Company: DLO
Filing Date: 2025-04-24
Form Type: 20-F
Source: 0000950170-25-058197
Chunk: 144

Company: dLocal Ltd
Filing Date: 2025-04-24
Form: 20-F
Item: Item 16K
Chunk 144
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, inspection findings and additional exposures identified based on new issues or court decisions.
3.2. Share-based payment transactions
Estimating fair value for share-based payment transactions requires determination of the most appropriate valuation model, which depends on the terms and conditions of the grant. The estimate also requires determination of the most appropriate inputs to the valuation model, including the expected life of share option or appreciation right.
Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of certain conditions could change in the near term due to one or more future confirming events. Situations or sets of circumstances existing at the date of these consolidated financial statements, which management considered in formulating its estimates, may be subject to revisions based on new information or evolving conditions. For more information, see Note 29.

4. Consolidation of subsidiaries
dLocal Limited is the Group parent and acts as a holding company for all subsidiaries. dLocal main activity is the processing of cross-border and local payments, enabling international merchants to access end customers in emerging markets. Its principal sources of revenue include dividends from subsidiaries and profit-sharing payments from subsidiary partnerships.
The Consolidated Financial Statements of the Group include the following subsidiaries, each of which serves different vertical and/or provides a specific service according to the needs of the Group:

F-24

Ownership interest held by the group Ownership interest held by non-controlling interests
Entity name Country of incorporation Principal activities 2024 2023 2024 2023
Dlocal Group Limited Malta Holding Company 100% 100% - - 
Dlocal Limited Malta Payments provider 99.999% 99.999% 0.001% 0.001%
Dlocal Markets Limited Malta Holding Company 100% 100% - - 
Dlocal Hold Ops Limited Cayman Islands Holding Company 100% 100% - - 
Dlocal LLP (1) United Kingdom Payments provider 100% 99.999% - 0.001%
Dlocal Corp LLP (1) United Kingdom Payments provider 100% 99.999% - 0.001%
Dlocal OpCo UK LTD United Kingdom Payments & Service provider 100% 100% - - 
Dlocal Technologies S. A. Uruguay Service provider 100% 100% - - 
Dlocal Uruguay S. A. Uruguay Collection entity 100% 100% - - 
Dlocal PTE Limited Singapore Holding Company & Service provider 100% 100% - - 
Dlocal Argentina S