dLocal continues to demonstrate exceptional operational scale as the leading cross-border payment infrastructure platform for emerging markets. Despite near-term margin compression driven by a shift in transaction mix toward lower-margin payment methods and elevated infrastructure investments, the company's long-term growth engine remains highly intact. With six consecutive quarters of >50% YoY TPV growth and a massive untapped addressable market across Latin America, Africa, and Asia, dLocal is uniquely positioned to capture secular e-commerce tailwinds. The current valuation sits at a highly attractive entry point for long-term investors, offering robust free cash flow generation and a strong balance sheet with virtually no debt.