TPV reached US$18 billion (+77% year-over-year), marking the 8th consecutive quarter of 50%+ year-over-year growth. Revenue reached US$398 million (+41% year-over-year), with gross profit of US$132 million (+28% year-over-year).
Operating profit reached US$76 million (+37% year-over-year), with the Operating Profit/Gross Profit ratio at 58% (+7 p.p. vs. 2Q26), its highest level since 4Q23. Gross profit growth exceeded OPEX growth (+17% year-over-year), reflecting continued cost discipline and automation efforts.
Record net income of US$68 million (+31% year-over-year).
Adjusted Free Cash Flow reached US$182 million in 9M26, with conversion to net income of 111%, reflecting the reversal of temporary 1Q26 working-capital effects.

MONTEVIDEO, Uruguay, Nov. 12, 2026 (GLOBE NEWSWIRE) — DLocal Limited (“dLocal”, “we”, “us”, and “our”) (NASDAQ:DLO), a leading cross-border financial infrastructure platform connecting global merchants to emerging markets, today announced its financial results for the third quarter ended September 30, 2026.

dLocal’s management team will host a conference call and audio webcast on November 12, 2026 at 6:00 p.m. Eastern Time. Please click here to pre-register for the conference call and obtain your dial in number and passcode.

The live conference call can be accessed via audio webcast at the investor relations section of dLocal’s website, at https://investor.dlocal.com/. An archive of the webcast will be available for a year following the conclusion of the conference call. The investor presentation will also be filed on EDGAR at www.sec.gov.

“We delivered another quarter of consistent execution, supported by deepening merchant relationships, improving operating leverage and solid cash generation. TPV reached $18.3 billion, up 77% year-over-year, marking our 8th consecutive quarter above 50% growth, and our 4th consecutive at or above 70%. Net revenue retention was 140%, reflecting the continued strength of our business with the existing merchant base. Gross profit grew 28% year-over-year to $132 million, while operating profit increased 37% to $76 million. The strong operating leverage we expected in the second half of the year is materializing,” said Pedro Arnt, CEO of dLocal.

Third quarter 2026 financial highlights

dLocal reports in US dollars and in accordance with IFRS as issued by the IASB

  • Total Payment Volume (“TPV”) reached US$18.3 billion in the third quarter of 2026, up 77% year-over-year compared to US$10.4 billion in the third quarter of 2025 and up 4% compared to US$17.7 billion in the second quarter of 2026. In constant currency, TPV growth for the period would have been 68% year-over-year.
  • Revenues amounted to US$398.0 million, up 41% year-over-year compared to US$282.5 million in the third quarter of 2025 and almost flat compared to US$399.7 million in the second quarter of 2026. In constant currency, revenue growth for the period would have been 36% year-over-year. The quarterly comparison was impacted by a higher share of local-to-local and pay-out volumes, and softer volumes in Argentina, following the seasonal Hot Sale peak in the second quarter. Excluding Argentina, revenue would have grown approx. 1% quarter-over- quarter.
  • Gross profit was US$132.0 million in the third quarter of 2026, a new record, up 28% compared to US$103.2 million in the third quarter of 2025 and up 4% compared to US$127.2 million in the second quarter of 2026. In constant currency, gross profit growth for the period would have been 24% year-over-year. Quarterly performance was driven by lower advancement costs in Argentina, and broad-based volume growth across Africa and Asia combined with one-off cost recovery in Nigeria and FX hedge gains. These gains were partly offset by (i) shift in payment method mix in Brazil; (ii) higher processing costs in Mexico, including cost catch-ups from prior periods; and (iii) mix shift towards local-to-local flows in Other LatAm markets and lower volumes in Bolivia.
  • As a result, gross profit margin was 33% in this quarter, compared to 37% in the third quarter of 2025 and 32% in the second quarter of 2026.
  • Gross profit over TPV was at 0.72%, decreasing from 0.99% in the third quarter of 2025 and flat compared to the second quarter of 2026, reflecting mix shifts (as described previously), and the natural margin dynamics of scaling volume with merchants, offset mostly by lower advancement costs in Argentina and cost recovery in Nigeria.
  • Operating expenses reached US$55.9 million for the third quarter of 2026, up 17% year-over-year and down 11% quarter-over-quarter. The year-over-year increase reflects the annualization of investments made in the second half of 2025. Sequentially, disciplined cost management, with lower third-party spend, lower headcount, and continued benefits from our automation agenda supported the decline.
  • As a result, Operating profit was US$76.2 million, up 37% year-over-year and 19% quarter-over-quarter. The Operating Profit to Gross Profit ratio was 58%, up 7 p.p. quarter-over-quarter compared to 50% as reported in the second quarter of 2026, and up 4 p.p. year-over-year compared to 54% as reported in the third quarter of 2025.
  • Net financial result (Finance income minus finance costs) was a US$5.3 million gain, compared to a net financial gain of US$6.4 million in the third quarter of 2025 and US$2.3 million in the second quarter of 2026.
  • Our effective income tax rate for the period was approximately 15%, in line with the third quarter of 2025 and close to the 16% for the second quarter of 2026.
  • Net income for the third quarter of 2026 was US$68.0 million, or US$0.23 per diluted share, up 31% compared to a profit of US$51.8 million, or US$0.17 per diluted share, for the third quarter of 2025, and up 24% compared to a profit of US$54.8 million, or US$0.18 per diluted share, for the second quarter of 2026. The quarterly comparison is explained by higher operating profit and higher finance income, given higher interest income on our cash balances, despite higher interest expense related to the US$150 million loan signed in August.
  • Adjusted free cash flow for the third quarter of 2026 amounted to US$99.1 million, up 163% year-over-year compared to US$37.6 million in the third quarter of 2025, and up 44% compared to US$68.5 million in the second quarter of 2026. The increase reflects higher operating profit and the reversal of temporary working-capital effects from the first quarter of 2026.
  • As of September 30, 2026, dLocal had US$1,033.9 million in total cash and cash equivalents, which includes US$536.9 million of Corporate cash and cash equivalents. The Corporate cash and cash equivalents increased by US$203.8 million from US$333.1 million as of September 30, 2025. When compared to the US$369.1 million Corporate cash and cash equivalents position as of June 30, 2026, it increased by US$167.8 million quarter-over- quarter, explained by the US$150 million loan signed in August. Under the US$300 million program authorized in March 2026, the Company has repurchased approximately 9.1 million Class A shares for US$120.1 million through the end of the third quarter.

The following table summarizes our key performance metrics:

  Three months ended on September 30 Nine months ended on September 30
  2026 2025 % change 2026 2025 % change
Key Performance metrics (In millions of US$ except for %)
TPV 18,345 10,390 77% 50,094 27,709 81%
Revenue 398.0 282.5 41% 1,133.6 755.7 50%
Gross Profit 132.0 103.2 28% 377.8 287.0 32%
Gross Profit margin 33% 37% -3p.p 33% 38% -5p.p
Operating Profit 76.2 55.6 37% 193.1 157.2 23%
Operating Profit/Gross Profit 58% 54% 4p.p 51% 55% -4p.p
Net Income 68.0 51.8 31% 164.7 141.3 17%
Net Income margin 17% 18% -1p.p 15% 19% -4p.p


Guidance 2026: where we stand

Relevant trends:

  • TPV growth remains strong, moderating as expected against tougher comps;
  • Operating profit negatively affected by unanticipated FX headwinds at the revenue and gross profit level in Brazil, Mexico and Argentina and softer performance in smaller high take rate markets in Africa & Asia;
  • OPEX materially down sequentially as expected.
    Expectation compared to 2026 updated guidance (issued with 2Q26 results)
Metric 2026 Guidance
(updated 2Q26)		 Below lower Lower Mid Upper Above upper
TPV 60% – 70% YoY       x

  
Gross Profit 25% – 30% YoY     x

    
Operating profit 27.5% – 32.5% YoY   x

 Operating profit
exc. prior-year tax adjustment1		    

Consider the following in connection with our guidance:

  • Emerging markets remain volatile amid an evolving global macroeconomic, currency and trade landscape, which may affect these economies. Key exposures include the evolving Brazilian tax and macro environment, Argentine FX, tariff sensitivity (particularly in Mexico and Brazil), and broader FX risk across our emerging-market footprint.

Note: 1 Guidance reflects reported figures and does not adjust for prior-year tax effects.

Adjusted Free Cash Flow reconciliation

We calculate “Adjusted Free Cash Flow” as net cash (used in) / generated from cash flows from operating activities, less (i) changes in working capital (merchant), and (ii) capital expenditures. The working capital (merchant) is defined as (i) changes in Trade receivables net (disclosed in Note 17 to our consolidated financial statements for the period ended September 30, 2026), plus (ii) changes in Trade payables (disclosed in Note 20 to our consolidated financial statements for the period ended September 30, 2026), plus (iii) changes in Other tax liabilities (disclosed in note 21 to our consolidated financial statements for the period ended September 30, 2026). Capital expenditures consist of acquisitions of property, plant and equipment and additions of intangible assets.

Management uses Adjusted Free Cash Flow as a measure for evaluating the Company’s cash generation and the cash available for distribution to our shareholders as dividends pursuant to our dividend policy. Adjusted Free Cash Flow is not a financial measure recognized under IFRS and does not purport to be an alternative to cash generated from operating activities or as a measure of liquidity. Our presentation of Adjusted Free Cash Flow has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our results as reported under IFRS. See below for a reconciliation of our Adjusted Free Cash Flow to the nearest IFRS measure.

The table below presents a reconciliation of dLocal’s Adjusted Free Cash Flow:

$ in thousands (except percentages) Three months ended on September 30 Nine months ended on September 30
  2026   2025   2026   2025  
Net cash (used in) / generated from operating activities 179,234   95,174   412,539   315,044  
Changes in working capital (merchant)¹ (71,116)   (48,226)   (201,571)   (163,974)  
Capital expenditures² (9,068)   (9,349)   (28,717)   (25,295)  
Adjusted Free Cash Flow 99,050   37,599   182,251   125,775  

Note: 1 Changes in working capital (merchant) consists of (i) changes in the period in the balance of trade receivables net, plus (ii) changes in the period in the balance of trade payables, plus (iii) changes in the period in the balance of other tax liabilities. 2 Capital expenditures consist of acquisitions of property, plant and equipment and Additions of Intangible Assets.

dLocal Limited
Certain financial information
Consolidated Statements of Comprehensive Income for the three-month and nine-month periods ended September 30, 2026 and 2025
(All amounts in thousands of U.S. Dollars except share data or as otherwise indicated)

  Three months ended on September 30 Nine months ended on September 30
  2026   2025   2026   2025  
Continuing operations        
Revenues 398,049   282,483   1,133,575   755,700  
Cost of services (266,036)   (179,294)   (755,728)   (468,747)  
Gross profit 132,013   103,189   377,847   286,953  
         
Technology and development expenses (12,688)   (8,844)   (38,110)   (22,991)  
Sales and marketing expenses (8,577)   (8,139)   (28,388)   (20,116)  
General and administrative expenses (33,344)   (28,224)   (112,461)   (79,551)  
Impairment (loss)/gain on financial assets (273)   5   (2,483)   (1,796)  
Other operating loss (970)   (2,398)   (3,311)   (5,300)  
Operating profit 76,161   55,589   193,094   157,199  
Finance income 14,944   10,418   30,768   33,756  
Finance costs (9,631)   (4,035)   (17,986)   (24,189)  
Inflation adjustment (1,403)   (794)   (4,272)   (2,663)  
Other results 3,910   5,589   8,510   6,904  
Profit before income tax 80,071   61,178   201,604   164,103  
Income tax expense (12,048)   (9,388)   (36,870)   (22,838)  
Profit for the period 68,023   51,790   164,734   141,265  
         
Profit attributable to:        
Owners of the Group 67,827   51,825   164,439   141,265  
Non-controlling interest 196   (35)   295   –  
Profit for the period 68,023   51,790   164,734   141,265  
         
Earnings per share (in USD)        
Basic Earnings per share 0.24   0.18   0.57   0.49  
Diluted Earnings per share 0.23   0.17   0.56   0.47  
         
Other comprehensive Income        
Items that are or may be reclassified to profit or loss:        
Exchange difference on translation on foreign operations (2,116)   (2,619)   2,736   5,210  
Other comprehensive income for the period, net of tax (2,116)   (2,619)   2,736   5,210  
Total comprehensive income for the period 65,907   49,171   167,470   146,475  
         
Total comprehensive income for the period is attributable to:
Owners of the Group 65,711   49,257   167,173   146,441  
Non-controlling interest 196   (86)   297   34  
Total comprehensive income for the period 65,907   49,171   167,470   146,475  
                 

dLocal Limited
Certain financial information
Consolidated Statements of Financial Position as of September 30, 2026 and 2025
(All amounts in thousands of U.S. dollars)

  2026   2025
  on September 30, 2026 on September 30, 2025
ASSETS    
Current Assets    
Cash and cash equivalents 1,033,887   604,467
Financial assets 80,100   95,026
Trade and other receivables 1,087,993   576,389
Derivative financial instruments 398   828
Other assets 19,826   30,328
Total Current Assets 2,222,204   1,307,038
     
Non-Current Assets    
Trade and other receivables 27,655   13,823
Deferred tax assets 4,555   5,428
Property, plant and equipment 3,641   4,116
Right-of-use assets 3,175   3,212
Intangible assets 96,443   71,754
Goodwill 6,550   –
Other assets 6,086   3,383
Total Non-Current Assets 148,105   101,716
TOTAL ASSETS 2,370,309   1,408,754
     
LIABILITIES    
Current Liabilities    
Trade and other payables 1,580,615   816,729
Lease liabilities 1,202   1,147
Tax liabilities 37,214   14,806
Derivative financial instruments 1,305   1,606
Financial liabilities 54,971   63,079
Provisions 839   388
Total Current Liabilities 1,676,146   897,755
     
Non-Current Liabilities    
Financial liabilities 108,489   –
Deferred tax liabilities 5,892   3,768
Lease liabilities 2,607   2,566
Total Non-Current Liabilities 116,988   6,334
TOTAL LIABILITIES 1,793,134   904,089
     
EQUITY    
Share Capital 575   588
Share Premium 15,206   –
Treasury Shares –   –
Capital Reserve 45,042   40,418
Other Reserves (13,151)   (15,758)
Retained earnings 529,039   479,283
Total Equity Attributable to owners of the Group 576,711   504,531
Non-controlling interest 464   134
TOTAL EQUITY 577,175   504,665
TOTAL EQUITY AND LIABILITIES 2,370,309   1,408,754
       

dLocal Limited
Certain interim financial information.
Consolidated Statements of Cash flows for the three-month and nine-month periods ended September 30, 2026 and 2025
(All amounts in thousands of U.S. dollars)

  Three months ended on September 30 Nine months ended on September 30
  2026   2025   2026   2025  
Cash flows from operating activities        
Profit before income tax 80,071   61,178   201,604   164,103  
Adjustments:        
Interest Income from financial instruments (14,944)   (8,424)   (30,601)   (19,506)  
Interest charges for lease liabilities 122   64   232   146  
Other interests charges 2,632   (167)   9,392   2,284  
Finance expense related to derivative financial instruments 3,318   1,497   6,950   5,088  
Amortization of Intangible assets 7,257   5,540   21,647   15,179  
Depreciation and disposals of PP&E and right-of-use assets 1,042   1,244   2,303   2,432  
Share-based payment expense, net of forfeitures 4,795   6,840   17,350   17,771  
Net exchange differences 3,550   2,632   1,403   16,540  
Fair value gain on financial assets at FVPL –   (2,115)   (167)   (14,250)  
Other operating loss 970   2,397   3,311   5,300  
Net Impairment loss/(gain) on financial assets 273   (5)   2,483   1,796  
Inflation adjustment and other financial results (2,469)   (3,570)   2,581   5,693  
  86,617   67,111   238,488   202,576  
Changes in working capital        
Decrease / (Increase) in Trade and Other Receivables 57,300   (90,587)   (523,437)   (82,551)  
Decrease / (Increase) in Other assets 4,924   1,049   (13,620)   3,249  
Increase / (Decrease) in Trade and Other payables 25,663   125,649   726,170   218,943  
Increase / (Decrease) in Tax Liabilities 10,044   (2,695)   12,360   (4,658)  
Increase / (Decrease) in Provisions 80   (156)   406   (112)  
Cash (used) / generated from operating activities 184,628   100,371   440,367   337,447  
Income tax paid (5,394)   (5,198)   (27,828)   (22,403)  
Net cash (used) / generated from operating activities 179,234   95,174   412,539   315,044  
         
Cash flows from investing activities        
Acquisitions of Property, plant and equipment (219)   (220)   (980)   (1,680)  
Additions of Intangible assets (8,849)   (9,129)   (27,737)   (23,615)  
Acquisition of financial assets (37,297)   (13,904)   (129,337)   (147,369)  
Collections of financial assets 36,411   45,056   147,534   179,027  
Interest collected from financial instruments 14,944   8,424   30,601   19,506  
Cash acquired in a business combination –   –   791   –  
Payments for investments in other assets at FVPL –   –   –   (12,500)  
Net cash (used in) / generated investing activities 4,990   30,227   20,872   13,369  
         
Cash flows from financing activities        
Dividends paid –   –   (57,211)   (149,982)  
Repurchase of shares (34,043)   –   (120,105)   –  
Share-options exercise received –   474   260   1,414  
Net (repayment)/proceeds from borrowings and bank overdraft (51,013)   10,908   (73,279)   22,922  
Net proceeds from credit facility 148,470   –   148,470   –  
Interest payments on financial liabilities –   (4,621)   –   (10,622)  
Interest payments on lease liability (122)   (64)   (232)   (146)  
Principal payments on lease liability (600)   (370)   (966)   (1,511)  
Finance expense paid related to derivative financial instruments (4,170)   (2,584)   (7,470)   (7,665)  
Other finance expense paid (1,025)   (25)   (7,892)   (2,138)  
Net cash generated from/(used in) financing activities 57,497   3,718   (118,425)   (147,728)  
Net increase in cash flow 241,722   129,118   314,986   180,685  
         
Cash and cash equivalents at the beginning of the period 794,943   476,939   719,897   425,172  
Net (decrease)/increase in cash flow 241,722   129,118   314,986   180,685  
Effects of exchange rate changes on inflation and cash and cash equivalents (2,779)   (1,590)   (996)   (1,390)  
Cash and cash equivalents at the end of the period 1,033,887   604,467   1,033,887   604,467  
                 

About dLocal
dLocal builds financial infrastructure for markets of the future, connecting global enterprises with billions of emerging market consumers in more than 60 countries across high-growth markets in Africa, Asia, the Middle East, and Latin America. Through the “One dLocal” concept (one direct API, one platform, and one contract), global companies can accept payments, send payouts, and settle funds globally without the need to manage multiple local entities and integrations. For more information, visit www.dlocal.com

Forward-looking statements
This press release may contain forward-looking statements. These forward-looking statements convey dLocal’s current expectations or forecasts of future events, including guidance in respect of total payment volume, gross profit and operating profit. Forward-looking statements regarding dLocal and amounts stated as guidance involve known and unknown risks, uncertainties and other factors that may cause dLocal’s actual results, performance or achievements to be materially different from any future results, performances or achievements expressed or implied by the forward-looking statements. Certain of these risks and uncertainties are described in the “Risk Factors,” and “Cautionary Statement Regarding Forward-Looking Statements” sections of dLocal’s filings with the U.S. Securities and Exchange Commission.

Unless required by law, dLocal undertakes no obligation to publicly update or revise any forward-looking statements to reflect circumstances or events after the date hereof.

Starting in 2026, we provide guidance in respect of Operating Profit, which management believes is useful as a measure to compare our operating results to the operations of other companies in our industry, and to assess our operating performance independently of our capital structure, and tax position.

Investor Relations Contact:
investor@dlocal.com

Media Contact:
media@dlocal.com

This press release does not contain sufficient information to constitute an interim financial report as defined in International Accounting Standards 34, “Interim Financial Reporting” nor a financial statement as defined by International Accounting Standards 1 “Presentation of Financial Statements”. The quarterly financial information in this press release has not been audited nor has it been subject to any limited review procedures, whereas the annual results for the year ended December 31, 2025 are audited.


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