DLocal Limited

Capital allocation has improved and is increasingly shareholder‑friendly while preserving growth investment.

Actions include a 150 million dollar cash dividend (and a formal policy to pay 30 percent of prior‑year free cash flow defined as operating cash excluding merchant funds less capex), 2024 buybacks with planned cancellation of treasury shares, and disciplined investment in licenses and engineering.

The announced intention to acquire AZA Finance would deepen African FX and cross‑border capabilities if closed. We view the framework as sensible for an asset‑light compounding model, though continued scrutiny of SBC, buyback timing and M&A returns is warranted.