
	Note	December 31, 2024			December 31, 2023			December 31, 2022
Profit for the year (i)			120,469			149,086			108,697
Income tax expense	12		30,550			29,428			11,586
Inflation adjustment	11		6,655			12,537			1,037
Finance income	11		(66,875	)		(128,228	)		(18,078	)
Finance costs	11		49,701			116,834			24,668
Other operating loss			5,257			—			697
Impairment (gain) / loss on financial assets (ii)	16, 17		440			(3,136	)		5,534
Depreciation and amortization	10		17,177			12,225			8,147
Secondary offering expenses (iii)			—			—			89
Other non-recurring costs (iv)			1,571			1,663			2,014
Share-based payment non-cash charges, net of forfeitures	13		23,780			11,922			8,684
Adjusted EBITDA			188,725			202,331			153,075

Revenues	6		745,974			650,351			418,925
Adjusted EBITDA			188,725			202,331			153,075
Adjusted EBITDA Margin			25.3	%		31.1	%		36.5	%
Profit Margin			16.1	%		22.9	%		25.9	%

(i)

Includes a net gain related to the effective portion of the change in the spot rate of the hedged foreign currency risk. For further information refer to Note 22 Derivative financial instruments.

(ii)

Related to USD 3.4 million in 2023 corresponds to a recovery on deposits in FTX Trading Ltd. as compared to a provision of USD5.6 million in 2022 for expected loss of amounts on deposit in FTX Trading Ltd.

(iii)

Corresponds to expenses incurred by dLocal in relation to a secondary offering of its shares occurred in 2021.

(iv)

Other non-recurring costs consist of costs not directly associated with our core business activities, including costs associated with addressing the allegations made by a short-seller report and certain class action and other legal and regulatory expenses (which include fees from counsel, global expert services and a forensic accounting advisory firm) in 2023 and 2024.