dLocal Limited reported second-quarter revenue of US$256.5 million, outpacing the US$229.7 million average analyst estimate and rising 49% from a year earlier. Gross profit climbed to US$98.9 million, translating into a 39% margin, while adjusted EBITDA reached US$70.1 million, for a 27% margin. Diluted earnings per share were US$0.14, a cent ahead of consensus. Total payment volume expanded 53% year-on-year to a record US$9.2 billion, reflecting continued demand for the Uruguay-based cross-border payments platform across emerging markets. Sequentially, TPV increased 14% from the first quarter. On the back of the stronger-than-expected quarter, dLocal raised its full-year 2025 guidance. The company now projects revenue of US$969.7 million to US$1.04 billion, implying growth of 30%–40% versus 2024. Management also forecast TPV growth of 40%–50%, gross-profit expansion of 27.5%–37.5% and adjusted EBITDA growth of 40%–50% for the year.