Q2 2026 Dlocal Ltd. Earnings Call Transcript
Key Points
- TPV reached $17.7 billion, up 92% year-over-year, the highest growth rate since Q1 2022, with processed volume exceeding all of 2023.
- Net revenue retention hit 153%, marking the fifth consecutive quarter above 140%, indicating deepening merchant relationships.
- Gross profit reached a record $127 million, up 29% year-over-year, with an annualized run rate exceeding $500 million.
- Operating leverage improved, with operating profit as a percentage of gross profit up 6 percentage points sequentially to 50%, and further improvements expected in H2.
- Raised full-year guidance for TPV growth to 60-70% and gross profit growth to 25-30%, reflecting strong momentum and broad-based growth across verticals and geographies.
- Net take rate declined due to a large ride-hailing merchant ramping up and hitting lower pricing tiers, though excluding this, take rate would have been flat sequentially.
- Gross profit in Africa and Asia declined sequentially due to lower spreads in markets like Mozambique and Vietnam, which are not expected to recur.
- Operating expenses increased 46% year-over-year due to annualized investments, higher salaries, and front-loaded marketing, though they declined sequentially.
- Operating profit guidance was maintained at 27.5-32.5% growth, dragged down by a $4.4 million non-recurring prior-year tax item and FX headwinds.
- Effective tax rate is expected to face upward pressure from OECD Pillar Two framework implementation starting in 2027, with potential impact not yet quantified.
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.
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. On the call today you have Pedro Arndt, Chief Executive Officer, Guillermo Lopez Perez, Chief Financial Officer, Christopher Strohmeyer, SVP of Corporate Development, and Mirele Aragao, Head of Investor Relations.
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.
Before proceeding. Let me mention that any
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
