Earnings Presentation 2Q25 Earnings Presentation Q1'25 ➔ 1 Forward-looking statements 2Q25 Earnings Presentation ➔ 4 This presentation may contain forward-looking statements. These forward-looking statements convey dLocal's current expectations or forecasts of future events, including guidance in respect of total payment volume, revenue, gross profit and Adjusted EBITDA. Forward-looking statements regarding dLocal and amounts stated as guidance involve known and unknown risks, uncertainties and other factor ...

Core Viewpoint - dLocal Limited has appointed Guillermo López Pérez as the new Chief Financial Officer, enhancing its leadership team and supporting its growth strategy in the cross-border payments sector [1][2][4]. Group 1: Appointment Details - Guillermo López Pérez will join dLocal in the coming months and will report directly to CEO Pedro Arnt [1]. - The appointment is seen as a strategic move to strengthen dLocal's leadership, with Guillermo bringing over 25 years of experience in finance and payments from companies like Visa and American Express [2][4]. Group 2: Guillermo's Background - Guillermo has previously served as CFO at Featurespace, focusing on fraud prevention, and held leadership roles at Tink and Visa's Continental Europe business [2]. - His extensive experience includes a 13-year tenure at American Express, where he held various leadership positions [2]. Group 3: Company Strategy and Vision - Guillermo expressed enthusiasm about contributing to dLocal's growth in emerging markets and strengthening its position in the cross-border payments sector [3]. - The company aims to drive growth, enhance operational excellence, and deliver long-term value to stakeholders [3][4]. Group 4: Company Overview - dLocal operates a technology-first payments platform that connects global enterprise merchants with consumers in over 40 emerging market countries across Africa, Asia, and Latin America [5]. - The "One dLocal" platform allows global companies to manage payments, pay-outs, and fund settlements efficiently without needing multiple local entities or payment processors [5].

Core Insights - dLocal achieved a record Total Payment Volume (TPV) of US$9.2 billion in Q2 2025, marking a 53% year-over-year increase and a 14% increase from Q1 2025 [7][11] - The company reported strong financial performance with significant growth in revenue, gross profit, and adjusted EBITDA, reflecting a healthy business model [5][10] - dLocal's management has updated its full-year 2025 guidance, indicating optimism based on strong performance in the first half of the year [2][6] Financial Performance - Revenue for Q2 2025 reached US$256.5 million, up 50% year-over-year from US$171.3 million in Q2 2024 [10][11] - Gross profit was US$98.9 million, representing a 42% increase compared to US$69.8 million in Q2 2024 [10][11] - Adjusted EBITDA for the quarter was US$70.1 million, a 64% increase from US$42.7 million in Q2 2024, with an adjusted EBITDA margin of 27% [10][11] Cash Flow and Liquidity - dLocal generated US$48 million in free cash flow for Q2 2025, a 156% increase year-over-year [10][11] - As of June 30, 2025, the company had US$476.9 million in cash and cash equivalents, including US$253.8 million in corporate cash [10][11] Market and Operational Highlights - The company experienced solid results in Brazil and Mexico, with the fastest growth occurring in other geographies, leading to increased diversification [1][7] - dLocal's operational leverage improved, with adjusted EBITDA over gross profit increasing to 71% for Q2 2025, marking the fifth consecutive quarter of improvement [1][10] Governance and Strategic Initiatives - dLocal is transitioning to a majority independent Board of Directors and has initiated the search for additional independent directors [8] - The company plans to cancel treasury shares, highlighting its commitment to returning excess capital to shareholders [8]

Second Quarter 2025 Earnings Supplement August 13, 2025 1 Important Disclosure 2 • This presentation is intended to provide general information only and is not, and should not be considered, as an offer to purchase or sell the Company's securities, or a proposal to receive such offers. In addition, this presentation is not an offer to the public of the Company's securities. By attending or viewing this presentation, each attendee ("Attendee") agrees that he or she (i) has read this disclaimer, (ii) is bound ...

Core Insights - Nayax Ltd. reported a revenue of $95.6 million for Q2 2025, reflecting a 22.4% increase from $78.1 million in Q2 2024, driven by both new and existing customer expansion [5][9] - The company achieved a recurring revenue growth of 32%, totaling $70.7 million, which constituted 74% of total revenue [9][12] - Gross margin improved to 48.3%, up from 44.3% in the previous year, attributed to enhanced operational efficiencies and renegotiated contracts [9][10] Financial Performance - Total transaction value increased by 34.3% to nearly $1.6 billion, with the number of processed transactions rising 24.5% to 726 million [7][10] - Adjusted EBITDA for the quarter was $12.6 million, representing a margin of 13% of total revenue, compared to $8.1 million and 10% in the prior year [9][12] - Net income for Q2 2025 was $11.7 million, a significant improvement from a net loss of $3.0 million in the prior year [9][10] Operational Metrics - The customer base grew by 23.5%, adding nearly 5,000 new customers, bringing the total to approximately 105,000 [17] - The dollar-based net retention rate remained high at 123%, indicating strong customer satisfaction [17] - The company managed approximately 1.38 million connected devices, an increase of 16.1% from the previous year [10][17] Strategic Initiatives - Nayax announced a strategic partnership with Autel Energy to integrate its payment technology into 100,000 EV chargers across North America and Europe by the end of 2026 [17] - The company completed the acquisition of Nayax Capital, enhancing its embedded finance solutions [17] - Nayax also acquired Inepro Pay, expanding its reach in the Benelux region and improving operational efficiency [17] Future Outlook - For the full year 2025, Nayax reaffirmed its revenue growth guidance of 30% to 35%, projecting revenue between $410 million and $425 million [12][13] - The company expects at least 50% free cash flow conversion from Adjusted EBITDA for the full year 2025 [13] - Management targets an annual revenue growth of approximately 35% by 2028, with a gross margin of 50% and an adjusted EBITDA margin of 30% [14]

In a world where cyber threats are evolving at lightning speed, Visa Inc. (V) isn't just keeping up — it is leading the charge. By protecting millions of transactions every day and breaking down complex fraud networks, this payments powerhouse has turned cybersecurity into a key competitive edge. A great example of innovation is the Visa Cybersecurity Advisory Practice, which kicked off in August 2025. This initiative is designed to help organizations, no matter their size, bolster their defenses through as ...

Group 1 - The core viewpoint is that cash usage is declining while cross-border commerce is increasing, leading to digital wallets becoming the primary method for billions of consumers to manage their finances [1] Group 2 - The focus of PropNotes is on identifying high-yield investment opportunities for individual investors, simplifying complex concepts, and providing actionable insights for better returns [2] - The analysis produced by PropNotes aims to assist investors in making informed market decisions, supported by expert research [2]

Core Insights - American Express Co (AXP) faces challenges in maintaining engagement with loyal cardholders while attracting tech-savvy customers in a digital-first fintech landscape [1] Group 1: Company Performance - AXP has shown resilience, with network volume reaching approximately $1.7 billion, reflecting a 5% year-over-year increase in 2024 and a further 6% increase in the first half of 2025 [2][8] - The company is enhancing customer engagement through digital transformation initiatives, including AI-powered fraud detection and faster onboarding processes [3][8] Group 2: Competitive Landscape - Competitors like Mastercard and Visa are also adapting; Mastercard's purchase transactions rose 9.6% year-over-year in the first half of 2025, while Visa's payments volume increased by 8% year-over-year in Q3 of fiscal 2025 [5][6] - AXP differentiates itself by offering premium perks and fostering strong customer relationships, which may help it maintain loyalty amidst evolving fintech competition [4] Group 3: Valuation and Estimates - AXP's shares have decreased by 0.2% year-to-date, contrasting with the industry's growth of 2.6% [7] - The forward price-to-earnings ratio for AXP is 17.88X, lower than the industry average of 20.65, with a Value Score of B [9] - The Zacks Consensus Estimate for AXP's 2025 earnings is projected at $15.25 per share, indicating a 14.2% increase from the previous year [10]

Core Insights - Visa Inc. is at the forefront of cybersecurity in the payments industry, transforming it into a competitive advantage by protecting millions of transactions daily and dismantling complex fraud networks [1] Group 1: Cybersecurity Initiatives - The Visa Cybersecurity Advisory Practice, launched in August 2025, aims to enhance organizational defenses through assessments, protection against enumeration attacks, and tailored staff training, supported by Visa Consulting & Analytics [2] - Visa has invested approximately $12 billion in technology and infrastructure over the past five years, employing advanced tools and expertise to combat fraud, resulting in the prevention of 80 million fraudulent transactions and blocking $40 billion in fraudulent payment attempts last year [3][9] Group 2: Technological Advancements - Visa Protect for Account-to-Account (A2A) payments utilizes advanced AI technology to assess numerous risk factors in milliseconds, enabling banks to prevent fraud proactively [4] - The Visa Account Attack Intelligence (VAAI) offering has been enhanced with the VAAI Score, a new tool that uses generative AI to identify and evaluate enumeration attacks in real time [3][9] Group 3: Competitive Landscape - Competitors such as Mastercard and PayPal are also investing heavily in cybersecurity, with Mastercard investing over $10.7 billion since 2018 and PayPal enhancing its AI-powered risk engine to evaluate transactions for unusual patterns [5][6][7] Group 4: Financial Performance - Visa's stock has increased by 6.3% year-to-date, outperforming the industry average rise of 0.5% [8] - The forward price-to-earnings ratio for Visa is 26.56, which is above the industry average of 21.25, indicating a higher valuation [11] - The Zacks Consensus Estimate for Visa's fiscal 2025 earnings suggests a 13.9% increase compared to the previous year [13]

Summary of Shift4's Earnings Call Company Overview - **Company**: Shift4 Payments, Inc. - **Recent Acquisition**: Global Blue, closed in early July 2023 Key Themes and Insights 1. **Investor Focus**: Investors are particularly interested in payment volumes and the profile of Shift4's average customer compared to previous years. The success of various initiatives and the impact of the Global Blue acquisition on financials are also key discussion points [5][6] 2. **Business Segments**: Shift4 has a unique position in both enterprise and small-to-medium business (SMB) markets, which contributes to different growth rates in payment volumes and revenue [5][6] 3. **International Expansion**: The company has been focusing on international growth for several years, with significant execution progress noted. The contribution from different countries is a major theme in investor discussions [6] 4. **CFO Transition**: The transition from Nancy to Chris Cruz as CFO was discussed, emphasizing continuity and the importance of Chris's long-standing relationship with the company. Nancy will remain involved as a board member [11][12][15] 5. **Guidance Philosophy**: The company will maintain its guidance philosophy despite the CFO transition, with ongoing refinements as the business evolves [16][17] Financial Projections 1. **Growth Scenarios**: Shift4 outlined three growth scenarios: - **Sit on Hands**: High teens CAGR if no new initiatives are pursued. - **Global Blue Impact**: Mid-twenties CAGR by incorporating Global Blue's forecasts. - **Active Growth**: 30% CAGR by reinvesting capital and pursuing new opportunities [18][22][23] 2. **Capital Deployment**: The company plans to deploy approximately $200 million annually for M&A opportunities, with a disciplined approach to acquisitions [26][28] Global Blue Integration 1. **Performance**: Global Blue is performing well as an independent business, with strong client acquisition in its VAT refund and currency conversion services. The company anticipates meaningful synergies within a year [30][31] 2. **Leadership**: Jacques Stern, CEO of Global Blue, has been appointed head of Shift4 International, bringing valuable international experience to the organization [36] 3. **Digitization Opportunities**: Shift4 aims to enhance the digitization of Global Blue's processes, making refunds easier and more accessible for consumers [51][54] Currency Impact 1. **Currency Fluctuations**: The impact of currency strength on Global Blue's tax refund business is complex, with both positive and negative effects noted. The diversified nature of Global Blue's business helps mitigate risks associated with currency fluctuations [56][58] Strategic Priorities 1. **Market Leadership**: Shift4 aims to maintain its leadership in key verticals such as hotels, restaurants, and sports entertainment while expanding internationally [63][64] 2. **Differentiation**: The company emphasizes the importance of having a unique value proposition rather than expanding for the sake of growth [65] 3. **Capital Allocation**: Prudent capital allocation is crucial for sustaining growth and achieving returns for investors [66] Competitive Landscape 1. **Stadium and Ticketing Opportunities**: Shift4 is well-positioned in the stadium market, providing comprehensive solutions that enhance the fan experience. The integration of ticketing technology is also a focus area, expanding revenue opportunities [67][72] Leadership Involvement 1. **Jared's Role**: Jared's involvement has shifted to focus on high-level strategic priorities, including capital allocation and international expansion, while maintaining regular communication with the management team [75][78] This summary encapsulates the key points discussed during the earnings call, highlighting Shift4's strategic direction, financial outlook, and integration efforts following the Global Blue acquisition.