Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]

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 May 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 May 14, 2025 - dLocal Reports 2025 First Quarter Financial Results

99.2		DLocal Limited Unaudited Consolidated Condensed Interim Financial Statements as of March 31, 2025 and for the three-month periods ended March 31, 2025 and 2024

99.3		Quarterly Report 2025 - dLocal Reports 2025 First Quarter Financial Results

99.4		dLocal Q1 2025 Earnings Presentation

99.5		Press release dated May 14, 2025 - DLocal Limited Declares Dividend Distribution

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: May 14, 2025

Exhibit 99.1

dLocal Reports 2025 First Quarter Financial Results

Record highs across key financial and operational metrics.

TPV milestone of US$8 billion, +53% YoY and +5% QoQ. In constant currency, TPV increased +72% YoY.

Revenue and gross profit record highs of US$217 million and US$85 million. Continued geographic diversification.

Adjusted EBITDA of US$58 million, with Adjusted EBITDA/Gross Profit at 68%, demonstrating our ability to scale efficiently.

Strong cash flow, with free cash flow to net income conversion at 85%, reinforcing cash generating financial model.

Montevideo, Uruguay, May 14, 2025 — DLocal Limited (“dLocal”, “we”, “us”, and “our”) (NASDAQ:DLO), a technology - first payments platform, today announced its financial results for the first quarter ended March 31, 2025.

dLocal’s management team will host a conference call and audio webcast on May 14, 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.

“The first quarter of 2025 demonstrated strong execution across many of the levers of our strategic plan. Our commercial team effectively leveraged existing merchant relationships and established new partnerships. Financially, we executed our investment plan in a responsible and efficient manner. In addition, our operations and technology teams delivered improved effectiveness to our merchants, and our legal and regulatory teams focused on expanding our license portfolios,” said Pedro Arnt, CEO of dLocal.

First 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$8.1 billion in the first quarter, up 53% year-over-year compared to US$5.3 billion in the first quarter of 2024 and up 5% compared to US$7.7 billion in the fourth quarter of 2024. In constant currency, TPV growth for the period would have been 72% year-over-year.

●

Revenues amounted to US$216.8 million, up 18% year-over-year compared to US$184.4 million in the first quarter of 2024 and up 6% compared to US$204.5 million in the fourth quarter of 2024. This quarter-over-quarter increase, above TPV growth, was driven by higher cross-border share in the mix, and partially offset by Mexico, given the commerce seasonality effect in the fourth quarter and partial volume loss with a large merchant. In constant currency, revenue growth for the period would have been 36% year-over-year.

●

Gross profit was US$84.9 million in the first quarter of 2025, up 35% compared to US$63.0 million in the first quarter of 2024 and up 1% compared to US$83.7 million in the fourth quarter of 2024. The quarter-over-quarter comparison was primarily due to (i) Argentina, with gross profit following revenue trends, in addition to increasing advancement volumes (which have higher take rates) and wider FX spreads in Q1 2025 vs Q4 2024; and (ii) Other LatAm markets, with notable performance in Chile. These positive factors were partially offset by (i) Brazil, due to the migration to the Payment Orchestration model, which brings lower take rates, coupled with one-off incremental processing costs; and (ii) Mexico, as explained above. In addition, despite volume growth across various countries, Other Africa and Asia was adversely affected by increased processing costs in South Africa and Nigeria. In constant currency, gross profit growth for the period would have been 59% year-over-year.

●

As a result, gross profit margin was 39% in this quarter, compared to 34% in the first quarter of 2024 and 41% in the fourth quarter of 2024.

●

Gross profit over TPV was at 1.05% decreasing from 1.19% in the first quarter of 2024 and from 1.09% compared to the

fourth quarter of 2024.

●

Operating profit was US$45.8 million, up 70% compared to US$26.9 million in the first quarter of 2024 and up 8% compared to US$42.3 million in the fourth quarter of 2024. Operating expenses grew by 8% year-over-year, explained by the increase in headcount, as we continue to invest in our capabilities. On the sequential comparison, operating expenses decreased by 6% quarter-over-quarter, primarily attributed to a reduction in G&A and Technology & Development expenses, driven by the decrease in third-party services, travel expenses and timing of implementation of new initiatives. This decrease was partially offset by the growth in headcount and increase in Sales & Marketing expenses, driven by key commercial events.

●

As a result, Adjusted EBITDA was US$57.9 million, up 57% compared to US$36.8 million in the first quarter of 2024 and up 2% compared to US$56.9 million in the fourth quarter of 2024.

●

Adjusted EBITDA margin was 27%, compared to the 20% recorded in the first quarter of 2024 and 28% in the fourth quarter of 2024. Adjusted EBITDA over gross profit of 68% increased compared to 58% in the first quarter of 2024 and slightly increased compared to 68% in the fourth quarter of 2024, marking the fourth consecutive quarter of improvement.

●

Net financial result was US$7.0 million gain, compared to a net finance gain of US$0.2 million in the first quarter of 2024 and a net finance loss of US$1.1 million in the fourth quarter of 2024, as explained in the Net Income section.

●

Our effective income tax rate decreased to 10% from 27% last quarter (or 16% when excluding the tax settlement, as mentioned in the fourth quarter earnings release), as result of higher cross-border share of pre-tax income and a lower pre-tax income in Brazil given the higher costs, as explained previously.

●

Net income for the first quarter of 2025 was US$46.7 million, or US$0.15 per diluted share, up 163% compared to a profit of US$17.7 million, or US$0.06 per diluted share, for the first quarter of 2024 and up 57% compared to a profit of US$29.7 million, or US$0.10 per diluted share for the fourth quarter of 2024. During the current period, net income was mostly affected by the positive non-cash mark to market effect related to our Argentine bond investments and lower finance costs.

●

Free cash flow for the first quarter of 2025 amounted to US$39.7 million, up 200% year-over-year compared to US$13.2 million in the first quarter of 2024 and up 22% compared to US$32.5 million in the fourth quarter of 2024. The variation quarter-over-quarter is primarily explained by improved operational results, partially offset by normal variability in corporate working capital and higher income tax paid and capex.

●

As of March 31, 2025, dLocal had US$511.5 million in cash and cash equivalents, which includes US$355.9 million of Corporate cash and cash equivalents. The Corporate cash and cash equivalents increased by US$58.0 million from US$298.0 million as of March 31, 2024, despite the US$100 million in shares repurchased throughout 2024. When compared to the US$317.8 million Corporate cash and cash equivalents position as of December 31, 2024, it increased by US$38.1 million quarter-over-quarter.

The following table summarizes our key performance metrics:


	Three months ended March 31
	2025	2024	% change
Key Performance metrics	(In millions of US$ except for %)
TPV	8,107	5,310	53%
Revenue	216.8	184.4	18%
Gross Profit	84.9	63.0	35%
Gross Profit margin	39%	34%	5p.p
Adjusted EBITDA	57.9	36.8	57%
Adjusted EBITDA margin	27%	20%	7p.p
Adjusted EBITDA/Gross Profit	68%	58%	10p.p
Profit	46.7	17.7	163%
Profit margin	22%	10%	12p.p

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 March 31
	2025	2024
Profit for the period	46,667	17,718
Income tax expense	5,262	7,114
Depreciation and amortization	5,062	3,762
Finance income and costs, net	(6,969)	(299)
Share-based payment non-cash charges	6,020	4,461
Other operating loss¹	422	1,819
Impairment loss / (gain) on financial assets	386	(177)
Inflation adjustment	885	2,368
Other non-recurring costs²	123	-
Adjusted EBITDA	57,858	36,766

Note: 1 The company wrote-off certain amounts related to merchants/processors off-boarded by dLocal. 2 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.

dLocal Limited

Certain financial information

Consolidated Condensed Interim Statements of Comprehensive Income for the three-month period ended March 31, 2025 and 2024

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


	Three months ended March 31
	2025	2024
Continuing operations
Revenues	216,759	184,430
Cost of services	(131,880)	(121,459)
Gross profit	84,879	62,971

Technology and development expenses	(6,767)	(5,465)
Sales and marketing expenses	(7,135)	(4,631)
General and administrative expenses	(24,324)	(24,332)
Impairment (loss)/gain on financial assets	(386)	177
Other operating (loss)/gain	(422)	(1,819)
Operating profit	45,845	26,901
Finance income	12,228	18,257
Finance costs	(5,259)	(17,958)
Inflation adjustment	(885)	(2,368)
Other results	6,084	(2,069)
Profit before income tax	51,929	24,832
Income tax expense	(5,262)	(7,114)
Profit for the period	46,667	17,718

Profit attributable to:
Owners of the Group	46,630	17,708
Non-controlling interest	37	10
Profit for the period	46,667	17,718

Earnings per share (in USD)
Basic Earnings per share	0.16	0.06
Diluted Earnings per share	0.15	0.06

Other comprehensive income
Items that may be reclassified to profit or loss:
Exchange difference on translation on foreign operations	3,526	(669)
Other comprehensive income for the period, net of tax	3,526	(669)
Total comprehensive income for the period, net of tax	50,193	17,049

Total comprehensive income for the period
Owners of the Group	50,174	17,036
Non-controlling interest	19	13
Total comprehensive income for the period	50,193	17,049

dLocal Limited

Certain financial information

Consolidated Condensed Interim Statements of Financial Position as of March 31, 2025 and December 31, 2024

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


	March 31, 2025	December 31, 2024
ASSETS
Current Assets
Cash and cash equivalents	511,506	425,172
Financial assets at fair value through profit or loss	125,487	129,319
Trade and other receivables	477,349	496,713
Derivative financial instruments	463	2,874
Other assets	28,001	18,805
Total Current Assets	1,142,806	1,072,883

Non-Current Assets
Trade and other receivables	15,518	18,044
Deferred tax assets	5,468	5,367
Property, plant and equipment	4,007	3,377
Right-of-use assets	3,852	3,645
Intangible assets	65,301	63,318
Other assets	4,695	4,695
Total Non-Current Assets	98,841	98,446
TOTAL ASSETS	1,241,647	1,171,329

LIABILITIES
Current Liabilities
Trade and other payables	614,133	597,787
Lease liabilities	1,107	1,137
Tax liabilities	20,631	21,515
Derivative financial instruments	1,098	6,227
Financial liabilities	54,248	50,455
Provisions	543	500
Total Current Liabilities	691,760	677,621

Non-Current Liabilities
Deferred tax liabilities	1,862	1,858
Lease liabilities	2,825	2,863
Total Non-Current Liabilities	4,687	4,721
TOTAL LIABILITIES	696,447	682,342

EQUITY
Share Capital	570	570
Share Premium	187,671	186,769
Treasury Shares	(200,980)	(200,980)
Capital Reserve	38,556	33,438
Other Reserves	(17,390)	(20,934)
Retained earnings	536,654	490,024
Total Equity Attributable to owners of the Group	545,081	488,887
Non-controlling interest	119	100
TOTAL EQUITY	545,200	488,987
TOTAL EQUITY AND LIABILITIES	1,241,647	1,171,329

dLocal Limited

Certain interim financial information

Consolidated Statements of Cash flows for the three-month period ended March 31, 2025 and 2024

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


	Three months ended March 31
	2025	2024
Cash flows from operating activities
Profit before income tax	51,929	24,832
Adjustments:
Interest Income from financial instruments	(5,106)	(7,442)
Interest charges for lease liabilities	41	43
Other interests charges	883	127
Finance expense related to derivative financial instruments	414	9,878
Net exchange differences	4,142	7,637
Fair value loss/(gain) on financial assets at FVPL	(7,343)	(10,815)
Amortization of Intangible assets	4,584	3,424
Depreciation and disposals of PP&E and right-of-use	703	400
Share-based payment expense, net of forfeitures	6,020	4,461
Other operating gain	422	1,819
Net Impairment loss/(gain) on financial assets	386	(177)
Inflation adjustment and other financial results	6,083	(5,892)
	63,158	28,295
Changes in working capital
Increase in Trade and other receivables	21,082	(32,836)
Decrease / (Increase) in Other assets	1,025	3,219
Increase / (Decrease) in Trade and Other payables	16,346	45,964
Increase / (Decrease) in Tax Liabilities	965	(1,120)
Increase / (Decrease) in Provisions	43	4
Cash (used) / generated from operating activities	102,619	43,526
Income tax paid	(7,208)	(3,558)
Net cash (used) / generated from operating activities	95,411	39,968

Cash flows from investing activities
Acquisitions of Property, plant and equipment	(945)	(786)
Additions of Intangible assets	(6,567)	(5,022)
Acquisition of financial assets at FVPL	(41,374)	-
Collections of financial assets at FVPL	47,416	(243)
Interest collected from financial instruments	5,106	7,442
Payments for investments in other assets at FVPL	(10,000)	-
Net cash (used in) / generated investing activities	(6,364)	1,391

Cash flows from financing activities
Interest payments on lease liability	(41)	(43)
Principal payments on lease liability	(663)	(95)
Finance expense paid related to derivative financial instruments	(3,132)	(10,151)
Net proceeds from financial liabilities	5,790	-
Interest payments on financial liabilities	(2,166)	-
Other finance expense paid	(714)	(127)
Net cash used in by financing activities	(926)	(10,416)
Net increase in cash flow	88,121	30,943

Cash and cash equivalents at the beginning of the period	425,172	536,160
Net (decrease)/increase in cash flow	88,121	30,943
Effects of exchange rate changes on inflation and cash and cash equivalents	(1,787)	5,254
Cash and cash equivalents at the end of the period	511,506	572,357

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

Exhibit 99.2

DLocal Limited

Unaudited Consolidated Condensed Interim Financial Statements as of March 31, 2025 and for the three-month periods ended March 31, 2025 and 2024

DLocal Limited

Unaudited Consolidated Condensed Interim Statements of Comprehensive Income

For the three-month periods ended March 31, 2025 and 2024

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


		Three months ended
	Notes	March 31, 2025	March 31, 2024
Continuing operations
Revenues	6	216,759	184,430
Cost of services	6	(131,880)	(121,459)
Gross profit		84,879	62,971

Technology and development expenses	7	(6,767)	(5,465)
Sales and marketing expenses	8	(7,135)	(4,631)
General and administrative expenses	8	(24,324)	(24,332)
Impairment (loss)/gain on financial assets	16	(386)	177
Other operating loss		(422)	(1,819)
Operating profit		45,845	26,901
Finance income	11	12,228	18,257
Finance costs	11	(5,259)	(17,958)
Inflation adjustment	11	(885)	(2,368)
Other results		6,084	(2,069)
Profit before income tax		51,929	24,832
Income tax expense	12	(5,262)	(7,114)
Profit for the period		46,667	17,718
Profit attributable to:
Owners of the Group		46,630	17,708
Non-controlling interest		37	10
Profit for the period		46,667	17,718
Earnings per share
Basic Earnings per share	14	0.16	0.06
Diluted Earnings per share	14	0.15	0.06
Other comprehensive income
Items that are or may be reclassified subsequently to profit or loss:
Exchange difference on translation on foreign operations		3,526	(669)
Other comprehensive income for the period, net of tax		3,526	(669)
Total comprehensive income for the period		50,193	17,049
Total comprehensive income for the period is attributable to:
Owners of the Group		50,174	17,036
Non-controlling interest		19	13
Total comprehensive income for the period		50,193	17,049

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 March 31, 2025 and December 31, 2024

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


	Notes	March 31, 2025	December 31, 2024
ASSETS
Current assets
Cash and cash equivalents	15	511,506	425,172
Financial assets at fair value through profit or loss	16	125,487	129,319
Trade and other receivables	17	477,349	496,713
Derivative financial instruments	22	463	2,874
Other assets	18	28,001	18,805
Total current assets		1,142,806	1,072,883
Non-current assets
Trade and other receivables	17	15,518	18,044
Deferred tax assets		5,468	5,367
Property, plant and equipment		4,007	3,377
Right-of-use assets		3,852	3,645
Intangible assets	19	65,301	63,318
Other assets	18	4,695	4,695
Total non-current assets		98,841	98,446
TOTAL ASSETS		1,241,647	1,171,329
LIABILITIES
Current liabilities
Trade and other payables	20	614,133	597,787
Lease liabilities		1,107	1,137
Tax liabilities	21	20,631	21,515
Derivative financial instruments	22	1,098	6,227
Financial liabilities	23	54,248	50,455
Provisions	24	543	500
Total current liabilities		691,760	677,621
Non-current liabilities
Deferred tax liabilities		1,862	1,858
Lease liabilities		2,825	2,863
Total non-current liabilities		4,687	4,721
TOTAL LIABILITIES		696,447	682,342
EQUITY
Share capital	14	570	570
Share premium		187,671	186,769
Treasury shares		(200,980)	(200,980)
Capital reserve		38,556	33,438
Other reserves		(17,390)	(20,934)
Retained earnings		536,654	490,024
Total equity attributable to owners of the Group		545,081	488,887
Non-controlling interest		119	100
TOTAL EQUITY		545,200	488,987
TOTAL EQUITY AND LIABILITIES		1,241,647	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 three-month period ended March 31, 2025 and 2024

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


	Notes	Share Capital	Share Premium	Treasury Shares	Capital Reserve	Other Reserves	Retained Earnings	Total	Non- controlling interest	Total 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		—	—	—	—	—	46,630	46,630	37	46,667
Exchange difference on translation on foreign operations		—	—	—	—	3,544	—	3,544	(18)	3,526
Total comprehensive income for the period		—	—	—	—	3,544	46,630	50,174	19	50,193
Transactions with Group owners in their capacity as owners
Share-options exercise	14	—	902	—	(902)	—	—	—	—	—
Share-based payments net of forfeitures	9	—	—	—	6,020	—	—	6,020	—	6,020
Transactions with Group owners in their capacity as owners		—	902	—	5,118	—	—	6,020	—	6,020
Balance as of March 31, 2025		570	187,671	(200,980)	38,556	(17,390)	536,654	545,081	119	545,200
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		—	—	—	—	—	17,708	17,708	10	17,718
Exchange difference on translation on foreign operations		—	—	—	—	(400)	(272)	(672)	3	(669)
Total comprehensive income for the period		—	—	—	—	(400)	17,436	17,036	13	17,049
Transactions with Group owners in their capacity as owners
Share-options exercise	14	—	92	—	—	—	—	92	—	92
Share-based payments net of forfeitures	9	—	—	—	4,461	—	—	4,461	—	4,461
Transactions with Group owners in their capacity as owners		—	92	—	4,461	—	—	4,553	—	4,553
Balance as of March 31, 2024		591	173,093	(99,936)	26,036	(10,208)	387,044	476,620	122	476,742

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 three-month periods ended March 31, 2025 and 2024

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


	Notes	March 31, 2025	March 31, 2024
Cash flows from operating activities
Profit before income tax		51,929	24,832
Adjustments:
Interest income from financial instruments	11	(5,106)	(7,442)
Interest charges for lease liabilities	11	41	43
Other interests charges		883	127
Finance expense related to derivative financial instruments		414	9,878
Amortization of intangible assets	10	4,584	3,424
Depreciation and disposals of property, plant and equipment and right-of-use assets	10	703	400
Share-based payment expense, net of forfeitures	9	6,020	4,461
Net exchange differences		4,142	7,637
Fair value gain on financial assets at FVPL	11	(7,343)	(10,815)
Other operating gain		422	1,819
Net Impairment loss/(gain) on financial assets	17	386	(177)
Inflation adjustment and other financial results		6,083	(5,892)
		63,158	28,295
Changes in working capital
Decrease / (Increase) in trade and other receivables		21,082	(32,836)
Decrease in other assets		1,025	3,219
Increase in trade and other payables		16,346	45,964
Increase / (Decrease) in tax liabilities		965	(1,120)
Increase in provisions		43	4
Cash generated from operating activities		102,619	43,526
Income tax paid		(7,208)	(3,558)
Net cash generated from operating activities		95,411	39,968
Cash flows from investing activities
Acquisitions of property, plant and equipment		(945)	(786)
Additions of intangible assets	19	(6,567)	(5,022)
Acquisitions of financial asset at FVPL		(41,374)	—
Collections of financial assets at FVPL		47,416	(243)
Interest collected from financial instruments		5,106	7,442
Payments for investments in other assets at FVPL	18	(10,000)	—
Net cash (used in) / generated from investing activities		(6,364)	1,391
Cash flows from financing activities
Net proceeds from financial liabilities		5,790	—
Interest payments on financial liabilities		(2,166)	—
Interest payments on lease liability		(41)	(43)
Principal payments on lease liability		(663)	(95)
Finance expense paid related to derivative financial instruments		(3,132)	(10,151)
Other finance expense paid		(714)	(127)
Net cash used in financing activities		(926)	(10,416)
Net increase in cash flow		88,121	30,943
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		(1,787)	5,254
Cash and cash equivalents at the end of the period		511,506	572,357

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 March 31, 2025

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

1. 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 regulatory landscape continues to evolve, with recent developments including the implementation of the Fifth Anti-Money Laundering Directive (MLD5) and the upcoming creation of a new EU Anti-Money Laundering Authority (AMLA).

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.

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.

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.

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.

2. 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 three months ended March 31, 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 three months ended March 31, 2025 were authorized for issuance by dLocal’s Board of Directors on May 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.

3. 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.

4. 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 three-month period ended March 31, 2025.

5. 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:


		Three months ended
	Note	March 31, 2025	March 31, 2024
Profit for the period (i)		46,667	17,718
Income tax expense	12	5,262	7,114
Inflation adjustment	11	885	2,368
Finance income	11	(12,228)	(18,257)
Finance costs	11	5,259	17,958
Other operating loss		422	1,819
Impairment loss / (gain) on financial assets	17	386	(177)
Depreciation and amortization	10	5,062	3,762
Other non-recurring costs (ii)		123	—
Share-based payment non-cash charges, net of forfeitures	14	6,020	4,461
Adjusted EBITDA		57,858	36,766

Revenues	6	216,759	184,430
Adjusted EBITDA		57,858	36,766
Adjusted EBITDA Margin		26.7%	19.9%
Profit Margin		21.5%	9.6%

(i)

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.

(ii)

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.


	Three months ended
	March 31, 2025	March 31, 2024
LatAm	162,896	125,390
Brazil	34,419	43,068
Argentina	28,244	13,798
Mexico	36,711	34,033
Other countries	63,521	34,491
Non-LatAm	53,863	59,040
Egypt	22,048	39,010
Other countries	31,815	20,030
Total	216,759	184,430

During the three-month period ended March 31, 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 three months ended March 31, 2025, the Group’s revenue from its top 10 merchants represented 60% of revenue (65% of revenue for the three months ended March 31, 2024). For the three months ended March 31, 2025 there are two customers (two customers for the three months ended March 31, 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.

6. 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:


	Three months ended
	March 31, 2025	March 31, 2024
Transaction revenues (i)	214,301	183,283
Other revenues (ii)	2,458	1,147
Revenues from payment processing	216,759	184,430
Cost of services	(131,880)	(121,459)
Gross profit	84,879	62,971

(i)

Transaction revenues consist of fees from processing, foreign exchange, installment, advances granted to merchants, chargebacks, refunds and other transactional fees.

(ii)

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 three months ended March 31, 2025 and 2024.

Cost of services are composed of the following:


	March 31, 2025	March 31, 2024
Processing costs (i)	124,329	116,201
Hosting expenses (ii)	2,559	1,774
Amortization of intangible assets (iii)	4,060	2,900
Salary and wages (iv)	932	584
Total	131,880	121,459

(i)

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.

(ii)

Expenses related to hosting services for the Group’s payment platform.

(iii)

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.

(iv)

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.

7. Technology and development expenses

Technology and development expenses consist of the following:


	Three months ended
	March 31, 2025	March 31, 2024
Salaries and wages (i)	3,241	2,520
Software licenses (ii)	1,475	1,489
Infrastructure expenses (iii)	995	1,090
Information and technology security expenses (iv)	250	52
Other technology expenses	806	314
Total	6,767	5,465

(i)

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.

(ii)

Consists of software licenses used exclusively by the technology development department for the development platform.

(iii)

Represents information technology costs to support the Group’s infrastructure and back-office operations.

(iv)

Represents expenses incurred to monitor the security of our network and platform.

8. Sales and marketing expenses and General and administrative expenses

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


	Three months ended
Sales and marketing expenses	March 31, 2025	March 31, 2024
Salaries and wages (i)	5,681	3,853
Marketing expenses (ii)	1,454	778
Total	7,135	4,631


General and administrative expenses	March 31, 2025	March 31, 2024
Salaries and wages (iii)	14,347	13,584
Third-party services (iv)	4,774	5,414
Other operating expenses (v)	5,203	5,334
Total	24,324	24,332

(i)

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.

(ii)

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.

(iii)

Represents salaries and wages related to administrative FTE’s. For further detail on total salaries and wages refer to Note 9: Employee Benefits.

(iv)

Includes advisors’ fees, legal fees, auditors’ fees and human resources’ fees.

(v)

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.

9. Employee benefits

Employee benefits costs are comprised of the following:


	Three months ended
	March 31, 2025	March 31, 2024
Salaries, wages and contractor fees (i)	24,533	20,225
Share-based payments (ii)	6,020	4,461
Total	30,553	24,686

(i)

Salaries, wages and contractor fees include social security costs and annual bonuses. This line also includes USD 6,352 for the three months ended March 31, 2025 (USD 4,145 for the three months ended March 31, 2024) related to capitalized salaries and wages.

(ii)

Represents compensation expenses from share-based arrangements settled in the Group’s common shares. For further information refer to Note 13: Share-based payments.

10. Amortization and depreciation

Amortization and depreciation expenses are composed of the following:


	Three months ended
	March 31, 2025	March 31, 2024
Amortization of intangible assets	4,584	3,424
Amortization of right-of-use assets	163	89
Depreciation of property, plant & equipment	315	249
Total	5,062	3,762

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

11. Other results

Other results is composed of the following categories:


	Three months ended
	March 31, 2025	March 31, 2024
Interest income from financial instruments (i)	5,106	7,442
Fair value gains of financial assets at FVPL (i)	7,122	10,815
Finance income	12,228	18,257

	March 31, 2025	March 31, 2024
Finance expense related to derivative financial instruments (ii)	(414)	(10,151)
Other finance expenses (iii)	(4,804)	(7,764)
Interest charges for lease liabilities (iv)	(41)	(43)
Finance costs	(5,259)	(17,958)
Inflation adjustment (v)	(885)	(2,368)
Total	6,084	(2,069)

(i)

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. For further detail refer to Note 16: Financial assets at fair value through profit or loss.

(ii)

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.

(iii)

Represents net effects of foreign exchange results in subsidiaries and in an intra-group loan denominated in US Dollars between subsidiaries located in Argentina and Malta, and the fair value adjustments of other financial arrangements.

(iv)

Finance costs associated with lease liabilities resulting from the application of IFRS 16 Leases.

(v)

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 three months ended March 31, 2025 and 2024.

12. 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 three months ended March 31, 2025 is 10.1%, compared to 28.6% for the three months ended March 31, 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:


	Three months ended
Current income tax	March 31, 2025	March 31, 2024
Current income tax on profits for the period	(5,359)	(5,381)
Total current income tax expense	(5,359)	(5,381)

Deferred income tax	March 31, 2025	March 31, 2024
Increase/(Decrease) in deferred income tax assets	101	(34)
Increase in deferred income tax liabilities	(4)	(1,699)
Total deferred income tax benefit / (expense)	97	(1,733)
Income tax expense	(5,262)	(7,114)

13. Share-based payments

During the three months ended March 31, 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:


	March 31, 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	6.86	7,507,841	6.86	6,962,302
Granted during the period	0.002	347,496	1.76	2,446,559
Exercised during the period	0.002	(54,836)	0.50	(1,067,176)
Cancelled during the period	—	—	0.00	(4,158)
Forfeited during the period	5.35	(33,428)	13.96	(829,686)
At the end of the period	5.12	7,767,073	5.32	7,507,841
Vested and exercisable at the end of the period	9.94	1,288,923	8.73	1,167,552

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

As of March 31, 2025, the Group has 180,000 Performance Share Units (“PSUs”), 4,817,303 Restricted Stock Units (RSUs), and 2,769,770 Stock Options outstanding.

For the three months ended March 31, 2025, total compensation expense of the plans was USD 6,020 (for the three months ended March 31, 2024, USD 4,461) as presented in Note 9 Employee Benefits.

14. 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:


	March 31, 2025			March 31, 2024
	Amount	USD		Amount	USD
Issued and fully paid up shares of USD 0.002 each
Class A common shares	151,475,780	302		162,116,726	323
Class B common shares	134,054,192	268		134,054,192	268
	285,529,972	570		296,170,918	591
Share capital evolution
Share capital as of January 1	285,475,136	570		295,991,665	591
i) Issue of common shares at USD 0.002	54,836	—	*	179,253	—	*
Share capital as of March 31	285,529,972	570		296,170,918	591

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

(b) Share Premium

For the three months ended March 31, 2025 and 2024, dLocal issued 54,836 and 179,253 new Class A Common Shares receiving total proceeds of USD 0.1 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 is authorized to purchase up to $200 million of its Class A Common Shares from May 15, 2024, to May 31, 2025.

As of March 31, 2025, the Company has 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 March 31, 2025, the shared-based payments represent a total of USD 5,118 which is comprised of USD 6,020 related to share-based expenses and USD 902 related to exercise and vesting 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 three months period ended of March 31:


	Three months ended
	March 31, 2025	March 31, 2024
Profit attributable to common shareholders (U.S. Dollars)	46,630,331	17,708,000
Weighted average number of common shares	285,528,671	296,093,840
Adjustments for calculation of diluted earnings per share(1)	15,355,624	14,028,247
Weighted average number of common shares for calculating diluted earnings per share	300,884,295	310,122,087
Basic earnings per share	0.16	0.06
Diluted earnings per share	0.15	0.06

(1)

For the three months ended March 31, 2025, the adjustment corresponds to the dilutive effect of i) 8,110,528 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) 7,245,096 average shares related to share-based payment plans with employees (6,788,288 and 7,239,959 respectively for the three months ended March 31, 2024).

15. Cash and cash equivalents

Cash and cash equivalents breakdown is presented below:


	March 31, 2025	December 31, 2024
Corporate cash and cash equivalents	355,918	317,754
Merchant's cash and cash equivalents (i)	155,588	107,418
Total	511,506	425,172

As of March 31, 2025, USD 511,506 (USD 425,172 on December 31, 2024) represents cash on hand, demand deposits and other short-term liquid financial instruments.

(i)

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

16. Financial assets at fair value through profit or loss

(a)

Classification of financial assets at fair value through profit or loss

Financial assets at fair value through profit or loss include the following:


Instrument	Reference		Maturity date	Interest rate (%)	Linked with	March 31, 2025	December 31, 2024
Argentina Treasury Notes	S31E5	(i)	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	S28A5	(i)	Apr-25	4.0%	—	24,287	—
Argentina Treasury Notes	S30J5	(i)	Jun-25	3.9%	—	5,896	5,676
Argentina Treasury Bonds	TZV25		Jun-25	0.0%	Dollar linked	62,256	61,136
Argentina Treasury Notes	S31L5	(i)	Jul-25	4.0%	—	596	583
Argentina Treasury Notes	S29G5	(i)	Aug-25	3.9%	—	6,983	5,875
Argentina Treasury Notes	S10N5	(i)	Nov-25	2.2%	—	3,384	—
Argentina Treasury Notes	D16E6		Jan-26	0.0%	Dollar linked	9,589	—
Brazil Money Market	LFT		Apr-25	Selic + 0.08%	—	12,496	14,852
						125,487	129,319

*Stabilization Reference Coefficient adjusted by inflation

(i) As of March 31, 2025 and December 31, 2024, the Group held a total of nominal value USD 41,146 and USD 42,052, respectively, as security for the borrowings detailed in Note 23.

(b)

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

(c)

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 10,113 after tax. An equal change in the opposite direction would have decreased profit or loss by USD 10,113 after tax.

17. Trade and other receivables

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


Current	March 31, 2025	December 31, 2024
Trade receivables	431,388	457,312
Loss allowance	(522)	(148)
Trade receivables net	430,866	457,164
Advances and other receivables	46,483	39,549
Total Current Trade and other receivables	477,349	496,713

Non-current
Advances and other receivables	15,518	18,044
Total Non-current Trade and other receivables	15,518	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:


	March 31, 2025	March 31, 2024
As of January 1	(148)	(459)
(Increase)/decrease in loss allowance for trade receivables	(386)	370
Write-off	12	12
As of March 31	(522)	(77)
Net impairment (loss)/gain for trade receivables	(386)	177

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 three months ended March 31, 2025 (0.1% in the three months ended March 31, 2024).

18. Other assets

Other assets are composed of the following:


Current	March 31, 2025	December 31, 2024
Money held in escrow and guarantees due to: (i)	5,616	6,966
-Banks requirements	2,350	3,869
-Processors and others requirements	3,143	2,974
-Credit card requirements	123	123
Rental guarantees	374	220
Other financial asset measured at FVPL (ii)	22,011	11,619
Total Current Other assets	28,001	18,805
Non current
Other financial asset measured at FVPL	4,695	4,695
Total Non-current Other assets	4,695	4,695

(i)

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.

(ii)

In December 2024, dLocal entered into a three-month credit facility agreement with a third party payment services provider as a working capital facility of USD 10,000 at 7% annual interest rate. In March 2025, the total credit facility outstanding balance increased to USD 20,000 as specific conditions have been met during the first quarter of 2025. 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 in the applicable jurisdictions. The exercisable period for the call option extends from January 1, 2025, to a date that is 10 business days following the repayment of the credit facility. In March 2025, the agreement was amended to extend the maturity period by an additional three months, terminating on June 30, 2025, resulting in a total maturity period of six months from the initial agreement date. To mitigate credit risk, the borrower has pledged guarantees. As of March 31, 2025, dLocal maintained no potential voting rights or significant influence over the borrower. The instrument is classified and measured at fair value through profit or loss (FVPL) in accordance with IFRS 9.

19. 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.


	March 31, 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)	6,352	215	6,567	19,809	1,133	20,942
Amortization of the year	(4,060)	(524)	(4,584)	(13,413)	(2,098)	(15,511)
Total as of December 31	32,451	32,850	65,301	30,159	33,159	63,318
Cost	66,607	41,249	107,856	60,255	41,034	101,289
Accumulated amortization	(34,156)	(8,399)	(42,555)	(30,096)	(7,875)	(37,971)

(i) The additions of the three months ended March 31, 2025 include USD 6,352 related to capitalized salaries and wages (USD 4,145 as of March 31, 2024).

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

20. Trade and other payables

Trade and other payables are composed of the following:


	March 31, 2025	December 31, 2024
Trade payables	583,656	562,749
Accrued liabilities	9,282	9,895
Other payables	21,195	25,143
Total	614,133	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.

21. Tax liabilities

The tax liabilities breakdown is as follows:


	March 31, 2025	December 31, 2024
Income tax payable	17,833	19,682
Other tax liabilities (i)	2,798	1,833
Total	20,631	21,515

(i) Mainly related to digital services withholding VAT.

22. 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	Type Contract	Notional amount in USD as of March 31, 2025	Outstanding balance as of March 31, 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 EUR
US Dollar	Forward	42,387	81	—	—
Buy USD
Mexican Peso	Futures Contract	9,746	65	9,780	287
South African Rand	Futures Contract	—	—	13,870	727
Mexican Peso	Forward	—	—	9,899	256
Moroccan Dirham	Forward	—	—	4,482	35
South African Rand	Forward	—	—	26,961	749
Chilean Peso	Forward	16,465	99	—	—
Brazilian Real	Non-delivery forwards	—	—	17,682	378
Indian Rupee	Non-delivery forwards	—	—	176	1
Argentine Peso	Non-delivery forwards	39,435	84	—	—
Sell EUR
US Dollar	Forward	(27,638)	39	(18,065)	152
Sell USD
'Mexican Peso	Forward	(7,768)	95	—	—
Argentine Peso	Futures Contract	—	—	(1,000)	252
Brazilian Real	Non-delivery forwards	—	—	(7,707)	37
Indian Rupee	Non-delivery forwards	(35)	—	—	—
Total			463		2,874

Liabilities
Buy EUR
US Dollar	Forward	—	—	3,383	(13)
US Dollar	Futures Contract	5,355	(63)	39,223	(547)
Buy USD
Chilean Peso	Forward	—	—	15,979	(29)
United Arab Emirates Dirham	Forward	133	—	133	(0)
South African Rand	Forward	22,489	(183)	—	—
Saudi Riyal	Forward	6,260	(7)	6,755	(11)
Moroccan Dirham	Forward	4,659	(135)	—	—
Uruguayan peso	Forward	—	—	5,392	(71)
Mexican Peso	Forward	10,746	(30)	—	—
Turkish Lira	Forward	10,000	(107)	—	—
Argentine Peso	Futures Contract	—	—	1,900	(232)
Southafrican Rand	Futures Contract	6,037	(49)	—	—
Brazilian Reais	Non-delivery forwards	9,658	(79)	—	—
Uruguayan Peso	Non-delivery forwards	5,615	(57)	—	—
Indian Rupee	Non-delivery forwards	137	(3)	—	—
Vietnamese Dong	Non-delivery forwards	1,601	(5)	6,334	(7)
Argentine Peso	Non-delivery forwards	—	—	37,200	(4,968)
Nigerian Naira	Non-delivery forwards	7,045	(75)	2,000	(33)
Egyptian Pound	Non-delivery forwards	8,706	(174)	8,965	(96)
Pakistani Rupee	Non-delivery forwards	6,168	(36)	—	—
Sell EUR
Moroccan Dirham	Forward	—	—	—	—
US Dollar	Non-delivery forwards	—	—	—	—
Sell USD
South African Rand	Forward	(13,397)	(45)	(6,654)	(104)
South African Rand	Futures Contract	(5,345)	(20)	(6,662)	(116)
Turkish Lira	Forward	(4,715)	(30)	—	—
Total			(1,098)		(6,227)


	Three months ended
	March 31, 2025	March 31, 2024
Net (loss)/gain on foreign currency forwards recognized in ‘Costs of Services’ (Note 6)	(2,373)	10,541
Net loss on foreign currency forwards recognized in ‘Finance Costs’ (Note 11)	(414)	(10,160)

(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.

23. Financial liabilities

The financial liabilities breakdown is as follows:


	March 31, 2025	December 31, 2024
Borrowings (i) (ii)	54,248	39,768
Bank overdraft (iii)	—	10,687
Total Financial liabilities (iv)	54,248	50,455

(i) As of March 31, 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 three months ended March 31, 2025 amounts to USD 2,166 recognized in other finance expenses (note 11). As part of this financing, as of March 31, 2025, and December 31, 2024, Argentina Treasury Notes for a nominal value of USD 41,146 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 March 2025, dLocal Colombia entered into a renewal agreement with Citibank Colombia S.A., extending the maturity date to May 30, 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 March 31, 2025, was USD 3,374.

(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.

24. 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 March 31, 2025, the total amount recognized for existing contingencies classified as probable by the Group, as evaluated by its legal advisors, is USD 543. 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:


	March 31, 2025	December 31, 2024
Carrying amount as of January 1	500	362
Reversal	(22)	(92)
Interest charges	2	11
Additions	63	219
Carrying amount as of December 31	543	500

Class action lawsuits

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.

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.

Developments in Argentina

25. 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 August 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 an additional repayment of USD 5,000, reducing the outstanding loan balance. 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:


	Three months ended
	March 31, 2025	March 31, 2024
Short-term employee benefits – Salaries and wages	4,386	740
Long-term employee benefits – Share-based payment	1,212	3,546
	5,598	4,286

The following transactions occurred with related parties:


	Three months ended
	March 31, 2025	March 31, 2024
Transactions with merchants – Revenues	182	241
Transactions with collection entities – Costs	(2,230)	(1)
Transactions with other related parties – Financial expenses (item (a)) (1)	(1,394)	(6,729)

(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:


	March 31, 2025	December 31, 2024
Balances with collection entities – Trade payables	(458)	(429)
Balances with collection entities – Trade receivables	6,148	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.

26. Fair value hierarchy

The following tables show financial instruments recognized at fair value for the period ended March 31, 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.


March 31, 2025	FVPL	Amortized cost	Total	Level 1	Level 2
Assets
Cash and cash equivalents	54,977	456,529	511,506	54,977	—
Cash and demand deposit	—	456,529	456,529	—	—
Money market fund and others	54,977	—	54,977	54,977	—
Financial assets at fair value through profit or loss	125,487	—	125,487	125,487	—
Other assets	26,706	5,990	32,696	—	26,706
Trade and other receivables	—	492,867	492,867	—	—
Derivative financial instruments (1)	463	—	463	—	463
	207,633	955,386	1,163,019	180,464	27,169


December 31, 2024	FVPL	Amortized 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 at fair value through profit or loss	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


March 31, 2025	FVPL	Amortized cost	Total	Level 1	Level 2
Liabilities
Trade and other payables	—	(614,133)	(614,133)	—	—
Derivative financial instruments (1)	(1,098)	—	(1,098)	—	(1,098)
Financial liabilities	—	(54,248)	(54,248)	—	—
Lease liabilities	—	(3,932)	(3,932)	—	—
	(1,098)	(672,313)	(673,411)	—	(1,098)


December 31, 2024	FVPL	Amortized 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)

(1)

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 March 31, 2025 and December 31, 2024, the Group did not recognized any financial assets under level 3.

27. Subsequent events

On May 13, 2025, the Company’s Board of Directors authorized and declared a cash dividend of an aggregate of US$ 150,000, equivalent to approximately US$0.5251 per share, to shareholders of record as of the close of the business day on May 27, 2025, to be paid on or about June 10, 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. The declaration of future dividends remains at the discretion of the Board of Directors.

Exhibit 99.3

Exhibit 99.4

Exhibit 99.5

DLocal Limited Declares Dividend Distribution

MONTEVIDEO, Uruguay, May 14, 2025 – DLocal Limited (NASDAQ: DLO, “DLocal” or the “Company”), a technology-first payments platform enabling global enterprise merchants to connect with billions of consumers in emerging markets, today announced that it has declared a extraordinary cash dividend of an aggregate of US$150,000,000, equivalent to approximately US$0.5251 per share, to shareholders of record as of the close of business on May 27, 2025. The dividend is expected to be paid on or about June 10, 2025.

In addition, going forward, we intend to pay annual cash dividends to the holders of our common shares at an amount equal to 30% of our free cash flow for the prior year. We do not have a legal obligation to pay an annual dividend or dividends at any specified rate or at all. Any declaration of dividends will be at the discretion of our board of directors, having regard to the best interests of the Company and any limitations imposed by law and our memorandum and articles of association and will depend on our financial condition, earnings, cash needs, regulatory constraints, contractual obligations, capital requirements (including requirements of our subsidiaries and the ability of our subsidiaries to pay dividends to us) and any other factors that our board of directors deems relevant in making such a determination. Therefore, there can be no assurance that we will pay any dividends to holders of our common shares, or as to the amount of any such dividends.

About DLocal

DLocal powers local payments in emerging markets connecting global enterprise merchants with billions of emerging market consumers across APAC, the Middle East, Latin America, and Africa. Through the “One DLocal” concept (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 payout processors, set up numerous local entities, and integrate multiple acquirers and payment methods in each market.

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:

marketing@dlocal.com

DLocal (NASDAQ:DLO)
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DLocal (NASDAQ:DLO)
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