Q4 2025 Nu Holdings Ltd Earnings Call (English, Portuguese) Transcript
Key Points
- Nu Holdings Ltd (NU) closed the year with 131 million customers, adding 17 million net new customers and maintaining an activity rate of 83%.
- Revenues in Q4 2025 reached $4.9 billion, up 45% year-over-year, driven by strong customer growth and higher ARPAC.
- Net income reached $895 million, translating into a record 33% return on equity while maintaining strong capital buffers.
- Nu Holdings Ltd (NU) launched more than 100 new products and features across its markets, aiming to deepen engagement and expand access.
- The company received conditional approval from the OCC for a US national bank charter, laying the groundwork for international expansion.
- Recent changes to FGTS regulations have reduced new originations by more than half, impacting the secured lending portfolio.
- The company anticipates upward pressure on the efficiency ratio in the near term due to investments in AI, new technologies, and global expansion.
- Nu Holdings Ltd (NU) recorded a one-off expense of approximately $25 million related to a regulatory levy in Mexico.
- The return-to-office decision will incur temporary cost provisions, impacting the efficiency ratio by 80 to 100 basis points.
- The effective tax rate was impacted by a non-recurring $58 million deferred tax asset remeasurement due to a corporate income tax increase in Brazil.
Good evening, ladies and gentlemen. Welcome to Nu Holdings conference call to discuss the results for the fourth-quarter of 2025. A slide presentation is accompanying today's webcast, which is available in Nu's Investor Relations website, www.investors.nu in English and www.investidores.nu in Portuguese. This conference is being recorded, and the replay can also be accessed on the company's IR website. This call is also available in Portuguese. (Operator Instructions) (spoken in foreign language) (Operator Instructions)
I would now like to turn the call over to Mr. Guilherme Souto, Investor Relations Officer at Nu Holdings. Mr. Souto, you may proceed.
Thank you, operator, and thank you, everyone, for joining our earnings call today. With me on today's call are David Velez, our Founder, Chief Executive Officer and Chairman; and Guilherme Lago, our Chief
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