#1Earnings Presentation d.local Q3 2023#2Pedro Arnt Co-Chief Executive Officer Sebastián Kanovich Co-Chief Executive Officer Sergio Fogel Co-President and Chief Strategy Officer Diego Cabrera Canay Chief Financial Officer d. Maria Oldham SVP Corp. Development, Investor Relations and Strategic Finance#3EARNINGS PRESENTATION Safe Harbor This presentation may contain forward-looking statements. These forward-looking statements convey dLocal's current expectations or forecasts of future events. Forward-looking statements regarding dLocal involve known and unknown risks, uncertainties and other factors that may cause dLocal's actual results, performance or achievements to be materially different from any future results, performances or achievements expressed or implied by the forward-looking statements. Certain of these risks and uncertainties are described in the "Risk Factors," and "Cautionary Statement Regarding Forward-Looking Statements" sections of dLocal's filings with the U.S. Securities and Exchange Commission. Q3 2023 Unless required by law, dLocal undertakes no obligation to publicly update or revise any forward-looking statements to reflect circumstances or events after the date hereof. In addition, dLocal is unable to present a quantitative reconciliation of forward-looking guidance for Adjusted EBITDA and Adjusted EBITDA over gross profit, which are forward-looking non-IFRS measures, because dLocal cannot reliably predict certain of their necessary components, such as impairment gains/(losses) on financial assets, transaction costs, and inflation adjustment.#4We are building the best financial infrastructure for emerging markets Mexico D.F, Mexico PE d.#5One stop shop in emerging markets Solving complex payments problems for global merchants d. 5#6Total Processed Volume $4.6B ▲ +69% YOY | +6% QOQ $2.7 Continued sequential growth in Q3 after outstanding Q2; confirming the strength of our business 3Q22 $4.4 I 2Q23 $4.6 3Q23 Revenue $164M ▲ +47% YoY | +2% QOQ $112 3Q22 $161 $164 2Q23 3Q23 Gross Profit $75M +38% YoY | +5% QOQ $54 3Q22 $71 2Q23 $75 3Q23 Adjusted EBITDA¹ $56M +34% YoY | +7% QOQ 77% $42 74% 3Q22 $56 11 2Q23 3Q23 Adjusted EBITDA / Gross profit (%) 75% $52 d. Note: ¹ dLocal has only one operating segment. Although Adjusted EBITDA may be commonly viewed a non-IFRS measure in other contexts, pursuant to IFRS 8, Adjusted EBITDA is treated by dLocal as an IFRS measure based on the manner in which dLocal utilizes this measure. See detailed methodology for Adjusted EBITDA in appendix. Unaudited quarterly results. 6#7We continue to invest thoughtfully in strengthening our global organization The hires for the period were evenly allocated, as we intensify ongoing efforts to strengthen support areas and further upgrade internal processes and tools, while maintaining our prior commitment to growing our engineering and sales teams. 867 FTE evolution (#): Note: FTE includes employees and contractors. AFRICA & ASIA 223 +53% YoY +155 FTES or 22% Employee Growth YoY AMERICAS 644 +14% YoY FTE by function (%): Corporate central functions 22% Operations & Expansion 21% Technology 39% Sales & Marketing 19% d. 7#8Robust global network of trusted financial partners In Q3 2023, we expatriated close to 80% of the pay-ins cross-border TPV through banks (global, pan LatAm or national partner banks) 7% 6% 3Q23 cross-border expatriation volumes by partner mix: 0.3% 3% 84% d. GSIBS, Pan Latam and National banks Licensed brokers Payment processors Netting Alternative assets 8#9Growth driven by performance in most verticals; showing both diversification and performance across the board $2.7B 3Q22 $4.4B 2Q23 Note: ¹In Q3 2023, financial services include wallets (0.7% of total TPV) and crypto (0.3% of total TPV). 2 Other includes elearning, gaming and others. $4.6B 3Q23 Other² Travel SaaS Advertising On-demand delivery Streaming Ride-hailing Financial Services¹ Commerce YoY 45% 17% 54% 11% 28% 59% 81% 23% 273%#10Sustained strong revenue momentum in our largest region, driven by Brazil and Mexico Latin America revenue ($M) % share of total revenue 87 3Q22 78% 127 2Q23 79% 136 3Q23 83% +7% +56% YOY % QOQ Africa & Asia revenue ($M) % share of total revenue 25 3Q22 22% 34 2Q23 21% 28 3Q23 17% -19% QOQ +14% YOY d. Excluding Nigeria +41% QOQ +79% YOY 10#11Financial Highlights 10.000 d. 11#12Robust YoY growth rates in Pay-ins and Pay-outs Pay-ins¹ TPV evolution ($B) Continuous TPV expansion across services 2.0 % share 75% % share 3Q22 1.5 3Q22 2.3 56% 4Q22 71% Cross-border³ TPV evolution ($B) 1.7 4Q22 2.5 53% 1Q23 70% 2.0 1Q23 55% 3.2 2Q23 73% 2.2 2Q23 51% +8% QOQ +68% YOY 3.4 3Q23 74% +2% QOQ +46% 2.3 3Q23 49% % YoY % share % share Pay-outs² TPV evolution ($B) 0.7 3Q22 25% 1.2 3Q22 1.0 44% 4Q22 29% 1.1 4Q22 1Q23 Local-to-Local4 TPV evolution ($B) 47% 30% 1.6 1.6 1Q23 1.2 45% 2Q23 27% 2.1 2Q23 49% +0% QOQ +73% YOY 1.2 3Q23 26% +10% QOQ +99% YOY 2.4 3Q23 51% Note: ¹"Pay-in" means a payment transaction whereby dLocal's merchant customers receive payment from their customers. 2"Pay-out" means a payment transaction whereby dLocal disburses money in local currency to the business partners or customers of dLocal's merchant customers. "Cross-border" means a payment transaction whereby dLocal is collecting in one currency and settling into a different currency and/or in a different geography. 4"Local-to-local" means a payment transaction whereby dLocal is collecting and settling in the same currency. 12#13Another record in revenue, reaching $164M in 3Q23 Revenue evolution ($M) 112 3Q22 118 4Q22 137 1Q23 161 2Q23 +2% % QOQ +47% % YoY 164 3Q23 Continued focus on growing gross profit dollars Gross Profit evolution ($M) 54 3Q22 55 4Q22 62 1Q23 71 2Q23 +5% % QOQ +38% YOY 75 3Q23 d. 13#1443.9% 2Q23 0.0% Stable take rates confirm steady pricing power Gross Profit margin (%) QoQ bridge Product mix -0.2% Lower cross-border TPV share Service mix 1.3% Increase in Africa & Asia with higher than average gross profit margin Country mix 0.4% Lower expatriation costs in Nigeria Processing cost, merchant mix and pricing 45.5% 3Q23 1.62% 2Q23 Gross Profit over TPV (%) QoQ bridge 0.03% Increase in pay-ins TPV share Product mix -0.02% Lower cross-border TPV share Service mix -0.04% Lower share in certain LatAm countries with higher than average net take rate Country mix 0.03% Merchants growth especially in Africa & Asia Processing cost, merchant mix and pricing 1.61% 3Q23 d. 14#15Profitable growth remains a top priority, Adjusted EBITDA over gross profit increased to 75% 42 3Q22 Adjusted EBITDA¹ evolution ($M) 40 4Q22 45 1Q23 52 2Q23 +7% QOQ +34% YOY 56 1 3Q23 77.3% 37.2% 3Q22 Adjusted EBITDA ratios evolution (%) Adj EBITDA Margin Adj EBITDA/Gross Profit 73.3% 34.1% 4Q22 73.6% 33.1% 1Q23 73.5% 32.3% 2Q23 74.6% 33.9% 3Q23 d. Note: 'dLocal has only one operating segment. Although Adjusted EBITDA and Adjusted EBITDA Margin may be commonly viewed as non-IFRS measures in other contexts, pursuant to IFRS 8, Adjusted EBITDA and Adjusted EBITDA Margin are treated by dLocal as IFRS measures based 5 on the manner in which dLocal utilizes these measures. See detailed methodology for Adjusted EBITDA and Adjusted EBITDA Margin in appendix.#16Margins positively impacted by lower expatriation costs and growth in countries with higher margins Adjusted EBITDA¹ margin QoQ bridge (%) 32.3% Adjusted EBITDA margin 2Q23 1.8% Lower expatriation costs 0.1% Processing Hosting costs expenses -0.2% -0.3% Amort. of Tech & Dev. intangible ex. salaries assets -0.1% S&M ex. salaries 0.4% G&A ex. salaries -0.2% 0.2% 33.9% Salaries and Depreciation & amortization margin 3Q23 wages2 Adjusted EBITDA Note: 'dLocal has only one operating segment. Although Adjusted EBITDA and Adjusted EBITDA Margin may be commonly viewed as non-IFRS measures in other contexts, pursuant to IFRS 8, Adjusted EBITDA and Adjusted EBITDA Margin are treated by dLocal as IFRS measures based on the manner in which dLocal utilizes these measures. ²Salaries and wages exclude share-based payment non-cash charges as it is excluded from the Adjusted EBITDA calculation. See detailed methodology for Adjusted EBITDA and Adjusted EBITDA Margin in appendix. d. 16#17Diluted EPS¹ 32 3Q22 0.10 Net income +25 YOY, QoQ decline driven by net financial results Net income evolution ($M) 19 4Q22 0.06 35 1Q23 0.11 45 -10% QOQ +25% YOY 2Q23 0.15 40 3Q23 0.13 44.8 3.5 Net income Adjusted 2Q23 EBITDA 2.5 Net income bridge QoQ ($M) -0.4 -1.9 Impairment Depreciation Share-based loss/ (gain) and on financi amortization assets 2 payment non-cash charges -5.9 Net financial results -2.2 Inflation adjustment -0.1 Income tax expense d. Note: ¹Our diluted earnings per share is calculated by dividing the profit attributable to owners of the group of dLocal by the weighted average number of common shares outstanding during the period plus the weighted average number of common shares that would be issued on conversion of all dilutive potential common shares into common shares. During 2022, the Company utilized FTX Trading Ltd. ("FTX") services for the repatriation of funds from one country. On November 11, 2022, when FTX filed for Chapter 11 bankruptcy in the United States, the Company had deposits of USD 5,576, whose withdrawals had not been processed by FTX. Such deposits were included in the loss allowance. As of September 30, 2023 and December 31, 2022, the Group does not hold any positions in crypto assets." During the three months ending September 2023, the Group reassessed the recovery probability of its deposits based on negotiations with third parties that are willing to acquire them and publicly available information. Thus, the Group recognized a gain of USD 2,509 as result of the reversion of the loss allowance for the period ending September 30, 2023. ³During Q3 2023 we recognized a fair value gain of US$ 24.2 million (US$ 3.6 million in Q2 2023) from the Argentine dollar-linked bonds and an exchange difference loss of US$ 27.4 million (-US$ 1.8 million in Q2 2023) from the intercompany loan denominated in USD that we granted to our Argentine subsidiary to purchase the bonds. 40.4 Net income 3Q23 17#18Adjusted net income would have been $49M excluding accounting non-cash items, mostly related to the Argentine bonds, and IFRS inflation adjustment Reconciliation from 3Q23 reported net income to adjusted net income ($M)¹ 40 3 Net income Share-based 3Q23, as payment reported non-cash charges -3 Impairment Inflation loss/ (gain) adjustment on financial assets -24 Fair value (loss) / gains of financial assets at FVTPL 27 -| 1 49 +8% QOQ +41% YOY Exchange Income tax Adjusted net difference - adjustments income 3Q23 intercompany loan in USD d. Note: ¹Adjusted Net Income is a non-IFRS financial measure. As used by dLocal Adjusted net income is defined as the profit for the period (net income) excluding impairment gains/(losses) on financial assets, transaction costs, share-based payment non-cash charges, secondary offering expenses, and other operating (gain)/loss, in line with our Adjusted EBITDA calculation (see detailed methodology for Adjusted EBITDA in page 9). It further excludes the accounting non-cash charges related to the fair value gain from the Argentine dollar-linked bonds and the exchange difference loss from the intercompany loan denominated in USD that we granted to our Argentine subsidiary to purchase the bonds. In addition, it excludes the inflation adjustment based on IFRS rules for hyperinflationary economies. We believe Adjusted Net Income 18 is a useful measure for understanding our results for operations while excluding for certain non-cash effects such as currency devaluation and inflation. Our calculation for Adjusted Net Income may differ from similarly-titled measures presented by other companies and should not be considered in isolation or as a replacement for our measure of profit for the period as presented in accordance with IFRS. See detailed methodology for Adjusted Net Income in appendix.#19Quarterly cash generation affected by working capital impact on merchants funds fluctuations; own funds cash conversion remains >100% Consolidated cash reconciliation ($M) Own funds 549 Merchants 373 funds 177 Consolidated cash (2Q23 EoP) 49 Net income before taxes -2 Income tax paid +$2M 20 Decrease in other assets -$51M -61 Shorter settlement periods for certain merchants + impact of repatriating funds in Argentina that were outstanding Change in trade receivables /payables -4 Other 552 306 245 Consolidated cash before Bonds -54 Investment in Bonds 498 306 192 Consolidated cash (3Q23 EoP) Ⓒ • Strong FCF¹ (own-funds) generation of $45M in 3Q23 • Own funds cash conversion² prior to purchase of Argentine bond> 100% Note: ¹FCF (own-funds) is calculated as profit before income tax less income tax paid, +/- non cash adjustments, +/- change in working capital (own) excluding movements in Other Assets +/- net collection of interest & financial expenses, less additions of property, plant and equipment and intangible assets. FCF excludes inflows & outflows due to movements in Other Assets, because these movements are expected to be non-recurring and temporary. 2Cash conversion is calculated as Free Cash Flow (own-funds) divided by net income#20Highlights d.local We power a massive and expanding emerging markets ecosystem accepting more than 900 local payment methods across 40+ countries We are directly integrated with some of the world's largest online merchants, driving very strong NRR and cohort performance We have built a scalable, single API technology infrastructure that makes the complex simple for merchants across emerging markets Our business model is diversified across industries, clients and geographies We are growing rapidly and profitably at scale with strong cash generation d. 20#21Thanks d.local#22APPENDIX d.#23TPV TPV breakdown by type of product¹ In millions of US$ Pay-ins As % of total Pay-outs As % of total Total TPV In millions of US$ Cross-border As % of total Local to Local As % of total 3Q22 TPV breakdown by type of flow² Total TPV 2,046 75% 687 25% 2,734 3Q22 1,544 56% 1,190 44% 2,734 4Q22 2,334 71% 962 29% 3,296 4Q22 1,745 53% 1,550 47% 3,296 1Q23 2,503 70% 1,072 30% 3,574 1Q23 1,960 55% 1,615 45% 3,574 2Q23 3,190 73% 1,184 27% 4,373 2Q23 2,219 51% 2,154 49% 4,373 3Q23 3,429 74% 1,189 26% 4,618 3Q23 2,256 49% 2,362 51% 4,618 LTM3Q22 6,988 77% 2,138 23% 9,127 LTM3Q22 5,499 60% 3,628 40% 9,127 LTM3Q23 11,455 72% 4,406 28% 15,862 LTM3Q23 8,180 52% 7,681 48% 15,862 Note: ¹"Pay-in" means a payment transaction whereby dLocal's merchant customers receive payment from their customers. "Pay-out" means a payment transaction whereby dLocal disburses money in local currency to the business partners or customers of dLocal's merchant customers. 2"Cross-border" means a payment transaction whereby dLocal is collecting in one currency and settling into a different currency and/or in a different geography. "Local-to-local" means a payment transaction whereby dLocal is collecting and settling in the same currency. d. 23#24Revenue Revenue breakdown by geography In millions of US$ Brazil Argentina Mexico Chile Other LatAm Latin America Nigeria Other Africa & Asia Africa & Asia Total Revenue Note: Unaudited quarterly results 3Q22 21.8 19.1 16.6 13.7 16.0 87.3 13.6 10.9 24.5 111.9 4Q22 23.4 14.2 22.4 13.9 18.9 92.9 14.1 11.5 25.6 118.4 1Q23 22.8 20.0 22.7 14.2 18.5 98.2 26.9 12.1 39.0 137.3 2Q23 41.2 20.7 28.3 14.2 22.5 126.9 20.4 13.9 34.3 161.1 3Q23 44.7 23.9 30.2 12.4 24.8 136.0 8.3 19.6 27.9 163.9 LTM3Q22 76.7 78.4 56.7 49.7 62.4 323.9 20.2 32.7 52.9 376.8 LTM3Q23 132.2 78.8 103.7 54.7 84.6 454.0 69.7 57.1 126.8 580.8 d. 24#25Revenue Top 10 merchant revenue¹($M) and concentration (%) % Share of total revenue 59 3Q22 53% 65 4Q22 55% 80 1Q23 58% 94 2Q23 59% 99 3Q23 60% Revenue composition ($M) 141% NRR² 112 3Q22 45 Existing Merchants 7 New Merchants 164 3Q23 Note: ¹Top 10 merchants may vary from period to period. 2"NRR" means Net Revenue Retention rate, which is the U.S. dollar-based measure of retention and growth of our merchants. We calculate the NRR of a period by dividing the Current Period Revenue by the Prior Period Revenue. The Prior Period Revenue is the revenue billed by us to all our customers in the prior period. The Current Period Revenue is the revenue billed by us in the current period to the same customers included in the Prior Period Revenue. Current Period Revenue includes any upsells and cross sells of products, geographies, and payment methods to such merchant customers, and is net of any contractions or attrition, but excludes revenue from new customers onboarded in the last 12 months. Unaudited quarterly results. d. 25#26Adjusted EBITDA Adjusted EBITDA bridge ($M) 52 3Q23 Operating Profit (IFRS) 3 Depreciation and amortization 3 -based Compensation Note: Adjusted EBITDA excludes one-off expenses and non-cash items. Unaudited quarterly results. -3 Impairment Gain/Losses on Financial Assets 56 3Q23 Adjusted EBITDA d. 26#27Adjusted EBITDA Reconciliation of Profit to Adjusted EBITDA $ in thousands Profit for the period Income tax expense Depreciation and amortization Finance income and costs, net Share-based payment non-cash charges Other operating (gain)/loss Impairment loss/ (gain) on financial assets Inflation adjustment Adjusted EBITDA 3Q22 32,338 2,287 2,110 2,479 1,599 706 (24) 127 41,622 2Q23 44,791 8,774 2,869 (7,459) 1,421 (21) 1,661 52,036 3Q23 40,364 8,897 3,237 (1,548) 3,322 (2,508) 3,817 55,581 Note: Although Adjusted EBITDA and Adjusted EBITDA Margin may be commonly viewed as non-IFRS measures in other contexts, pursuant to IFRS 8, Adjusted EBITDA and Adjusted EBITDA Margin are treated by dLocal as IFRS measures based on the manner in which dLocal utilizes these measures. Adjusted EBITDA as used by dLocal is defined as the profit from operations before financing and taxation for the year or period, as applicable, before depreciation of property, plant and equipment, amortization of right-of-use assets and intangible assets, and further excluding the changes in fair value of financial assets and derivative instruments carried at fair value through profit or loss, impairment gains/(losses) on financial assets, transaction costs, share-based payment non-cash charges, secondary offering expenses, transaction expenses and inflation adjustment. Unaudited quarterly results. d. 27#28Adjusted Net Income Reconciliation of Profit to Adjusted Net Income $ in thousands Profit for the period Share-based payment non-cash charges Other operating (gain)/loss Impairment loss / (gain) on financial assets Inflation adjustment Fair value (loss) / gains of financial assets at FVTPL Exchange difference - intercompany loan in USD Income tax adjustments Adjusted Net Income 3Q22 32,338 1,599 706 (24) 127 56 34,802 2Q23 44,791 1,421 (21) 1,661 (3,565) 1,815 (613) 45,489 3Q23 40,364 3,322 (2,508) 3,817 (24,232) 27,351 1,092 49,206 Note: Adjusted Net Income is a non-IFRS financial measure. As used by dLocal Adjusted net income is defined as the profit for the period (net income) excluding impairment gains/(losses) on financial assets, transaction costs, share-based payment non-cash charges, secondary offering expenses, and other operating (gain)/loss, in line with our Adjusted EBITDA calculation (see detailed methodology for Adjusted EBITDA in page 9). It further excludes the accounting non-cash charges related to the fair value gain from the Argentine dollar-linked bonds and the exchange difference loss from the intercompany loan denominated in USD that we granted to our Argentine subsidiary to purchase the bonds. In addition, it excludes the inflation adjustment based on IFRS rules for hyperinflationary economies. We believe Adjusted Net Income is a useful measure for understanding our results for operations while excluding for certain non-cash effects such as currency devaluation and inflation. Our calculation for Adjusted Net Income may differ from similarly-titled measures presented by other companies and should not be considered in isolation or as a replacement for our measure of profit for the period as presented in accordance with IFRS. Unaudited quarterly results. d. 28