Nu Holdings Ltd. · NYSE:NU
Nu — Q4 2025 Earnings Presentation
36 slides from Nu's earnings presentation, Feb 25, 2026
Slide 1: Earnings Presentation Q4 2025
Earnings Presentation Q4 2025 Feb 25, 2026 Q4’25 Results 1
Slide 2: Welcome
Welcome Guilherme Souto Investor Relations Officer Q4’25 Results 2
Slide 3: Guilherme Lago and David Vélez
Guilherme Lago Chief Financial Officer David Vélez Founder, Chief Executive Officer and Chairman Q4’25 Results 3
Slide 4: Disclaimer
Disclaimer This presentation speaks at the date hereof and the Company is The financial information in this document includes forecasts, under no obligation to update or keep current the information projections and other predictive statements that represent the contained in this presentation. Any in
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) 62% 15% 11% % Activity Ratio CAGR: 22% CAGR: 30% CAGR: 68% 131 FXN 15 FXN 4,857 114 94 11 11 3,101 75 8 2,455 54 83% 83% 83% 5 82% 1,463 76% 591 Q4'21 Q4'22 Q4'23 Q4
Slide 6: Strong Execution at Scale Throughout 2025
Strong Execution at Scale Throughout 2025 Open Finance: One-Click Deposits PIX and PIX Financing with AI Fixed Income Radar Cross Borders Transfers NuScore Salary Portability New Flow NuCel Exclusive Offer for Nu+ OXXO CICO Partnership Colombia Instant Payments (Bre-B) Nu U18 Expansion (6-9 years) N
Slide 7: How We Performed Against our 2025 Priorities
How We Performed Against our 2025 Priorities Brazil: Scale & leadership 113M Customers, #1 private financial institution, 86% activity rate Building the Mexico: Penetration & licensing 14M customers (15% adult pop), banking license underway Largest Retail 4.2M customers (+70% YoY); portfolio $0.6B,
Slide 8: Our Strategic Priorities for 2026
Our Strategic Priorities for 2026 Largest and most Strengthen foundations for AI as a loved digital retail bank international expansion Superpower Doubling down on Brazil, Mexico and Building the foundations to scale our Embedding AI as a structural Colombia, strengthening our model globally, starti
Slide 9: Q4 2025 Results
Q4’25 Results Q4’25 Results 9
Slide 10: A Clearer View of Nubank's Operating Performance: Managerial P&L
A Clearer View of Nubank's Operating Performance Introducing the Managerial P&L Managerial P&L Rationale Q4’25 Managerial P&L (US$MM) Total Revenue 4,857 An evolution in how we explain value creation across an increasingly Credit Income 2,778 multi-product, multi-segment, and multi-country platform
Slide 11: Strong Overall Credit Portfolio Expansion
Strong Overall Credit Portfolio Expansion Credit Card Performance Remains Robust Total Portfolio (US$BN) Total Portfolio (%) Secured Secured Unsecured YoY: 40% Unsecured Credit Card FXN Credit Card Secured Loans: 71% FXN Unsecured Loans: 55% FXN 11% 32.7 FXN Credit Card: 32% FXN 9% 30.4 2.7 8% FXN 5
Slide 12: Building a Scalable and Sustainable Deposit Franchise Across Latam
Building a Scalable and Sustainable Deposit Franchise Across Latam YoY: 29% Deposits (US$BN) FXN Colombia Mexico 12% FXN 41.9 Brazil 4% 38.8 2.5 11% FXN 36.6 FXN 2.3 2.1 6.3 31.6 1% FXN 15% 6.1 28.3 FXN 28.9 1.8 6.7 33.2 1.3 30.4 5.4 3.9 4.5 27.8 23.5 24.4 23.1 89% 89% 90% 91% 89% 87% Cost of Deposi
Slide 13: Risk-Adjusted NIM Drives Performance as NII Scales
Risk-Adjusted NIM Drives Performance as NII Scales NII (US$MM) & Credit Loss Allowance (US$MM) & Risk Adj. NIM (%) NII (US$ MM) CLA (US$ MM) 13% FXN 7% 7% FXN 2,836.9 8% 10% FXN 2,477.3 FXN FXN 2,223.5 2,015.1 1,788.2 1,828.1 10.6% 10.8% 10.5% 9.9% 9.9% 9.3% Risk Adj. NIM Holdings (%) 12% -5% FXN 23
Slide 14: Strong Coverage Ratios with Healthy Credit Quality Trends
Strong Coverage Ratios with Healthy Credit Quality Trends 15-90 NPLs 90+ NPLs 6.8% 7.0% 6.7% 6.7% 6.4% 6.5% 6.6% 5.8% 5.9% 6.0% 6.1% 5.1% 5.1% 5.3% 4.7% 4.5% 4.4% 4.2% 4.7% 4.5% 4.8% 4.5% 4.1% 4.2% 4.3% 4.1% 5 4 4 4 3 3 3 5 5 5 2 4 3 4 4 3 3 5 5 5 2 4 4 3 3 5 3'2 1'2 1'2 2'2 3'2 2'2 4'2 1'2 4'2 4'2
Slide 15: Solid Gross Profit Growth Underpinned by Diversified Value Drivers
Solid Gross Profit Growth Underpinned by Diversified Value Drivers Gross Profit (US$MM) YoY: 38% Float FXN Fees Credit 7% 15% FXN 1,961.1 11% FXN 1,811.2 7% FXN FXN 1% FXN 1,519.3 26% 29% 1,301.7 1,317.0 1,327.5 26% 18% 21% 27% 27% 29% 31% 30% 33% 34% 47% 42% 51% 46% 43% 39% Q3'24 Q4'24 Q1'25 Q2'25
Slide 16: Scalable Business Model Delivering Continued Operating Leverage
Scalable Business Model Delivering Continued Operating Leverage Efficiency Ratio (%) Net Revenues (US$ MM) Opex (US$ MM) 14% FXN 7% 3,274.3 FXN 5% 8% 10% FXN 2,847.0 FXN FXN 2,570.4 2,369.4 2,103.6 2,166.9 24.7% 21.7% 21.4% 21.3% 20.3% 19.9% Efficiency Ratio (%) -5% 1% FXN -2% 16% FXN FXN FXN 12% (5
Slide 17: Strong Earnings Trajectory with Sustained ROE
Strong Earnings Trajectory with Sustained ROE Net Income (US$MM) YoY: 50% FXN 13% FXN 894.8 18% FXN 782.7 11% FXN 5% FXN 1% FXN 637.0 553.4 552.6 557.2 33% 30% 31% 29% 28% ROE 27% (%) Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Adj. Net Income (US$MM) 592.2 610.1 606.5 694.3 829.0 942.8 Adj. ROE (%) 33% 32%
Slide 18: Strong Capital Position to Fund Growth and Global Expansion
Strong Capital Position to Fund Both Growth In Core Markets and Global Expansion Capital Position (US$BN) Liquidity Position (%) 3.0 8.9 49% 38.8 2.2 19.0 3.6 Capital Requirement Capital Excess Nu Holdings Capital Position Net Credit Portfolio Available Funding (Regulated Entities) (Regulated Entiti
Slide 19: Q4 2025 Closing Remarks
Q4’25 Closing Remarks Q4’25 Results 19
Slide 20: Q4 2025 Q&A
Q4’25 Q&A Q4’25 Results 20
Slide 21: Appendix
Q4’25 Appendix Q4’25 Results 21
Slide 22: Disciplined Renegotiation Limits Credit Risk Impact
Disciplined Renegotiation Limits Credit Risk Impact Renegotiated Balance (US$BN) Coverage Ratio & NPLs of Renegotiated Balance (%) % Renegotiated After 90 Days Overdue % NPL 90+ % Renegotiated Between 15 & 90 Days Overdue Coverage Ratio NPL 90+ % Renegotiated Before 15 Days Overdue % Renegotiated Ov
Slide 23: Unlocking Long-Term Value Through Engagement, Monetization and Scale
Unlocking Long-Term Value Through Engagement, Monetization and Scale Monthly ARPAC by Cohort (US$) Monthly ARPAC (US$) Cost to Serve per Active Customer (US$) 30.2 24.7 YoY: 25% FXN 17.7 15.0 14.8 13.8 12.3 12.5 11.1 11.1 11.6 9.8 YoY: 11% FXN 7.4 4.8 0.8 0.7 0.8 0.7 0.8 0.9 0.8 1 12 24 36 48 60 72
Slide 24: Refining the Efficiency Ratio To Better Reflect Operating Leverage
Refining the Efficiency Ratio To Better Reflect Operating Leverage Definition Efficiency Ratio* (%) Old Methodology Old Methodology New Methodology Opex + Transaction Cost + Revenue-Based Taxes 45.8% Credit Income + Float Income + Fee Income + Funding Cost 38.4% Opex (=) 41.0% (+) Customer Support a
Slide 25: Non-IFRS Financial Measures and Reconciliations
Non-IFRS Financial Measures and Reconciliations Non-cash equity grants made to executives, employees or This presentation includes financial measures defined as “non-IFRS consultants at a certain price and point in time, and their hedge financial measures” by the SEC, including Adjusted Net Income,
Slide 26: Non-IFRS Financial Measures and Reconciliations
Non-IFRS Financial Measures and Reconciliations The new managerial P&L reporting framework is intended to facilitate understanding of the underlying operational and economic drivers of the Company’s results and how value is generated across products, segments, and geographies. The managerial P&L lin
Slide 27: Managerial P&L - Bridge From Accounting to Managerial
Non-IFRS Financial Measures and Reconciliations Managerial P&L - Bridge From Accounting to Managerial Reclassifications & Q4’25 Nu Holdings - Consolidated (US$ million) Accounting P&L Managerial P&L Adjustments Total Revenue 4,685.9 171.4 4,857.3 Credit Income 2,732.0 46.0 2,778.0 Float Income 1,264
Slide 28: Adjusted Net Income
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) Dec 31, 2025 Sep 30, 2025 Dec 31, 2024 Profit attributable to shareholders of the parent company 892.4 782.5 552.6 Share-based
Slide 29: Q4'22 and FY22 Metrics adjusted by the CSA cancellation
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 30: Equity and Annualized ROE/Adjusted ROE
Non-IFRS Financial Measures and Reconciliations Equity and Annualized ROE/Adjusted ROE US$ million Reconciliation - ROE Nu Holdings - Consolidated Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Total equity at the end of the period 7,647.1 8,607.9 9,574.8 10,552.0 11,332.6 Net Income for the period 552.6 557.2 637.0
Slide 31: 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 32: 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 33: Non-IFRS Financial Measures and Reconciliations
Non-IFRS Financial Measures and Reconciliations As of October 31, 2025, income statement figures were divided by the average FX Rate of the month (R$ 5.3890, MXN 18.4345 and COP 3,880.9543 to US$ 1.00) and balance sheet figures were divided by the last price FX Rate of the month (R$ 5.3770, MXN 18.5
Slide 34: 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 35: 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 36: www.investors.nu investors@nubank.com.br
www.investors.nu investors@nubank.com.br Q4’25 Results 36