DLocal Limited reports a beneficial ownership disclosure by Alberto Eduardo Azar and Aqua Crystal Investments Ltd. The filing states 17,820,816 Class A shares are held by Aqua Crystal and 653,024 shares are held directly by Alberto Eduardo Azar, totaling 18,473,840 shares.
The filing cites 178,799,838 Class A shares outstanding as of March 2, 2026, and reports ownership percentages of 9.9% for Aqua Crystal and 10.3% for Mr. Azar (aggregate figures shown on the cover pages). The report is an amendment to a Schedule 13G/A and includes voting and dispositive power breakdowns.
Positive
None.
Negative
None.
Insights
Shareholder disclosure clarifies large passive stake and voting arrangements.
The amendment to the Schedule 13G/A documents ownership of 18,473,840 Class A shares and provides the split between direct and shared voting and dispositive powers. The statement that Mr. Azar disclaims beneficial ownership beyond any pecuniary interest is included.
Timing and exact voting coordination are not described; subsequent filings would be needed to show any change in active control or voting intentions.
Materiality is routine: a large disclosed holding, not a transactional event.
The filing cites 178,799,838 shares outstanding as of March 2, 2026, which anchors the reported 10.3% aggregate position. The amendment updates ownership records rather than announcing trades or financing.
Market impact depends on any future sales or transfers; the filing itself contains no sale instructions or planned dispositions.
Key Figures
Shares outstanding:178,799,838 sharesAqua Crystal holdings:17,820,816 sharesAlberto Azar direct holdings:653,024 shares+2 more
5 metrics
Shares outstanding178,799,838 sharesas of March 2, 2026
Aqua Crystal holdings17,820,816 sharesheld by Aqua Crystal Investments Ltd.
Alberto Azar direct holdings653,024 sharesheld directly by Alberto Eduardo Azar
Aggregate beneficial ownership18,473,840 sharescombined beneficial ownership reported on cover pages
Reported percent of class10.3%percentage shown on cover pages (aggregate)
"Amendment to the Schedule 13G/A discloses ownership figures"
A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.
beneficially ownedregulatory
"Amount beneficially owned: All ownership percentages assume that there are 178,799,838"
Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.
sole/shared dispositive powerfinancial
"Sole Dispositive Power 653,024.00 8 | Shared Dispositive Power 17,820,816.00"
shares outstandingfinancial
"there are 178,799,838 Class A common shares outstanding as of March 2, 2026"
Shares outstanding are the total number of a company’s stock units held by all shareholders, including institutional investors and company insiders — think of them as the total number of slices of the company’s ownership pie. Investors use this number to calculate how much of the company each share represents, and it directly affects per-share measures like earnings per share, ownership percentage and valuation; when the slice count changes, an investor’s claim and the company’s per-share metrics change too.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 2)
DLocal Limited
(Name of Issuer)
Class A Common Shares, par value $0.002 per share
(Title of Class of Securities)
G29018101
(CUSIP Number)
03/31/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
G29018101
1
Names of Reporting Persons
Azar Alberto Eduardo
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED KINGDOM
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
653,024.00
6
Shared Voting Power
17,820,816.00
7
Sole Dispositive Power
653,024.00
8
Shared Dispositive Power
17,820,816.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
18,473,840.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
10.3 %
12
Type of Reporting Person (See Instructions)
IN
SCHEDULE 13G
CUSIP Number(s):
G29018101
1
Names of Reporting Persons
Aqua Crystal Investments Ltd.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
GIBRALTAR
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
17,820,816.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
17,820,816.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
17,820,816.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
9.9 %
12
Type of Reporting Person (See Instructions)
OO
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
DLocal Limited
(b)
Address of issuer's principal executive offices:
Dr. Luis Bonavita, 1294, Montevideo, Uruguay, 11300
Item 2.
(a)
Name of person filing:
This Schedule 13G is being filed by Alberto Eduardo Azar and Aqua Crystal Investments Ltd. (the "Reporting Persons"). The Reporting Persons are shareholders of the Issuer.
(b)
Address or principal business office or, if none, residence:
The principal office and business address of the Reporting person is Dr. Luis Bonavita, 1294, Montevideo, Uruguay, 11300.
(c)
Citizenship:
See row 4 of the cover pages to this Schedule 13G.
(d)
Title of class of securities:
Class A Common Shares, par value $0.002 per share
(e)
CUSIP No.:
G29018101
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
All ownership percentages assume that there are 178,799,838 Class A common shares outstanding as of March 2, 2026, as reported by the Issuer to the Reporting Person.
The information set forth in Item 2 above is incorporated by reference for the Reporting Person. The ownership consists of 17,820,816 Class A common shares held by Aqua Crystal Investments Ltd and beneficially owned by Alberto Eduardo Azar and 653,024 Class A common shares held by Alberto Eduardo Azar directly.
Alberto Eduardo Azar disclaims any beneficial ownership of the shares other than to the extent of any pecuniary interest he may have therein, directly or indirectly.
See row 9 of the cover pages to this Schedule 13G.
(b)
Percent of class:
See row 11 of the cover pages to this Schedule 13G.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
See row 5 of the cover pages to this Schedule 13G.
(ii) Shared power to vote or to direct the vote:
See row 6 of the cover pages to this Schedule 13G.
(iii) Sole power to dispose or to direct the disposition of:
See row 7 of the cover pages to this Schedule 13G.
(iv) Shared power to dispose or to direct the disposition of:
See row 8 of the cover pages to this Schedule 13G.
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
Not Applicable
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
Not Applicable
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
What does the DLO Schedule 13G/A filed by Alberto Eduardo Azar disclose?
It discloses that Alberto Eduardo Azar and Aqua Crystal Investments Ltd. beneficially hold 18,473,840 Class A shares combined. The filing breaks down 17,820,816 shares for Aqua Crystal and 653,024 shares direct to Mr. Azar.
What percentage of DLocal (DLO) does the disclosed position represent?
The filing references 178,799,838 Class A shares outstanding as of March 2, 2026. It reports 9.9% for Aqua Crystal and an aggregate 10.3% tied to Mr. Azar on the cover pages.
Does the Schedule 13G/A show voting or disposition powers for the DLO shares?
Yes. The filing provides voting and dispositive power breakdowns: Aqua Crystal shows shared voting and dispositive power for 17,820,816 shares; Mr. Azar shows certain sole and shared powers as listed on the cover pages.
Is this filing an indication of a sale or purchase of DLocal shares?
No. This amendment updates beneficial ownership reporting on Schedule 13G/A. It documents positions and power allocations but does not state any sale, purchase, or planned disposition in the provided excerpt.
What is the reported shares outstanding figure used in the filing?
The filing uses 178,799,838 Class A common shares outstanding as of March 2, 2026, as reported by the issuer to the reporting persons and cited in Item 4(a).
