Nu Holdings Ltd. · NYSE:NU
Nu — Q2 2026 Earnings Presentation
39 slides from Nu's earnings presentation, Aug 13, 2026
Slide 1: Q2'26 Earnings Presentation
Q2'26 Earnings Earnings Presentation Aug 13, 2026
Slide 2: Welcome
Welcome Guilherme Souto Investor Relations Officer
Slide 3: Rob Livingston and David Vélez
Rob Livingston Chief Financial Officer David Vélez Founder, Chief Executive Officer and Chairman
Slide 4: Disclaimer
Disclaimer This presentation speaks at the date hereof and the Company is under no obligation to update or keep current the informa‐ tion contained in this presentation. Any information expressed herein is subject to change without notice. Any market or oth‐ er third-party data included in this pres
Slide 5: Opening Remarks
nu Opening Remarks
Slide 6: Our model powers our earnings-generating formula
Q2'26 EARNINGS Our model powers our earnings-generating formula ENGAGEMENT M O N E T I Z AT I O N REVENUE SCALABILITY P R O F I TA B I L I T Y Customers · M ARPAC · US$ Gross Revenue · US$B Efficiency Ratio · % Net Income · US$M 17 1,061 139 5.9 123 50% 13 105 11 3.8 637 84 9 30% 487 8 2.9 65 26% 21
Slide 7: Untapped opportunity in Brazil lies within our existing customer base
Q2'26 EARNINGS Untapped opportunity in Brazil lies within our existing customer base Mass Market Super Core High Income Super High Income SMEs 0–3 minimum wages 3–10 minimum wages +10 minimum wages +R$1M in investments MEI, micro & small businesses S E RV E D BY Roxinho S E RV E D BY Ultravioleta No
Slide 8: Already the largest digital bank in Mexico
Q2'26 EARNINGS Already the largest digital bank in Mexico 16.0M customers · as of Jul 2026 Full bank launch unlocking payroll direct deposits, expanded credit, higher deposit insurance, and new customer segments. Nu impact in Mexico 35% had no bank account before Nu 52% had no credit card before Nu
Slide 9: Built for Mexico's digital transformation and financial inclusion
Q2'26 EARNINGS Built for Mexico’s digital transformation and financial inclusion — with cohorts monetizing earlier than in Brazil Financial inclusion by market · % of adult population Mexico Brazil US Note 1: Amounts are presented in US dollars and 2020 numbers are FX-Neutral and adjusted to inflati
Slide 10: NuFormer: A foundation model for financial behavior prediction
Q2'26 EARNINGS NuFormer: A foundation model for financial behavior prediction H2 2025 H2 2024 Scaling NuFormer Laying the foundation Upgraded in-house GPU fleet Hyperplane acquisition First model outside Brazil Data ingestion pipelines +4 new data sources feeding NuFormer, Architecture validation to
Slide 11: One AI Platform powering both business and customer decisions
Q2'26 EARNINGS One AI Platform powering both business and customer decisions D E P LOY E D TESTING Note 1: coverage — share of total Brazil CX chat volume handled by GenAI agents. Source: Nu. 11 OPENING REMARKS
Slide 12: Financial Results
Financial Results
Slide 13: Credit portfolio growth remains strong, supported by disciplined underwriting
Q2'26 EARNINGS Credit portfolio growth remains strong, supported by disciplined underwriting Total Portfolio · VOLUME · US$ BN +37% YoY FXN Portfolio Composition · MIX · % OF TOTAL By Product Credit Card +35% Unsecured +45% Secured +30% Credit Card Unsecured Secured +5% FXN 8% 8% 9% 8% 8% 8% +7% FXN
Slide 14: Building a scalable and sustainable Deposit Franchise across Latam
Q2'26 EARNINGS Building a scalable and sustainable Deposit Franchise across Latam Deposits · US$ BN · BY COUNTRY +18% YoY FXN Brazil Mexico Colombia Cost of Deposits · % of Interbank Rate 91% 90% 89% 88% 88% 87% +6% FXN +12% FXN −4% FXN 45.3 +4% FXN 41.9 42.4 3.3 +11% FXN 36.6 38.8 2.5 2.8 5.7 31.6
Slide 15: Risk-Adjusted NIM rebounds strongly as both NIM and Cost of Credit improve
Q2'26 EARNINGS Risk-Adjusted NIM rebounds strongly as both NIM and Cost of Credit improve Net Interest Income & Cost of Credit · US$ MM · NIM · RISK ADJ NIM % NII Cost of Credit NIM Risk Adj NIM 22.9% 21.1% 19.2% 18.8% 19.5% 18.6% 12.4% 10.8% 10.5% 9.3% 9.9% 9.5% +9% FXN +12% FXN 3,687 +13% FXN 3,25
Slide 16: Risk-Adjusted NIM dynamics reflect our resilient unit economics
Q2'26 EARNINGS Risk-Adjusted NIM dynamics reflect our resilient unit economics Risk-Adjusted NIM · QoQ walk +115 bps −5 bps 12.42% +152 bps −263 bps +178 bps 10.49% −70 bps +80 bps 9.48% +5 bps RA-NIM Float Credit Cost of Cost of RA-NIM Float Credit Cost of Cost of RA-NIM Q4'25 Income Income Credit
Slide 17: NPLs reflect the expected seasonal pattern, while credit quality remains robust
Q2'26 EARNINGS NPLs reflect the expected seasonal pattern, while underlying credit quality remains robust E A R LY D E L I N Q U E N C Y L AT E D E L I N Q U E N C Y 15-90 NPLs 90+ NPLs 7.0% 6.9% 6.8% 6.7% 6.7% 6.5% 6.6% 6.5% 6.4% 6.0% 6.1% 5.8% 5.9% 5.1% 5.0% 4.7% 4.8% 4.8% 4.5% 4.4% 4.5% 4.5% 4.2%
Slide 18: Continuous growth, seasonal patterns and disciplined risk expansion explain QoQ dynamics
Q2'26 EARNINGS Continuous growth, seasonal patterns and disciplined risk expansion explain the QoQ dynamics E A R LY D E L I N Q U E N C Y A L L O WA N C E NPL 15-90 · QoQ Bridge ECL Allowance · QoQ Bridge 5.02% −37 bps +24 bps −2 bps 4.85% +342 −7 +1 +170 −7 6,642 −3 bps 6,142 NPL 15-90 Seasonality
Slide 19: Consistent provisioning and coverage through the cycle
Q2'26 EARNINGS Consistent provisioning and coverage through the cycle E A R LY P R O V I S I O N I N G L AT E C O V E R A G E CLA Over NPL 15+ Formation Total Coverage Over NPL 90+ 120% 123% 119% 252% 114% 115% 116% 117% 113% 246% 246% 244% 244% 109% 239% 228% 229% 230% 233% 224% 102% 104% Q4'23 Q1'
Slide 20: Credit as a superpower, underpinned by customer principality
Q2'26 EARNINGS Credit as a superpower, underpinned by customer principality Credit card NPL 90+ · % · BY INCOME BAND BRAZIL ONLY Nu S1-S2 (ex-Nu) S3-S5 Note: MW = income measured in minimum wages. S1-S2 and S3-S5 refer to segments of Brazilian financial institutions as defined by BCB’s segmentation,
Slide 21: Gross Revenue continues to scale as Gross Profit accelerates
Q2'26 EARNINGS Gross Revenue continues to scale as Gross Profit accelerates with normalizing Credit Gross Revenue · US$ MM +39% YoY FXN Gross Profit · US$ MM · % OF TOTAL +43% YoY FXN Credit Fees Float 6% FXN 25% FXN 7% FXN 5,876 2,441 11% FXN 5,316 +7% FXN 4,857 1,961 −7% FXN 1,878 10% FXN +15% FXN
Slide 22: Scalable business model delivering continued operating leverage
Q2'26 EARNINGS Scalable business model delivering continued operating leverage Net Revenues & Opex · US$ MM · EFFICIENCY RATIO % Net Revenues Opex Efficiency Ratio 21.4% 21.3% 20.3% 19.9% 19.5% 17.6% +8% FXN +9% FXN 4,132 +14% FXN 3,672 +7% FXN 3,274 +5% FXN 2,847 2,369 2,570 (459) (548) (577) (653)
Slide 23: Solid earnings trajectory with sustained ROE
Q2'26 EARNINGS Solid earnings trajectory with sustained ROE Net Income · US$ MM · ROE % +49% YoY FXN Net Income · US$ MM ROE % 33% 33% 31% 29% 27% 28% +17% FXN 1,061 +13% FXN −5% FXN +18% FXN 895 871 783 +11% FXN 637 557 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Note 1: Amounts in USD; growth on FX-Neutra
Slide 24: Q&A
Q&A
Slide 25: Appendix
Nu Appendix
Slide 26: Strong total exposure growth, with incremental mix tilted toward Credit Cards and Unsecured Lending
Q2'26 EARNINGS Strong total exposure growth, with incremental mix tilted toward Credit Cards and Unsecured Lending Total Exposure · US$ MM FXN · % OF TOTAL +40% YoY Incremental Exposure Mix · US$ MM FXN · % OF TOTAL −9% YoY Credit Card Unsecured Lending Secured Lending Credit Card Unsecured Lending
Slide 27: Strong capital position to fund both growth and global expansion
Q2'26 EARNINGS Strong capital position to fund both growth and global expansion R E G U L AT O R Y + H O L D C O Capital Position $9.1 BN · Q2'26 LDR Liquidity Position 57% NET CREDIT / FUNDING 2.9 9.1 41.8 2.0 4.2 23.9 Capital Requirement Capital Excess Nu Holdings Capital Position Net Credit Portf
Slide 28: Unlocking long-term value through engagement, monetization and scale
Q2'26 EARNINGS Unlocking long-term value through engagement, monetization and scale Monthly ARPAC by Cohort · US$ Monthly ARPAC · US$ +22% YoY FXN Cost to Serve · US$ +14% YoY FXN 30.7 1.0 17.1 1.0 15.9 0.9 15.0 23.3 13.8 0.8 0.8 12.5 0.7 11.6 18.0 14.8 13.7 11.8 10.2 7.9 1.3 1 12 24 36 48 60 72 84
Slide 29: Non-IFRS Financial Measures and Reconciliations
Q2'26 EARNINGS Non-IFRS Financial Measures and Reconciliations Definitions & rationale · Adjusted Net Income This presentation includes financial measures defined as "non-IFRS financial measures" by the SEC, including Adjusted Net Income, Adjusted Net Income is widely used by investors and securitie
Slide 30: Non-IFRS Financial Measures and Reconciliations
Q2'26 EARNINGS Non-IFRS Financial Measures and Reconciliations Managerial P&L · Framework, reclassifications & tax-equivalency The Managerial P&L reporting framework is intended to facilitate understanding of the underlying operational and economic drivers As part of the Managerial P&L, the Company
Slide 31: Non-IFRS Financial Measures and Reconciliations
Q2'26 EARNINGS Non-IFRS Financial Measures and Reconciliations Managerial P&L — Q2'2026 · Nu Holdings consolidated · US$ million Source: Nu. · Amounts in US$ million. · Comparison of three-month periods ended June 30, 2026 and June 30, 2025. 31 APPENDIX
Slide 32: Unaudited Interim Condensed Consolidated Statements of Income
Q2'26 EARNINGS Unaudited Interim Condensed Consolidated Statements of Income Accounting P&L — Q2'2026 · Nu Holdings consolidated · US$ million Source: Nu, IFRS consolidated financial statements. · Comparison of three-month periods ended June 30, 2026 and June 30, 2025. 32 APPENDIX
Slide 33: Non-IFRS Financial Measures and Reconciliations
Q2'26 EARNINGS Non-IFRS Financial Measures and Reconciliations Managerial P&L — Bridge from Accounting · Q2'26 · Nu Holdings consolidated · US$ million Source: Nu. · Reclassifications and tax-equivalency adjustments are net-income neutral. 33 APPENDIX
Slide 34: Non-IFRS Financial Measures and Reconciliations
Q2'26 EARNINGS Non-IFRS Financial Measures and Reconciliations Equity & Annualized ROE / Adjusted ROE · Nu Holdings — Consolidated · US$ million Note 1: 'ROE' stands for Return on Equity. It is annualized. · Source: Nu. 34 APPENDIX
Slide 35: Non-IFRS Financial Measures and Reconciliations
Q2'26 EARNINGS Non-IFRS Financial Measures and Reconciliations FX Neutral Measures · Methodology FX Neutral measures are prepared and presented to eliminate the effect of foreign exchange, or "FX," volatility between the com‐ The FX Neutral measures for the three months ended June 30, 2025 were calc
Slide 36: Non-IFRS Financial Measures and Reconciliations
Q2'26 EARNINGS Non-IFRS Financial Measures and Reconciliations FX Rates · Monthly translation FX Neutral measures for deposits and interest-earning portfolio were calculated by multiplying the as reported amounts as of each As of March 31, 2026, income statement figures were divided by the average F
Slide 37: Glossary · A – M
Q2'26 EARNINGS Glossary · A – M PAG E 1 O F 2 13 terms Terms used throughout this presentation Activity rate → Monthly ARPAC Activity rate — defined as monthly active customers divided by the total number of customers as Foreign Exchange ("FX") Neutral Measures — refer to certain measures prepared a
Slide 38: Glossary · N – W
Q2'26 EARNINGS Glossary · N – W PAG E 2 O F 2 13 terms Terms used throughout this presentation NII → Write-off Net Interest Income ("NII") — defined as interest income and gains (losses) on financial Nu Financiera — Nu Holding's subsidiary in Colombia. Risk-Adjusted Net Interest Margin ("Risk-adjust
Slide 39: www.investors.nu investors@nubank.com.br
www.investors.nu investors@nubank.com.br