Fiscal year ended 31 December 2025. Document: Form 20-F filed with the SEC on 18 March 2026, consolidated financial statements approved by the board of directors on 17 March 2026. Accounting framework: IFRS as issued by the IASB. Currency: US dollars. All amounts are in thousands of US$ unless otherwise stated, as the document presents them.
Every figure in these tables comes exclusively from the attached document. The "Source" column indicates the statement or note it is taken from. not available means the document does not disclose it; not applicable means the item does not exist for this company.
| Item | 2025 | 2024 | 2023 | Source |
|---|---|---|---|---|
| Revenues | 1,093,587 | 745,974 | 650,351 | IS; Note 6 |
| Cost of services | (690,831) | (451,301) | (373,492) | IS; Note 6 |
| Gross profit | 402,756 | 294,673 | 276,859 | IS |
| Technology and development expenses | (30,707) | (25,625) | (12,650) | IS; Note 7 |
| Sales and marketing expenses | (26,457) | (21,626) | (17,120) | IS; Note 8 |
| General and administrative expenses | (118,773) | (101,225) | (70,568) | IS; Note 8 |
| Impairment (loss)/gain on financial assets | (2,189) | (440) | 3,136 | IS; Note 16 |
| Other operating loss | (4,715) | (5,257) | — | IS |
| Operating profit | 219,915 | 140,500 | 179,657 | IS |
| Finance income | 40,798 | 66,875 | 128,228 | IS; Note 11 |
| Finance costs | (27,855) | (49,701) | (116,834) | IS; Note 11 |
| Inflation adjustment | (4,204) | (6,655) | (12,537) | IS; Note 11 |
| Other results (net) | 8,739 | 10,519 | (1,143) | IS |
| Profit before income tax | 228,654 | 151,019 | 178,514 | IS |
| Income tax expense | (31,752) | (30,550) | (29,428) | IS; Note 12 |
| Profit for the year | 196,902 | 120,469 | 149,086 | IS |
| of which owners of the group | 196,801 | 120,416 | 148,964 | IS |
| of which non-controlling interests | 101 | 53 | 122 | IS |
| Basic earnings per share (US$) | 0.68 | 0.42 | 0.51 | IS; Note 13(f) |
| Diluted earnings per share (US$) | 0.65 | 0.39 | 0.49 | IS; Note 13(f) |
| Weighted average basic shares | 290,969,221 | 290,014,019 | 291,982,305 | Note 13(f) |
| Weighted average diluted shares | 301,742,797 | 305,136,290 | 302,958,428 | Note 13(f) |
| Dilution adjustment | 10,773,576 | 15,122,271 | 10,976,123 | Note 13(f) |
| Total comprehensive income | 201,918 | 109,281 | 141,373 | IS |
| Item | 2025 | 2024 | 2023 | Source |
|---|---|---|---|---|
| Processing costs | 655,015 | 427,127 | 356,295 | Note 6(c) |
| Hosting expenses | 10,873 | 7,723 | 6,235 | Note 6(c) |
| Amortisation of intangible assets | 20,787 | 13,413 | 8,710 | Note 6(c) |
| Salaries and wages | 4,156 | 3,038 | 2,252 | Note 6(c) |
| Total | 690,831 | 451,301 | 373,492 | Note 6(c) |
| Item | 2025 | 2024 | 2023 | Source |
|---|---|---|---|---|
| Technology — salaries and wages | 15,259 | 12,626 | 5,805 | Note 7 |
| Technology — software licences | 7,442 | 5,723 | 3,213 | Note 7 |
| Technology — infrastructure | 4,074 | 4,871 | 2,279 | Note 7 |
| Technology — information security | 649 | 336 | 442 | Note 7 |
| Technology — other | 3,283 | 2,069 | 911 | Note 7 |
| Sales and marketing — salaries and wages | 21,089 | 18,130 | 13,344 | Note 8 |
| Sales and marketing — marketing | 5,368 | 3,496 | 3,776 | Note 8 |
| G&A — salaries and wages | 64,244 | 54,931 | 36,727 | Note 8 |
| G&A — third-party services | 24,260 | 22,600 | 18,500 | Note 8 |
| G&A — other operating expenses | 30,269 | 23,694 | 15,341 | Note 8 |
| Item | 2025 | 2024 | 2023 | Source |
|---|---|---|---|---|
| Salaries, wages and contractor fees | 114,876 | 84,754 | 62,900 | Note 9 |
| Share-based payments | 24,136 | 23,780 | 11,922 | Note 9; Note 29 |
| Total personnel cost | 139,012 | 108,534 | 74,822 | Note 9 |
| of which capitalised into intangible assets | 34,265 | 19,809 | 16,694 | Note 9(i); Note 20 |
| Amortisation of intangible assets | 23,857 | 15,511 | 10,816 | Note 10; Note 20 |
| Amortisation of right-of-use assets | 730 | 421 | 627 | Note 10; Note 19 |
| Depreciation of property, plant and equipment | 1,673 | 1,245 | 782 | Note 10; Note 18 |
| Total amortisation and depreciation | 26,260 | 17,177 | 12,225 | Note 10 |
| Item | 2025 | 2024 | 2023 | Source |
|---|---|---|---|---|
| Interest income from financial instruments | 26,253 | 28,266 | 49,588 | Note 11 |
| Fair value gains/(losses) on financial assets | 14,545 | 38,609 | 78,640 | Note 11 |
| Finance income | 40,798 | 66,875 | 128,228 | Note 11 |
| Finance expense on derivative instruments | (6,924) | (19,462) | (28,013) | Note 11; Note 24 |
| Other finance expenses | (20,677) | (29,738) | (88,243) | Note 11 |
| Interest charges on lease liabilities | (254) | (501) | (578) | Note 11; Note 19 |
| Finance costs | (27,855) | (49,701) | (116,834) | Note 11 |
The statement of financial position is presented for two years only. Balance sheet series therefore stop at 2024.
| Item | 31/12/2025 | 31/12/2024 | Source |
|---|---|---|---|
| Cash and cash equivalents | 719,897 | 425,172 | SFP; Note 14 |
| — of which corporate cash | 424,498 | 189,029 | Note 14 |
| — of which merchants' cash | 295,399 | 236,143 | Note 14 |
| Financial assets | 99,089 | 129,319 | SFP; Note 15 |
| — at fair value through profit or loss | 10,896 | 129,319 | Note 15 |
| — at amortised cost | 88,193 | — | Note 15 |
| — of which pledged as security for borrowings | 74,478 | 42,052 | Note 15(i); Note 26 |
| Trade and other receivables (current) | 572,024 | 496,713 | SFP; Note 16 |
| — gross trade receivables | 521,736 | 457,312 | Note 16 |
| — loss allowance | (856) | (148) | Note 16 |
| — advances and other receivables | 51,144 | 39,549 | Note 16 |
| Derivative financial instruments (asset) | 140 | 2,874 | SFP; Note 24 |
| Other current assets | 29,607 | 18,805 | SFP; Note 17 |
| Total current assets | 1,420,757 | 1,072,883 | SFP |
| Trade and other receivables (non-current) | 25,982 | 18,044 | SFP; Note 16 |
| Deferred tax assets | 7,666 | 5,367 | SFP; Note 12 |
| Property, plant and equipment | 3,985 | 3,377 | SFP; Note 18 |
| Right-of-use assets | 2,995 | 3,645 | SFP; Note 19 |
| Intangible assets | 73,965 | 63,318 | SFP; Note 20 |
| Other non-current assets | 5,614 | 4,695 | SFP; Note 17 |
| Total non-current assets | 120,207 | 98,446 | SFP |
| TOTAL ASSETS | 1,540,964 | 1,171,329 | SFP |
| Trade and other payables | 854,436 | 597,787 | SFP; Note 21 |
| — payables to merchants | 812,895 | 562,749 | Note 21 |
| — accrued liabilities | 3,418 | 9,895 | Note 21 |
| — other payables | 38,123 | 25,143 | Note 21 |
| Lease liabilities (current) | 1,076 | 1,137 | SFP; Note 19 |
| Tax liabilities | 21,500 | 21,515 | SFP; Note 23 |
| Derivative financial instruments (liability) | 1,567 | 6,227 | SFP; Note 24 |
| Financial liabilities | 86,898 | 50,455 | SFP; Note 22 |
| — borrowings | 86,713 | 39,768 | Note 22 |
| — bank overdraft | 185 | 10,687 | Note 22 |
| Provisions | 433 | 500 | SFP; Note 25 |
| Total current liabilities | 965,910 | 677,621 | SFP |
| Deferred tax liabilities | 3,316 | 1,858 | SFP; Note 12 |
| Lease liabilities (non-current) | 2,309 | 2,863 | SFP; Note 19 |
| Total non-current liabilities | 5,625 | 4,721 | SFP |
| TOTAL LIABILITIES | 971,535 | 682,342 | SFP |
| Share capital | 590 | 570 | SFP; Note 13 |
| Share premium | 7,097 | 186,769 | SFP; Note 13 |
| Treasury shares | — | (200,980) | SFP; Note 13 |
| Capital reserve (share plans) | 42,641 | 33,438 | SFP; Note 13 |
| Other reserves (translation) | (15,885) | (20,934) | SFP; Note 13 |
| Retained earnings | 534,818 | 490,024 | SFP; Note 13 |
| Equity attributable to owners | 569,261 | 488,887 | SFP |
| Non-controlling interest | 168 | 100 | SFP |
| TOTAL EQUITY | 569,429 | 488,987 | SFP |
| Item | 31/12/2025 | 31/12/2024 | Source |
|---|---|---|---|
| Financial liabilities | 86,898 | 50,455 | Note 22; Note 30(f) |
| Lease liabilities (current + non-current) | 3,385 | 4,000 | Note 19; Note 30(f) |
| Net derivatives | 1,427 | 3,353 | Note 30(f) |
| Gross debt | 91,710 | 57,808 | Note 30(f) |
| Cash and liquid investments | 818,986 | 554,491 | Note 30(f) |
| Net cash (company definition) | 727,276 | 496,683 | Note 30(f) |
| Item | 31/12/2025 | 31/12/2024 | Source |
|---|---|---|---|
| Class A shares issued | 165,877,764 | 151,420,944 | Note 13(a) |
| Class B shares issued | 129,054,192 | 134,054,192 | Note 13(a) |
| Total shares outstanding | 294,931,956 | 285,475,136 | Cover page; Note 13(a) |
| Shares issued in the year on option exercises | 1,299,314 | 1,067,176 | Note 13(a)(b) |
| Shares issued on warrant exercises | 8,157,506 | — | Note 13(a) |
| Shares repurchased in the year | — | 11,583,705 | Note 13(a) |
| Treasury shares cancelled on 13 August 2025 | 18,754,887 | not applicable | Note 13(c) |
| Votes per class A share | 1 | 1 | Note 13(a) |
| Votes per class B share | 5 | 5 | Note 13(a) |
| Item | 2025 | 2024 | 2023 | Source |
|---|---|---|---|---|
| Profit before income tax | 228,654 | 151,019 | 178,514 | CF |
| Interest income from financial instruments | (26,253) | (28,266) | (49,588) | CF |
| Interest charges for lease liabilities | 254 | 501 | 578 | CF |
| Other interest charges | 1,971 | 3,758 | 5,623 | CF |
| Finance expense on derivative instruments | 6,924 | 19,462 | 28,013 | CF |
| Amortisation of intangible assets | 23,857 | 15,511 | 10,816 | CF |
| Depreciation and disposals of PP&E and right-of-use | 2,403 | 1,884 | 1,409 | CF |
| Share-based payment expense | 24,136 | 23,780 | 11,922 | CF |
| Net exchange differences | 18,592 | 24,787 | 82,620 | CF |
| Fair value (gains)/losses on assets at FVPL | (14,545) | (37,416) | (78,640) | CF |
| Other operating loss | 4,715 | 4,736 | — | CF |
| Net impairment loss on financial assets | 2,189 | 440 | 318 | CF |
| Inflation adjustment and other financial results | 6,490 | (17,063) | 9,041 | CF |
| Pre-tax profit adjusted for non-cash items | 279,387 | 163,133 | 200,626 | CF |
| Increase in trade and other receivables | (90,153) | (162,645) | (123,246) | CF |
| Decrease in other assets | 2,250 | 5,427 | 45,007 | CF |
| Increase/(decrease) in trade and other payables | 256,649 | (6,957) | 194,619 | CF |
| Decrease in tax liabilities | (5,573) | (3,184) | (10,967) | CF |
| Change in provisions | (67) | 138 | (1,111) | CF |
| Change in working capital | 163,106 | (167,221) | 104,302 | CF |
| Cash generated from operating activities | 442,493 | (4,088) | 304,928 | CF |
| Income tax paid | (27,036) | (28,696) | (11,475) | CF |
| Net cash from operating activities | 415,457 | (32,784) | 293,453 | CF |
| Acquisitions of property, plant and equipment | (2,282) | (1,705) | (965) | CF; Note 18 |
| Additions of intangible assets | (34,503) | (20,942) | (17,260) | CF; Note 20 |
| Acquisitions of financial assets | (283,536) | (121,468) | (117,517) | CF |
| Collections of financial assets | 311,881 | 108,097 | 1,487 | CF |
| Interest collected | 26,253 | 28,266 | 49,588 | CF |
| Payments for investments in other assets at FVPL | (12,501) | (10,000) | — | CF; Note 17 |
| Net cash from investing activities | 5,312 | (17,752) | (84,667) | CF |
| Repurchase of shares | — | (101,067) | (97,929) | CF; Note 13 |
| Dividends paid | (149,982) | — | — | CF |
| Proceeds from option exercises | 4,371 | 1,853 | 153 | CF; Note 13 |
| Net proceeds from financial liabilities | 51,796 | 50,428 | — | CF; Note 22 |
| Interest payments on financial liabilities | (15,864) | (2,281) | — | CF |
| Interest payments on lease liabilities | (254) | (501) | (578) | CF |
| Principal payments on lease liabilities | (601) | (552) | (1,103) | CF; Note 19 |
| Finance expense paid on derivatives | (8,849) | (15,017) | (28,443) | CF |
| Other finance expense paid | (1,690) | (1,450) | (5,971) | CF |
| Net cash used in financing activities | (121,073) | (68,587) | (133,871) | CF |
| Net change in cash | 299,695 | (119,123) | 74,915 | CF |
| Effect of exchange rates and inflation on cash | (4,970) | 8,135 | (6,847) | CF |
| Cash at the end of the year | 719,897 | 425,172 | 536,160 | CF |
| Item | 2025 | 2024 | 2023 | Source |
|---|---|---|---|---|
| Total capex (tangible + intangible) | 36,785 | 22,647 | 18,225 | Item 5.B; CF |
| Change in merchant working capital | (187,981) | 146,034 | (71,312) | Non-IFRS reconciliation |
| Adjusted Free Cash Flow (company definition) | 190,690 | 90,603 | 203,916 | Non-IFRS reconciliation |
| Dividends declared per share (US$) | 0.5251 | — | — | Item 8.A |
| Dividends paid | 149,982 | — | — | CF |
| Item | 2025 | % | 2024 | 2023 | YoY 25/24 | Source |
|---|---|---|---|---|---|---|
| Transaction revenues | 1,054,928 | 96.5% | 739,919 | 637,053 | +42.6% | Note 6(a) |
| Other revenues | 38,659 | 3.5% | 6,055 | 13,298 | +538.5% | Note 6(a) |
| Total | 1,093,587 | 100.0% | 745,974 | 650,351 | +46.6% | Note 6(a) |
| Region | 2025 | % | 2024 | 2023 | YoY 25/24 | Source |
|---|---|---|---|---|---|---|
| LatAm | 874,140 | 79.9% | 562,183 | 492,681 | +55.5% | Note 5 |
| — Brazil | 207,187 | 18.9% | 151,959 | 158,997 | +36.3% | Note 5 |
| — Mexico | 183,036 | 16.7% | 149,249 | 116,835 | +22.6% | Note 5 |
| — Argentina | 161,091 | 14.7% | 85,454 | 75,128 | +88.5% | Note 5 |
| — other countries | 322,826 | 29.5% | 175,521 | 141,721 | +83.9% | Note 5 |
| Non-LatAm | 219,447 | 20.1% | 183,791 | 157,670 | +19.4% | Note 5 |
| — Egypt | 59,737 | 5.5% | 93,951 | 36,662 | −36.4% | Note 5 |
| — other countries | 159,710 | 14.6% | 89,840 | 121,008 | +77.8% | Note 5 |
| Total | 1,093,587 | 100.0% | 745,974 | 650,351 | +46.6% | Note 5 |
| Item | 2025 | 2024 | 2023 | Source |
|---|---|---|---|---|
| TPV (total payment volume) | 40,816,394 | 25,574,926 | 17,677,388 | Item 5, key metrics |
| Adjusted EBITDA | 278,078 | 188,725 | 202,331 | Note 5; Item 5 |
| Adjusted EBITDA margin | 25.4% | 25.3% | 31.1% | Note 5; Item 5 |
| Net revenue retention (NRR) | 145% | 113% | not available | Item 5 |
| Revenue from existing merchants | 1,080,850 | 732,894 | 628,479 | Item 5 |
| Revenue from new merchants | 12,737 | 13,080 | 21,872 | Item 5 |
| Share of top 10 merchants in revenue | 61% | 62% | 60% | Note 5 |
| Merchants above 10% of revenue | 2 | 1 | 0 | Note 5 |
| Share of TPV from merchants active over two years | 98.8% | not available | not available | Item 5 |
| Item | 2025 | 2024 | 2023 | Source |
|---|---|---|---|---|
| Profit for the year | 196,902 | 120,469 | 149,086 | Note 5 |
| Income tax expense | 31,752 | 30,550 | 29,428 | Note 5 |
| Inflation adjustment | 4,204 | 6,655 | 12,537 | Note 5 |
| Finance income | (40,798) | (66,875) | (128,228) | Note 5 |
| Finance costs | 27,855 | 49,701 | 116,834 | Note 5 |
| Other operating loss | 4,715 | 5,257 | — | Note 5 |
| Impairment on financial assets | 2,189 | 440 | (3,136) | Note 5 |
| Depreciation and amortisation | 26,260 | 17,177 | 12,225 | Note 5 |
| Other non-recurring costs | 124 | 1,571 | 1,663 | Note 5 |
| Share-based payment charges | 24,136 | 23,780 | 11,922 | Note 5 |
| Offering expenses | 739 | — | — | Note 5 |
| Adjusted EBITDA | 278,078 | 188,725 | 202,331 | Note 5 |
The group operates as a single operating segment, "payment processing" (Note 5). There is therefore no operating profit by segment, and the document states that disaggregated information is available only at the revenue level: "Disaggregated information is only reviewed at the revenue level with no corresponding detail at any margin or profitability levels" (Note 5).
| Item | 2025 | 2024 | 2023 | Source |
|---|---|---|---|---|
| Operations | 76 | 67 | 63 | Item 6.D |
| Technology and development | 458 | 371 | 280 | Item 6.D |
| Sales and marketing | 212 | 187 | 166 | Item 6.D |
| General and administrative | 528 | 470 | 392 | Item 6.D |
| Total FTEs | 1,274 | 1,095 | 901 | Item 6.D |
| Americas | 832 | 779 | 660 | Item 6.D |
| EMEA | 329 | 214 | 146 | Item 6.D |
| Asia Pacific | 113 | 102 | 95 | Item 6.D |
Computed on the thousands disclosed in the statements.
| Check | Calculation | Result |
|---|---|---|
| Gross profit 2025 = revenue − cost of services | 1,093,587 − 690,831 = 402,756 | ties |
| Gross profit 2024 | 745,974 − 451,301 = 294,673 | ties |
| Gross profit 2023 | 650,351 − 373,492 = 276,859 | ties |
| Operating profit 2025 | 402,756 − 30,707 − 26,457 − 118,773 − 2,189 − 4,715 = 219,915 | ties |
| Operating profit 2024 | 294,673 − 25,625 − 21,626 − 101,225 − 440 − 5,257 = 140,500 | ties |
| Operating profit 2023 | 276,859 − 12,650 − 17,120 − 70,568 + 3,136 = 179,657 | ties |
| Other results 2025 | 40,798 − 27,855 − 4,204 = 8,739 | ties |
| Profit before tax 2025 | 219,915 + 8,739 = 228,654 | ties |
| Profit for the year 2025 | 228,654 − 31,752 = 196,902 | ties |
| Profit = owners + non-controlling | 196,801 + 101 = 196,902 | ties |
| Revenue by type = total (2025) | 1,054,928 + 38,659 = 1,093,587 | ties |
| Cost of services by component = total (2025) | 655,015 + 10,873 + 20,787 + 4,156 = 690,831 | ties |
| Revenue by region = total (2025) | 874,140 + 219,447 = 1,093,587 | ties |
| Sum of LatAm countries = LatAm (2025) | 207,187 + 183,036 + 161,091 + 322,826 = 874,140 | ties |
| Sum of non-LatAm countries (2025) | 59,737 + 159,710 = 219,447 | ties |
| Sum of regional percentages | 79.9% + 20.1% = 100.0% | ties |
| Total current assets (2025) | 719,897 + 99,089 + 572,024 + 140 + 29,607 = 1,420,757 | ties |
| Total non-current assets (2025) | 25,982 + 7,666 + 3,985 + 2,995 + 73,965 + 5,614 = 120,207 | ties |
| Total assets (2025) | 1,420,757 + 120,207 = 1,540,964 | ties |
| Total current liabilities (2025) | 854,436 + 1,076 + 21,500 + 1,567 + 86,898 + 433 = 965,910 | ties |
| Total liabilities (2025) | 965,910 + 5,625 = 971,535 | ties |
| Equity attributable to owners (2025) | 590 + 7,097 + 0 + 42,641 − 15,885 + 534,818 = 569,261 | ties |
| Assets = liabilities + equity (2025) | 971,535 + 569,429 = 1,540,964 | ties |
| Gross debt = sum of components (2025) | 86,898 + 3,385 + 1,427 = 91,710 | ties |
| Net cash (company definition) | 818,986 − 91,710 = 727,276 | ties |
| Corporate cash + merchants' cash = total cash | 424,498 + 295,399 = 719,897 | ties |
| Net trade receivables (2025) | 521,736 − 856 = 520,880 | ties |
| Pre-tax profit adjusted (2025) | sum of the 13 adjustment lines = 279,387 | ties |
| Change in working capital (2025) | −90,153 + 2,250 + 256,649 − 5,573 − 67 = 163,106 | ties |
| Net cash from operating activities (2025) | 442,493 − 27,036 = 415,457 | ties |
| Net cash from investing activities (2025) | sum of the six lines = 5,312 | ties |
| Net cash used in financing activities (2025) | sum of the nine lines = −121,073 | ties |
| Cash at the end of the year (2025) | 425,172 + 299,695 − 4,970 = 719,897 | ties |
| Total capex (2025) | 2,282 + 34,503 = 36,785 | ties |
| IFRS free cash flow (2025) | 415,457 − 36,785 = 378,672 | computed |
| Merchant working capital (2025) | −(520,880 − 457,164) + (812,895 − 562,749) + (3,384 − 1,833) = 187,981 | ties |
| Adjusted Free Cash Flow (2025) | 415,457 − 187,981 − 36,785 = 190,691 against 190,690 disclosed | 1 thousand gap, not explained by the document |
| Adjusted EBITDA reconciliation (2025) | sum of the eleven lines = 278,078 | ties |
| Effective tax rate 2025 | 31,752 / 228,654 = 13.89% | against 11.5% stated in Note 12 and 13.9% stated in Item 5.A |
| TPV growth 2025 | 40,816,394 / 25,574,926 − 1 = +59.6% | against "53.4%" stated in Item 5.A |
| Processing cost growth 2025 | 655,015 / 427,127 − 1 = +53.4% | matches the percentage attributed to TPV in the narrative |
| Current tax 2025 − deferred benefit | 32,595 − 841 = 31,754 against 31,752 of tax in the income statement | 2 thousand gap, not explained by the document |
| Current tax 2024 − deferred benefit | 32,595 − 2,045 = 30,550 | ties |
| Current tax 2025 and 2024 | identical to the thousand (32,595 in both years) | as disclosed by the document |
| Allowance implied by the Note 30(b) rates | 0.01×44,385 + 0.07×10,441 + 0.05×225,659 + 0.03×80,864 + 0.09×112,793 = 25,035 | against 856 recorded |
| Allowance implied by the average rate disclosed (0.3%) | 0.003 × 572,024 = 1,716 | against 856 recorded |
| Same exercise on 2024 | 0.0002×24,896 + 0.0001×935 + 0.0005×32,167 + 0.0004×182,475 + 0.0003×161,433 + 0.0008×2,072 + 0.0007×64,920 + 0.0006×12,969 = 198 | against 148 recorded, same order of magnitude |
| Item | 2025 | 2024 | 2023 | Source |
|---|---|---|---|---|
| Current income tax | (32,595) | (32,595) | (31,924) | Note 12 |
| Movement in deferred tax assets | 2,299 | 3,150 | 1,757 | Note 12 |
| Movement in deferred tax liabilities | (1,458) | (1,105) | 739 | Note 12 |
| Net deferred tax benefit | 841 | 2,045 | 2,496 | Note 12 |
| Income tax in the income statement | (31,752) | (30,550) | (29,428) | Note 12 |
| Income tax paid in cash | 27,036 | 28,696 | 11,475 | CF |
| Effective rate stated in Note 12 | 11.5% | 20.2% | 16.5% | Note 12 |
| Effective rate stated in Item 5.A | 13.9% | 20.2% | — | Item 5.A |
| Item | 2025 | 2024 | 2023 | Source |
|---|---|---|---|---|
| Profit before income tax | 228,654 | 151,019 | 178,514 | Note 12 |
| Tax at domestic rates applicable | (11,433) | (7,551) | (8,926) | Note 12 |
| Effect of non-taxable income | 11,229 | 897 | 822 | Note 12 |
| Effect of entities taxed at different rates | (14,046) | (14,565) | (15,930) | Note 12 |
| Foreign withholding income tax | (3,823) | — | — | Note 12 |
| Other permanent differences | (13,679) | (9,331) | (5,394) | Note 12 |
| Total | (31,752) | (30,550) | (29,428) | Note 12 |
| Item | 2025 | 2024 | 2023 | Source |
|---|---|---|---|---|
| Deferred tax assets — tax losses | 3,110 | 793 | 233 | Note 12 |
| Deferred tax assets — accrued liabilities | 2,967 | 3,196 | 773 | Note 12 |
| Deferred tax assets — exchange differences | 132 | 333 | 89 | Note 12 |
| Deferred tax assets — other | 1,457 | 1,045 | 1,193 | Note 12 |
| Total deferred tax assets | 7,666 | 5,367 | 2,288 | Note 12 |
| Deferred tax liabilities — accrued receivables | 2,662 | 795 | 353 | Note 12 |
| Deferred tax liabilities — other | 654 | 1,063 | 471 | Note 12 |
| Total deferred tax liabilities | 3,316 | 1,858 | 824 | Note 12 |
| Valuation allowance on deferred tax assets | not applicable — the document discloses none | Note 12 | ||
| Unrecognised tax benefits | not applicable — the document discloses none | — | ||
| Maximum expiry of recognised tax losses | 5 years | Note 12 | ||
| Pillar Two threshold | not yet applicable: revenue below €750 million | Note 12 | ||
| Tax matter settled | US$4,543 assessed in December 2024 (Uruguayan free zone regime, 2022), paid in 2025 | Note 12 |
| Item | 2025 | 2024 | Source |
|---|---|---|---|
| Borrowings | 86,713 | 39,768 | Note 22 |
| Bank overdraft | 185 | 10,687 | Note 22 |
| Nature of the rate | floating, referenced to BADLAR and TAMAR (Argentine pesos); overdraft in Chile | Note 22 | |
| Maturities | three months or less | Note 22(iv) | |
| Maturities beyond 12 months | none for financial liabilities; leases 849 between 1 and 2 years and 2,254 beyond 2 years | Note 30(d) | |
| Cost of borrowings in the year | 20,677 | not available | Note 22(i) |
| Financial assets pledged as security | 74,478 | 42,052 | Note 22(i); Note 26 |
| Covenants | not available — the document discloses none | — | |
| Committed and undrawn credit lines | not available — the document discloses none | — | |
| Convertible or exchangeable instruments | not applicable | — | |
| Face value of debt | not available: the document discloses carrying value only | Note 22 | |
| Fair value of debt | the document states that carrying value approximates fair value | Note 31 |
| Item | 2025 | 2024 | Source |
|---|---|---|---|
| Expense for the year | 24,136 | 23,780 | Note 29 |
| Instruments outstanding at year end | 7,641,161 | 7,507,841 | Note 29 |
| — RSUs | 5,609,299 | 5,609,299 | Note 29 |
| — PSUs | 180,000 | 180,000 | Note 29 |
| — stock options | 1,851,862 | 2,781,770 | Note 29 |
| Average exercise price (US$) | 3.73 | 5.32 | Note 29 |
| Granted during the year | 1,905,684 | 2,446,559 | Note 29 |
| Average exercise price of grants (US$) | 0.002 | 1.76 | Note 29 |
| Exercised during the year | 1,299,314 | 1,067,176 | Note 29 |
| Forfeited during the year | 473,050 | 829,686 | Note 29 |
| Vested and exercisable at year end | 1,652,474 | 1,167,552 | Note 29 |
| Expected volatility used in valuation | between 60% and 55% | Note 29 | |
| Unrecognised compensation cost | not available — the document does not disclose it | — | |
| Shares still available for grant | not available | — |
| Item | 2025 | Source |
|---|---|---|
| Deferred revenue | not applicable: all revenue is recognised at a point in time | Note 6(b) |
| Remaining performance obligations | not applicable: contracts are defined at transaction level | Note 6(b); Item 5 |
| Revenue recognised over time | none in the three years | Note 6(b) |
| Principal or agent role | principal, with six justifications set out by the document | Item 5; Note 2.15 |
| Duration of merchant contracts | open-ended, terminable by either party without penalty after notice | Item 5 |
| Item | 2025 | 2024 | Source |
|---|---|---|---|
| Provision recorded | 433 | 500 | SFP; Note 25 |
| — of which labour claims | approx. 300 | Note 25(a) | |
| — of which civil claims | approx. 100 | Note 25(a) | |
| Number of proceedings outstanding | 119 | not available | Item 8.A |
| Value of civil claims assessed as probable | approx. 135 | not available | Item 8.A |
| Reasonably possible additional loss | the document states it is unable to estimate it for the class actions | Note 25(c) | |
| Zappia and Hunt class actions (NY state court) | dismissed on 20 March 2025, on appeal with argument set for 25 March 2026 | Note 25(c) | |
| Laurenzi class action (EDNY) | motion to dismiss held in abeyance; international service effected in early March 2026 | Note 25(c) | |
| Provision for the class actions | none | Note 25(c) | |
| Inquiries in Argentina | opened in 2023 into dLocal Argentina S.A., no penalties sought, no developments in 2025 | Note 25(c) |
| Item | 2025 | 2024 | Source |
|---|---|---|---|
| Goodwill | not applicable: the document discloses no goodwill | SFP | |
| Internally generated software — cost | 94,520 | 60,255 | Note 20 |
| Internally generated software — accumulated amortisation | (50,883) | (30,096) | Note 20 |
| Internally generated software — net | 43,637 | 30,159 | Note 20 |
| Acquired intangibles — cost | 41,273 | 41,034 | Note 20 |
| Acquired intangibles — accumulated amortisation | (10,945) | (7,875) | Note 20 |
| Acquired intangibles — net | 30,328 | 33,159 | Note 20 |
| Total net intangible assets | 73,965 | 63,318 | Note 20 |
| Additions in the year | 34,504 | 20,942 | Note 20 |
| — of which capitalised salaries | 34,265 | 19,809 | Note 20(i) |
| Impairment test | not performed: the document states there were no indicators | Note 20 | |
| Remaining useful life and expected amortisation | not available — the document does not disclose them | — |
| Item | 2025 | 2024 | Source |
|---|---|---|---|
| Assets at fair value (FVPL) | 94,832 | 201,997 | Note 31 |
| Assets at amortised cost | 1,357,521 | 893,625 | Note 31 |
| — of which level 1 | 64,566 | 182,809 | Note 31 |
| — of which level 2 | 30,266 | 19,188 | Note 31 |
| — of which level 3 | none | none | Note 31 |
| Liabilities at fair value | (1,567) | (6,227) | Note 31 |
| Item | 2025 | 2024 | Source |
|---|---|---|---|
| Allowance at the beginning of the year | (148) | (459) | Note 16 |
| Charge for the year | (1,593) | (440) | Note 16 |
| Reversal of write-off | 11 | — | Note 16 |
| Write-off | 874 | 751 | Note 16 |
| Allowance at the end of the year | (856) | (148) | Note 16 |
| Net impairment loss in the income statement | (2,189) | (440) | Note 16 |
| Average expected credit loss rate disclosed | 0.3% | 0.1% | Note 16 |
| Past due receivables | none: "No financial assets are past due" | Note 16(i) | |
| Inventory | not applicable | — |
| Rating | Expected rate 2025 | Amount 2025 | Expected rate 2024 | Amount 2024 |
|---|---|---|---|---|
| AAA | 0.00% | 156 | — | 14,846 |
| AA | 0.00% | 97,726 | 0.01% | 935 |
| A | 1.00% | 44,385 | 0.02% | 24,896 |
| BBB | 3.00% | 80,864 | 0.03% | 161,433 |
| BB | 5.00% | 225,659 | 0.04% | 182,475 |
| B | 7.00% | 10,441 | 0.05% | 32,167 |
| CCC | 9.00% | 112,793 | 0.06% | 12,969 |
| CC | 12.00% | — | 0.07% | 64,920 |
| C | 15.00% | — | 0.08% | 2,072 |
| Total | 572,024 | 496,713 |
| Item | 2025 | 2024 | Source |
|---|---|---|---|
| Right-of-use assets (offices) | 2,995 | 3,645 | Note 19 |
| Total lease liabilities | 3,385 | 4,000 | Note 19 |
| New leases in the year | none | none | Note 19 |
| Cash outflow for leases (principal) | 601 | 552 | Note 19 |
| Short-term lease expense in the income statement | 943 | 823 | Note 19 |
| Discount rate and weighted average remaining term | not available — the document does not disclose them | — | |
| Purchase commitments by year | not applicable: the document states it has no commitments to purchase PP&E | Note 18 | |
| Guarantees and escrow deposits | 5,081 | 6,966 | Note 17; Note 26 |
| Assets pledged as security for borrowings | 74,478 | 42,052 | Note 26 |
| Off-balance sheet arrangements | the document states it has none | Item 5.B |
| Item | Value | Source |
|---|---|---|
| Auditor | Price Waterhouse & Co. S.R.L., Buenos Aires (PCAOB ID 1349) | Audit report |
| Years of tenure | since 2020 | Audit report |
| Opinion on the financial statements | unqualified | Audit report |
| Opinion on internal control | unqualified, control effective at 31 December 2025 | Audit report; Item 15 |
| Material weaknesses disclosed | none | Item 15 |
| Auditor changes | none | Item 16F |
| Critical Audit Matter (one only) | Audit of transaction revenues: US$1,054.9 million, 96.46% of consolidated revenue | Audit report |
| Audit fees 2025 | 2,100 (2024: 1,925, restated for a 125 top-up) | Item 16C |
| Audit-related fees | 300 (2024: none) | Item 16C |
| Tax fees | 21 (2024: 15) | Item 16C |
| All other fees | 48 (2024: 30) | Item 16C |
| Total fees | 2,469 (2024: 1,970) | Item 16C |
| Date the financial statements were approved | 17 March 2026 | Note 1.1 |
| Date of the audit report | 18 March 2026 | Audit report |
| Item | 2025 | 2024 | 2023 | Source |
|---|---|---|---|---|
| Executive team and director compensation — short-term | 5,438 | 3,529 | 2,177 | Note 28(b) |
| Executive team and director compensation — share-based | 17,101 | 16,222 | 6,822 | Note 28(b) |
| Total compensation | 22,539 | 19,751 | 8,999 | Note 28(b) |
| Revenue from related-party merchants | 821 | 271 | 1,494 | Note 28(c) |
| Costs with related-party collection entities | (27,873) | (911) | (53) | Note 28(c) |
| Finance expenses with other related parties | (5,007) | (22,602) | (81,024) | Note 28(c) |
| Payables to related-party merchants | (1,738) | — | Note 28(d) | |
| Receivables from related-party collection entities | 12,012 | 6,853 | Note 28(d) | |
| Advances and other receivables from collection entities | 12,081 | — | Note 28(d) | |
| Individual director compensation | not available: Cayman Islands law does not require it and the company states it has not disclosed it elsewhere | Item 6.B |
| Event | Date | Amount | Source |
|---|---|---|---|
| Acquisition of 100% of Mint Code Solutions S.A. (Cameroon) and certain assets from NeWurth S.A., on exercise of the call option | 27 February 2026 | 22,951, settled with US$1 in cash and the release of the outstanding credit facility | Note 32 |
| New share repurchase programme | 13 March 2026 | up to US$300,000, expiring 19 March 2027 | Note 32; Item 16E |
| Dividend declared | 13 March 2026 | 57,211 in aggregate, approximately US$0.1939 per share, payable 10 June 2026 | Note 32 |
| Item | 2025 | 2024 | 2023 | Source |
|---|---|---|---|---|
| Amortisation and depreciation for the year | 26,260 | 17,177 | 12,225 | Note 10 |
| Inventory | not applicable | — | ||
| Gross trade receivables | 521,736 | 457,312 | not available | Note 16 |
| Loss allowance | (856) | (148) | (459) | Note 16 |
| Payables to merchants | 812,895 | 562,749 | not available | Note 21 |
| Other current assets | 29,607 | 18,805 | not available | Note 17 |
| Other current liabilities (accruals and other payables) | 41,541 | 35,038 | not available | Note 21 |
| Change in working capital per the cash flow statement | 163,106 | (167,221) | 104,302 | CF |
| Change in merchant working capital | 187,981 | (146,034) | 71,312 | Non-IFRS reconciliation |
| Acquisitions net of cash acquired | none in the year | none | none | CF |
| Property, plant and equipment — gross cost | 9,018 | 6,737 | 5,032 | Note 18 |
| Property, plant and equipment — accumulated depreciation | (5,033) | (3,360) | (2,115) | Note 18 |
| Property, plant and equipment — net | 3,985 | 3,377 | 2,917 | Note 18 |
| Assets held under finance leases | not applicable: leases are classified under IFRS 16 as right-of-use assets, disclosed separately | Note 19 | ||
| Capitalised costs in the year (salaries on software) | 34,265 | 19,809 | 16,694 | Note 9(i); Note 20 |
| Technology and development expense in the income statement | 30,707 | 25,625 | 12,650 | Note 7 |
| Shares issued in the financing section | 4,371 | 1,853 | 153 | CF |
| Shares repurchased in the financing section | — | (101,067) | (97,929) | CF |
| Debt issued net of repayments | 51,796 | 50,428 | — | CF; Note 22 |
| Goodwill | none | none | none | SFP |
| Intangible assets | 73,965 | 63,318 | 57,887 | Note 20 |
| Tangible equity | 495,464 | 425,669 | not available | computed from SFP and Note 20 |
| Dividend declared per share (US$) | 0.5251 | — | — | Item 8.A |
Data table built exclusively on DLocal Limited's Form 20-F for the fiscal year ended 31 December 2025, filed on 18 March 2026. The closing price of US$14.14 on 31 December 2025 and the 294,931,956 shares outstanding at 31 December 2025 are inputs supplied to the analysis, not figures taken from the document (the share count matches the cover page).