Company: DLO
Filing Date: 2025-09-03
Form Type: 424B3
Source: 0000950103-25-011193
Chunk: 8

Company: dLocal Ltd
Filing Date: 2025-09-03
Form: 424B3
Chunk 8
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 note 21 to our financial statements for the year ended December 31, 2024
(“FY24 Financial Statements”)), plus (ii) changes in Trade payables (disclosed in note 17 to our 2Q25 Financial Statements
and note 21 to our FY24 Financial Statements), plus (iii) changes in Other tax liabilities (disclosed in note 21 to our 2Q25 Financial
Statements and note 23 to our FY24 Financial Statements). Capital expenditures consist of acquisitions of property, plant and equipment
and additions of intangible assets.

Management uses Adjusted Free Cash Flow as a measure for
evaluating the corporate cash generation and the cash available for distribution to our shareholders as dividends pursuant to our dividend
policy. Adjusted Free Cash Flow is not a financial measure recognized under IFRS and does not purport to be an alternative to cash generated from
operating activities or as a measure of liquidity. Our presentation of Adjusted Free Cash Flow has limitations as an analytical tool, and you should
not consider it in isolation or as a substitute for analysis of our results as reported under IFRS. See below for a reconciliation of
our Adjusted Free Cash Flow to the nearest IFRS measure.

Special Note Regarding Adjusted EBITDA and Adjusted EBITDA Margin

We define Adjusted EBITDA as the consolidated
profit from operations before financing and taxation for the applicable reporting period before depreciation of property, plant and equipment,
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, secondary offering expenses, other non-recurring costs
and share-based payment non-cash charges. We calculate Adjusted EBITDA Margin by dividing Adjusted EBITDA by our revenues.

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Although Adjusted EBITDA and Adjusted EBITDA Margin
may be commonly viewed as non-IFRS measures in other contexts, pursuant to IFRS 8, (“Operating Segments”), Adjusted EBITDA
and Adjusted EBITDA Margin are herein treated as IFRS measures in the manner in which we utilize these measures. Nevertheless, our Adjusted
EBITDA and Adjusted EBITDA Margin metrics should not be viewed in isolation or as a substitute for our profit for the periods presented
under IFRS Accounting Standards. We also believe that our Adjusted