	(5,080)	(11,039)
Net proceeds from financial liabilities	6,223	-	12,014	-
Interest payments on financial liabilities	(3,835)	-	(6,001)	-
Other finance expense paid	(1,399)	(272)	(2,113)	(399)
Net cash used in by financing activities	(150,520)	(82,837)	(151,445)	(93,253)
Net increase in cash flow	(36,554)	(51,135)	51,570	(20,192)
Cash and cash equivalents at the beginning of the period	511,506	572,357	425,172	536,160
Net (decrease)/increase in cash flow	(36,554)	(51,135)	51,570	(20,192)
Effects of exchange rate changes on inflation and cash and cash equivalents	1,987	10,398	197	15,652
Cash and cash equivalents at the end of the period	476,939	531,620	476,939	531,620

About dLocal

dLocal powers local payments in emerging markets, connecting global enterprise merchants with billions of emerging market consumers in more than 40 countries across Africa, Asia, and Latin America. Through the “One dLocal” platform (one direct API, one platform, and one contract), global companies can accept payments, send pay-outs and settle funds globally without the need to manage separate pay-in and pay-out processors, set up numerous local entities, and integrate multiple acquirers and payment methods in each market.

Forward-looking statements

This press release contains certain 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, revenue, gross profit and Adjusted EBITDA. Forward-looking statements regarding dLocal and amounts stated as guidance are based on current management expectations and involve known and unknown risks, uncertainties and other factors that may cause dLocal’s actual results, performance or achievements to be materially different from any future results, performances or achievements expressed

or implied by the forward-looking statements. Certain of these risks and uncertainties are described in the “Risk Factors,” “Forward-Looking Statements” and “Cautionary Statement Regarding Forward-Looking Statements” sections of dLocal’s filings with the U.S. Securities and Exchange Commission. Unless required by law, dLocal undertakes no obligation to publicly update or revise any forward-looking statements to reflect circumstances or events after the date hereof. In addition, dLocal is unable to present a quantitative reconciliation of forward-looking guidance for Adjusted EBITDA, because dLocal cannot reliably predict certain of their necessary components, such as impairment gains/(losses) on financial assets, transaction costs, and inflation adjustment.

Investor Relations Contact:

investor@dlocal.com

Media Contact:

media@dlocal.com

EX-99.2

Exhibit 99.2

DLocal Limited

Unaudited Consolidated Condensed Interim Financial Statements as of June 30, 2025 and for the six-month and three-month periods ended June 30, 2025 and 2024

DLocal Limited

Unaudited Consolidated Condensed Interim Statements of Comprehensive Income

For the six-month and three-month periods ended June 30, 2025 and 2024

(All amounts in thousands of U.S. Dollars except share data or as otherwise indicated)

		Six months ended		Three months ended
	Notes	June 30, 2025	June 30, 2024	June 30, 2025	June 30, 2024
Continuing operations
Revenues	6	473,217	355,709	256,458	171,279
Cost of services	6	(289,453)	(222,927)	(157,573)	(101,468)
Gross profit		183,764	132,782	98,885	69,811
Technology and development expenses	7	(14,147)	(11,873)	(7,380)	(6,408)
Sales and marketing expenses	8	(11,977)	(9,136)	(4,842)	(4,505)
General and administrative expenses	8	(51,327)	(51,406)	(27,003)	(27,074)
Impairment (loss)/gain on financial assets	17	(1,801)	101	(1,415)	(76)
Other operating loss		(2,902)	(3,372)	(2,480)	(1,553)
Operating profit		101,610	57,096	55,765	30,195
Finance income	11	23,338	47,504	11,110	29,247
Finance costs	11	(20,154)	(19,160)	(14,895)	(1,202)
Inflation adjustment	11	(1,869)	(4,309)	(984)	(1,941)
Other results		1,315	24,035	(4,769)	26,104
Profit before income tax		102,925	81,131	50,996	56,299
Income tax expense	12	(13,450)	(17,174)	(8,188)	(10,060)
Profit for the period		89,475	63,957	42,808	46,239
Profit attributable to:
Owners of the Group		89,440	63,952	42,810	46,244
Non-controlling interest		35	5	(2)	(5)
Profit for the period		89,475	63,957	42,808	46,239
Earnings per share
Basic Earnings per share	14	0.31	0.22	0.15	0.16
Diluted Earnings per share	14	0.30	0.21	0.14	0.15
Other comprehensive income
Items that are or may be reclassified subsequently to profit or loss:
Exchange difference on translation on foreign operations		7,829	(6,273)	4,303	(5,604)
Other comprehensive income for the period, net of tax		7,829	(6,273)	4,303	(5,604)
Total comprehensive income for the period		97,304	57,684	47,111	40,635
Total comprehensive income for the period is attributable to:
Owners of the Group		97,184	57,678	47,010	40,642
Non-controlling interest		120	6	101	(7)
Total comprehensive income for the period		97,304	57,684	47,111	40,635

The accompanying notes are an integral part of these Unaudited Consolidated Condensed Interim Financial Statements.

DLocal Limited

Unaudited Consolidated Condensed Interim Statements of Financial Position

As of June 30, 2025 and December 31, 2024

(All amounts in thousands of U.S. Dollars except share data or as otherwise indicated)

	Notes	June 30, 2025	December 31, 2024
ASSETS
Current assets
Cash and cash equivalents	15	476,939	425,172
Financial assets	16	125,526	129,319
Trade and other receivables	17	487,320	496,713
Derivative financial instruments	22	691	2,874
Other assets	18	29,888	18,805
Total current assets		1,120,364	1,072,883
Non-current assets
Trade and other receivables	17	14,698	18,044
Deferred tax assets		5,961	5,367
Property, plant and equipment		4,208	3,377
Right-of-use assets		4,124	3,645
Intangible assets	19	68,165	63,318
Other assets	18	3,792	4,695
Total non-current assets		100,948	98,446
TOTAL ASSETS		1,221,312	1,171,329
LIABILITIES
Current liabilities
Trade and other payables	20	691,081	597,787
Lease liabilities		1,201	1,137
Tax liabilities	21	14,330	21,515
Derivative financial instruments	22	2,555	6,227
Financial liabilities	23	56,806	50,455
Provisions	24	544	500
Total current liabilities		766,517	677,621
Non-current liabilities
Deferred tax liabilities		3,918	1,858
Lease liabilities		2,697	2,863
Total non-current liabilities		6,615	4,721
TOTAL LIABILITIES		773,132	682,342
EQUITY
Share capital	14	587	570
Share premium		192,820	186,769
Treasury shares		(200,980)	(200,980)
Capital reserve		39,241	33,438
Other reserves		(13,190)	(20,934)
Retained earnings		429,482	490,024
Total equity attributable to owners of the Group		447,960	488,887
Non-controlling interest		220	100
TOTAL EQUITY		448,180	488,987
TOTAL EQUITY AND LIABILITIES		1,221,312	1,171,329

The accompanying notes are an integral part of these Unaudited Consolidated Condensed Interim Financial Statements.

DLocal Limited

Unaudited Consolidated Condensed Interim Statements of Changes in Equity

For the six-month period ended June 30, 2025 and 2024

(All amounts in thousands of U.S. Dollars except share data or as otherwise indicated)

	Notes	Share<br>Capital	Share<br>Premium	Treasury Shares	Capital<br>Reserve	Other Reserves	Retained<br>Earnings	Total	Non-<br>controlling<br>interest	Total<br>equity
Balance as of January 1st, 2025		570	186,769	(200,980)	33,438	(20,934)	490,024	488,887	100	488,987
Comprehensive income for the period
Profit for the period		—	—	—	—	—	89,440	89,440	35	89,475
Exchange difference on translation on foreign <br>operations		—	—	—	—	7,744	—	7,744	85	7,829
Total comprehensive income for the period		—	—	—	—	7,744	89,440	97,184	120	97,304
Transactions with Group owners in their <br>capacity as owners
Share-options exercise	14	1	3,949	—	(3,010)	—	—	940	—	940
Share-based payments net of forfeitures	9	—	—	—	10,931	—	—	10,931	—	10,931
Dividends paid	1.2.c	—	—	—	—	—	(149,982)	(149,982)	—	(149,982)
Warrant Exercise	14	16	2,102	—	(2,118)	—	—	—	—	—
Transactions with Group owners in their <br>capacity as owners		17	6,051	—	5,803	—	(149,982)	(138,111)	—	(138,111)
Balance as of June 30, 2025		587	192,820	(200,980)	39,241	(13,190)	429,482	447,960	220	448,180
Balance as of January 1st, 2024		591	173,001	(99,936)	21,575	(9,808)	369,608	455,031	109	455,140
Comprehensive income for the period
Profit for the period		—	—	—	—	—	63,952	63,952	5	63,957
Exchange difference on translation on foreign <br>operations		—	—	—	—	(5,021)	(1,253)	(6,274)	1	(6,273)
Total comprehensive income for the period		—	—	—	—	(5,021)	62,699	57,678	6	57,684
Transactions with Group owners in their<br>capacity as owners
Share-options exercise	14	—	92	—	—	—	—	92	—	92
Share-based payments net of forfeitures	9	—	—	—	11,237	—	—	11,237	—	11,237
Repurchase of shares	14	(17)	—	(81,734)	—	—	—	(81,751)	—	(81,751)
Transactions with Group owners in their<br>capacity as owners		(17)	92	(81,734)	11,237	—	—	(70,422)	—	(70,422)
Balance as of June 30, 2024		574	173,093	(181,670)	32,812	(14,829)	432,307	442,287	115	442,402

The accompanying notes are an integral part of these Unaudited Consolidated Condensed Interim Financial Statements.

DLocal Limited

Unaudited Consolidated Condensed Interim Statements of Cash Flows

For the six-month periods ended June 30, 2025 and 2024

(All amounts in thousands of U.S. Dollars except share data or as otherwise indicated)

	Notes	June 30, 2025	June 30, 2024
Cash flows from operating activities
Profit before income tax		102,925	81,131
Adjustments:
Interest income from financial instruments	11	(11,083)	(13,915)
Interest charges for lease liabilities	11	82	87
Other interests charges		2,452	1,800
Finance expense related to derivative financial instruments		3,591	12,324
Amortization of intangible assets	10	9,639	7,114
Depreciation and disposals of property, plant and equipment and right-of-use assets	10	1,188	748
Share-based payment expense, net of forfeitures	9	10,931	11,237
Net exchange differences		13,908	6,168
Fair value gain on financial assets at FVPL	11	(12,134)	(33,589)
Other operating gain		2,902	3,372
Net Impairment loss/(gain) on financial assets	17	1,801	(101)
Inflation adjustment and other financial results		9,265	(11,874)
		135,467	64,502
Changes in working capital
Decrease / (Increase) in trade and other receivables		8,036	(102,158)
Decrease in other assets		2,200	2,503
Increase in trade and other payables		93,294	113,232
(Decrease) / Increase in tax liabilities		(1,963)	7,750
Increase / (Decrease) in provisions		44	(86)
Cash generated from operating activities		237,078	85,743
Income tax paid		(17,206)	(16,967)
Net cash generated from operating activities		219,872	68,776
Cash flows from investing activities
Acquisitions of property, plant and equipment		(1,460)	(1,226)
Additions of intangible assets	19	(14,486)	(9,864)
Acquisitions of financial assets		(133,464)	(96,841)
Collections of financial assets		133,970	98,301
Interest collected from financial instruments		11,083	13,915
Payments for investments in other assets at FVPL	18	(12,500)	—
Net cash (used in) / generated from investing activities		(16,857)	4,285
Cash flows from financing activities
Dividends paid		(149,982)	—
Repurchase of shares	14	—	(81,751)
Share-options exercise received	14	940	92
Net proceeds from financial liabilities		12,014	—
Interest payments on financial liabilities		(6,001)	—
Interest payments on lease liability		(82)	(87)
Principal payments on lease liability		(1,141)	(69)
Finance expense paid related to derivative financial instruments		(5,080)	(11,039)
Other finance expense paid		(2,113)	(399)
Net cash used in financing activities		(151,445)	(93,253)
Net increase / (decrease) in cash flow		51,570	(20,192)
Cash and cash equivalents at the beginning of the period		425,172	536,160
Effects of exchange rate changes on inflation and cash and cash equivalents		197	15,652
Cash and cash equivalents at the end of the period		476,939	531,620

The accompanying notes are an integral part of these Unaudited Consolidated Condensed Interim Financial Statements.

DLocal Limited

Notes to Unaudited Consolidated Condensed Interim Financial Statements

At June 30, 2025

(All amounts in thousands of U.S. Dollars except share data, par value or as otherwise indicated)

General information and significant events of the period

1.1. General information

DLocal Limited (“dLocal” or the “Company”) was established on October 5, 2016 as a limited liability holding company in Malta (together with its subsidiaries as the “Group”). On April 14, 2021 the Group was reorganized under dLocal and domiciled and incorporated in the Cayman Islands. The Company holds a controlling financial interest in the Group. These Unaudited Consolidated Condensed Interim Financial Statements include dLocal’s subsidiaries.

The Group processes payment transactions, enabling merchants generally located in developed economies (mainly United States, Europe and China) to receive payments (“pay-ins”) from customers in emerging markets and to facilitate payments (“pay-outs”) to customers in emerging markets.

The Group processes local payments in emerging markets through its network of acquirers and payments processors. Through its partnership with financial institutions, the Group expatriates/repatriates funds to/from developed economies where the merchant customers elect settlement in their preferred currency (mainly U.S. Dollar and Euro).

The Group is licensed and regulated in the EU as an Electronic Money Issuer, or EMI, and Payment Institution, or PI, and registered as a Money Service Business with the Financial Crimes Enforcement Network of the U.S. Department of the Treasury, or FinCEN, and operates and may be licensed, where applicable, in many countries in emerging markets, primarily in the Americas, Asia and Africa. In December 2024, the Group achieved a significant advancement by obtaining a license in the United Kingdom as an Authorized Payment Institution (API), further enhancing its global regulatory framework.

In addition, the Group is subject to laws aimed at preventing money laundering, corruption, and the financing of terrorism. The current applicable framework includes the Fifth Anti-Money Laundering Directive (AMLD5), which remains in force across the European Union (“EU”). In parallel, the Group is preparing for the forthcoming transposition of the Sixth Anti-Money Laundering Directive (AMLD6) in Malta. Separately, the commencement of supervisory activities by the newly established EU Anti-Money Laundering Authority (AMLA) is expected by 2028.

1.2. Significant events during the period

Class action lawsuits

On February 23 and February 28, 2023, respectively, the Company was named, along with several of its senior executives and/or directors, as defendants in certain putative class action lawsuits filed in the Supreme Court of the State of New York, New York County, asserting claims under Sections 11, 12, and 15 of the Securities Act of 1933, based in significant part on a short-seller report. These matters, Zappia et al. v. DLocal Limited et al., Index No. 151778/2023 (Sup. Ct. N.Y. Cty.), and Hunt et al. v. DLocal Limited et al., Index No. 651058/2023 (Sup. Ct. N.Y. Cty.), or the Zappia and Hunt Actions, allege, among other things, that the registration statement for the Company’s June 2021 initial public offering reflected certain material misstatements or omissions.

On March 3, 2023, plaintiffs in the two actions filed a stipulation and proposed order consolidating the cases and appointing putative lead counsel. The parties also agreed to a schedule for plaintiffs’ filing of an amended complaint and a subsequent briefing schedule for a motion to dismiss the amended complaint.

On May 12, 2023, plaintiffs in the Zappia and Hunt Actions jointly filed a consolidated amended complaint. On July 11, 2023, the Company filed a motion to dismiss the complaint. Plaintiffs filed their opposition brief on August 15, 2023,

and the Company filed a reply in further support of its motion to dismiss on September 22, 2023. On February 29, 2024, the court presided over oral argument on the motion. On March 20, 2025, the court issued a decision and order granting the motion and dismissing the complaint as to all moving defendants, including dLocal. On April 18, 2025, the plaintiffs filed a notice of appeal of the decision and order granting the motion to dismiss. The plaintiffs have until October 18, 2025 to “perfect” their appeal by filing their opening appellate brief and the record on appeal. In an order dated June 9, 2025, the court dismissed the complaint in its entirety against the Individual Defendants for failure to effectuate service.

The Company has also been named, along with several of its senior executives and/or directors, in a putative class action lawsuit filed in the U.S. District Court for the Eastern District of New York, asserting claims under Sections 11 and 15 of the Securities Act and Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as well as Rule 10b-5 promulgated thereunder. This lawsuit, captioned Laurenzi v. dLocal Ltd., et al., 1:23-cv-07501 (E.D.N.Y.) (Laurenzi Action), was initiated on October 6, 2023. On January 4, 2024, the Court appointed a Lead Plaintiff. On March 18, 2024, Lead Plaintiff filed an amended class action complaint. The amended complaint alleges misstatements and omissions in the registration statement for the Company’s June 2021 initial public offering and in various public filings and press releases during the period of June 2, 2021, through June 5, 2023. Pursuant to a schedule agreed upon with Lead Plaintiff’s counsel, the Company filed on April 30, 2024, a letter, as required by court rules, requesting a pre-motion conference regarding an anticipated motion to dismiss the Laurenzi Action in full. Lead Plaintiff responded to that letter on May 14, 2024. On June 10, 2024, the court held the requested preliminary conference and set a schedule for briefing on the Company’s motion to dismiss. The Company served its opening brief on August 9, 2024, Lead Plaintiff served an opposition on October 11, 2024, and the Company served its reply on November 8, 2024. The court has not yet indicated whether it will hear oral argument on the Company’s motion, and no other proceedings are currently ongoing or scheduled. On July 9, 2025, the court issued an order holding the motion “in abeyance” until six months after the issuance of letters rogatory addressed to certain individual defendants.

Due to the preliminary posture of the above-described lawsuits as of the date of issuance of these Unaudited Consolidated Condensed Interim Financial Statements, the Company’s management and its legal advisors are unable to evaluate the likelihood of an adverse outcome or estimate a range of potential losses and no provision for contingencies has been recorded for the aforementioned matters. DLocal Limited intends to defend itself vigorously in these actions. As of the date of issuance of the Company’s Unaudited Consolidated Condensed Interim Financial Statements there were no further updates in this regard.

Developments in Argentina

Argentina is subject to extensive foreign exchange regulations. We regularly consult with our legal advisors in Argentina regarding the applicability of these regulations to our operations. Additionally, in 2023, certain administrative and judicial inquiries were initiated concerning our Argentinean subsidiary, dLocal Argentina S.A. These inquiries do not seek penalties at this stage. Based on consultations with our legal advisors, we believe our activities comply with applicable laws and regulations, including foreign exchange and tax regulations. As of the date of this filing, no new developments have emerged in 2025 regarding these matters.

Dividends

On May 13, 2025, the Company’s Board of Directors authorized and declared a cash dividend of an aggregate of US$150,000. In June 2025, the Company paid dividends equivalent to US$0.5107 per share, to shareholders of record as of the close of the business day on May 27, 2025. In addition, the Board of Directors approved a Dividend Policy pursuant to which the Company intends to pay annual cash dividends to the holders of its common shares at an amount equal to 30% of the Company’s free cash flow for the prior year, defined as net cash from operating activities excluding merchant funds, less capital expenditures. The declaration of future dividends remains subject to the discretion of the Board of Directors.

Presentation and preparation of the Unaudited Consolidated Condensed Interim Financial Statements and significant accounting policies

2.1. Basis of preparation of Unaudited Consolidated Condensed Interim Financial Statements

These Unaudited Consolidated Condensed Interim Financial Statements for the six months ended June 30, 2025, have been prepared in accordance with International Accounting Standard 34, “Interim Financial Reporting” as issued by the International Accounting Standard Board.

These Unaudited Consolidated Condensed Interim Financial Statements do not include all the notes of the type normally included in an annual consolidated financial statement. Accordingly, this report should be read in conjunction with the annual consolidated financial statements for the year ended December 31, 2024 (the “Annual Financial Statements”).

The accounting policies and critical accounting estimates and judgments adopted, except for those explicitly indicated on these Unaudited Consolidated Condensed Interim Financial Statements, are consistent with those of the previous financial year and corresponding interim reporting period.

All amounts are presented in thousands of U.S. Dollars except share data or as otherwise indicated.

These Unaudited Consolidated Condensed Interim Financial Statements for the six months ended June 30, 2025 were authorized for issuance by dLocal’s Board of Directors on August 13, 2025.

2.2. New accounting pronouncements

The accounting policies adopted in the preparation of the Unaudited Consolidated Condensed Interim Financial statements are consistent with those followed in the preparation of the Group’s Annual Consolidated Financial Statements for the year ended December 31, 2024, except for the adoption of new standards effective as of January 1, 2025. Amendment to IAS 21 - Lack of Exchangeability applied for the first time in 2025, which does not have a material impact on the Unaudited Consolidated Condensed Interim Financial Statements of the Group.

2.3. Impact of IFRS Accounting Standards issued but not yet applied by the Group

The following new standards, amendments to standards and interpretation of IFRS issued by the IASB were not adopted since they are not effective for the issuance of the Unaudited Consolidated Condensed Interim Financial Statements. The Company is assessing the impact of the standards and plans to adopt these new standards, amendments, and interpretation, if applicable, when they become effective.

IFRS 18 - Presentation and disclosure in financial statements (effective on January 1, 2027)

On April 9, 2024, the IASB issued a new standard IFRS 18, the new standard on presentation and disclosure in financial statements, with a focus on updates to the statement of profit or loss. The key new concepts introduced in IFRS 18 relate to:

the structure of the statement of profit or loss;
required disclosures in the financial statements for certain profit or loss performance measures that are reported outside an entity’s financial statements (that is, management-defined performance measures); and
enhanced principles on aggregation and disaggregation which apply to the primary financial statements and notes in general.

IFRS 18 will replace IAS 1; many of the other existing principles in IAS 1 are retained, with limited changes. IFRS 18 will not impact the recognition or measurement of items in the financial statements, but it might change what an entity reports as its ‘operating profit or loss’.

IFRS 18 will apply for reporting periods beginning on or after January 1, 2027, and also applies to comparative information.

IFRS 9 – Financial Instruments and IFRS 7 Financial Instruments: Disclosure (effective on January 1, 2026)

On May 30, 2024, the IASB issued target amendments to IFRS 9 and IFRS 7. The amendments intend to:

Clarify the period of recognition and derecognition of some financial assets and liabilities, with new exception for some financial liabilities settled through electronic cash transfer;
Provides further guidance for assessing whether a financial asset meets the solely payments of principal and interest (SPPI) criterion;
New disclosures for certain instruments with contractual terms that can change cash flows and equity instruments designated at fair value through other comprehensive income (“FVTOCI”).

IFRS 19 - Subsidiaries without Public Accountability: Disclosures (effective on January 1, 2027)

On May 9, 2024, the IASB has issued a new IFRS Accounting Standard for subsidiaries.

An eligible subsidiary applies the requirements in other IFRS Accounting Standards except for the disclosure requirements and instead applies the reduced disclosure requirements in IFRS 19. IFRS 19’s reduced disclosure requirements balance the information needs of the users of eligible subsidiaries’ financial statements with cost savings for preparers. IFRS 19 is a voluntary standard for eligible subsidiaries.

Accounting estimates and judgments

Accounting estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The accounting estimates and judgments adopted in these Unaudited Consolidated Condensed Interim Financial Statements are consistent with those of the previous financial year and the corresponding interim reporting period.

Consolidation of subsidiaries

DLocal Limited is the Group parent and acts as a holding company for all subsidiaries. dLocal’s main activity is the processing of cross-border and local payments, enabling international merchants to access end customers in emerging markets. Its principal sources of revenue include dividends from subsidiaries and profit-sharing payments from subsidiary partnerships.

There were no changes since December 31, 2024 in the accounting practices adopted for consolidation of the Company’s direct and indirect interests in its subsidiaries for the purposes of these Unaudited Consolidated Condensed Interim Financial Statements. No new entities were incorporated or acquired by the Group during the six-month period ended June 30, 2025.

Segment reporting

The Group operates as a single operating segment, “payment processing”. Operating segments are defined as components of an enterprise for which separate financial information is regularly evaluated by the chief operating decision maker (“CODM”) which is the group’s executive team represented by executive officers and directors. The Group has determined that its Executive Team is the chief operating decision maker as they determine the allocation of resources and assess performance.

The Executive Team evaluates the Group’s financial information and resources, and assesses the financial performance of these resources based on consolidated Revenue, Adjusted EBITDA and Adjusted EBITDA margin as further described below.

Adjusted EBITDA and Adjusted EBITDA Margin

The Executive Team assesses the financial performance of the Group’s sole segment by Revenues, Adjusted EBITDA and Adjusted EBITDA Margin. Adjusted EBITDA is defined as the consolidated profit from operations before financing and taxation for the applicable reporting period before depreciation of PP&E, amortization of right-of-use assets and intangible assets. It also excludes adjustments applied to subsidiaries operating in hyperinflationary environments, other operating losses, impairment gain/loss on financial assets, other non-recurring costs and share-based payment non-cash charges. The Group defines Adjusted EBITDA Margin as the Adjusted EBITDA divided by Revenue.

The Group reconciles its Adjusted EBITDA and Adjusted EBITDA Margin to profit for the period as presented in the Unaudited Consolidated Condensed Interim Statements of Comprehensive Income as follows:

		Six months ended		Three months ended
	Note	June 30, 2025	June 30, 2024	June 30, 2025	June 30, 2024
Profit for the period (i)		89,475	63,957	42,808	46,239
Income tax expense	12	13,450	17,174	8,188	10,060
Inflation adjustment	11	1,869	4,309	984	1,941
Finance income	11	(23,338)	(47,504)	(11,110)	(29,247)
Finance costs	11	20,154	19,160	14,895	1,202
Other operating loss		2,902	3,372	2,480	1,553
Impairment loss / (gain) on financial assets	17	1,801	(101)	1,415	76
Depreciation and amortization	10	10,602	7,851	5,540	4,089
Other non-recurring costs (ii)		123	—	—	—
Share-based payment non-cash charges, net of forfeitures	9	10,931	11,237	4,911	6,776
Adjusted EBITDA		127,969	79,455	70,111	42,689
Revenues	6	473,217	355,709	256,458	171,279
Adjusted EBITDA		127,969	79,455	70,111	42,689
Adjusted EBITDA Margin		27.0%	22.3%	27.3%	24.9%
Profit Margin		18.9%	18.0%	16.7%	25.9%

Includes a net gain related to the effective portion of the change in the spot rate of the hedged foreign currency risk. For further information refer to Note 22 Derivative financial instruments.
Other non-recurring costs consist of costs not directly associated with the Company’s core business activities, including costs associated with addressing the allegations made by a short-seller report and certain class action and other legal and regulatory expenses (which include fees from counsel, global expert services and a forensic accounting advisory firm) in 2025.

The Group’s revenue, results and assets for this one reportable segment can be determined by reference to the Unaudited Consolidated Condensed Interim Statement of Comprehensive Income and Unaudited Consolidated Condensed Interim Statement of Financial Position.

As required by IFRS 8 Operating Segments, below are presented applicable entity-wide disclosures related to Group’s revenues.

Revenue breakdown by region and country

The Group derives its revenues from delivering services to international merchants (mainly in the United States, Europe, and China), enabling them to receive payments and facilitate payments in emerging markets. The Group has operations in more than 40 countries, where its merchant customers operate.

The following table presents the Group’s revenue by region based on the country in which the end users of our merchant customers executed their payments. This presentation does not imply that revenue is generated, sourced, or subject to taxation in the respective country. Revenue recognition is based on IFRS principles and reflects the contractual relationships between the Group, its merchants, and its operating companies. For financial reporting purposes, regions are disclosed separately only if payments from/to merchant customers in a given region represented at least 10% of total revenues.

	Six months ended		Three months ended
	June 30, 2025	June 30, 2024	June 30, 2025	June 30, 2024
LatAm	365,605	264,108	202,709	138,718
Brazil	81,410	85,333	46,991	42,265
Argentina	59,882	34,304	31,637	20,506
Mexico	82,371	69,871	45,660	35,838
Other countries	141,942	74,600	78,421	40,109
Non-LatAm	107,612	91,601	53,749	32,561
Egypt	39,674	54,032	17,626	15,022
Other countries	67,938	37,569	36,123	17,539
Total	473,217	355,709	256,458	171,279

During the six months ended June 30, 2025 and 2024, the Group had no revenues from customers domiciled in the Cayman Islands. The Group’s revenues are derived from payment processing services provided to merchants, regardless of the geographic location of their customers. As previously stated, dLocal does not engage with or provide services directly to the end-users of its merchants.

Revenue with large customers

For the six months ended June 30, 2025, the Group’s revenue from its top 10 merchants represented 61% of revenue (63% of revenue for the six months ended June 30, 2024). For the six months ended June 30, 2025 there is one merchant (two merchants for the six months ended June 30, 2024) that on an individual level accounted for more than 10% of the total revenue.

Non-current assets by country

The Company does not have any non-current assets located in the Cayman Islands.

Material non-current assets are the intangible assets described in Note 19: Intangible Assets.

Revenues and Cost of Services

(a) Revenue and Gross profit description

dLocal derives revenue by processing payments for international merchants who operate in selected emerging markets.

The breakdown of revenue from contracts with customers per type of service is as follows:

	Six months ended		Three months ended
	June 30, 2025	June 30, 2024	June 30, 2025	June 30, 2024
Transaction revenues (i)	466,025	353,895	251,724	170,612
Other revenues (ii)	7,192	1,814	4,734	667
Revenues from payment processing	473,217	355,709	256,458	171,279
Cost of services	(289,453)	(222,927)	(157,573)	(101,468)
Gross profit	183,764	132,782	98,885	69,811

Transaction revenues consist of fees from processing, foreign exchange, installment, advances granted to merchants, chargebacks, refunds and other transactional fees.
Other revenues are mainly comprised of other fees, such as smart defense, issuing, minimum monthly and small transfer fees.

(b) Revenue recognized at a point in time and over time

Transaction revenues are recognized at a point in time when the payment transaction, or its reversal in the case of chargeback and refunds, has been processed. Other revenues are recognized as revenue at a point in time when the respective performance obligation is satisfied. The Group did not recognize revenues over time for the six months ended June 30, 2025 and 2024.

Cost of services are composed of the following:

	Six months ended		Three months ended
	June 30, 2025	June 30, 2024	June 30, 2025	June 30, 2024
Processing costs (i)	273,648	211,740	149,319	95,539
Hosting expenses (ii)	5,204	3,785	2,645	2,011
Amortization of intangible assets (iii)	8,590	6,065	4,530	3,165
Salary and wages (iv)	2,011	1,337	1,079	753
Total	289,453	222,927	157,573	101,468

Includes fees financial institutions (e.g., banks, local acquirers or payment methods) charge the Group, typically as percentage of the transaction value (but in certain cases, as a fixed fee in the case of pay-outs in relation to payment processing, cash advances, installment payments and merchant advances finance cost). Such fees vary by financial institution and typically depend on the settlement period contracted with such institution, the payment method used and the type of product (e.g., pay-in or a pay-out). These fees also include conversion and expatriation or repatriation costs charged by banks and brokers and the corresponding hedging results. For further details related to effect of hedging results see Note 22. Derivative financial instruments.
Expenses related to hosting services for the Group’s payment platform.
Corresponds to the amortization of the internally generated software (i.e., dLocal’s payment platform) by the Group. For further detail refer to Note 19: Intangible Assets.
Consists of salaries and wages of the operations department directly involved in the day-to-day operations. For further detail refer to Note 9: Employee Benefits.

Technology and development expenses

Technology and development expenses consist of the following:

	Six months ended		Three months ended
	June 30, 2025	June 30, 2024	June 30, 2025	June 30, 2024
Salaries and wages (i)	7,529	5,286	4,288	2,766
Software licenses (ii)	3,032	3,342	1,557	1,853
Infrastructure expenses (iii)	1,900	2,435	905	1,345
Information and technology security expenses (iv)	274	85	24	33
Other technology expenses	1,412	725	606	411
Total	14,147	11,873	7,380	6,408

Consists primarily of compensation of FTEs related to product and technology development, excluding capitalized compensation of FTEs related to internally generated software. For further detail on total salaries and wages refer to Note 9: Employee Benefits.
Consists of software licenses used exclusively by the technology development department for the development platform.
Represents information technology costs to support the Group’s infrastructure and back-office operations.
Represents expenses incurred to monitor the security of our network and platform.

Sales and marketing expenses and General and administrative expenses

Sales and marketing expenses and General and administrative expenses are comprised of the following:

	Six months ended		Three months ended
Sales and marketing expenses	June 30, 2025	June 30, 2024	June 30, 2025	June 30, 2024
Salaries and wages (i)	9,509	7,244	3,828	3,391
Marketing expenses (ii)	2,468	1,892	1,014	1,114
Total	11,977	9,136	4,842	4,505
General and administrative expenses	June 30, 2025	June 30, 2024	June 30, 2025	June 30, 2024
---	---	---	---	---
Salaries and wages (iii)	29,415	29,350	15,068	15,766
Third-party services (iv)	10,806	11,342	6,032	5,928
Other operating expenses (v)	11,106	10,714	5,903	5,380
Total	51,327	51,406	27,003	27,074

Represents salaries and wages related to FTE’s in the Group’s Sales and marketing department. For further detail on total salaries and wages refer to Note 9: Employee Benefits.
Represents expenses related to trade marketing events, the distribution and production of marketing and advertising campaigns mostly related to public relations expenses, third-party sales commissions, and online performance marketing.
Represents salaries and wages related to administrative FTE’s. For further detail on total salaries and wages refer to Note 9: Employee Benefits.
Includes advisors’ fees, legal fees, auditors’ fees and human resources’ fees.
Includes office rent and related expenses, amortization of right-of-use assets, intangible assets and depreciation of property, plant and equipment, taxes, travel and other expenses.

Employee benefits

Employee benefits costs are comprised of the following:

	Six months ended		Three months ended
	June 30, 2025	June 30, 2024	June 30, 2025	June 30, 2024
Salaries, wages and contractor fees (i)	51,579	40,775	27,046	20,550
Share-based payments (ii)	10,931	11,237	4,911	6,776
Total	62,510	52,012	31,957	27,326

Salaries, wages and contractor fees include social security costs and annual bonuses. This line also includes USD 14,046 for the six months ended June 30, 2025 (USD 8,795 for the six months ended June 30, 2024) related to capitalized salaries and wages.
Represents compensation expenses from share-based arrangements settled in the Group’s common shares. For further information refer to Note 13: Share-based payments.

Amortization and depreciation

Amortization and depreciation expenses are composed of the following:

	Six months ended		Three months ended
	June 30, 2025	June 30, 2024	June 30, 2025	June 30, 2024
Amortization of intangible assets	9,639	7,114	5,055	3,690
Amortization of right-of-use assets	334	170	171	81
Depreciation of property, plant & equipment	629	567	314	318
Total	10,602	7,851	5,540	4,089

For further information related to amortization of intangible assets refer to Note 19: Intangible Assets.

Other results

Other results is composed of the following categories:

	Six months ended		Three months ended
	June 30, 2025	June 30, 2024	June 30, 2025	June 30, 2024
Interest income from financial instruments (i)	11,083	13,915	5,977	6,473
Fair value gains of financial assets at FVPL (i)	12,255	33,589	5,133	22,774
Finance income	23,338	47,504	11,110	29,247
	June 30, 2025	June 30, 2024	June 30, 2025	June 30, 2024
Finance expense related to derivative financial instruments (ii)	(3,591)	(11,039)	(3,177)	(888)
Other finance expenses (iii)	(16,481)	(8,034)	(11,677)	(270)
Interest charges for lease liabilities (iv)	(82)	(87)	(41)	(44)
Finance costs	(20,154)	(19,160)	(14,895)	(1,202)
Inflation adjustment (v)	(1,869)	(4,309)	(984)	(1,941)
Total	1,315	24,035	(4,769)	26,104

Includes financial income and gains resulting from the remeasurement of short-term liquid financial instruments and financial assets measured at fair value through profit and loss and at amortized cost. For further detail refer to Note 16: Financial assets.
Represents the rate implicit in derivative financial instruments not designated as hedging instruments. The Group elected to separate the spot element from the forward element of the derivative foreign exchange instruments and designated as a hedging instrument the changes in the fair value of the spot element. Changes in the fair value of the hedging portion of the derivative contract are recognized within Costs of services while changes in the fair value of the non-designated portion; i.e. the forward element, are presented within Finance costs. For further information refer to Note 22 Derivative financial instruments.
Represents net effects of foreign exchange results in subsidiaries, mainly due to the devaluation of the local currencies against the U.S. dollar, and in an intra-group loan denominated in US Dollars between subsidiaries located in Argentina and Malta, and the fair value losses of other assets.
Finance costs associated with lease liabilities resulting from the application of IFRS 16 Leases.
As required by IAS 29, the financial statements of the Group’s Argentina subsidiaries were restated to reflect the purchasing power of the hyperinflationary currency. Therefore, a loss on net monetary position was recognized during the six months ended June 30, 2025 and 2024.

Income tax

Income tax expense is recognized based on management’s estimate of the weighted average effective annual income tax rate expected for the full financial year. The estimated average income tax rate used for the six months ended June 30, 2025 is 13.1%, compared to 21.2% for the six months ended June 30, 2024. The effective income tax rate decrease is explained by an increase in the results of subsidiaries located in countries where the income tax rate is lower and a decrease in the results of subsidiaries located in countries where the income tax rate is higher.

The income tax charge recognized in profit and loss is the following:

	Six months ended		Three months ended
Current income tax	June 30, 2025	June 30, 2024	June 30, 2025	June 30, 2024
Current income tax on profits for the period	(11,984)	(15,324)	(6,625)	(9,943)
Total current income tax expense	(11,984)	(15,324)	(6,625)	(9,943)
Deferred income tax	June 30, 2025	June 30, 2024	June 30, 2025	June 30, 2024
Increase/(Decrease) in deferred income tax assets	594	(304)	493	(270)
Increase in deferred income tax liabilities	(2,060)	(1,546)	(2,056)	153
Total deferred income tax benefit / (expense)	(1,466)	(1,850)	(1,563)	(117)
Income tax expense	(13,450)	(17,174)	(8,188)	(10,060)

Share-based payments

During the six months ended June 30, 2025, the Group granted new share options and restricted share units under the Amended and Restated 2020 Global Share Incentive Plan to executives and employees in return for their services, which represented changes in the composition of share options outstanding at the end of the period.

Set out below are summaries of restricted share units and share options granted under the plan:

	June 30, 2025		December 31, 2024
	Average		Average
	exercise price	Number of	exercise price	Number of
	(U.S. Dollars)	options and RSUs and PSUs	(U.S. Dollars)	options and RSUs and PSUs
At the beginning of the period	5.32	7,507,841	6.86	6,962,302
Granted during the period	0.002	1,154,167	1.76	2,446,559
Exercised during the period	7.54	(260,099)	0.50	(1,067,176)
Cancelled during the period	—	—	0.00	(4,158)
Forfeited during the period	12.71	(490,583)	13.96	(829,686)
At the end of the period	4.01	7,911,326	5.32	7,507,841
Vested and exercisable at the end of the period	9.83	1,200,554	8.73	1,167,552

No options expired during the periods covered by the above table.

As of June 30, 2025, the Group has 180,000 Performance Share Units (“PSUs”), 5,393,136 Restricted Stock Units (RSUs), and 2,338,190 Stock Options outstanding.

For the six months ended June 30, 2025, total compensation expense of the plans was USD 10,931 (for the six months ended June 30, 2024 USD 11,237) as presented in Note 9 Employee Benefits.

Capital management

(a) Share capital

At the date of this interim report, the total authorized share capital of the Group was USD 3,000,000 divided into 1,500,000,000 shares par value USD 0.002 each, of which:

• 1,000,000,000 shares are designated as Class A common shares (“Class A Common Shares”); and

• 250,000,000 shares are designated as Class B common shares (“Class B Common Shares”).

The remaining 250,000,000 authorized but unissued shares are presently undesignated and may be issued by our board of directors as common shares of any class or as shares with preferred, deferred or other special rights or restrictions.

The rights of the holders of Class A Common Shares and Class B Common Shares are identical, except with respect to voting, conversion and transfer restrictions applicable to the Class B Common Shares. Each Class A Common Share is entitled to one vote while Class B Common Shares are entitled to five votes each. Each Class B Common Share is convertible into one Class A Common Share automatically upon transfer, subject to certain exceptions. Holders of Class A Common Shares and Class B Common Shares vote together as a single class on all matters unless otherwise required by law.

Authorized shares, as well as issued and fully paid-up shares, are presented below:

		June 30, 2024
	USD	Amount	USD
Issued and fully paid up shares of 0.002 each
Class A common shares	329	153,057,786	306
Class B common shares	258	134,054,192	268
	587	287,111,978	574
Share capital evolution
Share capital as of January 1	570	295,991,665	591
i) Issue of common shares at 0.002	1	288,301	—
ii) Warrant exercise	16	—	—
iii) Repurchase of shares	—	(9,167,988)	(17)
Share capital as of June 30	587	287,111,978	574

All values are in US Dollars.

* Amounts are rounded to the nearest thousand and should not be interpreted as zero.

In May, 2025, a holder of warrants exercised its net issuance right resulting in a net issuance amount of 7,968,281 shares at a Fair Market Value of U.S. Dollars 9.5680 per share, calculated using the average price of five business days before the exercise date.

(b) Share Premium

For the six months ended June 30, 2025 and 2024, dLocal issued 260,099 and 288,301 new Class A Common Shares receiving total proceeds of USD 940 and 92, respectively, related to the vesting of restricted stock units and the exercise of share-options.

On May 13, 2024, the Board of Directors of Dlocal approved a share buyback program. The Company was authorized to purchase up to $200 million of its Class A Common Shares from May 15, 2024, to May 31, 2025.

As of May 31, 2025, the plan’s expiration date, the Company had repurchased 11,583,705 shares at an average price of USD 8.72 per share, amounting to a total consideration of USD 101,067. The repurchased shares are held as treasury shares and are accounted for at cost.

(d) Capital reserve

The Capital reserve corresponds to reserves related to the share-based plans, as described in Note 13: Share-based payments and warrants to the Annual Financial Statements for the year ended December 31, 2024. As of June 30, 2025, the movement in the Capital reserve was USD 5,803 which is comprised of USD 10,931 increase related to share-based expenses, USD 2,118 decrease related to a warrant exercise and USD 3,010 decrease related to exercise and vesting of shares per the share-based plan.

(e) Other Reserves

The reserves for the Group relate to cumulative translation adjustment representing differences on conversion of assets and liabilities at the reporting date.

(e) Earnings per share

Basic earnings per share is calculated by dividing net income for the period attributed to the owners of the parent by the weighted average number of ordinary shares outstanding during the period.

Diluted earnings per share is calculated by dividing net income attributable to owners of the Company by the weighted average number of shares outstanding during the year plus the weighted average number of shares that would be issued on conversion of all dilutive potential shares into shares by applying the treasury stock method. The shares in the share-based plan are the only shares with potential dilutive effect.

The following table presents the calculation of net income applicable to the owners of the parent and basic and diluted EPS for the six and three months period ended of June 30:

	Six months ended		Three months ended
	June 30, 2025	June 30, 2024	June 30, 2025	June 30, 2024
Profit attributable to common shareholders (U.S. Dollars)	89,439,548	63,952,000	42,810,218	46,244,000
Weighted average number of common shares	287,565,062	294,781,316	289,578,429	293,430,253
Adjustments for calculation of diluted earnings per share(1)	13,463,085	15,348,015	11,543,051	14,996,249
Weighted average number of common shares for calculating diluted earnings per share	301,028,147	310,129,331	301,121,480	308,426,502
Basic earnings per share	0.31	0.22	0.15	0.16
Diluted earnings per share	0.30	0.21	0.14	0.15

For the six months ended June 30, 2025, the adjustment corresponds to the dilutive effect of i) 6,073,435 average shares related to share-based payment warrants; and ii) 7,389,650 average shares related to share-based payment plans with employees (8,266,680 and 7,081,335 respectively for the six months ended June 30, 2024). For the three months ended June 30, 2025, the adjustment corresponds to the dilutive effect of i) 6,073,435 average shares related to share-based payment warrants described in Note 2.11.2. Warrants contracts to the Annual Financial Statements for the year ended December 31, 2024; and ii) 7,389,650 average shares related to share-based payment plans with employees (8,138,593 and 6,857,656 respectively for the three months ended June 30, 2024).

Cash and cash equivalents

Cash and cash equivalents breakdown is presented below:

	June 30, 2025	December 31, 2024
Corporate cash and cash equivalents	253,773	317,754
Merchant cash and cash equivalents (i)	223,166	107,418
Total	476,939	425,172

As of June 30, 2025, USD 476,939 (USD 425,172 on December 31, 2024) represents cash on hand, demand deposits and other short-term liquid financial instruments.

Merchant cash and cash equivalents includes freely available funds which belong to the merchants or their customers but are held by the Company.

Financial assets

Classification of financial assets

Financial assets include the following:

Financial assets at Fair Value through Profit or Loss:

Instrument	Reference	Maturity date	Interest rate (%)	Linked with	June 30, 2025 (i)	December 31, 2024 (i)
Argentina Treasury Notes	S31E5	Jan-25	5.50%	—	—	29,918
Argentina Treasury Bonds	TDE25	Jan-25	0%/3.25%	U.S. Dollar/CER index*	—	2,149
Argentina Treasury Bonds	TV25	Mar-25	0.50%	Dollar linked	—	9,130
Argentina Treasury Notes	S30J5	Jun-25	3.9%	—	—	5,676
Argentina Treasury Bonds	TZV25	Jun-25	0.0%	Dollar linked	—	61,136
Argentina Treasury Notes	S31L5	Jul-25	4.0%	—	579	583
Argentina Treasury Notes	S29G5	Aug-25	3.9%	—	6,800	5,875
Argentina Treasury Notes	S10N5	Nov-25	2.2%	—	3,337	—
Argentina Treasury Notes	D16E6	Jan-26	0.0%	Dollar linked	9,159	—
Brazil Money Market	LFT	Apr-25	Selic + 0.08%	—	23,985	14,852
					43,860	129,319

*Stabilization Reference Coefficient adjusted by inflation

Financial assets at Amortized Cost:

Instrument	Reference	Maturity date	Interest rate (%)	Linked with	June 30, 2025 (i)	December 31, 2024 (i)
US Treasury Bonds	US912797MS31	Oct-25	0.0%	—	12,081	—
US Treasury Bonds	US912797NA14	Oct-25	0.0%	—	10,062	—
US Treasury Bonds	US912797QP55	Nov-25	0.0%	—	3,191	—
US Treasury Bonds	US912797QQ39	Nov-25	0.0%	—	6,716	—
US Treasury Bonds	US912797NL78	Nov-25	0.0%	—	22,262	—
US Treasury Bonds	US912797NU77	Dec-25	0.0%	—	22,261	—
US Treasury Bonds	US912797QL42	Aug-25	0.0%	—	5,093	—
					81,666	-
					125,526	129,319

(i) As of June 30, 2025 and December 31, 2024, certain financial assets with a carrying amount of USD 57,487 and USD 42,052, respectively, were held as security for the borrowings detailed in Note 23.

Amounts recognized in profit or loss

Information about the Group’s impact on profit or loss of bonds is discussed in Note 11: Other Results

Risk exposure and fair value measurements

The Group’s financial assets at fair value through profit or loss consist of Argentina Treasury Notes and Bonds that are listed on the Argentinean Stock Exchange (Bolsas y Mercados Argentinos - BYMA) and of Brazil Money Markets that are public treasury bills issued by Brazilian government and traded in the B3 (Brazil Stock Exchange). For the investments classified as FVPL, the impact of a 10% increase in the listed prices at the reporting date on profit or loss would have been an increase of USD 8,666 after tax. An equal change in the opposite direction would have decreased profit or loss by USD 8,666 after tax.

Trade and other receivables

Trade and other receivables of the Group are composed of the following:

Current	June 30, 2025	December 31, 2024
Trade receivables	440,489	457,312
Loss allowance	(1,064)	(148)
Trade receivables net	439,425	457,164
Advances and other receivables	47,895	39,549
Total Current Trade and other receivables	487,320	496,713
Non-current
Advances and other receivables	14,698	18,044
Total Non-current Trade and other receivables	14,698	18,044

Trade receivables represent uncollateralized gross amounts due from acquirers, processors, merchants and collection entities for services performed that will be collected in less than one year. As a result, they are classified as current. All Trade and other receivables have been assigned a “normal” credit risk rating which applies to financial assets for which a significant increase in credit risk has not occurred since initial recognition.

Advances and other receivables include payments made in advance as well as tax credits.

Loss allowance and impairment losses

The following table presents the evolution of the loss allowance:

	June 30, 2025	June 30, 2024
As of January 1	(148)	(459)
(Increase)/decrease in loss allowance for trade receivables	(1,801)	282
Write-off	885	12
As of June 30	(1,064)	(165)
Net impairment (loss)/gain for trade receivables	(1,801)	101

For purposes of initial recognition and subsequent measurement, the Group applies the simplified approach to determine expected credit losses on trade receivables.

To measure the expected credit losses, trade and other receivables have been grouped based on shared credit risk characteristics and the days past due.

The expected loss rates are based on the payment profiles of debtors over a period of 48 months before year end and the corresponding historical credit losses experienced within this period. The historical loss rate is adjusted to reflect current and forward-looking information on credit risk ratings of the countries in which the Group sells its services which affects the ability of the debtors to settle the receivables. On that basis, the average expected credit loss rate was determined at 0.3% for the six months ended June 30, 2025 (0.1% in the six months ended June 30, 2024).

Other assets

Other assets are composed of the following:

Current	June 30, 2025	December 31, 2024
Money held in escrow and guarantees due to: (i)	3,935	6,966
-Banks requirements	1,641	3,869
-Processors and others requirements	2,171	2,974
-Credit card requirements	123	123
Rental guarantees	415	220
Other financial asset measured at FVPL (ii)	25,538	11,619
Total Current Other assets	29,888	18,805
Non current
Other financial asset measured at FVPL	3,792	4,695
Total Non-current Other assets	3,792	4,695

Includes own funds and investments held in escrow and guarantees required by processors, credit cards and merchants. Amounts held in escrow also include funds held in a pledge account to collateralize overdrafts and pre-settlements agreements with a bank. It also includes guarantees issued to processors and credit cards institutions. These agreements have short-term maturities.
In December 2024, dLocal entered into a short-term credit facility agreement with a third-party payment services provider as a working capital facility at 7% annual interest rate. The credit facility was amended, extending the maturity date to September 2025. The total principal outstanding credit facility balance in June 2025 was USD 20,000 and accrued interest was USD 652. This agreement encompasses a call option that grants dLocal the right to acquire designated entities or groups of assets from the borrower. The exercise of this option is strictly subject to prior approval by relevant regulatory authorities to the extent that entities are acquired in certain jurisdictions. The call option may be exercised until the date which is 10 business days after the repayment of the credit facility in full. To mitigate credit risk, the borrower has pledged guarantees. As of June 30, 2025, dLocal maintained no potential voting rights or significant influence over the borrower. On June 16, 2025, dLocal entered into another short-term credit facility agreement with the same third-party payment service provider for a committed amount of USD 5,000 at 15% annual interest rate, and maturity date on September 30, 2025. The total outstanding principal balance as of June 30, 2025 was USD 2,500 and accrued interest was USD 16. These instruments are classified and measured at fair value through profit or loss (FVPL) in accordance with IFRS 9.

Intangible assets

Intangible assets of the Group correspond to acquired software, capitalized expenses related to internally generated software and acquired merchant agreements, and are stated at cost less accumulated amortization.

	June 30, 2025			December 31, 2024
At January 1,	Internally generated software	Acquired intangible assets	Total	Internally generated software	Acquired intangible assets	Total
Cost	60,255	41,034	101,289	40,446	39,901	80,347
Accumulated amortization	(30,096)	(7,875)	(37,971)	(16,683)	(5,777)	(22,460)
Opening book value as of January 1	30,159	33,159	63,318	23,763	34,124	57,887
Additions (i)	14,046	440	14,486	19,809	1,133	20,942
Amortization of the year	(8,590)	(1,049)	(9,639)	(13,413)	(2,098)	(15,511)
Total as of period end	35,615	32,550	68,165	30,159	33,159	63,318
Cost	74,301	41,474	115,775	60,255	41,034	101,289
Accumulated amortization	(38,686)	(8,924)	(47,610)	(30,096)	(7,875)	(37,971)

(i) The additions of the six months ended June 30, 2025 include USD 14,046 related to capitalized salaries and wages (USD 8,795 as of June 30, 2024).

As of June 30, 2025, and December 31, 2024 no indicator of impairment related to intangible assets existed, so the Group did not perform an impairment test.

Trade and other payables

Trade and other payables are composed of the following:

	June 30, 2025	December 31, 2024
Trade payables	660,574	562,749
Accrued liabilities	9,478	9,895
Other payables	21,029	25,143
Total	691,081	597,787

Trade and other payables are classified as current liabilities as the payment is due within one year or less. Moreover, the carrying amounts are considered to be the same as fair values, due to their short – term nature.

Trade payables correspond to liabilities with Merchants, either related to pay-in transactions processed or pay-out pending at their request. Accrued liabilities mainly correspond to obligations with legal and tax advisors, as well as auditors. Other payables include general administrative expenses and other obligations.

Tax liabilities

The tax liabilities breakdown is as follows:

	June 30, 2025	December 31, 2024
Income tax payable	12,313	19,682
Other tax liabilities (i)	2,017	1,833
Total	14,330	21,515

(i) Mainly related to digital services withholding VAT.

Derivative financial instruments

Derivative financial instruments: forward agreements

The Group’s operations are in various foreign currencies and consequently are exposed to foreign currency risk. As a consequence, the Group uses derivative instruments, delivery and non-delivery currency forward contracts and future contracts, to reduce the volatility of earnings and cash flows, caused by the exchange rate variation in which dLocal is exposed on the conversion of local currency into the settlement currency (usually US dollars). All outstanding derivatives are recognized in the Group’s consolidated statement of financial position at fair value and the impacts are recognized on profit or loss, as shown on the tables below.

The Group uses foreign exchange forward contracts to manage some of its transaction exposures. The spot element of foreign exchange forward contracts is designated as hedging instruments in fair value hedges and are entered into for periods consistent with foreign currency exposure of the underlying transactions, generally from one to 12 months.

Transaction	Notional amount in USD as of June 30, 2025	Outstanding balance as of June 30, 2025 - Derivative financial assets / (liabilities)"	Outstanding notional amount as of December 31, 2024	Outstanding balance as of December 31, 2024 - Derivative financial assets / (liabilities)
Assets
Buy
US Dollar	5,604	165	—	—
US Dollar	24,888	464	—	—
Buy
Mexican Peso	—	—	9,780	287
South African Rand	—	—	13,870	727
Argentine Peso	3,000	4	—	—
Mexican Peso	—	—	9,899	256
Moroccan Dirham	—	—	4,482	35
South African Rand	—	—	26,961	749
Brazilian Real	—	—	17,682	378
Indian Rupee	—	—	176	1
Argentine Peso	10,070	35	—	—
Sell
US Dollar	—	—	(18,065)	152
Sell
Southafrican Rand	(1,590)	8	—	—
Argentine Peso	—	—	(1,000)	252
Brazilian Real	(2,726)	13	(7,707)	37
Pakistani Rupee	(3,059)	2	—	—
Total		691		2,874
Liabilities
Buy
US Dollar	—	—	3,383	(13)
US Dollar	—	—	39,223	(547)
Buy
Chilean Peso	13,649	(71)	15,979	(29)
United Arab Emirates Dirham	133	—	133	—
South African Rand	9,803	(101)	—	—
Saudi Riyal	6,260	(13)	6,755	(11)
Moroccan Dirham	8,780	(258)	—	—
Uruguayan peso	—	—	5,392	(71)
Mexican Peso	3,082	(113)	—	—
Turkish Lira	7,002	(105)	—	—
Argentine Peso	—	—	1,900	(232)
Southafrican Rand	785	(2)	—	—
Mexican Peso	10,380	(208)	—	—
Brazilian Reais	13,342	(218)	—	—
Egyptian Pound	8,520	(690)	8,965	(96)
Vietnamese Dong	1,000	(2)	6,334	(7)
Argentine Peso	—	—	37,200	(4,968)
Nigerian Naira	10,112	(273)	2,000	(33)
Uruguayan peso	5,859	(176)	—	—
Pakistani Rupee	9,166	(91)	—	—
Sell
US Dollar	(17,632)	(192)	—	—
Sell
South African Rand	—	—	(6,654)	(104)
South African Rand	—	—	(6,662)	(116)
Uruguayan peso	(4,545)	(42)
Total		(2,555)		(6,227)

All values are in Euros.

	Six months ended		Three months ended
	June 30, 2025	June 30, 2024	June 30, 2025	June 30, 2024
Net (loss)/gain on foreign currency forwards recognized in ‘Costs of Services’ (Note 6)	(1,336)	9,064	1,037	(1,477)
Net loss on foreign currency forwards recognized in ‘Finance Costs’ (Note 11)	(3,591)	(11,039)	(3,177)	(888)

(i) Classification of derivatives

Derivatives are financial instruments entered into only for economic hedging purposes and not contracted as speculative investments. However, where derivatives do not meet the hedge accounting criteria, they are classified as ‘held for

trading’ for accounting purposes and are accounted for at fair value through profit or loss. The full fair value of hedging derivatives is classified as a non-current asset or liability when the remaining maturity of the hedged item is more than 12 months, otherwise they are classified as a current asset or liability. Derivatives held for trading are classified as a current asset or liability.

Financial liabilities

The financial liabilities breakdown is as follows:

	June 30, 2025	December 31, 2024
Borrowings (i) (ii)	56,806	39,768
Bank overdraft (iii)	—	10,687
Total Financial liabilities (iv)	56,806	50,455

(i) As of June 30, 2025 and December 31, 2024, dLocal entered into borrowing agreements in Argentinean Pesos (AR$) with a financial institution in Argentina. The borrowing is agreed on a daily basis and pays an annual interest rate with reference to BADLAR (average interest rate in Argentinean pesos published by the Central Bank of Argentina). The interest expense for the six months ended June 30, 2025 amounts to USD 2,166 recognized in other finance expenses (note 11). The outstanding balance as of June 30, 2025, was USD 53,360. As part of this financing, as of June 30, 2025, and December 31, 2024, certain financial assets for a carrying amount of USD 57,487 and USD 42,052, respectively, were held as security of this borrowing. See note 16 for additional information.

(ii) In December 2024, dLocal Colombia S.A.S, entered into a loan agreement with Citibank Colombia S.A. in a total of COP 14,000,000 (USD 3,177), which matured on March 1, 2025. In May 2025, dLocal Colombia entered into a renewal agreement with Citibank Colombia S.A., extending the maturity date to July 29, 2025, and with an annual interest rate of 10.6%. The total payment, principal and interest, are due at the maturity date. The outstanding balance as of June 30, 2025, was USD 3,446.

(iii) In December 2024, dLocal entered into an overdraft agreement with a financial institution in Uruguayan Pesos (UYU) in Uruguay to fund advances to merchants. This overdraft facility was a short-term liability with an annual interest rate of 11%.

(iv) Financial liabilities are presented net of cash payments, have a high turnover, the amounts are large, and the maturity period is three months or less.

Provisions

(a) Current or potential proceedings for labor provisions and civil claims

The Group has been associated with civil and labor lawsuits that present risk of potential loss. Provisions for losses arising from these lawsuits and potential labor contingencies are recognized when management, based on assessments by the Group’s legal advisors, determines that an outflow of resources is more likely than not required to settle the obligation and that a reliable estimate of the amount can be made.

As of June 30, 2025, the total amount recognized for existing contingencies classified as probable by the Group, as evaluated by its legal advisors, is USD 544. This amount includes provisions for labor contractor claims and civil claims.

(b) Movements in current or potential proceedings

Movements in current or potential proceedings are set out below:

	June 30, 2025	December 31, 2024
Carrying amount as of January 1	500	362
Reversal	(22)	(92)
Interest charges	4	11
Additions	62	219
Carrying amount as of December 31	544	500

Class action lawsuits

On February 23 and February 28, 2023, respectively, the Company was named, along with several of its senior executives and/or directors, as defendants in certain putative class action lawsuits filed in the Supreme Court of the State of New York, New York County, asserting claims under Sections 11, 12, and 15 of the Securities Act of 1933, based in significant part on a short-seller report. On October 6, 2023, the Company has also been named, along with several of its senior executives and/or directors, in a putative class action lawsuit filed in the U.S. District Court for the Eastern District of New York, asserting claims under Sections 11 and 15 of the Securities Act and Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as well as Rule 10b-5 promulgated thereunder. For more information, refer to note 1.2. a) to these Unaudited Consolidated Condensed Interim Financial Statements.

Developments in Argentina

As described in note 1.2. b) to these Unaudited Consolidated Interim Financial Statements, in 2023, certain administrative and judicial inquiries were initiated concerning the Company’s Argentinean subsidiary, dLocal Argentina S.A. These inquiries do not seek penalties at this stage. Based on consultations with the Company’s legal advisors, the management believes that the subsidiary’s activities comply with applicable laws and regulations, including foreign exchange and tax regulations. As of the date of this filing, no new developments have emerged in 2025 regarding these matters.

Related parties

(a) Related Parties Transactions

In June 2023, Dlocal Argentina S.A. entered into a loan agreement with DLocal Group for a total amount of USD 100,000, which currently matures in December 2025. In August 2024, Dlocal Argentina partially repaid the intra-group loan by transferring approximately USD 69,100 worth of Argentine government bonds to the subsidiary in Malta. In October 2024, Dlocal Argentina S.A. made a repayment of USD 5,000 and in May 2025, an additional repayment of USD 23,266, reducing the total outstanding loan balance to USD 11,631. Since both subsidiaries are fully consolidated, the outstanding balances have been eliminated. The primary impact on the Unaudited Consolidated Condensed Interim Financial Statements relates to foreign exchange losses incurred by Dlocal Argentina S.A. For further detail refer to Note 11: Other Results.

(b) Key Management compensation

The Group’s Executive Team and Director compensation was as follows:

	Six months ended		Three months ended
	June 30, 2025	June 30, 2024	June 30, 2025	June 30, 2024
Short-term employee benefits – Salaries and wages	9,233	1,498	4,847	758
Long-term employee benefits – Share-based payment	2,114	7,658	902	4,112
	11,347	9,156	5,749	4,870

The following transactions occurred with related parties:

	Six months ended		Three months ended
	June 30, 2025	June 30, 2024	June 30, 2025	June 30, 2024
Transactions with merchants – Revenues	466	259	284	18
Transactions with collection entities – Costs	(5,862)	—	(3,632)	1
Transactions with other related parties – Financial expenses (item (a)) (1)	(4,569)	—	(3,175)	—

(1) Foreign exchange losses not eliminated on the Unaudited Consolidated Condensed Interim Financial Statements, refer to note 11.

(d) Outstanding balances arising from transactions with other related parties

The following balances are outstanding at the end of the reporting period in relation to transactions with related parties:

	June 30, 2025	December 31, 2024
Balances with merchants – trade payables	(483)	—
Balances with collection entities – Trade payables	(588)	(429)
Balances with collection entities – Trade receivables	14,916	6,853

All transactions with related parties were made on normal commercial terms and conditions and at market rates. Outstanding balances are unsecured and are repayable in cash.

Fair value hierarchy

The following tables show financial instruments recognized at fair value for the period ended June 30, 2025 and December 31, 2024, analyzed between those whose fair value is based on:

• Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities.

• Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly.

• Level 3: techniques which use inputs which have a significant effect on the recorded fair value that are not based upon observable market data.

The table also includes financial instruments measured at amortized cost. The Group determined that the book value of such instruments approximates their fair value.

June 30, 2025	FVPL	Amortized<br>cost	Total	Level 1	Level 2
Assets
Cash and cash equivalents	34,810	442,129	476,939	34,810	—
Cash and demand deposit	—	442,129	442,129	—	—
Money market fund and others	34,810	—	34,810	34,810	—
Financial assets	43,860	81,666	125,526	43,861	—
Other assets	29,330	4,350	33,680	—	29,330
Trade and other receivables	—	502,018	502,018	—	—
Derivative financial instruments (1)	691	—	691	—	691
	108,691	1,030,163	1,138,854	78,671	30,021
December 31, 2024	FVPL	Amortized<br>cost	Total	Level 1	Level 2
---	---	---	---	---	---
Assets
Cash and cash equivalents	53,490	371,682	425,172	53,490	—
Cash and demand deposit	—	371,682	371,682	—	—
Money market fund and others	53,490	—	53,490	53,490	—
Financial assets	129,319	—	129,319	129,319	—
Other assets	16,314	7,186	23,500	—	16,314
Trade and other receivables	—	514,757	514,757	—	—
Derivative financial instruments (1)	2,874	—	2,874	—	2,874
	201,997	893,625	1,095,622	182,809	19,188
June 30, 2025	FVPL	Amortized<br>cost	Total	Level 1	Level 2
---	---	---	---	---	---
Liabilities
Trade and other payables	—	(691,081)	(691,081)	—	—
Derivative financial instruments (1)	(2,555)	—	(2,555)	—	(2,555)
Financial liabilities	—	(56,806)	(56,806)	—	—
Lease liabilities	—	(3,898)	(3,898)	—	—
	(2,555)	(751,785)	(754,340)	—	(2,555)
December 31, 2024	FVPL	Amortized<br>cost	Total	Level 1	Level 2
---	---	---	---	---	---
Liabilities
Trade and other payables	—	(597,787)	(597,787)	—	—
Derivative financial instruments (1)	(6,227)	—	(6,227)	—	(6,227)
Financial liabilities	—	(50,455)	(50,455)	—	—
Lease liabilities	—	(4,000)	(4,000)	—	—
	(6,227)	(652,242)	(658,469)	—	(6,227)

The most frequently applied valuation techniques include forward pricing models. The models incorporate various inputs including: foreign exchange spot, interest rates curves of the respective currencies and the terms of the contract.

There were no changes of items between level 2 and level 3, acquisitions, disposals nor gains or losses recognized in profit for the period related to level 3 instruments. Consequently, for the periods ended June 30, 2025 and December 31, 2024, the Group did not recognize any financial assets under level 3.

Subsequent events

On August 13, 2025, the Board of Directors approved the cancellation of 18,754,887 shares held as treasury shares by the Company.

EX-99.3

Exhibit 99.3

EX-99.4

Exhibit 99.4

EX-99.5

Exhibit 99.5

dLocal announces appointment of Chief Financial Officer

Montevideo, Uruguay, August 13, 2025 — DLocal Limited (“dLocal”, “we”, “us”, and “our”) (NASDAQ:DLO), a technology - first payments platform, today announced the appointment of Guillermo López Pérez as Chief Financial Officer, who will join us in the next few months. Guillermo will report to dLocal’s CEO, Pedro Arnt. This appointment further strengthens dLocal’s outstanding leadership team.

“We are very excited to welcome Guillermo as our new CFO," said Pedro Arnt, CEO of dLocal. "He brings a unique combination of experience in managing large-scale financial organizations while also successfully scaling fintech companies during his last two positions. His deep industry knowledge and proven track record make him an exceptional addition to our team as we continue to drive growth and innovation at dLocal.”

With over 25 years of experience, Guillermo has developed his career in Finance and Payments at leading companies such as Visa and American Express. He is currently Chief Financial Officer at Featurespace, a machine learning platform focused on fraud prevention, and was previously at Tink, a European Open Banking leader. His expertise also includes serving as CFO for Visa’s Continental Europe business and holding various leadership positions during his 13-year tenure at American Express.

“I am excited to join dLocal and contribute to the company's growth in emerging markets. I look forward to working with the team to strengthen our position in the cross-border payments sector”, stated Guillermo.

“We look forward to working closely with him to drive growth, enhance operational excellence, and deliver long-term value to our stakeholders,” added Pedro Arnt.

This appointment reflects dLocal’s commitment to strong governance and to harnessing diverse perspectives in shaping and advancing its growth strategies.

“We also would like to express our huge appreciation to Jeffrey Brown for his service as interim CFO. He will continue in his previous role as VP of Finance”, concluded the CEO.

About dLocal

Forward Looking Statements

This announcement contains certain forward-looking statements. These forward-looking statements convey our current expectations or forecasts of future events. Forward-looking statements regarding DLocal involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performances or achievements expressed or implied by the forward-looking statements. Certain of these risks and uncertainties are described in our filings with the U.S. Securities and Exchange Commission. Unless required by law, we undertake no obligation to publicly update or revise any forward-looking statements to reflect circumstances or events after the date hereof.

Investor Relations Contact:

investor@dlocal.com

Media Contact:

media@dlocal.com