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DLocal (DLO) investor relations material
DLocal Goldman Sachs Communicopia + Technology Conference 2025 summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Market landscape and industry trends
Cross-border payments remain highly fragmented, with many sub-scale players due to the fintech boom pre-2022, leading to declining take rates and potential for industry consolidation benefiting incumbents.
Emerging market payment ecosystems are complex, with diverse payment methods, regulatory frameworks, and tax regimes varying by country and even within jurisdictions.
Global commercial shifts, such as tariffs, have redirected Asian merchant focus from the US/EU to emerging markets, boosting business in these regions.
Market volatility is inherent in emerging markets, but increased scale and diversification are reducing exposure to individual market shocks.
Africa, the Middle East, and Asia are growing faster than LATAM, now representing nearly a quarter of business and offering significant long-term opportunities.
Business performance and growth drivers
Strong Q2 performance driven by rebounds in Brazil and Mexico, with growth distributed across multiple merchants and geographies.
Diversification into non-LATAM markets is accelerating, reducing dependency on single markets and increasing take rates.
Key growth vectors include expanding markets/payment methods for existing merchants, increasing share of wallet, onboarding new merchants, and launching new products.
Top 10 merchants consistently account for 60% of revenue, but the composition changes, indicating growing merchant diversification.
Share of wallet remains low, especially in Africa and Asia, providing significant room for organic growth.
Financial model and operational strategy
Business is asset-light, high-margin, and cash flow positive, with significant operational leverage.
Take rates are expected to decline due to volume discounts, but TPV growth is outpacing compression, supporting strong gross profit and EBITDA growth.
AI deployment is expected to further reduce costs, especially in compliance and back-office operations, potentially restoring or exceeding historical EBITDA margins.
Ongoing investments in operations, product, technology, and compliance have strengthened the foundation for future growth.
Pursuing additional licenses globally, including in the US, reflects confidence in internal controls and compliance.
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