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Jun 30, 2025
dLocal Q2 2025 Earnings Report
dLocal posted record TPV and strong double-digit growth across all key metrics in Q2 2025.
Key Takeaways
dLocal delivered robust Q2 results with record TPV of $9.2B, 50% YoY revenue growth, and continued margin expansion. Growth was broad-based across regions, with Brazil and Argentina performing particularly well despite FX headwinds in Egypt.
Forward Guidance
dLocal raised FY2025 guidance for TPV, revenue, gross profit, and adjusted EBITDA due to strong H1 performance.
Positive Outlook
- Full-year TPV expected to grow 40%-50% YoY
- Revenue guidance increased to 30%-40% YoY growth
- Gross profit forecast raised to 27.5%-37.5% YoY
- Adjusted EBITDA expected to grow 40%-50% YoY
- Consistent operational leverage and margin expansion
Challenges Ahead
- Macroeconomic and FX volatility in emerging markets
- Tariff increases in Mexico may pose risks
- Shifting fiscal regimes in Brazil add uncertainty
- Currency devaluation impacts in Argentina and Egypt
- Retry costs in Chile and Colombia affected gross profit
Historical Earnings Impact
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Avg. Return Before/After Earnings
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