Equity Snap: dLocal Ltd (DLO US) 1Q26 impacted by one-offs; core trends remain healthy

Research evidence excerpt

Equity Snap: dLocal Ltd (DLO US) 1Q26 impacted by one-offs; core trends remain healthy

14 May 2026

Equity Snap: dLocal Ltd (DLO US) Equities Diversified Financial Services

1Q26 impacted by one-offs; core trends remain healthy Uruguay

◆ Volume growth continues to beat, net take rate compression Neha Agarwala, CFA

in line with expectation; operational leverage may play out in Analyst, LatAm Financials & Fintech HSBC Securities (USA) Inc.

2H26, driving profitability neha.agarwala@us.hsbc.com

+1 212 525 5418

Carlos Gomez-Lopez, CFA

dLocal Ltd (DLO US, USD12.17, Buy, TP USD18.00) Head of EM and LatAm Financials

HSBC Securities (USA) Inc.

(Priced as of 13 May 2026)

carlos.gomezlopez@us.hsbc.com

+1 212 525 5253

1Q26 misses on one-offs. 1Q26 EBIT came in 3% below HSBCe and 9% below

Stacey Sun*

consensus; however, excluding the USD4.4m impact on opex from prior-period tax EM Financials Analyst

adjustments, EBIT would have been 5% above HSBCe and largely in line with HSBC Bank plc

stacey.sun@hsbc.com

consensus, mostly driven by stronger-than-expected volumes aiding the gross profit beat +44 203 2685810

(page 2). Reiterating guidance (Growth is the moat, 31 March 2026), management

expects opex to remain under control hereon (considers adjusted opex of USD57.7m * Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

not registered/ qualified pursuant to FINRA regulations

versus USD65.9m reported) with operational efficiencies expected during 2H26.

Key trends to note: TPV grew 73% y-o-y in USD (versus 70% in 4Q25) and 63% y-o-y

in constant currencies (versus 64% in 4Q25). Gross profit margin improved 1.1ppt q-o-

q to 35%; NRR at 152%. Net take compressed 4bp q-o-q to 0.84%, mostly explained