DLocal Limited (DLO) 2026 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the dLocal second quarter 2026 results conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I will now turn the call over to the company.

大家好，感謝您稍候。歡迎參加 dLocal 2026 年第二季業績電話會議。(接線員指示) 請注意，今天的會議將被錄音。現在我將把電話交給公司方。

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

各位下午好，感謝大家今天加入我們的財報電話會議。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 Financials（財務資訊）區。今天與會者包括：執行長 Pedro Arnt；財務長 Guillermo Lopez Perez；企業發展資深副總裁 Christopher Stromeyer；以及投資人關係主管 Mirele de Aragao。

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搭配事先準備的發言內容。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。活動結束後不久將提供錄影回放。

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，我先提醒各位，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，但仍提醒您不要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. Now I will turn the conference over to dLocal. Thank you.

實際結果可能因多種原因而與 dLocal 簡報所載或本次電話會議所討論內容存在重大差異，包括前瞻性陳述以及 dLocal 向美國證券交易委員會（SEC）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。現在我將把會議交給 dLocal。謝謝。

Good afternoon, everyone, and thank you for joining us today. Our results for the second quarter of 2026 are yet another proof point of our continued traction and execution. There are four main trends I'd like to kick off with, that best summarize the current strength of our business. TPV reached $17.7 billion, accelerating to 92% year-over-year, the highest growth rate since the first quarter of 2022. We've processed more in the second quarter than what we did throughout all of 2023.

各位下午好，感謝今天加入我們。我們 2026 年第二季的業績再次證明我們持續獲得市場動能並有效執行。我想先從四個主要趨勢談起，這些最能概括我們目前業務的強勁表現。TPV 達到 177 億美元，年增加速至 92%，為自 2022 年第一季以來最高的成長率。我們第二季處理的交易量，已超過 2023 年全年。

Second, our net revenue retention was 153%, the fifth straight quarter above 140% as we continue to deepen our relationships with our merchants. Our gross profit hit $127 million, up 29% year-on-year. We've now hit an annualized rate of more than $500 million in gross profit. And finally, our operating leverage is improving with operating profit as a percentage of gross profit, up 6-percentage-points quarter-over-quarter to reach 50%. As messaged previously, we expect further operating leverage improvements to kick in during the next two quarters as we benefit from the deployment of automations and AI we have been investing in and spending in key areas that was front-loaded to the first semester of this year softens out.

第二，我們的淨營收留存率為 153%，連續第五季高於 140%，顯示我們持續深化與商戶的合作關係。我們的毛利達到 1.27 億美元，年增 29%。我們的毛利年化規模現已超過 5 億美元。最後，我們的營運槓桿持續改善：營業利益占毛利的比重較上一季提升 6 個百分點，達到 50%。如先前所述，我們預期未來兩季營運槓桿將進一步改善，因為我們將受益於已投入並部署的自動化與 AI；同時，今年上半年在關鍵領域的前置性支出也將趨於緩和。

On TPV, the metric that reflects market share, growth was extraordinary this quarter, but even more importantly, has been consistently strong. TPV growth has remained above 50% year-over-year for seven consecutive quarters, with the last three quarters at above 70%, and furthermore, growth has accelerated over the past five quarters, reaching its higher year-over-year rate in over four years.

就 TPV（反映市占的指標）而言，本季成長非常亮眼，但更重要的是其一貫的強勁表現。TPV 年增率已連續七季維持在 50% 以上，最近三季更高於 70%；此外，過去五季成長持續加速，達到四年多來最高的年增率。

Although the pace and scale of this growth will naturally create more demanding comparisons as we move through the second half of the year and into 2027, what we are seeing today reflects the positive returns on investments we have made in our platform and our portfolio of licenses. It serves as a testament to the trust merchants place in us as they build and grow across emerging markets. This trust is a direct result of the execution on our value proposition.

儘管隨著我們進入下半年並邁向 2027 年，這樣的成長速度與規模自然會帶來更具挑戰性的比較基期，但我們目前所見反映了我們在平台與牌照組合上的投資所帶來的正向回報。這也證明商戶在其於新興市場建立並擴張業務時，對我們的信任。這份信任直接源自我們對價值主張的落實與執行。

Through a single integration, our merchants access the locally relevant payment methods, local card schemes and the financial infrastructure they need to operate and grow across more than 60 emerging markets. Our licenses, local teams and operating expertise help them navigate complexity and improve performance in each country, ultimately increasing substantially their chances of a successful go-to-market deployment in the places that they partner with us.

透過一次整合，我們的商戶即可取得在超過 60 個新興市場營運與成長所需的在地化支付方式、在地卡組織（local card schemes）以及金融基礎設施。我們的牌照、在地團隊與營運專業能力，協助商戶在各國因應複雜性並提升表現，最終大幅提高其在與我們合作的市場中成功落地（go-to-market deployment）的機率。

Today, more than 760 leading global merchants trust dLocal. This includes four of the largest ride-hailing companies operating in emerging markets, 5 of the 10 largest e-commerce platforms, the top 5 video streaming platforms and 7 of the 10 largest remittance companies, amongst many other of the world's best businesses.

目前，超過 760 家全球領先商戶信任 dLocal。其中包括在新興市場營運的四大叫車平台、前十大電商平台中的 5 家、前五大影音串流平台，以及前十大匯款公司中的 7 家，還有許多其他世界級企業。

We are now also starting to serve some of the world's preeminent AI companies and digital asset exchanges. The trust that these merchants place in us is translating into deeper relationships over time as they add countries, payment methods and products. Consequently, our TPV retention rate of 188% this quarter demonstrates the depth of these relationships.

我們也開始為全球頂尖的 AI 公司與數位資產交易所提供服務。這些商戶對我們的信任，正隨著他們新增國家、支付方式與產品而逐步轉化為更深的合作關係。因此，我們本季 188% 的 TPV 留存率，展現了這些關係的深度。

This quarter alone, several Tier 0 merchants had significant ramp-ups in some of our largest markets such as Brazil and Argentina, demonstrating that the opportunity remains substantial even in more established markets. We also continue to see our merchants expand into new geographies at a very rapid pace.

僅本季，就有數家 Tier 0 商戶在我們最大的市場（如巴西與阿根廷）出現顯著放量（ramp-ups），顯示即使在較成熟的市場中，機會仍然可觀。我們也持續看到商戶以非常快的速度擴張至新的地理區域。

Across our portfolio, we continue to gain both share of wallet and market share across the global South. Share of wallet increased by 2-percentage-points year-over-year in the first half to the low teens, and we now estimate our share of EM digital payments to be in the low single digits. Despite our growth, the opportunity to deepen relationships across our merchant base and capture even more new merchants remains massive.

在我們的整體組合中，我們持續在全球南方（global South）同時提升錢包份額（share of wallet）與市占率。上半年錢包份額年增 2 個百分點至十幾個百分點的低段（low teens），而我們目前估計在新興市場（EM）數位支付的市占約為個位數低段（low single digits）。儘管我們成長迅速，但在既有商戶群中深化合作關係並取得更多新商戶的機會仍然非常龐大。

Asia Pacific is a clear example of this and one we're increasingly excited about. It is the largest, very fast-growing and highly fragmented region with significant untapped opportunity that we serve. It has become one of our strategic priorities as we have been expanding our presence and investments throughout that region. All of this growth that we're seeing today reflects the investments we've made in our platform over the last several quarters and years.

亞太地區就是一個明確的例子，也是我們愈來愈感到振奮的市場。這是我們所服務的最大、成長非常快速且高度分散的區域，仍有大量尚未開發的機會。隨著我們在該區域持續擴大布局與投資，亞太已成為我們的策略重點之一。我們今天所看到的成長，反映了過去數季與數年來我們對平台所做的投資。

Those investments are delivering tangible results, and they continue to strengthen the foundation for our next phase of growth. Our focus remains on three areas: First, we continue to broaden our offering and invest in performance through our optimization capabilities. In the end, the performance and breadth of our One dLocal offering is the single most important factor for our continued growth and success.

這些投資正在帶來具體成果，並持續強化我們下一階段成長的基礎。我們的重點仍聚焦三個面向：第一，我們持續擴大產品供給，並透過最佳化能力投資於效能提升。歸根結底，One dLocal 方案的效能與廣度，是我們持續成長與成功最重要的單一因素。

Second, we are embedding AI and automation across the business. This is already increasing our development capacity with meaningfully higher monthly deployments and shorter lead times. And we expect the positive impact on our cost structure from our automation efforts to become increasingly visible starting in the second half of the year, across different areas of the company.

第二，我們正將 AI 與自動化嵌入整個業務流程。這已透過顯著更高的每月部署量與更短的交付前置時間（lead times），提升了我們的開發產能。我們也預期，自動化工作對成本結構的正面影響，將自今年下半年起在公司不同領域愈發清晰可見。

And third, we're expanding the value-added services we offer merchants, creating additional opportunities and revenue streams over time. We will soon launch dMore, our merchant of record solution through which dLocal acts as the legal seller on behalf of the merchant, allowing us to offer our clients a more comprehensive go-to-market solution.

第三，我們正在擴大提供給商戶的加值服務，隨時間創造更多機會與營收來源。我們即將推出 dMore——我們的名義商戶（merchant of record）解決方案；透過該方案，dLocal 將代表商戶作為法律上的賣方，使我們能為客戶提供更完整的一站式市場進入（go-to-market）解決方案。

And our buy now, pay later offering continues to expand and improve and is now live in eight markets. We will continue to invest with discipline behind these priorities and the others we have as we continue to scale out the business.

此外，我們的先買後付（buy now, pay later）產品持續擴張與優化，目前已在八個市場上線。隨著我們持續擴大業務規模，我們將以嚴謹的紀律持續投資於這些重點以及其他優先事項。

With that, let me turn it over to Guillermo to walk you through our quarterly financial results.

接下來，讓我把時間交給 Guillermo，由他帶各位回顧我們本季的財務業績。

Thank you, Pedro. Good afternoon, everyone. Let me start by briefly summarizing the key financial highlights for this record quarter. As Pedro mentioned, we had an exceptional quarter in volume, which translated into another quarter of record gross profit. Operating profit improved 22% sequentially, and we also began to see operating leverage improvements emerge during the quarter, with operating profit as a percentage of gross profit up 6-percentage-points sequentially.

謝謝你，Pedro。各位下午好。我先簡要總結這個創紀錄季度的主要財務亮點。如 Pedro 所提，我們本季的交易量表現非常出色，進而帶動毛利再度創下單季新高。營業利益較前一季提升 22%，我們也開始看到本季營運槓桿改善的跡象，營業利益占毛利的比重較前一季提高 6 個百分點。

Net income increased 28% year-over-year and roughly 30% sequentially. And EPS also benefited from the execution of our share repurchase program. And cash generation remained strong with adjusted free cash flow conversion of 86% of net income in the first half of the year.

淨利年增 28%，且較前一季約增長 30%。每股盈餘（EPS）也受惠於我們執行庫藏股回購計畫。現金創造力仍然強勁，上半年調整後自由現金流量對淨利的轉換率為 86%。

Let me now dive into the details, beginning with volume performance. Volume reached $17.7 billion in the second quarter, up 92% year-on-year. First half growth was exceptional, broad-based across our merchants and verticals and helped by favorable FX. Ride-hailing was the largest contributor to sequential growth. One large global merchant was an important driver, but the growth wasn't concentrated just there.

接下來我將深入細節，先從交易量表現談起。第二季交易量達 177 億美元，年增 92%。上半年成長極為亮眼，涵蓋我們各類商戶與垂直領域，並受惠於有利的匯率（FX）。叫車服務是帶動季增的最大貢獻者。其中一家大型全球商戶是重要推動力，但成長並非只集中在該商戶。

Several ride-hailing and on-demand delivery merchants expanded meaningfully too. Travel remittances, e-commerce, SaaS and advertising also contributed to growth. Financial services were down modestly, mostly seasonality of some travel-related merchants in LATAM. So our business mix continues to evolve. Local-to-local flows hit 61% of TPV, up 6 percentage points from Q1.

多家叫車與即時配送商戶也有顯著擴張。旅遊匯款、電商、SaaS 與廣告亦對成長有所貢獻。金融服務小幅下滑，主要是拉丁美洲部分旅遊相關商戶的季節性因素。因此，我們的業務組合持續演變。本地對本地（local-to-local）交易流占 TPV 的比重達 61%，較第一季提高 6 個百分點。

The increase is local-to-local mix was primarily driven by the growth of ride-hailing and on-demand delivery, which are inherently local-to-local businesses. This volume growth translated into another record quarter of gross profit.

本地對本地占比的提升，主要由叫車與即時配送的成長所帶動，這兩類業務本質上就是本地對本地。這樣的交易量成長也轉化為毛利再度創下單季新高。

Gross profit reached $127 million, up 29% year-over-year and 7% sequentially. Brazil and Argentina were the primary drivers. In Brazil, gross profit reached a record $40 million, supported by the ramp-up of ride-hailing and travel merchants alongside sustained e-commerce growth. Argentina also delivered record gross profit with $20 million, driven by broad-based growth across e-commerce, ride-hailing and on-demand delivery as well as lower advancement costs.

毛利達 1.27 億美元，年增 29%，季增 7%。巴西與阿根廷是主要驅動因素。在巴西，毛利創下 4,000 萬美元的紀錄，受惠於叫車與旅遊商戶的放量成長，以及電商持續成長。阿根廷亦繳出 2,000 萬美元的創紀錄毛利，動能來自電商、叫車與即時配送的全面成長，以及墊款成本下降。

Elsewhere in Latin America, gross profit grew 6% sequentially and 32% year-over-year. Mexico kept growing volume well. Gross profit was modestly lower sequentially though, and the mix shifted to local-to-local and some large merchants ramp-ups reached their final pricing tiers. In Africa and Asia, gross profit was down sequentially. That's mainly due to a lower share of higher spread markets like Mozambique and Vietnam, where Q1 has gains that don't necessarily recur, as we flagged last quarter.

在拉丁美洲其他地區，毛利季增 6%、年增 32%。墨西哥交易量持續良好成長。不過毛利較前一季小幅下降，原因在於組合轉向本地對本地，以及部分大型商戶的放量成長已達到其最終定價級距。在非洲與亞洲，毛利較前一季下降。主要是因為莫三比克與越南等高利差市場的占比降低；這些市場在第一季有一些不一定會重複出現的收益，正如我們在上季所提示。

Turning to expenses. Total operating expenses were $63 million, up 46% year-over-year and down 4% sequentially. The year-over-year increase reflects three factors: the annualization of investments made in the second half of 2025; higher average salaries driven by the annual merit cycle and a limited number of senior strategic hires; and higher marketing spend concentrated in the first half around our World Cup campaign and large merchant events.

接著談費用。總營業費用為 6,300 萬美元，年增 46%，季減 4%。年增主要反映三項因素：2025 年下半年投資的全年化影響；因年度調薪循環及少數資深策略性招募而帶動的平均薪資上升；以及上半年集中投入於世界盃行銷活動與大型商戶活動的較高行銷支出。

Sequentially, the reduction reflects in part the absence of the $4.4 million non-recurring prior year tax item recorded in OpEx in Q1. Headcount remained broadly stable sequentially, while gross profit per employee increased. From here, we don't expect material increases in headcount this year. As a result, operating profit reached $64 million, up 15% year-over-year and 22% sequentially. Operating profit represented 50% of gross profit, an increase of 6-percentage-points from Q1. As Pedro mentioned, we have invested heavily in automation.

就季比而言，費用下降部分反映第一季營業費用中認列的 440 萬美元一次性前期年度稅務項目本季不再出現。員工人數較前一季大致持平，而每位員工創造的毛利提高。從現在起，我們預期今年員工人數不會有顯著增加。因此，營業利益達 6,400 萬美元，年增 15%，季增 22%。營業利益占毛利比重為 50%，較第一季提高 6 個百分點。如 Pedro 所提，我們在自動化方面投入甚鉅。

As those initiatives deploy and as we annualize our second half 2025 investments, we expect operating leverage to become increasingly visible during the rest of the year. Finally, below the operating line, net income reached $55 million, up 28% year-over-year. Diluted EPS was $0.18, supported by earnings growth and helped by the execution of our share repurchase program.

隨著這些計畫逐步落地，以及我們將 2025 年下半年投資全年化，我們預期在今年剩餘期間，營運槓桿將會愈來愈明顯。最後，在營業利益以下項目，淨利達 5,500 萬美元，年增 28%。稀釋後每股盈餘為 0.18 美元，受惠於獲利成長，並因執行庫藏股回購計畫而有所助益。

Under the $300 million program authorized in March up to the end of Q2, we have repurchased approximately 6.9 million Class A shares for $86 million. All of these shares have been canceled. The reported effective tax rate for the quarter was approximately 16%.

在 3 月核准的 3 億美元回購計畫下，截至第二季末，我們已以 8,600 萬美元回購約 690 萬股 A 類普通股。上述股份均已註銷。本季揭露的有效稅率約為 16%。

Excluding the non-recurring prior year tax adjustment, the normalized effective tax rate for the first half was 15%. As we have discussed, the effective tax rate can vary quarter-to-quarter based on country and business mix. Adjusted free cash flow was $69 million, up 41% year-over-year, with adjusted free cash flow conversion of 125% of net income.

若排除一次性前期年度稅務調整，上半年常態化有效稅率為 15%。如我們先前所討論，有效稅率可能因國別與業務組合而在各季之間波動。調整後自由現金流量為 6,900 萬美元，年增 41%，調整後自由現金流量對淨利的轉換率為 125%。

Cash flow from operations before working capital changes increased to $83 million, reflecting higher operating profit, but free cash flow also benefited from a partial reversal of last quarter's temporary working capital effects, which was partially offset by higher income tax paid.

在營運資金變動前的營運活動現金流量增至 8,300 萬美元，反映較高的營業利益；同時，自由現金流量亦受惠於上季暫時性營運資金影響的部分回轉，但部分被較高的所得稅支付所抵銷。

With that, I will hand it over back to Pedro.

接下來，我把時間交回給 Pedro。

Thank you, Guillermo. Following the strength we've seen in the first half, we are updating our annual guidance. Looking ahead, we continue to see strong momentum across multiple verticals and geographies. This strength is broad-based and gives us the confidence to raise our TPV growth guidance to 60% to 70% year-over-year. It's worth reinforcing why TPV remains such an important metric for us.

謝謝你，Guillermo。鑑於上半年展現的強勁表現，我們將更新全年財測指引。展望未來，我們持續看到多個垂直領域與地區的強勁動能。這股廣泛的強勢讓我們有信心將 TPV 年增指引上調至 60% 至 70%。也值得再次強調，為何 TPV 對我們而言仍是如此重要的指標。

Payments is ultimately a scale business. As our volumes grow, we gain greater leverage with downstream providers, deepen our FX liquidity and generate more data to improve performance. These dynamics reinforce one another over time and are central to the long-term value creation of our business model.

支付本質上是規模型生意。隨著交易量成長，我們能在下游供應商端取得更大的議價槓桿、深化外匯（FX）流動性，並產生更多數據以提升表現。這些動態會隨時間彼此強化，是我們商業模式長期價值創造的核心。

Following the strength in volumes and the continued ramp-up of several large merchants, we are also raising our gross profit growth guidance to 25% to 30% year-over-year. We are maintaining our operating profit growth guidance of 27.5% to 32.5% year-over-year only because, as Guillermo discussed, annual operating profit will be dragged down by the non-recurring prior year tax item and FX headwinds that we did not expect in the original forecast.

在交易量強勁以及多家大型商戶持續放量成長的帶動下，我們也將毛利年增指引上調至 25% 至 30%。我們維持營業利益年增指引 27.5% 至 32.5% 不變，僅因如 Guillermo 所述，全年營業利益將受到一次性前期年度稅務項目以及原先預測未預期到的匯率（FX）逆風所拖累。

As always, our outlook is subject to the inherent volatility of the emerging markets in which we operate. That said, we believe this guidance best reflects what we see in the business as of today. And with that, I'll hand it over to Chris to lead us through some questions on the quarterly results.

一如既往，我們的展望仍受制於我們所營運的新興市場固有的波動性。儘管如此，我們認為這份指引最能反映截至今日我們在業務上所觀察到的情況。接下來，我把時間交給 Chris，由他帶領我們進行一些關於本季業績的提問。

Hello, everyone, from a wintery but sunny day here in Montevideo, Uruguay. As we did last quarter, we want to take a few minutes here to cover the key themes that we think will be relevant to investors from this quarter. Pedro, Guillermo, thank you so much for being here with us again.

各位好，我在烏拉圭蒙得維的亞向各位問候；今天雖是冬日，但陽光明媚。如同上季，我們想用幾分鐘時間，說明我們認為本季對投資人而言最相關的幾個主題。Pedro、Guillermo，非常感謝你們再次與我們同在。

And Pedro, let me start with you. We delivered another spectacular quarter in terms of TPV growth with evident share of wallet gains across our portfolio. As we move into tougher comps going forward, what gives you confidence that we can keep delivering high growth in the medium term?

Pedro，讓我先從你開始。就 TPV 成長而言，我們又交出了一個非常亮眼的季度，並且在整體產品組合中明顯看到錢包份額（share of wallet）的提升。隨著未來將面臨更具挑戰性的比較基期，你有什麼信心讓我們在中期仍能持續交出高成長？

So big picture, the growth we're seeing is a reflection of two things the market opportunity, which is still enormous and will continue to be enormous, but also the returns on the investments we've been making to improve performance, broaden product offering and strengthening our competitive positioning.

從大方向來看，我們看到的成長反映了兩件事：市場機會仍然非常龐大，且未來也會持續龐大；同時也反映出我們為提升效能、擴大產品供給並強化競爭定位所做投資的回報。

And so those are trends that we feel comfortable, will sustain themselves in time. Looking at it a little bit shorter term, the first half of the year also benefited from a ramp-up of some large global merchant expansion deals, both into existing geographies and new markets.

因此，這些趨勢我們有信心會隨時間持續。若把時間拉近一點看，今年上半年也受惠於一些大型全球商戶擴張合作案的放量（ramp-up），包括在既有地理市場以及新市場的擴張。

So for example, the largest Tier 0 merchant that Guillermo discussed previously, that ramp-up across key markets is already completed. So the headwinds from the tiered pricing impact as they ramped up, which have been significant factors over recent quarters, becomes less pronounced going forward.

例如 Guillermo 先前提到的最大 Tier 0 商戶，其在主要市場的放量已經完成。因此，過去幾個季度中，該商戶放量期間分層定價（tiered pricing）影響所帶來的逆風（headwinds）——一直是重要因素——未來將變得不那麼明顯。

One interesting data point is if we exclude this one very large merchant relationships and a few currency volatility effects, net take rate would have been very close to flat quarter-over-quarter despite TPV growth that still would have been in excess of 65% year-on-year.

一個有趣的數據點是：如果我們排除這一個非常大型的商戶關係以及少數匯率波動的影響，儘管 TPV 年增仍會超過 65%，淨抽成率（net take rate）在季對季上其實會非常接近持平。

So even as we enter these tougher year-on-year comps from these ramp-ups that were -- already have been behind us, we really don't see any signs of the overall growth model slowing down, and we continue to expect share of wallet gains across the existing merchant base, expansion into new merchants, going into new geographies and then, as always, continue to offer more payment methods and new products.

因此，即使我們進入這些放量所帶來、且已經過去的更具挑戰性的年對年比較基期，我們確實沒有看到整體成長模型放緩的跡象；我們仍預期在既有商戶基礎上持續提升錢包份額、拓展新商戶、進入新地理市場，並且一如既往地持續提供更多支付方式與新產品。

So the investment thesis is one of a durable growth opportunity, again, supported by size of market and an overall secular trend towards digitalization of emerging market economies globally. So as we continue to execute, we feel very, very enthusiastic about the mid to long-term opportunities of this business.

因此，投資論點在於一個具韌性的成長機會，再次強調，這由市場規模以及全球新興市場經濟體朝向數位化的長期結構性趨勢所支撐。隨著我們持續落實執行，我們對這項業務的中長期機會感到非常、非常振奮。

Great. Guillermo, going over to you, turning from growth to profitability. Operating expenses declined modestly quarter-over-quarter. But I think more importantly, our full year guidance implies further and important improvements in operating leverage in the following quarters. What gives you confidence in that trajectory?

很好。Guillermo，換你這邊，從成長轉到獲利能力。營業費用（Operating expenses）季對季小幅下降。但我認為更重要的是，我們的全年指引意味著在接下來幾個季度，營運槓桿將進一步且顯著改善。你對這樣的走勢有什麼信心來源？

Well, there are a few things that are coming together to give me some confidence. The first one, I would say the big one is timing. There's a lot of investments we made in the second half of last year. They are now fully in our numbers in the first half. So I think that headwind will fade in the second half.

我覺得有幾件事情正在同時發生，讓我更有信心。第一個、也是我認為最重要的一點，是時間點。我們在去年下半年做了很多投資。這些投資在今年上半年已完整反映在數字裡。因此我認為這個逆風在下半年會逐漸消退。

We also have front-loaded marketing into the first half. So we have the World Cup campaign. We have a large merchant event and that happened in the first half of the year, and that shouldn't repeat in the second half.

我們也把行銷支出前置到上半年。例如有世界盃活動。我們也有一場大型商戶活動，這些都發生在上半年，而下半年不太會重複。

It's also worth saying that the first half carried one-off costs that we don't expect to happen in the second half. So we have higher credit loss provisions that we expected. We have higher operational losses. We have the prior year tax adjustments. So we don't expect that level of one-offs in the second half, although it must be said that those are always difficult to predict.

另外也值得一提的是，上半年包含一些一次性成本，我們預期下半年不會再發生。例如我們提列的信用損失準備高於預期。我們也有較高的營運損失。以及前一年度的稅務調整。因此我們不預期下半年會有同等程度的一次性項目，雖然必須說，這些項目一向很難精準預測。

And also finally, headcount, as you can see in the earnings script, has been broadly flat. There's a salary step-up that was really the merit cycle that we do every year and a few senior hires that we did. And now that's embedded into our base. And there's the automation program that Pedro mentioned, that we should still to roll out throughout the organization and help us see some of that leverage in the second half of the year.

最後，人力編制方面，如你在財報講稿中所見，整體大致持平。有一次薪資上調，主要是我們每年進行的績效調薪循環（merit cycle），以及少數資深人才的招募。現在這些都已經納入我們的成本基礎。此外，Pedro 提到的自動化計畫，我們仍會在整個組織中持續推進，並幫助我們在下半年看到部分槓桿效益。

One thing I would mention and that I would flag is that if you take some combinations of our guidance ranges, you can back into an OpEx cut that's bigger than what we have currently planned. So cost discipline always carries some risk. So we'd rather hold the operating profit guidance as it is and let the gross profit upside and the cost normalization play out. I think that's the way we are balancing the near term with the long-term investments that we need in this growing business.

我想補充並提醒的一點是：如果你用我們指引區間的某些組合去推算，可能會推導出一個比我們目前規劃更大的 OpEx 削減幅度。因此，成本紀律本身總是伴隨一些風險。所以我們寧可維持目前的營業利益指引，讓毛利的上行空間與成本正常化逐步展現。我認為這就是我們在短期與這個成長型業務所需的長期投資之間，所採取的平衡方式。

So following up on what Guillermo said about automation, which is what's actually happening operationally in the company. Pedro, can you give us some more color on how we're seeing our AI efforts and where we are on that trajectory?

延續 Guillermo 對自動化的說法，也就是公司在營運面實際正在發生的事情。Pedro，你能否更具體說明我們在 AI 方面的投入目前看到什麼進展，以及我們在這條路徑上的位置？

Yeah, so we're really seeing AI as a core enabler across the company as we increasingly embed it across engineering, compliance, operations, commercial, customer support. And there are tangible results already, although we expect more to come, especially in the back half of the year. So as we've said previously, over 60% of code is already AI generated. That's led to -- I think it's nearly doubling of engineering deployments year-over-year and a significant reduction of lead times in our software development cycle.

可以。我們確實把 AI 視為全公司層面的核心賦能工具，並且正逐步把它嵌入工程、合規、營運、商務與客服等領域。目前已經看到具體成果，雖然我們預期還會有更多，尤其是在今年下半年。如我們先前所說，超過 60% 的程式碼已由 AI 生成。這帶來的結果是——我認為——工程部署次數年對年幾乎翻倍，並且顯著縮短我們軟體開發週期的前置時間（lead times）。

And that's how we're supporting volume growth that is over 80% for H1, with headcount, as Guillermo just said, which is really broadly stable overall. And that bodes well for the long-term operational leverage of the business model.

這也讓我們能在上半年交易量成長超過 80% 的情況下，仍能維持人力編制——如 Guillermo 剛才所說——整體大致穩定。這對商業模式的長期營運槓桿而言，是很正面的訊號。

So when I look ahead, I see further efficiency opportunities through AI and automation and more of a medium-term look as we expand our product portfolio and cover more and more countries. We expect to be able to selectively add headcount, but primarily feet on the ground and localization, while at a centralized and overall middle and back office level, which is always relevant in a payments company, we expect to be able to really push the envelope in terms of automation and high operational leverage there.

展望未來，我看到透過 AI 與自動化仍有進一步提升效率的機會；從較中期的角度來看，隨著我們擴大產品組合並覆蓋越來越多國家。我們預期能有選擇性地增加人力，但主要會是前線人員與在地化需求；而在集中式、整體的中後台層級——這在支付公司一向很關鍵——我們預期能在自動化與高營運槓桿方面持續突破。

Great. Turning to taxes, where investors have seen some volatility in the last few quarters in terms of our effective tax rate. How should they think about the tax rate going forward?

很好。接著談稅務。投資人過去幾個季度看到我們的有效稅率（effective tax rate）有一些波動。他們應該如何看待未來的稅率走勢？

So quarter-to-quarter, the tax rate will keep moving. And it depends on the country and the business mix. So there's going to continue to be that volatility in coming quarters. Now looking ahead and based on the legislation currently enacted, we do expect some upward pressure on our ETR, particularly in jurisdictions that are implemented the OECD's Pillar two framework, which we are expected to impact us starting in 2027.

就季對季而言，稅率仍會持續變動。這取決於各國以及業務組合。因此未來幾個季度仍會持續出現波動。但往前看，基於目前已通過的法規，我們確實預期有效稅率（ETR）會面臨一些上行壓力，特別是在已導入 OECD「支柱二」（Pillar Two）架構的司法管轄區；我們預期自 2027 年起會開始對我們產生影響。

It's important to say that there is still regulatory developments under discussion across several of the countries in which we operate. So it's too early for us to quantify the ultimate impact, but we continue to evaluate these changes with our external advisers, and we will provide updates as appropriate. That said, more on this year, excluding the quarter-to-quarter volatility that I discussed and the prior year tax adjustments, our normalized effective tax rate for the first half provides a reasonable reference point for the remainder of the year.

需要強調的是，我們營運所在的多個國家仍有監管發展正在討論中。因此現在要量化最終影響仍為時過早；但我們會持續與外部顧問評估這些變化，並在適當時機提供更新。話雖如此，就今年而言，若排除我剛提到的季對季波動以及前一年度的稅務調整，我們上半年的常態化有效稅率可作為今年剩餘期間一個合理的參考點。

Great. And one last one, Pedro, before we open the line, let me just come back to you. From everything we've covered during the earnings presentation, during this conversation, for you, what are the most important takeaways that you'd like to leave our investor community with?

很好。在我們開放提問之前，最後一題，Pedro，我再回到你這邊。綜合我們在財報簡報與這段對談中所涵蓋的內容，對你而言，你希望留給投資人社群最重要的重點是什麼？

Yeah, so first of all, is the strength of the execution, right, and the kind of growth that, that's delivered, but more importantly, that it should continue to deliver. And all of this supported by the fact that our relationships with global merchants are increasingly deeper and stickier. You see that in the retention rates we mentioned during the prepared remarks. And we're seeing merchants adding countries, adding payment methods and now beginning to add products that they use from us.

是的，所以首先，是執行力的強勁，對吧，以及所實現的那種成長，但更重要的是，這種成長應該能持續交付。而這一切都受到一個事實的支持：我們與全球商戶的關係正變得越來越深、越來越黏著。你可以從我們在事先準備的發言中提到的留存率看到這一點。而且我們看到商戶在增加國家、增加支付方式，現在也開始增加他們向我們採用的產品。

And so that generates the kind of positive cycle where we can continue to invest in platform and product and innovation, and we see the returns of those investments, allowing us to capture what is a sizable market opportunity going forward.

因此，這會形成一種正向循環，使我們能持續投資於平台、產品與創新，同時也看到這些投資的回報，讓我們得以把握未來相當可觀的市場機會。

Second, and this is somewhat related to scale, somewhat related to AI and somewhat inherent to the business model, is the operating leverage long-term. You're going to see some of that in the second half as the business continues to scale and the automation initiatives that we've mentioned get deployed.

第二點，這與規模有些相關、與 AI 有些相關，也在某種程度上是商業模式內生的，就是長期的營運槓桿。隨著業務持續擴張，以及我們提到的自動化計畫逐步落地，你會在下半年看到其中一部分體現出來。

And longer term, the balancing act becomes one of making sure that we find that right equilibrium between continued deliverance of operating leverage, while at the same time, investing to keep that flywheel going. This is a highly attractive cash-generative financial model, and that gives us the ability to continue investing to carry out that flywheel, yet consistently return value to shareholders.

而從更長期來看，需要拿捏的平衡在於：確保我們在持續釋放營運槓桿的同時，也要投資以維持這個飛輪的運轉。這是一個極具吸引力、能產生現金的財務模型，這讓我們有能力持續投資以推動飛輪，同時也能一貫地為股東回饋價值。

So really, we think the company is in a really strong position right now, and we just need to continue executing on our strategic plan.

所以總的來說，我們認為公司目前處於非常強勢的位置，而我們只需要持續落實我們的策略計畫。

Great. Thank you very much, Pedro, Guille. This concludes our conversation, and we now open the line to questions.

很好。非常感謝你們，Pedro、Guille。我們的對談到此結束，接下來開放提問。

(Operator Instructions)

（接線員指示）

Tito Labarta, Goldman Sachs.

Tito Labarta，高盛。

Hi, good evening. Thank you, Pedro here for the call, taking my question.I mean, very impressive on the TPV growth. I guess, I mean, just to understand what drove such a large increase in the quarter? I know you gave some color there on some merchants and ride hailing, et cetera. But was there anything like unexpected? I mean, I don't think anybody was modeling 90% year-over-year TPV growth.

嗨，晚安。謝謝，Pedro，感謝這通電話並讓我提問。我的意思是，TPV 的成長非常令人印象深刻。我想了解一下，本季是什麼驅動了如此大幅的增長？我知道你們對一些商戶、叫車等提供了一些說明。但是否有任何像是出乎意料的因素？我的意思是，我不認為有人在模型中預期 TPV 年增 90%。

So just to understand that dynamic, and it seems like there's still room for that to continue to grow at a very healthy pace? And Pedro, you mentioned that there was that one merchant that negatively impacted the statement, but if it wasn't for that, it would have been flat. I just kind of missed, if you can just mention that again because I think on the other hand, what everybody is trying to figure out is what is the floor on the take rate? And I know there's an inverse relationship between TPV growth and take rate and there's a lot of local-to-local volume in Brazil and Mexico. But help us think about the take rate and TPV growth.

所以想更理解這個動態，而且看起來仍有空間讓它以非常健康的速度持續成長？另外，Pedro，你提到有一家商戶對該指標造成了負面影響，但如果沒有那個因素，會是持平。我有點漏聽了，能否再提一次，因為另一方面，大家都在試圖弄清楚 take rate 的底部在哪裡？我知道 TPV 成長與 take rate 之間存在反向關係，而且在巴西和墨西哥有很多本地對本地（local-to-local）的交易量。但請幫我們理解 take rate 與 TPV 成長之間的關係。

Thanks, Tito. If you look at the vertical performance quarterly, I think it paints a picture in terms of phenomenal strength around ride-hailing and travel primarily. Ride-hailing has doubled Q-on-Q. It's not even a year-on-year number. And that's just a reflection of some very rapid expansion into numerous new markets and significant share of wallet gains across a few key counterparts, very, very large global companies that have really, I think, pumped dLocal up to a whole new tier in terms of the importance and the amount of volume that they flow through us.

謝謝，Tito。如果你看各垂直領域的季度表現，我認為它描繪出一幅圖景：主要是在叫車與旅遊方面展現出非凡的強勁。叫車業務的交易量季增翻倍。這甚至不是年對年的數字。而這只是反映出在眾多新市場的非常快速擴張，以及在幾個關鍵對手方上顯著提升錢包份額（share of wallet）；這些都是非常、非常大型的全球公司，我認為它們確實把 dLocal 推升到一個全新的層級，無論是在重要性上，或是透過我們流轉的交易量規模上。

In a way, I think this is a confirmation of what we've always said that even relative share of wallet of our existing merchants allows for significant room to grow. And when we see that happen, you have this kind of acceleration in TPV.

某種程度上，我認為這也印證了我們一直以來所說的：即使僅就現有商戶的相對錢包份額而言，仍然有很大的成長空間。而當我們看到這種情況發生時，就會出現這種 TPV 加速的現象。

So it sets up tough comps for next year. But on the flip side, there are plenty, plenty of merchants and global opportunities where if we continue to execute well and deliver performance and cost, we can see this kind of massive ramp-up.

所以這會讓明年的比較基期變得很艱難。但另一方面，仍然有非常非常多的商戶與全球機會；只要我們持續把執行做好，並交付績效與成本優勢，我們就可能看到這種大幅度的快速爬升。

And then on take rate, I think -- thanks for the question. If you will, the flip side, but it's not really a flip side. That's just a consequence maybe of overfocusing on take rates. When merchants have these significant spikes in volume, they do rapidly hit new pricing tiers. That's still all incremental gross profit to us, and it's very positive, but it does drive down the headline take rate.

至於 take rate，我認為——謝謝你的問題。如果你願意，也可以說是另一面，但其實不完全是另一面。這可能只是過度聚焦 take rate 的結果。當商戶的交易量出現顯著尖峰時，他們會很快進入新的定價級距。這對我們而言仍然都是增量毛利（incremental gross profit），而且非常正面，但確實會拉低表面上的 take rate。

Were you to back out that one very large ride-hailing merchants mix gains at a lower take rate, take rate would have been relatively flat sequentially. That doesn't necessarily signal a bottom, Tito, but it does show that there is potentially increasingly an asymptotic shape to this. And more importantly, I think it confirms what we've said all along, that incremental TPV at incremental gross profit is really the financial model here and not managing to any specific take rate.

如果把那一家非常大型的叫車商戶在較低 take rate 下所帶來的組合占比提升（mix gains）剔除，take rate 其實會在環比上相對持平。這不一定代表已經觸底，Tito，但它確實顯示這可能越來越呈現一種漸近（asymptotic）的形狀。更重要的是，我認為這也再次確認了我們一直以來所說的：這個財務模型的核心是「增量 TPV 帶來增量毛利」，而不是去管理某一個特定的 take rate。

And so just to clarify then, so it was just that one ride-hailing merchant, which seems to have given you a lot of volume. Excluding that one, take rates would have been relatively flat. And then in terms of -- you mentioned your wallet share, right? But how about like with ride-hailing merchants or with maybe your top 10 merchants, what -- how does the wallet share maybe compare to that versus the average overall?

那我再確認一下，所以就是那一家叫車商戶，似乎帶給你們很多交易量。排除那一家之後，take rate 會相對持平。另外，關於——你提到錢包份額（wallet share），對吧？但像是對叫車商戶或你們前 10 大商戶而言，錢包份額相較於整體平均大概是怎樣的情況？

So yeah, this is a very large global merchant. So interestingly, even with this massive ramp-up for that merchant, it's not like we're maxing out share of wallet or that it has a significantly different share of wallet with us, but that won't always be the case. I think it's fair to say that in some cases, a very rapid ramp-up could mean that we become significant in terms of share of wallet. And remember, we measure share of wallet exclusively in markets where we operate.

是的，這是一家非常大型的全球商戶。有趣的是，即使這家商戶的交易量大幅爬升，也不代表我們已經把錢包份額做到極致，或是它在我們這裡的錢包份額就顯著不同，但這並不會永遠都是如此。我認為可以合理地說，在某些情況下，非常快速的爬升可能意味著我們在錢包份額上變得相當重要。而且請記得，我們衡量錢包份額只限於我們有營運的市場。

This ramp-up, as you've seen, is very much focused on LATAM, which means that in the future, potentially, there still could be more and more share of wallet gains from someone like this if we're able to serve them in a growing number of African, Middle Eastern or Asian markets. So we still have a very large untapped addressable market ahead of us if we continue to execute, even when you look at it on a per merchant basis.

如你所見，這次的爬升非常聚焦在拉丁美洲（LATAM），這表示未來如果我們能在越來越多的非洲、中東或亞洲市場為這類客戶提供服務，仍然可能從這樣的客戶身上取得更多、更多的錢包份額提升。因此，只要我們持續把執行做好，即使以單一商戶為單位來看，我們前方仍有非常龐大、尚未開發的可服務市場（addressable market）。

Jamie Friedman, Susquehanna International Group.

Jamie Friedman，Susquehanna International Group。

Hi. Thank you for taking the question. So in terms of the annual operating profit growth guidance, I know there were a couple of one-timers that you're calling out, foreign exchange and tax. I apologize if I missed this, but did you quantify the effect of those? And if not, could you?

嗨。謝謝讓我提問。關於全年營業利潤成長指引，我知道你們提到有幾個一次性因素，包括外匯與稅務。如果我漏聽了先說抱歉，但你們有量化這些因素的影響嗎？如果沒有，可以量化一下嗎？

I think you're referring to when I quantify how to think about tax in the remaining of the year. So there was the onetime tax impact that we booked in Q1, there was a one-off, and it's not repeatable. If you normalize for that item in Q1, the tax rate was about 15% in Q1 and Q2, so around 16%. And what I was trying to say is that if you think about the balance of the year, that normalized tax rate in the first half should be a good example of what we would expect for the remainder of the year.

我想你指的是我在量化該如何看待今年剩餘期間的稅務。我們在第一季認列了一次性的稅務影響，那是一筆一次性項目，不會重複發生。如果把第一季的那個項目正常化（normalize）後，第一季與第二季的稅率大約是 15%，也就是約 16%。而我想表達的是，如果你看今年剩餘期間，上半年這個正常化後的稅率應該可以作為我們對今年餘下期間的預期參考。

Now in terms of FX, I don't know exactly what you referred. I mean we talked about the FX headwind that we saw on volume, and that is included in some of the presentations that we shared. But obviously, it's very difficult for me how FX will impact the remainder of the year from a volume or gross profit perspective.

就外匯（FX）而言，我不太確定你具體指的是什麼。我的意思是，我們談到過我們在交易量上看到的外匯逆風，而這也包含在我們分享的一些簡報中。但顯然，從交易量或毛利的角度來看，外匯將如何影響今年剩餘時間，對我來說很難判斷。

So but the operating profit guidance of 27.5% to 32.5% growth for the year is unchanged. But -- I may be mistaken, but I thought that you had mentioned -- so we know about the tax in the Q1. And then I thought --

不過，全年營業利潤指引為成長27.5%到32.5%仍維持不變。但是——我可能記錯了，但我以為你提到過——我們知道第一季的稅務影響。然後我以為——

Jamie, let me see if we can help you walk through this. What we're saying is we are not adjusting stuff out. Operating profit is operating profit. So with the $4.4 million of prior year tax, plus the fact that if you look at currencies, they've actually become a little bit of a headwind versus where they were at the beginning of the year when we issued the guidance. Those two effects lead us to leave the guidance unchanged.

Jamie，讓我看看我們能不能幫你把這件事梳理清楚。我們的意思是，我們不會把某些項目調整剔除。營業利潤就是營業利潤。因此，包含440萬美元的前一年度稅務影響，再加上如果你看匯率，實際上相較於我們年初發布指引時的水準，匯率已經變得稍微更偏逆風。這兩個因素使我們決定維持指引不變。

If you look at the matrix slide, what we're saying is were we to adjust out the prior year tax period, it's likely we would have raised the operating income guidance as well. But we'd rather not adjust and just give you guys this kind of clarity.

如果你看那張矩陣投影片，我們的意思是：如果我們把前一年度稅務期間的影響調整剔除，我們很可能也會上調營業利益指引。但我們寧可不做調整，直接給各位這樣的清楚說明。

Yeah. No, I got it. When you say the matrix slide, you're talking about the bridge, right?

是的。不，我明白了。你說的矩陣投影片，是指那個橋接表（bridge），對吧？

The guidance update, you'll see that it indicates that.

在指引更新那頁，你會看到上面有標示。

Operating profit.

營業利潤。

We would have seen the year coming in around the upper range of the original guidance and potentially would have also raised guidance on operating profit.

我們原本會看到全年結果大約落在原始指引區間的上緣，並且可能也會上調營業利潤指引。

I got you. Okay. All right. Sorry to belabor that, but I think that, that is something investors are really focused on. And then let's see, in terms of the local-to-local, so -- sorry, I'm going to page 21. Yeah, pay-ins, payouts, local-to-local. So okay. How should we be thinking about the composition of those dimensions, both pay-in payouts and local-to-local cross-border and their impact on take rates?

了解。好。好的。抱歉一直追問，但我認為這是投資人非常關注的重點。接著，關於本地對本地（local-to-local），抱歉，我翻到第21頁。對，入金、出金、本地對本地。好。我們應該如何看待這些維度的組成——包括入金/出金，以及本地對本地/跨境——以及它們對抽成率（take rate）的影響？

Yeah. Payouts in general have a lower take rate. They're instrumental many times in generating liquidity for us and having a better margin on the pay-in business, but they are lower take rate. And then local-to-local don't have the FX component that cross-border does, and those are also lower take rate. So when we mention a very large ride-hailing merchant, ride-hailing typically has a strong mix of local settlement because they need cash in market to settle to the driver.

好的。一般來說，出金（payouts）的抽成率較低。很多時候它們對我們而言是產生流動性的重要工具，並讓我們在入金業務上有更好的利潤率，但出金本身的抽成率較低。另外，本地對本地不包含跨境那種外匯（FX）成分，因此抽成率也較低。所以當我們提到一家非常大型的叫車（ride-hailing）商戶時，叫車業務通常本地結算占比很高，因為他們需要在當地市場有現金來結算給司機。

Therefore, those are lower take rates. And so that kind of explains why in part, if you back out for that very large ramp-up in volume coming from a local-to-local ride-hailing merchant, you would have gotten flat take rate on the rest of the book.

因此，那些的抽成率會比較低。這也部分解釋了為什麼，如果你把那家非常大型、由本地對本地叫車商戶帶來的交易量快速爬升（ramp-up）剔除，其餘業務組合的抽成率其實會是持平的。

Okay. Now I got you. And just to clarify, sorry, is that sequentially? That's sequentially, not year-over-year, right?

好。我明白了。再確認一下，抱歉，這是以季比（sequential）來看嗎？是季比，不是年比（year-over-year），對吧？

These comments have all been sequential, yes.

是的，這些評論全部都是以季比來看。

Okay. All right, great.

好。好的，很好。

Thank you, guys. I'll drop back in the queue.

謝謝各位。我回到隊列後面。

Guilherme Grespan, JPMorgan.

JPMorgan 的 Guilherme Grespan。

Hi. Hello. Good evening, everyone. My question is on the outlook for the second half and going forward, Pedro. I think the message is super clear that we could see costs slowing down a little bit. But my question is how much costs are tied to the strong performance, commercial performance that you're printing, right? Because there's a positive effect here. We always want companies to cut costs, but in some way, there's a positive effect, I think, on revenues as you invest in headcount expansion.

嗨。你好。各位晚上好。Pedro，我的問題是關於下半年以及往後的展望。我覺得訊息非常清楚：我們可能會看到成本增速稍微放緩。但我的問題是，成本有多少是和你們目前展現出的強勁表現、商業表現綁在一起的，對吧？因為這裡有一個正向效果。我們總是希望公司削減成本，但某種程度上，我認為當你們擴編人力時，對營收也會有正面影響。

So in the end, I'm not 100% sure how much of your very strong TPV and revenues in some way are tied to the investments you have been making on the business. So my question is more looking forward, if there is any risk that you -- as you slow down a little bit costs and the investments, if we could see the top line that today has a very strong momentum, it also lose a little bit of momentum. How do you think about this trade-off?

所以到最後，我不是百分之百確定，你們非常強勁的TPV（總支付交易量）和營收，在多大程度上與你們一直在業務上的投資有關。因此我的問題更偏向前瞻：如果你們稍微放慢成本與投資的步伐，是否存在風險——也就是目前動能很強的營收端，可能也會失去一些動能？你們如何看待這種取捨？

Let me take a first cut at this, and Guille can complement me. There's obviously always a relationship between what you're investing and how you're growing. However, if you listen to the prepared remarks, I think we've highlighted three factors that we think drive the ability to really manage costs for the second half of the year.

我先初步回答，Guille 可以再補充。投資多少與成長多少之間，顯然一直存在關聯。不過，如果你聽了我們事先準備的發言，我想我們強調了三個因素，我們認為這些因素驅動了我們在下半年真正管理成本的能力。

One is simply that you will no longer have the prior year tax impact. Two, marketing spend because of the World Cup campaign, where we were a World Cup sponsor, was heavily tilted to the first half of the year and doesn't happen in the second half of the year.

第一，你將不再有前一年度稅務的影響。第二，由於世界盃行銷活動——我們是世界盃贊助商——行銷支出高度集中在上半年，而下半年不會發生。

And third, the operating leverage that we're expecting to see. And the first two are already confirmed. The third is the one that we need to confirm as it plays out, is driven by the deployment of a lot of the automations and AI-driven replacements of headcount that we will carry out in the second half of the year. So it doesn't necessarily have a detrimental impact to top line growth because this is where the leverage is coming from.

第三，是我們預期會看到的營運槓桿。前兩項已經確定。第三項則需要在實際發生後再確認，它是由我們在下半年將推動大量自動化，以及以AI驅動、用以替代部分人力的部署所帶動。因此，這不一定會對營收成長造成不利影響，因為槓桿正是來自於這裡。

I don't think it's that the World Cup marketing has a direct pass-through to growth. That's just long-term merchant relationship building. So I think we're fairly confident that this is a business model that can continue to deliver strong growth and operating leverage into the future.

我不認為世界盃行銷會直接、等比例地轉化為成長。那更多是長期的商戶關係建立。所以我認為我們相當有信心，這是一個能在未來持續帶來強勁成長與營運槓桿的商業模式。

That's clear. And just a follow-up, very quick one on the point. I think it was asked in the call, it's on the FX point. I was just curious, like you mentioned that FX played a little bit against the beginning of the year. But just in what portion of the business, Pedro, because I'm trying to reconcile here, the EM FX had a very strong performance, right, year-to-date. Most of the countries had a positive tailwind from FX. So just trying to understand why it was a headwind throughout the -- this first half?

很清楚。再追問一個很快的問題，關於外匯（FX）那點。我想電話會議中有人問過。我只是好奇：你提到外匯相較於年初對你們稍微不利。但Pedro，是在業務的哪一部分？因為我試著把這點對起來：新興市場（EM）匯率今年以來表現很強，對吧？大多數國家在匯率上都有正向順風。所以我想了解，為什麼在——這上半年——它會是逆風？

So I think -- go ahead.

所以我想——你先說。

So if I think about OpEx and some of the FX impacts that we mentioned in Q1 is if you think about the footprint of our resources, they are in countries whose currency has appreciated against the dollar. So we're talking countries like Brazil, for example, or Uruguay. And it's difficult to predict going forward, but that's the impact that we're seeing in the first half. That said, it's not some of the most material impact that has had in terms of OpEx growth. So as we said in the first half, the majority of the impact came from the investments that we did in the second part of last year.

如果我從營業費用（OpEx）以及我們在第一季提到的一些外匯影響來看：如果你看我們資源的人員分布，他們所在國家的貨幣相對美元是升值的。例如巴西或烏拉圭這些國家。未來很難預測，但這就是我們在上半年看到的影響。話雖如此，就營業費用增長而言，這並不是最重大的影響因素。因此，如同我們所說，上半年影響的主要部分來自於我們在去年下半年所做的投資。

Pedro Leduc, Itau BBA.

Pedro Leduc，Itau BBA。

Thank you very much. Good evening. Congrats on the quarter. And here, Pedro, I'm trying to also puzzle things together a little bit. I mean you're pacing on a much stronger TPV or pilot client traction pace, gross profit pace, choosing to reinvest a little bit, yes. But you go in 2027 with a lot more momentum, when I play here with my model, the pace that you're ending this year at for gross profit. And a little bit also tied to the second question, I'm not sure how much I carry from it also in terms of the reinvestments that you're doing? Of course, it should be more, but relatively speaking, for 2027?

非常感謝。晚安。恭喜本季表現。Pedro，在這裡我也試著把一些事情拼湊起來。我的意思是，你們在 TPV 或試點客戶拉動的節奏、毛利的節奏上都明顯更強，並選擇再投入一些資源，是的。但當我用我的模型去推算時，以你們今年結束時的毛利節奏來看，你們在 2027 年會帶著更大的動能進入。另外也跟第二個問題有點相關，我不太確定在你們正在做的再投資方面，我應該帶入多少？當然應該會更多，但相對而言，對 2027 年呢？

Okay. Thanks, Pedro. I think you're picking up on something which is important, and I don't want to get too ahead of myself in terms of giving '27, guidance. But I think the nature that this year is playing out with more expenses and OpEx in the first half of the year than the second half of the year, we've called out World Cup, we've called some of the prior year tax issues, you're going to have a very strong operating leverage exiting Q4. I don't think you guys should then project that into all of '27, linearly.

好的。謝謝你，Pedro。我想你抓到了一個很重要的點，而我也不想在提供 2027 年指引這件事上講得太超前。但我認為，今年的情況是上半年費用與營運費用（OpEx）高於下半年；我們提到過世界盃，也提到過前一年度的一些稅務問題，因此你們在 Q4 結束時會呈現非常強的營運槓桿。我不認為你們應該把這種情況線性地外推到整個 2027 年。

Because '27, should be better spread out in terms of where the spend occurs as well. And we're trying to make sure we find the right balance here between investing for the long-term and delivering operating leverage.

因為 2027 年在支出發生的時點分布上也應該會更平均。而我們正努力在長期投資與交付營運槓桿之間，找到合適的平衡。

So again, we'll address this when we issue the guidance for '27. Now it's a bit premature. But what I'm trying to say is be careful with grabbing Q4 margin structures and assuming it continues to leverage from there. That may not be the case. Full year '27, versus '26, certainly, we're committed to very consistent operating leverage, but not necessarily Q4 exit rate to '27, full year. I hope that helps.

所以，我們會在發布 2027 年指引時再來回應。現在談還有點太早。但我想說的是，要小心不要抓著 Q4 的利潤率結構，就假設之後會在此基礎上持續槓桿化改善。那未必會發生。就 2027 全年相較 2026 全年而言，我們確實承諾會有非常一致的營運槓桿，但不一定是從 Q4 的退出水準直接延伸到 2027 全年。希望這有幫助。

Yeah, and you got exactly the outcome I was getting here. So it helps me paint the picture a little bit, and we'll talk again soon. Thank you very much.

是的，而你說的正是我在這裡算出來的結果。所以這有助於我把圖像描繪得更清楚一些，我們很快再聊。非常感謝。

Matthew Coad, Truist.

Matthew Coad，Truist。

Hey guys, thanks for taking the question here. I have one more on the take rate. If I look at the monetization bridge slide that you guys provide, which is really helpful, it looks like there was like a 5 bps impact from lower FX spreads in Vietnam and overall volatility. Could you kind of unpack that a little bit more for us? Would you expect this to potentially reverse in the back half of the year or at least for this headwind to go away? And yes, it kind of like goes into if I look at the implied guide for the take rate in the back half of the year, it's 75 basis points versus 72 basis points this quarter. So I'm just trying to connect the dots because usually, the take rate is a little bit lower in 4Q?

嗨，各位，謝謝讓我提問。我還有一個關於 take rate（抽成率／變現率） 的問題。如果我看你們提供的變現橋接（monetization bridge）投影片（非常有幫助），看起來越南較低的外匯點差以及整體波動性，合計大約帶來 5 個基點（bps）的影響。你們能否再多拆解說明一下？你們是否預期這在下半年可能會反轉，或至少這個逆風會消失？另外，如果我看下半年 take rate 的隱含指引，是 75 個基點，相較本季的 72 個基點。所以我想把這些點連起來，因為通常 4Q 的 take rate 會稍微低一些？

Okay. Let me start with the easier one, which is the FX spreads Vietnam. I think what you've seen with our business consistently is that there are pockets of the emerging world, which at times show very, very large spreads on FX because of macroeconomic volatility. So for periods of time, it's been Argentina, for other periods, it's been Egypt. For others, it's been Bolivia. For others, it's been Nigeria. The beginning of this year we saw that in Vietnam. And then the spreads in that market have significantly compressed when you compare Q2 to Q1.

好的。我先從比較容易的部分開始，也就是越南的外匯點差。我想你們在我們的業務上一直看到的是，新興市場的某些區域在某些時期會因為總體經濟波動，而出現非常、非常大的外匯點差。所以在某些時期是阿根廷，在其他時期是埃及。有些時期是玻利維亞。有些時期是奈及利亞。今年年初我們在越南看到了這種情況。而當你比較 Q2 與 Q1 時，該市場的點差已顯著收斂。

So I think this is inherent in certain pockets of our footprint, smaller markets, more volatile, but that have periods of very high profitability. And this is just inherent in the business. I think the good thing is that as we deliver more and more time, kind of our thesis has been playing out that which pocket of the emerging world is high spread changes, but there always seems to be somewhere a period.

所以我認為，這是我們版圖中某些區域的固有特性：較小的市場、更高的波動性，但在某些時期會有非常高的獲利能力。而這就是業務本身的內在特徵。我認為好的一點是，隨著時間推進，我們的論點逐步被驗證：新興市場中哪個區域會出現高點差會改變，但似乎總會在某個地方出現一段期間。

Volatility, I think, is a little bit more predictable going forward. It should lessen, I think, into the back half. There's about one third to slightly less than half of that volatility that really was very much Q1 related of this year. And unless something else happens in terms of quick dislocations of currency values, I don't think you'll have this level of volatility in future quarters. A lot of this happened in Mozambique to be very specific. So yet another pocket of the emerging world.

至於波動性，我認為往後會更可預測一些。我認為進入下半年應該會降低。大約有三分之一到略少於一半的波動性，其實主要是今年 Q1 相關的。除非在匯率價值上又發生其他快速的錯位（dislocations），否則我不認為未來幾季會有這種程度的波動。更具體地說，其中很多發生在莫三比克。所以這又是新興市場的另一個區域。

And then maybe more fun of a question here. Like when you first provided your 2026 guidance, you gave a nice bridge in terms of the breakdown of incremental TPV where you broke it up into share of wallet gains in existing countries and new countries, new merchants, new products. I wanted to focus on the new merchants and the new products aspect of that guide.

接著也許是一個更有趣的問題。像你們一開始提供 2026 年指引時，給了一個很好的橋接，拆解增量 TPV 的來源，把它分成既有國家的錢包份額（share of wallet）提升與新國家，以及新商戶、新產品。我想聚焦在該指引中的新商戶與新產品這兩個面向。

Could you just give us a reminder or update us on how that's trending compared to your original expectations? And then could you also double-click on the merchant of record solution business? Kind of curious like what geos, what verticals, where do you see product market fit there? Thank you.

你們能否提醒我們或更新一下，這部分相較你們原先的預期，目前趨勢如何？另外也請你們再深入談談 merchant of record 解決方案業務。我有點好奇：在哪些地理區域、哪些垂直領域，你們看到產品市場契合（product-market fit）？謝謝。

Okay. Yeah. The answer there is no material changes. Directionally, if we were to update that data, you would see more performance from share of wallet gains of the existing book, less from new merchants and less from new products. I think the new merchants for existing merchants is almost more of a mix thing just that as we've said, there's been more than one existing merchant with very strong share of wallet gains that have exceeded initial forecasts.

好的。是的。答案是沒有重大變化。方向上，如果我們更新那份數據，你會看到更多表現來自既有客群的錢包份額提升，較少來自新商戶，也較少來自新產品。我認為，既有商戶中的「新商戶」這塊幾乎更像是組合（mix）因素；正如我們所說，有不只一個既有商戶的錢包份額提升非常強，超過了最初的預測。

On the new product issue, I think it's fair to say they're slightly behind where we'd like them to be right now, and there's work to be done there. Merchant of record, again, I think it's an attempt at having a broader portfolio of products to see which ones stick, which ones have a faster ramp-up. Merchant of record, I think if I were to give a proxy from a competitor, it's -- it does some of the things Stripe Atlas does and then more. It essentially places more of the burden of setting up a local entity, filing taxes, collecting taxes on us and less on the merchant.

在新產品方面，我認為可以公平地說，目前略落後於我們希望達到的進度，這部分還有工作要做。至於 merchant of record，我們再次強調，這是嘗試建立更廣的產品組合，看看哪些產品能站穩、哪些能更快爬坡。如果要用競品作為類比，merchant of record——它做了 Stripe Atlas 的部分事情，並且更多。它本質上是把設立本地法人、申報稅務、代收稅款等更多負擔放到我們身上，而不是放在商戶身上。

So it's a product that allows merchants to accelerate their go-to-market into a new country even faster because not only do they not have to deal with payments under dMore, they don't have to deal with many other statutory issues and tax issues. So we're just trying to do more and more of the heavy lifting when it comes to opening operations into a new emerging market. And obviously, those products allow us to capture a higher take rate.

因此，這是一個能讓商戶更快加速進入新國家的 go-to-market 的產品，因為他們不僅不必在 dMore 之下處理支付，他們也不必處理許多其他法定事項與稅務事項。所以我們只是希望在進入新的新興市場開展營運時，承擔越來越多的繁重工作。而且很明顯，這些產品也讓我們能夠取得更高的 take rate（抽成率／變現率）。

That's super clear. Thank you.

這非常清楚。謝謝。

Camila Azevedo, UBS.

Camila Azevedo，瑞銀（UBS）。

Hi everyone, thank you for the space and congrats on the results. I have one question in terms of the regional and vertical analysis when we talk about Brazil, Argentina overall. So while we saw strong TPV and gross profit in Brazil and Argentina, we saw a sequential decrease in gross profit in Mexico. So could you please provide more detail on the cost pressures and also volume price tiers affecting the Mexico market, please? Thank you.

各位好，謝謝讓我發言，也恭喜本季業績。我有一個問題，關於我們談到巴西、阿根廷整體時的區域與垂直產業分析。我們看到巴西與阿根廷的TPV與毛利都很強，但墨西哥的毛利卻出現環比下降。能否請您更詳細說明墨西哥市場的成本壓力，以及交易量分級定價（volume price tiers）對其造成的影響？謝謝。

Great. So Mexico, I think it's worth covering. So thank you for the question. Mexico obviously continues to have very strong TPV growth. It actually had very strong revenue growth of 64% year-on-year. So I'd say top line is very strong, and then disappointing gross profit line, if you will. But the reason I'm calling out the revenue is that what that points to is that, that's primarily a cost issue.

很好。那我想墨西哥值得說明一下。謝謝你的提問。墨西哥顯然仍然維持非常強勁的TPV成長。其實營收年增也非常強，達到64%。所以我會說營收端非常強，但毛利線表現就比較令人失望。不過我特別提到營收，是因為這顯示主要是成本問題。

So what's happening in Mexico is the decline in our pricing power which is not that marked, that's why revenues continue to grow 64%, have been significantly offset by not being able to push down our cost structure. Our cost structure in Mexico is actually as a percentage of TPV slightly up.

墨西哥目前發生的情況是，我們的定價能力下降（但幅度其實不大，這也是為什麼營收仍能年增64%），但這被我們無法壓低成本結構所大幅抵消。我們在墨西哥的成本結構占TPV的比例其實略有上升。

So what we need to do a better job at, and I think scale and just further negotiation with processing partners should allow us to get there, is to manage the Mexican cost basis, primarily that of processing payments better, and that should begin to align gross profit growth closer to revenue growth, which continues to be very strong. So there's work to be done in Mexico, but it's more cost management, which I feel relatively confident we will deliver on. Did you ask about another region, Camila? Sorry, I was focusing on Mexico.

因此我們需要做得更好的一點——我認為規模擴大以及與處理合作夥伴進一步談判，應該能讓我們達成——就是更好地管理墨西哥的成本基礎，主要是支付處理成本；這應該會讓毛利成長更接近營收成長，而營收成長仍然非常強勁。所以墨西哥還有工作要做，但更多是成本管理；我對我們能做到這點相對有信心。Camila，你還有問到其他地區嗎？抱歉，我剛剛一直聚焦在墨西哥。

Neha Agarwala, HSBC.

Neha Agarwala，滙豐（HSBC）。

Hi, thank you for taking my question and apologies if I'm making you repeat any of the answers. I just wanted to get a bit more color. You mentioned that you are gaining more share with your existing merchants that is where -- that is what is driving the strong TPV momentum that we are seeing. What is allowing you to gain this share? Is it the conversion rates that you're providing which is better or just the breadth of the platform?

你好，謝謝讓我提問；如果我讓你重複了任何答案也先致歉。我想再多了解一些細節。你提到你們在既有商戶中取得更多份額——這也是我們看到TPV動能強勁的原因。是什麼讓你們能取得這些份額？是你們提供更好的轉換率，還是平台覆蓋的廣度？

And I know there's not one silver bullet, but a mix of things. But if you can put in hierarchies as to what are the key things that is allowing you to win more business with your merchants? And would that also translate into more accelerated take rate pressure as margins quickly hit the tiered pricing as we saw that impact to take it in this quarter as well? So should we see a more accelerated compression in that take rate in the near term as you grow more with existing merchants?

我知道不會只有單一關鍵因素，而是多種因素的組合。但如果你能按重要性排序，哪些是讓你們在商戶端贏得更多業務的關鍵因素？另外，當利潤率很快進入分級定價區間、如同我們本季也看到對take rate的影響時，這是否也會轉化為更快的take rate壓力？也就是說，當你們在既有商戶的成長更快時，短期內take rate是否會出現更快的壓縮？

Thanks. I think you've hit on some of the key drivers of a merchant decision on how to give us more markets, more volume, more products. It's a combination of conversion rate, price and obviously also service model and quality of service. I wish there were one answer for every single merchant.

謝謝。我想你提到了一些商戶在決定要給我們更多市場、更多交易量、更多產品時的關鍵驅動因素。這是轉換率、價格，當然還有服務模式與服務品質的綜合。我希望每一位商戶都能用同一個答案概括，但事實並非如此。

I think different merchants and different verticals will focus more on different things. Very low-margin businesses may be more price sensitive, higher-margin business will be more conversion rate or service model sensitive. But those are usually, I think, the three factors that drive decision. And given the strength and sustained strength of our TPV growth, I think it's fair to say that we're definitely doing a good job on delivering value on conversion, service model and price.

我認為不同商戶與不同垂直產業會更重視不同面向。毛利很低的業務可能對價格更敏感；毛利較高的業務則可能更在意轉換率或服務模式。但我認為通常就是這三個因素驅動決策。而從我們TPV成長的強度與持續性來看，我認為可以說我們在轉換、服務模式與價格上確實都做得不錯，能提供價值。

If you want a more specific readout on the current quarter results, I think it would be fair to say that this very rapid ramp-up of one global merchant is a good example of when -- because we have a multi-market relationship with them, we're able to ramp them up very quickly at a lower take rate, but it's still significantly accretive to gross profit.

如果你想更具體解讀本季結果，我認為可以說：某一位全球性商戶在本季非常快速的放量（ramp-up）就是一個很好的例子——因為我們與他們是多市場合作關係，所以我們能以較低的take rate非常快速地把量拉起來，但對毛利仍然是顯著增益（accretive）。

And then there are other secondary benefits that come from this, right? As our TPV grows across the market, it allows us hasn't happened in Mexico, it's definitely happening everywhere else, to lower our cost of processing, which then improves our net take rate across the rest of the book. Just because pricing is flat, cost is coming down.

此外，這也會帶來其他次要效益，對吧？當我們在市場上的TPV成長時——墨西哥還沒發生，但其他地方確實正在發生——我們就能降低處理成本，進而提升我們在其餘業務組合上的淨take rate。原因很簡單：定價持平，但成本在下降。

But on this specific win, I think it is a combination of them realizing that a rapid ramp-up gets them to lower price tiers and that we've reached a level of operational excellence that they can trust us with this level of share of wallet.

但就這筆特定的贏單而言，我認為是因為他們意識到快速放量能讓他們進入更低的價格分級，同時我們也達到了他們可以信任的營運卓越水準，願意把這麼高的錢包份額（share of wallet）交給我們。

Going forward, I think this is -- I'm going to be careful here. But given what we're seeing today, I think our expectation is not of accelerating take rate decline into the end of the year. That's as far forward as I'll give you an indication of what we're seeing today.

展望未來，我想——我會在這裡謹慎一點。但就我們目前看到的情況，我認為我們的預期並不是到年底take rate下滑會加速。我就只能就目前所見，給到這麼前瞻的指引。

Got it, Pedro. If I can just clarify there, would it be fair to assume that part of the take rate decline that we saw sequentially in this particular quarter could be maybe reversed in third quarter because it was driven by mix shift, which you can't control, which might change again next quarter and also FX-related volatility? So could we see part of the net take rate pressure ease in third quarter?

了解，Pedro。我想再釐清一下：是否可以合理假設，我們本季看到的take rate環比下降，有一部分可能在第三季回升，因為它是由你們無法控制的組合變動（mix shift）所驅動，而下季可能又會改變；另外也有匯率（FX）相關的波動？所以第三季是否可能看到部分淨take rate壓力緩解？

I think implied in our revised guidance is not a reversal of take rate. It is a deceleration in the rate at which take rate declines. We've raised TPV guidance, which means, I think the way we're managing the model is to even stronger market share gains and TPV acceleration, all in accretive gross profit deals, which means we've also raised the gross profit range, but not necessarily because take rates are going up, but rather on the strength of TPV growth.

我認為我們上修後的指引所隱含的並不是take rate反轉。而是take rate下滑的速度放緩。我們上調了TPV指引，這表示——我想我們管理模型的方式是——透過更強的市占提升與TPV加速，而且都是對毛利有增益的交易，因此我們也上調了毛利區間；但不一定是因為take rate上升，而是因為TPV成長的強勁。

Thank you so much.

非常感謝。

Thank you. And that does conclude today's conference call. Thank you all for joining. You may now disconnect.

謝謝。今天的電話會議到此結束。感謝各位參與。您現在可以掛線。