dLocal Reports 2025 Second Quarter Financial Results
dLocal (NASDAQ:DLO) reported strong Q2 2025 financial results with record-breaking performance. Total Payment Volume (TPV) reached US$9.2 billion, up 53% year-over-year, marking the third consecutive quarter of 50%+ growth. Revenue increased 50% YoY to US$256.5 million, while gross profit grew 42% to US$98.9 million.
The company demonstrated solid operational leverage with Adjusted EBITDA reaching US$70.1 million (up 64% YoY) and strong free cash flow generation of US$48 million. Brazil and Mexico showed robust performance, while other markets exhibited fastest growth, enhancing geographical diversification.
Based on strong H1 2025 results, dLocal raised its full-year 2025 guidance, projecting 40-50% YoY growth in TPV and Adjusted EBITDA, 30-40% in revenue, and 27.5-37.5% in gross profit.
dLocal (NASDAQ:DLO) ha pubblicato risultati finanziari molto positivi nel 2掳 trimestre 2025, con performance da record. Il Volume Totale dei Pagamenti (TPV) ha raggiunto US$9.2 billion, in crescita del 53% su base annua, segnando il terzo trimestre consecutivo con una crescita superiore al 50%. I ricavi sono aumentati del 50% YoY a US$256.5 million, mentre il margine lordo 猫 salito del 42% fino a US$98.9 million.
L'azienda ha mostrato un solido leverage operativo con il EBITDA rettificato a US$70.1 million (in aumento del 64% YoY) e una forte generazione di free cash flow pari a US$48 million. Brasile e Messico hanno registrato performance robuste, mentre altri mercati hanno segnato la crescita pi霉 rapida, migliorando la diversificazione geografica.
Sulla base dei forti risultati del 1掳 semestre 2025, dLocal ha alzato la guidance per l'intero 2025, prevedendo una crescita YoY del 40-50% del TPV e dell'EBITDA rettificato, del 30-40% dei ricavi e del 27,5-37,5% del margine lordo.
dLocal (NASDAQ:DLO) inform贸 s贸lidos resultados financieros en el 2T 2025, con un desempe帽o r茅cord. El Volumen Total de Pagos (TPV) alcanz贸 US$9.2 billion, un aumento del 53% interanual, siendo el tercer trimestre consecutivo con crecimiento superior al 50%. Los ingresos crecieron 50% interanual hasta US$256.5 million, mientras que la utilidad bruta aument贸 42% a US$98.9 million.
La compa帽铆a mostr贸 un s贸lido apalancamiento operativo con el EBITDA Ajustado en US$70.1 million (subida del 64% interanual) y una fuerte generaci贸n de flujo de caja libre de US$48 million. Brasil y M茅xico tuvieron un desempe帽o robusto, mientras que otros mercados registraron el mayor crecimiento, mejorando la diversificaci贸n geogr谩fica.
Con base en los s贸lidos resultados del primer semestre de 2025, dLocal elev贸 su gu铆a para todo 2025, proyectando un crecimiento interanual del 40-50% del TPV y del EBITDA Ajustado, 30-40% en ingresos y 27.5-37.5% en utilidad bruta.
dLocal (NASDAQ:DLO)電� 2025雲� 2攵勱赴鞐� 旮半鞝侅澑 鞁れ爜鞚� 氚滍憸頄堨姷雼堧嫟. 齑� 瓴办牅鞎�(TPV)鞚� US$9.2 billion鞙茧 鞝勲厔 霃欔赴 雽�牍� 53% 歃濌皜頄堨溂氅�, 3攵勱赴 鞐办啀 50% 鞚挫儊 靹膘灔頃� 靾橃箻毳� 旮半頄堨姷雼堧嫟. 毵れ稖鞚� 鞝勲厔 雽�牍� 50% 歃濌皜頃� US$256.5 million, 齑濎澊鞚奠潃 42% 歃濌皜頃� US$98.9 million毳� 旮半頄堨姷雼堧嫟.
須岇偓電� 瓴碃頃� 鞓侅梾 霠堧矂毽毳� 氤挫棳欤检棃鞙茧┌, 臁办爼 EBITDA電� US$70.1 million(鞝勲厔 雽�牍� 64% 歃濌皜)鞐� 雼枅瓿�, 鞛愳湢順勱笀頋愲鞚� US$48 million鞙茧 臧曧晿瓴� 彀届稖霅橃棃鞀惦媹雼�. 敫岆澕歆堦臣 氅曥嫓旖旊姅 瓴“頃� 鞁れ爜鞚� 氤挫榾瓿�, 旮绊儉 鞁滌灔霌れ澊 臧�鞛� 牍犽ジ 靹膘灔靹鸽ゼ 氤挫澊氅� 歆�毽爜 雼り皝頇旊ゼ 臧曧檾頄堨姷雼堧嫟.
2025雲� 靸侂皹旮� 鞁れ爜鞚� 氚旐儠鞙茧 dLocal鞚� 2025雲� 鞐瓣皠 臧�鞚措崢鞀るゼ 靸來枼 臁办爼頄堨溂氅�, TPV 氚� 臁办爼 EBITDA鞐� 雽�頃� 鞐瓣皠 旮办 40-50% 靹膘灔, 毵れ稖 30-40%, 齑濎澊鞚� 27.5-37.5%毳� 鞝勲頃橁碃 鞛堨姷雼堧嫟.
dLocal (NASDAQ:DLO) a publi茅 d'excellents r茅sultats pour le 2e trimestre 2025, avec des performances record. Le volume total des paiements (TPV) a atteint US$9.2 billion, en hausse de 53% en glissement annuel, marquant le troisi猫me trimestre cons茅cutif avec une croissance sup茅rieure 脿 50%. Le chiffre d'affaires a augment茅 de 50% en glissement annuel 脿 US$256.5 million, tandis que la marge brute a progress茅 de 42% 脿 US$98.9 million.
La soci茅t茅 a montr茅 un solide effet de levier op茅rationnel avec un EBITDA ajust茅 de US$70.1 million (en hausse de 64% en glissement annuel) et une forte g茅n茅ration de flux de tr茅sorerie disponible de US$48 million. Le Br茅sil et le Mexique ont affich茅 des performances robustes, tandis que d'autres march茅s ont connu la croissance la plus rapide, renfor莽ant la diversification g茅ographique.
Sur la base des solides r茅sultats du 1er semestre 2025, dLocal a relev茅 ses pr茅visions pour l'ensemble de l'ann茅e 2025, projetant une croissance annuelle du TPV de 40-50% et de l'EBITDA ajust茅, 30-40% des revenus et 27,5-37,5% de la marge brute.
dLocal (NASDAQ:DLO) meldete starke Finanzergebnisse f眉r das 2. Quartal 2025 mit Rekordwerten. Das Total Payment Volume (TPV) erreichte US$9.2 billion, ein Anstieg von 53% gegen眉ber dem Vorjahr und damit das dritte Quartal in Folge mit mehr als 50% Wachstum. Der Umsatz stieg um 50% YoY auf US$256.5 million, w盲hrend der Bruttogewinn um 42% auf US$98.9 million zunahm.
Das Unternehmen zeigte eine solide operative Hebelwirkung: Das bereinigte EBITDA lag bei US$70.1 million (plus 64% YoY) und der Free Cashflow betrug US$48 million. Brasilien und Mexiko lieferten starke Ergebnisse, w盲hrend andere M盲rkte das schnellste Wachstum verzeichneten und so die geografische Diversifizierung st盲rkten.
Auf Basis der starken Ergebnisse des ersten Halbjahres 2025 hat dLocal die Jahresprognose f眉r 2025 angehoben und erwartet ein YoY-Wachstum des TPV und des bereinigten EBITDA von 40鈥�50%, 30鈥�40% beim Umsatz und 27,5鈥�37,5% beim Bruttogewinn.
- Record TPV of US$9.2 billion, growing 53% year-over-year
- Revenue increased 50% YoY to US$256.5 million
- Adjusted EBITDA grew 64% YoY to US$70.1 million
- Free cash flow up 156% YoY to US$48.4 million
- Improved operational leverage with Adjusted EBITDA/Gross Profit reaching 71%
- Upward revision of full-year 2025 guidance across all metrics
- Strong geographical diversification with solid growth in Brazil and Mexico
- Net income decreased 7% YoY to US$42.8 million due to Argentine peso devaluation impact
- Gross profit margin declined to 39% from 41% in Q2 2024
- Partial volume loss in Egypt due to large merchant implementing redundancies
- Increased effective income tax rate to 16% from 10% in previous quarter
- Corporate cash decreased by US$102.1 million QoQ due to US$150 million dividend payment
Insights
dLocal posts strong Q2 results with 53% TPV growth, raises 2025 guidance amid operational efficiency improvements and market diversification.
dLocal delivered exceptional growth across all key metrics in Q2 2025, with
Revenue reached
The company's operational leverage continues to improve markedly, with Adjusted EBITDA to Gross Profit ratio reaching
Free cash flow generation was particularly impressive at
Management's decision to increase full-year guidance across all metrics (TPV:
The governance changes, including a commitment to a majority-independent board and treasury share cancellation, represent positive steps toward improved corporate governance practices that should help address past investor concerns.
TPV at record high of US
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 (
Continued strong cash flow generation with US
Upward adjustment on our full-year 2025 guidance for TPV, Revenue, Gross Profit and Adjusted EBITDA.
MONTEVIDEO, Uruguay, Aug. 13, 2025 (GLOBE NEWSWIRE) -- DLocal Limited (鈥渄Local鈥�, 鈥渨e鈥�, 鈥渦s鈥�, and 鈥渙ur鈥�) (NASDAQ:DLO), a technology - first payments platform, today announced its financial results for the second quarter ended June 30, 2025.
dLocal鈥檚 management team will host a conference call and audio webcast on August 13, 2025 at 5:00 p.m. Eastern Time. Please 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鈥檚 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.
鈥淲e 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,鈥� 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 (鈥淭PV鈥�) reached a record US
$9.2 billion in the second quarter, up53% year-over-year compared to US$6.0 billion in the second quarter of 2024 and up14% compared to US$8.1 billion in the first quarter of 2025. In constant currency, TPV growth for the period would have been65% year-over-year. - Revenues amounted to US
$256.5 million , up50% year-over-year compared to US$171.3 million in the second quarter of 2024 and up18% 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 been63% year-over-year. - Gross profit was US
$98.9 million in the second quarter of 2025, up42% compared to US$69.8 million in the second quarter of 2024 and up17% 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 grew9% . In constant currency, gross profit growth for the period would have been55% year-over-year. - As a result, gross profit margin was
39% in this quarter, compared to41% in the second quarter of 2024 and39% in the first quarter of 2025. - Gross profit over TPV was at
1.07% decreasing from1.16% in the second quarter of 2024 and increasing from1.05% compared to the first quarter of 2025. - Operating profit was US
$55.8 million , up85% compared to US$30.2 million in the second quarter of 2024 and up22% compared to US$45.8 million in the first quarter of 2025. Operating expenses grew by9% year-over-year, as we continue to invest in our capabilities. On the sequential comparison, operating expenses increased by10% 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 , up64% compared to US$42.7 million in the second quarter of 2024 and up21% compared to US$57.9 million in the first quarter of 2025. - Adjusted EBITDA margin was
27% , compared to the25% recorded in the second quarter of 2024 and27% in the first quarter of 2025. Adjusted EBITDA over gross profit of71% increased compared to61% in the second quarter of 2024 and68% in the first quarter of 2025, marking the fifth consecutive quarter of improvement. - EBITDA was US
$61.3 million , up79% compared to US$34.3 million in the second quarter of 2024 and up20% 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% from10% 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, down7% compared to a profit of US$46.2 million , or US$0.15 per diluted share, for the second quarter of 2024 and down8% 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鈥檚 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 over80% and reallocating to US treasuries. - Free cash flow for the second quarter of 2025 amounted to US
$48.4 million , up156% year-over-year compared to US$19.0 million in the second quarter of 2024 and up22% 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$150.0 million in dividends in June 2025.
The following table summarizes our key performance metrics:
| 听 | Three months ended June 30 | Six months ended June 30 | ||||||||||
| 听 | 2025 | 听 | 2024 | 听 | % change | 2025 | 听 | 2024 | 听 | % change | ||
| Key Performance metrics | (In millions of US$ except for %) | |||||||||||
| TPV | 9,212 | 听 | 6,035 | 听 | 53 | % | 17,319 | 听 | 11,346 | 听 | 53 | % |
| Revenue | 256.5 | 听 | 171.3 | 听 | 50 | % | 473.2 | 听 | 355.7 | 听 | 33 | % |
| Gross Profit | 98.9 | 听 | 69.8 | 听 | 42 | % | 183.8 | 听 | 132.8 | 听 | 38 | % |
| Gross Profit margin | 39 | % | 41 | % | -2p.p | 听 | 39 | % | 37 | % | 2p.p | 听 |
| Adjusted EBITDA | 70.1 | 听 | 42.7 | 听 | 64 | % | 128.0 | 听 | 79.5 | 听 | 61 | % |
| Adjusted EBITDA margin | 27 | % | 25 | % | 2p.p | 听 | 27 | % | 22 | % | 5p.p | 听 |
| Adjusted EBITDA/Gross Profit | 71 | % | 61 | % | 10p.p | 听 | 70 | % | 60 | % | 10p.p | 听 |
| Profit | 42.8 | 听 | 46.2 | 听 | -7 | % | 89.5 | 听 | 64.0 | 听 | 40 | % |
| Profit margin | 17 | % | 27 | % | -10p.p | 听 | 19 | % | 18 | % | 1p.p | 听 |
Special note regarding Adjusted EBITDA and Adjusted EBITDA Margin
dLocal has only one operating segment. dLocal measures its operating segment鈥檚 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, (鈥淥perating Segments鈥�), 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鈥檚 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鈥檚 performance measures may be different from the calculations used by other entities, including competitors, and therefore, dLocal鈥檚 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鈥檚 Adjusted EBITDA to net income:
| $ in thousands | Three months ended June 30 | Six months ended June 30 | ||
| 听 | 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 loss鹿 | 2,480 | 1,553 | 2,902 | 3,372 |
| Impairment loss / (gain) on financial assets虏 | 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)
| 听 | Three months ended June 30 | Six months ended June 30 | ||
| 听 | 2025 | 2024 | 2025 | 2024 |
| Continuing operations | 听 | 听 | 听 | 听 |
| Revenues | 256,458 | 171,279 | 473,217 | 355,709 |
| Cost of services | (157,573) | (101,468) | (289,453) | (222,927) |
| Gross profit | 98,885 | 69,811 | 183,764 | 132,782 |
| Technology and development expenses | (7,380) | (6,408) | (14,147) | (11,873) |
| Sales and marketing expenses | (4,842) | (4,505) | (11,977) | (9,136) |
| General and administrative expenses | (27,003) | (27,074) | (51,327) | (51,406) |
| Impairment (loss)/gain on financial assets | (1,415) | (76) | (1,801) | 101 |
| Other operating loss | (2,480) | (1,553) | (2,902) | (3,372) |
| Operating profit | 55,765 | 30,195 | 101,610 | 57,096 |
| Finance income | 11,110 | 29,247 | 23,338 | 47,504 |
| Finance costs | (14,895) | (1,202) | (20,154) | (19,160) |
| Inflation adjustment | (984) | (1,941) | (1,869) | (4,309) |
| Other results | (4,769) | 26,104 | 1,315 | 24,035 |
| Profit before income tax | 50,996 | 56,299 | 102,925 | 81,131 |
| Income tax expense | (8,188) | (10,060) | (13,450) | (17,174) |
| Profit for the period | 42,808 | 46,239 | 89,475 | 63,957 |
| 听 | 听 | 听 | 听 | 听 |
| Profit attributable to: | 听 | 听 | 听 | 听 |
| Owners of the Group | 42,810 | 46,244 | 89,440 | 63,952 |
| Non-controlling interest | (2) | (5) | 35 | 5 |
| Profit for the period | 42,808 | 46,239 | 89,475 | 63,957 |
| 听 | 听 | 听 | 听 | 听 |
| Earnings per share (in USD) | 听 | 听 | 听 | 听 |
| Basic Earnings per share | 0.15 | 0.16 | 0.31 | 0.22 |
| Diluted Earnings per share | 0.14 | 0.15 | 0.30 | 0.21 |
| 听 | 听 | 听 | 听 | 听 |
| Other comprehensive Income | 听 | 听 | 听 | 听 |
| Items that are or may be reclassified to profit or loss: | 听 | 听 | 听 | 听 |
| 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: | 听 | 听 | 听 | 听 |
| 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) | ||
| 听 | Three months ended June 30 | |
| 听 | June 30, 2025 | March 31, 2025 |
| ASSETS | 听 | 听 |
| Current Assets | 听 | 听 |
| 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 | 听 | 听 |
| 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 | 听 | 听 |
| Current Liabilities | 听 | 听 |
| 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 | 听 | 听 |
| 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 | 听 | 听 |
| 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) | ||||
| 听 | Three months ended June 30 | Six months ended June 30 | ||
| 听 | 2025 | 2024 | 2025 | 2024 |
| Cash flows from operating activities | 听 | 听 | 听 | 听 |
| Profit before income tax | 50,996 | 56,299 | 102,925 | 81,131 |
| Adjustments: | 听 | 听 | 听 | 听 |
| 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) |
| 听 | 72,306 | 36,207 | 135,467 | 64,502 |
| Changes in working capital | 听 | 听 | 听 | 听 |
| 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 | 听 | 听 | 听 | 听 |
| 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 | 听 | 听 | 听 | 听 |
| 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 鈥淥ne dLocal鈥� 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鈥檚 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鈥檚 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 鈥淩isk Factors,鈥� 鈥淔orward-Looking Statements鈥� and 鈥淐autionary Statement Regarding Forward-Looking Statements鈥� sections of dLocal鈥檚 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.
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