DLocal Limited (DLO) 2026 Q1 法說會逐字稿

Welcome to dLocal first-quarter 2026 earnings conference call. (Operator Instructions) I will now hand the call over to the company.

歡迎參加 dLocal 2026 年第一季財報電話會議。(接線員指示) 我現在把電話交給公司。

Good afternoon, and thank you all for joining our Earnings Call today. If you have not seen the earnings release, as always, a copy is posted in the financial section of the Investor Relations website.

各位下午好，感謝大家參加今天的財報電話會議。若您尚未查看財報新聞稿，一如往常，副本已張貼於投資人關係網站的財務專區。

On the call today, you have Pedro Arnt, Chief Executive Officer; Guillermo López Pérez, Chief Financial Officer; Christopher Stromeyer, SVP of Corporate Development; and Mirele de Aragao, Head of Investor Relations.

今天的電話會議由執行長 Pedro Arnt、財務長 Guillermo López Pérez、企業發展資深副總裁 Christopher Stromeyer，以及投資人關係主管 Mirele de Aragao 出席。

A slide presentation has been provided to accompany the prepared remarks. This event is being broadcast live via webcast, and both the webcast and presentation may be accessed through dLocal's website at investor.dlocal.com. The recordings will be available shortly after the event is concluded.

我們提供了投影片簡報以配合事先準備的發言。本活動將透過網路直播，同時可於 dLocal 網站 investor.dlocal.com 存取網路直播與簡報。錄影將於活動結束後不久提供。

Before proceeding, let me mention that any forward-looking statements included in the presentation or mentioned in this conference call are based on currently available information and dLocal's current assumptions, expectations and projections about future events. Whilst the company believes that our assumptions, expectations, and projections are reasonable given currently available information, you are cautioned not to place undue reliance on those forward-looking statements.

在開始之前，我要提醒各位，簡報中或本次電話會議提及的任何前瞻性陳述，均係基於目前可得資訊，以及 dLocal 對未來事件的現行假設、預期與推估。儘管公司相信在目前可得資訊下，我們的假設、預期與推估屬合理，但仍提醒您勿過度依賴這些前瞻性陳述。

Actual results may differ materially from those included in dLocal's presentation or discussed in this conference call for a variety of reasons, including those described in the forward-looking statements and Risk Factors section of dLocal's filings with the Securities and Exchange Commission, which are available on dLocal's Investor Relations website.

由於多種原因，實際結果可能與 dLocal 簡報所載或本次電話會議所討論者存在重大差異，其中包括前瞻性陳述及 dLocal 向美國證券交易委員會提交文件中的「風險因素」章節所述原因；相關文件可於 dLocal 投資人關係網站取得。

Now I will turn the conference over to dLocal. Thank you.

現在我將會議交給 dLocal。謝謝。

Good afternoon, everyone, and thank you for joining us today. This year, 2026, marks two important milestones for dLocal, ten years since we founded the company, and five years since our Nasdaq IPO. Before I go into the quarter's results, I wanted to reflect briefly on what has been built over the past decade and why it matters for where we're going.

各位下午好，感謝今天與會。今年 2026 年對 dLocal 而言是兩個重要里程碑：公司成立滿十週年，以及在納斯達克首次公開募股（IPO）滿五週年。在我進入本季業績之前，我想先簡短回顧過去十年所建立的成果，以及這些成果對我們未來方向的重要性。

The story of the past 10 years is one of consistent compounding growth built on a vision of helping world-class merchants reach consumers across emerging markets or, as we like to call them, the markets of the future. If we look back at 2016, we processed $100 million in TPV in a single country. On the last 12 months basis, as of this quarter, we've crossed $47 billion across the entire Global South. So we now process more in a single day than we did in our entire first year of operations, only a decade ago.

過去 10 年的故事，是在「協助世界級商戶觸及新興市場消費者——或如我們所稱的未來市場」這一願景之上，透過持續複利式成長所累積而成。回顧 2016 年，我們在單一國家處理的 TPV 為 1 億美元。以最近 12 個月計，截至本季，我們在整個全球南方的 TPV 已突破 470 億美元。因此，我們現在單日處理的交易量，已超過十年前公司第一個營運年度的全年總量。

That's an almost 90% compound annual growth rate sustained over a decade. And what is most notable about that trajectory is not the scale itself, but the consistency throughout every phase from Latin America into Africa and Asia, from a handful of payment methods to over 1,000 from a start-up to a publicly-listed company. The strategic model has not changed, one API, deep local infrastructure, continuous expansion of payment method coverage, licensing, regulatory capabilities, and products.

這相當於十年期間維持近 90% 的年複合成長率。而這條成長軌跡最值得注意之處，不在於規模本身，而在於其在各個階段的穩定一致：從拉丁美洲拓展至非洲與亞洲，從少數支付方式擴展到超過 1,000 種，從新創公司成長為上市公司。我們的策略模型並未改變：單一 API、深度在地基礎設施、持續擴大支付方式覆蓋、牌照、監管能力與產品。

The same focus on helping merchants operate efficiently in markets where the next wave of digital consumers is moving online. dLocal now operates in more than 60 countries, including new markets such as Algeria, Qatar, Kuwait and Oman. We now hold 38 licenses and authorizations across 26 markets with 16 additional applications in process. Our platform reaches approximately 70% of the world's population serving over 760 enterprise merchants through a single API. It took a decade of investing in infrastructure, building regulatory IP, forging relationships with local ecosystem stakeholders and learning how to operate at scale in markets that most find too complex to enter.

我們同樣專注於協助商戶在下一波數位消費者正加速上線的市場中高效率營運。dLocal 目前在超過 60 個國家營運，包括阿爾及利亞、卡達、科威特與阿曼等新市場。我們在 26 個市場共持有 38 張牌照與核准，另有 16 件申請正在審核中。我們的平台透過單一 API 服務超過 760 家企業級商戶，覆蓋約全球 70% 的人口。這需要十年投入基礎設施、建立監管智慧財產、與在地生態系利害關係人建立關係，並學習如何在多數人認為過於複雜而難以進入的市場中進行規模化營運。

Those foundations are not easy to replicate and even harder to outperform. The reason all of this infrastructure matters is quite simple. Localization is what ultimately drives success throughout emerging markets. Local payment methods are no longer alternative options. In many of our markets, they are the primary way consumers transact online, and their share continues to grow. For merchants, supporting them is not just about improving the checkout experience, but also reaching consumers who do not transact in any other way.

這些基礎不易複製，更難以超越。之所以這些基礎設施如此重要，原因很簡單。在地化最終驅動了新興市場的成功。在地支付方式不再只是替代選項。在我們許多市場中，它們是消費者線上交易的主要方式，而且占比仍在持續提升。對商戶而言，支援這些方式不僅是改善結帳體驗，也是在觸及那些不以其他方式交易的消費者。

In Peru, for example, Yape drives 40% net new customers to some of our merchants. In South Africa, Payflex drives 80%. And our own innovation layer such as SmartPix and Biometric-Enabled Pix lets us drive differential performance on top of those existing local rails. Even within the global credit card schemes, local processing is key to maximizing authorization and conversion rates in emerging markets.

以秘魯為例，Yape 為我們部分商戶帶來 40% 的淨新增客戶。在南非，Payflex 帶來 80%。而我們自有的創新層，例如 SmartPix 與支援生物辨識的 Pix，讓我們能在既有的在地支付軌道之上，創造差異化表現。即使在全球信用卡卡組織體系內，在地處理仍是提升新興市場核准率與轉換率的關鍵。

Compared to international acquiring, when merchants use international card rails to complete transactions, we're able to deliver up to 20 percentage points conversion uplift in certain markets. The same Visa or MasterCard card converts significantly better when processed locally, but Visa and MasterCard are only part of the story. There is a growing base of local card schemes emerging across the Global South.

相較於國際收單，當商戶使用國際卡網完成交易時，我們在某些市場可帶來最高達 20 個百分點的轉換率提升。同一張 Visa 或 MasterCard 卡在本地處理時，轉換表現會顯著更好；但 Visa 與 MasterCard 只是故事的一部分。全球南方正出現愈來愈多的在地卡組織。

In Saudi Arabia, Mada represents around 90% of cards issued. Verve is roughly 60% of Nigeria's digital payment market, and Meeza is held by about half of eligible adults in Egypt. If you don't support these schemes, you simply cannot win in those markets. That's what One dLocal is. Local payments, local processing of global card schemes, and local scheme coverage all in a single API.

在沙烏地阿拉伯，Mada 約占已發行卡片的 90%。Verve 約占奈及利亞數位支付市場的 60%，而埃及約有一半符合資格的成年人持有 Meeza。若不支援這些卡組織，你就無法在那些市場勝出。這就是 One dLocal。在地支付、全球卡組織的在地處理，以及在地卡組織覆蓋，全部整合於單一 API。

Vertical diversification is the other dimension of resilience to our model. Many payment companies tend to be concentrated in one or two verticals. Our platform has demonstrated the ability to scale across a wide range of industries and use cases. Every single vertical in our portfolio grew between the first quarter of 2024 and the first quarter of 2026, and our mix has become increasingly diverse across categories.

垂直產業多元化是我們模式韌性的另一個面向。許多支付公司往往集中於一到兩個垂直產業。我們的平台已展現能在廣泛產業與使用情境中擴張的能力。我們投資組合中的每一個垂直產業，從 2024 年第一季到 2026 年第一季皆實現成長，而我們的組合在各類別間也愈加多元。

E-commerce remains our largest vertical. We work with half of the top global platforms in our markets, and they keep expanding with us. In ride-hailing, we serve four of the five largest players operating throughout emerging markets and continue to expand global deals with them. For several of those players, we also processed their on-demand delivery businesses. Both of these verticals inherently carry a higher local-to-local component with stronger adoption of local payment methods, which supports the strength you are seeing in our local-to-local volumes.

電子商務仍是我們最大的垂直產業。在我們所覆蓋的市場中，我們與全球前十大平台中的一半合作，而它們也持續與我們一同擴張。在叫車出行領域，我們服務於在新興市場營運的五大業者中的四家，並持續與其擴大全球合作案。對其中數家業者，我們也處理其即時配送業務。這兩個垂直產業本質上具有較高的本地對本地（local-to-local）成分，且在地支付方式採用更強，這也支撐了你們在我們本地對本地交易量中所看到的強勁表現。

In remittances, one of our fastest-growing verticals, we continue to partner with major players and support their geographic expansion, driven by sustained strategic focus and ongoing merchant onboarding. Looking forward, we're excited about the prospects of our travel and gaming verticals as we continue to build these vertical payment flows that optimize for the particularities of multiple industries.

在匯款領域——我們成長最快的垂直產業之一——我們持續與主要業者合作並支援其地理版圖擴張，這得益於持續的策略聚焦與不斷的商戶導入。展望未來，隨著我們持續打造可針對多個產業特性進行最佳化的垂直支付流程，我們對旅遊與遊戲兩大垂直產業的前景感到振奮。

Perhaps the most compelling illustration of our business model in practice is at the individual merchant level. So I wanted to take a minute to walk through three examples of top 10 TPV merchants for us that demonstrate how it is that we scale alongside our customers over time. What we see consistently is that after an initial ramp-up period, relationships deepen as merchants expand into new countries, adopt products, and add payment methods. One of our ride-hailing merchants who we've worked with since 2016, initially started with one specific use case and later expanded into on-demand delivery.

我們商業模式在實務中最具說服力的例證，或許就在單一商戶層級。因此我想花一點時間，帶大家看三個我們TPV前十大商戶的案例，說明我們如何隨著客戶在時間推移中一同擴張。我們一再看到的是，在初期爬坡期之後，隨著商戶拓展至新國家、採用更多產品並新增支付方式，合作關係會持續加深。我們自2016年起合作的一家叫車商戶，最初從一個特定使用情境起步，之後擴展到即時配送。

We now serve this client end-to-end across 18 countries and are expanding through recently signed new deals that further reinforces the long-term growth potential of this relationship. An Internet service provider who we've categorized as Software-as-a-Service merchant, onboarded in 2021, has expanded from 19 countries to 40 in the last three years, a testament to the trust these merchants place in dLocal to power their international expansion. What enables that pace is our licensing portfolio, our local payment method coverage, and our ability to open frontier markets very quickly.

我們目前在18個國家為該客戶提供端到端服務，並透過近期簽署的新合作持續擴張，進一步強化這段關係的長期成長潛力。我們將一家網際網路服務供應商歸類為SaaS（軟體即服務）商戶，該商戶於2021年上線，在過去三年中已從19個國家擴展到40個國家，這證明了這些商戶對dLocal的信任，讓我們為其國際擴張提供動力。支撐這種速度的是我們的牌照組合、在地支付方式覆蓋，以及我們能非常快速地開拓前沿市場的能力。

In markets such as Kenya, for example, over half of users transacting with this merchant via mobile money or net new customers, they would not have reached otherwise. And an e-commerce merchant we onboarded in 2023 started with only two countries, but now operates in 21, with Buy Now Pay Later having gone live in Mexico and South Africa over the past two quarters, which are driving higher ticket sizes and over 50% net new users for them. Examples like these are why our revenue retention has exceeded 140% for four consecutive quarters. But as we like to say, we're still in the early, early days.

例如在肯亞等市場，透過行動支付與該商戶交易的用戶中，超過一半是全新用戶，否則他們將無法觸及。另外，我們於2023年上線的一家電商商戶起初僅覆蓋兩個國家，但目前已在21個國家營運；在過去兩個季度，「先買後付」已於墨西哥與南非上線，推動更高的客單價，並為其帶來超過50%的淨新增用戶。正因如此，我們的營收留存率已連續四個季度超過140%。但正如我們常說的，我們仍處於非常、非常早期的階段。

These three merchants, for example, all grew TPV north of 70% year on year during the first quarter of 2026. So to wrap up, 10 years and the thesis is intact. The opportunity is larger than ever, and we're better equipped to capture it than ever before. The infrastructure we've built, licenses, payment methods, stakeholder relationships and data, the technology, it all abstracts local complexity, and compounds in value over time. The combination of a strong base business momentum, a product roadmap that is beginning to gain traction and secular tailwinds across our markets as merchants increasingly convert to local processing gives us confidence that the next decade can be as impressive as the last.

例如，這三家商戶在2026年第一季的TPV年增率都超過70%。總結來說，十年過去，我們的核心論點依然成立。機會比以往任何時候都更大，而我們也比以往任何時候都更有能力把握它。我們所建立的基礎設施——牌照、支付方式、利害關係人關係與數據、以及技術——都能抽象化在地複雜性，並隨時間推移持續累積價值。強勁的基礎業務動能、開始取得進展的產品路線圖，以及我們市場中商戶日益轉向在地處理所帶來的結構性順風，讓我們有信心下一個十年可以像上一個十年一樣令人印象深刻。

With that, let me hand the call over to Guillermo to cover our quarterly financials.

接下來，我把電話交給Guillermo，請他說明我們的季度財務表現。

Thank you, Pedro. Good afternoon, everyone. Let me take you through our Q1 results. Topline momentum continued to accelerate with TPV north of $14 billion for the first time and gross profit reaching a new record. The bottom line, though, reflects two specific dynamics I want to address upfront. The expected and already flagged higher OpEx carrying over from our 2025 investments, and a nonrecurring prior year tax adjustment.

謝謝你，Pedro。各位下午好。我來帶大家看我們第一季的業績。營收動能持續加速，TPV首次突破140億美元，毛利也創下新高。不過，淨利端反映了兩個我想先行說明的特定因素。其一是我們2025年投資所帶來、先前已預期並已提示的較高營業費用（OpEx）延續到本季；其二是去年一次性的稅務調整。

TPV reached $14.1 billion in Q1, up 73% year on year, and 7% quarter on quarter, our sixth consecutive quarter above 50% growth, and that's a number we're very proud of. And more importantly, this growth isn't concentrated in just one place. It's broad-based and runs across different countries, verticals, merchants and products. Our top three markets, Mexico, Brazil and Argentina, continue to grow consistently. And we're also seeing a strong contribution from markets like Chile, Nigeria, Colombia, and Vietnam.

第一季TPV達141億美元，年增73%，季增7%，這是我們連續第六個季度維持在50%以上的成長，我們對此非常自豪。更重要的是，這樣的成長並非集中在單一地區。它是廣泛分布的，橫跨不同國家、垂直領域、商戶與產品。我們前三大市場——墨西哥、巴西與阿根廷——持續穩健成長。同時，我們也看到智利、奈及利亞、哥倫比亞與越南等市場的強勁貢獻。

On verticals, travel-led quarter on quarter growth at 38%, driven by a new expansion deal with a key global travel merchant. This is a vertical that is still early for us, but it's gaining real traction. On-demand delivery also grew strongly quarter on quarter at 24%, fueled by the expansion of deals with both regional and global merchants. On the other hand, E-commerce and remittances delivered soft results sequentially, consistent with the expected seasonality, following the fourth quarter peak.

在垂直領域方面，旅遊帶動的季增達38%，主要受一項與關鍵全球旅遊商戶的新擴張合作所驅動。這個垂直領域對我們而言仍屬早期，但已開始取得實質進展。即時配送的季增也達24%，受惠於與區域性及全球商戶的合作擴張。另一方面，電商與匯款在環比上表現較為疲弱，符合第四季高峰後的預期季節性。

Gross profit reached a record $119 million, up 40% year on year and up 2% quarter on quarter. On a sequential basis, the gross profit performance is explained by two key positive drivers. Argentina recovery, which we show a strong volume growth and normalized funding cost and growth in Africa and Asia with notable contribution from Nigeria, Mozambique, and Vietnam, which is also helping us drive a more diversified geographic mix.

毛利創下1.19億美元的新高，年增40%，季增2%。就環比而言，毛利表現主要由兩個關鍵正向因素所解釋。其一是阿根廷復甦，我們看到強勁的交易量成長與資金成本正常化；其二是非洲與亞洲的成長，奈及利亞、莫三比克與越南貢獻顯著，也有助於我們推動更為多元的地理組合。

Those were partially offset by Brazil's normalization after an exceptionally strong Q4, together with a modest mix shift to lower take rate merchants across all the LATAM and other smaller markets. But most of these markets are still growing strongly in volume, and the quarter-on-quarter dynamics are driven by mix and seasonality, not by an underlying softness in demand. Very importantly, this quarter, we deded to book a one-off prior period tax adjustment.

上述因素部分被巴西在第四季異常強勁後的正常化所抵銷，此外，拉美各市場及其他較小市場的商戶組合也小幅轉向較低抽成率（take rate）的商戶。但這些市場多數在交易量上仍維持強勁成長，季對季的變化主要由組合與季節性所驅動，而非需求基本面轉弱。非常重要的是，本季我們決定入帳一筆一次性的前期稅務調整。

During an internal review of certain tax items and after consulting with our advisers, we adjusted our tax treatment for prior periods of one of our installment payment products in certain markets to reflect where we're determined to be the most appropriate position and the applicable rules. This out-of-period adjustment was not material to any previously reported annual or interim period, and we do not expect to record comparable items in future quarters.

在對部分稅務項目進行內部檢視並諮詢顧問後，我們針對某些市場中一項分期付款產品的前期期間稅務處理進行調整，以反映我們認定最適當的立場及適用規範。這項跨期調整對任何先前已揭露的年度或中期期間而言並不重大，且我們預期未來季度不會再認列類似項目。

The total impact was $9.7 million, of which approximately $5.3 million landed in the corporate tax line and $4.4 million in operating expenses. This related to indirect and other taxes. Given its non-recurring and prior period nature, within the normalized numbers tell the real bottom line story better.

總影響金額為970萬美元，其中約530萬美元列入公司所得稅項下，440萬美元列入營業費用。這與間接稅及其他稅項相關。鑑於其一次性與前期期間的性質，採用常態化（normalized）數字更能反映實際的獲利表現。

Operating profit for the quarter was $53 million as reported, but $57 million, excluding this one-off out-of-period adjustment, representing a 25% growth year on year and a 48% operating profit to gross profit ratio, excluding the one-off. On the cost side, total operating expenses were $62 million, excluding the out-of-period adjustment, up 58% year on year and 16% quarter on quarter. This reflects the expected carryover of the second half of 2025 OpEx into the first quarter, something we have flagged at our last earnings call.

本季營業利益按報表口徑為5,300萬美元；若排除這筆一次性的跨期調整，則為5,700萬美元，年增25%，且在排除一次性項目後，營業利益對毛利比率為48%。在成本端，若排除跨期調整，總營業費用為6,200萬美元，年增58%，季增16%。這反映了我們在2025年下半年投入所帶來的營業費用延續至第一季，這點我們在上次財報電話會議已提示。

As we close out our investment cycle, a portion of that cost base is annualized into 2026, and the first half of the year is naturally where that pressure is most visible. This reflects the timing of our 2024 to 2025 investment cycle moving to our P&L. We expect that to moderate as the year progresses.

隨著我們接近投資週期尾聲，其中一部分成本基礎在2026年形成年度化，且上半年自然是壓力最明顯的時段。這反映了我們2024至2025年投資週期的時點，開始反映到損益表（P&L）上。我們預期這種壓力會隨著年度推進而趨於緩和。

Below the operating line, net income came in at $42 million, as reported. Adjusted for the same one-off, we would be at $52 million, which represents about 11% year-on-year growth. It's worth noting that Q1 2025 benefited from approximately $7 million in non-cash mark-to-market gains in our Argentina bond holdings, that's a low-10% effective tax rate. The reported effective tax rate for the quarter was approximately 26%, elevated by the non-recurring item, but excluding it, the effective tax rate would have been approximately 16%.

在營業利益以下，按報表口徑，本季淨利為4,200萬美元。若就同一筆一次性項目進行調整，淨利將為5,200萬美元，約為年增11%。值得注意的是，2025年第一季受惠於我們持有的阿根廷債券部位約700萬美元的非現金按市價評價收益（mark-to-market gains），使得當季有效稅率落在10%出頭的低位。本季報表有效稅率約為26%，因一次性項目而偏高；若排除該項目，有效稅率約為16%。

Adjusted free cash flow was impacted by temporary working capital effects, primarily timing in tax credit, netting and higher receivables from our advancements operations. We expect this to gradually reverse over the coming quarters. We continue to see healthy cash generation with cash flow from operations before working capital changes at $69.3 million, growing by close to 10% year over year. So the underlying cash generation is working as it should.

經調整自由現金流受到暫時性的營運資金影響，主要來自稅額抵免入帳時點、淨額結算，以及我們預支款業務應收款增加。我們預期這些影響將在未來幾個季度逐步回轉。我們持續看到健康的現金創造能力，營運現金流（未計入營運資金變動前）為6,930萬美元，年增接近10%。因此，基礎現金創造如預期般運作良好。

So to wrap it up, topline momentum was strong again this quarter with new records on both volume and gross profit. Reported operating profit and net income was weighed down by a one-off other previous tax adjustment, but the underlying business is in great shape, and we're keeping our full year guidance unchanged.

總結來說，本季營收動能再次強勁，交易量與毛利雙雙創下新高。已揭露的營業利益與淨利受到一次性、其他項目中的前期稅務調整所拖累，但基本面非常穩健，我們也維持全年財測不變。

With that, I'll hand it over to Chris.

接下來我把時間交給Chris。

Hello, everyone. Before we open the floor to questions, we thought we try something a little bit different today. A brief conversation with Pedro and Guillermo here covering the key themes we had in the quarter that we think will be most interesting to investors.

各位好。在開放提問之前，我們今天想嘗試一點不一樣的方式。由Pedro與Guillermo在這裡做一段簡短對談，涵蓋我們本季的關鍵主題，我們認為這些會是投資人最感興趣的部分。

Guillermo, let's start with you, and let's start with the results. Gross profit came in quite strong this quarter, even above our own expectations. And this is typically a seasonally softer quarter for the business after the fourth quarter. What drove this performance?

Guillermo，我們先從你開始，也先談談業績。本季毛利表現相當強勁，甚至高於我們自己的預期。而通常在第四季之後，第一季對這項業務而言屬於季節性較疲弱的季度。是什麼因素帶動了這樣的表現？

Yes. And I think it's worth unpacking because the headline number, as you said, was very strong in Q1. The standout definitely was Argentina. To give some context, Q4 was a weak quarter for us in Argentina. We saw election-related FX volatility. We saw pressure on funding costs, and that pushed our margins down in the quarter.

是的。我認為值得拆解一下，因為如你所說，第一季的表面數字非常強勁。最突出的確是阿根廷。補充一些背景，第四季我們在阿根廷表現偏弱。我們看到與選舉相關的匯率波動。也看到資金成本承壓，進而在該季度壓低了我們的利潤率。

Now what we saw in Q1 was a clear recovery from that. So those specific pressures like funding costs came down materially, and volumes have continued to grow very strongly in the market. So you have both a real recovery in the market and then improvement in gross profit quarter on quarter. So a very good story in Argentina.

而第一季我們看到的是明顯的復甦。因此，像資金成本這類特定壓力顯著下降，且該市場的交易量仍持續非常強勁地成長。所以你同時看到市場的實質復甦，以及毛利的季對季改善。因此阿根廷是一個非常好的故事。

And on the other hand, Brazil works in the opposite direction in the quarter. So Q4 was particularly strong in Q4. You had the seasonal peak of like Black Friday and holiday e-commerce installments that helped the quarter quite a lot. And you saw what you usually expect in Q1, which is a sequential decline from that. What matters in Brazil though, is that if you look at the performance, it's very strong year on year. So we almost doubled -- more than doubled the gross profit in the quarter, year on year.

另一方面，巴西在本季則呈現相反方向。第四季表現特別強勁。有像黑色星期五與假期電商分期等季節性高峰，對該季度幫助很大。而第一季則如同通常預期，較前一季出現下滑。但巴西真正重要的是，如果你看其表現，年對年非常強勁。因此我們本季毛利幾乎翻倍——甚至超過翻倍——相較去年同期。

So the other thing that I would highlight as well is Africa and Asia. They represent now approximately 29% of gross profit, and they grew by 16% quarter on quarter. So more than the average of the company. So that is meaningfully outpacing how the company is growing, and it's actually helping us from a diversification of geography as well.

另外我也想強調的是非洲與亞洲。它們目前約占毛利的29%，且季對季成長16%。也就是高於公司平均。因此其成長速度明顯超越公司整體，也在地理分散化方面對我們有所助益。

So the key message is very simple. All our core markets are growing in volume. The sequential movements are mainly explained by mix, seasonality and, in the case of Argentina, a clear recovery from a weak Q4. The most important thing is that diversification that I'm talking about in the gross profit base, which is pointing into a more healthy portfolio of countries.

所以關鍵訊息很簡單。我們所有核心市場的交易量都在成長。季對季的變動主要由組合、季節性，以及阿根廷在第四季偏弱後的明顯復甦所解釋。最重要的是我所提到的毛利基礎的分散化，這指向更健康的國家組合。

Great. And staying on the financial results for a second and talking more about bottom line dynamics, specifically on operating expenses. We've previously communicated, we talked about this quite a bit during the fourth quarter, that are our expectations for OpEx trajectory this year and indicated that operating leverage would be much more pronounced in the second half of the year than the first half. Based on what you've seen so far, has anything changed? And how should investors think about operating leverage going forward?

很好。接著我們再停留在財務結果一下，談談獲利端的動態，特別是營業費用。我們先前已溝通過——在第四季我們也談了不少——今年OpEx走勢的預期，並指出營運槓桿在下半年會比上半年更為明顯。就你目前看到的情況，有任何改變嗎？投資人接下來應如何看待營運槓桿？

Okay. So I don't think it's changed. So on OpEx side, the first quarter shows -- well, we already flagged in Q4 last year in the earnings call. We are carrying over from the investment cycle costs that happened at the end of 2025. And as we said, they are more visible at the beginning, the first half of 2026. And the operating profit to gross profit ratio obviously reflect that.

好的。我認為沒有改變。在OpEx方面，第一季顯示——其實我們在去年第四季的法說就已經提示過——我們仍在承接2025年底投資週期所產生的成本。而如同我們所說，這些成本在2026年上半年、也就是年初會更為明顯。因此，營業利益對毛利的比率自然會反映這點。

OpEx was also impacted by the prior year tax adjustment I mentioned. Specifically, of the $9.7 million, $4.4 million were in OpEx. That's the portion that relates to indirect and other taxes. And obviously, that flows through operating expenses and the operating profit to gross profit ratio. So it's important to normalize this when you want to get a clear picture of the underlying expense performance. Excluding that one-off, which I'll discuss a little bit more in a moment, the underlying operating profit to gross profit ratio would have been 48%. So it's still relatively healthy.

OpEx也受到我提到的前一年稅務調整影響。具體而言，在970萬美元之中，有440萬美元計入OpEx。那部分與間接稅及其他稅項相關。而這顯然會流入營業費用，並影響營業利益對毛利的比率。因此，若要清楚掌握基礎費用表現，將其正常化很重要。排除這項一次性因素（我稍後會再多談一些）後，基礎的營業利益對毛利比率本應為48%。因此仍相對健康。

As we lap the 2025 cost build-out, OpEx growth rates should naturally moderate throughout the year. So that's the mechanics that we're waiting to see throughout the year. So with that, combined with the continued topline momentum, that should drive improving operating leverage in the back half of the year. So that trajectory is what matters to us, more than like the results of a single quarter.

隨著我們跨過2025年的成本擴張期，OpEx的成長率在全年應會自然趨緩。這就是我們在今年持續觀察的運作機制。因此，結合持續的營收動能，應能在下半年帶動營運槓桿改善。對我們而言，這樣的趨勢比單一季度的結果更重要。

Now looking ahead, the ongoing impact from this updated tax treatment that I mentioned, we expect it to be limited. We are actively working with merchants to pass these costs through commercially. And to the extent that we cannot fully do so, we believe the residual impact will be manageable. And we do not foresee, at this point, any meaningful additional prior period adjustments in relation to this.

展望未來，關於我提到的更新後稅務處理方式，其持續影響我們預期將有限。我們正積極與商戶合作，透過商業條款將這些成本轉嫁出去。即使無法完全轉嫁，我們也認為剩餘影響可控。此外，就目前而言，我們不預期會再出現與此相關的任何重大前期調整。

Again, you need to normalize for the tax adjustment that I mentioned to get a clear picture. So excluding this item, operating profit grew 25% year over year, and net income grew approximately 11% year over year, which I think that was the real story of the underlying performance.

再次強調，你需要將我提到的稅務調整正常化，才能看清楚全貌。因此，排除該項目後，營業利益年增25%，淨利年增約11%，我認為這才是基本面表現的真正重點。

Yeah. So putting this all together on going to UK, and as a reminder, our investor community, unless there are material changes, we only expect to provide updates to our guidance twice yearly. But just for the avoidance of doubt here, how should investors interpret our results in the connection to our full year guidance.

是的。把這些綜合起來再談到英國（UK），並提醒我們的投資人社群，除非出現重大變化，我們預期一年只會在兩個時間點更新財測。但為了避免任何疑義，投資人應如何解讀我們的業績與全年財測之間的關聯？

Yeah. So guidance remains unchanged, as Guillermo mentioned at the end of his prepared remarks. We continue to see a lot of strength across topline. We expected costs to come in heavy from a margin perspective in H1 and improving towards H2 on a year-on-year basis. And I'd say they came in slightly ahead even of that expectation, but we're already addressing that. So guidance remains unchanged.

是的。因此，如 Guillermo 在其事先準備的發言結尾所提到的，指引維持不變。我們持續看到營收端各面向都非常強勁。我們原本預期從毛利率角度來看，上半年成本會偏高，並在下半年以年對年基礎改善。我會說實際情況甚至略優於該預期，但我們已經在處理這件事。所以指引維持不變。

Great. I want to talk now about the commercial side. What really fuels our business? You spent time, Pedro, with some of our most important merchants during our large annual event just a few weeks ago. In these conversations with these merchants, what stood out to you? What are their priorities?

很好。我現在想談談商業面。真正驅動我們業務的是什麼？Pedro，就在幾週前我們的大型年度活動期間，你花時間與一些最重要的商戶交流。在與這些商戶的對話中，什麼讓你印象最深？他們的優先事項是什麼？

So yes, it was generally a very energizing event. And to me, what was most interesting is how much the conversation has shifted over the past three, four years. In the past, merchants would typically come to us with a very specific market or payment method problem. And there was usually something in one of the few very large emerging markets where we operate.

是的，整體而言那是一場非常振奮人心的活動。對我來說，最有意思的是過去三、四年對話內容轉變之大。過去，商戶通常會帶著一個非常具體的市場或支付方式問題來找我們。而且通常都發生在我們營運的少數幾個大型新興市場之一。

Conversations now show that they're thinking about emerging market payments infrastructure as a core part of what they need to solve as part of their overall go-to-market strategy across emerging markets. So the conversations are deeper and merchants are definitely increasingly more sold on the concept of localizing payments as a key unlock to growth. And so the conversations with us are much more central to them, not in a few markets and a few payment methods, but truly across the Global South.

現在的對話顯示，他們把新興市場的支付基礎設施視為其整體新興市場 go-to-market 策略中必須解決的核心部分。因此對話更深入，商戶也愈來愈認同「在地化支付」是成長的關鍵解鎖因素。所以他們與我們的對話對其而言更為核心，不再只是少數市場、少數支付方式，而是真正涵蓋整個全球南方。

So it goes beyond your typical BRICS conversation, and they start asking for solutions for a vast number of frontiers market. Merchants who used to come to us with a very basic local-acquiring coverage of just Visa or MasterCard now start to ask about real-time networks like Pix and Bre-B in Colombia, we're beginning to see a strong pickup in curiosity around credit solutions and Buy Now Pay Later, local wallets, and certainly, local card schemes that are also becoming increasingly important in different markets. And so all of this raises the bar for what they expect from us.

因此，這已超越典型的 BRICS 對話，他們開始要求針對大量前沿市場的解決方案。過去只向我們尋求基本的本地收單覆蓋、僅支援 Visa 或 MasterCard 的商戶，現在開始詢問像 Pix 這類即時支付網路，以及哥倫比亞的 Bre-B；我們也開始看到他們對信貸解決方案與「先買後付」（Buy Now Pay Later）、本地錢包，當然還有在不同市場愈來愈重要的本地卡組織（local card schemes）的好奇心明顯升溫。而這一切都提高了他們對我們的期待門檻。

It also raises the share of wallet that we can capture from these merchants globally. I think one illustrative conversation was one of our very, very large clients basically told us, look, you've now reached a scale with us where you are among our largest payment partners. And this is exactly where we want to be sitting with these merchants with significant growth in share of wallet, but also our relationship with them becoming very relevant for them on a global basis. That's how you really are able to sustain the kind of compounding of growth that we aim to sustain.

這也提高了我們在全球範圍內可從這些商戶取得的錢包份額（share of wallet）。我認為一段很具代表性的對話是，我們一位非常、非常大型的客戶基本上告訴我們：你們現在在我們這裡的規模，已經是我們最大的支付合作夥伴之一。而這正是我們希望在這些商戶那裡所處的位置——錢包份額顯著成長，同時我們與他們的關係在全球層面也變得非常重要。這就是你如何真正能夠維持我們希望維持的那種複利式成長。

Great. And switching topics slightly. There's one more question I want to ask you, Pedro. The asset transaction, which we spoke about last year closed during this last quarter. How should investors think about what this opens for us strategically and what it means for dLocal's presence in Africa more broadly?

很好。稍微換個話題。Pedro，我還有一個問題想問你。我們去年談到的資產交易，在上一季度完成交割。投資人應該如何看待這件事在策略上為我們打開了什麼，以及它對 dLocal 在非洲更廣泛的布局意味著什麼？

Yeah. So I think we need to frame this correctly. The most useful thing is to be very precise about what the asset transaction is and also what it's not. So to be very upfront, the transaction is not material or meaningful in the results that we've just announced. And that has a lot to do with a number of legal and regulatory hurdles that we faced prior to being able to close. I'm glad we've crossed that finish line. But in that time period, the deal structure mutated a lot.

是的。我認為我們需要正確地框定這件事。最有用的方式，是非常精準地說明這筆資產交易是什麼，以及它不是什麼。坦白說，這筆交易對我們剛剛公布的業績結果並不具重大性或實質影響。這在很大程度上與我們在完成交割前所面臨的一系列法律與監管障礙有關。我很高興我們已經跨過終點線。但在那段期間，交易結構變動了很多。

It ended up being an asset purchase. And also because it took so long as this topline was definitely negatively affected by the time that it took. On the positive side, what we do get is strategically important to deepen the capabilities and the positioning that we have in Africa. So it brought us customer relationships.

最後它成為一筆資產收購。而且也因為耗時太久，營收端確實受到交割時間拉長的負面影響。正面來看，我們所獲得的在策略上很重要，有助於深化我們在非洲的能力與定位。它為我們帶來了客戶關係。

It brought us intellectual properties and some licenses and key talent that will help us continue to expand our leadership across African markets. And it would definitely have taken us a lot longer to build all of that without having gotten this acquisition across the finishing line. And I think most importantly, Africa is a region that we've been investing into consistently and where the long-term opportunity in terms of digital payment adoption, cross-border commerce growth, and the expansion of financial inclusion remains among the most compelling when we look at the globe. And so the transaction, above all else, reinforces our commitment to the region, and positions us even better to capture the opportunity as it develops.

它為我們帶來了智慧財產權、一些牌照，以及關鍵人才，將幫助我們持續擴大在非洲市場的領導地位。如果沒有完成這次收購，我們要建立這一切肯定會花更長時間。而我認為最重要的是，非洲是我們持續投入的地區；從數位支付採用、跨境商務成長，以及金融普惠擴張的長期機會來看，放眼全球仍是最具吸引力的地區之一。因此，這筆交易最重要的是強化我們對該地區的承諾，並讓我們在機會逐步發展時更有利於把握。

We're not signaling any near-term revenue impact from this. I'd say, by and large, it shouldn't have any sort of distortion in future quarters that would force you to want to look at the business on the same-store sale-type metric or anything. So happy to have concluded it. Happy to have the -- as a team and assets on board, and we continue to build a phenomenal business across the continent.

我們並未釋出這件事會在短期內帶來任何營收影響的訊號。我會說，大體上它不應該在未來幾季造成任何扭曲，讓你必須用同店銷售（same-store sales）之類的指標或其他方式來看這門生意。所以很高興能把它完成。也很高興把團隊與資產納入我們之中，我們會持續在整個非洲大陸打造一家卓越的企業。

Great. One final question for you, Guillermo, as we wrap up here. You've now been at dLocal for about six months. I would love to hear your early assessment of the company where we stand today, where you're focused, and what surprised you?

很好。在我們結束之前，Guillermo，我最後一個問題想問你。你加入 dLocal 大約六個月了。我很想聽聽你對公司目前狀況的初步評估、你的工作重點，以及有哪些事情讓你感到意外？

Yeah. That's right, six months in. And I have to say my conviction in the opportunity, that first made me join dLocal has all increased. I think at the beginning, I was talking about, we're just scratching the surface. And definitely, that's what I'm seeing six months in. The business is really exceptional at what it does. So if you look at the depth of the local infrastructure that we have, the quality of the relationships that we have with merchants and then how consistently we execute in markets that are difficult to operate, I think that's something that has really impressed me. And that combination, I think, is rare and it's difficult to replicate.

是的。沒錯，六個月了。我必須說，我對這個機會的信念——也就是當初促使我加入 dLocal 的原因——只增不減。我記得一開始我說過，我們才剛觸及表面。而六個月後，我確實看到的就是如此。公司在其所做的事情上真的非常出色。所以如果你看我們在地基礎設施的深度、我們與商戶關係的品質，以及我們在難以營運的市場中一貫且穩定的執行力，我認為這些都讓我印象非常深刻。而這樣的組合我認為很罕見，也很難被複製。

Second, on where I see my work ahead, I am focused on three key things. The first one is to continue improving how we translate the topline growth that we, for example, see in this quarter into operating profit, especially as we exit the investment cycle that dLocal has been in the past few years. The mechanics are favorable, but that leverage doesn't just happen by itself. I think my role is to make sure that we have the discipline as a company to capture it.

第二，關於我接下來的工作重點，我聚焦在三件關鍵事項。第一，是持續改善我們如何把例如本季所看到的營收端成長，轉化為營業利潤，特別是在我們逐步走出 dLocal 過去幾年的投資週期之際。其運作機制是有利的，但這種營運槓桿不會自動發生。我認為我的角色是確保公司具備紀律去把它抓住。

And also something very close to home is to make sure that our financial model translate the strong cash generation that the business produces into higher return for our shareholders. And we've already taken meaningful steps already to execute in these, like, for example, the $300 million buyback authorization that we got and we mentioned in the last quarter of last year.

另外，還有一件非常貼近我們核心的事情，就是確保我們的財務模型能把業務所產生的強勁現金創造，轉化為股東更高的回報。而我們已經採取了具體且有意義的步驟來落實這些目標，例如我們取得了 3 億美元的庫藏股回購授權，並且在去年第四季的上一季財報中提到過。

And finally, and also making sure that the finance organization continues to build and evolve the processes and the systems in a way that are appropriate for our business that now processes north of $14 billion of volume every quarter and that is growing by more than 70% year on year. So the last thing I would mention is having come from businesses that were at different stages of maturity, the opportunity ahead for dLocal is generally immense. I think even I appreciate this opportunity and it has really surprised me.

最後，也要確保財務組織持續建置並演進流程與系統，使其能符合我們目前的業務規模——我們現在每季處理超過 140 億美元的交易量，而且年增率超過 70%。所以我最後想提的是：我過去來自不同成熟度階段的企業，而 dLocal 未來的機會整體而言非常巨大。我想即便是我自己也很珍惜這個機會，而且它真的讓我感到驚喜。

The markets we operate are still in early stages in the digital payment adoption. And our merchant base continues to expand, growth, deepen. The product roadmap that Pedro mentioned, I think he talked about BNPL and stablecoins. I mean these are real growth opportunities and levels that are just beginning to contribute. So what can I say is, strong business, clear work ahead in my hands and a large opportunity ahead for the company, so all exciting work.

我們所營運的市場在數位支付採用上仍處於早期階段。而我們的商戶基礎也持續擴張、成長並加深合作。Pedro 提到的產品路線圖，我想他談到了 BNPL（先買後付）和穩定幣。我的意思是，這些都是真實的成長機會，而且才剛開始有所貢獻。所以我能說的是：業務強勁、我手上有清晰的工作要推進，公司也有很大的機會在前方——因此都是令人振奮的工作。

Great. Pedro, Guillermo, thank you both. We hope this has been a useful conversation to our investors. This concludes it, and we can now open the line to your questions.

很好。Pedro、Guillermo，謝謝你們兩位。我們希望這次對話對投資人有所幫助。到此結束，現在我們可以開放提問。

(Operator Instructions) Daer Labarta, Goldman Sachs.

(接線員指示) Daer Labarta，Goldman Sachs（高盛）。

Just wanted to follow up, I guess, particularly on the expenses a little bit. And Pedro, you mentioned that it did come a little bit higher than expected. Looking at the guidance, you're above on gross profit, but a little bit below on the OpEx. So what drove that to be a little bit higher than expected?

我想追問一下，主要是關於費用的部分。Pedro，你提到費用確實比預期略高一些。從指引來看，你們的毛利高於預期，但營業費用（OpEx）方面略低於（指引）。那是什麼原因導致費用比預期高一些？

You mentioned some corrective measures. What are those measures just to think about how that can evolve from here if you can bring that closer to the higher end of guidance by year-end? Or is this -- should that continue to be maybe a little bit below the trend of gross profit?

你提到了一些修正措施。這些措施是什麼？也想了解從現在起它會如何演變——你們是否能在年底前把它拉回到指引區間的較高端？或者說，這是否——營業費用可能會持續略低於毛利的趨勢？

Yeah, happy to start taking that one. So I think it's important to say that the Q1 has the full annualized impact of the investment cycle ramp-up that we started to see in late '25, and we're already tracking Q4. The important thing you know, this is the largest single driver, the year-over-year growth in OpEx, okay? And if you moderate as we move through 2026.

好的，我很樂意先回答這題。我認為重要的是要說明：第一季包含了我們在 2025 年底開始看到的投資週期加速所帶來的全年化影響，而我們目前的進度已經在追上第四季。你要知道，這是推動營業費用年增的最大單一因素，好嗎？而隨著我們進入 2026 年，這個影響會逐步趨緩。

Now you're right that in our remarks, I said that OpEx did come in slightly above that we were expecting in the quarter. And to be honest, there wasn't a single factor. It was a handful of smaller items from some discretionary categories and third-party spend to slightly higher average salaries. And we have already initiated some targeted corrective actions.

你說得對，在我們的發言中我提到本季營業費用確實略高於我們原先預期。坦白說，並不是單一因素造成的。而是幾個較小項目的組合，包括某些可裁量類別的支出、第三方支出，以及平均薪資略高。我們也已經啟動一些有針對性的修正行動。

For example, we don't expect any new net hiring throughout the rest of the year. So when you think about the remainder of '26, I think there's four things that you should combine to have a more favorable OpEx growth trajectory. The first one is what I mentioned at the beginning, the natural phasing of the late '25 investment cycle annualization.

例如，我們預期今年剩餘時間不會再有任何淨新增招募。因此，當你看 2026 年剩餘期間時，我認為你應該把四件事合併起來看，這會帶來更有利的營業費用成長軌跡。第一件就是我一開始提到的：2025 年底投資週期全年化影響的自然時序分布。

The second one is we're starting to accelerate all of our automation agenda. We also have the corrective actions that I just mentioned, and then we're also mechanically expecting lower share-based payments expenses as the great investing attribution method flows through the remainder of the year. So I think together these should contribute to improving operating leverage as we move through the year, in particular, in the second half of the year.

第二件是，我們開始加速推進整體自動化議程。第三是我剛提到的修正行動；第四則是，隨著「授予日歸屬歸因法」（grant-date investing attribution method）在今年剩餘時間逐步反映，我們也會在機制上預期股權基礎給付費用下降。因此我認為，綜合起來，這些因素應有助於我們在今年推進過程中改善營運槓桿，尤其是在下半年。

Yeah. I just complement that by reminding everyone that, first of all, as Guillermo just said, the OpEx will come under control moving forward. We had signaled last quarter that the first half of the year would be a bit weak on margin, and then that sequentially improves. But more importantly, let's not forget that the investments we had been making over the prior two years, and as Guillermo said, are rolling over into the first half of this year with a less expense-heavy comp in H1 of '25, are exactly what is allowing us to deliver the kind of TPV revenue and gross profit acceleration and consistency that we've been delivering.

是的。我補充一下，提醒大家：首先，正如 Guillermo 剛才所說，未來營業費用會受到控制。我們在上一季就已經指出，今年上半年毛利率會稍微偏弱，之後會逐季改善。但更重要的是，別忘了我們在過去兩年所做的投資——如 Guillermo 所說，這些投資在今年上半年仍在延續，同時 2025 年上半年費用基期較不偏高——正是這些投資讓我們能夠交出我們目前所呈現的 TPV、營收與毛利加速成長與一致性。

And that's what sets us up long term to be scale leaders to have the widest number of commercial relationships with global merchants, which, if we take a longer-term view, is exactly how we believe we should be managing this business. So now that the investment cycle is behind us, we start entering a phase over the next few quarters, where that innate operating leverage of the business model should begin to flow through the P&L.

而這也讓我們在長期上具備成為規模領導者的基礎，能與最多的全球商戶建立最廣泛的商業合作關係；如果我們用更長期的視角來看，這正是我們認為應該如何經營這門生意。因此，既然投資週期已經在我們身後，接下來幾季我們將進入一個階段：這個商業模式內建的營運槓桿應該會開始在損益表（P&L）中逐步體現。

No, that's very helpful. And one clarification. Just there was the one-off, which I think did impact operating expenses. Are you considering that in the guidance or you're not considering that? I mean we should adjust for that, right, or just to make sure?

不，這非常有幫助。我再確認一點。有一筆一次性項目，我想它確實影響了營業費用。你們在指引中有把它納入考量嗎？還是沒有納入？我的意思是，我們應該把它調整掉，對吧？只是想確認一下。

Look, Tito, we've moved away from adjusted metrics and have given a guidance on operating income because at the end of the day, philosophically, that's what we manage for. So let's see how topline comes in. I think we're off to a good start through April. But in general, our guidance comments they don't try to adjust anything else out. It makes it more difficult to give guidance, but we think it reflects the philosophy of how we're managing this, which is to true operating income and to true EPS.

你看，Tito，我們已經不再使用調整後指標，並且改為提供營業利益的指引，因為從理念上來說，這才是我們最終用來管理公司的指標。所以就看看營收端最後會落在哪裡。我認為我們在 4 月的表現有一個不錯的開局。但整體而言，我們的指引說明不會試圖再把其他項目調整掉。這確實讓提供指引更困難，但我們認為這反映了我們管理公司的理念，也就是以真實的營業利益與真實的每股盈餘（EPS）為目標。

Pedro Leduc, Itau BBA.

Pedro Leduc，Itau BBA。

First on that, you saw it on the working capital, you guys mentioning a period of more prepayment services for clients. So first, around that topic, how do you see the revenues for that? Does it come part of the fee revenues or generate financial income? Second, how are you seeing the business building up potentially in more than one region. And that's one question.

第一個問題，關於你們在營運資金上看到的情況：你們提到有一段期間為客戶提供了更多預付款服務。所以首先，針對這個主題，你們如何看待這部分的收入？它是計入手續費收入的一部分，還是會產生財務收入？第二，你們如何看待業務可能在不只一個地區同步建立起來？這是一個問題。

And then the second would be on the -- again, on the gross profit part when I look at the Delta revenues, Delta gross profit for Brazil, and you guys mentioned Argentina, but Brazil, it looks like the incremental leverage is coming a lot of profitability. If you can just give double-click on that a little bit.

然後第二個問題是關於——同樣是毛利部分：當我看巴西的增量營收、增量毛利時，你們也提到了阿根廷，但就巴西而言，看起來增量槓桿帶來了很高的獲利性。如果你們可以再更深入說明一下。

Okay. So I think I understood your first question. We do drive revenues from very, very short-duration merchant advances, typically for liquidity needs that a merchant may have in a market. And we do advance installments for our merchants in markets where installment advances are common, such as Brazil and Argentina. We don't break out the revenue derived from that business yet, I think at some point when it becomes sufficiently material, we will. It's important, but it's not anything massive.

好的。我想我理解你的第一個問題。我們確實會從非常短天期的商戶預支款中取得收入，通常是為了滿足商戶在某個市場的流動性需求。在分期預支相當常見的市場（例如巴西與阿根廷），我們也會為商戶預支分期款項。我們目前尚未單獨揭露這項業務所帶來的收入；我想在它變得足夠具重大性時，我們會揭露。它很重要，但規模並不是非常巨大。

More importantly, on the working capital, just one clarification here. It's not that these businesses are inherently working capital consumptive. It's the architecture we have to fund these businesses in Argentina short term is something that has hit working capital. That gets reversed, and this is important, ideally over the next few quarters.

更重要的是，關於營運資金，這裡先澄清一點。並不是這些業務本質上就會消耗營運資金。而是我們在阿根廷以短期方式為這些業務提供資金的架構，對營運資金造成了影響。這部分會回轉，而這點很重要，理想情況下會在接下來幾個季度內回轉。

And not only does it mean that going forward, that business is no longer working capital negative, but that the last few quarters, Q3 and Q1 of this year, that had this negative impact on working capital, all of those funds get released from this SPV that we're using to fund this. And so there's a big one-off free cash flow gain from the stuff that had been sent into the SPV and negatively affects working capital. So this is a temporary hit to the free cash flow that, ideally, over the next three quarters, gets reversed.

而且這不僅意味著往後該業務不再是營運資金為負，還意味著過去幾個季度——今年的Q3和Q1——對營運資金造成負面影響的那些情況，所有資金都會從我們用來為此融資的SPV中釋放出來。因此，先前被送入SPV並對營運資金造成負面影響的那部分，會帶來一次性的大幅自由現金流增益。所以這是對自由現金流的暫時性衝擊，理想情況下在接下來三個季度會回轉。

Yeah. If I may add to that on free cash flow. I think if you look at the underlying cash generation, it remains strong and in line with our expectations. So I think this quarter, this type of quarter volatility, we've already seen in the past. So to be honest, we don't see this quarter as a structural change to our cash generation capacity.

是的。如果我可以補充一下自由現金流的部分。我認為如果你看底層的現金產生能力，它仍然強勁，且符合我們的預期。所以我認為本季度這種季度波動，我們過去也已經見過。坦白說，我們不認為本季度代表我們現金產生能力出現結構性改變。

And on Brazil, a couple of things. First of all, I think Brazil, year on year, extremely strong gross profit more than doubled. The comps get more difficult going forward, but Brazil has really been one of the strongest performers when we take a multi-quarter view. It is down sequentially driven primarily by seasonality. E-commerce in Brazil is very relevant.

再談巴西，有幾點。首先，我認為巴西同比表現非常強勁，毛利超過翻倍。往後的比較基期會更具挑戰，但從跨季度的角度來看，巴西確實一直是表現最強的市場之一。環比下滑主要是季節性因素所致。巴西的電商非常重要。

And within the e-commerce segment, these installments we're talking about typically are more prevalent by consumers during the holiday shopping season. So there have been less installment revenues in Q1 and slowdown in the e-commerce merchants.

而在電商板塊內，我們所談的這些分期付款通常在假日購物季期間更常被消費者使用。因此，Q1的分期收入較少，電商商戶也有所放緩。

And the other thing driving the sequential decrease in Brazil is we have seen an increase in Pix mix once we move out of Q4 and Pix does have lower monetization than cards, which typically are more prevalent in Q4. So I would say Brazil sequentially is seasonal. Brazil performing very well. Comps get harder, but I think the underlying strength of the business is still there.

另外一個推動巴西環比下降的因素是：一旦走出Q4，我們看到Pix的占比（mix）上升；而Pix的變現能力低於卡支付，而卡支付通常在Q4更為普遍。所以我會說巴西的環比變化是季節性的。巴西表現非常好。比較基期會更難，但我認為業務的底層韌性仍在。

Yes. Even with the seasonality, it looks like it was maybe stronger even than it could have been. Yes, I appreciate it.

是的。即便有季節性因素，看起來它可能甚至比原本可能達到的還要更強。是的，謝謝，我很感激。

Camilla, UBS.

Camilla，UBS。

I have just one from my side. So Africa and Asia showed broad-based growth, but experts suggest Asia is significantly more challenging due to a more developed local financial landscape. So you also mentioned that merchants are increasing its interest in more regions. So how is dLocal's strategy in blue ocean markets like Nigeria and Egypt different from its approach in highly competitive markets like Vietnam or Indonesia?

我這邊只有一個問題。非洲與亞洲呈現廣泛成長，但專家指出，由於當地金融環境更成熟，亞洲顯著更具挑戰。你也提到商戶對更多地區的興趣正在提升。那麼，dLocal在奈及利亞、埃及這類藍海市場的策略，與在越南或印尼這類競爭激烈市場的做法有何不同？

Yeah. Great question. Thank you. So the strength in the Africa and Asia segment is still driven by Africa, including the Middle East.

是的。問題很好。謝謝。非洲與亞洲板塊的強勁表現仍主要由非洲所帶動，包含中東。

Asia, for us, is still initial steps. I think what has changed in our view of Asia is that the more work we've done around Asia, our thinking has really evolved from thinking that we were late to Asia. And that it was a market that was entirely well served to increasingly understanding from our merchants and leveraging the merchant relationships we already have with most of the most relevant global merchants that the high level of fragmentation across Asia, the prevalence of alternative payment methods, and the relatively still improvable performance they have on cards means two things about Asia that we think that our strategy and the key success factors that have led us to be very successful in Africa and Latin America actually are applicable to Asia as we cross-sell our growing Asian capabilities to our global merchants.

對我們而言，亞洲仍處於起步階段。我認為我們對亞洲看法的改變在於：我們在亞洲做得越多，我們的思考就從「我們進入亞洲太晚」演變為——原本以為這是一個已被充分服務的市場——但透過商戶回饋，並運用我們已與多數最重要的全球商戶建立的關係，我們越來越理解到：亞洲高度碎片化、替代性支付方式普及，以及卡支付的表現仍有改善空間，這些意味著兩件事：我們在非洲與拉丁美洲取得成功的策略與關鍵成功因素，其實同樣適用於亞洲；我們也能把日益增長的亞洲能力交叉銷售給我們的全球商戶。

And the second, I think, myth we've dispelled is that Asia necessarily was a lower take rate market for the enterprise segment. From what we're seeing in our current Asian operations as it scales out, that doesn't seem to be the case either. So I think you will see us increasingly build out capabilities in Asia. And ideally, Asia over a multiyear period becomes quite relevant to our overall P&L.

第二個我認為我們已經破除的迷思是：亞洲對企業客戶（enterprise segment）而言必然是一個take rate較低的市場。從我們目前在亞洲的營運、並隨著規模擴大所看到的情況來看，似乎也不是如此。因此，我認為你會看到我們逐步在亞洲擴建能力。理想情況下，亞洲在多年期的時間維度上，會對我們整體損益表（P&L）變得相當重要。

And that really could be trajectory changing just because when you look at the size of the total market, Asia still dwarfs LatAm and Africa. So encouraging initial steps. We're seeing markets like Vietnam, Philippines performing well for us, and it's giving us increasing confidence to continue to build out in Asia. That doesn't mean significant investments. It just means executing the playbook that has been so successful across the rest of emerging markets across Southeast Asia as well.

而這確實可能改變成長軌跡，因為從整體市場規模來看，亞洲仍遠大於拉丁美洲與非洲。所以這些初步進展令人鼓舞。我們看到像越南、菲律賓等市場對我們表現良好，這也讓我們更有信心持續在亞洲擴建。這不代表需要大幅投資。而是意味著把在其他新興市場非常成功的作戰手冊（playbook），同樣在東南亞落地執行。

Matt Coad, Truist.

Matt Coad，Truist。

Wanted to ask about some of the new verticals that you're seeing success in travel and gaming. Just curious if you guys could kind of like double-click on what's driving that new success there? Is it kind of like go-to-market investments? Is it product related? Any additional detail would be really helpful.

想請教你們在旅遊與遊戲等新垂直領域看到的一些成功。好奇你們是否能更深入說明，究竟是什麼在推動那裡的新成功？是偏向市場進入（go-to-market）的投資嗎？是產品相關嗎？任何額外細節都會很有幫助。

Yeah. Thanks, Matt. So I think -- and we tried to highlight this in the opening remarks, we've actually gotten fairly good at being able to leverage the core payment capabilities which are universal across most verticals with the right amount of verticalization, both from a product perspective but also from an account management and understanding the specifics of payments in multiple verticals. So dLocal is not a specialist in any one payment vertical, but has strength across multiple verticals, which sets us up very well for sustained growth. And we keep adding more and more verticals.

是的。謝謝，Matt。我認為——我們也在開場致詞中試著強調——我們其實已相當擅長運用核心支付能力（這些能力在多數垂直領域都是通用的），並搭配適度的垂直化（verticalization），不論是從產品角度，或是從客戶管理（account management）以及理解多個垂直領域支付特性的角度。因此，dLocal並不是任何單一支付垂直領域的專家，但在多個垂直領域都有優勢，這讓我們非常有利於維持長期成長。而且我們也持續新增更多垂直領域。

I'd say right now, travel and gaming are slightly different situations. Travel has been growing driven by one or two very large wins that took a long time. The pipeline is typically slow, but that have landed and are beginning to ramp up with very, very large global leaders. And it has a very solid pipeline within the travel space, both OTAs, direct travel, airlines, payment facilitators that work with the industry.

我會說目前旅遊與遊戲是略有不同的情況。旅遊的成長是由一到兩個非常大型、耗時很久才拿下的重大勝利所帶動。這類管線通常推進較慢，但這些案子已經落地，並開始在非常、非常大型的全球領導者客戶上逐步放量。而在旅遊領域，我們也有非常扎實的管線，涵蓋OTA、直營旅遊、航空公司，以及與該產業合作的支付服務商（payment facilitators）。

Gaming is slightly earlier on in its development. Gaming is one where the merchant of record product that we have is quite relevant, where you take on not just the payment, but some incremental parts of the digital distribution which makes it a higher take rate category, which is why it's attractive for us. But I'd say from pipeline and actual commercial deals that are ramping up, gaming is slightly behind travel. Over time, this should be a natural part of our strategy, which is to add more verticals that we verticalize the user experience, the merchant experience and the sales efforts, and we're able to move into a growing number of categories.

遊戲則在發展上稍早一些。遊戲領域中，我們的名義商戶（merchant of record）產品相當關鍵，因為你不僅承接支付，還承接數位分發中的一些增量環節，這使其成為take rate較高的類別，也因此對我們具有吸引力。但若以管線與正在放量的實際商業合作來看，遊戲目前略落後於旅遊。長期而言，這應該會成為我們策略的自然一部分，也就是新增更多垂直領域，針對使用者體驗、商戶體驗與銷售投入進行垂直化，並讓我們能夠進入越來越多的類別。

Super helpful, Pedro. And then just a quick follow-up, kind of on same topic of expanding your TAM here. You guys kind of talked a little bit last quarter about moving into the Card-Present world. I was just hoping that you could provide an update on your integrations there, any investments that you're making there and kind of like early success that you're seeing in the Card-Present world?

非常有幫助，Pedro。接著我想快速追問一下，算是同一個主題：擴大你們的 TAM（可服務總市場）。你們上季稍微談到要進入「卡片在場」（Card-Present）的世界。我想請你更新一下你們在那方面的整合進度、正在進行的投資，以及你們在 Card-Present 領域看到的早期成果？

Yes. The Card-Present product is one that is being developed as a solution for a very large client, a global client. Ideally, we'll be able to announce it when it goes live. So that contract allows us to fund the build. But more importantly, that will be the maiden launch of our Card-Present efforts by powering their Card-Present payment operations initially in a few Latin American countries and then if successful, expanding.

是的。Card-Present 產品目前正在開發中，作為一個非常大型客戶、全球性客戶的解決方案。理想情況下，我們會在它上線時對外宣布。因此，該合約讓我們能夠以此資金來支應建置。但更重要的是，這將是我們 Card-Present 相關努力的首次正式推出：一開始先為他們在幾個拉丁美洲國家的 Card-Present 支付營運提供支援，若成功再擴張。

So that's not live yet, and therefore, that product hasn't gone live yet. It will, once that initial large deal goes to market, which is scheduled for some time in the second half of this year. Hopefully, we can meet deadlines. The physical world is more difficult, it's slightly more complex. It involves physical hardware logistics. So it's a project that is one that we need to make sure we delve into step-by-step alongside our merchant clients.

所以目前還沒有上線，因此該產品也尚未正式推出。等到那筆初始的大型交易進入市場時就會上線，時程預計在今年下半年某個時間點。希望我們能如期達成期限。實體世界更困難、也稍微更複雜。它牽涉到實體硬體的物流。因此，這是一個我們需要確保與商戶客戶一起循序漸進深入推進的專案。

Jamie Friedman, Susquehanna.

Jamie Friedman，Susquehanna。

Thank you for all of the perspective and details on the results. Pedro, I was hoping you could just remind us at a high level, what the investments were that you made over the last, I'm going to say, a year. And how you're seeing those return because your confidence in the increased profitability in the company in the second half is noteworthy. So that's my first one.

感謝你們就業績提供的所有觀點與細節。Pedro，我想請你在高層次上提醒我們一下：過去大約一年你們做了哪些投資？以及你們如何看到這些投資帶來回報，因為你對公司下半年獲利能力提升的信心相當引人注目。這是我的第一個問題。

And then at a very high level, if you could share from your merchant perspective, which conversations are more urgent? Are they related to stablecoin or agentification? Or neither? Or both? But which of those do the merchants ask you about most?

另外，在很高層次上，若你能從商戶的角度分享一下：哪些對話更迫切？是與穩定幣（stablecoin）或代理式（agentification）相關？或都不是？或兩者皆是？但商戶最常向你們詢問的是哪一個？

Let me take those back to front, Jamie, because the first one is straightforward. I would say neither. Really the biggest interest is alternative payment methods, real-time networks that are very, very rapidly expanding throughout the emerging world, digital wallets that were invented in the emerging world and they've become very relevant in many markets.

Jamie，我先從第二個問題回答，因為第一個比較直接。我會說都不是。真正最大的興趣在於替代性支付方式、在新興市場快速擴張的即時支付網路，以及在新興市場發明、並在許多市場變得非常重要的數位錢包。

Local card schemes, as I mentioned. So most of the financial infrastructure across the Global South, before we even get to stable or agentic, is very different to the developed world. And that's what we solve for and abstract complexity away from global merchants that aren't accustomed and don't really want to deal with all of that. So I'd say stable and agentic are things that we're working on, but it's not really where the short-term volumes and business are. Those are things we need to be prepared for.

還有我提到的本地卡組織（local card schemes）。因此，在我們談到穩定幣或代理式之前，全球南方（Global South）的金融基礎設施就已經與已開發世界非常不同。而這正是我們要解決的問題：替不習慣、也不想處理這些複雜性的全球商戶，將複雜度抽象化並屏蔽掉。所以我會說，穩定幣與代理式是我們正在投入的方向，但短期的交易量與業務並不主要來自那裡。不過我們需要為此做好準備。

Stablecoins, first, which is actually, I'd say, a reality already. We launched our stable full solution about two or three weeks ago. So we have significant capabilities, and we're already beginning to see a rapid increase in settling to and settlement from merchants in stablecoins.

先談穩定幣，我會說它其實已經是現實。我們大約在兩到三週前推出了完整的穩定幣解決方案。因此我們具備相當強的能力，而且我們已開始看到商戶以穩定幣進行結算、以及從穩定幣結算的需求快速增加。

Agentic, I think the focus is simply to make sure that all these global APMs that we serve somehow are included in the agentic protocols that are emerging. And so we're trying to work closely with most of the more relevant ones. But those two things are way smaller than just the core digital wallets, real-time networks, local card schemes, and localization of credit cards, which is still the bread and butter of our volume.

至於代理式（agentic），我認為重點只是要確保我們所服務的這些全球 APM（替代性支付方式）能以某種方式被納入正在形成的代理式協議（agentic protocols）之中。因此我們正嘗試與多數較具相關性的協議密切合作。但這兩者的規模都遠小於核心的數位錢包、即時支付網路、本地卡組織，以及信用卡在地化（localization of credit cards）——這些仍是我們交易量的主力。

In terms of the investments, again, just to reiterate, and thanks for asking the question. We have a business that's growing TPV this quarter at 70% and actually has been accelerating off of an increasingly larger base. Now there's a lot of operational leverage in our business, and we hope and strive to show that over the next few quarters. But it still does require when you're adding markets, you're adding payment methods and you're growing your volume at that rate, to make sure that you've invested in the people, in the systems to be able to manage that growth over the long run. And then we also have a growing product development pipeline.

就投資而言，再次重申，也謝謝你問這個問題。我們的業務本季 TPV（總支付量）成長 70%，而且實際上是在更大的基礎上持續加速。我們的業務具有很大的營運槓桿，我們希望並努力在接下來幾季展現出來。但當你在新增市場、增加支付方式，且以那樣的速度提升交易量時，仍需要確保你已投資在人員與系統上，才能長期管理這樣的成長。此外，我們的產品開發管線也在擴大。

We've talked about new verticals, new products. And so a big part of the increase in spend in the '24, '25 cycle was in engineering head count and product headcount. As we said all along, towards the end of '25, we've staffed and we've invested in most of the things we saw as necessary to do some catch-up on. And what we're seeing now, as Guillermo pointed out, is kind of the flow over from those investments into the first half of this year, but the pace of incremental headcount and the pace of incremental investment in systems will significantly decelerate so that the operational leverage can begin to kick in.

我們談過新的垂直領域、新的產品。因此，在 2024、2025 這個週期中，支出增加的一大部分來自工程人力與產品人力的擴編。正如我們一路以來所說，到 2025 年底，我們已完成編制並投資了我們認為必要、用來補齊落差的大多數項目。而我們現在看到的——如 Guillermo 所指出——是這些投資在今年上半年帶來的延續效應；但新增人力的速度與系統增量投資的速度將會顯著放緩，讓營運槓桿開始發揮作用。

Thank you. And there are no further questions in the queue at this time. Ladies and gentlemen, this concludes today's program. Thank you all for participating, and you may now disconnect.

謝謝。目前隊列中沒有其他問題。各位女士先生，今天的活動到此結束。感謝各位參與，現在可以斷線。