Dlocal Ltd at Goldman Sachs Communacopia & Technology Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Tito Labarta - Goldman Sachs Group Inc - Analyst : Great. And I think this is now your third Communacopia, at least at dLocal. So maybe we start there, right? What's been the maybe biggest surprise challenge in a couple of years at dLocal now?

Question: Tito Labarta - Goldman Sachs Group Inc - Analyst : No, it makes sense. And if we think about -- I mean, you had a very good second quarter recently where you raised your guidance. But maybe just kind of thinking it from a long-term perspective, I mean, you have -- you mentioned a very large addressable market to capture. So the surprise in the second quarter but also thinking of it more longer term and the opportunity set that's available to you.

Question: Tito Labarta - Goldman Sachs Group Inc - Analyst : And I think those -- if we look at some of your global payment peers were negatively impacted by the tariff situation. I think maybe you're on the positive side of that. Maybe can you talk a little bit about that.

Question: Tito Labarta - Goldman Sachs Group Inc - Analyst : And then when we think about your TPV growth guidance of 40% to 50% a year, you're at the high end of that even above it. To think about maybe sustainability of it, but where is the biggest opportunities, pay-ins, payouts, country, sector exposure, if you can kind of unpack that a little bit.

Question: Tito Labarta - Goldman Sachs Group Inc - Analyst : Great. And having had the luxury of sitting in a few meetings before this, the top 10 concentration has remained relatively steady. But one interesting comment was that the actual -- the top 10 merchants has actually changed. And then maybe marrying that a little bit with your wallet share with those merchants, how do we think about that?

Question: Tito Labarta - Goldman Sachs Group Inc - Analyst : Yeah. I mean I think definitely the market sees that growth opportunity. I think on the other side of it, the question mark is always what happens to take rates, right? And I think there is a bit of an inverse relationship with growth in take rates. But help us unpack a little bit the take rates given merchant concentration, sector concentration, pay-ins, payouts, et cetera.

Question: Tito Labarta - Goldman Sachs Group Inc - Analyst : Yeah. And maybe going back a little bit to sort of my initial question from when you started to today in the sense of -- I think one concern investors decide on dLocal is a little bit the volatility in the results. But now, I mean, you had a quarter where your gross profit guidance almost doubled, right, from [$20 million to $30 million to $40 million to $50 million]. How are you feeling -- like how are you sleeping at night today relative to when you first started given where the business is and where you may have wanted it to be? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 09, 2025 / 10:05PM, DLO.OQ - Dlocal Ltd at Goldman Sachs Communacopia & Technology Conference

Question: Tito Labarta - Goldman Sachs Group Inc - Analyst : And maybe touching on investments needed for the business. You already have very high EBITDA margins, 70%. I mean, you've been as high as 75%. Help us think about what investments are needed? What does that mean for operating leverage? And yeah, can you get back to those 75% EBITDA margin?

Question: Tito Labarta - Goldman Sachs Group Inc - Analyst : Interesting. And at the same time, given the growth outlook, given the operating leverage and high margin, why would that not invite competition, which could maybe pressure on the other side of things on pricing to something?

Question: Tito Labarta - Goldman Sachs Group Inc - Analyst : Yeah. Okay. Makes sense. And maybe if we can break it down a little bit on a country-by-country basis to some extent. We saw Brazil had a very good quarter last quarter. What went right there? Why was Brazil able to grow so much? It's already, I think, your biggest market now.

Question: Tito Labarta - Goldman Sachs Group Inc - Analyst : And then maybe it's neighbor in Argentina, which seems to be coming back but now there's some uncertainty given recent elections and FX. What's the outlook for Argentina? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 09, 2025 / 10:05PM, DLO.OQ - Dlocal Ltd at Goldman Sachs Communacopia & Technology Conference

Question: Tito Labarta - Goldman Sachs Group Inc - Analyst : Right. And then maybe what about other countries? Egypt has been strong, other LATAM, where is the opportunity and were there risk?

Question: Tito Labarta - Goldman Sachs Group Inc - Analyst : Right. Okay. Great. I think another common question we've been hearing is on the stablecoin, right? And some people may see it as a risk. I think you've been saying it's potentially an opportunity. What's the opportunity risk there?

Question: Tito Labarta - Goldman Sachs Group Inc - Analyst : Right. Okay. Makes sense. What about other products? I think you recently launched like SmartPix, Buy Now Pay Later. What other products can you launch? What the opportunity set is there?

Question: Tito Labarta - Goldman Sachs Group Inc - Analyst : Yeah. Great. Still have a couple of minutes. I want to see if there's any questions from the audience, if anybody has any. Now I have a couple more. Unidentified Participant (inaudible) Gave a great answer about your internal controls and how that makes you comfortable. And then later on, you talked about how you see no problems really at the country level. When Tito asked the question, I thought about the previous quarters where there were sudden surprises, like one, country was a surprise, one customer was a surprise. Is there anything that you can do going forward to reduce that sort of volatility? Or is it just inherent?

Question: Tito Labarta - Goldman Sachs Group Inc - Analyst : Great. I think with that, we are out of time. Thank you so much, Pedro. It's been a pleasure.