Company: DLO
Filing Date: 2025-09-03
Form Type: 424B3
Source: 0000950103-25-011193
Chunk: 9

Company: dLocal Ltd
Filing Date: 2025-09-03
Form: 424B3
Chunk 9
---
 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, |   |     | 2023 |         |   |     | 2022 |         |   |
|:--------------------------------------|:----|:-----------------------------------------|-------------------------:|:--|:----|:-----|--------:|:--|:----|:-----|-------------------:|:--|:----|:-----|--------:|:--|:----|:-----|--------:|:--|
|                                       |     | In thousands of US$ (except percentages) |                          |   |     |      |         |   |     |      |                    |   |     |      |         |   |     |      |         |   |
| Operating profit                      |     |                                          |                  101,610 |   |     |      |  57,096 |   |     |      |            140,500 |   |     |      | 179,657 |   |     |      | 127,910 |   |
| (+) Depreciation and amortization(1)  |     |                                          |                   10,602 |   |     |      |   7,