Company: DLO
Filing Date: 2025-09-03
Form Type: 424B3
Source: 0000950103-25-011193
Chunk: 10

Company: dLocal Ltd
Filing Date: 2025-09-03
Form: 424B3
Chunk 10
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 | 154,451 |   |
| (-) Changes in working capital (merchant)(2)             |     |                     |                 (115,748 | ) |     |      | (28,880 | ) |     |      |            146,034 |   |     |      | (71,312 | ) |     |      | (80,604 | ) |
| (-) Capital expenditures(3)                              |     |                     |                  (15,946 | ) |     |      | (11,090 | ) |     |      |            (22,647 | ) |     |      | (18,225 | ) |     |      | (12,352 | ) |
| Adjusted Free Cash Flow	(Unaudited)                      |     |                     |                   88,178 |   |     |      |  28,806 |   |     |      |             90,603 |   |     |      | 203,916 |   |     |      |  61,495 |   |

| (1) | Depreciation and amortization includes (i) Depreciation and disposals of property, plant and equipment and right-of-use assets plus      
 (ii) Amortization of intangible assets, as per the statements of cash flows included in our 2Q25 Financial Statements and FY24 Financial 
 Statements.                                                                                                                              |

| (2) | Changes in working capital (merchant) consists of (i) changes in the period in the balance of trade receivables net (disclosed in          
 note 17 to our 2Q25 Financial Statements and note 16 to our FY24 Financial Statements), plus (ii) changes in the period in the balance     
 of trade payables (disclosed in note 20 to our 2Q25 Financial Statements and note 21 to our FY24 Financial Statements), plus (iii) changes 
 in in the period in the balance of other tax liabilities (disclosed in note 21 to our 2Q25 Financial Statements and note 23 to our FY24    
 Financial Statements).                                                                                                                     |

| (3) | Capital expenditures consist of Acquisitions of property, plant and equipment and additions of intangible assets, as per the statements 
 of cash flows included in our 2Q25 Financial Statements and FY24 Financial Statements.                                                  |

<div align='center'>S-vi

Summary</div>

This summary highlights information contained elsewhere or incorporated by reference in this prospectus supplement