Nu Holdings Ltd. · NYSE:NU
Nu — Q3 2025 Earnings Presentation
34 slides from Nu's earnings presentation, Nov 13, 2025
Slide 1: Earnings Presentation Q3 2025
Earnings Presentation Q3 2025 Nov 13, 2025 Q3’25 Results 1
Slide 2: Welcome
Welcome Guilherme Souto Investor Relations Officer Q3’25 Results 2
Slide 3: Guilherme Lago and David Vélez
Guilherme Lago Chief Financial Officer David Vélez Founder, Chief Executive Officer and Chairman Q3’25 Results 3
Slide 4: Disclaimer
Disclaimer This presentation speaks at the date here of and the Company is The Company, its advisers and each of their respective directors, under no obligation to update or keep current the information officers and employees disclaim any obligation to update the contained in this presentation. Any
Slide 5: Sustained Growth of One of the World's Largest Digital Banking Platforms
Sustained Growth of One of the World's Largest Digital Banking Platforms %Adult Population Customers (MM) ARPAC (US$) Revenues (US$BN) 61% 14% 10% % Activity Ratio CAGR: 27% CAGR: 30% CAGR: 73% 127 FXN 13 FXN 4,173 110 11 89 10 2,943 70 8 2,137 48 82% 83% 84% 83% 5 1,307 73% 481 Q3'21 Q3'22 Q3'23 Q3
Slide 6: Our Model Powers our Earnings Generating Formula
Our Model Powers our Earnings Generating Formula Rapidly Growing Increasing Revenue Low Cost Substantial Customer Base Per Customer Operating Platform Earnings Power ACTIVE CUSTOMERS ARPAC COST TO SERVE Q3’25 Results 6
Slide 7: Brazil's ARPAC Expansion Leads the Way, Mexico Accelerates in Scale-Up Mode
Brazil’s ARPAC Expansion Leads the Way, Mexico Accelerates in Scale-Up Mode Customers (MM) ARPAC (US$) Cost to Serve (US$) CAGR: 38% CAGR: 20% CAGR: -12% FXN FXN 110 13.5 84 9.8 47 6.5 4.9 16 2.6 0.8 0.8 0.9 Q3'19 Q3'21 Q3'23 Q3'25 Q3'19 Q3'21 Q3'23 Q3'25 Q3'19 Q3'21 Q3'23 Q3'25 Customers (MM) ARPAC
Slide 8: Stacking a Second S-Curve
Stacking a Second S-Curve Mexico Follows Brazil’s Path on Scale While Stepping Earlier into Monetization Brazil vs. Mexico S-Curves Brazil vs. Mexico Performance Brazil Q3’19 Q3’25 Brazil Mexico Brazil Total Customers (MM) 15.6 13.1 110.1 Mexico Total Customers % of Adult Population 10% 14% 61% Cred
Slide 9: Leading the Next Era of AI-First Financial Services
Leading the Next Era of AI-First Financial Services Customer- Business- Oriented Oriented Personalized Recoveries Uplift in Recommendations Collections Better Credit Offers Minimalistic App Lower Credit Cost and Experience Fraud Loss nuFormer Seamless User Lean Ops with Lower Value-Adding Interface
Slide 10: Building a Lasting Advantage with Early Breakthroughs
Building a Lasting Advantage with Early Breakthroughs nuFormer (today): only a fraction of existing data AUC improvement (today) : ~3x the average uplift tapped — model size is scaling up observed on traditional ML model upgrades Model 1 0 ,0 0 ,0 0 ,0 0 ,0 0 .0 0 3.0x Launch Qwen3 (Alibaba) nuForme
Slide 11: Q3'25 Results
Q3’25 Results Q3’25 Results 11
Slide 12: Strong Overall Credit Portfolio Expansion
Strong Overall Credit Portfolio Expansion Lending Continues to Gain Relevance Total Portfolio (US$BN) Total Portfolio (%) Secured Secured Unsecured Unsecured YoY: 42% Credit Card Credit Card FXN Secured Loans: 133% FXN Unsecured Loans: 63% FXN 9% FXN 30.4 Credit Card: 29% FXN 7% 27.3 2.7 4% 5% 7% 8%
Slide 13: Loan Origination Gains Stronger Momentum
Loan Origination Gains Stronger Momentum YoY: 40% Total Originations (US$BN) FXN Secured Loans Unsecured Loans 14% FXN 4.2 -2% 9% FXN 0.6 17% FXN 3.5 3.6 FXN 23% 3.2 0.5 3.7 FXN 2.9 0.5 0.5 3.1 2.5 0.4 3.0 2.7 0.3 2.5 2.1 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Note 1: Total Originations includes Brazil
Slide 14: Building a Scalable and Sustainable Deposit Franchise Across Latam
Building a Scalable and Sustainable Deposit Franchise Across Latam YoY: 34% Deposits (US$BN) FXN Colombia Mexico 4% FXN 38.8 Brazil 11% 36.6 2.3 1% FXN 2.1 15% FXN 31.6 6.1 9% FXN 28.3 FXN 28.9 1.8 6.7 30.4 25.2 0.9 1.3 5.4 27.8 3.9 4.5 3.3 24.4 23.5 23.1 21.7 87% 89% 89% 90% 91% 89% Cost of Deposit
Slide 15: Strong NII Growth, with Disciplined Risk Optimization
Strong NII Growth, with Disciplined Risk Optimization NII (US$MM) & NIM (%) YoY: 32% FXN 6% 11% FXN 2,301.8 6% FXN 7% FXN 5% FXN FXN 2,098.8 1,745.7 1,835.9 1,718.1 1,712.8 19.8% 18.4% 17.7% 17.5% 17.7% 17.3% NIM Holdings (%) Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Note 1: ‘NII’ stands for Net Interest
Slide 16: Risk-Adjusted Margin Keeps Improving Driven by Strong NII and Resilient Credit Quality
Risk-Adjusted Margin Keeps Improving Driven by Strong NII and Resilient Credit Quality Credit Loss Allowance (US$MM) & Risk Adj. NIM (%) -7% 1% FXN FXN 21% FXN 973.5 1,012.2 977.5 9% 8% FXN FXN 774.1 804.4 759.8 11.0% 10.1% 9.9% 9.5% 9.2% Risk Adj. NIM Holdings 8.2% (%) Q2'24 Q3'24 Q4'24 Q1'25 Q2'25
Slide 17: Delinquency Ratios Tracking Expectations, In Line with Seasonality
Delinquency Ratios Tracking Expectations, In Line with Seasonality with Strong Coverage Levels Brazil Consumer Credit Portfolio Only Historical Q3 Seasonality Historical Q3 Seasonality 15-90 NPLs -16 bps 90+ NPLs +16 bps 7.0% 7.2% 7.0% 6.5% 6.6% 6.8% 6.1% 6.1% 6.3% 5.5% 5.9% 5.0% 5.2% 4.5% 4.4% 4.7%
Slide 18: Strong Gross Profit Growth
Strong Gross Profit Growth NII and CLA Trends Moving in the Right Direction Gross Profit (US$MM) YoY: 32% FXN 13% FXN 1,814.5 6% 14% 6% FXN FXN -3% FXN FXN 1,548.0 1,359.4 1,348.6 1,363.3 1,319.5 47.7% 45.8% 45.6% Gross Profit 42.2% 43.5% Margin 40.6% (%) Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Note 1:
Slide 19: Scalable Model Delivering Sustained Operating Leverage
Scalable Model Delivering Sustained Operating Leverage Efficiency NII + F&C (US$MM) Costs (US$MM) Efficiency Ratio Efficiency Ratio Without One-off 58.2% 6% FXN 55.1% 9% FXN 5% 2,896.9 11% 8% FXN FXN 6% FXN 15% 2,638.5 FXN 47.4% FXN 14% 2,351.5 FXN 2,183.5 2,182.2 2,241.3 2,075.2 39.0% 1,799.3 35.4%
Slide 20: Strong Earnings Trajectory with Sustainable ROE Levels
Strong Earnings Trajectory with Sustainable ROE Levels Net Income (US$MM) YoY: 39% FXN 18% FXN 782.7 11% FXN 21% FXN 5% FXN 1% FXN 637.0 553.4 552.6 557.2 487.3 31% 30% 29% 28% 28% 27% ROE (%) Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Adj. Net Income (US$MM) 562.5 694.3 829.0 Adjusted Net Income YoY: 592.
Slide 21: Q3'25 Q&A
Q3’25 Q&A Q3’25 Results 21
Slide 22: Appendix
Q3’25 Appendix Q3’25 Results 22
Slide 23: Comfortable Capital and Liquidity Positions
Comfortable Capital and Liquidity Positions Capital Position (US$BN) Liquidity Position (%) Nu Holdings Cash & Equivalents Capital Excess Capital Requirement LDR 8.1 46% 38.8 2.9 5.2 1.8 1.8 17.7 3.4 3.4 Capital in our Geos Nu Holdings Interest Earning Portfolio Total Deposits Note 1: Brazil figures
Slide 24: Formation Ratios Tracking Expectations
Formation Ratios Tracking Expectations Brazil Consumer Credit Portfolio Only NPL Formation Stage 3 Formation 3.9% 3.8% 4.2% 4.0% 3.3% 3.5% 3.4% 3.6% 3.4% 3.7% 3.6% 3.6% 3.6% 3.5% 3.0% 3.2% 2.9% 3.2% 3.0% 3.0% 3.1% 3.2% 3.1% 3.4% 3.3% 3.4% 4'… 2 4 3 3 5 5 5 4 4 4 3 3 2 5 2 4 4 4 3 3 3 5 5 2 3 1'2 3'2
Slide 25: Loan Portfolio (FX Neutral) Steady Credit Book Expansion
Loan Portfolio (FX Neutral) Steady Credit Book Expansion YoY: 42% Total Portfolio (FXN US$BN) FXN Loan Loan: 76% FXN Credit Card IEP Credit Card IEP: 30% FXN Credit Card non-IEP Credit Card non-IEP: 28% FXN 9% FXN 30.4 7% FXN 27.8 8% FXN 26.0 12% 13% 24.1 FXN 10.4 FXN 9% 21.4 19% FXN 9.2 FXN 8.5 22%
Slide 26: Non-IFRS Financial Measures and Reconciliations
Non-IFRS Financial Measures and Reconciliations This presentation includes financial measures defined as “non-IFRS Adjusted Net Income is widely used by investors and securities financial measures” by the SEC, including: Adjusted Net Income analysts to measure a company’s operating performance witho
Slide 27: Non-IFRS Financial Measures and Reconciliations
Non-IFRS Financial Measures and Reconciliations Adjusted Net Income As reported Nu Holdings - Consolidated For the three-month period ended Adjusted Net Income (US$ million) Sep 30, 2025 Jun 30, 2025 Sep 30, 2024 Profit attributable to shareholders of the parent company 782.5 636.8 553.4 Share-based
Slide 28: Non-IFRS Financial Measures and Reconciliations
Non-IFRS Financial Measures and Reconciliations Q4’22 and FY22 Metrics adjusted by the CSA cancellation Nu Holdings - Consolidated December 31, 2022 As presented in the CSA termination As presented in the US$ million financial statements adjustment earnings presentation Net income (loss) – for the t
Slide 29: Non-IFRS Financial Measures and Reconciliations
Non-IFRS Financial Measures and Reconciliations Equity and Annualized ROE/Adjusted ROE US$ million Reconciliation - ROE Nu Holdings - Consolidated Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Total equity at the end of the period 7,644.3 7,647.1 8,607.9 9,574.8 10,552.0 Net Income for the period 553.4 552.6 557.2
Slide 30: Non-IFRS Financial Measures and Reconciliations
Non-IFRS Financial Measures and Reconciliations FX Neutral measures are prepared and presented to eliminate the The average Brazilian reais/U.S. dollars exchange rates were effect of foreign exchange, or “FX,” volatility between the calculated as the average based on the USD/BRL spot last price comp
Slide 31: Non-IFRS Financial Measures and Reconciliations
Non-IFRS Financial Measures and Reconciliations FX Rates - On a monthly basis, Nu translates its subsidiaries figures As of May 31, 2025, income statement figures were divided by the from their individual functional currency into Nu Holdings functional average FX Rate of the month (R$ 5.6715, MXN 19
Slide 32: Glossary
Glossary Activity rate - is defined as monthly active customers divided by Loan-to-Deposit Ratio (“LDR”) - is calculated as the total balance for the total number of customers as of a specific date. Interest-Earning Portfolio divided by the total amount of deposits at the end of the same period. CDI
Slide 33: Glossary
Glossary Net Interest Income ("NII") - is defined as interest income and gains Recovery - is the estimated amount of a defaulted contract with a (losses) on financial instruments minus interest and other financial customer that the company expects to receive. expenses. Risk-Adjusted Net Interest Mar
Slide 34: www.investors.nu investors@nubank.com.br
www.investors.nu investors@nubank.com.br Q3’25 Results 34