[Form 3] dLocal Ltd Initial Statement of Beneficial Ownership

Rhea-AI Filing Summary

dLocal Ltd director Andres Bzurovski Bay has reported his initial shareholdings in the company. The filing shows direct ownership of 47,337,462 Class B Common Shares, each convertible at any time into one Class A Common Share at his option. He also holds 1,088,363 Class A Common Shares directly.

In addition, 1,381,121 Class A Common Shares are held indirectly through Emerald Bay 24 LLC. The disclosure reflects existing positions rather than new purchases or sales, giving investors a clearer picture of this director’s economic stake and potential voting influence at dLocal.

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

Bzurovski Bay Andres

(Last) (First) (Middle)

C/O DLOCAL LIMITED

DR. LUIS BONAVITA 1294

(Street)

MONTEVIDEO 11300

(City) (State) (Zip)

UNITED STATES

(Country)

2. Date of Event Requiring Statement (Month/Day/Year)
03/18/2026

3. Issuer Name and Ticker or Trading Symbol
dLocal Ltd [ DLO ]

3a. Foreign Trading Symbol

5. If Amendment, Date of Original Filed (Month/Day/Year)

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Class A Common Shares	1,088,363	D
Class A Common Shares	1,381,121	I	By Emerald Bay 24 LLC

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Class B Common Shares	(1)	(1)	Class A Common Shares	47,337,462	(1)	D

Explanation of Responses:

1. Each Class B Common Share has no expiration date and may be converted into one Class A Common Share at any time at the option of the Reporting Person.

Remarks:

Exhibit List - Exhibit 24.1 - Power of Attorney

	/s/ Agustin Cancela, attorney-in-fact for Andres Bzurovski	03/18/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 3: SEC 1473 (03-26)

FAQ

What insider ownership did Andres Bzurovski Bay report in dLocal (DLO)?

Andres Bzurovski Bay reported significant holdings in dLocal. He directly owns 47,337,462 Class B Common Shares and 1,088,363 Class A Common Shares, plus 1,381,121 Class A Common Shares held indirectly through Emerald Bay 24 LLC, indicating a sizable economic interest.

What is the significance of dLocal (DLO) Class B Common Shares in this filing?

The filing states each Class B Common Share has no expiration date and may be converted into one Class A Common Share at any time. This gives the director flexibility to switch into Class A stock, potentially affecting voting dynamics and share structure over time.

Are there any buy or sell transactions reported for dLocal (DLO) in this Form 3?

No buy or sell transactions are reported. The Form 3 only discloses existing holdings: Class A and Class B shares held directly, plus Class A shares held indirectly through Emerald Bay 24 LLC. It is an initial ownership statement, not a record of trading activity.

How many dLocal (DLO) Class A shares does Andres Bzurovski Bay hold directly and indirectly?

He directly holds 1,088,363 Class A Common Shares. Indirectly, through Emerald Bay 24 LLC, a further 1,381,121 Class A Common Shares are reported. Combined with convertible Class B shares, this outlines his overall exposure to dLocal’s primary listed equity.

What does Emerald Bay 24 LLC’s role indicate in the dLocal (DLO) Form 3?

Emerald Bay 24 LLC is disclosed as holding 1,381,121 Class A Common Shares indirectly for the reporting person. This structure shows part of the director’s stake is held through an affiliated entity rather than solely in his direct name, which can affect ownership reporting.