SÃfO PAULO--(BUSINESS WIRE)--February 25, 2026-- 

Nu Holdings Ltd. (NYSE: NU) ("Nu" or the "Company"), one of the largest digital financial services platforms in the world, today released its financial results for the fourth quarter and full year ended December 31, 2025, prepared in accordance with IFRS, as well as complementary managerial(1) results. The financial statements and earnings presentation are available on the Company's Investor Relations website at www.investors.nu, along with details of the earnings conference call to be held today at 5:00 p.m. Eastern Time / 7:00 p.m. Brasília time.

"In Q4'25, we increased scale, deepened engagement, and expanded profitability, closing the year with 131 million customers and 17 million net adds in 2025, while ARPAC reached $15. Strong engagement and higher monetization drove record quarterly revenues of $4.9 billion. This performance, combined with operating leverage and disciplined risk management, resulted in an all-time high net income of $895 million and a ROE of 33%. These results reflect our ability to combine disciplined growth with sustained profitability, while continuing to invest in our core markets. As we enter 2026, we remain fully focused on winning in Latin America, while building the capabilities that will allow Nubank to evolve into a global digital banking platform over time," says David Vélez, founder and CEO of Nubank.

Q4'25 and FY'25 Results Snapshot and Highlights

Below are the Q4'25 and Full Year 2025 performance highlights of Nu Holdings Ltd. Unless otherwise noted, all the growth rates presented herein are on an FX neutral basis $(FXN)$(2) :

Operating Highlights:

   --  Customer growth - Nu added 4 million customers in Q4'25, and 17 million 
      in FY'25, reaching a total of 131 million customers globally by December, 
      2025, reflecting a 15% year-over-year (YoY) increase. This expansion 
      strengthens Nu's position as one of the world's largest and 
      fastest-growing digital financial services platforms. In Brazil, Nu is 
      now the largest private financial institution by number of customers, 
      according to the Brazilian Central Bank. In Mexico, Nu serves around 15% 
      of the adult population and is the leading issuer of new credit cards in 
      the country. In Colombia, Nu has surpassed 4 million customers, and with 
      the recent expansion of its credit card portfolio, it is now able to 
      approve nearly three times more applicants than before. 
 
   --  Engagement and activity rates - Monthly Average Revenue per Active 
      Customer (ARPAC) reached $15 in Q4'25, growing about 9% 
      quarter-over-quarter (QoQ) and around 27% year-over-year (YoY), up from 
      $11.1 from one year ago. Monthly activity rate3 remained at 83%. 
 
   --  Low-cost operating platform - Monthly Average Cost to Serve Per Active 
      Customer remained below the dollar level, at $0.8 per customer, 
      demonstrating the strong operating leverage of the business model. 
      Efficiency Ratio declined to 19.9% in Q4'25 from 20.3% in Q3'25. This 
      reflects the continued operating leverage of Nu's model. 
 
   --  Asset Quality - Nu's leading indicator, the 15-90 NPL ratio, declined 
      once again during the fourth quarter, dropping 20 basis points (bps) from 
      last quarter to 4.1%. supported by the seasonality effects of the 13th 
      salary in Brazil. 90+ NPLs decreased by 10 bps to 6.6% this quarter. 

Financial Highlights:

   --  Revenue, Net Interest Income (NII) and Risk-adjusted NIM - Nu's FY'25 
      revenues were up 45% YoY reaching $16.3 billion in FY'25 and $4.9 billion 
      in Q4'25 reflecting the continued strengthening of engagement and 
      monetization across our platform. NII increased 13% QoQ reaching a new 
      all-time high of $2.8 billion. The Risk-adjusted NIM closed the quarter 
      at 10.5%, and would have been broadly stable QoQ absent a one-off 
      extraordinary contribution to Prosofipo, a sector-wide deposit protection 
      fund to which all Sofipos in Mexico are required to contribute. 
 
   --  Profitability - Nu's gross profit stands at $1.96 billion in Q4'25, a 
      7% sequential increase and a 38% increase YoY, with $ 6.6 billion in 
      FY'25 in comparison to $ 5.0 billion from FY'24. At the Holding level, Nu 
      continued to drive increasing profitability, posting Net Income of $2.9 
      billion in FY'25, compared to $2.0 billion in FY'24 and $894.8 million in 
      Q4'25, up 13% sequentially and 50% from Q4'24. Nu also reached a 
      record-high ROE of 33%. These results are not accidental, they reflect 
      the deliberate priorities and choices Nu made throughout the year and 
      disciplined execution. 
 
   --  Balance Sheet and Funding - Total deposits reached $41.9 billion this 
      quarter, up 29% YoY, while the cost of funding was 87% of interbank 
      rates. Total credit portfolio expanded 40% YoY and 11% QoQ to $32.7 
      billion, while its total Interest-Earning Portfolio $(IEP)$ increased 47% 
      YoY to $18.5 billion as of December 31, 2025. At the holding level, total 
      capital stood at $8.9 billion, including $2.2 billion of excess capital 
      in operating entities and $3.0 billion in cash and equivalents at Nu 
      Holdings. Available funding of $38.8 billion represents approximately 
      twice our net credit portfolio of $19.0 billion, providing substantial 
      liquidity and headroom to support continued growth. 

Business highlights:

   --  Significant Product and Platform Expansion: Nu launched over 100 new 
      products and features across its markets to deepen engagement and expand 
      monetization. Key launches included new payroll loan modalities in Brazil, 
      an expansion of its credit card portfolio in Colombia, an under-18 credit 
      card in Brazil, and tools such as Turbo Moneyboxes and NuScore to 
      strengthen financial planning and engagement. Nu also expanded SME credit 
      offerings and introduced tools such as Charging Assistant to support 
      small business operations and cash flow management. 
 
   --  Leadership and Expansion in Core Markets: In Brazil, Nu became the 
      largest private financial institution by number of customers, reaching 
      113 million, representing 62% of the adult population, with a record-high 
      86% activity rate. In Mexico, Nu now serves 15% of the adult population 
      and is the largest issuer of new credit cards, while in Colombia the 
      expansion of its credit card portfolio nearly tripled approval rates. 
      Total lending reached nearly $11 billion with record originations, and 
      deposits grew 29% year-over-year to nearly $42 billion. 
 
   --  Advancement in AI and Global Strategy: Nu advanced its AI-driven model 
      with the deployment of nuFormer in credit underwriting in Brazil, 
      supporting the largest quarterly gain in credit card market share in ten 
      quarters. The model will now be expanded to lending in Brazil and credit 
      cards in Mexico. AI also enhanced notification conversion, cross-selling, 
      and service quality, elevating customer experience, while PIX with AI 
      surpassed 10 million monthly active users. In parallel, Nu progressed on 
      its U.S. strategy, filing for a national bank charter in September 2025 
      and receiving conditional OCC approval in January 2026. 
 
   --  Transitioning from a Latin American Leader to a Global Digital Banking 
      Platform: Nu views 2026 as an inflection year, focused on winning in its 
      core markets while building the capabilities to evolve into a global 
      digital banking platform. The Company will continue prioritizing Brazil 
      and Mexico, reinforcing leadership in the mass market, expanding in SME 
      and high-income segments, and advancing the Mexico banking license. 
      Across markets, Nu will raise the bar on product quality and reliability 
      while accelerating platformization, developing country-agnostic, reusable 
      infrastructure to scale more efficiently. These strategic investments may 
      result in near-term upward pressure on the efficiency ratio, though the 
      structural drivers of operating leverage -- revenue growth, scale, and 
      disciplined cost management -- remain intact. The Company will also lay 
      operational foundations for its U.S. opportunity and deepen AI adoption, 
      positioning artificial intelligence as a structural advantage for 
      long-term growth. 
 
Footnotes (1) Beginning in the fourth quarter of 2025, Nubank is introducing 
its Managerial P&L, representing an evolution in our disclosure framework to 
better explain value creation across an increasingly multi-product, 
multi-segment, and multi-country platform. The Managerial P&L is a structural, 
complementary reorganization of IFRS line items designed to enhance 
comparability as the business scales, grounded in economic and operational 
substance. This framework preserves net income, cash flow, and capital, is 
fully reconciled to IFRS, and is designed for external assurance. All 
financial metrics presented reflect this framework. A full reconciliation of 
non-IFRS measures to the most directly comparable IFRS measures is available 
in our Managerial P&L Reconciliation Report and in the appendix of the 
earnings presentation 
(2) FX neutral measures were calculated to present what such measures in 
preceding periods/years would have been had exchange rates remained stable 
from these preceding periods/years until the date of the Company's more recent 
financial information. 
(3) Activity rate is defined as monthly active customers divided by the total 
number of customers as of a specific date. 
 
 
CONFERENCE EARNINGS CALL DETAILS Nu will hold a Conference Earnings Call today 
at 5:00pm Eastern time/7:00pm Brasília time with simultaneous translation 
in Portuguese and English. To pre-register for this call, please click here. A 
replay of the webcast will be made available after the call on the Investor 

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