Nu Holdings Ltd 6-K, filed Aug 13, 2026
Nu Holdings Ltd. (NU)
About this 6-K
Nu Holdings Ltd filed this 6-K on August 13, 2026.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Private Issuer Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934
For the month of August, 2026
Commission File Number 001-41129
Nu Holdings Ltd.
(Exact name of registrant as specified in its charter)
Nu Holdings Ltd.
(Translation of Registrant's name into English)
Campbells Corporate Services Limited, Floor 4, Willow House, Cricket Square, KY1-9010 Grand Cayman, Cayman Islands
+1 345 949 2648
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F (X) Form 40-F
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes No (X)
8
Contents
Independent Auditors' Report
KPMG Auditores Independentes Ltda.
Rua Verbo Divino – 1400 – 1º andar – Granja Julieta – São Paulo
04719-002 - São Paulo/SP - Brasil
Caixa Postal 79518 - São Paulo/SP - Brasil
Telefone +55 (11) 3940-1500
kpmg.com.br
Independent Auditors’ report on review of Interim Condensed Consolidated Financial Statements
To the Board of Directors and Shareholders of
Nu Holdings Ltd.
Cayman Islands
Introduction
We have reviewed the accompanying interim condensed consolidated statement of financial position of Nu Holdings Ltd. (“Company”) as at June 30, 2026, the interim condensed consolidated statements of income and comprehensive income for the three and six-month periods then ended, and the related interim condensed consolidated statements of changes in equity and cash flows for the six-month period then ended, and notes to the interim condensed consolidated financial statements.
Management is responsible for the preparation and presentation of these interim condensed consolidated financial statements in accordance with IAS 34, ´Interim Financial Reporting´. Our responsibility is to express a conclusion on these interim condensed consolidated financial statements based on our review.
Scope of review
We conducted our review in accordance with Brazilian and International Standards on Review Engagements (NBC TR 2410 - Revisão de Informações Intermediárias Executada pelo Auditor da Entidade and ISRE 2410 - Review of Interim Financial Information Performed by the Independent Auditor of the Entity, respectively). A review of interim condensed consolidated financial statements consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
| KPMG Auditores Independentes Ltda., uma sociedade simples brasileira, de responsabilidade limitada e firma-membro da organização global KPMG de firmas-membro independentes licenciadas da KPMG International Limited, uma empresa inglesa privada de responsabilidade limitada. | KPMG Auditores Independentes Ltda., a Brazilian limited liability company and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. |
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim condensed consolidated financial statements as at June 30, 2026, are not prepared, in all material respects, in accordance with IAS 34, ‘Interim Financial Reporting’.
São Paulo, August 13, 2026.
KPMG Auditores Independentes Ltda.
CRC 2SP-014428/O-6
João Paulo Dal Poz Alouche
Accountant CRC 1SP245785/O-2
| KPMG Auditores Independentes Ltda., uma sociedade simples brasileira, de responsabilidade limitada e firma-membro da organização global KPMG de firmas-membro independentes licenciadas da KPMG International Limited, uma empresa inglesa privada de responsabilidade limitada. | KPMG Auditores Independentes Ltda., a Brazilian limited liability company and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. |
Unaudited Interim Condensed Consolidated Statements of Income
For the three and six-month periods ended June 30, 2026 and 2025
(In thousands of U.S. Dollars, except earnings per share)
| Three-month period ended | Six-month period ended | ||||||||
| Note | 06/30/2026 | 06/30/2025 | 06/30/2026 | 06/30/2025 | |||||
| Interest income and gains net of losses on financial instruments | 6 | 4,760,573 | 3,128,743 | 9,035,886 | 5,860,879 | ||||
| Fee and commission income | 6 | 752,635 | 539,727 | 1,445,289 | 1,055,280 | ||||
| Total revenue | 5,513,208 | 3,668,470 | 10,481,175 | 6,916,159 | |||||
| Interest and other financial expenses | 6 | (1,556,650) | (1,029,989) | (2,825,834) | (1,926,193) | ||||
| Transactional expenses | 6 | (127,816) | (78,311) | (243,702) | (136,799) | ||||
| Expected credit loss | 7 | (1,482,213) | (1,012,192) | (3,200,228) | (1,985,736) | ||||
| Total cost of financial and transactional services provided | (3,166,679) | (2,120,492) | (6,269,764) | (4,048,728) | |||||
| Gross profit | 2,346,529 | 1,547,978 | 4,211,411 | 2,867,431 | |||||
| Operating (expenses) income | |||||||||
| Customer support and operations | 8 | (226,246) | (161,434) | (431,120) | (312,909) | ||||
| General and administrative expenses | 8 | (599,790) | (341,253) | (1,091,830) | (631,076) | ||||
| Marketing expenses | 8 | (103,429) | (67,347) | (166,322) | (111,444) | ||||
| Other expenses | 8 | (201,042) | (112,289) | (370,818) | (220,284) | ||||
| Other income | 8 | 24,954 | 14,732 | 44,996 | 84,872 | ||||
| Total operating (expenses) income | (1,105,553) | (667,591) | (2,015,094) | (1,190,841) | |||||
| Share of loss in associates | 18 | (4,663) | (1,025) | (5,698) | (2,155) | ||||
| Income before income taxes | 1,236,313 | 879,362 | 2,190,619 | 1,674,435 | |||||
| Income taxes | 30 | (175,224) | (242,375) | (258,099) | (480,240) | ||||
| Net income for the period | 1,061,089 | 636,987 | 1,932,520 | 1,194,195 | |||||
| Net income attributable to shareholders of the parent company | 1,060,199 | 636,838 | 1,932,255 | 1,194,041 | |||||
| Net income attributable to non-controlling interests | 890 | 149 | 265 | 154 | |||||
| Earnings per share – Basic | 9 | 0.2183 | 0.1320 | 0.3979 | 0.2476 | ||||
| Earnings per share – Diluted | 9 | 0.2162 | 0.1300 | 0.3936 | 0.2439 | ||||
| Weighted average outstanding ordinary shares - basic EPS (in thousands of shares) | 9 | 4,857,131 | 4,825,586 | 4,856,663 | 4,821,579 | ||||
| Weighted average outstanding ordinary shares - diluted EPS (in thousands of shares) | 9 | 4,904,837 | 4,899,768 | 4,908,841 | 4,897,849 | ||||
The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.
| 5 |
Unaudited Interim Condensed Consolidated Statements
of
Comprehensive Income
For the three and six-month periods ended June 30, 2026 and 2025
(In thousands of U.S. Dollars)
| Three-month period ended | Six-month period ended | ||||||||
| Note | 06/30/2026 | 06/30/2025 | 06/30/2026 | 06/30/2025 | |||||
| Net income for the period | 1,061,089 | 636,987 | 1,932,520 | 1,194,195 | |||||
| Other comprehensive income: | |||||||||
| Effective portion of changes in fair value | (10,580) | 6,703 | (35,814) | 15,036 | |||||
| Changes in fair value reclassified to profit or loss | 17,247 | (14,093) | 27,453 | (49,712) | |||||
| Deferred income taxes | (985) | 1,443 | 3,558 | 6,366 | |||||
| Cash flow hedge | 20 | 5,682 | (5,947) | (4,803) | (28,310) | ||||
| Effective portion of changes in fair value | (56,072) | — | (120,645) | — | |||||
| Net investment hedge | 20 | (56,072) | — | (120,645) | — | ||||
| Changes in fair value | 6,559 | (6,917) | 8,010 | 1,404 | |||||
| Deferred income taxes | (3,149) | 3,526 | (4,538) | (585) | |||||
| Financial assets at fair value through other comprehensive income | 3,410 | (3,391) | 3,472 | 819 | |||||
| Currency translation on foreign entities | 50,095 | 316,961 | 492,725 | 682,620 | |||||
| Total other comprehensive income (loss) that are or may be reclassified subsequently to profit or loss | 3,115 | 307,623 | 370,749 | 655,129 | |||||
| Changes in fair value - own credit adjustment | — | — | — | 20 | |||||
| Total other comprehensive income (loss) that will not be reclassified to profit or loss subsequently | — | — | — | 20 | |||||
| Total other comprehensive income (loss), net of tax | 3,115 | 307,623 | 370,749 | 655,149 | |||||
| Total comprehensive income for the period, net of tax | 1,064,204 | 944,610 | 2,303,269 | 1,849,344 | |||||
| Total comprehensive income attributable to shareholders of the parent company | 1,063,314 | 944,461 | 2,303,004 | 1,849,190 | |||||
| Total comprehensive income attributable to non-controlling interests | 890 | 149 | 265 | 154 | |||||
The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.
| 6 |
Unaudited Interim Condensed Consolidated Statements
of
Financial Position
As of June 30, 2026 and December 31, 2025
(In thousands of U.S. Dollars)
| Note | 06/30/2026 | 12/31/2025 | |||
| Assets | |||||
| Cash and cash equivalents | 11 | 13,551,611 | 15,003,643 | ||
| Financial assets at fair value through profit or loss | 1,473,272 | 1,140,671 | |||
| Securities | 12 | 1,358,015 | 1,059,923 | ||
| Derivatives | 20 | 115,257 | 80,748 | ||
| Financial assets at fair value through other comprehensive income | 14,046,844 | 12,157,076 | |||
| Securities | 12 | 14,046,844 | 12,157,076 | ||
| Financial assets at amortized cost | 46,722,060 | 41,518,114 | |||
| Credit card receivables | 13 | 21,494,406 | 18,267,904 | ||
| Loans to customers | 14 | 11,317,422 | 9,421,458 | ||
| Compulsory and other deposits at central banks | 15 | 9,149,128 | 9,537,788 | ||
| Securities | 12 | 3,776,505 | 3,141,504 | ||
| Other receivables | 16 | 849,897 | 1,000,683 | ||
| Other financial assets | 134,702 | 148,777 | |||
| Other assets | 17 | 1,955,741 | 1,403,870 | ||
| Deferred tax assets | 30 | 3,649,091 | 2,510,967 | ||
| Investments in associates | 18 | 93,004 | 98,702 | ||
| Right-of-use assets | 54,654 | 22,244 | |||
| Property, plant and equipment | 50,665 | 27,550 | |||
| Intangible assets | 19 | 747,101 | 601,669 | ||
| Goodwill | 19 | 409,371 | 409,371 | ||
| Total assets | 82,753,414 | 74,893,877 |
| 7 |
Unaudited Interim Condensed Consolidated Statements
of
Financial Position
As of June 30, 2026 and December 31, 2025
(In thousands of U.S. Dollars)
| Note | 06/30/2026 | 12/31/2025 | |||
| Liabilities | |||||
| Financial liabilities at fair value through profit or loss | 116,068 | 65,969 | |||
| Derivatives | 20 | 89,659 | 65,969 | ||
| Obligations for quotas of investment funds | 26,409 | - | |||
| Financial liabilities at amortized cost | 66,610,671 | 60,741,103 | |||
| Deposits | 22 | 45,328,419 | 41,925,101 | ||
| Payables to network | 23 | 15,541,657 | 13,633,949 | ||
| Borrowings and financing | 24 | 4,682,252 | 4,398,216 | ||
| Repurchase agreements | 21 | 1,058,343 | 783,837 | ||
| Salaries, allowances and social security contributions | 221,770 | 236,565 | |||
| Tax liabilities | 30 | 1,117,397 | 1,424,118 | ||
| Lease liabilities | 66,433 | 29,197 | |||
| Provisions and contingent liabilities | 25 | 44,343 | 30,920 | ||
| Deferred income | 26 | 84,165 | 77,521 | ||
| Other liabilities | 27 | 1,240,846 | 966,922 | ||
| Total liabilities | 69,501,693 | 63,572,315 | |||
| Equity | |||||
| Share capital | 31 | 84 | 84 | ||
| Share premium reserve | 31 | 4,566,905 | 5,062,464 | ||
| Retained earnings | 31 | 8,496,232 | 6,412,700 | ||
| Other comprehensive income (loss) | 31 | 186,449 | (184,300) | ||
| Equity attributable to shareholders of the parent company | 13,249,670 | 11,290,948 | |||
| Equity attributable to non-controlling interests | 2,051 | 30,614 | |||
| Total equity | 13,251,721 | 11,321,562 | |||
| Total liabilities and equity | 82,753,414 | 74,893,877 |
The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.
| 8 |
Unaudited Interim Condensed Consolidated Statements of Changes in Equity
For the six-month period ended June 30, 2026 and 2025
(In thousands of U.S. Dollars)
| Attributable to shareholders of the parent company | ||||||||||||||||||||||
| Other comprehensive income (loss) | ` | |||||||||||||||||||||
| Note | Share capital |
Share premium reserve |
Retained earnings | Translation reserve |
Cash flow hedge reserve |
Financial Assets at FVTOCI |
Net investment hedge | Own credit revaluation reserve |
Total | Total non-controlling interests |
Total equity | |||||||||||
| Balances as of December 31, 2025 | 84 | 5,062,464 | 6,412,700 | (196,018) | (4,076) | 15,296 | - | 498 | 11,290,948 | 30,614 | 11,321,562 | |||||||||||
| Net income for the period | - | - | 1,932,255 | - | - | - | - | - | 1,932,255 | 265 | 1,932,520 | |||||||||||
| Share-based compensation, net of shares withheld for employee taxes | 10 | - | - | 151,277 | - | - | - | - | - | 151,277 | - | 151,277 | ||||||||||
| Shares issued on business acquisition | 10 | - | 853 | - | - | - | - | - | - | 853 | - | 853 | ||||||||||
| Stock options exercised | 31 | - | 3,981 | - | - | - | - | - | - | 3,981 | - | 3,981 | ||||||||||
| Share repurchase | 31 | (500,393) | (500,393) | - | (500,393) | |||||||||||||||||
| Movements in non-controlling interests | - | - | - | - | - | - | - | - | - | (28,828) | (28,828) | |||||||||||
| Other comprehensive income or loss, net of tax | 31 | |||||||||||||||||||||
| Cash flow hedge | - | - | - | - | (4,803) | - | - | - | (4,803) | - | (4,803) | |||||||||||
| Net investment hedge | - | - | - | - | - | - | (120,645) | - | (120,645) | - | (120,645) | |||||||||||
| Fair value changes - financial assets at FVTOCI | - | - | - | - | - | 3,472 | - | - | 3,472 | - | 3,472 | |||||||||||
| Currency translation on foreign entities | - | - | - | 492,725 | - | - | - | - | 492,725 | - | 492,725 | |||||||||||
| Balances as of June 30, 2026 | 84 | 4,566,905 | 8,496,232 | 296,707 | (8,879) | 18,768 | (120,645) | 498 | 13,249,670 | 2,051 | 13,251,721 | |||||||||||
| 9 |
Unaudited Interim Condensed Consolidated Statements of Changes in Equity
For the six-month period ended June 30, 2026 and 2025
(In thousands of U.S. Dollars)
| Attributable to shareholders of the parent company | ||||||||||||||||||||
| Other comprehensive income (loss) | ||||||||||||||||||||
| Note | Share capital |
Share premium reserve |
Retained earnings | Translation reserve |
Cash flow hedge reserve |
Financial Assets at FVTOCI |
Own credit revaluation reserve |
Total | Total non-controlling interests |
Total equity | ||||||||||
| Balances as of December 31, 2024 | 84 | 5,053,776 | 3,420,596 | (862,977) | 22,750 | 11,582 | 478 | 7,646,289 | 787 | 7,647,076 | ||||||||||
| Net income for the period | - | - | 1,194,041 | - | - | - | - | 1,194,041 | 154 | 1,194,195 | ||||||||||
| Share-based compensation, net of shares withheld for employee taxes | 10 | - | - | 76,293 | - | - | - | - | 76,293 | - | 76,293 | |||||||||
| Shares issued to service providers | - | - | 1,316 | - | - | - | - | 1,316 | - | 1,316 | ||||||||||
| Shares issued on business acquisition | 10 | - | 779 | - | - | - | - | - | 779 | - | 779 | |||||||||
| Stock options exercised | 31 | - | 968 | - | - | - | - | - | 968 | - | 968 | |||||||||
| Movements in non-controlling interests | - | - | - | - | - | - | - | - | 340 | 340 | ||||||||||
| Other comprehensive income or loss, net of tax | 31 | |||||||||||||||||||
| Cash flow hedge | - | - | - | - | (28,310) | - | - | (28,310) | - | (28,310) | ||||||||||
| Fair value changes - financial assets at FVTOCI | - | - | - | - | - | 819 | - | 819 | - | 819 | ||||||||||
| Currency translation on foreign entities | - | - | - | 682,620 | - | - | - | 682,620 | - | 682,620 | ||||||||||
| Own credit adjustment | - | - | - | - | - | - | 20 | 20 | - | 20 | ||||||||||
| Balances as of June 30, 2025 | 84 | 5,055,523 | 4,692,246 | (180,357) | (5,560) | 12,401 | 498 | 9,574,835 | 1,281 | 9,576,116 | ||||||||||
The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.
| 10 |
Unaudited Interim Condensed Consolidated Statements of Cash Flows
For the six-month period ended June 30, 2026 and 2025
(In thousands of U.S. Dollars)
| Note | 06/30/2026 | 06/30/2025 | |||
| Cash flows from operating activities | |||||
| Reconciliation of net income to net cash flows from operating activities: | |||||
| Net income for the period | 1,932,520 | 1,194,195 | |||
| Adjustments: | |||||
| Depreciation and amortization | 8 | 76,734 | 44,392 | ||
| Expected credit loss | 7 | 3,665,424 | 2,189,754 | ||
| Deferred income taxes | 30 | (991,046) | (40,329) | ||
| Provisions and contingent liabilities | 25 | 25,588 | 2,122 | ||
| Unrealized (gains) losses on financial instruments | (47,113) | 56,662 | |||
| Interest accrued | 234,647 | 106,059 | |||
| Share-based compensation | 216,826 | 134,836 | |||
| Share of loss in associates | 18 | 5,698 | 2,155 | ||
| Others | 26,440 | 13,492 | |||
| 5,145,718 | 3,703,338 | ||||
| Changes in operating assets and liabilities: | |||||
| Securities | (2,886,123) | (1,030,858) | |||
| Credit card receivables | (8,135,745) | (5,562,220) | |||
| Loans to customers | (6,604,236) | (5,072,200) | |||
| Other receivables | 126,704 | 456,906 | |||
| Compulsory and other deposits at central banks | 389,278 | (1,384,320) | |||
| Other assets | (544,856) | (638,178) | |||
| Deposits | 3,408,733 | 7,346,845 | |||
| Payables to network | 1,893,895 | 1,672,174 | |||
| Deferred income | 6,655 | 32,712 | |||
| Other liabilities | 1,956,153 | 1,741,209 | |||
| Interest paid | (185,940) | (29,312) | |||
| Income tax paid | (1,788,558) | (1,322,166) | |||
| Interest received | 5,976,274 | 3,726,102 | |||
| Cash flows generated from (used in) operating activities | (1,242,048) | 3,640,032 |
| 11 |
Unaudited Interim Condensed Consolidated Statements of Cash Flows
For the six-month period ended June 30, 2026 and 2025
(In thousands of U.S. Dollars)
| Note | 06/30/2026 | 06/30/2025 | |||
| Cash flows in investing activities | |||||
| Acquisition of property, plant and equipment | (16,226) | (4,394) | |||
| Acquisition and development of intangible assets | (84,248) | (148,499) | |||
| Cash flow generated from (used in) investing activities | (100,474) | (152,893) | |||
| Cash flows in financing activities | |||||
| Proceeds from borrowings and financing | 24 | 524,696 | 636,307 | ||
| Payments of borrowings and financing | 24 | (448,806) | (368,942) | ||
| Lease payments | (6,569) | (3,050) | |||
| Repurchase of shares | 31 | (500,393) | — | ||
| Exercise of stock options | 31 | 3,981 | 968 | ||
| Cash flows generated from (used in) financing activities | (427,091) | 265,283 | |||
| Change in cash and cash equivalents | (1,769,613) | 3,752,422 | |||
| Cash and cash equivalents | |||||
| Cash and cash equivalents - beginning of the period | 11 | 15,003,643 | 9,185,742 | ||
| Foreign exchange rate changes on cash and cash equivalents | 317,581 | 330,853 | |||
| Cash and cash equivalents - end of the period | 11 | 13,551,611 | 13,269,017 | ||
| Increase (decrease) in cash and cash equivalents | (1,769,613) | 3,752,422 | |||
| Non-cash transactions | |||||
| Shares issued on business acquisition | 853 | — |
The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.
| 12 |
 | Nu Holdings Ltd. Unaudited Interim Condensed Consolidated Financial |
Notes to the Unaudited Interim Condensed
Consolidated Financial Statements
(In thousands of U.S. Dollars, unless otherwise stated)
1. OPERATIONS
Nu Holdings Ltd. ("Company" or "Nu Holdings") was incorporated as an exempted Company under the Companies Law of the Cayman Islands on February 26, 2016. The address of the Company's registered office is Willow House, 4th floor, Cricket Square, Grand Cayman - Cayman Islands. Nu Holdings has no operating activities with customers. The Company and its consolidated subsidiaries are referred to in these unaudited interim condensed consolidated financial statements as the “Group” or "Nu”.
The Company’s shares are publicly traded on the New York Stock Exchange ("NYSE") under the symbol “NU”. The Company holds investments in several operating entities and, as of June 30, 2026, its significant operating subsidiaries were:
| • | Nu Pagamentos S.A. - Instituição de Pagamento (“Nu Pagamentos”) is an indirect subsidiary domiciled in Brazil. Nu Pagamentos is engaged in the issuance and administration of credit cards, payment transfers through a prepaid account, and participation in other companies as a partner or shareholder. Its main products include a Mastercard international credit card, managed via a smartphone app, and the NuAccount, a 100% digital, maintenance-free prepaid account accessed through a smartphone app, which also includes features of a traditional bank account, such as PIX (electronic transfers), bill payments, and ATM withdrawals. |
| • | Nu Financeira S.A. – SCFI (“Nu Financeira”) is an indirect subsidiary domiciled in Brazil, with personal loans and retail deposits as its main products. It offers customizable loans with transparent terms and conditions managed via a smartphone app, allowing 24/7 issuance, repayment, and prepayments through NuAccount. Additionally, Nu Financeira issues Bank Deposit Receipts (RDB) to NuAccount holders with daily liquidity and a defined maturity date, and provides credit to Nu Pagamentos credit card holders for overdue invoices and revolving credit. |
| • | Nu Investimentos S.A. - Corretora de Títulos e Valores Mobiliários ("Nu Investimentos"), is an indirect subsidiary acquired in June 2021, domiciled in Brazil, and is a digital investment broker dealer in Brazil. |
| • | Nubank, S.A., Institución de Banca Múltiple ("Nubank Mexico", formerly Nu México Financiera, S.A. de C.V., S.F.P.), is an indirect subsidiary domiciled in Mexico. Nubank Mexico is engaged in the issuance and administration of credit cards and offers deposits as its main products. Also, Nubank Mexico provides customers in Mexico with the opportunity to obtain loans. Customers also have access to the NuAccount, a 100% digital prepaid account available via a smartphone app, which includes features of a traditional bank account. On July 9, 2026, Nubank Mexico was notified by the Mexican National Banking and Stock Commission (“CNBV”) that it has received the Operations Authorization to commence operations as a multiple bank (note 35). Therefore, the Group aims to expand its credit and financial product offering in Mexico. |
| 13 |
| | Nu Holdings Ltd. Unaudited Interim Condensed Consolidated Financial |
| • | Nu Colombia Compañía de Financiamiento S.A ("Nu Colombia") is an indirect subsidiary domiciled in Colombia. Nu Colombia is engaged in the issuance and administration of credit cards and NuAccount, which is a 100% digital prepaid account offered via a smartphone app, which also includes features of a traditional bank account. Nu’s business plan provides for the continued growth of its Brazilian, Mexican, and Colombian operations, both through the expansion of its existing product lines, including credit card, personal loans, investments, and insurance, as well as the introduction of new products. The business plan also contemplates the potential international expansion into new geographies as part of the Group's long-term growth strategy. Accordingly, these unaudited interim condensed consolidated financial statements were prepared based on the assumption of the Group continuing as a going concern. |
On January 29, 2026, Nu received conditional approval from the Office of the Comptroller of the Currency (“OCC”) of the United States for the formation of a national bank. The conditional approval is aligned with the Company's strategy to expand its operations and product offerings in the United States. Once the OCC's conditions are satisfied and final approval is granted, the national bank charter will enable Nubank to operate under a comprehensive federal regulatory framework and facilitate the offering of deposit accounts, credit cards, lending products and digital-asset custody services.
The Company’s Board authorized the issuance of these unaudited interim condensed consolidated financial statements on August 13, 2026.
Seasonality
The Company’s business is affected by customer behavior throughout the year and demonstrates seasonality effects. Historically, Nu benefits from higher purchase volume and related revenue in the fourth quarter of the year due to the holiday season. However, Nu’s high historical growth has masked this seasonality in the past, and this may become more pronounced in the future. As a result of seasonality fluctuations caused by these and other factors, comparisons of the results of operations across different periods may not be accurate indicators of future performance. As the Company diversifies its business across product lines, seasonality may be reduced.
1.1. Brazilian Consumption Tax Reform
Complementary Laws No. 214/2025 and No. 227/2026, which regulate Constitutional Amendment No. 132/2023, established the Tax on Goods and Services (“IBS”), the Social Contribution on Goods and Services (“CBS”) and the Selective Tax (“IS”), which will gradually replace the current consumption taxes, including the Social Integration Program contribution (“PIS/Pasep”), the Social Security Financing Contribution (“Cofins”) and the Municipal Services Tax (“ISS”). The legislation provides for a testing period beginning in 2026 and gradual implementation as from 2027.
The new consumption taxation model is organized into three taxation regimes — the General Regime, the Specific Regime and the Differentiated Regime.
Financial services fall under the Specific Regime and will be subject to IBS and CBS commencing January 1, 2027, at an estimated initial rate of 10.85%, expected to increase gradually until reaching 12.50% in 2033. The potential impacts arising from the implementation of the new tax system are currently under assessment.
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| | Nu Holdings Ltd. Unaudited Interim Condensed Consolidated Financial |
2. STATEMENT OF COMPLIANCE
These unaudited interim condensed consolidated financial statements do not include all the information required for a complete set of financial statements prepared in accordance with International Financial Reporting Standards – Accounting Standards (IFRS Accounting Standards) as issued by the International Accounting Standards Board (“IASB”). However, selected condensed explanatory notes are included to explain events and transactions that are significant to understanding the changes in the Group's financial position and performance since the issuance of its last annual financial statements.
The Company’s unaudited interim condensed consolidated financial statements have been prepared in accordance with IAS 34 - Interim Financial Reporting issued by IASB. Accordingly, these unaudited interim condensed consolidated financial statements are to be read in conjunction with the annual consolidated financial statements for the year ended December 31, 2025 (the "Annual Financial Statements”).
a) Functional currency and foreign currency translation
i) Nu Holdings’ functional and presentation currency
Nu Holdings does not have any direct customers, and its main direct activities are (i) investing in the operating entities in Brazil, Mexico, Colombia, as well as in other countries, (ii) financing, either equity or debt, and (iii) the payment of certain general and administrative expenses. As a result, these are considered its primary and secondary activities, and all of them are substantially based in US Dollars (“US$”), which was selected as the functional and presentation currency of Nu Holdings.
ii) Subsidiaries functional currency
For each subsidiary of the Group, the Company determines the currency that best reflects the economic substance of the underlying events and circumstances relevant to that entity (“functional currency”). Items included in the financial statements of each subsidiary are measured using that functional currency. The functional currency of the Brazilian operating entities is the Brazilian real, the Mexican entities is the Mexican peso, and the Colombian entity is the Colombian peso.
iii) Translation of transactions and balances
Foreign currency transactions and balances are translated in two consecutive stages:
| • | Foreign currency transactions are translated to the subsidiaries’ functional currency at the exchange
rates at the date of the transactions; and the exchange differences arising on the translation of foreign currency balances to the functional
currency are recognized under “Other expenses” or “Other income” in the consolidated statements of income. Monetary
assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rate at the reporting
date. Revenues and expenses are translated using a monthly average exchange rate. Non-monetary assets and liabilities that are measured
at fair value in a foreign currency are translated into the functional currency at the exchange rate when the fair value was determined.
Non-monetary items that are measured based on historical cost in a foreign currency are translated at the exchange rate at the date of
the transaction. |
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| | Nu Holdings Ltd. Unaudited Interim Condensed Consolidated Financial |
| • | The financial statements of the subsidiaries held in functional currencies that are not US$ (foreign subsidiaries) are translated into US$, and the exchange differences arising from the translation to US$ of the financial statements denominated in functional currencies other than the US$ are recognized in the consolidated statements of comprehensive income ("OCI") as an item that may be reclassified to profit or loss within “currency translation on foreign entities”. |
The main criteria applied to the translation of financial statements of foreign subsidiaries to US$ are as follows:
| • | Assets and liabilities are converted into US$ at the exchange rate at the reporting date; |
| • | Equity is translated into US$ at historical cost; |
| • | Revenues and expenses are translated using a monthly average exchange rate; and |
| • | Statements of cash flow items are translated into US$ using the average exchange rate for the reporting period. |
b) New or revised accounting pronouncements and relevant matters adopted in 2026
The following new or revised accounting standards issued by IASB were effective for the period covered by these unaudited interim condensed consolidated financial statements and had no significant impact.
| • | Classification and measurement of financial instruments (Amendments to IFRS 7 and IFRS 9). |
| • | Annual Improvements to IFRS Accounting Standards (Amendments to IFRS 1, IFRS 7, IFRS 9, IFRS 10 and IAS 7). |
c) Other new or revised accounting pronouncements issued but not yet effective
(i) Presentation and Disclosure in Financial Statements (IFRS 18):
In April 2024, the IASB issued IFRS 18, ‘Presentation and Disclosure in Financial Statements’ in response to investors’ concerns about comparability and transparency of entities’ performance reporting.
IFRS 18 ‘Presentation and Disclosure in Financial Statements’ is effective for accounting periods beginning on or after January 1, 2027 and will replace IAS 1 ‘Presentation of Financial Statements’. There are also consequential amendments to IAS 7 ‘Cash Flows’, IAS 8 ‘Accounting Policies, Changes in Accounting Estimates and Errors’, IAS 33 ‘Earnings per Share’ and IAS 34 ‘Interim Financial Reporting’, also effective for accounting periods beginning on or after January 1, 2027.
The new standard introduces new requirements for the presentation, classification and disclosure of financial statement line items. The key changes include the requirement to classify all income and expense into one of five categories; operating, investing, financing, taxation and discontinued operations, and introduces new mandatory subtotals within the Consolidated Statement of Comprehensive Income, including Operating profit, Profit before financing and income tax and Profit for the period. In addition, details of management-defined performance measures (‘MPMs’) will now be disclosed as well as further detailed disclosure related to operating expense by nature. The new standard also offers enhanced guidance on aggregation and disaggregation of financial information.
Management does not expect the adoption
of this standard to have a significant impact, other than additional disclosures, on the Group’s unaudited interim condensed consolidated
financial statements.
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| | Nu Holdings Ltd. Unaudited Interim Condensed Consolidated Financial |
(ii) IFRS 20 - Regulatory Assets and Regulatory Liabilities:
IFRS 20 establishes requirements for the recognition, measurement, presentation and disclosure of regulatory assets, regulatory liabilities, regulatory income and regulatory expense. The standard applies to entities subject to a specific type of rate regulation - arrangements under which a regulator controls the rates (prices) an entity charges customers for goods or services, including when those rates include compensation for goods or services supplied in a prior period and/or the timing of the allowed compensation differs from the period of supply. IFRS 20 is effective for annual reporting periods beginning on or after January 1, 2029.
Management does not expect IFRS 20 to have a significant impact on the Group’s unaudited interim financial statements.
3. BASIS OF CONSOLIDATION
These unaudited interim condensed consolidated financial statements include the accounting balances of Nu Holdings and all those subsidiaries over which the Company exercises control, directly or indirectly. Control is achieved where the Company has (i) power over the investee; (ii) is exposed, or has rights, to variable returns from its involvement with the investee; and (iii) can use its power to affect its profits.
The Company re-assesses whether it maintains control of an investee if facts and circumstances indicate that there are changes to one or more of the three above mentioned elements of control.
The consolidation of a subsidiary begins when the Company obtains control over it and ceases when the Company loses control over it. Assets, liabilities, income, and expenses of a subsidiary acquired or disposed of during the reporting period are included in the consolidated statements of income from the date the Company gains control until the date the Company ceases to control the subsidiary.
The financial information of the subsidiaries was prepared for the same period as the Company and consistent accounting policies were applied. The financial statements of the subsidiaries are fully consolidated with those of the Company. Accordingly, all balances, transactions and any unrealized income and expenses arising between consolidated entities are eliminated in the consolidation, except for foreign-currency gains and losses on translation of intercompany loans. Profit or loss and each component of other comprehensive income are attributed to the shareholders of the parent and to the non-controlling interests, when applicable.
The subsidiaries below are the most relevant entities included in these unaudited interim condensed consolidated financial statements:
| Interest in total capital | ||||||||||||
| Entity | Control | Main activities |
Functional currency |
Country | 06/30/2026 | 12/31/2025 | ||||||
| Nu Pagamentos S.A. - Instituição de Pagamentos (“Nu Pagamentos”) | Indirect | Credit card and prepaid account operations | BRL | Brazil | 100% | 100% | ||||||
| Nu Financeira S.A. – SCFI (“Nu Financeira”) | Indirect | Loan operations and prepaid account operations | BRL | Brazil | 100% | 100% | ||||||
| Nu Investimentos S.A. - Corretora de Títulos e Valores Mobiliários ("Nu Investimentos") | Indirect | Investment platform | BRL | Brazil | 100% | 100% | ||||||
| Nubank, S.A., Institución de Banca Múltiple ("Nubank Mexico", formerly Nu México Financiera, S.A. de C.V., S.F.P.) | Indirect | Multiple purpose bank | MXN | Mexico | 100% | 100% | ||||||
| Nu Colombia Compañía de Financiamiento S.A. (“Nu Colombia”) | Indirect | Multiple purpose financial company | COP | Colombia | 100% | 100% | ||||||
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| | Nu Holdings Ltd. Unaudited Interim Condensed Consolidated Financial |
The interests held by other investors in these entities are presented as non-controlling interests in these unaudited interim condensed consolidated financial statements.
Nu Pagamentos, Nu Financeira, and Nu Investimentos, Brazilian subsidiaries, are regulated by the Central Bank of Brazil (“BACEN”); Nubank Mexico, a Mexican subsidiary, is regulated by the Mexican Central Bank ("BANXICO"), Mexican National Banking and Stock Commission (“CNBV”), Secretariat of Finance and Public Credit (“SHCP”), National Commission for the Protection and Defense of Financial Services Users (“CONDUSEF”) and Institute for the Protection of Bank Savings (“IPAB”); Nu Colombia, a Colombian subsidiary, is regulated by the Financial Superintendence of Colombia ("SFC"); and as such, there are some regulatory requirements that restrict the ability of the Group to access and transfer assets freely to or from these entities within the Group and to settle liabilities of the other entities of the Group.
In addition, the Company consolidated investment funds as of June 30, 2026 and December 31, 2025, in which the Group’s companies hold a substantial interest or the entirety of the interests and are therefore exposed, or have rights, to variable returns and, have the ability to affect those returns through power over the funds. As of June 30, 2026, the non-controlling interests portion relating to investment fund quotas is disclosed as “Obligations for quotas of investment funds” in the Consolidated Statements of Financial Position.
4. MATERIAL ACCOUNTING POLICIES
The accounting policies adopted by the Group in the preparation of these unaudited interim condensed consolidated financial statements are consistent with those adopted and disclosed in the Annual Financial Statements and therefore should be read in conjunction.
In addition to those accounting policies, in 2026, the Group adopted a new accounting policy related to the hedge of net investments in foreign operations, as described below.
Hedge of net investment in foreign operations: The Group adopted and designates certain derivatives as hedges of net investment in foreign operations, more specifically to hedge its operations in Brazilian reais. Hedges of net investments in foreign operations are accounted for in a similar way to cash flow hedges. The effective portion of gains and losses on the hedging instrument is recognized in other comprehensive income and the ineffective portion is recognized immediately in the statement of income. Gains and losses previously recognized in other comprehensive income are reclassified to the statements of income on the disposal, or partial-disposal, of the foreign operation.
5. SIGNIFICANT ACCOUNTING JUDGMENTS,
ESTIMATES AND ASSUMPTIONS
Use of estimates and judgments
The preparation of financial statements requires judgments, estimates, and assumptions from management that affect the application of accounting policies, and reported amounts of assets, liabilities, revenues, and expenses. Actual results may differ from these estimates. Estimates and assumptions are reviewed on a periodic basis. Revisions to the estimates are recognized prospectively.
The significant assumptions and estimates used in the preparation of these unaudited interim condensed consolidated financial statements were the same as those adopted in the Annual Financial Statements.
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| | Nu Holdings Ltd. Unaudited Interim Condensed Consolidated Financial |
| a) | Credit losses on financial instruments for credit card receivables and loans to customers |
The Group recognizes the expected credit losses (“ECL”) on credit card receivables and loans to customers that represent management’s best estimate of allowance as of each reporting date.
Management performs an analysis of the credit card and loan amounts to determine if credit losses have occurred and to assess the adequacy of the allowance based on historical and current trends as well as other factors affecting credit losses.
Key areas of judgment
The critical judgments made by management in applying the ECL methodology are:
| a) | The macroeconomic information used to gauge the determination of the probability weights to be given in the different macroeconomic scenarios and the respective weights; |
| b) | Definition of default; |
| c) | Definition of significant increase in credit risk and credit card lifetime; and |
| d) | Look-back period, used for parameters estimation (probability of default - PD, exposure at default - EAD and loss given default - LGD). |
Sensitivity analysis
On June 30, 2026, the ECL for credit card receivables and loans to customers totaled US$6,642,313, of which US$4,522,481 related to credit card receivables and US$2,119,832 to loans to customers. The ECL is sensitive to the methodology, assumptions and estimations underlying its calculation. One key assumption is the probability weighting of the macroeconomic scenarios between upside, base and downside as the carrying amount of the expected credit loss is determined based on the weighted average of these scenarios. Such weightings reflect management's perception about the current and future expectations of the macroeconomic environment in each of the geographies the Group operates. The table below illustrates the ECL based on the weighted average of these three macroeconomic scenarios and the ECL that would have arisen if management had applied a 100% weighting to each macroeconomic scenario.
| Weighted average | Upside | Base case | Downside | |||||
| Credit card and loan ECL | 6,642,313 | 6,223,554 | 6,557,298 | 7,147,013 |
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| | Nu Holdings Ltd. Unaudited Interim Condensed Consolidated Financial |
6. INCOME AND RELATED EXPENSES
a) Interest income and gains net of losses on financial instruments
| Three-month period ended | Six-month period ended | |||||||
| 06/30/2026 | 06/30/2025 | 06/30/2026 | 06/30/2025 | |||||
| Interest income – credit card | 1,805,581 | 1,091,598 | 3,361,620 | 2,043,167 | ||||
| Interest income – loan | 1,734,365 | 1,128,020 | 3,337,330 | 2,135,259 | ||||
| Interest income – other assets at amortized cost | 765,339 | 498,610 | 1,414,857 | 913,455 | ||||
| Interest income – other receivables | 88,347 | 94,175 | 189,027 | 164,990 | ||||
| Interest income and gains net of losses - financial instruments at fair value | 363,558 | 296,219 | 703,408 | 552,948 | ||||
| Other income at fair value | 3,383 | 20,121 | 29,644 | 51,060 | ||||
| Total interest income and gains net of losses on financial instruments | 4,760,573 | 3,128,743 | 9,035,886 | 5,860,879 | ||||
Interest income from credit card, loans, other assets at amortized cost and other receivables presented above was calculated using the effective interest method. Interest income and gains net of losses - financial instruments at fair value comprise interest and the fair value changes on financial instruments carried at fair value.
b) Fee and commission income
| Three-month period ended | Six-month period ended | ||||||
| 06/30/2026 | 06/30/2025 | 06/30/2026 | 06/30/2025 | ||||
| Credit and prepaid card income | 534,970 | 392,568 | 1,021,166 | 764,952 | |||
| Late fees | 136,801 | 90,193 | 261,679 | 174,807 | |||
| Insurance commission | 10,409 | 8,493 | 20,153 | 16,768 | |||
| Other fee and commission income | 70,455 | 48,473 | 142,291 | 98,753 | |||
| Total fee and commission income | 752,635 | 539,727 | 1,445,289 | 1,055,280 | |||
Fee and commission income are presented by fee types that reflect the nature of the services offered by the Group.
c) Interest and other financial expenses
| Three-month period ended | Six-month period ended | ||||||
| 06/30/2026 | 06/30/2025 | 06/30/2026 | 06/30/2025 | ||||
| Interest expenses on deposits | 1,187,521 | 920,052 | 2,316,783 | 1,681,219 | |||
| Interest expenses on repurchases agreements, borrowings and financing | 147,460 | 52,582 | 195,802 | 115,309 | |||
| Other interest and similar expenses | 221,669 | 57,355 | 313,249 | 129,665 | |||
| Interest and other financial expenses | 1,556,650 | 1,029,989 | 2,825,834 | 1,926,193 | |||
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| | Nu Holdings Ltd. Unaudited Interim Condensed Consolidated Financial |
d) Transactional expenses
| Three-month period ended | Six-month period ended | ||||||
| 06/30/2026 | 06/30/2025 | 06/30/2026 | 06/30/2025 | ||||
| Payments and network costs | 44,679 | 14,174 | 83,297 | 31,381 | |||
| Rewards expenses | 47,000 | 24,092 | 85,427 | 43,801 | |||
| Financial system expenses | 3,953 | 3,433 | 16,975 | 4,680 | |||
| Other transactional expenses | 32,184 | 36,612 | 58,003 | 56,937 | |||
| Total transactional expenses | 127,816 | 78,311 | 243,702 | 136,799 | |||
Transactional expenses comprise costs and expenses related to data processing for transactions, payment network license fees, chargeback losses relating to credit and prepaid card transactions, and other payment-related costs.
Payments and network costs represent costs associated with bank slip issuance and processing fees, fees paid to Mastercard and other card programs. These include fees for network access, data reporting, development of new functionalities and operational fixed fees.
Rewards expenses represent costs associated with Nu’s customer rewards programs, including expenses incurred upon redemption of reward points.
Financial system expenses include financial infrastructure services related to clearing houses, custody, brokerage, and other related costs.
7. EXPECTED CREDIT LOSS
| Three-month period ended | Six-month period ended | ||||||
| 06/30/2026 | 06/30/2025 | 06/30/2026 | 06/30/2025 | ||||
| Net increase of expected credit loss - Credit card | 984,673 | 671,774 | 2,045,327 | 1,312,334 | |||
| Recovery | (152,514) | (64,085) | (247,990) | (127,290) | |||
| Expected credit loss - Credit card receivables | 832,159 | 607,689 | 1,797,337 | 1,185,044 | |||
| Net increase of expected credit loss - Loans to customers (note 14) | 788,838 | 442,597 | 1,596,722 | 876,262 | |||
| Recovery | (156,532) | (38,906) | (217,205) | (76,728) | |||
| Expected credit loss - Loans to customers | 632,306 | 403,691 | 1,379,517 | 799,534 | |||
| Expected credit loss - Others | 17,748 | 812 | 23,374 | 1,158 | |||
| Total | 1,482,213 | 1,012,192 | 3,200,228 | 1,985,736 | |||
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| | Nu Holdings Ltd. Unaudited Interim Condensed Consolidated Financial |
8. OPERATING (EXPENSES) INCOME
| Three-month period ended 06/30/2026 | Three-month period ended 06/30/2025 | ||||||||||||||||||||||
| Customer support and operations | General and administrative expenses | Marketing expenses | Other expenses | Other income | Total | Customer support and operations |
General and administrative expenses |
Marketing expenses |
Other expenses | Other income | Total | ||||||||||||
| Infrastructure and data processing costs | (86,349) | (92,236) | - | - | - | (178,585) | (63,092) | (53,693) | - | - | - | (116,785) | |||||||||||
| Credit analysis and collection costs | (41,422) | (6,742) | - | - | - | (48,164) | (40,286) | (8,420) | - | - | - | (48,706) | |||||||||||
| Customer services | (30,395) | (765) | - | - | - | (31,160) | (15,031) | (1,443) | - | - | - | (16,474) | |||||||||||
| Salaries and associated benefits | (27,694) | (141,377) | (6,198) | - | - | (175,269) | (18,813) | (87,615) | (4,869) | - | - | (111,297) | |||||||||||
| Credit and prepaid card issuance costs | (14,537) | (11,297) | - | - | - | (25,834) | (8,060) | (13,125) | - | - | - | (21,185) | |||||||||||
| Share-based compensation (note 10) | (2,589) | (127,805) | (4,024) | - | - | (134,418) | (1,922) | (95,459) | (3,292) | - | - | (100,673) | |||||||||||
| Specialized services expenses | - | (33,627) | - | - | - | (33,627) | - | (29,118) | - | - | - | (29,118) | |||||||||||
| Other personnel costs | (8,100) | (21,820) | (940) | - | - | (30,860) | (5,736) | (15,764) | (586) | - | - | (22,086) | |||||||||||
| Depreciation and amortization | (15,142) | (27,228) | - | - | - | (42,370) | (8,468) | (14,602) | - | - | - | (23,070) | |||||||||||
| Branding and advertising | - | - | (92,267) | - | - | (92,267) | - | - | (58,598) | - | - | (58,598) | |||||||||||
| Taxes on financial income | - | - | - | (151,511) | - | (151,511) | - | - | - | (106,882) | - | (106,882) | |||||||||||
| Others (i) | (18) | (136,893) | - | (49,531) | 24,954 | (161,488) | (26) | (22,014) | (2) | (5,407) | 14,732 | (12,717) | |||||||||||
| Total | (226,246) | (599,790) | (103,429) | (201,042) | 24,954 | (1,105,553) | (161,434) | (341,253) | (67,347) | (112,289) | 14,732 | (667,591) | |||||||||||
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| | Nu Holdings Ltd. Unaudited Interim Condensed Consolidated Financial |
| Six-month period ended 06/30/2026 | Six-month period ended 06/30/2025 | ||||||||||||||||||||||
| Customer support and operations | General and administrative expenses | Marketing expenses | Other expenses | Other income | Total | Customer support and operations |
General and administrative expenses |
Marketing expenses |
Other expenses | Other income | Total | ||||||||||||
| Infrastructure and data processing costs | (162,622) | (173,467) | - | - | - | (336,089) | (122,233) | (101,858) | - | - | - | (224,091) | |||||||||||
| Credit analysis and collection costs | (77,872) | (14,567) | - | - | - | (92,439) | (64,397) | (16,590) | - | - | - | (80,987) | |||||||||||
| Customer services | (58,598) | (1,475) | - | - | - | (60,073) | (41,844) | (3,130) | - | - | - | (44,974) | |||||||||||
| Salaries and associated benefits | (53,670) | (277,687) | (11,911) | - | - | (343,268) | (35,186) | (170,654) | (9,445) | - | - | (215,285) | |||||||||||
| Credit and prepaid card issuance costs | (29,975) | (27,416) | - | - | - | (57,391) | (18,883) | (26,057) | - | - | - | (44,940) | |||||||||||
| Share-based compensation (note 10) | (4,701) | (204,912) | (7,213) | - | - | (216,826) | (3,243) | (165,888) | (5,637) | - | - | (174,768) | |||||||||||
| Specialized services expenses | - | (46,657) | - | - | - | (46,657) | - | (47,984) | - | - | - | (47,984) | |||||||||||
| Other personnel costs | (15,758) | (39,238) | (1,724) | - | - | (56,720) | (10,891) | (29,395) | (1,129) | - | - | (41,415) | |||||||||||
| Depreciation and amortization | (27,886) | (48,848) | - | - | - | (76,734) | (16,184) | (28,208) | - | - | - | (44,392) | |||||||||||
| Branding and advertising | - | - | (145,474) | - | - | (145,474) | - | - | (95,231) | - | - | (95,231) | |||||||||||
| Taxes on financial income | - | - | - | (288,042) | - | (288,042) | - | - | - | (201,607) | - | (201,607) | |||||||||||
| Others (i) | (38) | (257,563) | - | (82,776) | 44,996 | (295,381) | (48) | (41,312) | (2) | (18,677) | 84,872 | 24,833 | |||||||||||
| Total | (431,120) | (1,091,830) | (166,322) | (370,818) | 44,996 | (2,015,094) | (312,909) | (631,076) | (111,444) | (220,284) | 84,872 | (1,190,841) | |||||||||||
(i) Includes tax expenses arising from intercompany invoices.
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| | Nu Holdings Ltd. Unaudited Interim Condensed Consolidated Financial |
9. EARNINGS PER SHARE
| Three-month period ended | Six-month period ended | ||||||
| 06/30/2026 | 06/30/2025 | 06/30/2026 | 06/30/2025 | ||||
| Earnings attributable to shareholders of the parent company | 1,060,199 | 636,838 | 1,932,255 | 1,194,041 | |||
| Weighted average outstanding ordinary shares - basic EPS (in thousands of shares) | 4,857,131 | 4,825,586 | 4,856,663 | 4,821,579 | |||
| Adjustment for the diluted earnings per share: | |||||||
| Share based payment | 44,667 | 69,500 | 49,133 | 70,492 | |||
| Business acquisition | 3,039 | 4,682 | 3,045 | 5,778 | |||
| Weighted average outstanding ordinary shares - diluted EPS (in thousands of shares) | 4,904,837 | 4,899,768 | 4,908,841 | 4,897,849 | |||
| Earnings per share – basic (US$) | 0.2183 | 0.1320 | 0.3979 | 0.2476 | |||
| Earnings per share – diluted (US$) | 0.2162 | 0.1300 | 0.3936 | 0.2439 | |||
| Antidilutive instruments not considered in the weighted number of shares (in thousands of shares) | 14,675 | 831 | 26,050 | 14,280 | |||
The Company has instruments that will become common shares upon exercise, acquisition, conversion (Stock Options – “SOPs” and Restricted Stock Units – “RSUs” described in note 10), or satisfaction of specific business combination conditions. The effects of the potentially dilutive instruments were calculated using the treasury stock method and are included in the total weighted average of ordinary outstanding shares for diluted earnings per share (“EPS”) if the effects are considered dilutive. The antidilutive instruments not considered in the weighted number of shares correspond to the total number of shares that could be converted into ordinary shares that would be issued on conversion of those instruments. Instruments are considered antidilutive if the average market value of ordinary shares during the period is less than the average value of the assumed proceeds (fair value of services that will be recognized as a cost in future periods plus exercise price multiplied by the number of options and shares to be issued on exercise of the options).
Treasury shares acquired under the share repurchase program are excluded from the weighted average number of shares used in the calculation of earnings per share.
10. SHARE-BASED PAYMENTS
Share-settled awards
The Group’s employee incentives include share settled awards in the form of stock, offering them the opportunity to purchase ordinary shares by exercising options (“SOPs”), receiving ordinary shares (“RSUs”) upon vesting, and receiving shares upon the achievement of market conditions and passage of time ("Awards").
The cost of the employee services received with respect to those share-based compensation payments is recognized in the statements of income over the period that the employee provides services and according to the vesting conditions. The Group also issued Awards in 2020 that grant shares upon the achievement of market conditions related to the valuation of the Company. RSUs incentive was implemented in 2020 and continues to be the main incentive since then.
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| | Nu Holdings Ltd. Unaudited Interim Condensed Consolidated Financial |
The terms and conditions of the RSUs plans require the Group to withhold shares from the settlement to its employees to settle the employee’s tax obligation. Accordingly, the Group settles the transaction on a net basis by withholding the number of shares with a fair value equal to the monetary value of the employee’s tax obligation and issues the remaining shares to the employee on the vesting date. The employee’s tax obligation associated with the RSUs is calculated substantially based on the expected employee's personal tax rate and the fair value of the shares on the vesting date. In addition, for the countries where the Group is required to pay taxes and social security taxes over vested RSUs, the Group recognizes expenses related to corporate and social security taxes on the applicable awards, calculated mainly by applying the tax rates to the fair value of the ordinary shares at the reporting dates, and presents them as "Share-based compensation" between "Customer support and operations", "General and administrative expenses" and "Marketing expenses" in the consolidated statements of income.
In 2026, the Group granted a new stock option plan to specific members of the management team. The terms and conditions are similar to those disclosed on the Annual Financial Statements, except for: (i) the vesting schedule under the new SOP plan is quarterly, (ii) the exercise price was set at US$12.30, and (iii) the new plan follows an different vesting pattern, whereby a larger portion of the expense is recognized in the earlier years of the vesting period of 5 years, with progressively less recognized in the final years.
There were no changes to the terms and conditions of the SOPs and RSUs after the grant date. The changes in the number of SOPs and RSUs are as follows. WAEP is the weighted average exercise price and WAGDFV is the weighted average fair value at the grant date.
| SOPs | 06/30/2026 | WAEP (US$) | 06/30/2025 | WAEP (US$) | |||
| Outstanding on January 1 | 21,819,196 | 1.80 | 35,937,918 | 1.58 | |||
| Granted during the period | 3,148,205 | 12.30 | — | — | |||
| Exercised during the period | (5,762,581) | 1.18 | (2,103,726) | 1.06 | |||
| Forfeited during the period | — | — | (7,942) | — | |||
| Outstanding on June 30 | 19,204,820 | 3.74 | 33,826,250 | 1.65 | |||
| Exercisable on June 30 | 16,056,615 | 2.06 | 33,818,516 | 1.65 |
| RSUs | 06/30/2026 | WAGDFV (US$) | 06/30/2025 | WAGDFV (US$) | |||
| Outstanding on January 1 | 53,088,414 | 10.54 | 59,915,454 | 7.92 | |||
| Granted during the period | 32,555,776 | 14.79 | 22,148,294 | 10.87 | |||
| Vested during the period | (13,934,245) | 9.66 | (16,525,589) | 7.28 | |||
| Forfeited during the period | (3,873,714) | 12.12 | (6,369,680) | — | |||
| Outstanding on June 30 | 67,836,231 | 12.67 | 59,168,479 | 9.06 |
The following tables present the total amount of share-based compensation expense for the three and six-month periods ended June 30, 2026 and 2025 and the provision for taxes as of June 30, 2026 and December 31, 2025.
| 25 |
| | Nu Holdings Ltd. Unaudited Interim Condensed Consolidated Financial |
| Three-month period ended | Six-month period ended | ||||||
| 06/30/2026 | 06/30/2025 | 06/30/2026 | 06/30/2025 | ||||
| SOP and RSU expenses and associated corporate and social security taxes expenses | 126,932 | 114,818 | 201,401 | 187,806 | |||
| RSUs and SOPs grant - business combination | 426 | 804 | 853 | 1,996 | |||
| Awards expenses and related taxes | — | — | — | 1,312 | |||
| Fair value adjustment - hedge of corporate and social security taxes (note 20) | 7,060 | (14,949) | 14,572 | (16,346) | |||
| Total share-based compensation expenses (note 8) | 134,418 | 100,673 | 216,826 | 174,768 | |||
| — | |||||||
| Equity share-based compensation, net of shares withheld for employee taxes | 93,859 | 20,579 | 151,277 | 76,293 | |||
| 06/30/2026 | 12/31/2025 | ||
| Liability provision for taxes presented as salaries, allowances and social security contributions | 86,525 | 109,855 |
11. CASH AND CASH EQUIVALENTS
| 06/30/2026 | 12/31/2025 | ||
| Deposits at central banks | 7,741,899 | 8,640,241 | |
| Reverse repurchase agreements | 3,096,370 | 3,611,526 | |
| Bank balances | 2,101,734 | 2,098,976 | |
| Short-term investments | 611,608 | 652,900 | |
| Total | 13,551,611 | 15,003,643 |
Cash and cash equivalents are held to meet short-term cash needs and include deposits with banks and other short-term highly liquid investments with original maturities of three months or less and with an immaterial risk of change in value.
Deposits at central banks are deposits made by the Brazilian, Colombian and Mexican subsidiaries at the local central banks. In Brazil, the average rate of remuneration was 100.0% of the Brazilian CDI rate (Interbank Reference Rate - Certificado de Depósito Interbancário) as of June 30, 2026 and December 31, 2025, with daily maturity. In Colombia and Mexico, deposits held at the local central bank are not remunerated.
Reverse repurchase agreements are mainly in Mexican and Colombian pesos, using government bonds as collateral. The agreements are executed overnight with an average fixed rate of 6.8% per year as of June 30, 2026 (8.3% per year as of December 31, 2025) for Mexico, and an average fixed rate of 10.4% per year as of June 30, 2026 (9.3% per year as of December 31, 2025) for Colombia.
Short-term investments are mainly in U.S.
dollars and remunerated by a fixed-rate index averaging 3.6% per year as of June 30, 2026 and December 31, 2025.
| 26 |
| | Nu Holdings Ltd. Unaudited Interim Condensed Consolidated Financial |
12. SECURITIES
a) Financial instruments at fair value through profit and loss ("FVTPL")
| 06/30/2026 | 12/31/2025 | ||||||||||
| Maturities | |||||||||||
| Financial instruments at FVTPL | Gross book value (i) | Fair value | No maturity | Up to 12 months |
Over 12 months |
Fair value | |||||
| Government bonds (ii) | |||||||||||
| Latin America | 210,342 | 210,385 | - | 18,318 | 192,067 | 175,302 | |||||
| Total government bonds | 210,342 | 210,385 | - | 18,318 | 192,067 | 175,302 | |||||
| Corporate bonds and other instruments | |||||||||||
| Bill of credit | 3 | 3 | - | 2 | 1 | 3 | |||||
| Certificate of bank deposits | 2,227 | 2,238 | - | 1,482 | 756 | 5,241 | |||||
| Real estate and agribusiness letter of credit | 556 | 563 | - | 440 | 123 | 606 | |||||
| Corporate bonds | 3,736 | 3,731 | - | - | 3,731 | 3,249 | |||||
| Equity instruments (iii) | 21,225 | 25,983 | 25,983 | - | - | 27,120 | |||||
| Investment funds | 301,928 | 301,928 | 301,928 | - | - | 29,517 | |||||
| Notes | 800,021 | 813,184 | - | 813,184 | - | 818,885 | |||||
| Total corporate bonds and other instruments | 1,129,696 | 1,147,630 | 327,911 | 815,108 | 4,611 | 884,621 | |||||
| Total financial instruments at FVTPL | 1,340,038 | 1,358,015 | 327,911 | 833,426 | 196,678 | 1,059,923 | |||||
| (i) | The Gross book value represents the gross carrying amount of the financial instruments and is defined as the sum of the principal amount and accrued interest as of the reporting date, before any deductions for impairment, provisions, or other adjustments. |
| (ii) | Includes US$628 as of June 30, 2026 (US$557 on December 31, 2025) held by the subsidiaries for regulatory purposes, as required by the Central Bank of Brazil. The Group has opted to maintain only compulsory reserves at the Central Bank of Brazil (see note 15) to meet these regulatory requirements. Government bonds are classified as Level 1 in the fair value hierarchy, as described in note 29. |
| (iii) | Refers mainly to an investment in Jupiter, a neobank for consumers in India, an investment in Din Global ("dBank"), a Pakistani fintech company, and in Tempo Labs Inc, a North American fintech. As of June 30, 2026, the total fair value of these investments corresponded to US$25,983 (US$26,700 on December 31, 2025), classified as Level 3 in the fair value hierarchy, as described in note 29. |
| 06/30/2026 | 12/31/2025 | ||||||
| Amounts in | Amounts in | ||||||
| Financial instruments at FVTPL | Original currency | US$ | Original currency | US$ | |||
| Currency: | |||||||
| U.S. Dollars | 825,684 | 825,684 | 831,386 | 831,386 | |||
| Brazilian Reais | 2,678,140 | 518,848 | 1,177,913 | 214,337 | |||
| Others (i) | 1,276,342 | 13,483 | 1,260,835 | 14,200 | |||
| Total | 1,358,015 | 1,059,923 | |||||
(i) Refers mainly to an investment in Jupiter, a neobank for consumers in India.
| 27 |
| | Nu Holdings Ltd. Unaudited Interim Condensed Consolidated Financial |
b) Financial instruments at fair value through other comprehensive income ("FVTOCI")
| 06/30/2026 | 12/31/2025 | ||||||||||
| Maturities | |||||||||||
| Financial instruments at FVTOCI | Gross book value (i) | Fair value | No maturity |
Up to 12 months |
Over 12 months |
Fair value | |||||
| Government bonds (ii) | |||||||||||
| Latin America | 13,411,859 | 13,461,754 | - | 1,325,078 | 12,136,676 | 11,525,845 | |||||
| Total government bonds | 13,411,859 | 13,461,754 | - | 1,325,078 | 12,136,676 | 11,525,845 | |||||
| Corporate bonds and other instruments | |||||||||||
| Certificate of bank deposits | 286,924 | 286,826 | - | 60,173 | 226,653 | 211,471 | |||||
| Corporate bonds | 130,278 | 104,194 | - | 51,739 | 52,455 | 183,143 | |||||
| Investment funds | 43,347 | 44,667 | 44,667 | - | - | 41,600 | |||||
| Time deposits | 145,978 | 145,954 | - | 145,954 | - | 187,683 | |||||
| Real estate and agribusiness certificate of receivables | 3,443 | 3,449 | - | - | 3,449 | 7,334 | |||||
| Total corporate bonds and other instruments | 609,970 | 585,090 | 44,667 | 257,866 | 282,557 | 631,231 | |||||
| Total financial instruments at FVTOCI | 14,021,829 | 14,046,844 | 44,667 | 1,582,944 | 12,419,233 | 12,157,076 | |||||
| (i) | The gross book value represents the gross carrying amount of the financial instruments and is defined as the sum of the principal amount and accrued interest as of the reporting date, before any deductions for impairment, provisions, or other adjustments. |
| (ii) | Includes US$96,867 as of June 30, 2026 (US$0 on December 31, 2025) held by the subsidiaries for regulatory purposes, as required by the Central Bank of Brazil. The Group has opted to maintain only compulsory reserves at the Central Bank of Brazil (see note 15) to meet these regulatory requirements. It also includes government and time deposits securities margins pledged by the Group for transactions on the stock exchange in the amount of US$378,190 as of June 30, 2026 (US$297,274 on December 31, 2025). Government bonds are classified as Level 1 in the fair value hierarchy, as described in note 29. |
| 06/30/2026 | 12/31/2025 | ||||||
| Amounts in | Amounts in | ||||||
| Financial instruments at FVTOCI | Original currency | US$ |
Original currency |
US$ | |||
| Currency: | |||||||
| Brazilian Reais | 61,793,687 | 11,971,577 | 58,240,612 | 10,597,682 | |||
| Colombian Pesos | 3,756,260,294 | 1,095,286 | 4,338,625,279 | 1,149,390 | |||
| Mexican Pesos | 14,585,217 | 834,027 | 4,003,565 | 222,321 | |||
| U.S. Dollars | 145,954 | 145,954 | 187,683 | 187,683 | |||
| Total | 14,046,844 | 12,157,076 | |||||
The Group has corporate bonds classified as FVTOCI, for which it has recorded a reversal of ECL movement for the six-month period ended June 30, 2026 in the amount of US$827 (a constitution of ECL movement of US$634 for the six-month period ended June 30, 2025).
The following table shows reconciliations from the opening to the closing balance of the expected credit loss by the stages during the six-month period ended on June 30, 2026. There was no transfer between stages during the six-month period ended on June 30, 2025, and all the exposure was classified as Stage 1.
| 28 |
| | Nu Holdings Ltd. Unaudited Interim Condensed Consolidated Financial |
| 06/30/2026 | |||||||
| Stage 1 | Stage 2 | Stage 3 | Total | ||||
| Loss allowance of financial assets at FVTOCI at beginning of period | 1,324 | - | 24,452 | 25,776 | |||
| Net increase (decrease) of loss allowance | (270) | - | (557) | (827) | |||
| Effect of changes in exchange rates (OCI) | 112 | - | 2,736 | 2,848 | |||
| Loss allowance of financial assets at FVTOCI at end of the period | 1,166 | - | 26,631 | 27,797 | |||
c) Financial instruments at amortized cost
| 06/30/2026 | 12/31/2025 | ||||||
| Maturities | |||||||
| Financial instruments at amortized cost | Carrying amount | Up to 12 months |
Over 12 months |
Carrying amount | |||
| Government bonds (i) | |||||||
| Latin America (ii) | 1,767,689 | 1,652,023 | 115,666 | 1,089,695 | |||
| Europe | 913,459 | 824,825 | 88,634 | 1,053,194 | |||
| Asia-Pacific | 1,095,357 | 592,411 | 502,946 | 958,248 | |||
| Others | - | - | - | ||||
| Total government bonds | 3,776,505 | 3,069,259 | 707,246 | 3,101,137 | |||
| Corporate bonds and other instruments | |||||||
| Corporate bonds | - | - | - | 40,367 | |||
| Total corporate bonds and other instruments | - | - | - | 40,367 | |||
| Total financial instruments at amortized cost | 3,776,505 | 3,069,259 | 707,246 | 3,141,504 | |||
| (i) | As of June 30, 2026, includes US$267,011 (US$899,809 on December 31, 2025) held by the subsidiaries as guarantee pledged to the margin loan (note 24). |
| (ii) | Carrying amount of the Latin America government bonds comprises the amortized cost (principal plus accrued interest) adjusted for fair value hedge basis adjustments related to hedged interest rate risk. See note 20. |
| 06/30/2026 | 12/31/2025 | ||||||
| Amounts in | Amounts in | ||||||
| Financial instruments at amortized cost | Original currency | US$ | Original currency | US$ | |||
| Currency: | |||||||
| Brazilian Reais | 9,188,278 | 1,780,088 | 11,275,922 | 2,051,809 | |||
| Mexican Pesos | 21,504,719 | 1,229,705 | 11,830,793 | 656,974 | |||
| Colombian Pesos | 1,845,001,716 | 537,983 | 1,633,400,166 | 432,721 | |||
| Others (i) | 10,684,424 | 228,729 | - | - | |||
| Total | 3,776,505 | 3,141,504 | |||||
| (i) | Refers to an investment in government bonds in Turkish Lira. |
| 29 |
| | Nu Holdings Ltd. Unaudited Interim Condensed Consolidated Financial |
The Group has government bonds classified as amortized cost, for which it has recorded a reversal of ECL movement for the six-month period ended June 30, 2026, in the amount of US$81 (constitution of US$775 for the six-month period ended June 30, 2025) and the exposure was classified as Stage 1. There was no transfer between stages during the six-month period ended on June 30, 2026 and 2025.
13. CREDIT CARD RECEIVABLES
| 06/30/2026 | 12/31/2025 | ||
| Credit card receivables | 25,961,122 | 21,751,226 | |
| Credit card expected credit loss | |||
| Presented as deduction of receivables | (4,466,716) | (3,483,322) | |
| Presented as "Other liabilities" (note 27) | (55,765) | (44,679) | |
| Total credit card expected credit loss | (4,522,481) | (3,528,001) | |
| Receivables, net | 21,438,641 | 18,223,225 | |
| Total receivables presented as assets | 21,494,406 | 18,267,904 |
a) Breakdown by maturity
| 06/30/2026 | 12/31/2025 | ||||||
| Amount | % | Amount | % | ||||
| Receivables due in: | |||||||
| Up to 30 days | 9,840,991 | 37.9% | 8,553,402 | 39.3% | |||
| 30 to 60 days | 4,282,603 | 16.5% | 3,643,369 | 16.8% | |||
| 60 to 90 days | 2,590,951 | 10.0% | 2,179,330 | 10.0% | |||
| Over 90 days | 6,014,530 | 23.1% | 5,000,481 | 22.9% | |||
| Total receivables not overdue | 22,729,075 | 87.5% | 19,376,582 | 89.0% | |||
| Receivables overdue by: | |||||||
| Up to 30 days | 898,518 | 3.5% | 584,397 | 2.7% | |||
| 30 to 60 days | 375,252 | 1.4% | 252,171 | 1.2% | |||
| 60 to 90 days | 327,371 | 1.3% | 214,144 | 1.0% | |||
| Over 90 days | 1,630,906 | 6.3% | 1,323,932 | 6.1% | |||
| Total receivables overdue | 3,232,047 | 12.5% | 2,374,644 | 11.0% | |||
| Total | 25,961,122 | 100.0% | 21,751,226 | 100.0% | |||
Receivables not yet due consist mainly of current receivables and future bill installments ("parcelado") and receivables overdue consist mainly of late balances.
| 30 |
| | Nu Holdings Ltd. Unaudited Interim Condensed Consolidated Financial |
b) Expected credit loss - by stages
As of June 30, 2026, the credit card ECL totaled US$4,522,481 (US$3,528,001 as of December 31, 2025). The provision is estimated using consistently applied modeling techniques, and is sensitive to the methods, assumptions, and risk parameters underlying its calculation.
The amount that the expected credit loss represents in comparison to the Group’s gross receivables (the coverage ratio) is also monitored to anticipate trends that could indicate credit risk increases. This metric is considered a key risk indicator; it is monitored across multiple committees to support the decision-making process and is discussed in the Group's credit forums.
The explanation of each stage is set out in the Company’s accounting policies, as disclosed in the Annual Financial Statements.
| 06/30/2026 | 12/31/2025 | ||||||||||||||||||
Gross exposures |
% | Expected credit loss | % | Coverage ratio (%) |
Gross exposures |
% | Expected credit loss | % | Coverage ratio (%) | ||||||||||
| Stage 1 | 20,518,960 | 79.0% | 1,220,550 | 26.9% | 5.9% | 17,593,016 | 80.8% | 966,831 | 27.4% | 5.5% | |||||||||
| Stage 2 | 3,085,629 | 11.9% | 1,278,754 | 28.3% | 41.4% | 2,179,810 | 10.1% | 856,689 | 24.3% | 39.3% | |||||||||
| Absolute Trigger (Days late) | 729,904 | 23.7% | 459,204 | 35.9% | 62.9% | 528,694 | 24.3% | 327,470 | 38.2% | 61.9% | |||||||||
| Relative Trigger (PD deterioration) | 2,355,725 | 76.3% | 819,550 | 64.1% | 34.8% | 1,651,116 | 75.7% | 529,219 | 61.8% | 32.1% | |||||||||
| Stage 3 | 2,356,533 | 9.1% | 2,023,177 | 44.8% | 85.9% | 1,978,400 | 9.1% | 1,704,481 | 48.3% | 86.2% | |||||||||
| Total | 25,961,122 | 100.0% | 4,522,481 | 100.0% | 17.4% | 21,751,226 | 100.0% | 3,528,001 | 100.0% | 16.2% | |||||||||
| 31 |
| | Nu Holdings Ltd. Unaudited Interim Condensed Consolidated Financial |
c) Expected credit loss - by credit quality vs. stages
| 06/30/2026 | 12/31/2025 | ||||||||||||||||||
Gross exposures |
% | Expected credit loss | % | Coverage ratio (%) |
Gross exposures |
% | Expected credit loss | % | Coverage ratio (%) | ||||||||||
| Strong (PD < 5%) | 11,331,286 | 43.6% | 232,735 | 5.1% | 2.1% | 10,012,573 | 46.0% | 204,331 | 5.8% | 2.0% | |||||||||
| Stage 1 | 11,331,223 | 99.9% | 232,733 | 100.0% | 2.1% | 10,012,568 | 100.0% | 204,331 | 100.0% | 2.0% | |||||||||
| Stage 2 | 63 | 0.1% | 2 | —% | 3.2% | 5 | —% | — | —% | —% | |||||||||
| Satisfactory (5% <= PD <= 20%) | 8,046,488 | 31.0% | 721,140 | 15.9% | 9.0% | 6,766,135 | 31.1% | 574,635 | 16.3% | 8.8% | |||||||||
| Stage 1 | 7,768,638 | 96.5% | 695,094 | 96.3% | 8.9% | 6,517,743 | 96.3% | 553,357 | 96.2% | 8.5% | |||||||||
| Stage 2 | 277,850 | 3.5% | 26,046 | 3.7% | 9.4% | 248,392 | 3.7% | 21,278 | 3.8% | 8.6% | |||||||||
| Higher Risk (PD > 20%) | 6,583,348 | 25.4% | 3,568,606 | 79.0% | 54.2% | 4,972,518 | 22.9% | 2,749,035 | 77.9% | 55.3% | |||||||||
| Stage 1 | 1,419,099 | 21.6% | 292,723 | 8.2% | 20.7% | 1,062,705 | 21.4% | 209,143 | 7.7% | 19.7% | |||||||||
| Stage 2 | 2,807,716 | 42.6% | 1,252,706 | 35.1% | 44.6% | 1,931,413 | 38.8% | 835,411 | 30.4% | 43.3% | |||||||||
| Stage 3 | 2,356,533 | 35.8% | 2,023,177 | 56.7% | 85.9% | 1,978,400 | 39.8% | 1,704,481 | 62.0% | 86.2% | |||||||||
| Total | 25,961,122 | 100.0% | 4,522,481 | 100.0% | 17.4% | 21,751,226 | 100.0% | 3,528,001 | 100.0% | 16.2% | |||||||||
| 32 |
| | Nu Holdings Ltd. Unaudited Interim Condensed Consolidated Financial |
d) Expected credit loss - changes
The following tables show the reconciliations from the opening to the closing balance of the expected credit loss by stages of the financial instruments.
| 06/30/2026 | 06/30/2025 | ||||||||||||||
| Stage 1 | Stage 2 | Stage 3 | Total | Stage 1 | Stage 2 | Stage 3 | Total | ||||||||
| Expected credit loss at beginning of period | 966,831 | 856,689 | 1,704,481 | 3,528,001 | 670,984 | 445,996 | 1,272,546 | 2,389,526 | |||||||
| Transfers from Stage 1 to Stage 2 | (121,173) | 121,173 | - | - | (107,008) | 107,008 | - | - | |||||||
| Transfers from Stage 2 to Stage 1 | 180,980 | (180,980) | - | - | 112,168 | (112,168) | - | - | |||||||
| Transfers to Stage 3 | (63,371) | (490,304) | 553,675 | - | (70,445) | (302,067) | 372,512 | - | |||||||
| Transfers from Stage 3 | 95,828 | 23,833 | (119,661) | - | 53,277 | 13,160 | (66,437) | - | |||||||
| Write-offs | - | - | (1,268,811) | (1,268,811) | - | - | (907,422) | (907,422) | |||||||
| Net increase of loss allowance (note 7) | 104,701 | 895,507 | 1,045,119 | 2,045,327 | 86,635 | 490,331 | 735,368 | 1,312,334 | |||||||
| New originations (a) | 64,045 | 11,209 | 1,711 | 76,965 | 53,861 | 6,152 | 1,584 | 61,597 | |||||||
| Changes in exposure of preexisting accounts (b) | 472,153 | 10,888 | (57,989) | 425,052 | 367,309 | 5,344 | (3,423) | 369,229 | |||||||
| Other movements, primarily net drawdowns/repayments and net remeasurement from movements between stages and between risk bands within each stage | (409,056) | 878,122 | 1,122,337 | 1,591,403 | (269,593) | 417,081 | 730,993 | 878,480 | |||||||
| Changes to models used in calculation (c) | (22,441) | (4,712) | (20,940) | (48,093) | (64,942) | 61,754 | 6,214 | 3,026 | |||||||
| Effect of changes in exchange rates (OCI) | 56,754 | 52,836 | 108,374 | 217,964 | 90,381 | 70,264 | 178,738 | 339,383 | |||||||
| Expected credit loss at end of the period | 1,220,550 | 1,278,754 | 2,023,177 | 4,522,481 | 835,992 | 712,524 | 1,585,305 | 3,133,821 | |||||||
The "Net increase of loss allowance" is distributed considering the stages at the end of the period, except in (c), which is calculated considering the stages at the beginning of the year.
(a) Considers all accounts originated from the beginning to the end of the period. ECL effects presented in the table were calculated as if risk parameters at the beginning of the period were applied.
| 33 |
| | Nu Holdings Ltd. Unaudited Interim Condensed Consolidated Financial |
(b) Reflects the movements in exposure (both drawdown and undrawn limits) of accounts that existed in the beginning of the period. ECL effects were calculated as if risk parameters of the exposures at the beginning of the period were applied.
(c) Changes to models that occurred during the period include, primarily, the calibration of ECL parameters to reflect more recent risk and recovery data, the changes in the Company's underwriting policies and in the collections strategies.
The following tables present changes in the gross carrying amount of the credit card portfolio to demonstrate the effects of the changes in the loss allowance for the same portfolio as presented above. “Net change of gross carrying amount” includes drawdown, payments, and interest accruals.
| 06/30/2026 | 06/30/2025 | ||||||||||||||
| Stage 1 | Stage 2 | Stage 3 | Total | Stage 1 | Stage 2 | Stage 3 | Total | ||||||||
| Gross carrying amount at beginning of period | 17,593,016 | 2,179,810 | 1,978,400 | 21,751,226 | 11,849,086 | 1,377,896 | 1,392,330 | 14,619,312 | |||||||
| Transfers from Stage 1 to Stage 2 | (1,345,710) | 1,345,710 | - | - | (1,132,846) | 1,132,846 | - | - | |||||||
| Transfers from Stage 2 to Stage 1 | 602,138 | (602,138) | - | - | 662,215 | (662,215) | - | - | |||||||
| Transfers to Stage 3 | (572,021) | (905,946) | 1,477,967 | - | (421,524) | (539,179) | 960,703 | - | |||||||
| Transfers from Stage 3 | 121,904 | 29,781 | (151,685) | - | 62,293 | 15,182 | (77,475) | - | |||||||
| Write-offs | - | - | (1,268,811) | (1,268,811) | - | - | (907,422) | (907,422) | |||||||
| Net change of gross carrying amount | 2,993,047 | 898,869 | 193,807 | 4,085,723 | 1,914,742 | 386,326 | 168,869 | 2,469,937 | |||||||
| Effect of changes in exchange rates (OCI) | 1,126,586 | 139,543 | 126,855 | 1,392,984 | 1,640,751 | 205,414 | 196,685 | 2,042,850 | |||||||
| Gross carrying amount at end of the period | 20,518,960 | 3,085,629 | 2,356,533 | 25,961,122 | 14,574,717 | 1,916,270 | 1,733,690 | 18,224,677 | |||||||
| 34 |
| | Nu Holdings Ltd. Unaudited Interim Condensed Consolidated Financial |
14. LOANS TO CUSTOMERS
| 06/30/2026 | 12/31/2025 | ||
| Loans to individuals | 12,462,974 | 10,149,892 | |
| Loans to companies | 974,280 | 765,561 | |
| Total loans (i) | 13,437,254 | 10,915,453 | |
| Loan expected credit loss | (2,119,832) | (1,493,995) | |
| Total | 11,317,422 | 9,421,458 |
(i) As of June 30, 2026, the total gross amount of secured loans was US$3,138,145 (US$2,734,565 as of December 31, 2025).
a) Breakdown by maturity
The following table shows loans to customers by maturity on June 30, 2026, and December 31, 2025, considering each installment individually.
| 06/30/2026 | 12/31/2025 | ||||||
| Amount | % | Amount | % | ||||
| Loans to customers due in: | |||||||
| Up to 30 days | 1,475,319 | 11.0% | 1,194,270 | 10.9% | |||
| 30 to 60 days | 1,253,136 | 9.3% | 1,005,890 | 9.2% | |||
| 60 to 90 days | 1,164,389 | 8.7% | 1,066,604 | 9.8% | |||
| 90 to 360 days | 5,267,280 | 39.2% | 4,154,984 | 38.1% | |||
| Over 360 | 3,610,896 | 26.9% | 3,019,996 | 27.7% | |||
| Total loans to customers not overdue | 12,771,020 | 95.1% | 10,441,744 | 95.7% | |||
| Loans to customers overdue by: | |||||||
| Up to 30 days | 207,483 | 1.5% | 156,542 | 1.4% | |||
| 30 to 60 days | 115,196 | 0.9% | 77,632 | 0.7% | |||
| 60 to 90 days | 97,447 | 0.7% | 63,641 | 0.6% | |||
| Over 90 days | 246,108 | 1.8% | 175,894 | 1.6% | |||
| Total loans to customers overdue | 666,234 | 4.9% | 473,709 | 4.3% | |||
| Total | 13,437,254 | 100.0% | 10,915,453 | 100.0% | |||
| 35 |
| | Nu Holdings Ltd. Unaudited Interim Condensed Consolidated Financial |
b) Expected credit loss - by stages
As of June 30, 2026, the loans to customers ECL totaled US$2,119,832 (US$1,493,995 as of December 31, 2025). The provision is estimated using consistently applied modeling techniques, which is sensitive to the methods, assumptions, and risk parameters underlying its calculation.
The amount that the expected credit loss represents in comparison to the Group’s gross receivables (the coverage ratio) is also monitored to anticipate trends that could indicate credit risk increases. This metric is considered a key risk indicator; it is monitored across multiple committees to support the decision-making process and is discussed in the Group's credit forums.
The explanation of each stage is set out in the Company's accounting policies, as disclosed in the Annual Financial Statements.
| 06/30/2026 | 12/31/2025 | ||||||||||||||||||
Gross exposures |
% | Expected credit loss | % | Coverage ratio (%) |
Gross exposures |
% | Expected credit loss | % | Coverage ratio (%) | ||||||||||
| Stage 1 | 10,368,991 | 77.2% | 587,914 | 27.7% | 5.7% | 8,708,434 | 79.8% | 467,616 | 31.3% | 5.4% | |||||||||
| Stage 2 | 1,950,778 | 14.5% | 791,982 | 37.4% | 40.6% | 1,527,444 | 14.0% | 569,485 | 38.1% | 37.3% | |||||||||
| Absolute Trigger (Days late) | 428,995 | 22.0% | 350,322 | 44.2% | 81.7% | 307,423 | 20.1% | 247,143 | 43.4% | 80.4% | |||||||||
| Relative Trigger (PD deterioration) | 1,521,783 | 78.0% | 441,660 | 55.8% | 29.0% | 1,220,021 | 79.9% | 322,342 | 56.6% | 26.4% | |||||||||
| Stage 3 | 1,117,485 | 8.3% | 739,936 | 34.9% | 66.2% | 679,575 | 6.2% | 456,894 | 30.6% | 67.2% | |||||||||
| Total | 13,437,254 | 100.0% | 2,119,832 | 100.0% | 15.8% | 10,915,453 | 100.0% | 1,493,995 | 100.0% | 13.7% | |||||||||
| 36 |
| | Nu Holdings Ltd. Unaudited Interim Condensed Consolidated Financial |
c) Expected credit loss - by credit quality vs stages
| 06/30/2026 | 12/31/2025 | ||||||||||||||||||
Gross exposures |
% | Expected credit loss | % | Coverage ratio (%) |
Gross exposures |
% | Expected credit loss | % | Coverage ratio (%) | ||||||||||
| Strong (PD < 5%) | 4,123,692 | 30.7% | 51,534 | 2.4% | 1.2% | 3,401,763 | 31.2% | 41,731 | 2.8% | 1.2% | |||||||||
| Stage 1 | 4,079,705 | 98.9% | 51,320 | 99.6% | 1.3% | 3,357,159 | 98.7% | 41,546 | 99.6% | 1.2% | |||||||||
| Stage 2 | 43,987 | 1.1% | 214 | 0.4% | 0.5% | 44,604 | 1.3% | 185 | 0.4% | 0.4% | |||||||||
| Satisfactory (5% <= PD <= 20%) | 4,484,454 | 33.4% | 254,005 | 12.0% | 5.7% | 3,756,036 | 34.4% | 206,811 | 13.8% | 5.5% | |||||||||
| Stage 1 | 4,351,445 | 97.0% | 248,840 | 98.0% | 5.7% | 3,683,259 | 98.1% | 203,933 | 98.6% | 5.5% | |||||||||
| Stage 2 | 133,009 | 3.0% | 5,165 | 2.0% | 3.9% | 72,777 | 1.9% | 2,878 | 1.4% | 4.0% | |||||||||
| Higher Risk (PD > 20%) | 4,829,108 | 35.9% | 1,814,293 | 85.6% | 37.6% | 3,757,654 | 34.4% | 1,245,453 | 83.4% | 33.1% | |||||||||
| Stage 1 | 1,937,841 | 40.2% | 287,754 | 15.8% | 14.8% | 1,668,016 | 44.4% | 222,137 | 17.8% | 13.3% | |||||||||
| Stage 2 | 1,773,782 | 36.7% | 786,603 | 43.4% | 44.3% | 1,410,063 | 37.5% | 566,422 | 45.5% | 40.2% | |||||||||
| Stage 3 | 1,117,485 | 23.1% | 739,936 | 40.8% | 66.2% | 679,575 | 18.1% | 456,894 | 36.7% | 67.2% | |||||||||
| Total | 13,437,254 | 100.0% | 2,119,832 | 100.0% | 15.8% | 10,915,453 | 100.0% | 1,493,995 | 100.0% | 13.7% | |||||||||
| 37 |
| | Nu Holdings Ltd. Unaudited Interim Condensed Consolidated Financial |
d) Expected credit loss - changes
The following tables show reconciliations from the opening to the closing balance of the expected credit loss by the stages of the financial instruments.
| 06/30/2026 | 06/30/2025 | ||||||||||||||
| Stage 1 | Stage 2 | Stage 3 | Total | Stage 1 | Stage 2 | Stage 3 | Total | ||||||||
| Expected credit loss at beginning of period | 467,616 | 569,485 | 456,894 | 1,493,995 | 239,306 | 325,020 | 230,244 | 794,570 | |||||||
| Transfers from Stage 1 to Stage 2 | (62,070) | 62,070 | - | - | (35,116) | 35,116 | - | - | |||||||
| Transfers from Stage 2 to Stage 1 | 86,860 | (86,860) | - | - | 68,217 | (68,217) | - | - | |||||||
| Transfers to Stage 3 | (52,528) | (418,876) | 471,404 | - | (49,532) | (229,488) | 279,020 | - | |||||||
| Transfers from Stage 3 | 29,333 | 30,246 | (59,579) | - | 19,986 | 20,177 | (40,163) | - | |||||||
| Write-offs | - | - | (1,061,640) | (1,061,640) | - | - | (606,999) | (606,999) | |||||||
| Net increase of loss allowance (note 7) | 90,552 | 600,868 | 905,302 | 1,596,722 | 47,228 | 355,326 | 473,708 | 876,262 | |||||||
| New originations (a) | 685,462 | 119,916 | 14,895 | 820,273 | 551,062 | 74,023 | 8,033 | 633,118 | |||||||
| Other movements, primarily net drawdowns/repayments and net remeasurement from movements between stages and between risk bands within each stage | (594,910) | 480,952 | 890,407 | 776,449 | (534,585) | 276,736 | 499,515 | 241,666 | |||||||
| Changes to models used in calculation (b) | - | - | - | - | 30,751 | 4,567 | (33,840) | 1,478 | |||||||
| Effect of changes in exchange rates (OCI) | 28,151 | 35,049 | 27,555 | 90,755 | 34,898 | 50,010 | 36,852 | 121,760 | |||||||
| Expected credit loss at end of the period | 587,914 | 791,982 | 739,936 | 2,119,832 | 324,987 | 487,944 | 372,662 | 1,185,593 | |||||||
The "Net increase of loss allowance" is distributed considering the stages at the end of the period, except in (b), which is calculated considering the stages at the beginning of the period.
(a) Considers all accounts originated from the beginning to the end of the period. ECL effects presented in the table were calculated as if risk parameters at the beginning of the period were applied.
(b) Changes to models that occurred during the period include, primarily, the calibration of ECL parameters to reflect more recent risk and recovery data, the changes in the Company's underwriting policies and in the collections strategies.
| 38 |
| | Nu Holdings Ltd. Unaudited Interim Condensed Consolidated Financial |
The following tables present changes in the gross carrying amount of the loan portfolio to demonstrate the effects of the changes in the loss allowance for the same portfolio as discussed above. “Net change of gross carrying amount” includes drawdowns, payments, and interest accruals.
| 06/30/2026 | 06/30/2025 | ||||||||||||||
| Stage 1 | Stage 2 | Stage 3 | Total | Stage 1 | Stage 2 | Stage 3 | Total | ||||||||
| Gross carrying amount at beginning of the period | 8,708,434 | 1,527,444 | 679,575 | 10,915,453 | 4,728,358 | 1,054,416 | 333,681 | 6,116,455 | |||||||
| Transfers from Stage 1 to Stage 2 | (759,119) | 759,119 | - | - | (463,534) | 463,534 | - | - | |||||||
| Transfers from Stage 2 to Stage 1 | 545,993 | (545,993) | - | - | 455,094 | (455,094) | - | - | |||||||
| Transfers to Stage 3 | (433,691) | (672,609) | 1,106,300 | - | (287,501) | (389,603) | 677,104 | - | |||||||
| Transfers from Stage 3 | 37,810 | 39,035 | (76,845) | - | 24,203 | 31,209 | (55,412) | - | |||||||
| Write-offs | - | - | (1,061,640) | (1,061,640) | - | - | (606,999) | (606,999) | |||||||
| Net increase of gross carrying amount | 1,713,809 | 745,798 | 427,246 | 2,886,853 | 1,919,633 | 522,518 | 152,234 | 2,594,385 | |||||||
| Effect of changes in exchange rates (OCI) | 555,755 | 97,984 | 42,849 | 696,588 | 742,382 | 154,207 | 55,415 | 952,004 | |||||||
| Gross carrying amount at end of the period | 10,368,991 | 1,950,778 | 1,117,485 | 13,437,254 | 7,118,635 | 1,381,187 | 556,023 | 9,055,845 | |||||||
| 39 |
| | Nu Holdings Ltd. Unaudited Interim Condensed Consolidated Financial |
15. COMPULSORY AND OTHER DEPOSITS AT CENTRAL BANKS
| 06/30/2026 | 12/31/2025 | ||
| Compulsory deposits (i) | 6,356,035 | 5,687,184 | |
| Reserve at central bank - Instant payments (ii) | 2,793,093 | 3,850,604 | |
| Total | 9,149,128 | 9,537,788 |
| (i) | Compulsory deposits are required by central banks based on the amount of RDB and CDB held by Nu Financeira and deposits from customers held by Nu Colombia. These resources are remunerated in Brazil by the Brazilian SELIC rate (special settlement and custody system of the BACEN) and for Colombia the compulsory deposits are not remunerated. |
| (ii) | Reserve at central bank - Instant payments relates to cash maintained in the instant payments account, which is required by BACEN to support instant payment operations, including additional funds as a safety margin. These resources are remunerated at the Brazilian SELIC rate. It also includes amount related to the guarantee margin for electronic money deposit. |
16. OTHER RECEIVABLES
| 06/30/2026 | 12/31/2025 | ||
| Other receivables | 876,237 | 1,002,629 | |
| Other receivables - ECL | (26,340) | (1,946) | |
| Total | 849,897 | 1,000,683 |
Other receivables are primarily related to credit card receivables acquired from merchant acquirers which are due from credit card issuers (mainly banks and other financial institutions), and measured initially at fair value. Additionally, other receivables are used as underlying collateral in repurchase agreement transactions, as mentioned in note 21. The balance also includes receivables related to the agreement with Mastercard, including incentive mechanisms linked to prepaid and credit card transaction volume performance and other performance obligations.
As of December 31, 2025, the total amount of the Group’s exposure was classified as Stage 1 Strong (PD < 5%). As of June 30, 2026, additional other receivables were recognized and classified predominantly in Stage 3 (PD = 100%) at initial recognition, representing 1.5% of the total receivables, while the remaining balance of the portfolio continued to be classified as Stage 1 Strong (PD < 5%). No transfers between stages occurred during six-month period ended June 30, 2026 and 2025.
All receivables are classified in stages. The explanation of each stage is set out in the Company's accounting policies, as disclosed in the Annual Financial Statements.
| 40 |
| | Nu Holdings Ltd. Unaudited Interim Condensed Consolidated Financial |
17. OTHER ASSETS
| 06/30/2026 | 12/31/2025 | ||
| Taxes recoverable (i) | 940,847 | 748,785 | |
| Deferred expenses (ii) | 365,227 | 329,136 | |
| Advances to suppliers and employees | 134,288 | 112,634 | |
| Prepaid expenses (iii) | 174,095 | 92,738 | |
| Judicial deposits | 8,875 | 6,614 | |
| Other assets (iv) | 332,409 | 113,963 | |
| Total | 1,955,741 | 1,403,870 |
| (i) | Taxes recoverable refer to tax overpayments and contributions as well as tax credits on costs and expenses eligible for future offsets or refunds. |
| (ii) | Deferred expenses refer to credit card issuance costs, including printing, packing, and shipping costs, among others. The expenses are amortized based on the card’s estimated useful life methodology, adjusted for any cancellations. |
| (iii) | Prepaid expenses refer to invoices related to the cloud savings plan, in accordance with the supplier contract. |
| (iv) | Other assets include US$185,488 of advances to the Brazilian Credit Guarantee Fund (“FGC”) as of June 30, 2026 (US$0 as of December 31, 2025). The advance was made pursuant to an emergency recapitalization plan approved by the FGC's Board in February 2026, which requires member institutions to advance contributions over a multi-year period. |
18. INVESTMENTS IN ASSOCIATES
| Tyme | 06/30/2026 | 12/31/2025 | ||
| Equity interest | 18.0% | 18.0% | ||
| Investment | 93,004 | 98,702 | ||
| Current assets | 49,873 | 101,962 | ||
| Non-current assets | 531,814 | 325,856 | ||
| Current liabilities | 13,752 | 13,536 |
Tyme Group Pte. Ltd. (“Tyme”) is the holding company which has investments in Tyme Bank Holdings (South Africa operation) and Tyme Investments (Southeast Asia operation) (collectively referred to as “Tyme Group”). Nu has no voting rights, but all Series D preferred shares acquired by the Group may be converted into shares with voting rights at any time at Nu's election.
| Three-month period ended | Six-month period ended | |||||||
| Tyme | 06/30/2026 | 06/30/2025 | 06/30/2026 | 06/30/2025 | ||||
| Share of loss in associates | (4,663) | (1,025) | (5,698) | (2,155) | ||||
| Associates loss for the period | (25,903) | (7,127) | (31,654) | (11,973) | ||||
| 41 |
| | Nu Holdings Ltd. Unaudited Interim Condensed Consolidated Financial |
The total investment in Tyme Group was US$153,026, as of both June 30, 2026 and December 31, 2025, of which US$102,391 related to investments in associates. The remainder related to derivatives, including call options and warrants recorded at fair value, which enable Nu to acquire additional equity interest in the future. The derivatives are presented in note 20. During the six-month period ended June 30, 2026 Nu recognized a loss from associates of US$5,698, compared with a loss from associates of US$2,155 during the six-month period ended June 30, 2025.
19. INTANGIBLE ASSETS AND GOODWILL
a) Composition of intangible assets and goodwill
(i) Intangible assets
| 06/30/2026 | 12/31/2025 | ||||||||||
| Cost | Accumulated amortization |
Net value | Cost | Accumulated amortization |
Net value | ||||||
| Intangibles related to business acquisitions | 138,343 | (88,595) | 49,748 | 138,280 | (78,967) | 59,313 | |||||
| Internally developed intangibles | 805,173 | (178,655) | 626,518 | 615,295 | (123,344) | 491,951 | |||||
| Other intangibles | 95,988 | (25,153) | 70,835 | 77,260 | (26,855) | 50,405 | |||||
| Total | 1,039,504 | (292,403) | 747,101 | 830,835 | (229,166) | 601,669 | |||||
(ii) Goodwill
| 06/30/2026 | 12/31/2025 | ||
| Goodwill | |||
| Acquisition of Nu Investimentos | 348,276 | 348,276 | |
| Other acquisitions | 61,095 | 61,095 | |
| Total | 409,371 | 409,371 | |
Goodwill is allocated to the Group's cash-generating units ("CGUs") expected to benefit from the synergies of the business combinations from which it arose. Goodwill is not amortized and is tested for impairment at least annually, regardless of whether there is any indication of impairment, and more frequently whenever events or changes in circumstances indicate that its carrying amount may not be recoverable. The CGU allocation and the valuation methodology and key assumptions used in the annual impairment test were described in the Annual Financial Statements.
The annual impairment test performed as of December 31, 2025 concluded that the recoverable amount of each CGU to which goodwill has been allocated exceeded its carrying amount, and no impairment loss was identified.
As of June 30, 2026 and 2025, management assessed whether events or changes in circumstances during the six-month periods indicated that the carrying amount of goodwill may not be recoverable. Based on these assessments, management concluded that there were no indicators of impairment as of June 30, 2026 and 2025, and accordingly no interim impairment test was performed and no impairment loss was recognized during the six-month periods ended June 30, 2026 and 2025.
| 42 |
| | Nu Holdings Ltd. Unaudited Interim Condensed Consolidated Financial |
b) Changes on intangibles assets and goodwill
| 06/30/2026 | |||||||||
| Goodwill | Intangible assets | ||||||||
Intangibles related to business acquisitions |
Internally developed intangibles |
Other intangibles |
Total intangibles | ||||||
| Balance at beginning of the period | 409,371 | 59,313 | 491,951 | 50,405 | 601,669 | ||||
| Additions | - | - | 179,973 | 31,526 | 211,499 | ||||
| Disposals | - | - | (12,775) | (58) | (12,833) | ||||
| Amortization | - | (5,224) | (40,964) | (5,345) | (51,533) | ||||
| Effect of changes in exchange rates (OCI) | - | (4,341) | 8,333 | (5,693) | (1,701) | ||||
| Balance at end of the period | 409,371 | 49,748 | 626,518 | 70,835 | 747,101 | ||||
| 06/30/2025 | |||||||||
| Goodwill | Intangible assets | ||||||||
|
Intangibles related to business acquisitions |
Internally developed intangibles |
Other intangibles |
Total intangibles | ||||||
| Balance at beginning of the period | 414,287 | 78,613 | 259,847 | 9,156 | 347,616 | ||||
| Additions | 1,189 | - | 112,746 | 56,872 | 169,618 | ||||
| Disposals | - | - | (1,249) | - | (1,249) | ||||
| Amortization | - | (9,754) | (27,965) | (2,073) | (39,792) | ||||
| Effect of changes in exchange rates (OCI) | (5,129) | (1,276) | 38,849 | 527 | 38,100 | ||||
| Balance at end of the period | 410,347 | 67,583 | 382,228 | 64,482 | 514,293 | ||||
| 43 |
| | Nu Holdings Ltd. Unaudited Interim Condensed Consolidated Financial |
20. DERIVATIVES
The Group executes transactions with derivative financial instruments, which are intended, in their majority, to meet its own needs to reduce its exposure to market, currency and interest-rate risks. These instruments include, among others, Non-Deliverable Forwards (“NDFs”), options, swaps, and futures.
The derivatives are measured at fair value through profit or loss, except for those designated in cash flow and net investment hedge strategies, for which the effective portion of gains or losses is recognized in other comprehensive income. For derivatives designated in fair value hedge strategies, changes in the fair value of both the hedging instrument and the hedged item attributable to the hedged risk are recognized in the statements of income. The fair value hierarchy is described in note 29. These risks are managed through the establishments of limits, and operating strategies.
The Group applies hedge accounting to: (i) hedge the interest rate risk of certain government bonds, converting fixed-rate returns into floating rates through interest rate derivatives (fair value hedge); (ii) hedge the foreign currency risk arising from forecast transactions related to cloud infrastructure, intercompany transactions and certain software licenses, designated as (cash flow hedge); (iii) hedge future cash disbursements related to highly probable future transactions and accrued liabilities for corporate and social security taxes arising from RSU vesting or SOP exercise, designated as cash flow hedge and (iv) hedge the foreign currency risk arising from a designated portion of the Group's net investment in its Brazilian operations, designated as net investment hedge, as shown below.
Derivative instruments are presented within Financial assets at fair value through profit or loss and Financial liabilities at fair value through profit or loss in the statement of financial position. The hedged items in the fair value hedge of interest rate risk are presented within Financial assets at fair value through other comprehensive income and Financial assets at amortized cost (note 12).
Hedge ineffectiveness and gains and losses on derivatives measured at fair value through profit or loss are recognized within Interest income and gains net of losses – financial instruments at fair value (note 6).
The effective portion of cash flow hedges is recognized within the cash flow hedge reserve, and the effective portion of the net investment hedge is recognized within the net investment hedge reserve, both presented in the statement of changes in equity. Reclassifications from the cash flow and net investment hedge reserve are presented in the line items disclosed in the tables below.
| 44 |
| | Nu Holdings Ltd. Unaudited Interim Condensed Consolidated Financial |
| 06/30/2026 | 12/31/2025 | ||||||||||
| Fair values | Fair values | ||||||||||
|
Notional amount |
Assets | Liabilities |
Notional amount |
Assets | Liabilities | ||||||
| Derivatives classified at fair value through profit or loss | |||||||||||
| Interest rate contracts – Futures (i) | 15,300 | - | 4 | 13,651 | - | 5 | |||||
| Foreign currency exchange rate contracts – Futures (i) | 1,345,008 | 199 | 2 | 2,087,756 | 288 | 13,259 | |||||
| Interest rate contracts – Swaps (ii) | 3,565 | 47 | - | 3,348 | 5 | - | |||||
| Exchange rate contracts – Swaps (iii) | 2,490,860 | 46,512 | 58,487 | 1,376,130 | 4,444 | 43,715 | |||||
|
Foreign currency exchange rate contracts – Non-deliverable forwards (NDFs) (iv) |
250,533 | 4,604 | 1,776 | 299,542 | 20,994 | 2,081 | |||||
| Warrants (v) | 23,716 | 22,503 | - | 23,699 | 18,898 | - | |||||
| Call options (vi) | 27,000 | 13,951 | - | 27,000 | 15,639 | - | |||||
| Derivatives held for hedging | |||||||||||
| Designated as cash flow hedge | |||||||||||
| Foreign currency exchange rate contracts – Futures (i) | 294,723 | 95 | - | 256,047 | - | 4,162 | |||||
| Equity - Total return swaps (TRS) (vii) | 105,837 | 555 | 7,516 | 83,679 | 4,009 | 2,747 | |||||
| Designated as fair value hedge | |||||||||||
| Interest rate contracts – Swaps (ii) | 939,504 | 5,847 | 12,514 | 1,079,382 | 16,471 | - | |||||
| Interest rate contracts – Futures (i) | 1,019,147 | 71 | 4,285 | - | - | - | |||||
| Designated as net investment hedge | |||||||||||
|
Foreign currency exchange rate contracts – Non-deliverable forwards (NDFs) (iv) |
1,835,380 | 20,873 | 5,075 | - | - | - | |||||
| Total | 8,350,573 | 115,257 | 89,659 | 5,250,234 | 80,748 | 65,969 | |||||
| (i) | Futures contracts are traded on the B3 (Brasil, Bolsa e Balcão), a stock exchange in Brazil, as the counterparty and are settled on a daily basis. The total value of margins pledged by the Group in transactions on the stock exchange is presented in note 12. |
| (ii) | Interest rate swaps contracts are settled at the maturity date and are traded over the counter with financial institutions as counterparties. |
| (iii) | Exchange rate contracts swaps are settled at the maturity date, are traded over the counter with financial institutions as counterparties and are used to hedge mainly foreign currency exposure on financial assets. |
| (iv) | Non-deliverable forwards (“NDFs”) designated as net investment hedges are traded over the counter with financial institutions as counterparties and are settled at the maturity date. |
| (v) | Warrants are derivative instruments linked to equity interests in strategic investments held by the Group, and are measured at fair value through profit or loss |
| (vi) | The Group holds call options received as part of the consideration for the Group's strategic investment in Tyme. The instruments are measured at fair value through profit or loss and provide the Group with the right to acquire additional ownership interests directly from existing Tyme shareholders. |
| (vii) | Total Return Swaps (“TRS”) contracts are settled only at maturity and are traded over the counter with financial institutions as counterparties. |
| 45 |
| | Nu Holdings Ltd. Unaudited Interim Condensed Consolidated Financial |
Breakdown by maturity
The table below shows the breakdown by maturity of the notional amounts:
| 06/30/2026 | 12/31/2025 | ||||||||||||||
|
Up to 3 months |
3 to 12 months |
Over 12 months |
Total |
Up to 3 months |
3 to 12 months |
Over 12 months |
Total | ||||||||
| Derivatives classified at fair value through profit or loss | |||||||||||||||
| Interest rate contracts – Futures (i) | - | - | 15,300 | 15,300 | - | - | 13,651 | 13,651 | |||||||
| Foreign currency exchange rate contracts – Futures (i) | 1,345,008 | - | - | 1,345,008 | 2,087,756 | - | - | 2,087,756 | |||||||
| Interest rate contracts – Swaps (ii) | - | - | 3,565 | 3,565 | - | - | 3,348 | 3,348 | |||||||
| Exchange rate contracts – Swaps (iii) | 1,413,606 | 829,947 | 247,307 | 2,490,860 | 415,508 | 679,327 | 281,295 | 1,376,130 | |||||||
| Foreign currency exchange rate contracts - Non-deliverable forwards (NDFs) (iv) | 245,319 | 5,214 | - | 250,533 | 126,508 | 173,034 | - | 299,542 | |||||||
| Warrants (v) | - | - | 23,716 | 23,716 | - | - | 23,699 | 23,699 | |||||||
| Call options (vi) | 27,000 | - | - | 27,000 | 27,000 | - | - | 27,000 | |||||||
| Equity contracts – Futures | - | - | - | - | - | - | - | - | |||||||
| Derivatives held for hedging | |||||||||||||||
| Designated as cash flow hedge | |||||||||||||||
| Foreign currency exchange rate contracts – Futures (i) | 294,723 | - | - | 294,723 | 256,047 | - | - | 256,047 | |||||||
| Equity - Total return swaps (TRS) (vii) | 65,792 | 40,045 | - | 105,837 | 43,127 | 16,286 | 24,266 | 83,679 | |||||||
| Designated as fair value hedge | - | ||||||||||||||
| Interest rate contracts – Swaps (ii) | 399,189 | - | 540,315 | 939,504 | 412,681 | 384,568 | 282,133 | 1,079,382 | |||||||
| Interest rate contracts – Futures (i) | - | 54,617 | 964,530 | 1,019,147 | - | - | - | - | |||||||
| Designated as net investment hedge | |||||||||||||||
| Foreign currency exchange rate contracts - Non-deliverable forwards (NDFs) (iv) | - | 1,835,380 | - | 1,835,380 | - | - | - | - | |||||||
| Total | 3,790,637 | 2,765,203 | 1,794,733 | 8,350,573 | 3,368,627 | 1,253,215 | 628,392 | 5,250,234 | |||||||
| 46 |
| | Nu Holdings Ltd. Unaudited Interim Condensed Consolidated Financial |
The table below shows the breakdown by maturity of the fair value amounts:
| 06/30/2026 | 12/31/2025 | ||||||||||
|
Up to 12 months |
Over 12 months |
Total |
Up to 12 months |
Over 12 months |
Total | ||||||
| Assets | |||||||||||
| Interest rate contracts – Swaps | 5,894 | - | 5,894 | 3,028 | 13,448 | 16,476 | |||||
| Interest rate contracts – Futures | 71 | - | 71 | - | - | - | |||||
| Foreign currency exchange rate contracts – Futures | 294 | - | 294 | 288 | - | 288 | |||||
|
Foreign currency exchange rate contracts – Non-deliverable forwards (NDFs) |
25,477 | - | 25,477 | 20,994 | - | 20,994 | |||||
| Exchange rate contracts – Swaps | 16,972 | 29,540 | 46,512 | 4,444 | - | 4,444 | |||||
| Equity - Total return swaps (TRS) | 555 | - | 555 | 4,009 | - | 4,009 | |||||
| Warrants | - | 22,503 | 22,503 | - | 18,898 | 18,898 | |||||
| Call options | 13,951 | - | 13,951 | 15,639 | - | 15,639 | |||||
| Total assets | 63,214 | 52,043 | 115,257 | 48,402 | 32,346 | 80,748 | |||||
| Liabilities | |||||||||||
| Equity - Total return swaps (TRS) | 7,516 | - | 7,516 | 2,436 | 311 | 2,747 | |||||
| Interest rate contracts – Swaps | 482 | 12,032 | 12,514 | - | - | - | |||||
| Interest rate contracts – Futures | 4,289 | - | 4,289 | 5 | - | 5 | |||||
| Foreign currency exchange rate contracts – Futures | 2 | - | 2 | 17,421 | - | 17,421 | |||||
|
Foreign currency exchange rate contracts – Non-deliverable forwards (NDFs) |
6,851 | - | 6,851 | 2,081 | - | 2,081 | |||||
| Exchange rate contracts – Swaps | 58,487 | - | 58,487 | 27,425 | 16,290 | 43,715 | |||||
| Total liabilities | 77,627 | 12,032 | 89,659 | 49,368 | 16,601 | 65,969 | |||||
For instruments designated in hedge accounting relationships, the weighted-average price at the end of the period was as follows: US$14.72 (US$16.14 as of December 31, 2025) per share for total return swaps (TRS) designated as cash flow hedges of corporate and social security taxes on share-based compensation; and 10.3% (9.0% as of December 31, 2025) for Interest rate swaps designated as fair value hedges of government bonds. For foreign currency exchange rate contracts designated as cash flow hedges of foreign currency expenses and non-deliverable forwards designated as net investment hedges, hedging instruments are rolled over monthly and, accordingly, a weighted-average forward rate is not considered representative of the economic exposure.
Designated as cash flow hedge
a) Hedge of foreign currency risk
The Group is exposed to foreign currency risk on forecast transaction expenses, related to the cloud infrastructure, certain software licenses, and intercompany expenses. The Group manages its exposure to the variability in cash flows of foreign currency forecasted transactions to movements in foreign exchange rates by entering into foreign currency exchange rate contracts (exchange futures). These instruments are entered into to match the cash flow profile of the estimated forecast transactions and are exchange-traded with fair value movements settled on a daily basis.
| 47 |
| | Nu Holdings Ltd. Unaudited Interim Condensed Consolidated Financial |
The Group applies hedge accounting to the forecasted transactions related to its main cloud infrastructure contract and other expenses in foreign currency including intercompany expenses. Hedge effectiveness is assessed monthly by analyzing the critical terms. The critical terms of the hedging instrument and the amount of the forecasted hedged transactions are significantly the same. Derivatives are generally rolled over monthly. Swaps and NDFs are liquidated or settled in accordance with the specific maturity of each contract. They are expected to occur in the same fiscal month as the maturity date of the hedged item. Therefore, the hedge is expected to be effective. Subsequent assessments of effectiveness are performed by verifying and documenting whether the critical terms of the hedging instrument and the forecasted hedged transaction have changed during the period under review and whether the forecast transaction remains probable. If there are no such changes in critical terms, the Group will continue to conclude that the hedging relationship is effective. Sources of ineffectiveness are differences in the amount and timing of forecast and actual payment of expenses.
The notional amounts of the foreign currency exchange rate contracts are designated to match the amount of the forecasted foreign currency expenses being hedged. No hedging relationships were discontinued during the period and no forecasted transactions previously designated have ceased to be expected to occur.
The table below shows the change in the hedge of foreign currency risk:
| Six-month period ended | |||
| 06/30/2026 | 06/30/2025 | ||
| Balance at beginning of the period | (8,092) | 11,721 | |
| Fair value change recognized in OCI during the period | (21,328) | 2,188 | |
|
Total amount reclassified from cash flow hedge reserve to the statements of income during the period |
12,881 | (33,366) | |
| to "Customer support and operation" | 1,467 | 9,944 | |
| to "General and administrative expenses" | 5,319 | (11,673) | |
| to "Other income" | — | (3,689) | |
| to "Other expenses" | 12,090 | — | |
| Effect of changes in exchange rates (OCI) | (5,995) | (27,948) | |
| Deferred income taxes | 3,558 | 6,366 | |
| Balance at end of the period | (12,981) | (13,091) | |
No hedge ineffectiveness was recognized in profit or loss in the periods presented. No balances remain in the cash flow hedge reserve from hedging relationships for which hedge accounting is no longer applied.
The expected future transactions that are the hedged items are:
| 06/30/2026 | 12/31/2025 | ||||||
| Up to 3 months | 3 to 12 months | Total | Total | ||||
| Expected foreign currency transactions | 90,319 | 201,830 | 292,149 | 305,613 | |||
| Total | 90,319 | 201,830 | 292,149 | 305,613 | |||
| 48 |
| | Nu Holdings Ltd. Unaudited Interim Condensed Consolidated Financial |
b) Hedge of corporate and social security taxes over share-based compensation
The Group's hedge strategy is to cover the future cash disbursements related to highly probable future transactions and accrued liabilities for corporate and social security taxes at RSU vesting arising from the variation in the Company's share price volatility. The derivatives used to cover the exposure are total return swaps ("TRS") in which one leg is indexed to the Company's stock price and the other leg is indexed to Secured Overnight Financing Rate ("SOFR") plus a spread. The stock fixed in the TRS is the weighted average price. The hedge was entered into by Nu Holdings and therefore there is no income tax effect.
The Group applies the cash flow hedge for the hedge structure, and therefore the market risk is replaced by interest rate risk. The effectiveness assessment is performed monthly by (i) assessing the economic relationship between the hedged item and the hedging instrument; (ii) monitoring the credit risk impact in the hedge effectiveness; and (iii) maintaining and updating the hedging ratio. Given the possibility of forfeiture impacting the future cash forecast of the employee benefit plan, the Group manages exposures to keep the hedging level within an acceptable coverage range. The derivative fair value is measured substantially based on the stock price which is also used in the measurement of the provision or payment of corporate and social security taxes. The Group does not expect a mismatch between the hedged item and hedging instrument at maturity other than the SOFR.
The notional amount of the equity leg of the total return swaps is designated to match the share-based compensation amount expected to vest. Sources of ineffectiveness include changes in forfeiture assumptions affecting the volume of expected vesting, the SOFR leg of the TRS, and timing differences between TRS settlement dates and the cash disbursement of corporate and social security taxes. No hedging relationships were discontinued during the period and no forecasted transactions previously designated have ceased to be expected to occur.
The table below shows the change in the hedge of corporate and social security taxes over share-based compensation:
| Six-month period ended | |||
| 06/30/2026 | 06/30/2025 | ||
| Balance at beginning of the period | 4,016 | 11,029 | |
| Fair value change recognized in OCI during the period | (14,486) | 12,848 | |
|
Total amount reclassified from cash flow hedge reserve to the statements of income during the period (note 10) |
14,572 | (16,346) | |
| to "Customer support and operations" | 366 | 866 | |
| to "General and administrative expenses" | 14,330 | (16,803) | |
| to "Marketing expenses" | (124) | (409) | |
| Balance at end of the period | 4,102 | 7,531 | |
No hedge ineffectiveness was recognized in profit or loss in the periods presented. No balances remain in the cash flow hedge reserve from hedging relationships for which hedge accounting is no longer applied.
| 49 |
| | Nu Holdings Ltd. Unaudited Interim Condensed Consolidated Financial |
Expected cash disbursement
| 06/30/2026 | 12/31/2025 | ||||||
| Up to 1 year | 1 to 3 years | Total | Total | ||||
| Considering the reporting date fair value of the hedged item: | |||||||
| Expected cash disbursement for corporate and social contributions | 31,107 | 15,089 | 46,196 | 86,787 | |||
| Total | 31,107 | 15,089 | 46,196 | 86,787 | |||
Designated as fair value hedge
a) Hedge of interest rate risk
The Group is exposed to interest rate risk on its portfolio of certain fixed-rate government bonds classified as securities measured at fair value through other comprehensive income and at amortized cost. To manage changes in the fair value of these bonds arising from market interest rate movements, the Group enters into interest rate swaps and interest rates futures contracts. Interest rate swaps ("IRS") convert the fixed returns of the bonds into floating rates, aligning the yield profile of the securities with the Group's risk management strategy.
The Group applies fair value hedge accounting to these government bonds. Under this strategy, the carrying amount of the hedged item is adjusted for changes in fair value to the interest rate risk, with the gain or loss recognized in the statements of income, where it offsets the fair value movements of the interest rate swaps.
Hedge effectiveness of the hedging is assessed periodically. The Group compares the changes in the fair value of the interest rate swaps with the changes in the fair value of the government bonds attributable to the hedged risk and ensures that the critical terms of the hedging instruments and the hedged items (such as notional amounts, maturity dates, and payment frequencies) are closely aligned. Subsequent assessments of effectiveness are performed to verify that the hedging relationship remains effective throughout its duration.
The main sources of ineffectiveness are: (i) the effect of the counterparty and the Group’s own credit risk on the fair value of the interest rate swap, which is not reflected in the fair value of the hedged government bonds, as these are sovereign instruments with no credit risk; (ii) basis risk; (iii) differences in interest rate curves; and (iv) potential timing differences in the settlement of the instruments. There were no other significant sources of ineffectiveness in these hedging relationships. The ineffective portion, when existent, is recognized immediately in the statements of income, within "Interest income and gains net of losses – financial instruments at fair value" (note 6). No material hedging relationships in this category were discontinued during the period.
The notional amount of the interest rate swaps is designated to match the principal amount of the government bonds being hedged. The hedged interest rate component has historically represented substantially all of the fair value changes of the bonds attributable to the hedged risk, as they are sovereign bonds with no credit risk.
The aggregate positions and effectiveness indicators of the fair value hedge of interest rate risk are shown in the tables below.
| 50 |
| | Nu Holdings Ltd. Unaudited Interim Condensed Consolidated Financial |
| 06/30/2026 | 06/30/2026 | ||||||||||||||||
| Notional Hedge object | Line item in the statement of financial position hedge object |
Fair value adjustment to the hedge object |
Change in fair value of the hedge object | Change in fair value of the hedging instrument | Ineffectiveness recognized in the statements of income - income (losses) | Line item in income statement with hedge ineffectiveness | |||||||||||
| Asset | Liability | Three-month period ended | Six-month period ended | ||||||||||||||
| Interest rate risk | |||||||||||||||||
| Interest rate risk | 1,693,717 | Financial assets at fair value through other comprehensive income (note 12) | 20,321 | - | 10,966 | (19,222) | 1,299 | (1,030) | Interest income and gains net of losses – financial instruments at fair value (note 6) | ||||||||
| Interest rate risk | 329,788 | Financial assets at amortized cost (note 12) | (2,458) | - | 24,016 | (5,275) | 1,539 | (934) | Interest income and gains net of losses – financial instruments at fair value (note 6) | ||||||||
| Total | 2,023,505 | 17,863 | - | 34,982 | (24,497) | 2,838 | (1,964) | ||||||||||
| 51 |
| | Nu Holdings Ltd. Unaudited Interim Condensed Consolidated Financial |
| 12/31/2025 | 06/30/2025 | ||||||||||||||||
| Notional Hedge object | Line item in the statement of financial position hedge object |
Fair value adjustment to the hedge object |
Change in fair value of the hedge object | Change in fair value of the hedging instrument | Ineffectiveness recognized in the statements of income - income (losses) | Line item in income statement with hedge ineffectiveness | |||||||||||
| Asset | Liability | Three-month period ended | Six-month period ended | ||||||||||||||
| Interest rate risk | |||||||||||||||||
| Interest rate risk | 848,329 | Financial assets at fair value through other comprehensive income (note 12) | (13,237) | - | (13,154) | 12,950 | 7 | 7 | Interest income and gains net of losses – financial instruments at fair value (note 6) | ||||||||
| Interest rate risk | 312,871 | Financial assets at amortized cost (note 12) | (3,883) | - | (3,899) | 4,644 | (49) | (49) | Interest income and gains net of losses – financial instruments at fair value (note 6) | ||||||||
| Total | 1,161,200 | (17,120) | - | (17,053) | 17,594 | (42) | (42) | ||||||||||
The hedged items are presented within Financial assets at FVOCI and Financial assets at amortized cost (note 12).
Designated as net investment hedge
a) Hedge of net investment in foreign operations
The Group applies hedge accounting to the net investment in a foreign operation in Brazil for changes in spot exchange rates. Hedging is undertaken for the Group's structural exposure to changes in the U.S. dollar to Brazilian real exchange rate using NDFs. An economic relationship exists between the hedged net investment and the hedging instrument due to the shared foreign currency risk exposure. The hedged risk component is the change in the spot USD/BRL exchange rate. The effective portion of gains and losses on the hedging instrument is recognized in other comprehensive income and the ineffective portion is recognized in the statement of income.
Sources of hedge ineffectiveness in net investment hedging relationships may include: (i) mismatches between the notional amount of the designated hedging instrument and the carrying amount of the designated layer of the net investment, including those arising from post-designation changes in the net assets of the foreign operation such as retained earnings movements; (ii) differences between the NDF contract maturity and the hedging designation period, including effects arising from the rollover of hedging instruments across reporting periods; and (iii) changes in the credit risk of the counterparty to the NDF contract, which affect the fair value of the hedging instrument but have no corresponding effect on the value of the hedged net investment. The forward element of the NDF contracts is excluded from the designated hedge relationship and accounted for separately under the cost of hedging approach.
| 52 |
| | Nu Holdings Ltd. Unaudited Interim Condensed Consolidated Financial |
A portion of US$1,370,159 of the Group's net investment in its Brazilian operations was designated as the hedged item. No hedging relationships in this category were discontinued during the period.
The aggregate positions at the reporting date and the performance indicators are summarized below.
| 06/30/2026 | |||||||||||||
| Hedge object | Hedging instrument | Change in fair value recognized in OCI | Ineffectiveness recognized in the statements of income - income (losses) | Line item in income statement with hedge ineffectiveness | |||||||||
| Hedge object | Line item in the statement of financial position hedge object | Change in fair value used for calculating hedge ineffectiveness | Change in fair value of the hedging instrument used for calculating hedge ineffectiveness | ||||||||||
| Net investment exchange risk | |||||||||||||
| Net investment in foreign operations | 1,370,159 | Financial assets at fair value through other comprehensive income (note 12) | 73,757 | (65,367) | 120,645 | 24,632 | Interest income and gains net of losses – financial instruments at fair value (note 6) | ||||||
| Total | 1,370,159 | 73,757 | (65,367) | 120,645 | 24,632 | ||||||||
The cumulative effective portion of gains and losses on the hedging instrument is included within the net investment hedge reserve in the statement of changes in equity. The change for the period is presented in the statement of comprehensive income. Hedge ineffectiveness is recognized within “Interest income and gains net of losses – financial instruments at fair value” (note 6).
| 53 |
| | Nu Holdings Ltd. Unaudited Interim Condensed Consolidated Financial |
21. REPURCHASE AGREEMENTS
| 06/30/2026 | 12/31/2025 | ||
| Government bonds and receivables | 1,058,343 | 783,837 |
On June 30, 2026 the Group had US$1,058,343 (US$783,837 as of December 31, 2025) in repurchase agreements primarily using government bonds as collateral. These agreements are mainly executed with overnight maturities, although some instruments have short-term maturities (up to 3 months). The average fixed rate is 14.1% per year as of June 30, 2026 (as of December 31, 2025 the average fixed rate was 14.4% per year) and the government bonds that were pledged as collateral were classified as fair value through other comprehensive income, as shown on note 12. As of June 30, 2026, the fair value of the securities pledged to repurchase agreements was US$1,065,688 (US$747,531 as of December 31, 2025). As of December 31, 2025, the Group used other receivables (note 16) as underlying collateral in repurchase agreement operations. The total collateralized amounted to US$95,558 (US$0 as of June 30, 2026).
Changes to repurchase agreement are as follows:
| 06/30/2026 | 12/31/2025 | ||
| Balance at beginning of the period | 783,837 | 308,583 | |
| New obligations | 116,036,355 | 200,604,295 | |
| Payments - principal | (115,805,006) | (200,184,752) | |
| Payments - interest | (85,452) | (124,272) | |
| Interest accrued | 82,249 | 128,614 | |
| Effect of changes in exchange rates (OCI) | 46,360 | 51,369 | |
| Balance at the end of the period | 1,058,343 | 783,837 |
| 54 |
| | Nu Holdings Ltd. Unaudited Interim Condensed Consolidated Financial |
22. FINANCIAL LIABILITIES AT AMORTIZED COST – DEPOSITS
| 06/30/2026 | 12/31/2025 | ||
| Bank receipt of deposits (RDB) | 35,377,373 | 32,004,825 | |
| Deposits from customers | 9,177,491 | 9,452,342 | |
| Bank certificate of deposit (CDB) | 746,713 | 467,934 | |
| Interbank deposits | 26,842 | - | |
| Total | 45,328,419 | 41,925,101 |
RDBs are investment products available within NuAccount offering either daily liquidity or fixed future maturity options. Deposits in RDB are guaranteed under limits from the Brazilian Deposit Guarantee Fund (“FGC”). Unlike the deposits from customers, Nu is required to follow the compulsory deposits requirements for RDB deposits (see note 15). However, there is no obligation to invest the remaining balance in government securities or to hold it in a specific account at the Central Bank of Brazil. As such, these amounts can be used as a financing source for loan and credit card operations.
Deposits from customers refers to NuAccount, which is a prepaid account available in Brazil, Mexico, and Colombia, in which customers can deposit funds and invest in specific products, such as RDBs in Brazil.
In Brazil, the amounts deposited by customers are classified as electronic money and must be allocated to government securities (see note 12b) or in a specific account maintained at the Central Bank of Brazil (see note 15), in accordance with Brazilian regulatory requirements. In Colombia, NuAccount balances are required to have a percentage of the deposits from the public in an account with the Colombian Central Bank, which is a class of compulsory deposits. The interest paid on NuAccount in Colombia ranged from 9.3% to 9.8% per year as of June 30, 2026 (as of December 31, 2025, the interest paid ranged from 8.3% to 8.8% per year).
In Mexico, NuAccount balances are not required to be invested in specific assets; and therefore, they can be used as a financing source for the credit card transactions. The balances deposited in "Cajitas" yield from 6.5% to 13.0% per year as of June 30, 2026 (as of December 31, 2025, the balances yielded from 7.3% to 15.0% per year). "Cajitas" has daily yield accrual and can have daily liquidity or defined future maturity.
The interest paid on both NuAccount and RDB deposits (except fixed term RDBs) is 100% of the Brazilian CDI rate as of the initial date if the balances are kept for more than 30 days. There are also RDBs with a defined future maturity date, which have a maturity of up to 46 months (27 months as of December 31, 2025) and a weighted average interest rate of 104% of the Brazilian CDI rate as of June 30, 2026 and December 31, 2025.
The Bank certificate of deposit (CDB) is issued by Nu Financiera and primarily distributed by Nu Investimentos.
Interbank deposits refer to a wholesale time deposit from another financial institution, entered into as part of a treasury strategy to hedge the mark-to-market variability of sovereign notes posted as collateral on margin loans.
| 55 |
| | Nu Holdings Ltd. Unaudited Interim Condensed Consolidated Financial |
Breakdown by maturity
| 06/30/2026 | 12/31/2025 | ||||||||||
| Up to 12 months |
Over 12 months |
Total | Up to 12 months |
Over 12 months |
Total | ||||||
| Bank receipt of deposits (RDB) | 35,203,806 | 173,567 | 35,377,373 | 31,869,219 | 135,606 | 32,004,825 | |||||
| Deposits from customers | 9,111,698 | 65,793 | 9,177,491 | 9,372,045 | 80,297 | 9,452,342 | |||||
| Bank certificate of deposit (CDB) | 418,024 | 328,689 | 746,713 | 363,783 | 104,151 | 467,934 | |||||
| Interbank deposits | - | 26,842 | 26,842 | - | - | - | |||||
| Total | 44,733,528 | 594,891 | 45,328,419 | 41,605,047 | 320,054 | 41,925,101 | |||||
23. FINANCIAL LIABILITIES AT AMORTIZED
COST
– PAYABLES TO NETWORK
| 06/30/2026 | 12/31/2025 | ||
| Payables to credit card network | 15,444,906 | 13,633,823 | |
| Payables to clearing houses | 96,751 | 126 | |
| Total | 15,541,657 | 13,633,949 |
Payables to credit card network corresponds mainly to the amount payable to the acquirers related to credit and prepaid card transactions. Brazilian credit card payables are settled according to the transaction installments, substantially in up to 27 days for transactions with no installments; 1 business day for international transactions; and sales in installments ("parcelado") have monthly settlements, mostly, over a period of up to 12 months. For Mexican and Colombian credit card transactions, the amounts are settled in 1 business day.
The segregation by maturity of the payables to credit card network is shown in the table below:
| Payables to credit card network | 06/30/2026 | 12/31/2025 | |
| Up to 30 days | 6,801,489 | 5,335,818 | |
| 30 to 90 days | 4,314,205 | 4,273,171 | |
| More than 90 days | 4,329,212 | 4,024,834 | |
| Total | 15,444,906 | 13,633,823 |
| 56 |
| | Nu Holdings Ltd. Unaudited Interim Condensed Consolidated Financial |
24. FINANCIAL LIABILITIES AT AMORTIZED
COST
– BORROWINGS AND FINANCING
| 06/30/2026 | 12/31/2025 | ||
| Borrowings and financing | 4,682,252 | 4,398,216 | |
| Total | 4,682,252 | 4,398,216 |
a) Borrowings and financing
Borrowings and financings maturities are as follows:
| 06/30/2026 | |||||||
| Up to 3 months | 3 to 12 months |
Over 12 months |
Total | ||||
| Borrowings and financing | |||||||
| Financial bills (i) | 343,698 | 613,700 | 1,856,940 | 2,814,338 | |||
| Margin loan credit facility (ii) | 494,913 | 1,373,001 | - | 1,867,914 | |||
| Total borrowings and financing | 838,611 | 1,986,701 | 1,856,940 | 4,682,252 | |||
| 12/31/2025 | |||||||
| Up to 3 months | 3 to 12 months | Over 12 months |
Total | ||||
| Borrowings and financing | |||||||
| Financial bills (i) | 246,141 | 680,482 | 1,602,967 | 2,529,590 | |||
| Margin loan credit facility (ii) | 150,260 | 1,448,560 | 269,806 | 1,868,626 | |||
| Total borrowings and financing | 396,401 | 2,129,042 | 1,872,773 | 4,398,216 | |||
| (i) | As of June 30, 2026, Nu Financeira had issued financial bills in Brazilian reais, indexed to percentage of the CDI, or CDI plus a fixed spread. The principal amount was equivalent to US$2,324,222 (US$2,529,590 as of December 31, 2025) and the maturity for these financial bills ranges from July 2026 up to June 2029. |
| (ii) | Correspond to margin loan credit facility, backed by government securities and sovereign bonds as collateral for the operation which Nu entered into through Nu Financeira. As of June 30, 2026 and December 31, 2025, the principal amount was US$1,862,365. The loans are indexed to CME Term SOFR Rate (CME Group's forward-looking SOFR rate) plus a fixed spread. The maturity for these loans is from July 2026 to June 2027. |
| 57 |
| | Nu Holdings Ltd. Unaudited Interim Condensed Consolidated Financial |
Changes to borrowings and financings are as follows:
| 06/30/2026 | |||||
| Margin loan credit facility | Financial bills | Total | |||
| Balance at beginning of the period | 1,868,626 | 2,529,590 | 4,398,216 | ||
| New borrowings | - | 524,696 | 524,696 | ||
| Payments – principal | - | (448,806) | (448,806) | ||
| Payments – interest | (45,316) | (137,308) | (182,624) | ||
| Interest accrued | 44,277 | 185,043 | 229,320 | ||
| Transaction costs | - | 181 | 181 | ||
| Effect of changes in exchange rates (OCI) | 327 | 160,942 | 161,269 | ||
| Balance at end of the period | 1,867,914 | 2,814,338 | 4,682,252 | ||
| 06/30/2025 | |||||||
|
Margin loan credit facility |
Syndicated loan | Financial bills | Total | ||||
| Balance at beginning of the period | 201,493 | 350,261 | 1,178,603 | 1,730,357 | |||
| New borrowings | 344,000 | - | 292,307 | 636,307 | |||
| Payments – principal | - | (355,041) | (13,901) | (368,942) | |||
| Payments – interest | (7,421) | (17,298) | (4,173) | (28,892) | |||
| Interest accrued | 7,623 | 2,705 | 93,906 | 104,234 | |||
| Transaction costs | - | 4,146 | (378) | 3,768 | |||
| Effect of changes in exchange rates (OCI) | 249 | 15,227 | 183,310 | 198,786 | |||
| Balance at end of the period | 545,944 | - | 1,729,674 | 2,275,618 | |||
Covenants
As of June 30, 2026, the Company's loan and financing agreements with financial institutions do not contain financial restrictive covenants.
Guarantees
As of June 30, 2026, Nu Holdings is not guarantor to any of the borrowings and financing arrangements referred to above.
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| | Nu Holdings Ltd. Unaudited Interim Condensed Consolidated Financial |
25. PROVISIONS AND CONTINGENT LIABILITIES
| 06/30/2026 | 12/31/2025 | ||
| Civil risks | 30,739 | 22,044 | |
| Tax risks | 8,126 | 5,081 | |
| Labor risks | 5,478 | 3,795 | |
| Total | 44,343 | 30,920 |
The Company and its subsidiaries are parties to lawsuits and administrative proceedings arising from time to time in the ordinary course of operations, involving civil, tax and labor claims. Such claims are being addressed at both the administrative and judicial levels, and when applicable, are supported by judicial deposits. For these cases, there is significant uncertainty relating to the timing of any cash outflows, if any, for civil and labor risk. In addition, they are classified by management, based on the opinion of internal and external legal counsel, as probable, possible or remote, considering the nature and complexity of each case, the current stage of proceedings, case law, and past loss experience. Provisions are recognized for claims classified as probable losses (note 25a). Claims classified as possible losses are not provisioned but are disclosed (note 25c), and claims classified as remote are neither provisioned nor disclosed.
a) Provision
Civil lawsuits are mainly related to NuAccount operations. Based on management’s assessment, and inputs from Nu’s external legal counsel, the Group has provisioned US$30,739 as of June 30, 2026 (US$22,044 on December 31, 2025) which is considered sufficient to cover the estimated losses from civil lawsuits with probable loss classification.
b) Changes
Changes to provisions and contingent liabilities are as follows:
| 06/30/2026 | 06/30/2025 | ||||||||
| Civil | Tax | Labor | Total | Total | |||||
| Balance at beginning of the period | 22,044 | 5,081 | 3,795 | 30,920 | 22,551 | ||||
| Additions | 21,762 | 2,306 | 3,302 | 27,370 | 14,474 | ||||
| Monetary adjustment | 36 | 414 | 346 | 796 | 329 | ||||
| Payments | (14,147) | - | - | (14,147) | (10,605) | ||||
| Reversals | (370) | - | (2,208) | (2,578) | (2,076) | ||||
| Effect of changes in exchange rates (OCI) | 1,414 | 325 | 243 | 1,982 | 3,205 | ||||
| Balance at end of the period | 30,739 | 8,126 | 5,478 | 44,343 | 27,878 | ||||
c) Contingencies
The Group is a party to civil and labor lawsuits, involving risks classified by management and supported by its advisors as possible losses, totaling approximately US$4,784 and US$4,891, as of June 30, 2026, respectively (US$4,372 and US$4,532 on December 31, 2025). Civil claims classified as possible relate primarily to indemnity
| 59 |
| | Nu Holdings Ltd. Unaudited Interim Condensed Consolidated Financial |
claims for alleged moral and material damages arising from the Group's banking products and services, and disputes over fees and charges.
d) Judicial deposits
As of June 30, 2026, the total amount of judicial deposits shown as “Other assets” (note 17) is US$8,875 (US$6,614 on December 31, 2025) and is substantially attributed to the judicial deposit carried on behalf of the shareholders of Nu Investimentos, prior to the acquisition, due to a tax proceeding related to withholding taxes calculated on amounts paid to employees.
26. DEFERRED INCOME
| 06/30/2026 | 12/31/2025 | ||
| Deferred revenue from rewards program | 83,237 | 76,291 | |
| Other deferred income | 928 | 1,230 | |
| Total | 84,165 | 77,521 |
Deferred revenue from rewards program relates to the Group's rewards programs for its credit card customers, specifically the "Nubank+" and "Ultravioleta". Under these programs, members earn points according to the use of the credit card, that can be redeemed for cashback or converted into airline miles. The points do not expire and there is no cap on the number of points an eligible card holder can earn.
Nu uses financial models to estimate the redemption rates of rewards earned to date by current card members, and, therefore, the estimated financial value of the points, based on historical redemption trends and current enrollee redemption behavior, among others. The estimated financial value is recorded in the statement of income when the performance obligation is satisfied (that is, at the time the reward points are redeemed).
| 60 |
| | Nu Holdings Ltd. Unaudited Interim Condensed Consolidated Financial |
27. OTHER LIABILITIES
| 06/30/2026 | 12/31/2025 | ||
| Sundry creditors (i) | 574,796 | 470,046 | |
| Payment transactions - other (ii) | 257,941 | 262,008 | |
| Unsettled securities transactions (iii) | 160,444 | 15,570 | |
| Third parties funds in transit (iv) | 61,591 | 41,587 | |
| Credit card expected credit loss (note 13) (v) | 55,765 | 44,679 | |
| Payables to insurers | 23,676 | 12,190 | |
| Other liabilities (vi) | 106,633 | 120,842 | |
| Total | 1,240,846 | 966,922 |
| (i) | The sundry creditors are composed mainly of amounts payable to suppliers. |
| (ii) | Payment transactions - other corresponds to prepayments from customers which exceed the credit card bill amounts. |
| (iii) | Unsettled securities transactions mainly comprise obligations arising from securities trades that have been contracted but not yet financially settled until the as of date. |
| (iv) | Third parties funds in transit is primarily related to pending settlement balances with B3 and amounts payable to a partner institution related to utility bill payments made by customers. |
| (v) | Includes the amount by which the expected credit card loss exceeds the gross carrying amount of the related financial assets, due to provisions for unused limits. |
| (vi) | Other liabilities is mostly composed of allocation of pending balances that have not yet been deposited into customers' accounts and provision with loyalty program. |
28. RELATED PARTIES
In the ordinary course of business, the Group issues credit cards or loans to Nu’s executive directors, board members, key employees, and close family members. Those transactions, along with deposits and other products, such as investments, are conducted on similar terms as those offered to unrelated third parties under similar circumstances and do not involve more than the normal risk of collectability.
As described in note 3, Basis of Consolidation, all entities within the Group are consolidated in these unaudited interim condensed consolidated financial statements. Therefore, related party balances and transactions, as well as unrealized gains or losses arising from intercompany transactions, are eliminated in these unaudited interim condensed consolidated financial statements.
a) Transactions with other related parties
| 06/30/2026 | 12/31/2025 | ||
| Assets (Liabilities) | |||
| Other liabilities (i) | (265) | (926) | |
| (i) | In the second quarter of 2024, Nu entered into a commercial relationship with a company where one of its
Directors serves as CEO. As part of this agreement, Nu received a cash incentive, which will be used to support project costs upon the
Company's satisfaction of certain conditions. |
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| | Nu Holdings Ltd. Unaudited Interim Condensed Consolidated Financial |
29. FAIR VALUE MEASUREMENT
The main valuation techniques employed in internal models to measure the fair value of the financial instruments as of June 30, 2026 and December 31, 2025 are set out below. The principal inputs into these models are derived from observable market data. The Group did not make any material changes to its valuation techniques and internal models in the periods presented.
a) Fair value of financial instruments carried at amortized cost
The following tables show the fair value of the financial instruments carried at amortized cost as of June 30, 2026 and December 31, 2025. The Group has not disclosed the fair value of financial instruments such as compulsory and other deposits at central banks, other receivables, other financial assets at amortized cost, deposits from customers, RDB, interbank deposits and repurchase agreements, as the carrying amounts are a reasonable approximation of fair value.
| 06/30/2026 | 12/31/2025 | ||||||||||||||
|
Carrying amount |
Fair value |
Carrying amount |
Fair value | ||||||||||||
| Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | ||||||||||
| Assets | |||||||||||||||
| Credit card receivables | 21,494,406 | - | - | 22,708,565 | 18,267,904 | - | - | 19,333,556 | |||||||
| Loans to customers | 11,317,422 | - | - | 11,961,388 | 9,421,458 | - | - | 9,834,661 | |||||||
|
Compulsory and other deposits at central banks |
9,149,128 | 9,537,788 | |||||||||||||
| Securities | 3,776,505 | 1,695,704 | 1,997,630 | - | 3,141,504 | 1,052,384 | 2,053,383 | - | |||||||
| Other receivables | 849,897 | 1,000,683 | |||||||||||||
| Other financial assets | 134,702 | 148,777 | |||||||||||||
| Total | 46,722,060 | 1,695,704 | 1,997,630 | 34,669,953 | 41,518,114 | 1,052,384 | 2,053,383 | 29,168,217 | |||||||
| Liabilities | |||||||||||||||
| Bank receipt of deposits (RDB) | 35,377,373 | 32,004,825 | |||||||||||||
| Deposits from customers | 9,177,491 | 9,452,342 | |||||||||||||
| Bank certificate of deposit (CDB) | 746,713 | - | 746,687 | - | 467,934 | - | 467,742 | - | |||||||
| Interbank deposits | 26,842 | - | |||||||||||||
| Payables to credit card network | 15,444,906 | - | 14,856,423 | - | 13,633,823 | - | 13,006,159 | - | |||||||
| Borrowings and financing | 4,682,252 | - | 4,687,879 | - | 4,398,216 | - | 4,406,310 | - | |||||||
| Repurchase agreements | 1,058,343 | 783,837 | |||||||||||||
| Total | 66,513,920 | - | 20,290,989 | - | 60,740,977 | - | 17,880,211 | - | |||||||
The valuation approach to specific categories of financial instruments is described below.
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| | Nu Holdings Ltd. Unaudited Interim Condensed Consolidated Financial |
i) Fair value models and inputs
Credit card receivables and payables to network: The fair values of credit card receivables and payables to credit card network are calculated using the discounted cash flow method. Fair values are determined by discounting the contractual cash flows by the interest rate curve and credit spread. For payables, cash flows are also discounted by the Group's own credit spread.
Loans to customers: Fair value is estimated based on groups of customers with similar risk profiles, using valuation models. The fair value of a loan is determined by discounting the contractual cash flows by the interest rate curve and a credit spread.
Securities: Comprise sovereign notes and bonds held to collect. The fair value is given by observed market prices, when available, or by discounting future cash flows using both the risk free interest rate curve for the respective settlement currency, and the CDS-built (Credit Default Swaps) credit spread for the respective sovereign entity that issued the note.
Bank certificate of deposit (CDB): Fair value is given by discounting future cash flows using risk free interest rate plus issuance observed spreads.
Borrowings and financing: Fair value is measured using the discounted cash flow method, with contractual cash flows discounted at the interest rate curve and a spread.
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| | Nu Holdings Ltd. Unaudited Interim Condensed Consolidated Financial |
b) Fair value of financial instruments measured at fair value
The following table shows a summary of the fair values, as of June 30, 2026 and December 31, 2025, of the financial assets and liabilities indicated below, classified on the basis of the various measurement methods used by the Group to determine their fair value:
| 06/30/2026 | |||||||
|
Fair value Level 1 |
Fair value Level 2 |
Fair value Level 3 |
Total | ||||
| Assets | |||||||
| Cash and cash equivalents | |||||||
| Short-term investments (i) | 611,590 | 18 | - | 611,608 | |||
| Securities | |||||||
| Government bonds | |||||||
| Latin America | 13,672,139 | - | - | 13,672,139 | |||
| Corporate bonds and other instruments | |||||||
| Certificate of bank deposits | - | 289,064 | - | 289,064 | |||
| Investment funds | 300,307 | 7,120 | 39,168 | 346,595 | |||
| Time deposits | - | 145,954 | - | 145,954 | |||
| Notes | - | 813,184 | - | 813,184 | |||
| Bill of credit | - | 3 | - | 3 | |||
| Real estate and agribusiness certificate of receivables | - | 3,449 | - | 3,449 | |||
| Real estate and agribusiness letter of credit | - | 563 | - | 563 | |||
| Corporate bonds | 99,835 | 3,731 | 4,359 | 107,925 | |||
| Equity instruments | - | - | 25,983 | 25,983 | |||
| Derivatives | 365 | 78,438 | 36,454 | 115,257 | |||
| Liabilities | |||||||
| Derivatives | 4,291 | 85,368 | - | 89,659 | |||
| Obligations for quotas of investment funds | - | 26,409 | - | 26,409 | |||
| (i) | Includes time deposits, investment funds and CDB balances. |
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| | Nu Holdings Ltd. Unaudited Interim Condensed Consolidated Financial |
| 12/31/2025 | |||||||
|
Fair value Level 1 |
Fair value Level 2 |
Fair value Level 3 |
Total | ||||
| Assets | |||||||
| Cash and cash equivalents | |||||||
| Short-term investments (i) | 632,324 | 19,927 | - | 652,251 | |||
| Securities | |||||||
| Government bonds | |||||||
| Latin America | 11,701,147 | - | - | 11,701,147 | |||
| Corporate bonds and other instruments | |||||||
| Certificate of bank deposits (CDB) | - | 216,712 | - | 216,712 | |||
| Investment funds | 26,722 | 7,626 | 36,769 | 71,117 | |||
| Time deposits | - | 187,683 | - | 187,683 | |||
| Notes | - | 818,885 | - | 818,885 | |||
| Bill of credit | - | 3 | - | 3 | |||
| Real estate and agribusiness certificate of receivables | - | 7,334 | - | 7,334 | |||
| Real estate and agribusiness letter of credit | - | 606 | - | 606 | |||
| Corporate bonds | 150,159 | 31,356 | 4,877 | 186,392 | |||
| Equity instruments | - | - | 27,120 | 27,120 | |||
| Derivatives | 288 | 45,923 | 34,537 | 80,748 | |||
| Liabilities | |||||||
| Derivatives | 17,426 | 48,543 | - | 65,969 | |||
| (i) | Includes time deposits, investment funds and CDB balances. |
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| | Nu Holdings Ltd. Unaudited Interim Condensed Consolidated Financial |
i) Fair value models and inputs
Securities and obligations for quotas of investment funds: Securities with high liquidity and quoted prices in the active markets are classified as Level 1. All government bonds and certain corporate bonds are included in Level 1 as these are traded in active markets. For Brazilian securities, fair values are based on prices published by the "Associação Brasileira das Entidades dos Mercados Financeiro e de Capitais" ("Anbima"). For United States, Mexico and Colombia bonds, fair values are based on prices published by Bloomberg, Valmer and Precia, respectively. Other corporate bonds and investment fund shares, for which fair values are calculated based on observable data, such as interest rates and interest rate curves are classified as Level 2. The investment funds that used contractual conditions as inputs that are not directly observable in the market are classified as Level 3. The debenture whose issuer has entered judicial reorganization, is classified as Level 3 because its market price is not directly observable under these circumstances.
Equity instruments: The fair value of the equity instruments is determined using contractual conditions as inputs that are not directly observable in the market, and therefore classified as Level 3.
Derivatives: Exchange-traded derivatives are classified as Level 1 with valuations based on market quotes. Derivatives traded on the Brazilian stock exchange are measured at fair value using the Brazilian securities exchange, “Brasil, Bolsa e Balcão” (“B3”), quotations. Swaps are valued by discounting future expected cash flows to present values using interest rate curves and are classified as Level 2. Total Return Swaps are also valued by discounting expected cash flows, with the particularity that the equity leg expected cash flow is based on the last observed price, following non-arbitrage principles. Call options and Warrants are valued using internal models with unobservable inputs and premises, and classified as Level 3.
ii) Sensitivity analysis for financial assets classified as Level 3
The fair value hierarchy classifies financial instruments as Level 3 when their valuation relies significantly on unobservable market inputs and internal models. As of June 30, 2026, the Level 3 portfolio measured at fair value incorporates significant unobservable inputs, including prepayment rates, expected recovery prices, and the implicit expected volatility of private equity instruments.
Significant changes in any of these unobservable inputs, in isolation, could result in a materially different fair value measurement. The table below presents the sensitivity analysis of these fair values under three distinct scenarios:
| Impact on Income | |||||
| Scenario 1 | Scenario 2 | Scenario 3 | |||
| Prepayment rate (i) | 231 | 586 | 600 | ||
| Price / expected recovery (ii) | (44) | (1,090) | (2,180) | ||
| Expected volatility (iii) | (696) | (16,521) | (29,614) | ||
| (i) | For the senior quota of a specific credit rights investment fund (“FIDC”), the potential loss is calculated by decreasing the current prepayment rate by 1, 25, and 50 basis points (scenarios 1, 2, and 3, respectively). |
| (ii) | For corporate bonds, the potential loss is based on the current asset price and expected recovery, applying shocks of 1, 25, and 50 percentage points to the expected recovery rate (scenarios 1, 2, and 3, respectively). |
| (iii) | For warrants and options, the potential loss is evaluated by applying shocks of 1, 25, and 50 basis points to the implicit volatility of the private equity instruments (scenarios 1, 2, and 3, respectively). |
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| | Nu Holdings Ltd. Unaudited Interim Condensed Consolidated Financial |
c) Reconciliation of fair value measurements in Level 3
The table below shows a reconciliation from the opening to the closing balances for recurring fair value measurements categorized within Level 3 of the fair value hierarchy.
| 06/30/2026 | |||||||||
| Investment funds | Corporate bonds | Equity instruments | Derivatives | Total | |||||
| Financial assets at beginning of the period | 36,769 | 4,877 | 27,120 | 34,537 | 103,303 | ||||
| Settlements | (3,720) | - | - | - | (3,720) | ||||
| Total gains or losses | 3,745 | (518) | (1,137) | 1,917 | 4,007 | ||||
| In profit or loss | 2,877 | (518) | (1,137) | 1,917 | 3,139 | ||||
| In OCI | 868 | - | - | - | 868 | ||||
| Effect of changes in exchange rates (OCI) | 2,374 | - | - | - | 2,374 | ||||
| Financial assets at end of the period | 39,168 | 4,359 | 25,983 | 36,454 | 105,964 | ||||
| 06/30/2025 | |||||
| Equity instruments | Derivatives | Total | |||
| Financial assets at beginning of the period | 12,900 | 50,665 | 63,565 | ||
| Total gains or losses | (19) | (10,250) | (10,269) | ||
| In profit or loss | (19) | (10,250) | (10,269) | ||
| Financial assets at end of the period | 12,881 | 40,415 | 53,296 | ||
d) Transfers between levels of the fair value hierarchy
For the six-month period ended on June 30, 2026 and 2025 there were no material transfers of financial instruments between levels.
30. INCOME TAX
Current and deferred taxes are determined for all transactions that have been recognized in these unaudited interim condensed consolidated financial statements using the provisions of the current tax laws. The current income tax expense or benefit represents the estimated taxes to be paid or refunded, respectively, for the current period. Deferred tax assets and liabilities are determined based on differences between the financial reporting and tax basis of assets and liabilities. They are measured using the tax rates and laws that will be in effect when the temporary tax differences and tax loss carryforward are expected to reverse.
a) Income tax reconciliation
The tax on the Group's pre-tax profit differs from the theoretical amount that would arise using the weighted average tax rate applicable to profits of the consolidated entities. Thus, the following is a reconciliation of income tax expense to profit for the period, calculated by applying the combined Brazilian income tax rate of 42.5% for the six-month period ended June 30, 2026 (refer to item (ii)) and 40% for the six-month period ended June 30, 2025.
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| | Nu Holdings Ltd. Unaudited Interim Condensed Consolidated Financial |
| Three-month period ended | Six-month period ended | ||||||
| 06/30/2026 | 06/30/2025 | 06/30/2026 | 06/30/2025 | ||||
| Profit before income tax | 1,236,313 | 879,362 | 2,190,619 | 1,674,435 | |||
| Tax rate (i) | 42.5% | 40.0% | 42.5% | 40.0% | |||
| Income tax | (525,433) | (351,745) | (931,013) | (669,774) | |||
| Permanent additions/exclusions | |||||||
| Share-based payments | 690 | (6,492) | 1,310 | (5,142) | |||
| Effect of different tax rates - subsidiaries and parent company | 113,831 | 32,371 | 280,789 | 56,867 | |||
| Interest on capital | 60,456 | 18,460 | 108,793 | 38,846 | |||
| Changes in income tax rate (ii) | (8,227) | - | 28,405 | - | |||
| Other amounts (iii) | 183,459 | 65,031 | 253,617 | 98,963 | |||
| Income tax | (175,224) | (242,375) | (258,099) | (480,240) | |||
| Current tax expense | (846,499) | (358,797) | (1,249,145) | (439,911) | |||
| Deferred tax benefit (expense) | 671,275 | 116,422 | 991,046 | (40,329) | |||
| Income tax in the statement of income | (175,224) | (242,375) | (258,099) | (480,240) | |||
| Deferred tax recognized in OCI | (4,134) | 4,969 | (980) | 5,781 | |||
| (i) | The tax rate used was the one applicable to the Brazilian financial subsidiaries, which represents the most significant portion of the operations of the Group. The tax rate used is not materially different from the average effective tax rate considering all jurisdictions where the Group has operations. The effect of other tax rates is shown in the table above as “Effect of different tax rates – subsidiaries and parent company”. |
| (ii) | Result of the change in the Social Contribution on Net Profit (CSLL) tax rate in future taxable temporary differences for payment institutions and credit, financing and investment companies regulated by Law No. 12,865/13 due to the enactment of Complementary Law No. 224/2025 in Brazil. For payment institutions, the rates were 9% until 2025, 12% for the 2026 and 2027 period and 15% from 2028 onwards, while for credit, financing and investment companies, the rates were 17.5% for the 2026 and 2027 period and 20% from 2028 onwards. |
| (iii) | Primarily related to foreign tax credits, non-taxable interest income on sovereign bonds, tax incentives
and non-taxable interests on tax recoverable. |
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| | Nu Holdings Ltd. Unaudited Interim Condensed Consolidated Financial |
b) Deferred income taxes
The following tables present significant components of the Group’s deferred tax assets and liabilities as of June 30, 2026 and 2025, and the changes for both periods. The accounting records of deferred tax assets on income tax losses and/or social contribution loss carryforwards, as well as those arising from timing differences, are based on technical feasibility studies which consider the expected generation of future taxable income, considering the history of profitability for each subsidiary individually. The use of the deferred tax asset related to tax loss and negative basis of social contribution is limited to 30% of taxable profit per year for the Brazilian entities and there is no time limit to use it.
| Reflected in the statement of income | |||||||||||||
| 12/31/2025 | Other | Constitution | Realization |
Foreign exchange |
Reflected in OCI | 06/30/2026 | |||||||
| Provisions for credit losses | 2,072,235 | - | 1,410,537 | (399,894) | 99,965 | - | 3,182,843 | ||||||
| Other temporary differences (i) | 425,143 | - | 47,994 | (49,990) | 45,565 | (2,038) | 466,674 | ||||||
| Total deferred tax assets on temporary differences | 2,497,378 | - | 1,458,531 | (449,884) | 145,530 | (2,038) | 3,649,517 | ||||||
|
Tax loss and negative basis of social contribution |
141,911 | - | 29,999 | (30,413) | 14,960 | - | 156,457 | ||||||
| Deferred tax assets | 2,639,289 | - | 1,488,530 | (480,297) | 160,490 | (2,038) | 3,805,974 | ||||||
| Fair value changes - financial instruments | (96,065) | - | (21,038) | (48) | (3,940) | (173) | (121,264) | ||||||
| Others | (32,257) | - | 4,076 | 53 | (7,491) | - | (35,619) | ||||||
| Deferred tax liabilities | (128,322) | - | (16,962) | 5 | (11,431) | (173) | (156,883) | ||||||
| Deferred tax, offset | 2,510,967 | - | 1,471,568 | (480,292) | 149,059 | (2,211) | 3,649,091 | ||||||
| Fair value changes - cash flow hedge | (13,334) | - | (231) | - | (658) | 1,231 | (12,992) | ||||||
|
Deferred tax recognized during the period |
- | 1,471,337 | (480,292) | (980) | |||||||||
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| | Nu Holdings Ltd. Unaudited Interim Condensed Consolidated Financial |
| Reflected in the statement of income | |||||||||||||
| 12/31/2024 | Other | Constitution | Realization |
Foreign exchange |
Reflected in OCI | 06/30/2025 | |||||||
| Provisions for credit losses | 1,506,086 | - | 845,583 | (891,473) | 197,498 | - | 1,657,694 | ||||||
| Other temporary differences (i) | 260,314 | - | 59,936 | (111,704) | 61,956 | 762 | 271,264 | ||||||
| Total deferred tax assets on temporary differences | 1,766,400 | - | 905,519 | (1,003,177) | 259,454 | 762 | 1,928,958 | ||||||
| Tax loss and negative basis of social contribution | 145,603 | - | 49,505 | (14,825) | 18,023 | - | 198,306 | ||||||
| Deferred tax assets | 1,912,003 | - | 955,024 | (1,018,002) | 277,477 | 762 | 2,127,264 | ||||||
|
Fair value changes – financial instruments |
(71,237) | - | (9,102) | 1,497 | 2,059 | (3,405) | (80,188) | ||||||
| Others | (22,427) | 292 | - | 36,945 | (6,384) | - | 8,426 | ||||||
| Deferred tax liabilities | (93,664) | 292 | (9,102) | 38,442 | (4,325) | (3,405) | (71,762) | ||||||
| Deferred tax, offset | 1,818,339 | 292 | 945,922 | (979,560) | 273,152 | (2,643) | 2,055,502 | ||||||
| Fair value changes - cash flow hedge | (2,969) | - | - | (6,692) | 868 | 8,424 | (369) | ||||||
|
Deferred tax recognized during the period |
292 | 945,922 | (986,252) | 5,781 | |||||||||
| (i) | Other temporary differences are composed mainly of fair value changes on financial instruments taxes as of June 30, 2026 and 2025. |
c) Tax liabilities
| 06/30/2026 | 12/31/2025 | ||
| Taxes and contributions on income | 931,029 | 1,322,821 | |
| Other taxes (i) | 186,368 | 101,297 | |
| Total tax liabilities | 1,117,397 | 1,424,118 |
(i) Other taxes refers substantially to indirect taxes on revenues and financial operations across the jurisdictions where the Group operates.
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| | Nu Holdings Ltd. Unaudited Interim Condensed Consolidated Financial |
31. EQUITY
The table below presents the changes in shares issued and fully paid and shares authorized, by class, as of June 30, 2026 and 2025.
| 06/30/2026 | ||||||||
| Shares authorized and fully issued | Note |
Class A Ordinary shares |
Class B Ordinary shares |
Total | ||||
| Total as of December 31, 2025 | 3,833,072,934 | 1,022,600,698 | 4,855,673,632 | |||||
| SOPs exercised and RSUs vested | 10 | 19,696,826 | - | 19,696,826 | ||||
| Shares withheld for employees' taxes | (4,083,323) | - | (4,083,323) | |||||
| Shares repurchased | (40,659,600) | - | (40,659,600) | |||||
| Share-based payments to service providers | 61,124 | - | 61,124 | |||||
| Total as of June 30, 2026 | 3,808,087,961 | 1,022,600,698 | 4,830,688,659 | |||||
| 06/30/2025 | ||||||||
| Shares authorized and fully issued | Note |
Class A Ordinary shares |
Class B Ordinary shares |
Total | ||||
| Total as of December 31, 2024 | 3,768,057,942 | 1,050,600,698 | 4,818,658,640 | |||||
| SOPs exercised and RSUs vested | 10 | 18,629,315 | - | 18,629,315 | ||||
| Shares withheld for employees' taxes | (5,328,323) | - | (5,328,323) | |||||
| Shares issued to service providers | 81,389 | - | 81,389 | |||||
| Issuance of class A shares - business acquisitions | 313,456 | - | 313,456 | |||||
| Total as of June 30, 2025 | 3,781,753,779 | 1,050,600,698 | 4,832,354,477 | |||||
| Shares authorized and unissued |
Class A Ordinary shares |
Class B Ordinary shares |
Total | |||
| Reserved for the share-based payments | - | - | 228,167,482 | |||
| Shares authorized which may be issued class A or class B | - | - | 43,503,925,469 | |||
| Shares authorized and unissued as of June 30, 2026 | - | - | 43,732,092,951 | |||
| Shares authorized issued | 3,808,087,961 | 1,022,600,698 | 4,830,688,659 | |||
| Total as of June 30, 2026 | 3,808,087,961 | 1,022,600,698 | 48,562,781,610 |
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| | Nu Holdings Ltd. Unaudited Interim Condensed Consolidated Financial |
a) Share capital and share premium reserve
All share classes of the Company had a nominal par value of US$0.0000067 on June 30, 2026 and December 31, 2025, and the total amount of share capital was US$84 on the same dates.
Share premium reserve relates to amounts contributed by shareholders over the par value at the issuance of shares, net of the cost of treasury shares.
As of June 30, 2026, the Company held 40,659,600 Class A ordinary shares in treasury (none as of December 31, 2025), acquired under the share repurchase program described in note 31(e) for a total cost of US$500,393, which is presented as a deduction from share premium reserve. Treasury shares are excluded from the weighted average number of shares used in the calculation of earnings per share (note 9) and carry no voting or dividend rights while held by the Company.
The total of exercised Stock Options (“SOP”) was US$3,981 for the six-month period ended on June 30, 2026 (US$968 for the six-month period ended on June 30, 2025).
b) Retained earnings
The retained earnings include the profits or losses of the Group and the share-based payment reserve amount, as shown in the table below.
As described in note 10, the Group's share-based payments include incentives in the form of SOPs, RSUs and Awards. Further, the Company can use the reserve to absorb accumulated losses.
| 06/30/2026 | 12/31/2025 | ||
| Accumulated gains (losses) | 7,083,692 | 5,151,437 | |
| Share-based payments reserve | 1,412,540 | 1,261,263 | |
| Retained earnings - total | 8,496,232 | 6,412,700 |
c) RSU - Shares withheld
Shares may be withheld because of RSUs plans to settle the employee’s tax obligation. These shares are canceled and cannot be reissued or subscribed. During the six-month period ended June 30, 2026 and 2025, the following shares were withheld:
| 06/30/2026 | 06/30/2025 | ||
| Number of shares withheld - RSU | 4,083,323 | 5,328,323 | |
| Total value of shares withheld - RSU | 61,703 | 56,448 |
d) Accumulated other comprehensive income (loss)
Other comprehensive income (loss) includes the amounts, net of the related tax effect, of the adjustments to assets and liabilities recognized in equity through the consolidated statement of comprehensive income.
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| | Nu Holdings Ltd. Unaudited Interim Condensed Consolidated Financial |
Other comprehensive income that may be subsequently reclassified to profit or loss is related to cash flow hedges that qualify as effective hedges and currency translation that represents the cumulative gains and losses on the retranslation of the Group’s investment in foreign operations. These amounts will remain under this heading until they are recognized in the consolidated statement of income in the periods in which the hedged items affect it, for example, in the case of the cash flow hedge.
The own credit reserve reflects the cumulative own credit gains and losses on financial liabilities designated at fair value. Amounts in the own credit reserve are not reclassified to profit or loss in future periods.
The accumulated balances are as follows:
| 06/30/2026 | 12/31/2025 | ||
| Cash flow hedge effects, net of deferred taxes | (8,879) | (4,076) | |
| Net investment hedge effects | (120,645) | - | |
| Currency translation on foreign entities | 296,707 | (196,018) | |
| Changes in fair value - financial instruments at FVTOCI, net of deferred taxes | 18,768 | 15,296 | |
| Own credit adjustment effects | 498 | 498 | |
| Total | 186,449 | (184,300) |
e) Share events
(i) Share repurchase program
On June 3, 2026, the Company’s Board of Directors approved a share repurchase program under which the Company may repurchase up to US$1.0 billion of its outstanding class A ordinary shares. The program is effective for a period of twelve months, beginning on June 4, 2026, and ending on June 3, 2027, unless earlier terminated, suspended, or completed. Repurchases may be made from time to time through open market purchases or privately negotiated transactions, in accordance with Rules 10b-18 and 10b5-1 under the U.S. Securities Exchange Act of 1934. The program does not obligate the Company to acquire any specific number of shares, and the timing and amount of any repurchases depend on market conditions, the share price, liquidity, and other capital allocation opportunities.
Shares repurchased under the program are held in treasury and presented as a deduction within equity. No share was canceled in connection to the share repurchase program.
During the period ended June 30, 2026, the Company repurchased 40,659,600 class A ordinary shares under the program for a total amount of US$500,393. As of June 30, 2026, US$499,607 remained available for repurchase under the program.
(ii) Other share events
As of June 30, 2026, the Company had authorized and unissued ordinary shares, which were reserved for commitments related to business acquisitions, share-based payment plans (note 10) and future issuances for unspecified purposes. These shares may be issued either as class A or class B ordinary shares.
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| | Nu Holdings Ltd. Unaudited Interim Condensed Consolidated Financial |
32. MANAGEMENT OF FINANCIAL RISKS,
FINANCIAL INSTRUMENTS, AND OTHER RISKS
a) Overview
The Group monitors risks that could materially impact strategic objectives or regulatory compliance. To efficiently manage and mitigate these risks, the risk management structure identifies and assesses the risks based on their potential impact on financial results, capital, liquidity, customer relationships, and reputation. This prioritization aims to ensure that the Group captures opportunities while mitigating threats to its strategic pillars.
b) Risk management structure
Risk Management is a fundamental pillar of the Group's strategic governance. The risk management framework is integrated across the entire Group with the objective of ensuring that risks are consistently identified, measured, mitigated, monitored, and reported. This continuous process is embedded in the Group’s culture and decision-making structures, aiming to minimize losses, maximize profitability, and reinforce the Group's core values.
The Group's risk management structure considers the size and complexity of its business, which allows tracking, monitoring, and control of the risks to which it is exposed. The risk management process is aligned with management guidelines, which, through committees and other internal meetings, define strategic objectives, including risk appetite. Conversely, the capital control and capital management units provide support through risk and capital monitoring and analysis processes.
The Group considers a Risk Appetite Statement (“RAS”) to be an essential instrument to support risk management and decision making. The Board of Directors reviews and approves the RAS, as guidelines and limits for the business plan and capital deployment. Nu has defined a RAS that prioritizes the main risks and, for each of those risks, qualitative statements and quantitative metrics expressed in relation to earnings, capital, risk measures, liquidity, and other relevant measures were implemented, as appropriate.
c) Risks actively monitored
Risks that are actively monitored by the Group include Credit Risk, Liquidity Risk, Market Risk, Interest Rate Risk in the Banking Book (“IRRBB”), Foreign exchange (“FX”), Operational, IT and Cyber, Regulatory, Compliance and Anti-money laundering (“AML”), Reputational Risk, Model Risk and Risk from Cryptocurrency business. The management of these risks is carried out according to the three-line model, considering policies and procedures in place, as well as the limits established in the RAS. Also, Nu has a Stress Testing program in place.
Each of the risks described below has its own methodologies, systems and processes for its identification, measurement, evaluation, monitoring, reporting, control, and mitigation.
In the case of financial risks, such as credit, liquidity, IRRBB and market, the measurement is undertaken based on quantitative models and, in certain cases, prospective scenarios in relation to the main variables involved, respecting the applicable regulatory requirements and best market practices. Non-financial risks, such as operational risk and technological/cyber risks, are measured using impact criteria (inherent risk), considering potential financial losses, reputational damage, customer perception, and legal/regulatory obligations, as well as evaluated in relation to the effectiveness of the respective structure of internal controls.
There were no significant changes to the
risk management structure from what was reported in Annual Financial Statements.
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| | Nu Holdings Ltd. Unaudited Interim Condensed Consolidated Financial |
Credit risk
The Group’s outstanding balance of financial assets and other exposures to credit risk is shown in the table below:
| 06/30/2026 | 12/31/2025 | ||
| Financial assets | |||
| Cash and cash equivalents | 13,551,611 | 15,003,643 | |
| Securities | 1,358,015 | 1,059,923 | |
| Derivatives | 115,257 | 80,748 | |
| Financial assets at fair value through profit or loss | 1,473,272 | 1,140,671 | |
| Securities | 14,046,844 | 12,157,076 | |
| Financial assets at fair value through other comprehensive income | 14,046,844 | 12,157,076 | |
| Credit card receivables | 21,494,406 | 18,267,904 | |
| Loans to customers | 11,317,422 | 9,421,458 | |
| Compulsory and other deposits at central banks | 9,149,128 | 9,537,788 | |
| Securities | 3,776,505 | 3,141,504 | |
| Other receivables | 849,897 | 1,000,683 | |
| Other financial assets | 134,702 | 148,777 | |
| Financial assets at amortized cost | 46,722,060 | 41,518,114 | |
| Other exposures | |||
| Unused limits (i) | 38,163,940 | 28,841,327 | |
| Credit commitments | 38,163,940 | 28,841,327 |
| (i) | Unused limits are not recorded in the consolidated statements of financial position but are considered in the measurement of the ECL due to the fact that it represents credit risk exposure. |
Liquidity risk
Liquidity risk is defined as:
| • | the ability of an entity to fund increases in assets and meet obligations as they come due, without incurring unacceptable losses; and |
| • | the possibility of not being able to easily exit a financial position due to its size compared to the traded volume in the market. |
The liquidity risk management structure uses future cash flow data, applying what the Company believes to be a severe stress scenario to these cash flows, to measure whether the volume of high-quality liquid assets that the Group holds is sufficient to ensure its financial resilience. The liquidity indicators are monitored daily, using procedures approved by Management, and compared with the approved limit structure, in accordance with the Group's declared risk tolerance.
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| | Nu Holdings Ltd. Unaudited Interim Condensed Consolidated Financial |
Among the main liquidity indicators, Nu uses:
| • | Short-Term liquidity ratio: the Group uses an internal methodology which measures whether it holds sufficient high quality liquid assets to cover short term (unexpected) outflows in a severe stress scenario. |
| • | Funding ratios and gaps: to ensure long term balance sheet stability, the Group establishes conservative limits for the ratios and cumulative gaps (the value difference) between assets and liabilities in all future maturity buckets, using expected behavioral maturities, calculated with historical internal data. |
The Group has a detailed Contingency Funding Plan for each entity, outlining the monitoring procedures, the triggers and management actions that must be taken in response to a deterioration of the liquidity indicators.
Primary sources of funding - by maturity
| 06/30/2026 | 12/31/2025 | |||||||||||||||
| Funding sources |
Up to 12 months |
Over 12 months |
Total | % |
Up to 12 months |
Over 12 months |
Total | % | ||||||||
| Bank receipt of deposits (RDB) (i) | 35,203,806 | 173,567 | 35,377,373 | 87% | 31,869,219 | 135,606 | 32,004,825 | 87% | ||||||||
| Borrowings and financing | 2,825,312 | 1,856,940 | 4,682,252 | 11% | 2,525,443 | 1,872,773 | 4,398,216 | 12% | ||||||||
| Bank certificate of deposit (CDB) | 418,024 | 328,689 | 746,713 | 2% | 363,783 | 104,151 | 467,934 | 1% | ||||||||
| Total | 38,447,142 | 2,359,196 | 40,806,338 | 100% | 34,758,445 | 2,112,530 | 36,870,975 | 100% | ||||||||
| (i) | Considering the earliest date the customer can redeem, which is the worst-case scenario from the perspective of the Group. For liquidity risk management, Nu considers a run-off scenario, according to historical customer behavior. |
Maturities of financial assets and liabilities
The table below summarizes the Group’s financial assets contractual cash flows and their contractual maturities:
| 06/30/2026 | |||||||||||
| Contractual cash flow by maturity | |||||||||||
|
Carrying amount |
Up to 1 month |
1 to 3 months |
3 to 12 months |
Over 12 months |
Total | ||||||
| Financial assets | |||||||||||
| Cash and cash equivalents | 13,551,611 | 13,551,611 | - | - | - | 13,551,611 | |||||
| Securities | 19,181,363 | 1,707,178 | 1,306,864 | 3,486,714 | 14,360,826 | 20,861,582 | |||||
| Credit card receivables (i) | 21,494,406 | 8,684,341 | 7,347,807 | 6,447,556 | 367,981 | 22,847,685 | |||||
| Loans to customers (i) | 11,317,422 | 1,465,458 | 2,510,501 | 6,479,847 | 6,771,693 | 17,227,499 | |||||
|
Compulsory and other deposits at central banks |
9,149,128 | 9,149,128 | - | - | - | 9,149,128 | |||||
| Other receivables | 849,897 | 307,218 | 293,295 | 196,058 | - | 796,571 | |||||
| Other assets | 134,702 | 134,702 | - | - | - | 134,702 | |||||
| Total financial assets | 75,678,529 | 34,999,636 | 11,458,467 | 16,610,175 | 21,500,500 | 84,568,778 | |||||
| (i) | The contractual cash flows for credit card receivables and loans to customers consider only operations that are not overdue. |
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| | Nu Holdings Ltd. Unaudited Interim Condensed Consolidated Financial |
The tables below summarize the Group’s financial liabilities and their contractual maturities:
| 06/30/2026 | |||||||||||
| Contractual cash flow by maturity | |||||||||||
|
Carrying amount |
Up to 1 month |
1 to 3 months |
3 to 12 months |
Over 12 months |
Total (iv) | ||||||
| Financial liabilities | |||||||||||
| Derivatives | 89,659 | 9,391 | 29,224 | 39,014 | 12,032 | 89,661 | |||||
| Obligations for quotas of investment funds (i) | 26,409 | 26,409 | - | - | - | 26,409 | |||||
| Bank receipt of deposits (RDB) (ii) | 35,377,373 | 34,433,848 | 541,070 | 1,207,224 | 381,843 | 36,563,985 | |||||
| Deposits from customers (iii) | 9,177,491 | 7,631,501 | 843,829 | 660,833 | 65,787 | 9,201,950 | |||||
| Bank certificate of deposit (CDB) | 746,713 | 91,425 | 105,436 | 240,075 | 410,022 | 846,958 | |||||
| Interbank deposits | 26,842 | - | - | - | 31,655 | 31,655 | |||||
| Payables to credit card network | 15,444,906 | 6,803,738 | 4,303,382 | 4,092,075 | 223,325 | 15,422,520 | |||||
| Borrowings and financing | 4,682,252 | 230,729 | 632,570 | 2,102,461 | 2,349,177 | 5,314,937 | |||||
| Repurchase agreements | 1,058,343 | 2,921,308 | - | - | - | 2,921,308 | |||||
| Total financial liabilities | 66,629,988 | 52,148,349 | 6,455,511 | 8,341,682 | 3,473,841 | 70,419,383 | |||||
| (i) | Includes the units held by non-controlling interests in investment funds that are more likely to be redeemed in the short term and can be redeemed at any time. |
| (ii) | Considering the earliest date in which the customer can withdraw the deposit. |
| (iii) | In accordance with regulatory requirements and in guarantee of these deposits, the Group holds the total amount of US$628 in eligible securities composed of Brazilian government bonds as described in note 12b, under a dedicated account within the Central Bank of Brazil as of June 30, 2026 (US$93,955 as of December 31, 2025). |
| (iv) | The total was projected considering the exchange rate of Brazilian Reais, Mexican and Colombian Pesos to US$ as of June 30, 2026. |
The unused limit of credit cards is the pre-approved limit that has not yet been used by the customer and represents the current maximum potential credit exposure. Therefore, it does not represent the real need for liquidity arising from commitments. When customers reach their limits, the expected duration of the credit card receivables is shorter than the duration of the payables to network.
In view of the asset allocation profile presented above, the Group establishes a funding plan with the aim of maintaining a healthy financial position in the short and long term. The main source of funding is the deposit franchise (Deposits from customers and Bank receipt of deposits), which the Group aims to match with a liquidity cushion on the asset side. Securities are mainly composed of Government Bonds, which may have longer maturities, as demonstrated in the table above, but are traded in a market that has historically had high liquidity.
Additionally, despite being contractually redeemable in the short term, the Group considers deposits balance to be a growing financing instrument, used alongside other debt issuances to guarantee a proper mix of funding sources.
The Group monitors and utilizes this information as part of its mechanism for managing liquidity risk.
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| | Nu Holdings Ltd. Unaudited Interim Condensed Consolidated Financial |
Market risk and Interest Rate Risk in the Banking Book (IRRBB)
The table below presents the Value at Risk (“VaR”) calculated using a confidence level of 99% and a holding period of 10 days. The calculation is performed using a filtered historical simulation approach, based on a 5-year historical window. For Brazil, VaR is calculated only for the trading book, while in Mexico it is presented for the Available for Sale portfolio, in line with regulation and portfolio management strategies.
| VaR | 06/30/2026 | 12/31/2025 | ||
| Nu Prudential Conglomerate - Brazil | 8 | 13 | ||
| Nu Holdings (i) | 84 | 576 | ||
| Nubank Mexico | 25 | 145 |
| (i) | Considers only financial assets held directly by Nu Holdings as other subsidiaries do not have significant market risk exposures. |
The following analysis presents the Group's whole Financial Position sensitivity of the fair value to an increase of 1 basis point (“bp”) (“DV01”) in the Brazilian risk-free curve, Brazilian National Wide Consumer Price Index (“IPCA”) coupon curve, US risk-free curve, Mexican risk-free curve and Turkish risk-free curve, assuming a parallel shift and a constant financial position:
| DV01 | 06/30/2026 | 12/31/2025 | ||
| Brazilian risk-free curve | (685) | (766) | ||
| Turkish risk-free curve | (125) | (147) | ||
| US risk-free curve | 2 | (33) | ||
| Mexican risk-free curve | (59) | (42) | ||
| Colombia risk-free curve | (415) | (257) |
Foreign exchange (FX) risk
The financial information may exhibit volatility due to the Group’s operations in foreign currencies, such as the Brazilian real and the Mexican and Colombian pesos. At the Nu Holdings level, net investment hedge is adopted only for a portion of the investments in Brazilian companies.
Expenses in other currencies (US$ and EUR) are hedged within a hedge accounting framework, but other economic hedge relationships exist and are governed by an FX residual exposure framework within the market risk management structure. A non-exhaustive list comprises loans, bonds, cash accounts, and time deposits in other currencies than the functional currency of each entity, and the total exposure is always kept within the tolerance level defined by the Group in this regard.
As of June 30, 2026 and December 31, 2025, none of the entities of the Group had significant unhedged FX exposures in currencies other than their respective functional currencies.
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| | Nu Holdings Ltd. Unaudited Interim Condensed Consolidated Financial |
33. CAPITAL MANAGEMENT
The purpose of capital management is to maintain the capital adequacy for Nu's operation through control and monitoring of the capital position, to evaluate the capital necessity according to the risk appetite and strategic aim of the organization, and to establish a capital planning process. Accordingly, future requirements of regulatory capital are assessed based on the Group's growth projections, risk exposure, market movements, and other relevant information. Also, the capital management structure is responsible for identifying sources of capital, writing and submitting the capital plan and the capital contingency plan for approval by the Executive Directors.
Regulatory Capital Composition
The Company is not subject to specific regulatory capital requirements; however, the regulated subsidiaries in each country must comply with local rules. The capital adequacy of the regulated subsidiaries is detailed below.
a) Nu Prudential Conglomerate in Brazil
Brazil's Central bank (“BCB”) defines a prudential conglomerate as a set of entities in which one regulated entity controls other regulated companies or investment funds. A conglomerate is classified as Type 3 when the lead entity — the one at the top of the ownership structure — is a Payment Institution, as is the case for Nu Pagamentos.
The regulatory capital of the prudential conglomerate, defined by Brazil's Central Bank, consists of three key components:
| • | Common Equity Tier 1 (CET1) Capital: Consisting of paid-in capital, reserves, and retained earnings, after accounting for deductions and prudential adjustments. |
| • | Additional Tier 1 (AT1) Capital: This includes debt instruments that have no specific maturity and can absorb losses, meeting the eligibility criteria set out by the Central Bank. The sum of CET1 and AT1 forms the overall Tier 1 Capital. |
| • | Tier II Capital: This involves subordinated debt instruments with set maturity dates that meet eligibility requirements. |
As a Type 3 prudential conglomerate, Nu Pagamentos is subject to the capital adequacy requirements established by the BCB on a consolidated basis. The Group is in full compliance with all applicable prudential capital rules.
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| | Nu Holdings Ltd. Unaudited Interim Condensed Consolidated Financial |
The following table presents the calculated capital ratios for the CET1, Tier 1, and the Capital Adequacy Ratio (“CAR”) and outlines their minimum requirements for the prudential conglomerate under Brazil's current regulations:
| Prudential conglomerate | 06/30/2026 | 12/31/2025 | |
| Regulatory Capital | 5,597,604 | 5,159,443 | |
| Tier I | 4,785,757 | 4,472,543 | |
| Common equity capital | 4,262,877 | 4,045,444 | |
| Additional | 522,881 | 427,099 | |
| Tier II | 811,847 | 686,900 | |
| Risk weighted assets (RWA) | 35,710,139 | 31,141,647 | |
| Credit risk (RWA CPAD) | 27,840,145 | 22,364,039 | |
| Market risk (RWA MPAD) | 1,269,007 | 1,196,138 | |
| Operational risk (RWA OPAD) | 4,779,621 | 5,941,247 | |
| Payment services risk (RWA SP) | 1,821,367 | 1,640,223 | |
| Minimum capital required | 3,749,565 | 3,269,873 | |
| Excess margin | 1,848,040 | 1,889,570 | |
| CET1 ratio | 11.9% | 13.0% | |
| Tier 1 ratio | 13.4% | 14.4% | |
| CAR | 15.7% | 16.6% |
b) Nubank Mexico
As of June 30, 2026, regulatory capital was US$427,572 (US$402,002 as of December 31, 2025). This translated into a Capital ratio of 14.9% (15.4% as of December 31, 2025), above the 10.5% minimum required for Category 4 Sociedades Financieras Populares ("SOFIPO") and multiple banks.
c) Nu Colombia
As of June 30, 2026, regulatory capital was US$179,741 (US$131,965 as of December 31, 2025). This translated into a Capital ratio of 15.3% (16.9% as of December 31, 2025), above the 10.5% minimum required for credit institutions in Colombia.
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| | Nu Holdings Ltd. Unaudited Interim Condensed Consolidated Financial |
34. SEGMENT INFORMATION
In reviewing the operational performance of the Group and allocating resources, the Chief Operating Decision Maker of the Group (“CODM”), who is the Group’s Chief Executive Officer (“CEO”), reviews the consolidated statement of income and comprehensive income.
The CODM considers the whole Group as a single operating and reportable segment, monitoring operations, making decisions on fund allocation, and evaluating performance. The CODM reviews relevant financial data on a combined basis for all subsidiaries.
The Group’s income, results, and assets for this one reportable segment can be determined by reference to the consolidated statement of income and other comprehensive income as well as the consolidated statements of financial position.
a) Information about products and services
The information about products and services is disclosed in note 6.
b) Information about geographical area
The table below shows the revenue and non-current assets per geographical area:
| Revenue (i) | Non-current assets (ii) | ||||||||||
| Three-month period ended | Six-month period ended | ||||||||||
| 06/30/2026 | 06/30/2025 | 06/30/2026 | 06/30/2025 | 06/30/2026 | 12/31/2025 | ||||||
| Brazil | 3,990,286 | 2,621,626 | 7,576,852 | 4,961,314 | 1,018,212 | 852,770 | |||||
| Mexico | 314,603 | 175,693 | 603,629 | 322,806 | 66,276 | 60,303 | |||||
| Other countries | 76,038 | 56,201 | 152,785 | 114,576 | 177,303 | 147,761 | |||||
| Total | 4,380,927 | 2,853,520 | 8,333,266 | 5,398,696 | 1,261,791 | 1,060,834 | |||||
| (i) | Includes interest income (credit card, loan and other receivables), credit and prepaid card income, late fees, insurance commission and other fees and commission income. |
| (ii) | Non-current assets are right-of-use assets, property, plant and equipment, intangible assets, and goodwill. |
The Group had no single customer that represented
10% or more of the Group's revenues in the six-month period ended June 30, 2026 and 2025.
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| | Nu Holdings Ltd. Unaudited Interim Condensed Consolidated Financial |
35. SUBSEQUENT EVENTS
a) Approval to commence operations as a multiple bank - Nubank Mexico
On July 9, 2026, Nubank Mexico was notified by CNBV that it has received the Operations Authorization to commence operations as a multiple bank. This Operations Authorization represents the final and conclusive step needed to commence operation, following the banking license it obtained on April 24, 2025. In accordance with applicable Mexican banking regulations, Nubank Mexico began operating as a bank on August 6, 2026.
b) Acquisition of Banco Porto Real
On July 20, 2026, Nu announced that has entered into a share purchase agreement to acquire 100% of Banco Porto Real de Investimentos S.A. (“Banco Porto Real”). Through this transaction, Nu will add a banking license to its financial conglomerate in Brazil, fulfilling the requirements of Joint Resolution No. 17, issued by the Brazilian Central Bank and the National Monetary Council, which standardizes brand name usage for regulated institutions. Once the acquisition process is finalized, Banco Porto Real's banking license will be added to the other licenses under which the Group already operates in Brazil and which fully support its business model: Payment Institution; Credit, Financing, and Investment Company; and Securities Brokerage Company.
The inclusion of this new license within the Nu Pagamentos’ conglomerate does not impose additional capital or liquidity requirements, preserving its financial solidity and resilience. The completion of this transaction is subject to approval by the Brazilian Central Bank, in accordance with applicable regulation.
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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 13, 2026