DLocal Limited

Pricing power is mixed. On the one hand, DLocal’s solution is mission‑critical for cross‑border monetization in hard markets where alternatives are costly or slow, which supports healthy gross margins. On the other hand, net take rate declines with merchant scale, product mix (higher pay‑outs share, orchestration), and currency effects.

In 2Q25 gross profit over TPV was about 1.07 percent versus 1.16 percent a year ago, echoing long‑run take‑rate pressure even as gross profit dollars grow fast. We expect modest further compression over time, partly offset by mix into higher‑take‑rate verticals and frontier markets.