Dollars except share data or as otherwise indicated) Three months ended March 31 2025 2024Continuing operations Revenues216,759 184,430Cost of services(131,880) (121,459)Gross profit84,879 62,971 Technology and development expenses(6,767) (5,465)Sales and marketing expenses(7,135) (4,631)General and administrative expenses(24,324) (24,332)Impairment (loss)/gain on financial assets(386) 177Other operating (loss)/gain(422) (1,819)Operating profit45,845 26,901Finance income12,228 18,257Finance costs(5,259) (17,958)Inflation adjustment(885) (2,368)Other results6,084 (2,069)Profit before income tax51,929 24,832Income tax expense(5,262) (7,114)Profit for the period46,667 17,718 Profit attributable to: Owners of the Group46,630 17,708Non-controlling interest37 10Profit for the period46,667 17,718 Earnings per share (in USD) Basic Earnings per share0.16 0.06Diluted Earnings per share0.15 0.06 Other comprehensive income Items that may be reclassified to profit or loss: Exchange difference on translation on foreign operations3,526 (669)Other comprehensive income for the period, net of tax3,526 (669)Total comprehensive income for the period, net of tax50,193 17,049 Total comprehensive income for the period Owners of the Group50,174 17,036Non-controlling interest19 13Total comprehensive income for the period50,193 17,049 dLocal LimitedCertain financial informationConsolidated Condensed Interim Statements of Financial Position as of March 31, 2025 and December 31, 2024(All amounts in thousands of U.S.dollars) March 31, 2025 December 31, 2024ASSETS Current Assets Cash and cash equivalents 511,506 425,172Financial assets at fair value through profit or loss 125,487 129,319Trade and other receivables 477,349 496,713Derivative financial instruments 463 2,874Other assets 28,001 18,805Total Current Assets 1,142,806 1,072,883 Non-Current Assets Trade and other receivables 15,518 18,044Deferred tax assets 5,468 5,367Property, plant and equipment 4,007 3,377Right-of-use assets 3,852 3,645Intangible assets 65,301 63,318Other assets 4,695 4,695Total Non-Current Assets 98,841 98,446TOTAL ASSETS 1,241,647 1,171,329 LIABILITIES Current Liabilities Trade and other payables 614,133 597,787Lease liabilities 1,107 1,137Tax liabilities 20,631 21,515Derivative financial instruments 1,098 6,227Financial liabilities 54,248 50,455Provisions 543 500Total Current Liabilities 691,760 677,621 Non-Current Liabilities Deferred tax liabilities 1,862 1,858Lease liabilities 2,825 2,863Total Non-Current Liabilities 4,687 4,721TOTAL LIABILITIES 696,447 682,342 EQUITY Share Capital 570 570Share Premium 187,671 186,769Treasury Shares (200,980) (200,980)Capital Reserve 38,556 33,438Other Reserves (17,390) (20,934)Retained earnings 536,654 490,024Total Equity Attributable to owners of the Group 545,081 488,887Non-controlling interest 119 100TOTAL EQUITY 545,200 488,987TOTAL EQUITY AND LIABILITIES 1,241,647 1,171,329 dLocal LimitedCertain interim financial informationConsolidated Statements of Cash flows for the three-month period ended March 31, 2025 and 2024(All amounts in thousands of U.S.dollars) Three months ended March 31 2025 2024Cash flows from operating activities Profit before income tax51,929 24,832Adjustments: Interest Income from financial instruments(5,106) (7,442)Interest charges for lease liabilities41 43Other interests charges883 127Finance expense related to derivative financial instruments414 9,878Net exchange differences4,142 7,637Fair value loss/(gain) on financial assets at FVPL(7,343) (10,815)Amortization of Intangible assets4,584 3,424Depreciation and disposals of PP&E and right-of-use703 400Share-based payment expense, net of forfeitures6,020 4,461Other operating gain422 1,819Net Impairment loss/(gain) on financial assets386 (177)Inflation adjustment and other financial results6,083 (5,892) 63,158 28,295Changes in working capital Increase in Trade and other receivables21,082 (32,836)Decrease / (Increase) in Other assets1,025 3,219Increase / (Decrease) in Trade and Other payables16,346 45,964Increase / (Decrease) in Tax Liabilities965 (1,120)Increase / (Decrease) in Provisions43 4Cash (used) / generated from operating activities102,619 43,526Income tax paid(7,208) (3,558)Net cash (used) / generated from operating activities95,411 39,968 Cash flows from investing activities Acquisitions of Property, plant and equipment(945) (786)Additions of Intangible assets(6,567) (5,022)Acquisition of financial assets at FVPL(41,374) -Collections of financial assets at FVPL47,416 (243)Interest collected from financial instruments5,106 7,442Payments for investments in other assets at FVPL(10,000) -Net cash (used in) / generated investing activities(6,364) 1,391 Cash flows from financing activities Interest payments on lease liability(41) (43)Principal payments on lease liability(663) (95)Finance expense paid related to derivative financial instruments(3,132) (10,151)Net proceeds from financial liabilities5,790 -Interest payments on financial liabilities(2,166) -Other finance expense paid(714) (127)Net cash used in by financing activities(926) (10,416)Net increase in cash flow88,121 30,943 Cash and cash equivalents at the beginning of the period425,172 536,160Net (decrease)/increase in cash flow88,121 30,943Effects of exchange rate changes on inflation and cash and cash equivalents(1,787) 5,254Cash and cash equivalents at the end of the period511,506 572,357 About dLocaldLocal powers local payments in emerging markets, connecting global enterprise merchants with billions of emerging market consumers in more than 40 countries across Africa, Asia, and Latin America.
The table below presents a reconciliation of dLocal’s Adjusted EBITDA to net income: $ in thousandsThree months ended March 31 2025 2024Profit for the period46,667 17,718Income tax expense5,262 7,114Depreciation and amortization5,062 3,762Finance income and costs, net(6,969) (299)Share-based payment non-cash charges6,020 4,461Other operating loss¹422 1,819Impairment loss / (gain) on financial assets386 (177)Inflation adjustment885 2,368Other non-recurring costs²123 -Adjusted EBITDA57,858 36,766 Note: 1 The company wrote-off certain amounts related to merchants/processors off-boarded by dLocal.2 Other non-recurring costs consist of costs not directly associated with the Company’s core business activities, including costs associated with addressing the allegations made by a short-seller report and certain class action and other legal and regulatory expenses (which include fees from counsel, global expert services and a forensic accounting advisory firm) in 2025.dLocal LimitedCertain financial informationConsolidated Condensed Interim Statements of Comprehensive Income for the three-month period ended March 31, 2025 and 2024(All amounts in thousands of U.S.
Adjusted EBITDA as used by dLocal is defined as the profit from operations before financing and taxation for the year or period, as applicable, before depreciation of property, plant and equipment, amortization of right-of-use assets and intangible assets, and further excluding the finance income and costs, impairment gains/(losses) on financial assets, transaction costs, share-based payment non-cash charges,other operating gain/loss,other non-recurring costs, and inflation adjustment.dLocal defines Adjusted EBITDA Margin as the Adjusted EBITDA divided by consolidated revenues.dLocal defines Adjusted EBITDA to Gross Profit Ratio as Adjusted EBITDA divided by Gross Profit.
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