Company: DLO
Filing Date: 2025-09-04
Form Type: 424B3
Source: 0000950103-25-011286
Chunk: 8

Company: dLocal Ltd
Filing Date: 2025-09-04
Form: 424B3
Chunk 8
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 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

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non-recurring costs and share-based payment non-cash
charges. We calculate Adjusted EBITDA Margin by dividing Adjusted EBITDA by our revenues.

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 EBITDA and Adjusted EBITDA Margin metrics are useful metrics used by
analysts and investors, although these measures are not explicitly defined under IFRS Accounting Standards. Additionally, the way we calculate
our operating segment’s performance measures may be different from the calculations used by other entities, including competitors,
and therefore, our performance measures may not be comparable to those of other entities. See “Item 5. Operating and Financial Review
and Prospects” in our 2024 Form 20-F and “Management’s Discussion and Analysis of Financial Condition and Results of
Operations—Key Business Metrics” in the 2Q25 MD&A 6-K for a reconciliation of our Adjusted EBITDA and Adjusted EBITDA
Margin to our profit for the period.

Reconciliations of Non-IFRS Financial Measures

The following tables present a reconciliation
of each of Adjusted Operating Profit, Adjusted Operating Profit to Gross Profit, and Adjusted Free Cash Flow to the nearest IFRS metric.

Adjusted Operating Profit and Adjusted Operating Profit to Gross Profit reconciliation

|                                                       |     | 2025                                     | For the Six-Month Period Ended 
                       June 30, |   |     | 2024 |         |   |     | 2024 | For the Year Ended 
       December 31, |   |