Nu Holdings Ltd. published the transcript of its fourth-quarter 2025 earnings conference call. The call was attended by Founder, CEO and Chairman David Vélez, CFO Guilherme Lago, and Investor Relations Officer Guilherme Souto. Management highlighted strong 2025 momentum, closing the year with 131 million customers (83% activity rate) and ARPAC of $15 per active customer, up 27% year over year. Nu reported Q4’25 revenue of $4.9 billion (up 45% year over year), gross profit of nearly $2.0 billion (up 38%), and net income of $895 million, delivering a record 33% ROE while maintaining “strong capital buffers.” The company also introduced a new managerial reporting framework, including a Managerial P&L, which CFO Lago said “does not change economic reality. It only clarifies it,” and noted it is fully reconciled to IFRS. Nu ended the quarter with a $32.7 billion total portfolio (up 40% year over year) and $41.9 billion in deposits (up 29%), while consolidated cost of deposits improved to 87% of the interbank rate by quarter-end. On asset quality, Nu reported early-stage delinquencies (15–90 NPLs) improved for the fourth consecutive quarter to 4.1%, and 90+ NPLs declined to 6.6%, with management expecting a typical seasonal uptick in early delinquencies in Q1. AI and expansion plans were a major focus. Vélez said AI is “both a challenge and has potential for disruption as well as significant opportunity,” adding, “Net-net, we think it’s more opportunity than challenge for us.” Nu’s foundation model “nuFormer” is in production for credit decisioning in Brazil, and PIX with AI surpassed 10 million monthly active users. Management also discussed conditional approval from the OCC for a U.S. national bank charter and described 2026 as an “inflection year” toward becoming “a global digital banking platform,” while emphasizing a targeted and disciplined U.S. approach. Nu also addressed one-off items, including a roughly $25 million extraordinary Prosofipo contribution in Mexico and $22 million in return-to-office transition provisions, alongside a $58 million positive net income impact from deferred tax asset remeasurement tied to Brazil’s CSLL rate increase. Looking ahead, Lago cautioned that 2026 investments could pressure the efficiency ratio in the near term, including return-to-office, AI/technology spending, and globalization efforts; he estimated return-to-office could add “about 80 to 100 basis points” to the efficiency ratio, all else equal. The full transcript can be accessed through the link below. http://www.investors.nu/
Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Nu Holdings Ltd. published the original content used to generate this news brief on March 03, 2026, and is solely responsible for the information contained therein.
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