Company: DLO
Filing Date: 2025-09-04
Form Type: 424B3
Source: 0000950103-25-011286
Chunk: 14

Company: dLocal Ltd
Filing Date: 2025-09-04
Form: 424B3
Chunk 14
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0% for the six-month period ended June 30, 2025, and 22.3% for the six-month period ended June 30, 2024. Our Adjusted
EBITDA Margin was 25.3%, 31.1% and 36.5% during theyears ended December 31, 2024, 2023, and 2022, respectively. We expect to continue to invest in profitable growth, pursuing opportunities that grow both our revenues and our profit for the year, always in a disciplined manner in an effort to maximize the return on these investments. Furthermore,
we expect to continue to balance between efficiently using our capital and maximizing shareholder returns, a practice we believe is demonstrated
by the fact that we have returned US$351 million to shareholders between 2022 and the six-month period ended June 30, 2025, through a
combination of dividends and share buybacks.

Our Competitive Strengths

The following strengths and advantages are at
the core of our strategy:

<div align='center'>S-5</div>

One single API, one single platform to connect to emerging markets

dLocal’s value is derived from the simplicity of our fully cloud-based proprietary platform, accessible through a single API, that enables global merchants to potentially reach nearly two billion internet users in the emerging markets we serve (excluding China). Traditional payments providers serving these markets are often burdened with disparate legacy technology systems that have been stitched together over time. This limits pricing transparency and leads to reconciliation and refund management complexities, a sub-optimal user experience, lower conversion rates, and subpar system availability, as well as increased levels of fraud and compliance issues. Conversely, dLocal offers a modern and flexible technology stack that is purpose-built to meet our global merchants’ high performance and scalability expectations, as demonstrated in our ability to increase our TPV by 15.3 times between 2020 and the twelve-month period between July 1, 2024 and June 30, 2025. Additionally, we use artificial intelligence to accelerate feature delivery and improve conversion. We believe the durable advantage lies not in AI itself, which is broadly available, but in how we apply it to our proprietary, multi-year transaction and risk data. Machine learning models trained on this data and integrated across our platform may improve approval rates, reduce latency, and lower costs in ways that may be difficult for others to match.

dLocal’s platform provides rapid, reliable, and convenient support for pay-in and pay-out transactions