DLocal (DLO) investor relations material

Executive summary

• Achieved record Total Payment Volume (TPV) of $14.1 billion in Q1 2026, up 73% year-over-year and 7% sequentially, marking six consecutive quarters of 50%+ YoY growth, with broad-based expansion across geographies and verticals.

• Revenue reached $336 million, up 55% year-over-year, and gross profit hit a record $119 million, up 40% year-over-year and 2% quarter-on-quarter, driven by growth in Argentina, Africa, and Asia.

• Operating profit excluding prior years' tax adjustments was $57 million, up 25% year-over-year; net income excluding tax adjustments was $52 million, up 11% year-over-year.

• Adjusted free cash flow was $15 million, down 63% year-over-year, impacted by temporary working capital effects expected to normalize.

• Maintained full-year guidance, expecting operating leverage to improve in the second half as investment cycle costs moderate.

Financial highlights

• TPV: $14.1 billion (+73% YoY, +7% QoQ); Revenue: $336 million (+55% YoY, -1% QoQ); Gross profit: $119 million (+40% YoY, +2% QoQ).

• Operating profit: $53 million as reported (+15% YoY, -16% QoQ); $57 million excluding tax adjustments (+25% YoY).

• Net income: $42 million as reported (-10% YoY, -25% QoQ); $52 million excluding tax adjustments (+11% YoY).

• Adjusted free cash flow was $15 million, primarily impacted by timing in tax credit netting and higher receivables.

• Cash and cash equivalents stood at $815.6 million as of March 31, 2026.

Outlook and guidance

• Full-year 2026 guidance remains unchanged, with TPV growth expected at 50–60% YoY, gross profit at 22.5–27.5% YoY, and operating profit at 27.5–32.5% YoY.

• Operating leverage is anticipated to improve in H2 2026 as OPEX growth moderates and automation/cost control measures take effect.

• No new net hiring planned for the rest of the year.