4Q25: Ending the year with strong growth momentum, with broad-based acceleration across key metrics.
TPV at an all-time quarterly high of US$13.1 billion, growing 70% year-over-year, the fifth straight quarter above 50% year-over-year.
Revenue up +65% year-over-year reaching US$338 million for the quarter.
Gross profit reached US$116 million, up +38% year-over-year.
Adjusted EBITDA up +38% year-over-year, representing 68% of gross profit, underscoring best-in-class operating leverage and disciplined cost management.
Net income growth at +87% year-over-year.
Solid free cash generation, with adjusted free cash flow to net income ratio at 117%.
2025: Demonstrated the scale of the emerging markets opportunity: record TPV of US$41 billion, up 60% year-over-year with revenue crossing the $1 billion milestone for the first time.
Gross profit reached US$403 million, +37% year-over-year.
Adjusted EBITDA up 47% year-over-year, with significant margin improvement (+5 p.p. in Adjusted EBITDA / Gross Profit) despite being in an investment year.
Net income up 63% year-over-year to US$197 million.
Strong cash generation: adjusted free cash flow reached $191 million, up 110% year-over-year, with a 97% conversion ratio. Expected dividend payment of US$57 million.
MONTEVIDEO, Uruguay, March 18, 2026 (GLOBE NEWSWIRE) -- DLocal Limited ("dLocal", "we", "us", and "our") (NASDAQ:DLO), a technology-first payments platform, today announced its financial results for the fourth quarter ended December 31, 2025.
dLocal's management team will host a conference call and audio webcast on March 18, 2026 at 5:00 p.m. Eastern Time. Please click here to pre-register for the conference call and obtain your dial in number and passcode.
The live conference call can be accessed via audio webcast at the investor relations section of dLocal's website, at https://investor.dlocal.com/. An archive of the webcast will be available for a year following the conclusion of the conference call. The investor presentation will also be filed on EDGAR at www.sec.gov.
"2025 was a year of exceptional execution, one that proved the strength of our business as we continue to build a world-leading financial infrastructure platform for emerging markets. Our flywheel is accelerating: high growth in a massive and expanding TAM, strong customer loyalty and retention, a growing capacity to innovate, and an asset-light, high-cash-conversion financial model," said Pedro Arnt, CEO of dLocal.
Fourth quarter 2025 financial highlights
dLocal reports in US dollars and in accordance with IFRS as issued by the IASB
-- Total Payment Volume ("TPV") reached a record US$13.1 billion in the
fourth quarter, up 70% year-over-year compared to US$7.7 billion in the
fourth quarter of 2024 and up 26% compared to US$10.4 billion in the
third quarter of 2025. In constant currency, TPV growth for the period
would have been 64% year-over-year.
-- Revenues amounted to US$337.9 million, up 65% year-over-year compared to
US$204.5 million in the fourth quarter of 2024 and up 20% compared to
US$282.5 million in the third quarter of 2025. In constant currency,
revenue growth for the period would have been 69% year-over-year.
-- Gross profit was US$115.8 million in the fourth quarter of 2025, up 38%
compared to US$83.7 million in the fourth quarter of 2024 and up 12%
compared to US$103.2 million in the third quarter of 2025. The
quarter-over-quarter comparison is explained by the (i) strong seasonal
e-commerce growth in Brazil, supported by solid trends across streaming,
advertising, financial services and remittances; (ii) partial recovery in
Egypt, reflecting the return of a large merchant and ramp-up of new
e-commerce, streaming, and ride-hailing merchants; (iii) strong volume
growth in Mexico across e-commerce, on-demand delivery and ride-hailing;
and (iv) broad-based growth in Other Africa & Asia, with notable South
Africa contribution. These results were partially offset by Argentina,
given higher costs amid election-related FX and rate volatility. In
constant currency, gross profit growth for the period would have been 34%
year-over-year.
-- As a result, gross profit margin was 34% in this quarter, compared to 41%
in the fourth quarter of 2024 and 37% in the third quarter of 2025.
-- Gross profit over TPV was at 0.88%, decreasing from 1.09% in the fourth
quarter of 2024 and 0.99% compared to the third quarter of 2025,
reflecting our the strong TPV momentum and the natural margin pressure
dynamic of scaling volume with established merchants and into new payment
methods, products and countries.
-- Operating profit was US$62.7 million, up 48% compared to US$42.3 million
in the fourth quarter of 2024 and up 13% compared to US$55.6 million in
the third quarter of 2025. Operating expenses grew by 28% year-over-year,
as we continue to invest in our capabilities. On the sequential
comparison, operating expenses increased by 12% quarter-over-quarter,
driven primarily by headcount growth and the merit salary cycle.
-- As a result, Adjusted EBITDA was US$78.4 million, up 38% compared to
US$56.9 million in the fourth quarter of 2024 and up 9% compared to
US$71.7 million in the third quarter of 2025.
-- Adjusted EBITDA margin was 23%, compared to the 28% recorded in the
fourth quarter of 2024 and 25% in the third quarter of 2025. Adjusted
EBITDA over gross profit of 68% increased compared to 68% in the fourth
quarter of 2024 and decreased compared to 69% in the third quarter of
2025.
-- Net financial result was US$3.4 million gain, compared to a net finance
loss of US$1.1 million in the fourth quarter of 2024 and a net finance
gain of US$6.4 million in the third quarter of 2025.
-- Our effective income tax rate for the period was 14%, broadly in line
with the prior quarters.
-- Net income for the fourth quarter of 2025 was US$55.6 million, or US$0.18
per diluted share, up 87% compared to a profit of US$29.7 million, or
US$0.10 per diluted share, for the fourth quarter of 2024 and up 7%
compared to a profit of US$51.8 million, or US$0.17 per diluted share for
the third quarter of 2025. During the current period, net income was
driven by continued operating profit expansion.
-- Adjusted Free cash flow for the fourth quarter of 2025 amounted to
US$64.9 million, up 100% year-over-year compared to US$32.5 million in
the fourth quarter of 2024 and up 73% compared to US$37.6 million in the
third quarter of 2025. The variation quarter-over-quarter is mostly
explained by higher net cash from operating activities. As mentioned in
the last earnings release, the third quarter 2025 was negatively affected
by a short term impact of $13.1 million related to the structuring used
to expatriate flows from Argentina after regulatory changes.
-- As of December 31, 2025, dLocal had US$719.9 million in cash and cash
equivalents, which includes US$424.5 million of Corporate cash and cash
equivalents. The Corporate cash and cash equivalents increased by
US$106.7 million from US$317.8 million as of December 31, 2024. When
compared to the US$333.1 million Corporate cash and cash equivalents
position as of September 30, 2025, it increased by US$91.4 million
quarter-over-quarter.
The following table summarizes our key performance metrics:
Three months ended on December
31 Year ended on December 31
-------------------------------- -----------------------------
2025 2024 % change 2025 2024 % change
Key
Performance
metrics (In millions of US$ except for %)
------------- ---------------------------------------------------------------
TPV 13,107 7,714 70% 40,816 25,575 60%
Revenue 337.9 204.5 65% 1,093.6 746.0 47%
Gross Profit 115.8 83.7 38% 402.8 294.7 37%
Gross Profit
margin 34% 41% -7p.p 37% 40% -3p.p
Adjusted
EBITDA 78.4 56.9 38% 278.1 188.7 47%
Adjusted
EBITDA
margin 23% 28% -5p.p 25% 25% 0p.p
Adjusted
EBITDA/Gross
Profit 68% 68% 0p.p 69% 64% 5p.p
Net income 55.6 29.7 87% 196.9 120.5 63%
Net income
margin 16% 15% 2p.p 18% 16% 2p.p
Full year 2026 outlook
For 2026, dLocal provides the following financial guidance:
Metric 2025 2026 Key considerations
Guidance
TPV $40.8B 50% - 60% -- Strong commercial traction with large merchants
YoY scaling across geographies
-- Expansion deals with APMs
-- Aggregation theory benefits create flywheel: pricing
pressure downstream, FX liquidity and better data to
aid conversion rates leads to more customer
acquisition
Gross $403M 22.5% --
Profit 27.5% -- Some structural volume-based discounting expected,
YoY which is a sign of scale and of our long-term
merchant relationships
Operating $220M 27.5% --
Profit 32.5% -- We will use Operating Profit a measure beginning in
YoY 2026 to assess our operating performance
-- New OPEX baseline post-2025 investment cycle,
temporarily pressuring 1H26 margins but driving
operating leverage improvements in 2H26
Consider the following in connection with our guidance: emerging markets remain volatile, reflecting the evolving global macroeconomic, currency and trade landscape and its potential impact on these economies. Our key exposures include the evolving Brazilian tax environment, Argentine FX, tariff sensitivity (particularly in Mexico), electoral uncertainty across the region, and broader FX risk across our emerging market footprint.
Dividend payment and share repurchase program
Following our dividend policy of 30% of the prior year's free cash flow, the Board of Directors declared a cash dividend of an aggregate of US$57.2 million, equivalent to approximately US$0.1939 per share, to shareholders of record as of the close of business on May 27, 2026, to be paid on June 10, 2026. Per-share amount is subject to adjustment according to the number of shares outstanding as of the record date.
Additionally, given our confidence that the business will generate significant cash in the medium term beyond our minimum liquidity requirements and dividend policy commitments, and rather than hold excess cash on our balance sheet, the Board authorized a new share repurchase program to purchase up to US$300 million of Class A common shares, expiring at the earliest of March 2027 or upon reaching the repurchase limit.
Special note regarding Adjusted EBITDA and Adjusted EBITDA Margin
dLocal has only one operating segment. dLocal measures its operating segment's performance by Revenues, Adjusted EBITDA and Adjusted EBITDA Margin, and uses these metrics to make decisions about allocating resources. Adjusted EBITDA as used by dLocal is defined as the profit from operations before financing and taxation for the year or period, as applicable, before depreciation of property, plant and equipment, amortization of right-of-use assets and intangible assets, and further excluding the finance income and costs, impairment gains/(losses) on financial assets, transaction costs, share-based payment non-cash charges,other operating gain/loss,other non-recurring costs, and inflation adjustment. dLocal defines Adjusted EBITDA Margin as the Adjusted EBITDA divided by consolidated revenues. dLocal defines Adjusted EBITDA to Gross Profit Ratio as Adjusted EBITDA divided by Gross Profit. Although Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted EBITDA to Gross Profit Ratio may be commonly viewed as non-IFRS measures in other contexts, pursuant to IFRS 8, ("Operating Segments"), Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted EBITDA to Gross Profit Ratio are treated by dLocal as IFRS measures based on the manner in which dLocal utilizes these measures. Nevertheless, dLocal's Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted EBITDA to Gross Profit Ratio metrics should not be viewed in isolation or as a substitute for net income for the periods presented under IFRS. dLocal also believes that its Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted EBITDA to Gross Profit Ratio metrics are useful metrics used by analysts and investors, although these measures are not explicitly defined under IFRS. Additionally, the way dLocal calculates operating segment's performance measures may be different from the calculations used by other entities, including competitors, and therefore, dLocal's performance measures may not be comparable to those of other entities.
The table below presents a reconciliation of dLocal's Adjusted EBITDA to net income:
Three months ended on December
$ in thousands 31 Year ended on December 31
--------------- -------------------------------- ---------------------------
2025 2024 2025 2024
Profit for the
period 55,637 29,701 196,902 120,469
Income tax
expense 8,915 11,090 31,752 30,550
Depreciation
and
amortization 9,527 4,888 26,260 17,177
Finance income
and costs,
net (3,376) 1,085 (12,943) (17,174)
Share-based
payment
non-cash
charges 6,365 6,339 24,136 23,780
Other operating
loss(1) (584) 1,307 4,715 5,257
Secondary
offering
expenses - - 739 -
Impairment loss
/ (gain) on
financial
assets 392 533 2,189 440
Inflation
adjustment 1,541 392 4,204 6,655
Other
non-recurring
costs - 1,571 124 1,571
Adjusted EBITDA 78,417 56,906 278,078 188,725
(Note: 1 The Company wrote off certain amounts primarily related to merchants and processors that have been off-boarded or for which the balances are no longer considered recoverable by dLocal.)
Adjusted Free Cash Flow reconciliation
We calculate "Adjusted Free Cash Flow" as net cash (used in) / generated from cash flows from operating activities, less (i) changes in working capital (merchant), and (ii) capital expenditures. The working capital (merchant) is defined as (i) changes in Trade receivables net (disclosed in Note 16 to our consolidated financial statements for the year ended December 31, 2025 and Note 21 to our financial statements for the year ended December 31, 2024 ("FY25 Financial statements" and "FY24 Financial Statements", respectively)), plus (ii) changes in Trade payables (disclosed in Note 21 to our FY25 and FY24 Financial Statements), plus (iii) changes in Other tax liabilities (disclosed in note 23 to our FY25 and FY24 Financial Statements). Capital expenditures consist of acquisitions of property, plant and equipment and additions of intangible assets.
Management uses Adjusted Free Cash Flow as a measure for evaluating the Company's cash generation and the cash available for distribution to our shareholders as dividends pursuant to our dividend policy. Adjusted Free Cash Flow is not a financial measure recognized under IFRS and does not purport to be an alternative to cash generated from operating activities or as a measure of liquidity. Our presentation of Adjusted Free Cash Flow has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our results as reported under IFRS. See below for a reconciliation of our Adjusted Free Cash Flow to the nearest IFRS measure.
The table below presents a reconciliation of dLocal's Adjusted Free Cash Flow reconciliation:
$ in thousands Three months ended on
(except percentages) December 31 Year ended on December 31
--------------------------- --------------------------
2025 2024 2025 2024
Net cash (used in ) /
generated from
operating
activities 100,413 (141,132) 415,457 (32,784)
Changes in working
capital
(merchant)(1) (24,007) 179,760 (187,981) 146,034
Capital
expenditures(2) (11,490) (6,126) (36,785) (22,647)
Adjusted Free Cash
Flow 64,915 32,503 190,690 90,602
Note: 1 Changes in working capital (merchant) consists of (i) changes in the period in the balance of trade receivables net, plus (ii) changes in the period in the balance of trade payables, plus (iii) changes in the period in the balance of other tax liabilities. 2 Capital expenditures consist of acquisitions of property, plant and equipment and Additions of Intangible Assets.
dLocal Limited
Certain financial information
Consolidated Statements of Comprehensive Income for the three-month and twelve-month periods December 31, 2025 and 2024
(All amounts in thousands of U.S. Dollars except share data or as otherwise indicated)
Three months ended on December
31 Year ended on December 31
------------------------------- ---------------------------
2025 2024 2025 2024
Continuing
operations
Revenues 337,888 204,491 1,093,587 745,974
Cost of services (222,084) (120,780) (690,831) (451,301)
---------------- -------------- --------------- ------------- ------------
Gross profit 115,803 83,711 402,756 294,673
Technology and
development
expenses (7,715) (6,822) (30,707) (25,625)
Sales and
marketing
expenses (6,341) (5,598) (26,457) (21,626)
General and
administrative
expenses (39,223) (27,183) (118,773) (101,225)
Impairment
(loss)/gain on
financial
assets (392) (533) (2,189) (440)
Other operating
loss 584 (1,307) (4,715) (5,257)
---------------- -------------- --------------- ------------- ------------
Operating profit 62,716 42,268 219,915 140,500
Finance income 7,043 12,036 40,798 66,875
Finance costs (3,666) (13,121) (27,855) (49,701)
Inflation
adjustment (1,541) (392) (4,204) (6,655)
Other results 1,835 (1,477) 8,739 10,519
---------------- -------------- --------------- ------------- ------------ Profit before income tax 64,551 40,791 228,654 151,019 Income tax expense (8,915) (11,090) (31,752) (30,550) ---------------- -------------- --------------- ------------- ------------ Profit for the period 55,637 29,701 196,902 120,469 Profit attributable to: Owners of the Group 55,536 29,682 196,801 120,416 Non-controlling interest 101 19 101 53 Profit for the period 55,637 29,701 196,902 120,469 Earnings per share (in USD) Basic Earnings per share 0.19 0.11 0.68 0.42 Diluted Earnings per share 0.18 0.10 0.65 0.39 Other comprehensive Income Items that are or may be reclassified to profit or loss: Exchange difference on translation on foreign operations (194) (4,417) 5,016 (11,188) Other comprehensive income for the period, net of tax (194) (4,417) 5,016 (11,188) ---------------- -------------- --------------- ------------- ------------ Total comprehensive income for the period 55,442 25,284 201,918 109,281 Total comprehensive income for the period is attributable to: Owners of the Group 50,360 25,311 196,801 109,290 Non-controlling interest 67 (27) 101 (9) Total comprehensive income for the period 55,442 25,284 201,918 109,281
dLocal Limited
Certain financial information
Consolidated Condensed Interim Statements of Financial Position as of December 31, 2025 and September 30, 2025
(All amounts in thousands of U.S. dollars)
Three months ended on December 31
----------------------------------------
2025 2025
on December 31, 2025 September 30, 2025
-------------------- ------------------
ASSETS
Current Assets
Cash and cash equivalents 719,897 604,467
Financial assets at fair value
through profit or loss 99,089 95,026
Trade and other receivables 572,024 576,389
Derivative financial instruments 140 828
Other assets 29,607 30,328
Total Current Assets 1,420,757 1,307,038
Non-Current Assets
Trade and other receivables 25,982 13,823
Deferred tax assets 7,666 5,429
Property, plant and equipment 3,985 4,116
Right-of-use assets 2,995 3,212
Intangible assets 73,965 71,754
Other assets 5,614 3,383
Total Non-Current Assets 120,207 101,715
------------------------------------ -------------------- ------------------
TOTAL ASSETS 1,540,964 1,408,753
LIABILITIES
Current Liabilities
Trade and other payables 854,436 816,729
Lease liabilities 1,076 1,147
Tax liabilities 21,500 14,806
Derivative financial instruments 1,567 1,606
Financial liabilities 86,898 63,079
Provisions 433 388
Total Current Liabilities 965,910 897,754
Non-Current Liabilities
Deferred tax liabilities 3,316 3,768
Lease liabilities 2,309 2,566
Total Non-Current Liabilities 5,625 6,334
------------------------------------ -------------------- ------------------
TOTAL LIABILITIES 971,535 904,088
EQUITY
Share Capital 590 588
Share Premium 7,097 -
Treasury Shares - -
Capital Reserve 42,641 40,418
Other Reserves (15,885) (15,758)
Retained earnings 534,818 479,283
Total Equity Attributable to owners
of the Group 569,261 504,531
Non-controlling interest 168 134
TOTAL EQUITY 569,429 504,665
------------------------------------ -------------------- ------------------
TOTAL EQUITY AND LIABILITIES 1,540,964 1,408,753
dLocal Limited
Certain interim financial information.
Consolidated Statements of Cash flows for the three-month and twelve-month periods December 31, 2025 and 2024
(All amounts in thousands of U.S. dollars)
Three months ended on
December 31 Year ended on December 31
--------------------------- ---------------------------
2025 2024 2025 2024
Cash flows from
operating
activities
Profit before income
tax 64,551 40,791 228,654 151,019
Adjustments:
Interest Income from
financial
instruments (6,747) (6,921) (26,253) (28,266)
Interest charges for
lease liabilities 108 370 254 501
Other interests
charges (314) 739 1,971 3,758
Finance expense
related to
derivative
financial
instruments 1,835 (627) 6,924 19,462
Net exchange
differences 2,053 5,914 18,592 24,787
Fair value
loss/(gain) on
financial assets at
FVPL (295) (3,922) (14,545) (37,416)
Amortization of
Intangible assets 8,677 4,364 23,857 15,511
Depreciation and
disposals of PP&E
and right-of-use (29) 652 2,403 1,884
Share-based payment
expense, net of
forfeitures 6,365 6,339 24,136 23,780
Other operating gain (584) 786 4,715 4,736
Net Impairment
loss/(gain) on
financial assets 392 533 2,189 440
Inflation adjustment
and other financial
results 797 (5,704) 6,490 (17,063)
-------------------- ------------ ------------- ------------- ------------
76,810 43,314 279,387 163,133
Changes in working
capital
Increase in Trade
and other
receivables (7,602) (109,487) (90,153) (162,645)
Decrease /
(Increase) in Other
assets (1,000) 4,128 2,250 5,427
Increase /
(Decrease) in Trade
and Other payables 37,707 (70,700) 256,649 (6,957)
Increase /
(Decrease) in Tax
Liabilities (915) (3,835) (5,573) (3,184)
Increase /
(Decrease) in
Provisions 45 222 (67) 138
-------------------- ------------ ------------- ------------- ------------
Cash (used) /
generated from
operating
activities 105,046 (136,359) 442,493 (4,088)
Income tax paid (4,633) (4,773) (27,036) (28,696)
-------------------- ------------ ------------- ------------- ------------
Net cash (used) /
generated from
operating
activities 100,413 (141,132) 415,457 (32,784)
Cash flows from
investing
activities
Acquisitions of
Property, plant and
equipment (602) (427) (2,282) (1,705)
Additions of
Intangible assets (10,888) (5,699) (34,503) (20,942)
Acquisition of
financial assets at
FVPL (136,168) (14,852) (283,536) (121,468)
Collections of
financial assets at
FVPL 132,854 - 311,881 108,097
Interest collected
from financial
instruments (32,007) 6,921 (12,501) 28,266
Payments for
investments in
other assets at
FVPL 38,753 (10,000) 26,253 (10,000)
-------------------- ------------ ------------- ------------- ------------
Net cash (used in) /
generated investing
activities (8,058) (24,057) 5,312 (17,752)
Cash flows from
financing
activities
Repurchase of shares - - - (101,067)
Share-options
exercise paid 2,957 358 4,371 1,853
Dividends paid - - (149,982) - Interest payments on lease liability (108) (370) (254) (501) Principal payments on lease liability 896 (112) (601) (552) Finance expense paid related to derivative financial instruments (1,185) (8) (8,849) (15,017) Net proceeds from financial liabilities 28,888 33,653 51,796 50,428 Interest payments on financial liabilities (5,241) (1,633) (15,864) (2,281) Other finance expense paid 448 (327) (1,690) (1,450) -------------------- ------------ ------------- ------------- ------------ Net cash used in by financing activities 26,655 31,561 (121,073) (68,587) -------------------- ------------ ------------- ------------- ------------ Net increase in cash flow 119,010 (133,628) 299,695 (119,123) Cash and cash equivalents at the beginning of the period 604,467 560,533 425,172 536,160 Net (decrease)/increase in cash flow 119,010 (133,628) 299,695 (119,123) Effects of exchange rate changes on inflation and cash and cash equivalents (3,580) (1,732) (4,970) 8,135 Cash and cash equivalents at the end of the period 719,897 425,172 719,897 425,172
About dLocal
dLocal powers local payments in emerging markets, connecting global enterprise merchants with billions of emerging market consumers across APAC, the Middle East, Latin America, and Africa. Through the "One dLocal" concept (one direct API, one platform, and one contract), global companies can accept payments, send payouts, and settle funds globally without the need to manage multiple local entities and integrations. For more information, visit www.dlocal.com.
Forward-looking statements
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, gross profit and Operating Profit. Forward-looking statements regarding dLocal and amounts stated as guidance involve known and unknown risks, uncertainties and other factors that may cause dLocal's actual results, performance or achievements to be materially different from any future results, performances or achievements expressed or implied by the forward-looking statements. Certain of these risks and uncertainties are described in the "Risk Factors," and "Cautionary Statement Regarding Forward-Looking Statements" sections of dLocal's filings with the U.S. Securities and Exchange Commission.
Unless required by law, dLocal undertakes no obligation to publicly update or revise any forward-looking statements to reflect circumstances or events after the date hereof.
Beginning in 2026, we expect to provide guidance in respect of Operating Profit, which management believes is useful as a measure to compare our operating results to the operations of other companies in our industry, and to assess our operating performance independently of our capital structure, tax position, and non-cash depreciation and amortization charges.
Investor Relations Contact:
investor@dlocal.com
Media Contact:
media@dlocal.com
This press release does not contain sufficient information to constitute an interim financial report as defined in International Accounting Standards 34, "Interim Financial Reporting" nor a financial statement as defined by International Accounting Standards 1 "Presentation of Financial Statements". The fourth quarter financial information in this press release has not been audited nor has it been subject to any limited review procedures, whereas the annual results for the year ended December 31, 2025 are audited.
(END) Dow Jones Newswires
March 18, 2026 16:12 ET (20:12 GMT)