DLocal Limited

The model benefits from recurring merchant volumes and a broadening client and country mix. 2Q25 TPV grew 53 percent and revenue 50 percent, and management raised full‑year 2025 guidance across TPV, revenue, gross profit, and adjusted EBITDA.

Still, visibility is lower than for global card networks due to EM FX regimes, regulatory changes and merchant‑specific dynamics. Management explicitly called out risk from Mexican tariffs, Brazilian fiscal shifts and potential FX regime changes in Argentina and Egypt.

We score predictability as above average for an EM‑heavy fintech, but below the most predictable tollbooth businesses.