Company: DLO
Filing Date: 2025-04-24
Form Type: 20-F
Source: 0000950170-25-058197
Chunk: 59

Company: dLocal Ltd
Filing Date: 2025-04-24
Form: 20-F
Item: Item 8
Chunk 59
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 expatriation;

• inflation;

• liquidity of the domestic capital and lending markets;

• exchange control policies and restrictions on remittances abroad and payments of dividends;

• modifications to laws and regulations, sometimes radical changes, according to political, social and economic interests;

• fiscal policy, monetary policy and changes in tax laws or rates;

• economic, political and social instability, including general strikes, mass demonstrations and civil strikes;

• high levels of unemployment and underemployment;

• labor and social security regulations;

• actual or threatened epidemics, pandemics, outbreaks, or other public health crises;

• limited infrastructure, including access to telecommunications and internet services;

• energy and water shortages and rationing;

• expropriations;

• commodity prices;

• high levels of organized crime activity;

• natural disasters;

• government intervention in the private sector, including through potential nationalization of private enterprises; and

• other political, diplomatic, social and economic developments in or affecting the countries in which we operate.

Uncertainty over whether the governments of the countries in which we operate will implement reforms or changes in policy or regulation affecting these or other factors in the future may affect economic performance and contribute to economic uncertainty in those countries, which may have an adverse effect on our activities and consequently our results of operations. In addition, the political environment of the countries in which we operate has historically influenced, and continues to influence, economic performance in such countries. Political crises have affected and continue to affect the confidence of investors and the general public, which have historically resulted in economic deceleration and heightened volatility in the securities offered by companies with significant operations in those countries. Recent economic instability in a number of the countries in which we operate has contributed to a decline in market confidence in the respective economies as well as to a deteriorating political environment. The occurrence of adverse events that create additional political uncertainty in any of these countries could harm the economy of the countries in which we operate and, consequently, our business, and could adversely affect our financial condition, results of operations and the price of our Class A common shares.

Developments and the perceptions of risks in emerging markets, the United States and Europe, may harm the economies of the countries in which we operate and the price of our Class A common shares.

The market for securities offered by companies like us with significant operations in emerging market countries is influenced by economic and market conditions in other similar emerging market countries, as well as market conditions in the United States and Europe. To the extent the conditions of the global markets or economy deteriorate,