dLocal: On the Road with the CEO

dLocal management remains confident in achieving high-end TPV growth of 60% in 2026, with margin expansion expected in the second half as investment costs stabilize. Goldman Sachs maintains a Buy rating with a $17 price target, citing attractive valuation and strong execution.

Key Takeaways

• 1.Management expects strong TPV growth for 2026, targeting the high end of their 50-60% guidance range.
• 2.Operating leverage and margin expansion are anticipated in 2H26 as the heavy investment cycle of 2024-2025 concludes.
• 3.Expansion into new markets like Asia (Philippines, Thailand, Malaysia) and efficient use of AI for coding and customer service are key growth/margin drivers.

Table of Contents

• Strong growth outlook with operating leverage on the horizon
• TPV growth supported across geographies
• As well as different verticals
• Operating leverage should be realized in 2H26
• Management views stable coin as an opportunity
• Regulatory, FX Risks, and Capital allocation
• Valuation and risks
• Disclosure Appendix

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