dLocal Q3 2026 revenue rises 41% to $398 million
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
6-K
Rhea-AI Filing Summary
dLocal Ltd (DLO) reported third-quarter 2026 revenue of $398.0 million, up 41% year over year, while total payment volume reached $18.3 billion, up 77%. Gross profit was $132.0 million (+28%), operating profit $76.2 million (+37%) and net income $68.0 million (+31%). Operating expenses rose 17%. Gross profit margin was 33%, compared with 37% a year earlier, while the operating-profit-to-gross-profit ratio rose to 58% from 54%. Adjusted free cash flow was $99.1 million for the quarter and $182.3 million for the nine months ended September 30, 2026; nine-month conversion to net income was 111%.
At September 30, 2026, cash and cash equivalents totaled $1,033.9 million, including $536.9 million of corporate cash. During the first nine months of 2026, dLocal repurchased and cancelled 9,130,803 Class A common shares for $120.1 million under its $300 million repurchase program. On August 12, 2026, the company entered into a $150 million credit facility, with proceeds intended for general corporate purposes.
4 points · 0 major0 major · 1 point
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointTPV grew 77% to $18.3 billion in the third quarter.
- Moderate pointRevenue increased 41% to $398.0 million year over year.
- Moderate pointNet income rose 31% to $68.0 million year over year.
- Moderate pointAdjusted free cash flow rose 163% to $99.1 million year over year.
Negative
- Moderate pointGross profit margin declined to 33% from 37% year over year.
Key Figures
Total payment volume: $18.3 billion
Revenue: $398.0 million
Gross profit: $132.0 million
+4 more
7 metrics
Total payment volume
$18.3 billion
Third quarter 2026; up 77% year over year.
Revenue
$398.0 million
Third quarter 2026; up 41% year over year.
Gross profit
$132.0 million
Third quarter 2026; up 28% year over year.
Operating profit
$76.2 million
Third quarter 2026; up 37% year over year.
Net income
$68.0 million
Third quarter 2026; up 31% year over year.
Adjusted free cash flow
$99.1 million for the third quarter; $182.3 million for the nine months
Third-quarter amount was up 163% year over year; nine-month cash-flow conversion to net income was 111%.
Class A common shares repurchased and cancelled
9,130,803 shares; $120.1 million total consideration
During the nine months ended September 30, 2026, under the $300 million repurchase program.
Key Terms
Total Payment Volume, Net revenue retention, Adjusted free cash flow, Term SOFR, +1 more
5 terms
Total Payment Volume financial
"Total Payment Volume (“TPV”) reached US$18.3 billion"
The total payment volume is the sum of all money that flows through a payment platform or service over a given period, including purchases, transfers, and other transactions. Like measuring the total gallons of water running through a pipe to gauge how busy it is, TPV shows how much business a payments provider or marketplace handles and helps investors assess scale, growth, market share and potential fee-based revenue.
Net revenue retention financial
"Net revenue retention was 140%"
Net revenue retention measures how much revenue a company keeps from its existing customers over a set period after accounting for customers who leave, reductions in spending, and any increases from upsells or cross-sells. For investors it shows whether a company can grow sales from the customers it already has—like checking whether a store is making more or less money from its regular shoppers—which signals business health and future revenue durability.
Adjusted free cash flow financial
"Adjusted free cash flow for the third quarter of 2026 amounted to US$99.1 million"
Adjusted free cash flow is the amount of money a company generates from its operations after accounting for essential expenses and investments, like maintaining or upgrading equipment. It shows how much cash is truly available to grow the business, pay debts, or return to shareholders, helping investors see the company's financial health more clearly.
Term SOFR financial
"Interest accrues at Term SOFR (Secured Overnight Financing Rate) plus 2.00% per annum"
Term SOFR is a benchmark interest rate that reflects the cost of borrowing money over a specific period, based on actual transactions in the financial markets. It is used by lenders and borrowers to set the interest rates on loans and financial contracts, helping to ensure rates are fair and transparent. For investors, understanding term SOFR helps gauge borrowing costs and the overall direction of interest rates in the economy.
Merchant cash and cash equivalents financial
"Merchant cash and cash equivalents includes freely available funds"
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How much revenue and net income did DLO report in Q3 2026?
DLO reported revenue of $398.0 million and net income of $68.0 million for the third quarter ended September 30, 2026. Revenue increased 41% and net income increased 31% year over year. Diluted earnings per share were $0.23, compared with $0.17 in the third quarter of 2025.
Where did DLO's 2026 outlook stand against updated guidance?
Compared with updated guidance issued with second-quarter results, dLocal's table placed expected 2026 TPV above the upper end of its 60%-70% year-over-year range, gross profit in the middle of its 25%-30% range, and operating profit in the lower range of 27.5%-32.5%.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of November 2026
Commission File Number: 001-40451
DLocal Limited
(Exact name of registrant as specified in its charter)
PO Box 1093, Boundary Hall,
Cricket Square, Grand Cayman
KY1-1102
Cayman Islands
Cayman Islands
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
Form 20-F ☒ Form 40-F ☐
TABLE OF CONTENTS
EXHIBIT
| 99.1 | Press release dated November 12, 2026 - dLocal Reports 2026 Third Quarter Financial Results | |||||||
| 99.2 | DLocal Limited Unaudited Consolidated Condensed Interim Financial Statements as of September 30, 2026 and for the nine-month and three-month periods ended September 30, 2026 and 2025 | |||||||
| 99.3 | Quarterly Report 2026 - dLocal Reports 2026 Third Quarter Financial Results | |||||||
| 99.4 | dLocal Q3 2026 Earnings Presentation | |||||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
DLocal Limited | ||||||||
By: | /s/ Guillermo López Pérez | |||||||
Name: | Guillermo López Pérez | |||||||
Title: | Chief Financial Officer | |||||||
Date: November 12, 2026
dLocal Reports Third Quarter 2026 Financial Results
TPV reached US$18 billion (+77% year-over-year), marking the 8th consecutive quarter of 50%+ year-over-year growth. Revenue reached US$398 million (+41% year-over-year), with gross profit of US$132 million (+28% year-over-year).
Operating profit reached US$76 million (+37% year-over-year), with the Operating Profit/Gross Profit ratio at 58% (+7 p.p. vs. 2Q26), its highest level since 4Q23. Gross profit growth exceeded OPEX growth (+17% year-over-year), reflecting continued cost discipline and automation efforts.
Record net income of US$68 million (+31% year-over-year).
Adjusted Free Cash Flow reached US$182 million in 9M26, with conversion to net income of 111%, reflecting the reversal of temporary 1Q26 working-capital effects.
Montevideo, Uruguay, November 12, 2026 — DLocal Limited (“dLocal”, “we”, “us”, and “our”) (NASDAQ:DLO), a leading cross-border financial infrastructure platform connecting global merchants to emerging markets, today announced its financial results for the third quarter ended September 30, 2026.
dLocal’s management team will host a conference call and audio webcast on November 12, 2026 at 6:00 p.m. Eastern Time. Please click here to pre-register for the conference call and obtain your dial in number and passcode.
The live conference call can be accessed via audio webcast at the investor relations section of dLocal’s website, at https://investor.dlocal.com/. An archive of the webcast will be available for a year following the conclusion of the conference call. The investor presentation will also be filed on EDGAR at www.sec.gov.
“We delivered another quarter of consistent execution, supported by deepening merchant relationships, improving operating leverage and solid cash generation. TPV reached $18.3 billion, up 77% year-over-year, marking our 8th consecutive quarter above 50% growth, and our 4th consecutive at or above 70%. Net revenue retention was 140%, reflecting the continued strength of our business with the existing merchant base. Gross profit grew 28% year-over-year to $132 million, while operating profit increased 37% to $76 million. The strong operating leverage we expected in the second half of the year is materializing,” said Pedro Arnt, CEO of dLocal.
Third quarter 2026 financial highlights
dLocal reports in US dollars and in accordance with IFRS as issued by the IASB
1.Total Payment Volume (“TPV”) reached US$18.3 billion in the third quarter of 2026, up 77% year-over-year compared to US$10.4 billion in the third quarter of 2025 and up 4% compared to US$17.7 billion in the second quarter of 2026. In constant currency, TPV growth for the period would have been 68% year-over-year.
2.Revenues amounted to US$398.0 million, up 41% year-over-year compared to US$282.5 million in the third quarter of 2025 and almost flat compared to US$399.7 million in the second quarter of 2026. In constant currency, revenue growth for the period would have been 36% year-over-year. The quarterly comparison was impacted by a higher share of local-to-local and pay-out volumes, and softer volumes in Argentina, following the seasonal Hot Sale peak in the second quarter. Excluding Argentina, revenue would have grown approx. 1% quarter-over- quarter.
3.Gross profit was US$132.0 million in the third quarter of 2026, a new record, up 28% compared to US$103.2 million in the third quarter of 2025 and up 4% compared to US$127.2 million in the second quarter of 2026. In constant currency, gross profit growth for the period would have been 24% year-over-year. Quarterly performance was driven by lower advancement costs in Argentina, and broad-based volume growth across Africa and Asia combined with one-off cost recovery in Nigeria and FX hedge gains. These gains were partly offset by (i) shift in payment method mix in Brazil; (ii) higher processing costs in Mexico, including cost catch-ups from prior periods; and (iii) mix shift towards local-to-local flows in Other LatAm markets and lower volumes in Bolivia.
4.As a result, gross profit margin was 33% in this quarter, compared to 37% in the third quarter of 2025 and 32% in the second quarter of 2026.
5.Gross profit over TPV was at 0.72%, decreasing from 0.99% in the third quarter of 2025 and flat compared to the second quarter of 2026, reflecting mix shifts (as described previously), and the natural margin dynamics of scaling volume with merchants, offset mostly by lower advancement costs in Argentina and cost recovery in Nigeria.
6.Operating expenses reached US$55.9 million for the third quarter of 2026, up 17% year-over-year and down 11% quarter-over-quarter. The year-over-year increase reflects the annualization of investments made in the second half of 2025. Sequentially, disciplined cost management, with lower third-party spend, lower headcount, and continued benefits from our automation agenda supported the decline.
7.As a result, Operating profit was US$76.2 million, up 37% year-over-year and 19% quarter-over-quarter. The Operating Profit to Gross Profit ratio was 58%, up 7 p.p. quarter-over-quarter compared to 50% as reported in the second quarter of 2026, and up 4 p.p. year-over-year compared to 54% as reported in the third quarter of 2025.
8.Net financial result (Finance income minus finance costs) was a US$5.3 million gain, compared to a net financial gain of US$6.4 million in the third quarter of 2025 and US$2.3 million in the second quarter of 2026.
9.Our effective income tax rate for the period was approximately 15%, in line with the third quarter of 2025 and close to the 16% for the second quarter of 2026.
10.Net income for the third quarter of 2026 was US$68.0 million, or US$0.23 per diluted share, up 31% compared to a profit of US$51.8 million, or US$0.17 per diluted share, for the third quarter of 2025, and up 24% compared to a profit of US$54.8 million, or US$0.18 per diluted share, for the second quarter of 2026. The quarterly comparison is explained by higher operating profit and higher finance income, given higher interest income on our cash balances, despite higher interest expense related to the US$150 million loan signed in August.
11.Adjusted free cash flow for the third quarter of 2026 amounted to US$99.1 million, up 163% year-over-year compared to US$37.6 million in the third quarter of 2025, and up 44% compared to US$68.5 million in the second quarter of 2026. The increase reflects higher operating profit and the reversal of temporary working-capital effects from the first quarter of 2026.
12.As of September 30, 2026, dLocal had US$1,033.9 million in total cash and cash equivalents, which includes US$536.9 million of Corporate cash and cash equivalents. The Corporate cash and cash equivalents increased by US$203.8 million from US$333.1 million as of September 30, 2025. When compared to the US$369.1 million Corporate cash and cash equivalents position as of June 30, 2026, it increased by US$167.8 million quarter-over- quarter, explained by the US$150 million loan signed in August. Under the US$300 million program authorized in March 2026, the Company has repurchased approximately 9.1 million Class A shares for US$120.1 million through the end of the third quarter.
The following table summarizes our key performance metrics:
| Three months ended on September 30 | Nine months ended on September 30 | |||||||||||||||||||
| 2026 | 2025 | % change | 2026 | 2025 | % change | |||||||||||||||
| Key Performance metrics | (In millions of US$ except for %) | |||||||||||||||||||
| TPV | 18,345 | 10,390 | 77% | 50,094 | 27,709 | 81% | ||||||||||||||
| Revenue | 398 | 282.5 | 41% | 1,133.6 | 755.7 | 50% | ||||||||||||||
| Gross Profit | 132 | 103.2 | 28% | 377.8 | 287 | 32% | ||||||||||||||
| Gross Profit margin | 33% | 37% | -3p.p | 33% | 38% | -5p.p | ||||||||||||||
| Operating Profit | 76.2 | 55.6 | 37% | 193.1 | 157.2 | 23% | ||||||||||||||
| Operating Profit/Gross Profit | 58% | 54% | 4p.p | 51% | 55% | -4p.p | ||||||||||||||
| Net Income | 68 | 51.8 | 31% | 164.7 | 141.3 | 17% | ||||||||||||||
| Net Income margin | 17% | 18% | -1p.p | 15% | 19% | -4p.p | ||||||||||||||
Guidance 2026: where we stand
Relevant trends:
1.TPV growth remains strong, moderating as expected against tougher comps;
2.Operating profit negatively affected by unanticipated FX headwinds at the revenue and gross profit level in Brazil, Mexico and Argentina and softer performance in smaller high take rate markets in Africa & Asia;
3.OPEX materially down sequentially as expected.
| Expectation compared to 2026 updated guidance (issued with 2Q26 results) | ||||||||||||||||||||
| Metric | 2026 Guidance (updated 2Q26) | Below lower | Lower | Mid | Upper | Above upper | ||||||||||||||
| TPV | 60% - 70% YoY | x | ||||||||||||||||||
| Gross Profit | 25% - 30% YoY | x | ||||||||||||||||||
| Operating profit | 27.5% - 32.5% YoY | x | Operating profit exc. prior-year tax adjustment1 | |||||||||||||||||
Consider the following in connection with our guidance:
1.Emerging markets remain volatile amid an evolving global macroeconomic, currency and trade landscape, which may affect these economies. Key exposures include the evolving Brazilian tax and macro environment, Argentine FX, tariff sensitivity (particularly in Mexico and Brazil), and broader FX risk across our emerging-market footprint.
Note: 1 Guidance reflects reported figures and does not adjust for prior-year tax effects.
Adjusted Free Cash Flow reconciliation
We calculate “Adjusted Free Cash Flow” as net cash (used in) / generated from cash flows from operating activities, less (i) changes in working capital (merchant), and (ii) capital expenditures. The working capital (merchant) is defined as (i) changes in Trade receivables net (disclosed in Note 17 to our consolidated financial statements for the period ended September 30, 2026), plus (ii) changes in Trade payables (disclosed in Note 20 to our consolidated financial statements for the period ended September 30, 2026), plus (iii) changes in Other tax liabilities (disclosed in note 21 to our consolidated financial statements for the period ended September 30, 2026). Capital expenditures consist of acquisitions of property, plant and equipment and additions of intangible assets.
Management uses Adjusted Free Cash Flow as a measure for evaluating the Company's cash generation and the cash available for distribution to our shareholders as dividends pursuant to our dividend policy. Adjusted Free Cash Flow is not a financial measure recognized under IFRS and does not purport to be an alternative to cash generated from operating activities or as a measure of liquidity. Our presentation of Adjusted Free Cash Flow has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our results as reported under IFRS. See below for a reconciliation of our Adjusted Free Cash Flow to the nearest IFRS measure.
The table below presents a reconciliation of dLocal’s Adjusted Free Cash Flow:
| $ in thousands (except percentages) | Three months ended on September 30 | Nine months ended on September 30 | ||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||
| Net cash (used in) / generated from operating activities | 179,234 | 95,174 | 412,539 | 315,044 | ||||||||||
| Changes in working capital (merchant)¹ | (71,116) | (48,226) | (201,571) | (163,974) | ||||||||||
| Capital expenditures² | (9,068) | (9,349) | (28,717) | (25,295) | ||||||||||
| Adjusted Free Cash Flow | 99,050 | 37,599 | 182,251 | 125,775 | ||||||||||
Note: 1 Changes in working capital (merchant) consists of (i) changes in the period in the balance of trade receivables net, plus (ii) changes in the period in the balance of trade payables, plus (iii) changes in the period in the balance of other tax liabilities. 2 Capital expenditures consist of acquisitions of property, plant and equipment and Additions of Intangible Assets.
dLocal Limited
Certain financial information
Consolidated Statements of Comprehensive Income for the three-month and nine-month periods ended September 30, 2026 and 2025
(All amounts in thousands of U.S. Dollars except share data or as otherwise indicated)
| Three months ended on September 30 | Nine months ended on September 30 | |||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||
| Continuing operations | ||||||||||||||
| Revenues | 398,049 | 282,483 | 1,133,575 | 755,700 | ||||||||||
| Cost of services | (266,036) | (179,294) | (755,728) | (468,747) | ||||||||||
| Gross profit | 132,013 | 103,189 | 377,847 | 286,953 | ||||||||||
| Technology and development expenses | (12,688) | (8,844) | (38,110) | (22,991) | ||||||||||
| Sales and marketing expenses | (8,577) | (8,139) | (28,388) | (20,116) | ||||||||||
| General and administrative expenses | (33,344) | (28,224) | (112,461) | (79,551) | ||||||||||
| Impairment (loss)/gain on financial assets | (273) | 5 | (2,483) | (1,796) | ||||||||||
| Other operating loss | (970) | (2,398) | (3,311) | (5,300) | ||||||||||
| Operating profit | 76,161 | 55,589 | 193,094 | 157,199 | ||||||||||
| Finance income | 14,944 | 10,418 | 30,768 | 33,756 | ||||||||||
| Finance costs | (9,631) | (4,035) | (17,986) | (24,189) | ||||||||||
| Inflation adjustment | (1,403) | (794) | (4,272) | (2,663) | ||||||||||
| Other results | 3,910 | 5,589 | 8,510 | 6,904 | ||||||||||
| Profit before income tax | 80,071 | 61,178 | 201,604 | 164,103 | ||||||||||
| Income tax expense | (12,048) | (9,388) | (36,870) | (22,838) | ||||||||||
| Profit for the period | 68,023 | 51,790 | 164,734 | 141,265 | ||||||||||
| Profit attributable to: | ||||||||||||||
| Owners of the Group | 67,827 | 51,825 | 164,439 | 141,265 | ||||||||||
| Non-controlling interest | 196 | (35) | 295 | - | ||||||||||
| Profit for the period | 68,023 | 51,790 | 164,734 | 141,265 | ||||||||||
| Earnings per share (in USD) | ||||||||||||||
| Basic Earnings per share | 0.24 | 0.18 | 0.57 | 0.49 | ||||||||||
| Diluted Earnings per share | 0.23 | 0.17 | 0.56 | 0.47 | ||||||||||
| Other comprehensive Income | ||||||||||||||
| Items that are or may be reclassified to profit or loss: | ||||||||||||||
| Exchange difference on translation on foreign operations | (2,116) | (2,619) | 2,736 | 5,210 | ||||||||||
| Other comprehensive income for the period, net of tax | (2,116) | (2,619) | 2,736 | 5,210 | ||||||||||
| Total comprehensive income for the period | 65,907 | 49,171 | 167,470 | 146,475 | ||||||||||
| Total comprehensive income for the period is attributable to: | ||||||||||||||
| Owners of the Group | 65,711 | 49,257 | 167,173 | 146,441 | ||||||||||
| Non-controlling interest | 196 | (86) | 297 | 34 | ||||||||||
| Total comprehensive income for the period | 65,907 | 49,171 | 167,470 | 146,475 | ||||||||||
dLocal Limited
Certain financial information
Consolidated Statements of Financial Position as of September 30, 2026 and 2025
(All amounts in thousands of U.S. dollars)
| 2026 | 2025 | |||||||
| on September 30, 2026 | on September 30, 2025 | |||||||
| ASSETS | ||||||||
| Current Assets | ||||||||
| Cash and cash equivalents | 1,033,887 | 604,467 | ||||||
| Financial assets | 80,100 | 95,026 | ||||||
| Trade and other receivables | 1,087,993 | 576,389 | ||||||
| Derivative financial instruments | 398 | 828 | ||||||
| Other assets | 19,826 | 30,328 | ||||||
| Total Current Assets | 2,222,204 | 1,307,038 | ||||||
| Non-Current Assets | ||||||||
| Trade and other receivables | 27,655 | 13,823 | ||||||
| Deferred tax assets | 4,555 | 5,428 | ||||||
| Property, plant and equipment | 3,641 | 4,116 | ||||||
| Right-of-use assets | 3,175 | 3,212 | ||||||
| Intangible assets | 96,443 | 71,754 | ||||||
| Goodwill | 6,550 | - | ||||||
| Other assets | 6,086 | 3,383 | ||||||
| Total Non-Current Assets | 148,105 | 101,716 | ||||||
| TOTAL ASSETS | 2,370,309 | 1,408,754 | ||||||
| LIABILITIES | ||||||||
| Current Liabilities | ||||||||
| Trade and other payables | 1,580,615 | 816,729 | ||||||
| Lease liabilities | 1,202 | 1,147 | ||||||
| Tax liabilities | 37,214 | 14,806 | ||||||
| Derivative financial instruments | 1,305 | 1,606 | ||||||
| Financial liabilities | 54,971 | 63,079 | ||||||
| Provisions | 839 | 388 | ||||||
| Total Current Liabilities | 1,676,146 | 897,755 | ||||||
| Non-Current Liabilities | ||||||||
| Financial liabilities | 108,489 | - | ||||||
| Deferred tax liabilities | 5,892 | 3,768 | ||||||
| Lease liabilities | 2,607 | 2,566 | ||||||
| Total Non-Current Liabilities | 116,988 | 6,334 | ||||||
| TOTAL LIABILITIES | 1,793,134 | 904,089 | ||||||
| EQUITY | ||||||||
| Share Capital | 575 | 588 | ||||||
| Share Premium | 15,206 | - | ||||||
| Treasury Shares | - | - | ||||||
| Capital Reserve | 45,042 | 40,418 | ||||||
| Other Reserves | (13,151) | (15,758) | ||||||
| Retained earnings | 529,039 | 479,283 | ||||||
| Total Equity Attributable to owners of the Group | 576,711 | 504,531 | ||||||
| Non-controlling interest | 464 | 134 | ||||||
| TOTAL EQUITY | 577,175 | 504,665 | ||||||
| TOTAL EQUITY AND LIABILITIES | 2,370,309 | 1,408,754 | ||||||
dLocal Limited
Certain interim financial information.
Consolidated Statements of Cash flows for the three-month and nine-month periods ended September 30, 2026 and 2025
(All amounts in thousands of U.S. dollars)
| Three months ended on September 30 | Nine months ended on September 30 | |||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||
| Cash flows from operating activities | ||||||||||||||
| Profit before income tax | 80,071 | 61,178 | 201,604 | 164,103 | ||||||||||
| Adjustments: | ||||||||||||||
| Interest Income from financial instruments | (14,944) | (8,424) | (30,601) | (19,506) | ||||||||||
| Interest charges for lease liabilities | 122 | 64 | 232 | 146 | ||||||||||
| Other interests charges | 2,632 | (167) | 9,392 | 2,284 | ||||||||||
| Finance expense related to derivative financial instruments | 3,318 | 1,497 | 6,950 | 5,088 | ||||||||||
| Amortization of Intangible assets | 7,257 | 5,540 | 21,647 | 15,179 | ||||||||||
| Depreciation and disposals of PP&E and right-of-use assets | 1,042 | 1,244 | 2,303 | 2,432 | ||||||||||
| Share-based payment expense, net of forfeitures | 4,795 | 6,840 | 17,350 | 17,771 | ||||||||||
| Net exchange differences | 3,550 | 2,632 | 1,403 | 16,540 | ||||||||||
| Fair value gain on financial assets at FVPL | - | (2,115) | (167) | (14,250) | ||||||||||
| Other operating loss | 970 | 2,397 | 3,311 | 5,300 | ||||||||||
| Net Impairment loss/(gain) on financial assets | 273 | (5) | 2,483 | 1,796 | ||||||||||
| Inflation adjustment and other financial results | (2,469) | (3,570) | 2,581 | 5,693 | ||||||||||
| 86,617 | 67,111 | 238,488 | 202,576 | |||||||||||
| Changes in working capital | ||||||||||||||
| Decrease / (Increase) in Trade and Other Receivables | 57,300 | (90,587) | (523,437) | (82,551) | ||||||||||
| Decrease / (Increase) in Other assets | 4,924 | 1,049 | (13,620) | 3,249 | ||||||||||
| Increase / (Decrease) in Trade and Other payables | 25,663 | 125,649 | 726,170 | 218,943 | ||||||||||
| Increase / (Decrease) in Tax Liabilities | 10,044 | (2,695) | 12,360 | (4,658) | ||||||||||
| Increase / (Decrease) in Provisions | 80 | (156) | 406 | (112) | ||||||||||
| Cash (used) / generated from operating activities | 184,628 | 100,371 | 440,367 | 337,447 | ||||||||||
| Income tax paid | (5,394) | (5,198) | (27,828) | (22,403) | ||||||||||
| Net cash (used) / generated from operating activities | 179,234 | 95,174 | 412,539 | 315,044 | ||||||||||
| Cash flows from investing activities | ||||||||||||||
| Acquisitions of Property, plant and equipment | (219) | (220) | (980) | (1,680) | ||||||||||
| Additions of Intangible assets | (8,849) | (9,129) | (27,737) | (23,615) | ||||||||||
| Acquisition of financial assets | (37,297) | (13,904) | (129,337) | (147,369) | ||||||||||
| Collections of financial assets | 36,411 | 45,056 | 147,534 | 179,027 | ||||||||||
| Interest collected from financial instruments | 14,944 | 8,424 | 30,601 | 19,506 | ||||||||||
| Cash acquired in a business combination | - | - | 791 | - | ||||||||||
| Payments for investments in other assets at FVPL | - | - | - | (12,500) | ||||||||||
| Net cash (used in) / generated investing activities | 4,990 | 30,227 | 20,872 | 13,369 | ||||||||||
| Cash flows from financing activities | ||||||||||||||
| Dividends paid | - | - | (57,211) | (149,982) | ||||||||||
| Repurchase of shares | (34,043) | - | (120,105) | - | ||||||||||
| Share-options exercise received | - | 474 | 260 | 1,414 | ||||||||||
| Net (repayment)/proceeds from borrowings and bank overdraft | (51,013) | 10,908 | (73,279) | 22,922 | ||||||||||
| Net proceeds from credit facility | 148,470 | - | 148,470 | - | ||||||||||
| Interest payments on financial liabilities | - | (4,621) | - | (10,622) | ||||||||||
| Interest payments on lease liability | (122) | (64) | (232) | (146) | ||||||||||
| Principal payments on lease liability | (600) | (370) | (966) | (1,511) | ||||||||||
| Finance expense paid related to derivative financial instruments | (4,170) | (2,584) | (7,470) | (7,665) | ||||||||||
| Other finance expense paid | (1,025) | (25) | (7,892) | (2,138) | ||||||||||
| Net cash generated from/(used in) financing activities | 57,497 | 3,718 | (118,425) | (147,728) | ||||||||||
| Net increase in cash flow | 241,722 | 129,118 | 314,986 | 180,685 | ||||||||||
| Cash and cash equivalents at the beginning of the period | 794,943 | 476,939 | 719,897 | 425,172 | ||||||||||
| Net (decrease)/increase in cash flow | 241,722 | 129,118 | 314,986 | 180,685 | ||||||||||
| Effects of exchange rate changes on inflation and cash and cash equivalents | (2,779) | (1,590) | (996) | (1,390) | ||||||||||
| Cash and cash equivalents at the end of the period | 1,033,887 | 604,467 | 1,033,887 | 604,467 | ||||||||||
About dLocal
dLocal builds financial infrastructure for markets of the future, connecting global enterprises with billions of emerging market consumers in more than 60 countries across high-growth markets in Africa, Asia, the Middle East, and Latin America. Through the "One dLocal" concept (one direct API, one platform, and one contract), global companies can accept payments, send payouts, and settle funds globally without the need to manage multiple local entities and integrations. For more information, visit www.dlocal.com
Forward-looking statements
This press release may contain forward-looking statements. These forward-looking statements convey dLocal’s current expectations or forecasts of future events, including guidance in respect of total payment volume, gross profit and operating profit. Forward-looking statements regarding dLocal and amounts stated as guidance involve known and unknown risks, uncertainties and other factors that may cause dLocal’s actual results, performance or achievements to be materially different from any future results, performances or achievements expressed or implied by the forward-looking statements. Certain of these risks and uncertainties are described in the “Risk Factors,” and “Cautionary Statement Regarding Forward-Looking Statements” sections of dLocal’s filings with the U.S. Securities and Exchange Commission.
Unless required by law, dLocal undertakes no obligation to publicly update or revise any forward-looking statements to reflect circumstances or events after the date hereof.
Starting in 2026, we provide guidance in respect of Operating Profit, which management believes is useful as a measure to compare our operating results to the operations of other companies in our industry, and to assess our operating performance independently of our capital structure, and tax position.
Investor Relations Contact:
investor@dlocal.com
Media Contact:
media@dlocal.com
This press release does not contain sufficient information to constitute an interim financial report as defined in International Accounting Standards 34, “Interim Financial Reporting” nor a financial statement as defined by International Accounting Standards 1 “Presentation of Financial Statements”. The quarterly financial information in this press release has not been audited nor has it been subject to any limited review procedures, whereas the annual results for the year ended December 31, 2025 are audited.
DLocal Limited Unaudited Consolidated Condensed Interim Statements of Comprehensive Income for the nine-month and three-month periods ended September 30, 2026 and 2025 (All amounts in thousands of U.S. Dollars except share data or as otherwise indicated) |  | |||||||
Comprehensive Income
| Nine months ended | Three months ended | ||||||||||||||||||||||||||||
| Notes | September 30, 2026 | September 30, 2025 | September 30, 2026 | September 30, 2025 | |||||||||||||||||||||||||
| Continuing operations | |||||||||||||||||||||||||||||
| Revenues | 6 | ||||||||||||||||||||||||||||
| Cost of services | 6 | ( | ( | ( | ( | ||||||||||||||||||||||||
| Gross profit | |||||||||||||||||||||||||||||
| Technology and development expenses | 7 | ( | ( | ( | ( | ||||||||||||||||||||||||
| Sales and marketing expenses | 8 | ( | ( | ( | ( | ||||||||||||||||||||||||
| General and administrative expenses | 8 | ( | ( | ( | ( | ||||||||||||||||||||||||
| Impairment (loss)/gain on financial assets | 17 | ( | ( | ( | |||||||||||||||||||||||||
| Other operating loss | ( | ( | ( | ( | |||||||||||||||||||||||||
| Operating profit | |||||||||||||||||||||||||||||
| Finance income | 11 | ||||||||||||||||||||||||||||
| Finance costs | 11 | ( | ( | ( | ( | ||||||||||||||||||||||||
| Inflation adjustment | 11 | ( | ( | ( | ( | ||||||||||||||||||||||||
| Other results | |||||||||||||||||||||||||||||
| Profit before income tax | |||||||||||||||||||||||||||||
| Income tax expense | 12 | ( | ( | ( | ( | ||||||||||||||||||||||||
| Profit for the period | |||||||||||||||||||||||||||||
| Profit attributable to: | |||||||||||||||||||||||||||||
| Owners of the Group | |||||||||||||||||||||||||||||
| Non-controlling interest | ( | ||||||||||||||||||||||||||||
| Profit for the period | |||||||||||||||||||||||||||||
| Earnings per share | |||||||||||||||||||||||||||||
| Basic Earnings per share | 14 | ||||||||||||||||||||||||||||
| Diluted Earnings per share | 14 | ||||||||||||||||||||||||||||
| Other comprehensive income | |||||||||||||||||||||||||||||
| Items that are or may be reclassified subsequently to profit or loss: | |||||||||||||||||||||||||||||
| Exchange difference on translation on foreign operations | ( | ( | |||||||||||||||||||||||||||
| Other comprehensive income for the period, net of tax | ( | ( | |||||||||||||||||||||||||||
| Total comprehensive income for the period | |||||||||||||||||||||||||||||
| Total comprehensive income for the period is attributable to: | |||||||||||||||||||||||||||||
| Owners of the Group | |||||||||||||||||||||||||||||
| Non-controlling interest | ( | ||||||||||||||||||||||||||||
| Total comprehensive income for the period | |||||||||||||||||||||||||||||
The accompanying notes are an integral part of these Unaudited Consolidated Condensed Interim Financial Statements.
1 | ||||||||
DLocal Limited Unaudited Consolidated Condensed Interim Statements of Financial Position As of September 30, 2026 and December 31, 2025 (All amounts in thousands of U.S. Dollars except share data or as otherwise indicated) | | |||||||
Financial Position
| Notes | September 30, 2026 | December 31, 2025 | |||||||||||||||
| ASSETS | |||||||||||||||||
| Current assets | |||||||||||||||||
| Cash and cash equivalents | 15 | ||||||||||||||||
| Financial assets | 16 | ||||||||||||||||
| Trade and other receivables | 17 | ||||||||||||||||
| Derivative financial instruments | 22 | ||||||||||||||||
| Other assets | 18 | ||||||||||||||||
| Total current assets | |||||||||||||||||
| Non-current assets | |||||||||||||||||
| Trade and other receivables | 17 | ||||||||||||||||
| Deferred tax assets | |||||||||||||||||
| Property, plant and equipment | |||||||||||||||||
| Right-of-use assets | |||||||||||||||||
| Intangible assets | 19 | ||||||||||||||||
| Goodwill | 27 | ||||||||||||||||
| Other assets | 18 | ||||||||||||||||
| Total non-current assets | |||||||||||||||||
| TOTAL ASSETS | |||||||||||||||||
| LIABILITIES | |||||||||||||||||
| Current liabilities | |||||||||||||||||
| Trade and other payables | 20 | ||||||||||||||||
| Lease liabilities | |||||||||||||||||
| Tax liabilities | 21 | ||||||||||||||||
| Derivative financial instruments | 22 | ||||||||||||||||
| Financial liabilities | 23 | ||||||||||||||||
| Provisions | 24 | ||||||||||||||||
| Total current liabilities | |||||||||||||||||
| Non-current liabilities | |||||||||||||||||
| Financial liabilities | 23 | ||||||||||||||||
| Deferred tax liabilities | |||||||||||||||||
| Lease liabilities | |||||||||||||||||
| Total non-current liabilities | |||||||||||||||||
| TOTAL LIABILITIES | |||||||||||||||||
| EQUITY | |||||||||||||||||
| Share capital | 14 | ||||||||||||||||
| Share premium | |||||||||||||||||
| Treasury shares | |||||||||||||||||
| Capital reserve | |||||||||||||||||
| Other reserves | ( | ( | |||||||||||||||
| Retained earnings | |||||||||||||||||
| Total equity attributable to owners of the Group | |||||||||||||||||
| Non-controlling interest | |||||||||||||||||
| TOTAL EQUITY | |||||||||||||||||
| TOTAL EQUITY AND LIABILITIES | |||||||||||||||||
The accompanying notes are an integral part of these Unaudited Consolidated Condensed Interim Financial Statements.
2 | ||||||||
DLocal Limited Unaudited Consolidated Condensed Interim Statements of Changes in Equity For the nine-month period ended September 30, 2026 and 2025 (All amounts in thousands of U.S. Dollars except share data or as otherwise indicated) | | |||||||
Changes in Equity
| Notes | Share Capital | Share Premium | Treasury Shares | Capital Reserve | Other Reserves | Retained Earnings | Total | Non-controlling interests | Total equity | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Balance as of January 1st, 2026 | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Comprehensive income for the period: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Profit for the period | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Exchange difference on translation on foreign operations | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total comprehensive income for the period | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Transactions with Group owners in their capacity as owners: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-options exercise | 14 | — | ( | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-based payments net of forfeitures | 9 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Repurchase of shares | 14 | ( | ( | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Treasury shares cancellation | 14 | — | ( | — | — | ( | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Dividends paid | 14 | — | — | — | — | — | ( | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
| Transactions with Group owners in their capacity as owners | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Balance as of September 30, 2026 | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Balance as of January 1st, 2025 | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Comprehensive income for the period | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Profit for the period | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Exchange difference on translation on foreign operations | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total comprehensive income for the period | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Transactions with Group owners in their capacity as owners | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-options exercise | 14 | — | ( | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-based payments net of forfeitures | 9 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Dividends paid | — | — | — | — | — | ( | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Treasury shares cancellation | 14 | — | ( | — | — | ( | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Warrant Exercise | 14 | — | ( | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Transactions with Group owners in their capacity as owners | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Balance as of September 30, 2025 | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The accompanying notes are an integral part of these Unaudited Consolidated Condensed Interim Financial Statements.
3 | ||||||||
DLocal Limited Unaudited Consolidated Condensed Interim Statements of Cash Flows For the nine-month period ended September 30, 2026 and 2025 (All amounts in thousands of U.S. Dollars except share data or as otherwise indicated) | | |||||||
Cash Flows
| Notes | September 30, 2026 | September 30, 2025 | |||||||||||||||
| Cash flows from operating activities | |||||||||||||||||
| Profit before income tax | |||||||||||||||||
| Adjustments: | |||||||||||||||||
| Interest income from financial instruments | 11 | ( | ( | ||||||||||||||
| Interest charges for lease liabilities | 11 | ||||||||||||||||
| Other interests charges | |||||||||||||||||
| Finance expense related to derivative financial instruments | |||||||||||||||||
| Amortization of intangible assets | 10 | ||||||||||||||||
| Depreciation and disposals of property, plant and equipment and right-of-use assets | 10 | ||||||||||||||||
| Share-based payment expense, net of forfeitures | 9 | ||||||||||||||||
| Net exchange differences | |||||||||||||||||
| Fair value gain on financial assets at FVPL | 11 | ( | ( | ||||||||||||||
| Other operating loss | |||||||||||||||||
| Net Impairment loss on financial assets | 17 | ||||||||||||||||
| Inflation adjustment and other financial results | |||||||||||||||||
| Changes in working capital | |||||||||||||||||
| Increase in trade and other receivables | ( | ( | |||||||||||||||
| (Increase)/Decrease in other assets | ( | ||||||||||||||||
| Increase in trade and other payables | |||||||||||||||||
| Increase/(Decrease) in tax liabilities | ( | ||||||||||||||||
| Decrease in provisions | ( | ||||||||||||||||
| Cash generated from operating activities | |||||||||||||||||
| Income tax paid | ( | ( | |||||||||||||||
| Net cash generated from operating activities | |||||||||||||||||
| Cash flows from investing activities | |||||||||||||||||
| Acquisitions of property, plant and equipment | ( | ( | |||||||||||||||
| Additions of intangible assets | 19 | ( | ( | ||||||||||||||
| Acquisitions of financial assets | ( | ( | |||||||||||||||
| Collections of financial assets | |||||||||||||||||
| Interest collected from financial instruments | |||||||||||||||||
| Cash acquired in a business combination | 27 | ||||||||||||||||
| Payments for investments in other assets at FVPL | 18 | ( | |||||||||||||||
| Net cash generated from investing activities | |||||||||||||||||
| Cash flows from financing activities | |||||||||||||||||
| Dividends paid | ( | ( | |||||||||||||||
| Repurchase of shares | 14 | ( | |||||||||||||||
| Share-options exercise received | 14 | ||||||||||||||||
| Net (repayment)/proceeds from borrowings and bank overdraft | ( | ||||||||||||||||
| Net proceeds from credit facility | 23 | — | |||||||||||||||
| Interest payments on financial liabilities | ( | ||||||||||||||||
| Interest payments on lease liability | ( | ( | |||||||||||||||
| Principal payments on lease liability | ( | ( | |||||||||||||||
| Finance expense paid related to derivative financial instruments | ( | ( | |||||||||||||||
| Other finance expense paid | ( | ( | |||||||||||||||
| Net cash used in financing activities | ( | ( | |||||||||||||||
| Net increase in cash flow | |||||||||||||||||
| Cash and cash equivalents at the beginning of the period | |||||||||||||||||
| Effects of exchange rate changes and inflation on cash and cash equivalents | ( | ( | |||||||||||||||
| Cash and cash equivalents at the end of the period | |||||||||||||||||
| Non-cash transactions | |||||||||||||||||
| Intangible asset and Goodwill acquired through a decrease in other assets at FVPL | 15.1 | — | |||||||||||||||
The accompanying notes are an integral part of these Unaudited Consolidated Condensed Interim Financial Statements.
4 | ||||||||
DLocal Limited Notes to the Unaudited Consolidated Condensed Interim Financial Statements At September 30, 2026 (All amounts in thousands of U.S. Dollars except share data, par value or as otherwise indicated) | | |||||||
Notes to Unaudited Consolidated Condensed Interim Financial Statements
1. General information and significant events of the period
1.1. General information
DLocal Limited (“dLocal” or the “Company”) was established on October 5, 2016 as a limited liability holding company in Malta (together with its subsidiaries as the “Group”). On April 14, 2021 the Group was reorganized under dLocal and domiciled and incorporated in the Cayman Islands. The Company holds a controlling financial interest in the Group.
The Group processes payment transactions, enabling merchants generally located in developed economies (mainly United States, Europe and China) to receive payments (“pay-ins”) from customers in emerging markets and to facilitate payments (“pay-outs”) to customers in emerging markets. As of the date these Consolidated Condensed Interim Financial Statements were issued, the Group continued to focus on its geographic expansion, increasing the total number of in-network countries.
The Group processes local payments in emerging markets through its network of acquirers and payments processors. Through its partnership with financial institutions, the Group expatriates/repatriates funds to/from developed economies where the merchant customers elect settlement in their preferred currency (mainly U.S. Dollar and Euro). These Unaudited Consolidated Condensed Interim Financial Statements include dLocal’s subsidiaries.
The Group is licensed and regulated in the EU as an Electronic Money Issuer, or EMI, and Payment Institution, or PI, and registered as a Money Service Business with the Financial Crimes Enforcement Network of the U.S. Department of the Treasury, or FinCEN, and operates and may be licensed, where applicable, in many countries in emerging markets, primarily in the Americas, Asia and Africa. In December 2024, the Group achieved a significant advancement by obtaining a license in the United Kingdom as an Authorized Payment Institution (API), further enhancing its global regulatory framework.
In addition, the Group is subject to laws aimed at preventing money laundering, corruption, and the financing of terrorism. This regulatory landscape is constantly evolving, as evidenced by the implementation of the Fifth Anti-Money Laundering Directive (Directive (EU) 2018/843, “MLD5”) and the proposed amendments to the Fourth Anti-Money Laundering Directive (MLD4).
1.2. Significant events during the period
a)Class action lawsuits
On February 23 and February 28, 2023, respectively, the Company was named, along with several of its senior executives and/or directors, as defendants in certain putative class action lawsuits filed in the Supreme Court of the State of New York, New York County, asserting claims under Sections 11, 12, and 15 of the Securities Act of 1933, based in significant part on a short-seller report. These matters, Zappia et al. v. DLocal Limited et al., Index No. 151778/2023 (Sup. Ct. N.Y. Cty.), and Hunt et al. v. DLocal Limited et al., Index No. 651058/2023 (Sup. Ct. N.Y. Cty.), or the Zappia and Hunt Actions, allege, among other things, that the registration statement for the Company’s June 2021 initial public offering reflected certain material misstatements or omissions.
On March 3, 2023, plaintiffs in the two actions filed a stipulation and proposed order consolidating the cases and appointing putative lead counsel. The parties also agreed to a schedule for plaintiffs’ filing of an amended complaint and a subsequent briefing schedule for a motion to dismiss the amended complaint.
On May 12, 2023, plaintiffs in the Zappia and Hunt Actions jointly filed a consolidated amended complaint. On July 11, 2023, the Company filed a motion to dismiss the complaint. Plaintiffs filed their opposition brief on August 15, 2023, and the Company filed a reply in further support of its motion to dismiss on September 22, 2023. On February 29, 2024, the court presided over oral argument on the motion. On March 20, 2025, the court issued a decision and order granting the motion and dismissing the complaint as to all moving defendants, including dLocal. On April 18, 2025, the plaintiffs filed a notice of appeal of the decision and order granting the motion to dismiss. The plaintiffs had until October 18, 2025 to “perfect” their appeal by filing their opening appellate brief and the record on appeal. In an order dated June 9, 2025, the court dismissed the complaint in its entirety against the Individual Defendants for failure to effectuate service. On October 20, 2025, the plaintiffs filed their opening appellate brief as against the Company in the Supreme Court of the State of New York, Appellate Division, First Judicial Department. The Company’s response brief was filed on January 9, 2026, and Plaintiffs submitted a reply brief on February 13, 2026. The First Department heard oral argument on Plaintiffs’ appeal on March 25, 2026 and, on April 16, 2026, issued a unanimous Decision and Order affirming the lower court’s dismissal Order in full. The deadline for Plaintiffs to file any motion for leave to reargue and/or for permission to appeal to the New York Court of Appeals passed on May 18, 2026 with no filings.
5 | ||||||||
DLocal Limited Notes to the Unaudited Consolidated Condensed Interim Financial Statements At September 30, 2026 (All amounts in thousands of U.S. Dollars except share data, par value or as otherwise indicated) | | |||||||
The Company has also been named, along with several of its senior executives and/or directors, in a putative class action lawsuit filed in the U.S. District Court for the Eastern District of New York, asserting claims under Sections 11 and 15 of the Securities Act and Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as well as Rule 10b-5 promulgated thereunder. This lawsuit, captioned Laurenzi v. dLocal Ltd., et al., 1:23-cv-07501 (E.D.N.Y.) (Laurenzi Action), was initiated on October 6, 2023. On January 4, 2024, the Court appointed a Lead Plaintiff. On March 18, 2024, Lead Plaintiff filed an amended class action complaint. The amended complaint alleges misstatements and omissions in the registration statement for the Company’s June 2021 initial public offering and in various public filings and press releases during the period of June 2, 2021, through June 5, 2023. Pursuant to a schedule agreed upon with Lead Plaintiff’s counsel, the Company filed on April 30, 2024, a letter, as required by court rules, requesting a pre-motion conference regarding an anticipated motion to dismiss the Laurenzi Action in full. Lead Plaintiff responded to that letter on May 14, 2024. On June 10, 2024, the court held the requested preliminary conference and set a schedule for briefing on the Company’s motion to dismiss. The Company served its opening brief on August 9, 2024, Lead Plaintiff served an opposition on October 11, 2024, and the Company served its reply on November 8, 2024. The court has not yet indicated whether it will hear oral argument on the Company’s motion, and no other proceedings are currently ongoing or scheduled. On July 9, 2025, the court issued an order holding the motion “in abeyance” until six months after the issuance of letters rogatory addressed to certain individual defendants. On August 20, 2025, the court formally issued letters rogatory addressed to such individual defendants. On February 10, 2026, the court granted at Lead Plaintiff’s request an extension of time until April 15, 2026 to effectuate international service of process on such individual defendants. Those individual defendants received international service of process in approximately early March 2026 and, on March 31, 2026, filed a notice of joinder in dLocal’s motion to dismiss.
Due to the preliminary posture of the above-described lawsuit as of the date of issuance of these Unaudited Consolidated Condensed Interim Financial Statements, the Company’s management and its legal advisors are unable to evaluate the likelihood of an adverse outcome or estimate a range of potential losses and no provision for contingencies has been recorded for the aforementioned matter. DLocal Limited intends to defend itself vigorously in this action. As of the date of issuance of the Company’s Unaudited Consolidated Condensed Interim Financial Statements there were no further updates in this regard.
b)Dividends
On May 13, 2026, the Company’s Board of Directors authorized and declared a cash dividend of an aggregate of US$57,211,274, equivalent to approximately US$0.1939 per share (subject to adjustment according to the number of shares outstanding as of the record date), to shareholders of record as of the close of the business day on May 27, 2026, paid on June 10, 2026.
2. Presentation and preparation of the Unaudited Consolidated Condensed Interim Financial Statements and significant accounting policies
2.1. Basis of preparation of Unaudited Consolidated Condensed Interim Financial Statements
These Unaudited Consolidated Condensed Interim Financial Statements for the nine months ended September 30, 2026, have been prepared in accordance with International Accounting Standard 34, “Interim Financial Reporting” as issued by the International Accounting Standard Board.
These Unaudited Consolidated Condensed Interim Financial Statements do not include all the notes of the type normally included in an annual consolidated financial statement. Accordingly, this report should be read in conjunction with the annual consolidated financial statements for the year ended December 31, 2025 (the “Annual Financial Statements”), except for the business combination and goodwill accounting policies adopted in this quarter as follows:
All amounts are presented in thousands of U.S. Dollars except share data or as otherwise indicated.
These Unaudited Consolidated Condensed Interim Financial Statements for the nine months ended September 30, 2026 were authorized for issuance by dLocal’s Board of Directors on November 10, 2026.
2.1.1 Business combination
Acquisitions of businesses are accounted for using the acquisition method. The consideration transferred in a business combination is measured at fair value, which is calculated as the sum of the acquisition date fair value of the assets transferred to the Company, liabilities incurred by the Company to the former owners of the acquiree and the equity interest issued by the Company in exchange for control of the acquiree. Acquisition-related costs are recognized in profit or loss as incurred.
At the acquisition date, the identifiable assets acquired and the liabilities assumed are recognized at their fair value, except that:
6 | ||||||||
DLocal Limited Notes to the Unaudited Consolidated Condensed Interim Financial Statements At September 30, 2026 (All amounts in thousands of U.S. Dollars except share data, par value or as otherwise indicated) | | |||||||
•deferred tax assets or liabilities, and assets or liabilities related to employee benefit arrangements are recognized and measured in accordance with IAS 12 - Income taxes and IAS 19 - Employee Benefits; and
•Liabilities or equity instruments related to share-based payment arrangements of the acquiree or share-based payment arrangements of the Company entered into to replace share-based payment arrangements of the acquiree are measured in accordance with IFRS 2 - Share-based Payment.
Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interest in the acquired business, and the fair value of the acquirer’s previously held equity interest in the acquired business (if any) over the net of the acquisition date amounts of the identifiable assets acquired and liabilities assumed. If, after reassessment, the net of the acquisition date amounts of the identifiable assets acquired and liabilities assumed exceeds the sum of the consideration transferred, the amount of any non-controlling interests in the acquired business and the fair value of the acquirer’s previously held equity interest in the acquired business (if any), the excess is recognized immediately in profit or loss as a bargain purchase gain.
Non-controlling interests that are present ownership interest and entitle their holders to a proportionate share of the entity’s net assets in the event of liquidation may be initially measured either at fair value or at the non-controlling interests’ proportionate share of the recognized amounts of the acquired business identifiable net assets. The choice of measurement basis is made on a transaction-by-transaction basis.
When the consideration transferred by the Company in a business combination includes assets or liabilities resulting from a contingent consideration arrangement, the contingent consideration is measured as its acquisition-date fair value and included as part of the consideration transferred in a business combination. Changes in the fair value of the contingent consideration that qualify as measurement period adjustments are adjusted retrospectively, with corresponding adjustments against goodwill. Measurement period adjustments are adjustments that arise from additional information obtained during the ‘measurement period’ (which cannot exceed one year from the acquisition date) about facts and circumstances that existed at the acquisition date.
The subsequent accounting for changes in the fair value of the contingent consideration that do not qualify as measurement period adjustments depends on how the contingent consideration is classified. Contingent consideration that is classified as equity is not remeasured at subsequent reporting dates and its subsequent settlement is accounted for within equity. Contingent consideration that is classified as an asset or a liability is remeasured at subsequent reporting dates in accordance with IFRS 3 and IFRS 13, as appropriate, with the corresponding gain or loss being recognized in profit or loss.
When a business combination is achieved in stages, the Company’s previously held equity interest in the acquiree is remeasured to its acquisition-date fair value and the resulting gain or loss, if any, is recognized in profit or loss. Amounts arising from interests in the acquiree prior to the acquisition date that have previously been recognized in other comprehensive income are reclassified to profit or loss where such treatment would be appropriate if that interest were disposed of.
Arrangements that include remuneration of former owners of the acquiree for future services are excluded from the acquisitions and will be recognized as expense during the required service period.
2.1.2 Goodwill
Goodwill arising in a business combination is carried at cost as established at the acquisition date of the business less accumulated impairment losses, if any. For the purpose of impairment testing, goodwill is allocated to a unique cash generating unit (“CGU”).
Goodwill is not amortized and is reviewed for impairment at least annually or more frequently when there is an indication that the business may be impaired. If the recoverable amount of the business is less than its carrying amount, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the business and then to the other assets of the business pro-rata on the basis of the carrying amount of each asset in the business. Any impairment loss for goodwill is recognized directly in profit or loss in the consolidated statement of comprehensive income. An impairment loss recognized for goodwill is not reversed in a subsequent period.
The Company has not recognized any impairment loss in the nine-month period ended September 30, 2026.
The accounting policies and critical accounting estimates and judgments adopted, except for those explicitly indicated on these Unaudited Consolidated Condensed Interim Financial Statements, are consistent with those of the previous financial year and corresponding interim reporting period, except in relation to the fair value measurements arising from the business combination completed during the period, as further described in Note 27. Business Combination.
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DLocal Limited Notes to the Unaudited Consolidated Condensed Interim Financial Statements At September 30, 2026 (All amounts in thousands of U.S. Dollars except share data, par value or as otherwise indicated) | | |||||||
2.1.3 Crypto Assets
The Company may hold USD Coin (“USDC”) and Tether (“USDT”) (together as “Crypto Assets”) as transitory settlement assets within its payment processing operations. The Group does not hold stablecoins for investment purposes, treasury management or speculative purposes. Accordingly, the Company has elected the following accounting policy over crypto assets transactions:
•USDC: classified as a financial asset at fair value through profit or loss (FVPL) under IFRS 9 - Financial instruments. On initial recognition, USDC is measured at fair value (USD 1.00 per unit translated at the spot exchange rate). Subsequently, USDC is re-measured to fair value at each reporting date, changes in fair value are recognized as cost of services.
•USDT: classified as an intangible asset under IAS 38 - Intangible assets and measured at cost less accumulated impairment losses. USDT is not amortized (indefinite useful life) and is tested for impairment under IAS 36 at each reporting date. Impairment losses, when applicable, are recognized immediately in profit or loss as cost of services.
The crypto assets are held for short period, and only corresponding to merchant payment processing volume, additions and disposals are characterized by high turnover, large volumes and short-term periods. Inflows and outflows associated with payment volume transactions of the Company’s merchants are nearly immediately converted into cash. Inflows and outflows generated from USDC and USDT are classified within operating activities on a net proceeds basis.
The Company’s retained processing fees, when converted to fiat currency, constitute cash inflows to the Company, which are classified within operating activities on a net proceeds basis.
2.2. New accounting pronouncements
The accounting policies adopted in the preparation of the Unaudited Consolidated Condensed Interim Financial statements are consistent with those followed in the preparation of the Group’s Annual Consolidated Financial Statements for the year ended December 31, 2025.
IFRS 9 – Financial Instruments and IFRS 7 Financial Instruments: Disclosure (effective on January 1, 2026)
On May 30, 2024, the IASB issued targeted amendments to IFRS 9 and IFRS 7. The amendments intend to:
•Clarify the period of recognition and derecognition of some financial assets and liabilities, with new exception for some financial liabilities settled through electronic cash transfer;
•Provide further guidance for assessing whether a financial asset meets the solely payments of principal and interest (SPPI) criterion;
•add new disclosures for certain instruments with contractual terms that can change cash flows (such as some financial instruments with features linked to the achievement of environmental, social and governance targets); and
•update the disclosures for equity instruments designated at fair value through other comprehensive income (“FVTOCI”).
The Group adopted these amendments on January 1, 2026. The adoption did not have a material impact on the Group’s financial statements.
2.3. Impact of IFRS Accounting Standards issued but not yet applied by the Group
The following new standards, amendments to standards and interpretation of IFRS issued by the IASB were not adopted since they are not effective for the issuance of the Unaudited Consolidated Condensed Interim Financial Statements. The Company is assessing the impact of the standards and plans to adopt these new standards, amendments, and interpretation, if applicable, when they become effective.
IFRS 18 - Presentation and disclosure in financial statements (effective on January 1, 2027)
IFRS 18 will replace IAS 1 Presentation of financial statements, introducing new requirements that will help to achieve comparability of the financial performance of similar entities and provide more relevant information and transparency to users. Even though IFRS 18 will not impact the recognition or measurement of items in the financial statements, its impacts on presentation and disclosure are expected to be pervasive, particularly those related to the statement of financial performance and providing management-defined performance measures within the financial statements.
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DLocal Limited Notes to the Unaudited Consolidated Condensed Interim Financial Statements At September 30, 2026 (All amounts in thousands of U.S. Dollars except share data, par value or as otherwise indicated) | | |||||||
The group is in the process of determining the impact on the group of applying IFRS 18, which will be followed by a transition plan to report our first IFRS 18-compliant interim financial statements for the period ending March 31, 2027 and annual financial statements for the period ending December 31, 2027. It is also expected that the cash flow statement will be impacted, because interest and dividends received and finance costs paid are required to each be presented in a single category.
The group currently presents an operating profit subtotal. The group is performing a detailed assessment to determine the appropriate classification of items to ensure that the operating profit subtotal will comply with the requirements of IFRS 18. Furthermore, the new aggregation and disaggregation requirements will lead into changes to present the most useful structured summary.
The group will apply the new standard from its mandatory effective date of January 1, 2027. Retrospective application is required, and so the comparative information for the financial year ending December 31, 2026 will be restated in accordance with IFRS 18.
At each subsequent reporting period, the group will provide an update on the progress towards transition to IFRS 18.
IFRS 19 - Subsidiaries without Public Accountability: Disclosures and amendment (effective on January 1, 2027)
Issued on May 9, 2024, IFRS 19 allows for certain eligible subsidiaries of parent entities that report under IFRS Accounting Standards to apply reduced disclosure requirements. The Group does not expect this standard to have an impact on its operations or financial statements.
Amendments to IAS 21 – Translation to a Hyperinflationary Presentation Currency
Issued in November 2025, the IASB amended IAS 21 to clarify the translation requirements when an entity presents its financial statements in the currency of a hyperinflationary economy while its functional currency, or the functional currency of a foreign operation, is not hyperinflationary. The amendments provide guidance on how such financial statements should be translated in these circumstances.
The Group does not expect this amendment to have an impact on its operations or financial statements.
3. Accounting estimates and judgments
Accounting estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The accounting estimates and judgments adopted in these Unaudited Consolidated Condensed Interim Financial Statements are consistent with those of the previous financial year and the corresponding interim reporting period, except in relation to the fair value measurements arising from the business combination completed during the period, as further described in Note 27. Business Combination.
4. Consolidation of subsidiaries
DLocal Limited is the Group parent and acts as a holding company for all subsidiaries. Its principal sources of revenue include dividends from subsidiaries and profit-sharing payments from subsidiary partnerships. dLocal’s main activity is the processing of cross-border and local payments, enabling international merchants to access end customers in emerging markets.
There were no changes since December 31, 2025 in the accounting practices adopted for consolidation of the Company’s direct and indirect interests in its subsidiaries for the purposes of these Unaudited Consolidated Condensed Interim Financial Statements. During the nine-month period ended September 30, 2026, the Group incorporated the following subsidiaries, each with a 100% ownership by the Group: Dlocal Netherlands BV, in the Netherlands and Dlocal Technological Services A.Ş., in Turkey. The Group has determined that the incorporation of these subsidiaries does not constitute a business combination according to IFRS 3.
On February 27, 2026, the Company acquired 100% of the issued shares and obtained control of Mint Code Solutions S.A., Cameroon, refer to Note 27. Business Combination.
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DLocal Limited Notes to the Unaudited Consolidated Condensed Interim Financial Statements At September 30, 2026 (All amounts in thousands of U.S. Dollars except share data, par value or as otherwise indicated) | | |||||||
5. Segment reporting
The Group operates as a single operating segment, “payment processing”. Operating segments are defined as components of an enterprise for which separate financial information is regularly evaluated by the chief operating decision maker (“CODM”) which is the group’s executive team represented by executive officers and directors. The Group has determined that its Executive Team is the chief operating decision maker as they determine the allocation of resources and assess performance.
The Executive Team evaluates the Group’s financial information and resources, and assesses the financial performance of these resources based on consolidated Revenue and Operating Profit as disclosed in the Statement of Comprehensive Income. Effective from January 1, 2026, operating profit is used as a performance measure by the Executive Team. Adjusted EBITDA and Adjusted EBITDA margin are no longer used as measures of segment performance.
The Group’s revenue, operating profit and assets for this one reportable segment can be determined by reference to the Unaudited Consolidated Condensed Interim Statement of Comprehensive Income and Unaudited Consolidated Condensed Interim Statement of Financial Position.
As required by IFRS 8 Operating Segments, below are presented applicable entity-wide disclosures related to Group’s revenues.
Revenue breakdown by region and country
The Group derives its revenues from delivering services to international merchants (mainly in the United States, Europe, and China), enabling them to receive payments and facilitate payments in emerging markets. The Group has operations in more than 60 countries, where its merchant customers operate.
The following table presents the Group’s revenue by region based on the country in which the end users of our merchant customers executed their payments. This presentation does not imply that revenue is generated, sourced, or subject to taxation in the respective country. Revenue recognition is based on IFRS principles and reflects the contractual relationships between the Group, its merchants, and its operating companies. For financial reporting purposes, regions are disclosed separately only if payments from/to merchant customers in a given region represented at least 10% of total revenues.
| Nine months ended | Three months ended | ||||||||||||||||||||||
| September 30, 2026 | September 30, 2025 | September 30, 2026 | September 30, 2025 | ||||||||||||||||||||
| LatAm | |||||||||||||||||||||||
| Brazil | |||||||||||||||||||||||
| Mexico | |||||||||||||||||||||||
| Argentina | |||||||||||||||||||||||
| Other countries | |||||||||||||||||||||||
| Non-LatAm | |||||||||||||||||||||||
| Total | |||||||||||||||||||||||
During the nine months ended September 30, 2026 and 2025, the Group had no revenues from customers domiciled in the Cayman Islands. The Group’s revenues are derived from payment processing services provided to merchants, regardless of the geographic location of their customers. dLocal does not engage with or provide services directly to the end-users of its merchants.
Revenue with large customers
For the nine months ended September 30, 2026, the Group’s revenue from its top 10 merchants represented 62% of revenue (60% of revenue for the nine months ended September 30, 2025). For the nine months ended September 30, 2026 and 2025, two merchants individually accounted for more than 10% of the total revenue.
Non-current assets by country
The Company does not have any non-current assets located in the Cayman Islands.
Material non-current assets are the intangible assets described in Note 19. Intangible Assets.
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DLocal Limited Notes to the Unaudited Consolidated Condensed Interim Financial Statements At September 30, 2026 (All amounts in thousands of U.S. Dollars except share data, par value or as otherwise indicated) | | |||||||
6. Revenues and Cost of Services
(a)Revenue and Gross profit description
dLocal derives revenue by processing payments for international merchants who operate in selected emerging markets.
The breakdown of revenue from contracts with customers per type of service is as follows:
| Nine months ended | Three months ended | ||||||||||||||||||||||
| September 30, 2026 | September 30, 2025 | September 30, 2026 | September 30, 2025 | ||||||||||||||||||||
| Transaction revenues (i) | |||||||||||||||||||||||
| Finance income (ii) | |||||||||||||||||||||||
| Other revenues (iii) | |||||||||||||||||||||||
| Revenues from payment processing | |||||||||||||||||||||||
| Cost of services | ( | ( | ( | ( | |||||||||||||||||||
| Gross profit | |||||||||||||||||||||||
(i)Transaction revenues consist of processing, foreign exchange, installment, chargebacks, refunds and other transactional fees. These fees are recognized as revenue at a point in time when a payment transaction, or its reversal in the case of chargebacks and refunds, has been processed
(ii)Starting June 30, 2026, the Company decided to present finance income separately which was previously reported within transaction revenue. Finance income mostly comprised of income recognized as per advancement fee charged on early payment of payables to Merchants.
(iii)Other revenues are comprised mainly of fees related to transactional taxes, minimum monthly fees, transfer fees and initial setup fees. Other revenues are recognized at a point in time when the performance obligation is satisfied.
(b)Revenue recognized at a point in time and over time
Transaction revenues are recognized at a point in time when the payment transaction, or its reversal in the case of chargeback and refunds, has been processed. Other revenues are recognized as revenue at a point in time when the respective performance obligation is satisfied. The Group did not recognize revenues over time for the nine months ended September 30, 2026 and 2025.
(c)Cost of services
Cost of services are composed of the following:
| Nine months ended | Three months ended | ||||||||||||||||||||||
| September 30, 2026 | September 30, 2025 | September 30, 2026 | September 30, 2025 | ||||||||||||||||||||
| Processing costs (i) | |||||||||||||||||||||||
| Hosting expenses (ii) | |||||||||||||||||||||||
| Amortization of intangible assets (iii) | |||||||||||||||||||||||
| Salaries and wages (iv) | |||||||||||||||||||||||
| Total | |||||||||||||||||||||||
(i)Include fees that financial institutions (e.g., banks, local acquirers, or payment method providers) charge the Group, typically as a percentage of the transaction value (but in certain cases, as a fixed fee such as in the case of pay-outs in relation to payment processing, cash advances, installment payments and merchant advances finance cost). Such fees vary by financial institution and typically depend on the settlement period contracted with such institution, the payment method used and the type of product (e.g., pay-in or a pay-out). These fees also include conversion and expatriation or repatriation costs charged by banks and brokers and the corresponding hedging results. For further details related to effect of hedging results see Note 22. Derivative financial instruments.
(ii)Expenses related to hosting services for the Group’s payment platform.
(iii)Represents the amortization of capitalized internally-generated software (i.e., dLocal’ s payment platform). For further detail refer to Note 19. Intangible Assets.
(iv)Consists of salaries and wages of employees and contractors directly involved in our day-to-day operations. For further detail refer to Note 9. Employee Benefits.
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DLocal Limited Notes to the Unaudited Consolidated Condensed Interim Financial Statements At September 30, 2026 (All amounts in thousands of U.S. Dollars except share data, par value or as otherwise indicated) | | |||||||
7. Technology and development expenses
Technology and development expenses consist of the following:
| Nine months ended | Three months ended | ||||||||||||||||||||||
| September 30, 2026 | September 30, 2025 | September 30, 2026 | September 30, 2025 | ||||||||||||||||||||
| Salaries and wages (i) | |||||||||||||||||||||||
| Software licenses (ii) | |||||||||||||||||||||||
| Infrastructure expenses (iii) | |||||||||||||||||||||||
| Information and technology security expenses (iv) | |||||||||||||||||||||||
| Other technology expenses | |||||||||||||||||||||||
| Total | |||||||||||||||||||||||
(i)Consists primarily of compensation of full-time equivalents, or FTEs, engaged in or related to product and technology development, excluding capitalized salaries and wages related to internally generated software. For further detail on total salaries and wages refer to Note 9. Employee Benefits.
(ii)Consists of software licenses used exclusively by the technology development department for the development of the platform.
(iii)Represents information technology costs to support the Group’s infrastructure and back-office operations.
(iv)Represents costs incurred to monitor the security of our network and platform.
8. Sales and marketing expenses and General and administrative expenses
Sales and marketing expenses and General and administrative expenses are comprised of the following:
| Nine months ended | Three months ended | |||||||||||||||||||||||||
| Sales and marketing expenses | September 30, 2026 | September 30, 2025 | September 30, 2026 | September 30, 2025 | ||||||||||||||||||||||
| Salaries and wages (i) | ||||||||||||||||||||||||||
| Marketing expenses (ii) | ||||||||||||||||||||||||||
| Total | ||||||||||||||||||||||||||
| General and administrative expenses | September 30, 2026 | September 30, 2025 | September 30, 2026 | September 30, 2025 | ||||||||||||||||||||||
| Salaries and wages (iii) | ||||||||||||||||||||||||||
| Third-party services (iv) | ||||||||||||||||||||||||||
| Travel and other operating expenses (v) | ||||||||||||||||||||||||||
| Total | ||||||||||||||||||||||||||
(i)Represents salaries and wages related to FTE’s in the Group’s sales and marketing department. For further detail on total salaries and wages refer to Note 9. Employee Benefits.
(ii)Represents expenses related to trade marketing events, the distribution and production of marketing and advertising campaigns, public relations expenses, third-party sales commissions, and online performance marketing.
(iii)Represents salaries and wages related to administrative FTE’s. For further detail on total salaries and wages refer to Note 9. Employee Benefits.
(iv)Includes advisors’ fees, legal fees, auditors’ fees and human resources’ fees.
(v)Includes office rent and related expenses, amortization of right-of-use assets, intangible assets and depreciation of property, plant and equipment, taxes, travel and other expenses.
During the nine-month period ended September 30, 2026, certain tax assessments related to prior years were adjusted, resulting in tax impacts amounting to US$9,699 corresponding to fiscal years 2023, 2024 and 2025. From the total amount, US$5,296 relates to income tax and related interest (refer to Note 12. Income tax, footnote (i)) and US$4,403 relates to indirect taxes, other taxes and related interest which were included within other operating expenses. The Company concluded that the out of period adjustment was not material to any previously reported annual or interim period.
During the nine-month period ended September 30, 2026, certain tax assessments related to prior years were adjusted, resulting in tax impacts amounting to US$9,699 corresponding to fiscal years 2023, 2024 and 2025. From the total amount, US$5,296 relates to income tax and related interest (refer to Note 12. Income tax, footnote (i)) and US$4,403 relates to indirect taxes, other taxes and related interest which were included within other operating expenses. The Company concluded that the out of period adjustment was not material to any previously reported annual or interim period.
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DLocal Limited Notes to the Unaudited Consolidated Condensed Interim Financial Statements At September 30, 2026 (All amounts in thousands of U.S. Dollars except share data, par value or as otherwise indicated) | | |||||||
9. Employee benefits
Employee benefits costs are comprised of the following:
| Nine months ended | Three months ended | ||||||||||||||||||||||
| September 30, 2026 | September 30, 2025 | September 30, 2026 | September 30, 2025 | ||||||||||||||||||||
| Salaries, wages and contractor fees (i) | |||||||||||||||||||||||
| Share-based payments (ii) | |||||||||||||||||||||||
| Total | |||||||||||||||||||||||
(i)Salaries, wages and contractor fees include social security costs and annual bonuses. This line also includes US$27,737 for the nine months ended September 30, 2026 (US$23,175 for the nine months ended September 30, 2025) related to capitalized salaries and wages.
(ii)Represents compensation expenses from share-based arrangements settled in the Group’s common shares. For further information refer to Note 13. Share-based payments.
10. Amortization and depreciation
Amortization and depreciation expenses are composed of the following:
| Nine months ended | Three months ended | ||||||||||||||||||||||
| September 30, 2026 | September 30, 2025 | September 30, 2026 | September 30, 2025 | ||||||||||||||||||||
| Amortization of intangible assets | |||||||||||||||||||||||
| Amortization of right-of-use assets | |||||||||||||||||||||||
| Depreciation of property, plant & equipment | |||||||||||||||||||||||
| Total | |||||||||||||||||||||||
For further information related to amortization of intangible assets refer to Note 19. Intangible Assets.
11. Other results
Other results is composed of the following categories:
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| September 30, 2026 | September 30, 2025 | September 30, 2026 | September 30, 2025 | ||||||||||||||||||||
| Interest income from financial instruments (i) | |||||||||||||||||||||||
| Fair value gains (losses) of financial assets at FVPL (i) | |||||||||||||||||||||||
| Finance income | |||||||||||||||||||||||
| September 30, 2026 | September 30, 2025 | September 30, 2026 | September 30, 2025 | ||||||||||||||||||||
| Finance expense related to derivative financial instruments (ii) | ( | ( | ( | ( | |||||||||||||||||||
| Other finance expenses (iii) | ( | ( | ( | ( | |||||||||||||||||||
| Interest charges for lease liabilities (iv) | ( | ( | ( | ( | |||||||||||||||||||
| Finance costs | ( | ( | ( | ( | |||||||||||||||||||
| Inflation adjustment (v) | ( | ( | ( | ( | |||||||||||||||||||
| Total | |||||||||||||||||||||||
(i)Includes interest income from short-term liquid financial instruments and financial assets at amortized cost, and fair value gains and losses from financial assets measured at fair value through profit and loss. For further detail refer to Note 16. Financial assets.
(ii)Represents the rate implicit in derivative financial instruments not designated as hedging instruments. The Group elected to separate the spot element from the forward element of the derivative foreign exchange instruments and designated as a hedging instrument the changes in the fair value of the spot element. Changes in the fair value of the hedging portion of the derivative contract are recognized within Costs of services while changes in the fair value of the non-designated portion; i.e. the forward element, are presented within Finance costs. For further information refer to Note 22. Derivative financial instruments.
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DLocal Limited Notes to the Unaudited Consolidated Condensed Interim Financial Statements At September 30, 2026 (All amounts in thousands of U.S. Dollars except share data, par value or as otherwise indicated) | | |||||||
(iii)Represented by net effects of foreign exchange results, the fair value losses of other assets and the interest and amortization of transaction costs related to the credit facility. For further detail, refer to Note 23. Financial liabilities. For the nine-month period ended September 30, 2025, this line was mainly represented by net foreign exchange results arising from an intra-group loan denominated in U.S. dollars between subsidiaries located in Argentina and Malta, which was fully settled in September 2025 and therefore no longer impacts the current period. For further detail, refer to Note 25. Related Parties.
(iv)Finance costs associated with lease liabilities resulting from the application of IFRS 16 Leases.
(v)As required by IAS 29, Group’s Argentina and Ghana subsidiaries were considered hyperinflationary economies, due to the materiality, only the financial statements of the Group’s Argentina subsidiaries were restated to reflect the purchasing power of the hyperinflationary currency. Therefore, a loss on net monetary position was recognized during the nine months ended September 30, 2026 and 2025.
12. Income tax
Income tax expense is recognized based on management’s estimate of the weighted average effective annual income tax rate expected for the full financial year. The estimated average income tax rate used for the nine months ended September 30, 2026 is 18.3%, compared to 13.9% for the nine months ended September 30, 2025. The effective income tax rate increase is explained by: (i) an increase in the results of subsidiaries located in countries where the income tax rate is higher; and (ii) the recognition of income tax expense related to adjustments on certain tax assessments for prior years, resulting in an income tax impact of US$5,296.
The income tax charge recognized in profit and loss is the following:
| Nine months ended | Three months ended | ||||||||||||||||||||||
| Current income tax | September 30, 2026 | September 30, 2025 | September 30, 2026 | September 30, 2025 | |||||||||||||||||||
| Current income tax on profits for the period | ( | ( | ( | ( | |||||||||||||||||||
| Total current income tax expense (i) | ( | ( | ( | ( | |||||||||||||||||||
| Deferred income tax | September 30, 2026 | September 30, 2025 | September 30, 2026 | September 30, 2025 | |||||||||||||||||||
| (Decrease)/increase in deferred income tax assets | ( | ( | |||||||||||||||||||||
| (Increase)/decrease in deferred income tax liabilities | ( | ( | |||||||||||||||||||||
| Total deferred income tax (expense)/benefit | ( | ( | ( | ||||||||||||||||||||
| Income tax expense | ( | ( | ( | ( | |||||||||||||||||||
(i) Includes US$5,296 related to income tax (and related interest) as mentioned in the Note 8. Sales and marketing expenses and General and administrative expenses, footnote (v).
13. Share-based payments
During the nine months ended September 30, 2026 and year ended December 31, 2025, the Group granted new restricted share units under the Amended and Restated 2020 Global Share Incentive Plan to executives and employees in return for their services, which represented changes in the composition of share options outstanding at the end of the period.
Set out below are summaries of restricted share units and share options granted under the plan:
| September 30, 2026 | December 31, 2025 | |||||||||||||||||||||||||
| Average exercise price (U.S. Dollars) | Number of options and RSUs and PSUs | Average exercise price (U.S. Dollars) | Number of options and RSUs and PSUs | |||||||||||||||||||||||
| At the beginning of the period | ||||||||||||||||||||||||||
| Granted during the period | ||||||||||||||||||||||||||
| Exercised during the period | ( | ( | ||||||||||||||||||||||||
| Forfeited during the period | ( | ( | ||||||||||||||||||||||||
| At the end of the period | ||||||||||||||||||||||||||
| Vested and exercisable at the end of the period | ||||||||||||||||||||||||||
No options expired during the periods covered by the above table.
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DLocal Limited Notes to the Unaudited Consolidated Condensed Interim Financial Statements At September 30, 2026 (All amounts in thousands of U.S. Dollars except share data, par value or as otherwise indicated) | | |||||||
As of September 30, 2026, the Group has 180,000 Performance Share Units (“PSUs”), 5,088,367 Restricted Stock Units (RSUs), and 1,744,760 Stock Options outstanding.
For the nine months ended September 30, 2026, total compensation expense of the plans was US$17,350 (for the nine months ended September 30, 2025 US$17,771 ) as presented in Note 9. Employee Benefits.
14. Capital management
(a)Share capital
At the date of this interim report, the total authorized share capital of the Group was US$3,000,000 divided into 1,500,000,000 shares par value US$0.002 each, of which:
•1,000,000,000 shares are designated as Class A common shares (“Class A Common Shares”); and
•250,000,000 shares are designated as Class B common shares (“Class B Common Shares”).
The remaining 250,000,000 authorized but unissued shares are presently undesignated and may be issued by our board of directors as common shares of any class or as shares with preferred, deferred or other special rights or restrictions.
The rights of the holders of Class A Common Shares and Class B Common Shares are identical, except with respect to voting, conversion and transfer restrictions applicable to the Class B Common Shares. Each Class A Common Share is entitled to one vote while Class B Common Shares are entitled to five votes each. Each Class B Common Share is convertible into one Class A Common Share automatically upon transfer, subject to certain exceptions. Holders of Class A Common Shares and Class B Common Shares vote together as a single class on all matters unless otherwise required by law.
Authorized shares, as well as issued and fully paid-up shares, are presented below:
| September 30, 2026 | September 30, 2025 | |||||||||||||||||||||||||
| Amount | US$ | Amount | US$ | |||||||||||||||||||||||
| Issued and fully paid up shares of US$0.002 each | ||||||||||||||||||||||||||
| Class A common shares | ||||||||||||||||||||||||||
| Class B common shares | ||||||||||||||||||||||||||
| Share capital evolution | ||||||||||||||||||||||||||
| Share capital as of January 1 | ||||||||||||||||||||||||||
| i) Issue of common shares at US$0.002 | ||||||||||||||||||||||||||
| ii) Shares cancellation (1) | ( | ( | ||||||||||||||||||||||||
| iii) Warrant exercise | — | — | ||||||||||||||||||||||||
| Share capital as of September 30 | ||||||||||||||||||||||||||
(1) Comprises 9,130,803 Class A common shares repurchased and cancelled under the Company's share repurchase program (refer to Note (c) Treasury Shares below).
(b) Share premium
For the nine months ended September 30, 2026 and 2025, dLocal issued 1,627,589 and 751,839 new Class A Common Shares receiving total proceeds of US$260 and US$1,414 , respectively, related to the vesting of restricted stock units and the exercise of share-options.
(c) Treasury Shares
On March 13, 2026, the Company's Board of Directors authorized a new share repurchase program to purchase up to US$300 million of Class A common shares, expiring at the earliest of March 19, 2027 or upon reaching the US$300 million repurchase limit. The same resolution authorized the cancellation of the shares repurchased under the program.
During the nine-month period ended September 30, 2026, the Company repurchased 9,130,803 Class A common shares at an average price of US$12.99 per share, amounting to a total consideration of US$120,105, including transaction costs. The repurchased shares were held as treasury shares and accounted for at cost.
15 | ||||||||
DLocal Limited Notes to the Unaudited Consolidated Condensed Interim Financial Statements At September 30, 2026 (All amounts in thousands of U.S. Dollars except share data, par value or as otherwise indicated) | | |||||||
All 9,130,803 shares repurchased under the program were cancelled during the period. The total amount of US$120,105 related to these shares was deducted for an amount of US$7,097 from Share Premium until it was fully utilized, and the remaining US$113,008 was charged to Retained Earnings. As of September 30, 2026, the Company held no treasury shares in respect of this program.
(d) Capital reserve
The Capital reserve corresponds to reserves related to the share-based plans, as described in Note 13. Share-based payments and warrants to the Annual Financial Statements for the year ended December 31, 2025. As of September 30, 2026, the movement in the Capital reserve was US$2,401 which is comprised of US$17,350 increase related to share-based expenses and US$14,949 decrease related to exercise and vesting of shares per the share-based plan.
(e) Other Reserves
The reserves for the Group relate to cumulative translation adjustment representing differences on conversion of assets and liabilities at the reporting date.
(f) Earnings per share
Basic earnings per share is calculated by dividing net income for the period attributed to the owners of the parent by the weighted average number of ordinary shares outstanding during the period.
Diluted earnings per share is calculated by dividing net income attributable to owners of the Company by the weighted average number of shares outstanding during the year plus the weighted average number of shares that would be issued on conversion of all dilutive potential shares into shares by applying the treasury stock method. The shares in the share-based plan are the only shares with potential dilutive effect.
The following table presents the calculation of net income applicable to the owners of the parent and basic and diluted EPS for the nine and three months period ended of September 30:
| Nine months ended | Three months ended | |||||||||||||||||||||||||
| September 30, 2026 | September 30, 2025 | September 30, 2026 | September 30, 2025 | |||||||||||||||||||||||
| Profit attributable to common shareholders (U.S. Dollars) | ||||||||||||||||||||||||||
| Weighted average number of common shares | ||||||||||||||||||||||||||
| Adjustments for calculation of diluted earnings per share (1) | ||||||||||||||||||||||||||
| Weighted average number of common shares for calculating diluted earnings per share | ||||||||||||||||||||||||||
| Basic earnings per share | ||||||||||||||||||||||||||
| Diluted earnings per share | ||||||||||||||||||||||||||
(1)For the nine months ended September 30, 2026, the adjustment corresponds to the dilutive effect of 7,367,950 average shares related to share-based payment plans with employees. For the nine months ended September 30, 2025, the adjustment corresponds to: i) 4,418,445 average shares related to share-based payment warrants; and ii) 7,552,229 average shares related to share-based payment plans with employees.
15. Cash and cash equivalents
Cash and cash equivalents breakdown is presented below:
| September 30, 2026 | December 31, 2025 | |||||||||||||
| Corporate cash and cash equivalents | ||||||||||||||
| Merchant cash and cash equivalents (i) | ||||||||||||||
| Total | ||||||||||||||
As of September 30, 2026, US$1,033,887 (US$719,897 on December 31, 2025) represents cash on hand, demand deposits and other short-term liquid financial instruments.
(i)Merchant cash and cash equivalents includes freely available funds which belong to the merchants or their customers but are held by the Company.
16 | ||||||||
DLocal Limited Notes to the Unaudited Consolidated Condensed Interim Financial Statements At September 30, 2026 (All amounts in thousands of U.S. Dollars except share data, par value or as otherwise indicated) | | |||||||
15.1 Non-cash transactions
The following table shows a detail of significant non-cash transactions occurred in the nine-month period ended September 30, 2026:
| September 30, 2026 | September 30, 2025 | |||||||||||||
| Intangible asset and Goodwill acquired through a decrease in other assets at FVPL (i) | — | |||||||||||||
(i) Refer to note 27. Business Combination
16. Financial assets
(a)Classification of financial assets
Financial assets include the following:
Financial assets at Fair Value through Profit or Loss:
| Instrument | Reference | Maturity date | Interest rate (%) | Linked with | September 30, 2026 (i) | December 31, 2025 (i) | |||||||||||||||||||||||||||||||||||
| Argentina Treasury Notes | D16E6 | Jan-26 | Dollar linked | — | |||||||||||||||||||||||||||||||||||||
| Brazil Money Market | LFT | * | Apr-25 | Selic + | — | — | |||||||||||||||||||||||||||||||||||
| — | |||||||||||||||||||||||||||||||||||||||||
*Stabilization Reference Coefficient adjusted by inflation
Financial assets at Amortized Cost:
| Instrument | Reference | Maturity date | Interest rate (%) | Linked with | September 30, 2026(i) | December 31, 2025(i) | ||||||||||||||||||||||||||||||||
| US Treasury Bonds | US912797RU32 | Feb-26 | — | — | ||||||||||||||||||||||||||||||||||
| US Treasury Bonds | US912797QN08 | May-26 | — | — | ||||||||||||||||||||||||||||||||||
| US Treasury Bonds | US912797QX89 | Jun-26 | — | — | ||||||||||||||||||||||||||||||||||
| US Treasury Bonds | US912797SW88 | May-26 | — | — | ||||||||||||||||||||||||||||||||||
| US Treasury Bonds | US912797RF64 | Jul-26 | — | — | ||||||||||||||||||||||||||||||||||
| US Treasury Bonds | US912797SA68 | Oct-26 | — | — | ||||||||||||||||||||||||||||||||||
| US Treasury Bonds | US912797SK41 | Oct-26 | — | — | ||||||||||||||||||||||||||||||||||
| US Treasury Bonds | US912797SU23 | Nov-26 | — | — | ||||||||||||||||||||||||||||||||||
| US Treasury Bonds | US912797TC16 | Dec-26 | — | — | ||||||||||||||||||||||||||||||||||
| US Treasury Bonds | US912797UJ40 | Oct-26 | — | — | ||||||||||||||||||||||||||||||||||
| US Treasury Bonds | US912797TC16 | Dec-26 | — | — | ||||||||||||||||||||||||||||||||||
| US Treasury Bonds | US912797UX34 | May-27 | — | — | ||||||||||||||||||||||||||||||||||
| US Treasury Bonds | US912797VF19 | Jun-27 | — | — | ||||||||||||||||||||||||||||||||||
| US Treasury Bonds | US912797VQ73 | Jul-27 | — | — | ||||||||||||||||||||||||||||||||||
| US Treasury Bonds | US912797VR56 | Aug-27 | — | — | ||||||||||||||||||||||||||||||||||
| US Treasury Bonds | US912797WA13 | Sep-27 | — | — | ||||||||||||||||||||||||||||||||||
| Banco Diners | C049001 | Nov-26 | — | |||||||||||||||||||||||||||||||||||
(i) As of September 30, 2026 and December 31, 2025, certain financial assets with a carrying amount of US$12,382 and US$74,478, respectively, were held as security for the borrowings detailed in Note 23. Financial liabilities.
(b)Amounts recognized in profit or loss
Information about the Group’s impact on profit or loss of bonds is discussed in Note 11. Other Results
17 | ||||||||
DLocal Limited Notes to the Unaudited Consolidated Condensed Interim Financial Statements At September 30, 2026 (All amounts in thousands of U.S. Dollars except share data, par value or as otherwise indicated) | | |||||||
(c)Risk exposure and fair value measurements
As of December 31, 2025, the Group’s financial assets at fair value through profit or loss consisted of Argentina Treasury Notes that are listed on the Argentinean Stock Exchange (Bolsas y Mercados Argentinos - BYMA). As of September 30, 2026, the Group held no financial assets measured at FVPL within the Financial Assets caption.
18 | ||||||||
DLocal Limited Notes to the Unaudited Consolidated Condensed Interim Financial Statements At September 30, 2026 (All amounts in thousands of U.S. Dollars except share data, par value or as otherwise indicated) | | |||||||
17. Trade and other receivables
Trade and other receivables of the Group are composed of the following:
| Current | September 30, 2026 | December 31, 2025 | ||||||||||||
| Trade receivables | ||||||||||||||
| Loss allowance | ( | ( | ||||||||||||
| Trade receivables net | ||||||||||||||
| Advances and other receivables | ||||||||||||||
| Total Current Trade and other receivables | ||||||||||||||
| Non-current | ||||||||||||||
| Advances and other receivables | ||||||||||||||
| Total Non-current Trade and other receivables | ||||||||||||||
Trade receivables represent uncollateralized gross amounts due from acquirers, processors, merchants and collection entities for services performed that will be collected in less than one year. As a result, they are classified as current. All Trade and other receivables have been assigned a “normal” credit risk rating which applies to financial assets for which a significant increase in credit risk has not occurred since initial recognition.
Advances and other receivables include payments made in advance as well as tax credits.
Loss allowance and impairment losses
The following table presents the evolution of the loss allowance:
| September 30, 2026 | September 30, 2025 | |||||||||||||
| As of January 1 | ( | ( | ||||||||||||
| Increase in loss allowance for trade receivables | ( | ( | ||||||||||||
| Write-off | ||||||||||||||
| As of September 30 | ( | ( | ||||||||||||
| Net impairment (loss)/gain for trade receivables | ( | ( | ||||||||||||
For purposes of initial recognition and subsequent measurement, the Group applies the simplified approach to determine expected credit losses on trade receivables.
To measure the expected credit losses, trade and other receivables have been grouped based on shared credit risk characteristics and the days past due.
The expected loss rates are based on the payment profiles of debtors over a period of 48 months before year end and the corresponding historical credit losses experienced within this period. The historical loss rate is adjusted to reflect current and forward-looking information on credit risk ratings of the countries in which the Group sells its services which affects the ability of the debtors to settle the receivables. On that basis, the average expected credit loss rate was determined at 0.2% for the nine months ended September 30, 2026 (0.3% in the nine months ended September 30, 2025).
19 | ||||||||
DLocal Limited Notes to the Unaudited Consolidated Condensed Interim Financial Statements At September 30, 2026 (All amounts in thousands of U.S. Dollars except share data, par value or as otherwise indicated) | | |||||||
18. Other assets
Other assets are composed of the following:
| Current | September 30, 2026 | December 31, 2025 | |||||||||
| Money held in escrow and guarantees due to: (i) | |||||||||||
| – Banks and regulatory requirements (ii) | |||||||||||
| – Processors and others requirements | |||||||||||
| – Credit card requirements | |||||||||||
| Rental guarantees | |||||||||||
| Other financial asset measured at FVPL (iii) | |||||||||||
| Total Current Other assets | |||||||||||
| Non current | |||||||||||
| Other financial asset measured at FVPL (iv) | |||||||||||
| Total Non-current Other assets | |||||||||||
(i)Includes own funds and investments held in escrow and guarantees required by processors, credit cards and merchants. Amounts held in escrow also include funds held in a pledge account to collateralize overdrafts and pre-settlements agreements with a bank. It also includes guarantees issued to processors and credit cards institutions. These agreements have short-term maturities.
(ii)As of September 30, 2026, this balance mainly relates to restricted cash subject to regulatory requirements in Egypt and Morocco.
(iii)In December 2024 and June 2025, dLocal entered into short-term credit facility agreements with Aza Finance, a fintech company specializing in cross-border payments and foreign exchange solutions in Africa, as a working capital facility at 7% and 15% annual interest rates. These agreements encompassed a call option (the "Call Option") that granted dLocal the right to acquire designated entities or groups of assets from the borrower group.On January 6, 2026, the Company exercised the Call Option, and On February 27, 2026, acquired and obtained control as disclosed in Note 27. Business Combination.
(iv)The financial asset measured at FVPL relates to amounts contractually due from a third-party payment processor. During 2025, the Company reassessed the recoverable amount of this asset and recognized a fair value adjustment in financial results. As of September 30, 2026, the carrying amount totaled US$6,086 (US$5,614 as of December 31, 2025). The Company has formally initiated a legal claim against the third-party payment processor. On July 30, 2026, the Court of First Instance ruled in favor of dLocal on the merits. The judgment is not final or enforceable, as the third-party payment processor filed an appeal on August 31, 2026. The appeal hearing was held on November 2, 2026 and no new submissions were made. Final judgment is expected early December 2026 and is subject to a further one-time appeal before the High Court where the review should be limited to legal error. While the legal proceedings are ongoing, dLocal continues to monitor developments and assess the recoverability of the remaining balance in accordance with the accounting policies and applicable accounting standards. The Company, together with its external legal counsel, continues to believe that it has good prospects of recovering the total amounts, including the written off (see Note 17. Trade and other receivables) and that this matter should not result in any material additional loss to the Company.
19. Intangible assets
Intangible assets of the Group correspond to acquired software, capitalized expenses related to internally generated software and acquired merchant agreements, and are stated at cost less accumulated amortization.
| September 30, 2026 | December 31, 2025 | ||||||||||||||||||||||||||||||||||||||||
| At January 1, | Internally generated software | Acquired intangible assets | Acquired in a business combination (ii) | Total | Internally generated software | Acquired intangible assets | Total | ||||||||||||||||||||||||||||||||||
| Cost | — | ||||||||||||||||||||||||||||||||||||||||
| Accumulated amortization | ( | ( | — | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||
| Opening book value as of January 1 | — | ||||||||||||||||||||||||||||||||||||||||
| Additions (i) | 44,125 | 34,504 | |||||||||||||||||||||||||||||||||||||||
| Amortization of the year | ( | ( | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||
| Total as of period end | |||||||||||||||||||||||||||||||||||||||||
| Cost | |||||||||||||||||||||||||||||||||||||||||
| Accumulated amortization | ( | ( | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||
(i) The additions of internally generated software for the nine months ended September 30, 2026 include US$27,737 related to capitalized salaries and wages (US$23,175 for the nine months ended September 30, 2025).
20 | ||||||||
DLocal Limited Notes to the Unaudited Consolidated Condensed Interim Financial Statements At September 30, 2026 (All amounts in thousands of U.S. Dollars except share data, par value or as otherwise indicated) | | |||||||
(ii) Acquired in business combinations relates to identifiable intangible assets recognized in connection with business combinations, as further described in Note 27. Business Combination.
As of September 30, 2026, and December 31, 2025 no indicator of impairment related to intangible assets existed, so the Group did not perform an impairment test.
20. Trade and other payables
Trade and other payables are composed of the following:
| September 30, 2026 | December 31, 2025 | ||||||||||
| Trade payables | |||||||||||
| Accrued liabilities | |||||||||||
| Other payables | |||||||||||
| Total | |||||||||||
Trade and other payables are classified as current liabilities as the payment is due within one year or less. Moreover, the carrying amounts are considered to be the same as fair values, due to their short – term nature.
Trade payables correspond to liabilities with Merchants, either related to pay-in transactions processed or pay-out pending at their request. Accrued liabilities mainly correspond to obligations with legal and tax advisors, as well as auditors. Other payables include general administrative expenses and other obligations.
21. Tax liabilities
The tax liabilities breakdown is as follows:
| September 30, 2026 | December 31, 2025 | ||||||||||
| Income tax payable | |||||||||||
| Other tax liabilities | |||||||||||
| Income tax perception | |||||||||||
| Digital services withholding VAT | |||||||||||
| Total | |||||||||||
22. Derivative financial instruments
Derivative financial instruments: forward agreements
The Group’s operations are in various foreign currencies and consequently are exposed to foreign currency risk. As a consequence, the Group uses derivative instruments, delivery and non-delivery currency forward contracts and future contracts, to reduce the volatility of earnings and cash flows, caused by the exchange rate variation in which dLocal is exposed on the conversion of local currency into the settlement currency (usually US dollars). All outstanding derivatives are recognized in the Group’s consolidated statement of financial position at fair value and the impacts are recognized on profit or loss, as shown on the tables below.
The Group uses foreign exchange forward contracts to manage some of its transaction exposures. The spot element of foreign exchange forward contracts is designated as hedging instruments in fair value hedges and are entered into for periods consistent with foreign currency exposure of the underlying transactions, generally from one to 12 months.
21 | ||||||||
DLocal Limited Notes to the Unaudited Consolidated Condensed Interim Financial Statements At September 30, 2026 (All amounts in thousands of U.S. Dollars except share data, par value or as otherwise indicated) | | |||||||
| Transaction | Type Contract | Notional amount in US$ as of September 30, 2026 | Outstanding balance as of At September 30, 2026 - Derivative financial assets / (liabilities) | Notional amount in US$ as of December 31, 2025 | Outstanding balance as of December 31, 2025 - Derivative financial assets / (liabilities) | |||||||||||||||||||||||||||
| Assets | ||||||||||||||||||||||||||||||||
| Buy EUR | ||||||||||||||||||||||||||||||||
| US Dollar | Future Contract | |||||||||||||||||||||||||||||||
| Buy US$ | ||||||||||||||||||||||||||||||||
| Indian Rupee | Non-delivery forwards | |||||||||||||||||||||||||||||||
| United Arab Emirates Dirham | Forward | |||||||||||||||||||||||||||||||
| Argentine Peso | Futures Contract | |||||||||||||||||||||||||||||||
| Peso filipino | Non-delivery forwards | |||||||||||||||||||||||||||||||
| Chilean Peso | Forward | — | — | |||||||||||||||||||||||||||||
| Japanese yen | Forward | — | — | |||||||||||||||||||||||||||||
| Baht tailandés | Forward | 49 | — | — | ||||||||||||||||||||||||||||
| Moroccan Dirham | Forward | — | — | |||||||||||||||||||||||||||||
| Southafrican Rand | Forward | — | — | |||||||||||||||||||||||||||||
| West African CFA franc | Non-delivery forwards | — | — | |||||||||||||||||||||||||||||
| Sell EUR | ||||||||||||||||||||||||||||||||
| US Dollar | Forward | ( | ( | |||||||||||||||||||||||||||||
| Sell US$ | ||||||||||||||||||||||||||||||||
| Brazilian Real | Non-delivery forwards | ( | ( | |||||||||||||||||||||||||||||
| Nigerian Naira | Non-delivery forwards | ( | — | — | ||||||||||||||||||||||||||||
| Total | ||||||||||||||||||||||||||||||||
| Liabilities | ||||||||||||||||||||||||||||||||
| Buy EUR | ||||||||||||||||||||||||||||||||
| US Dollar | Forward | ( | ( | |||||||||||||||||||||||||||||
| US Dollar | Futures Contract | ( | — | — | ||||||||||||||||||||||||||||
| Buy US$ | ||||||||||||||||||||||||||||||||
| Turkish Lira | Forward | ( | ( | |||||||||||||||||||||||||||||
| Moroccan Dirham | Forward | — | — | ( | ||||||||||||||||||||||||||||
| South African Rand | Forward | — | — | ( | ||||||||||||||||||||||||||||
| Brazilian Real | Non-delivery forwards | ( | ( | |||||||||||||||||||||||||||||
| Egyptian Pound | Non-delivery forwards | ( | ( | |||||||||||||||||||||||||||||
| Nigerian Naira | Non-delivery forwards | ( | ( | |||||||||||||||||||||||||||||
| Pakistani Rupee | Non-delivery forwards | ( | ( | |||||||||||||||||||||||||||||
| Vietnamese Dong | Non-delivery forwards | ( | ( | |||||||||||||||||||||||||||||
| Saudi Riyal | Forward | — | — | ( | ||||||||||||||||||||||||||||
| Mexican Peso | Forward | — | — | ( | ||||||||||||||||||||||||||||
| Thai Baht | Forward | — | — | ( | ||||||||||||||||||||||||||||
| Mexican Peso | Futures Contract | — | — | ( | ||||||||||||||||||||||||||||
| Chilean Peso | Forward | — | — | ( | ||||||||||||||||||||||||||||
| Sell US$ | ||||||||||||||||||||||||||||||||
22 | ||||||||
DLocal Limited Notes to the Unaudited Consolidated Condensed Interim Financial Statements At September 30, 2026 (All amounts in thousands of U.S. Dollars except share data, par value or as otherwise indicated) | | |||||||
| Transaction | Type Contract | Notional amount in US$ as of September 30, 2026 | Outstanding balance as of At September 30, 2026 - Derivative financial assets / (liabilities) | Notional amount in US$ as of December 31, 2025 | Outstanding balance as of December 31, 2025 - Derivative financial assets / (liabilities) | |||||||||||||||||||||||||||
| Indian Rupee | Non-delivery forwards | ( | ( | — | — | |||||||||||||||||||||||||||
| Total | ( | ( | ||||||||||||||||||||||||||||||
| Nine months ended | Three months ended | |||||||||||||||||||||||||
| September 30, 2026 | September 30, 2025 | September 30, 2026 | September 30, 2025 | |||||||||||||||||||||||
| Net gain/(loss) on foreign currency forwards recognized in ‘Costs of Services’ (Note 6) | ( | ( | ||||||||||||||||||||||||
| Net loss on foreign currency forwards recognized in ‘Finance Costs’ (Note 11) | ( | ( | ( | ( | ||||||||||||||||||||||
(i) Classification of derivatives
Derivatives are financial instruments entered into only for economic hedging purposes and not contracted as speculative investments. However, where derivatives do not meet the hedge accounting criteria, they are classified as ‘held for trading’ for accounting purposes and are accounted for at fair value through profit or loss. The full fair value of hedging derivatives is classified as a non-current asset or liability when the remaining maturity of the hedged item is more than 12 months, otherwise they are classified as a current asset or liability. Derivatives held for trading are classified as a current asset or liability.
23. Financial liabilities
The financial liabilities breakdown is as follows:
| September 30, 2026 | December 31, 2025 | ||||||||||
| Borrowings (i) | |||||||||||
| Bank overdraft (ii) | |||||||||||
| Credit facility (iii) | — | ||||||||||
| Total current | |||||||||||
| Credit facility (iii) | — | ||||||||||
| Total non current | — | ||||||||||
| Total Financial liabilities (iii) | |||||||||||
(i)As of September 30, 2026 and December 31, 2025, the Group entered into borrowing agreements and, as of as of December 30, 2025, issued promissory notes denominated in Argentinean Pesos (AR$) with a financial institution in Argentina. The borrowing is agreed on a daily basis and pays an annual interest rate with reference to BADLAR, which represents the average interest rate on time deposits in Argentinean pesos published by the Central Bank of Argentina. The promissory notes have short-term maturities and interest at an annual rate referenced to TAMAR, the average lending rate in Argentine pesos published by the Central Bank of Argentina. The borrowings cost as of September 30, 2026 amounts to US$8,035 recognized in processing cost as merchant advances finance cost (see Note 11. Other results). As part of this financing, as of September 30, 2026 and December 31, 2025, certain financial assets for a carrying amount of US$12,382 and US$74,478, respectively, were held as security of this borrowing (see Note 16. Financial assets for additional information).
(ii)As of December 31, 2025, the Group recognized an overdraft balance at dLocal Chile related to a credit line agreement with Itaú Chile.
(iii)On August 12, 2026, the Company entered into a credit agreement (the “Credit Agreement”) that provides for a US$150,000 credit facility (the “Facility”). The Facility matures in August, 2029, and is repayable in eleven consecutive principal installments of US$13,636 each, accrued interest is repayable at the last installment, as specified in the Credit Agreement, commencing on February 12, 2027. Interest accrues at Term SOFR (Secured Overnight Financing Rate) plus 2.00% per annum. The proceeds of the Facility are intended to be used for general corporate purposes. The Credit Agreement contains customary representations and warranties and includes financial covenants requiring the Group to maintain: (i) a Consolidated Total Indebtedness-to-Consolidated EBITDA ratio of no more than 3.00:1.00; (ii) a Consolidated EBITDA-to-Consolidated Interest Expense ratio of no less than 3.50:1.00; and (iii) minimum liquidity of US$75 million, in each case as defined in the Credit Agreement. As of September 30, 2026 the Company is in compliance with the covenants set forth in the credit facility agreement. The Company incurred a transaction cost of US$ 1,530, which is amortized as per the agreement term. As of September 30, 2026 the total interest accrued and amortization of transaction cost were US$ 1,164 and US$ 208, respectively, classified as finance cost.
23 | ||||||||
DLocal Limited Notes to the Unaudited Consolidated Condensed Interim Financial Statements At September 30, 2026 (All amounts in thousands of U.S. Dollars except share data, par value or as otherwise indicated) | | |||||||
24. Provisions
(a) Current or potential proceedings for labor provisions and civil claims
The Group has been associated with civil and labor lawsuits that present risk of potential loss. Provisions for losses arising from these lawsuits and potential labor contingencies are recognized when management, based on assessments by the Group’s legal advisors, determines that an outflow of resources is more likely than not required to settle the obligation and that a reliable estimate of the amount can be made.
As of September 30, 2026, the total amount recognized for existing contingencies classified as probable by the Group, as evaluated by its legal advisors, is US$839 . This amount includes provisions for labor contractor claims and civil claims.
(b) Movements in current or potential proceedings
Movements in current or potential proceedings are set out below:
| September 30, 2026 | December 31, 2025 | |||||||||||||
| Carrying amount as of January 1 | ||||||||||||||
| Reversal | ( | ( | ||||||||||||
| Interest charges | ||||||||||||||
| Additions | ||||||||||||||
| Carrying amount as of September 30 | ||||||||||||||
(c) Other legal matters
(a)Class action lawsuits
On February 23 and February 28, 2023, respectively, the Company was named, along with several of its senior executives and/or directors, as defendants in certain putative class action lawsuits filed in the Supreme Court of the State of New York, New York County, asserting claims under Sections 11, 12, and 15 of the Securities Act of 1933, based in significant part on a short-seller report. These matters, Zappia et al. v. DLocal Limited et al., Index No. 151778/2023 (Sup. Ct. N.Y. Cty.), and Hunt et al. v. DLocal Limited et al., Index No. 651058/2023 (Sup. Ct. N.Y. Cty.), or the Zappia and Hunt Actions, allege, among other things, that the registration statement for the Company’s June 2021 initial public offering reflected certain material misstatements or omissions.
On March 3, 2023, plaintiffs in the two actions filed a stipulation and proposed order consolidating the cases and appointing putative lead counsel. The parties also agreed to a schedule for plaintiffs’ filing of an amended complaint and a subsequent briefing schedule for a motion to dismiss the amended complaint.
On May 12, 2023, plaintiffs in the Zappia and Hunt Actions jointly filed a consolidated amended complaint. On July 11, 2023, the Company filed a motion to dismiss the complaint. Plaintiffs filed their opposition brief on August 15, 2023, and the Company filed a reply in further support of its motion to dismiss on September 22, 2023. On February 29, 2024, the court presided over oral argument on the motion. On March 20, 2025, the court issued a decision and order granting the motion and dismissing the complaint as to all moving defendants, including dLocal. On April 18, 2025, the plaintiffs filed a notice of appeal of the decision and order granting the motion to dismiss. The plaintiffs had until October 18, 2025 to “perfect” their appeal by filing their opening appellate brief and the record on appeal. In an order dated June 9, 2025, the court dismissed the complaint in its entirety against the Individual Defendants for failure to effectuate service. On October 20, 2025, the plaintiffs filed their opening appellate brief as against the Company in the Supreme Court of the State of New York, Appellate Division, First Judicial Department. The Company’s response brief was filed on January 9, 2026, and Plaintiffs submitted a reply brief on February 13, 2026. The First Department heard oral argument on Plaintiffs’ appeal on March 25, 2026 and, on April 16, 2026, issued a unanimous Decision and Order affirming the lower court’s dismissal Order in full. The deadline for Plaintiffs to file any motion for leave to reargue and/or for permission to appeal to the New York Court of Appeals passed on May 18, 2026 with no filings.
24 | ||||||||
DLocal Limited Notes to the Unaudited Consolidated Condensed Interim Financial Statements At September 30, 2026 (All amounts in thousands of U.S. Dollars except share data, par value or as otherwise indicated) | | |||||||
The Company has also been named, along with several of its senior executives and/or directors, in a putative class action lawsuit filed in the U.S. District Court for the Eastern District of New York, asserting claims under Sections 11 and 15 of the Securities Act and Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as well as Rule 10b-5 promulgated thereunder. This lawsuit, captioned Laurenzi v. dLocal Ltd., et al., 1:23-cv-07501 (E.D.N.Y.) (Laurenzi Action), was initiated on October 6, 2023. On January 4, 2024, the Court appointed a Lead Plaintiff. On March 18, 2024, Lead Plaintiff filed an amended class action complaint. The amended complaint alleges misstatements and omissions in the registration statement for the Company’s June 2021 initial public offering and in various public filings and press releases during the period of June 2, 2021, through June 5, 2023. Pursuant to a schedule agreed upon with Lead Plaintiff’s counsel, the Company filed on April 30, 2024, a letter, as required by court rules, requesting a pre-motion conference regarding an anticipated motion to dismiss the Laurenzi Action in full. Lead Plaintiff responded to that letter on May 14, 2024. On June 10, 2024, the court held the requested preliminary conference and set a schedule for briefing on the Company’s motion to dismiss. The Company served its opening brief on August 9, 2024, Lead Plaintiff served an opposition on October 11, 2024, and the Company served its reply on November 8, 2024. The court has not yet indicated whether it will hear oral argument on the Company’s motion, and no other proceedings are currently ongoing or scheduled. On July 9, 2025, the court issued an order holding the motion “in abeyance” until six months after the issuance of letters rogatory addressed to certain individual defendants. On August 20, 2025, the court formally issued letters rogatory addressed to such individual defendants. On February 10, 2026, the court granted at Lead Plaintiff’s request an extension of time until April 15, 2026 to effectuate international service of process on such individual defendants. Those individual defendants received international service of process in approximately early March 2026 and, on March 31, 2026, filed a notice of joinder in dLocal’s motion to dismiss.
Due to the preliminary posture of the above-described lawsuit as of the date of issuance of these Unaudited Consolidated Condensed Interim Financial Statements, the Company’s management and its legal advisors are unable to evaluate the likelihood of an adverse outcome or estimate a range of potential losses and no provision for contingencies has been recorded for the aforementioned matter. DLocal Limited intends to defend itself vigorously in this action. As of the date of issuance of the Company’s Unaudited Consolidated Condensed Interim Financial Statements there were no further updates in this regard.
(b)Developments in Argentina
Argentina is subject to extensive foreign exchange regulations. We regularly consult with our legal advisors in Argentina regarding the applicability of these regulations to our operations. Additionally, in 2023, certain administrative and judicial inquiries were initiated concerning the Company’s Argentinean subsidiary, dLocal Argentina S.A. These inquiries do not seek penalties at this stage. Based on consultations with the Company’s legal advisors, the management believes that the subsidiary’s activities comply with applicable laws and regulations, including foreign exchange and tax regulations. As of the date of this filing, no new developments have emerged in 2026 regarding these matters.
25. Related parties
(a) Related Parties Transactions
In June 2023, Dlocal Argentina S.A. entered into a loan agreement with DLocal Group for a total amount of US$100,000, which matured in December 2025. In August 2024, Dlocal Argentina partially repaid the intra-group loan by transferring approximately US$69,100 worth of Argentine government bonds to the subsidiary in Malta. In October 2024, Dlocal Argentina S.A. made a repayment of US$5,000, and in May 2025 an additional repayment of US$23,266. In September 2025, DLocal Group made a final repayment of US$11,639, thereby fully settling the outstanding balance. The primary impact on the Unaudited Consolidated Condensed Interim Financial Statements relates to foreign exchange losses incurred by Dlocal Argentina S.A. For further detail refer to Note 11. Other Results.
(b) Key Management compensation
The Group’s Executive Team and Director compensation was as follows:
| Nine months ended | Three months ended | |||||||||||||||||||||||||
| September 30, 2026 | September 30, 2025 | September 30, 2026 | September 30, 2025 | |||||||||||||||||||||||
| Short-term employee benefits – Salaries and wages | ||||||||||||||||||||||||||
| Long-term employee benefits – Share-based payment | ||||||||||||||||||||||||||
25 | ||||||||
DLocal Limited Notes to the Unaudited Consolidated Condensed Interim Financial Statements At September 30, 2026 (All amounts in thousands of U.S. Dollars except share data, par value or as otherwise indicated) | | |||||||
(c) Transactions with other related parties
The following transactions occurred with related parties:
| Nine months ended | Three months ended | |||||||||||||||||||||||||
| September 30, 2026 | September 30, 2025 | September 30, 2026 | September 30, 2025 | |||||||||||||||||||||||
| Transactions with merchants – Revenues | ||||||||||||||||||||||||||
| Transactions with collection entities – Costs | ( | ( | ( | ( | ||||||||||||||||||||||
| Transactions with other related parties – Financial expenses (item (a)) (1) | ( | ( | ||||||||||||||||||||||||
(1) Foreign exchange losses not eliminated on the Unaudited Consolidated Condensed Interim Financial Statements, refer to Note 11. Other results.
(d) Outstanding balances arising from transactions with other related parties
The following balances are outstanding at the end of the reporting period in relation to transactions with related parties:
| September 30, 2026 | December 31, 2025 | |||||||||||||
| Balances with merchants – trade payables | ( | ( | ||||||||||||
| Balances with collection entities – Trade payables | ( | ( | ||||||||||||
| Balances with collection entities – Trade receivables | ||||||||||||||
| Balances with collection entities – Advances and other receivables | ||||||||||||||
All transactions with related parties were made on normal commercial terms and conditions and at market rates. Outstanding balances are unsecured and are repayable in cash.
26. Fair value hierarchy
The following tables show financial instruments recognized at fair value for the period ended September 30, 2026 and December 31, 2025, analyzed between those whose fair value is based on:
•Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities.
•Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly.
•Level 3: techniques which use inputs which have a significant effect on the recorded fair value that are not based upon observable market data.
The table also includes financial instruments measured at amortized cost. The Group determined that the book value of such instruments approximates their fair value.
| September 30, 2026 | FVPL | Amortized cost | Total | Level 1 | Level 2 | |||||||||||||||||||||||||||
| Assets | ||||||||||||||||||||||||||||||||
| Cash and cash equivalents | ||||||||||||||||||||||||||||||||
| Cash and demand deposit | ||||||||||||||||||||||||||||||||
| Money market fund and others | ||||||||||||||||||||||||||||||||
| Financial assets | ||||||||||||||||||||||||||||||||
| Other assets | ||||||||||||||||||||||||||||||||
| Trade and other receivables | ||||||||||||||||||||||||||||||||
| Derivative financial instruments (1) | ||||||||||||||||||||||||||||||||
26 | ||||||||
DLocal Limited Notes to the Unaudited Consolidated Condensed Interim Financial Statements At September 30, 2026 (All amounts in thousands of U.S. Dollars except share data, par value or as otherwise indicated) | | |||||||
| December 31, 2025 | FVPL | Amortized cost | Total | Level 1 | Level 2 | |||||||||||||||||||||||||||
| Assets | ||||||||||||||||||||||||||||||||
| Cash and cash equivalents | ||||||||||||||||||||||||||||||||
| Cash and demand deposit | ||||||||||||||||||||||||||||||||
| Money market fund and others | ||||||||||||||||||||||||||||||||
| Financial assets | ||||||||||||||||||||||||||||||||
| Other assets | ||||||||||||||||||||||||||||||||
| Trade and other receivables | ||||||||||||||||||||||||||||||||
| Derivative financial instruments (1) | ||||||||||||||||||||||||||||||||
| September 30, 2026 | FVPL | Amortized cost | Total | Level 1 | Level 2 | |||||||||||||||||||||||||||
| Liabilities | ||||||||||||||||||||||||||||||||
| Trade and other payables | ( | ( | ||||||||||||||||||||||||||||||
| Derivative financial instruments (1) | ( | $ | — | ( | ( | |||||||||||||||||||||||||||
| Financial liabilities | ( | ( | ||||||||||||||||||||||||||||||
| Lease liabilities | ( | ( | ||||||||||||||||||||||||||||||
| ( | ( | ( | ( | |||||||||||||||||||||||||||||
| December 31, 2025 | FVPL | Amortized cost | Total | Level 1 | Level 2 | |||||||||||||||||||||||||||
| Liabilities | ||||||||||||||||||||||||||||||||
| Trade and other payables | ( | ( | ||||||||||||||||||||||||||||||
| Derivative financial instruments (1) | ( | ( | ( | |||||||||||||||||||||||||||||
| Financial liabilities | ( | ( | ||||||||||||||||||||||||||||||
| Lease liabilities | ( | ( | ||||||||||||||||||||||||||||||
| ( | ( | ( | ( | |||||||||||||||||||||||||||||
(1)The most frequently applied valuation techniques include forward pricing models. The models incorporate various inputs including: foreign exchange spot, interest rates curves of the respective currencies and the terms of the contract.
There were no changes of items between level 2 and level 3, acquisitions, disposals nor gains or losses recognized in profit for the period related to level 3 instruments. Consequently, for the periods ended September 30, 2026 and December 31, 2025, the Group did not recognize any financial assets under level 3.
27. Business Combination
Background
On January 06, 2026, the Group exercised a call option originally entered on November 27, 2024. On February 27, 2026 (“Acquisition date”), all the precedent conditions, including all the regulatory approvals were obtained and the Group obtained control over Mint Code Solutions Cameroon (“Mint Code”) and the following assets pertaining to NeWurth S.A. (“NeWurth”), a Luxembourg-incorporated African fintech company operating under the brand “AZA Finance,” which provides fiat-to-fiat cross-border payment, treasury and FX services across the South African region (“The transaction”) :
•100% of issued share capital of Mint Code Solutions S.A., Cameroon (“Mint Code”) and Mint Code License;
•NeWurth’s intellectual property; and
•Customer relationships.
The acquisition was undertaken to enhance the Group’s cross-border payment capabilities and accelerate its strategic expansion across key African markets.
The Transaction was accounted for as a business combination in accordance with IFRS 3 Business Combinations, refer to the Group’s accounting policy in note 2.1.1 Business combination.
27 | ||||||||
DLocal Limited Notes to the Unaudited Consolidated Condensed Interim Financial Statements At September 30, 2026 (All amounts in thousands of U.S. Dollars except share data, par value or as otherwise indicated) | | |||||||
a) Consideration transferred
The total consideration transferred of US$23,742 was settled entirely through the extinguishment of NeWurth’s obligations under the Group’s credit facility agreements. No cash was paid to NeWurth. The consideration is comprised as follows:
| Description | February 27, 2026 | |||||||
| Outstanding credit facility principal amount as of acquisition date | ||||||||
| Accrued and unpaid interest in the credit facility agreements | ||||||||
| Trade payable Newurth’s subsidiary offset | ( | |||||||
| Total consideration transferred | ||||||||
Pursuant to the Framework Agreement executed on 6 January 2026, the total outstanding credit facility and accrued interest under the facility agreements were irrevocably waived, released and discharged as full payment for the call option consideration. The total outstanding amount of US$24,242 was reduced by US$500 representing a trade payable owed by the Group to NeWurth’s subsidiary, which was offset against the total outstanding credit facility agreements, resulting in a net consideration of US$23,742.
b) Recognized amounts of identifiable assets acquired and liabilities assumed
The fair values of identifiable assets acquired, and liabilities assumed at the acquisition are as follows:
| Description | February 27, 2026 | |||||||
| Intangible assets: | ||||||||
| Customer relationships | ||||||||
| Intellectual property | ||||||||
| Mint code License | ||||||||
| Total intangible assets | ||||||||
| Other net identifiable assets: | ||||||||
| Cash and cash equivalents | ||||||||
| Prepaid expenses | ||||||||
| Other current liabilities | ( | |||||||
| Total other net identifiable assets | ||||||||
| Total net identifiable assets | ||||||||
| Goodwill (i) | ||||||||
| Total consideration transferred | ||||||||
(i) The excess of the purchase consideration over the fair value of net identifiable assets acquired was recorded as goodwill in a total amount of US$6,550, primarily attributable to the significant synergies expected to arise from the acquisition, including the integration with NeWurth’s South African and other countries presence with the Group’s existing payment infrastructure. Goodwill will not be deductible for tax purposes.
The allocation of the purchase price for this acquisition has been prepared on a preliminary basis and changes to the allocation to certain assets and liabilities may occur as additional information becomes available throughout the measurement period, which according to IFRS 3, paragraph 45, will not exceed 12 months from the acquisition date.
28 | ||||||||
DLocal Limited Notes to the Unaudited Consolidated Condensed Interim Financial Statements At September 30, 2026 (All amounts in thousands of U.S. Dollars except share data, par value or as otherwise indicated) | | |||||||
c) Cash flow from acquisition
| Description | February 27, 2026 | |||||||
| Cash and cash equivalents acquired (Mint Code) | ||||||||
| Cash consideration paid | — | |||||||
| Net cash inflow from acquisition | ||||||||
No cash was transferred to NeWurth as consideration, once the total consideration was paid through the credit facility agreements previously provided. The cash and cash equivalents acquired relate exclusively to the balance held by Mint Code Solutions S.A., Cameroon at the acquisition date.
d) Contribution to Group results
From the acquisition date February 27, 2026 to September 30, 2026 and for nine-month period ended September 30, 2026, the acquired NeWurth business contributed revenue and gross profit was not material.
e) Acquisition-related costs
Acquisition-related costs of US$326 have been recognized in other operating expenses in the condensed consolidated statement of profit or loss for the nine months ended September 30, 2026 (US$2,320 acquisition-related costs in 2025). These costs are presented within operating cash flows in the condensed consolidated statement of cash flows.
29 | ||||||||
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