Nu Holdings Ltd. · NYSE:NU
Nu — Q2 2025 Earnings Presentation
36 slides from Nu's earnings presentation, Aug 14, 2025
Slide 1: Earnings Presentation Q2 2025
Earnings PresentationQ2 2025Aug 14, 2025 Q2’25 Results 2 Investor Relations Officer Guilherme Souto WelcomeQ2’25 Results 2 Investor Relations Officer Guilherme Souto Welcome Guilherme LagoChief Financial OfficerDavid VélezFounder, Chief Executive Officer and ChairmanQ2’25 Results 3 DisclaimerThis pr
Slide 2: Welcome
NU Welcome Guilherme Souto Investor Relations Officer
Slide 3: Presenters: CFO and CEO
Chief Financial Officer Founder, Chief Executive Officer and Chairman
Slide 4: Disclaimer
Disclaimer This presentation speaks at the date here of and the Company is under no obligation to update or keep current the information contained in this presentation. Any information expressed herein is subject to change without notice. Any market or other third-party data included in this present
Slide 5: Sustained Growth of One of the World's Largest Digital Banking Platforms
NU Sustained Growth of One of the World's Largest Digital Banking Platforms %Adult Population Customers(mm) S th & ARPAC uss) Revenues (USSBN) 60% 13% 9% = % Activity Ratio > a CAGR: 31% CAGR: 34% CAGR: 85% FXN " 12 9 8 ' Fr F 221 Q222 Q223 Q224 Q225 221 Q222 Q223 Q224 Q225 Q221 Q222 Q223 Q224 Q225
Slide 6: A Business Model That Drives Growth
A Business Model That Drives Growth Multi-Product 1Ny Active Credit Active Transaction Card Customers Financing Customers 55.0MM 21.4MM <r ELS YOY Multi-Segment Multi-Country Active Unsecured Loans Active Secured Loans High Income Super Core Mexico Credit Card Customers Customers Customers Customers
Slide 7: Welcoming a World-Class Leadership Trio
NU Welcoming a World-Class Leadership Trio Ethan Eismann Chief Design Officer Weg (Qairbnb i slack r wv Eric Young Chief Technology Officer rs) Wharton a Roberto Campos Neto Vice-Chairman and Global Head of Public Policy Santander 4) C
Slide 8: NU
NU
Slide 9: Unlocking Long-Term Value Through Engagement, Monetization and Scale
NU Unlocking Long-Term Value Through Engagement, Monetization and Scale Monthly ARPAC by Cohort (uss) Monthly ARPAC uss) Cost to Serve per Active Customer (uss) 273 22.9 YoY: 18% FXN 17.6 13.9 12.2 1A 12 11, 11.2 10.9 M0 10.7 YoY: -3% 89 FXN 65 49 08 F OD ©) @7 O85 a7 O8 1 12 24 3 48 60 ve 8h Q124 Q
Slide 10: Solid Credit Portfolio Expansion
NU Solid Credit Portfolio Expansion Credit Card Accelerates, Lending Continues to Gain Relevance Total Portfolio (ussBn) Total Portfolio (%) I Secured Il Secured I Unsecured Il Unsecured I Credit Card IB Credit Card 8% % B% be FN 20.9 XN 90,7 7 19.6 > 189 7 >; 7 = me 47 14.6 Qt24 Q224 Q324 Q4'24 Qt2
Slide 11: Loan Origination
NU Loan Origination Maintaining a Strong Pace YoY: 43% Total Originations (ussBn) FXN I Secured Loans I Unsecured Loans Qt24 Q224 Q324 Q4'24 Qt25 Q2'25 Note t: Total Originatons includes Braz, Mexico and Colombia. Note 2: Secured loan includes Payroll Deductible Loans, FGTS Deductible Loans, INSS De
Slide 12: Transaction Financing
Transaction Financing Continues to Fuel Growth and Enhance Credit Card Mix rd Nu Interest Earning Installments Balance Nu Revolving Balance = Nu Nonnterest Earning Balance (% Market Interest Earning Installments Balance ™MarketRevolvingBalance —_— = Market Non-Interest Earning Balance S srazil Only
Slide 13: Building a Scalable and Sustainable Deposit Franchise Across Latam
nu Building a Scalable and Sustainable Deposit Franchise Across Latam - YoY: 41% Deposits (ussBn) FXN I Colombia BB Mexico BB brazil Cost of Deposits as a % of Interbank Rate Qt24 Q224 Q3'24 Q4'24 Qt25 Q2'25 Note 1 Amounts are presented in US dlrs and grows rates on an FX Neutral basis. For addtiona
Slide 14: Strong NII Performance
NU Strong NIl Performance Solid in Brazil, Strategic in Mexico & Colombia NII (ussmm) & NIM (x) YoY: 33% FXN 1% PN 2,098.8 12% % 1% s. eed XN FXN 7 1,619.5 ieee NIM Holdings (%) Qt24 Q224 Q324 Q4'24 Q125 Q2'25 [Note : NI stands for Net interest Income and is calculated as interest income and gains (
Slide 15: Risk-Adjusted Margins Rebound
nu Risk-Adjusted Margins Rebound Driven by Strong NII and Resilient Credit Quality Credit Loss Allowance (ussmm) & Risk Adj. NIM (%) % FXN Bi o73g -7 1,012.2 Risk Adj. NIM Holdings (%) Q124 Q224 Q324 Q4'24 Q125 Q2'25 Note ‘CLA’ stands for Credit Loss Alowance Expenses. Note 2: ‘Rsk Adj. NIM stands f
Slide 16: Delinquency Ratios Tracking Expectations, Outperforming Seasonality
nu Delinquency Ratios Tracking Expectations, Outperforming Seasonality with Strong Coverage Levels & Brazil Consumer Credit Portfolio Only Historical Q2 Seasonality 15-90 NPLs pas 5.0% % 48% bA% gry 47% 4.4% 4 4A% 43% 42% aay Coverage Ratio Over Total Balance t57% dK W8% 153% 14.9% 15.2% 15.2% 13.5%
Slide 17: Solid Gross Profit Growth
Solid Gross Profit Growth NIl and CLA Trends Moving in the Right Direction Gross Profit (ussmm) YoY: 24% FXN 6% 21% FXN 1,359.4 + 1,348.6 7 1,363.3 Q124 Q224 Q324 6% XN Note Amounts are presented in US dolars and growth rates on an FX Neutra basis For dione deta on calculations please refer to the a
Slide 18: Principality Powers a Balanced and Resilient Growth Engine
NU Principality Powers a Balanced and Resilient Growth Engine Gross Profit Breakdown (ussmm) TB Float MI Fees IB credit 24% 277.298 275.5 305 = 51% fl sox % 0x a # 695.39 668.91 407 0 E.. 670.4 40% fy 42% ae 634917] 4 a 26339] 4 un Q122 Q2'22 Q322 Q4'22 Q123 Q2'23 Q323 Q4'23 Q124 Q2'24 Q324 Q4'24 Q1
Slide 19: Scalable Model
Scalable Model Delivering Sustained Operating Leverage Efficiency ‘mNII + F&C (USSMM) = Costs (USSMM) —ffficiency Ratio Efficiency Ratio Without One-off 9% ax 5% FXN XN 1415.2 35.4% 23% 12% 7% 20% zi 1,043.0 FM) FN 4% a XN a7 8% aK XN, XN Oy) ~. a 7 Qt122 Q222 Q322 Q422 Q123 Q223 Q323 Q423 Q124 Q224
Slide 20: Strong and Consistent ROE
NU Strong and Consistent ROE Underpins Earnings Trajectory Net Income (ussmm) YoY: 42% FXN 1% 21% Be 1% ies 637.0 ROE ar24 a224 324 Qu'24 Qr25 @225 Adj. NetIncome (USSMM) 442.7 5625 592.2 610.1 6065 6945 ee eaetatincome Yor: sc, ROE.) 27% 33% 3% 32% 30% 3% +34% FXN Noto Amounts ae presented in US do
Slide 21: Mexico Unlocking Scale
NU Mexico Unlocking Scale in a Market Ripe for Disruption and Long-Term Growth [+] Mexico Only Strong Customer Growth Engagement Engine Activated Hl Customers (MM) 12.0 Il # credit Card Customers (MM) = % Adult Population = Market Share (%) Market Share of Growth LTM (%) 6.6 27 BP a222 223 Q224 225
Slide 22: Nu Results
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Slide 23: nu
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Slide 24: Fortress Balance Sheet — Capital, Liquidity and Coverage
NU Fortress Balance Sheet — Capital, Liquidity and Coverage Well Positioned to Secure a Growth Runway Ahead Capital Ratio Liquidity Ratio Coverage Ratio 56% 614% 37% ; ; | 0222 0223 224 0225 a222 223 0224 225 ey aedene Note Thc rot reg hr naga mi an ar rosea hs fer ane uronic: are al ns Ve fe et up
Slide 25: Comfortable Capital and Liquidity Positions
NU Comfortable Capital and Liquidity Positions Capital Position (usssn) Liquidity Position (%) BB Nudoldings Cash & Equivalents BB Capital Excess I Capital Requirement 77 ee 36.6 Capital in our Geos Nu Holdings Interest Earning Portfolio Total Deposits Note t: Baal figures consider the Copital Adequ
Slide 26: Formation Ratios
Formation Ratios Tracking Expectations S brazil Consumer Credit Portfolio Only NPL Formation 39% s54 zy ae 3.8% 29% 3.0% 32% 29% 32% 3.0% 3.0% 33% Uy 15-90 NPLs Over IEP Balance 12.1% - 5 WS mya 10.7% 10.7% 10.4% 9.7% 4x 10.3% 89% 84% 79% 84% 7.9% ‘Note Includes both crelt card and loan, excluding S
Slide 27: Loan Portfolio (FX Neutral)
nu Loan Portfolio (FX Neutral) Steady Credit Book Expansion . YoY: 40% Total Portfolio (fxn ussBN) Ten BB Loan I Credit Card IEP Loan: 90% FXN rd IEP: 23% FXN I rei Card non-IEP Gredit Card non IEP: 24% FXN 1% - FXN a me 4” - FXN 7 : 7 19.9 22% 18.6 - Q224 Q324 Q4'24 Qt25 Q225 Note 1: Both amounts a
Slide 28: Non-IFRS Financial Measures and Reconciliations
Non-IFRS Financial Measures and Reconciliations This presentation includes financial measures defined as “non-IFRS financial measures” by the SEC, including: Adjusted Net Income and certain FX Neutral measures and provides reconciliations to the most directly comparable IFRS financial measure. A non
Slide 29: Non-IFRS Financial Measures and Reconciliations
Non-IFRS Financial Measures and Reconciliations Adjusted Net Income Nu Holdings - Consol Adjusted Net Income (US$ million) Profit attributable to shareholders of the parent company Share-based compensation Allocated tax effects on share-based compensation Hedge of the tax effects on share-based comp
Slide 30: Non-IFRS Financial Measures and Reconciliations
nu Non-lFRS Financial Measures and Reconciliations Q4'22 and FY22 Metrics adjusted by the CSA cancellation USS milli As presented in the CSA termination As presented in the milton financial statements adjustment earnings presentation Net income (loss) - for the three-month period ended (297.6) 355.6
Slide 31: Non-IFRS Financial Measures and Reconciliations
Nu Non-lFRS Financial Measures and Reconciliations Equity and Annualized ROE/Adjusted ROE US$ million Total equity at the end of the period 6,923.4 7,644.3 7,647.1 8,607.9 9,574.8 Net Income for the period 487.3 553.4 552.6 5572) 637.0 Adjusted Net Income for the period 562.5 592.2 610.1 606.5 694.5
Slide 32: Non-IFRS Financial Measures and Reconciliations
Non-lFRS Financial Measures and Reconciliations FX Neutral measures are prepared and presented to eliminate the effect of foreign exchange, or “FX,” volatility between the comparison periods, allowing management and investors to evaluate financial performance despite variations in foreign currency e
Slide 33: Non-IFRS Financial Measures and Reconciliations
Non-lIFRS Financial Measures and Reconciliations FX Rates - On a monthly basis, Nu translates its subsidiaries figures from their individual functional currency into Nu Holdings functional currency, the US. Dollars (‘US$’), following the requirements of JAS 21 “The Effects of Changes in Foreign Exch
Slide 34: Glossary
Glossary Activity rate - is defined as monthly active customers divided by the total number of customers as of a specific date. CDI (“Certificado de Depésito Interbancério”) - Brazilian interbank deposit rate. Credit Loss Allowance Expenses/Credit Portfolio - is defined as credit loss allowance expe
Slide 35: Glossary
Glossary Net Interest Income ("NII") - is defined as interest income and gains (losses) on financial instruments minus interest and other financial ‘expenses. Net Interest Margin ("NIM") - is defined as the annualized ratio between Nil in the numerator and the denominator is defined as the following
Slide 36: Signatures
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Nu Holdings Ltd. By: /s/ Guilherme Souto Guilherme Souto Investor Relations Officer Date: August 14, 20