Company: DLO
Filing Date: 2025-09-03
Form Type: 424B3
Source: 0000950103-25-011193
Chunk: 15

Company: dLocal Ltd
Filing Date: 2025-09-03
Form: 424B3
Chunk 15
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 for the six-month period ended June 30, 2025, representing an increase of
33% as compared to the six-month period ended June 30, 2024. Our TPV was US$25.6 billion, US$17.7 billion and US$10.6 billion for the
years ended December 31, 2024, 2023, and 2022, respectively, representing an increase of 44.7% when comparing 2024 to 2023 and an increase
of 67.3% when comparing 2023 to 2022. Our total consolidated revenues were US$746.0 million, US$650.4 million and US$418.9 million for
the years ended December 31, 2024, 2023, and 2022, respectively, representing an increase of 14.7% when comparing 2024 to 2023 and an
increase of 55.2% when comparing 2023 to 2022.

We believe our asset-light operating model with
low capital requirements allows for continuous reinvestment to drive top line growth. Our strong profitability and cash flow generation
is due in large part to our solving of the complex payments problems on behalf of our merchants in underserved geographies. Our Adjusted
EBITDA Margin was 27.0% 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

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