---

---

---

---

---

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.

---

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

2.1. Basis of preparation of Unaudited Consolidated Condensed Interim Financial Statements

These Unaudited Consolidated Condensed Interim Financial Statements for the six months ended June 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 six months ended June 30, 2026 were authorized for issuance by dLocal’s Board of Directors on August 11, 2026.

2.1.1 Business combination

Acquisitions of businesses are accounted for using 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:

---

•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 shared-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 quality 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 of 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 six-months period ended on June 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.

---

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 service.

•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.

The Company has no balances in USDC or USDT as of June 30, 2026.

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 target 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;

•Provides 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 environment, 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 1 January 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.

---

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 31 December 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 1 January 2027. Retrospective application is required, and so the comparative information for the financial year ending 31 December 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 six-month period ended June 30, 2026, Dlocal Netherlands BV was incorporated in Netherlands, with a 100% ownership by the Group. The Group has determined that the incorporation of this subsidiary during 2026 do not constitute a business combination according to IFRS 3.

---

---

---

7. Technology and development expenses

Technology and development expenses consist of the following:

			Six months ended												Three months ended
			June 30, 2026						June 30, 2025						June 30, 2026						June 30, 2025
Salaries and wages (i)			13,423						7,529						6,798						4,288
Software licenses (ii)			5,008						3,032						3,112						1,557
Infrastructure expenses (iii)			3,871						1,900						2,304						905
Information and technology security expenses (iv)			1,116						274						366						24
Other technology expenses			2,004						1,412						718						606
Total			25,422						14,147						13,298						7,380

(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.

8. Sales and marketing expenses and General and administrative expenses

Sales and marketing expenses and General and administrative expenses are comprised of the following:

						Six months ended												Three months ended
Sales and marketing expenses						June 30, 2026						June 30, 2025						June 30, 2026						June 30, 2025
Salaries and wages (i)						15,419						9,509						7,639						3,828
Marketing expenses (ii)						4,392						2,468						2,253						1,014
Total						19,811						11,977						9,892						4,842

General and administrative expenses						June 30, 2026						June 30, 2025						June 30, 2026						June 30, 2025
Salaries and wages (iii)						42,630						29,415						21,574						15,068
Third-party services (iv)						15,601						10,806						7,792						6,032
Other operating expenses (v)						20,886						11,106						7,094						5,903
Total						79,117						51,327						36,460						27,003

(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.

---

11. Other results

Other results is composed of the following categories:

			Six months ended												Three months ended
			June 30, 2026						June 30, 2025						June 30, 2026						June 30, 2025
Interest income from financial instruments (i)			15,657						11,083						5,067						5,977
Fair value gains of financial assets at FVPL (i)			167						12,255						—						5,133
Finance income			15,824						23,338						5,067						11,110
			June 30, 2026						June 30, 2025						June 30, 2026						June 30, 2025
Finance expense related to derivative financial instruments (ii)			(3,632)						(3,591)						(2,932)						(3,177)
Other finance expenses (iii)			(4,613)						(16,481)						228						(11,677)
Interest charges for lease liabilities (iv)			(110)						(82)						(53)						(41)
Finance costs			(8,355)						(20,154)						(2,757)						(14,895)
Inflation adjustment (v)			(2,869)						(1,869)						(1,483)						(984)
Total			4,600						1,315						827						(4,769)

(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.

(iii)Represented by net effects of foreign exchange results and the fair value losses of other assets. For the six-month period ended June 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 six months ended June 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 six months ended June 30, 2026 is 20.4%, compared to 13.1% for the six months ended June 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:

			Six months ended												Three months ended
Current income tax			June 30, 2026						June 30, 2025						June 30, 2026						June 30, 2025
Current income tax on profits for the period			(17,969)						(11,984)						(2,886)						(6,625)
Total current income tax expense (i)			(17,969)						(11,984)						(2,886)						(6,625)
Deferred income tax			June 30, 2026						June 30, 2025						June 30, 2026						June 30, 2025
(Decrease)/increase in deferred income tax assets			(3,493)						594						(6,078)						493
(Increase)/decrease in deferred income tax liabilities			(3,360)						(2,060)						(1,249)						(2,056)
Total deferred income tax (expense)/benefit			(6,853)						(1,466)						(7,327)						(1,563)
Income tax expense			(24,822)						(13,450)						(10,213)						(8,188)

(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).

---

---

---

---

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

June 30, 2026 (i)

December 31, 2025 (i)

Argentina Treasury Notes

D16E6

Jan-26

0.0%

Dollar linked

—

9,139

Brazil Money Market

LFT

*

Apr-25

Selic + 0.08%

—

—

1,757

—

10,896

*Stabilization Reference Coefficient adjusted by inflation

Financial assets at Amortized Cost:

Instrument						Reference									Maturity date						Interest rate (%)						Linked with						June 30, 2026(i)						December 31, 2025(i)
US Treasury Bonds						US912797RU32									Feb-26						0.0%						—						—						16,759
US Treasury Bonds						US912797QN08									May-26						3.4%						—						—						48,244
US Treasury Bonds						US912797QX89									Jun-26						3.2%						—						—						7,563
US Treasury Bonds						US912797SW88									May-26						3.22%						—						—						7,563
US Treasury Bonds						US912797RF64									Jul-26						3.2%						—						7,683						7,563
US Treasury Bonds						US912797RG48									Aug-26						3.29%						—						5,704						—
US Treasury Bonds						US912797SA68									Oct-26						3.36%						—						6,680						—
US Treasury Bonds						US912797SK41									Oct-26						3.41%						—						6,545						—
US Treasury Bonds						US912797SU23									Nov-26						3.40%						—						6,542						—
US Treasury Bonds						US912797TC16									Dec-26						3.57%						—						15,336						—
US Treasury Bonds						US912797TF47									Jul-26						3.27%						—						4,822						—
US Treasury Bonds						US912797TP29									Jul-26						3.28%						—						5,705						—
US Treasury Bonds						US912797TQ02									Jul-26						3.30%						—						5,705						—
US Treasury Bonds						US912797UG01									Sep-26						3.33%						—						6,331						—
US Treasury Bonds						US912797UJ40									Oct-26						3.38%						—						6,680						—
US Treasury Bonds						US912797TC16									Dec-26						3.57%						—						981						—
Banco Diners						C049001									Nov-26						5.7%						—						500						501
																																	79,214						88,193
																																	79,214						99,089

(i) As of June 30, 2026 and December 31, 2025, certain financial assets with a carrying amount of US$59,267 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

(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 June 30, 2026, the Group held no financial assets measured at FVPL.

---

---

---

20. Trade and other payables

Trade and other payables are composed of the following:

			June 30, 2026						December 31, 2025
Trade payables			1,507,225						812,895
Accrued liabilities			3,597						3,418
Other payables			44,121						38,123
Total			1,554,943						854,436

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.

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.

---

Transaction									Type Contract						Notional amount in US$ as of June 30, 2026						Outstanding balance as of At June 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						—						—						5,698						21
Buy US$
Indian Rupee									Non-delivery forwards						—						—						3,475						16
United Arab Emirates Dirham									Forward						—						—						900						—
Argentine Peso									Futures Contract						—						—						4,300						11
Peso filipino									Non-delivery forwards						—						—						4,500						4
Chilean Peso									Forward						8,288						2						—						—
Baht tailandés									Forward						4,793						84						—						—
West African CFA franc									Non-delivery forwards						1,000						19						—						—
Sell EUR
US Dollar									Forward						(14,854)						—						(15,294)						3
Sell US$
Brazilian Real									Non-delivery forwards						(9,062)						15						(10,961)						85
Turkish Lira									Forward						(7,027)						11						—						—
Southafrican Rand									Forward						(7,028)						38						—						—
Total																					169												140
Liabilities
Buy EUR
US Dollar									Forward						38,658						(23)						31,874						(45)
US Dollar									Futures Contract						5,656						(73)						—						—
Buy US$

---

Transaction									Type Contract						Notional amount in US$ as of June 30, 2026						Outstanding balance as of At June 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)
Turkish Lira									Forward						14,220						(114)						1,533						(31)
Moroccan Dirham									Forward						8,468						—						8,740						(167)
South African Rand									Forward						13,480						(73)						5,064						(27)
Brazilian Real									Non-delivery forwards						15,700						(99)						7,929						(142)
Egyptian Pound									Non-delivery forwards						16,834						(1,251)						12,908						(379)
Indian Rupee									Non-delivery forwards						6,294						(106)						—						—
Nigerian Naira									Non-delivery forwards						6,138						(20)						4,759						(179)
Pakistani Rupee									Non-delivery forwards						4,012						(77)						4,193						(30)
Vietnamese Dong									Non-delivery forwards						3,786						(89)						5,000						(48)
Saudi Riyal									Forward						—						—						4,504						(5)
Mexican Peso									Forward						—						—						5,407						(132)
Thai Baht									Forward						—						—						2,887						(8)
Mexican Peso									Futures Contract						—						—						10,864						(176)
Chilean Peso									Forward						—						—						27,128						(198)
Sell US$
Argentine Peso									Futures Contract						(2,000)						(3)						—						—
Total																					(1,928)												(1,567)

						Six months ended												Three months ended
						June 30, 2026						June 30, 2025						June 30, 2026						June 30, 2025
Net gain/(loss) on foreign currency forwards recognized in ‘Costs of Services’ (Note 6)						(421)						(1,336)						(2,650)						1,037
Net loss on foreign currency forwards recognized in ‘Finance Costs’ (Note 11)						(3,632)						(3,591)						(2,932)						(3,177)

(i) Classification of derivatives

23. Financial liabilities

The financial liabilities breakdown is as follows:

			June 30, 2026						December 31, 2025
Borrowings (i)			64,632						86,713
Bank overdraft (ii)			—						185
Total Financial liabilities (iii)			64,632						86,898

---

(i)As of June 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 June 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 June 30, 2026 and December 31, 2025, certain financial assets for a carrying amount of US$59,267 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)Financial liabilities are presented net of cash payments, have a high turnover, the amounts are large, and the maturity period is three months or less.

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 June 30, 2026, the total amount recognized for existing contingencies classified as probable by the Group, as evaluated by its legal advisors, is US$759. 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:

						June 30, 2026						December 31, 2025
Carrying amount as of January 1						433						500
Reversal						(135)						(180)
Interest charges						—						4
Additions						461						109
Carrying amount as of June 30						759						433

(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.

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 currently matures 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:

						Six months ended												Three months ended
						June 30, 2026						June 30, 2025						June 30, 2026						June 30, 2025
Short-term employee benefits – Salaries and wages						3,304						9,233						1,655						4,847
Long-term employee benefits – Share-based payment						7,760						2,114						4,057						902
						11,064						11,347						5,712						5,749

(c) Transactions with other related parties

The following transactions occurred with related parties:

						Six months ended												Three months ended
						June 30, 2026						June 30, 2025						June 30, 2026						June 30, 2025
Transactions with merchants – Revenues						3,288						466						1,563						284
Transactions with collection entities – Costs						(20,623)						(5,862)						(9,634)						(3,632)
Transactions with other related parties – Financial expenses (item (a)) (1)						—						(4,569)						—						(3,175)

(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:

						June 30, 2026						December 31, 2025
Balances with merchants – trade payables						(671)						(1,738)
Balances with collection entities – Trade payables						(65)						(65)
Balances with collection entities – Trade receivables						10,118						12,012
Balances with collection entities – Advances and other receivables						11,986						12,081

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 June 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.

June 30, 2026						FVPL						Amortized cost						Total						Level 1						Level 2
Assets
Cash and cash equivalents						37,842						757,101						794,943						—						—
Cash and demand deposit						—						757,101						757,101						—						—
Money market fund and others						37,842						—						37,842						—						—
Financial assets						—						79,214						79,214						—						—
Other assets						6,189						24,648						30,837						—						6,189
Trade and other receivables						—						1,174,193						1,174,193						—						—
Derivative financial instruments (1)						169						—						169						—						169
						44,200						2,035,156						2,079,356						—						6,358

    

December 31, 2025									FVPL						Amortized cost						Total						Level 1						Level 2
Assets
Cash and cash equivalents									53,670						666,227						719,897						53,670						—
Cash and demand deposit									—						666,227						666,227						—						—
Money market fund and others									53,670						—						53,670						53,670						—
Financial assets									10,896						88,193						99,089						10,896						—
Other assets									30,126						5,095						35,221						—						30,126
Trade and other receivables									—						598,006						598,006						—						—
Derivative financial instruments (1)									140						—						140						—						140
									94,832						1,357,521						1,452,353						64,566						30,266

June 30, 2026						FVPL						Amortized cost						Total						Level 1						Level 2
Liabilities
Trade and other payables						—						(1,554,943)						(1,554,943)						—						—
Derivative financial instruments (1)						(1,928)						—						(1,928)						—						(1,928)
Financial liabilities						—						(64,632)						(64,632)						—						—
Lease liabilities						—						(2,739)						(2,739)						—						—
						(1,928)						(1,622,314)						(1,624,242)						—						(1,928)

---

December 31, 2025						FVPL						Amortized cost						Total						Level 1						Level 2
Liabilities
Trade and other payables						—						(854,436)						(854,436)						—						—
Derivative financial instruments (1)						(1,567)						—						(1,567)						—						(1,567)
Financial liabilities						—						(86,898)						(86,898)						—						—
Lease liabilities						—						(3,385)						(3,385)						—						—
						(1,567)						(944,719)						(946,286)						—						(1,567)

(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 June 30, 2026 and December 31, 2025, the Group did not recognize any financial assets under level 3.

---