Nu Holdings Ltd.

Good evening, ladies and gentlemen. Welcome to New Holdings Conference Call to discuss the results for the fourth quarter and full year 2024. A slide presentation accompanies today's webcast, which is available on NU's Investors Relations website, www.investors.nu in English and www.investidores.nu in Portuguese. This conference is being recorded and the replay can also be accessed on the company's IR website. This call is also available in Portuguese. To access it, press the globe icon on the lower right side of your Zoom screen, then select the Portuguese room. After that, select Mute Original Audio. Para acessar nossa conferência em português, clique no ícone do globo ao lado inferior direito da sua tela zoom e selecione a opção Portuguese Room. Ao acessar a nova sala, certifique-se de mutar o áudio original. Please be advised that all participants will be in listen-only mode. You may submit online questions at any time today, using the Q&A box on the webcast. I would now like to turn the call over to Mr. Jorg Friedemann, Investor Relations Officer at New Holdings. Mr. Friedemann, you may proceed.

Thank you, Operator, and thank you everyone for joining our earnings call today. If you have not seen our earnings release already, a copy is posted in the Results Center section of our Investor Relations website. With me on today's call are David Velez, our Founder, Chief Executive Officer and Chairman, Youssef Lares, President and Chief Operating Officer, Guilherme Lago, Chief Financial Officer, and Jack Dougal, Chief Product Officer. Throughout this conference call, we will be presenting non-IFRS financial information, including adjusted net income. These are important financial measures for new holdings, but are not financial measures as defined by IFRS and may not be comparable to similar measures from other companies. Reconciliations of our non-IFRS financial information to the IFRS financial information are available in our earnings press release. Unless noted otherwise, all growth rates are on a year-over-year, effects-neutral basis. I would also like to remind everyone that today's discussions might include forward-looking statements, which are not guarantees of future performance, and therefore you should not put undue reliance on them. These statements are subject to numerous risks and uncertainties and could cause actual results to differ materially from our expectations. Please refer to the forward-looking statements disclosure in our earnings release. Today, Davi will discuss the main highlights of our fourth quarter and full year 2024 results. After that, Lago and Youssef will take you through our financial and operating results in more details. We will then open the call for questions. I will now turn the call over to Davi. Please, Davi, go ahead. Thank you.

Thank you, Jorg. Good evening, everyone, and thank you for joining us today. 2024 was another pivotal year in our strategy as we continue advancing in our mission to fight complexity and empower people. Our consistent execution and customer-centric approach drove significant growth across all three geographies. We now serve over 114 million customers with 20.4 million net addition this year alone. Our active customer base grew 22% year-over-year to nearly 95 million. In Brazil, we continued adding over 1 million customers per month, serving 58% of the population and further consolidating our position as the third largest financial institution in the country in number of customers. In Mexico, we achieved a significant milestone by surpassing 10 million customers, underscoring our strong growth momentum in the country. Beyond customer growth, we strengthened our deposit franchise, particularly in Mexico and Colombia, a crucial step in reinforcing our long-term strategy, bolstering our liquidity position, and enabling prudent credit expansion. Total deposits grew 55% FX neutral to $28.9 billion, while our interest earning portfolio expanded 75% to $11.2 billion, also on an FX neutral basis. We have maintained our high growth trajectory while significantly strengthening our financial results, demonstrating the efficiency and compounding power of our business model. Revenues grew 58% year-over-year on an FX-neutral basis to $11.5 billion in 2024, driven by sustained ARPAC growth up 23% year-over-year in FX-neutral terms to $10.7. Our efficiency ratio improved further, dropping below the 30% mark to end the year at 29.9%, making Nu one of the most efficient global financial services platforms and with room for additional optimization. Notably, net income almost doubled from 2023 to close to $2 billion, with an annualized return on equity of 28%. These results place us among the most profitable financial institutions globally, even while maintaining a significant excess capital position at the holding level. These achievements underscore the power of our low-cost financial model, our commitment to customer engagement, and our ability to deliver sustained profitability at scale. With a strong foundation in place, we remain focused on extending our market leadership, launching new products, and deepening financial inclusion across Latin America. Now let's move on to the next slide to take a closer look at how we advance on our strategic priorities in 2024. First, in Mexico, we reached an exciting milestone of 10 million customers, up 91% year over year, now serving 12% of the country's adult population. Deposits grew significantly, increasing 438% from 2023 to $4.5 billion, reflecting our position as a trusted financial institution. Our credit card customer base expanded by 70% to 5.6 million, and almost half of these customers did not have any credit card before ours, demonstrating our ability to help increase financial inclusion in the region. Over the last three years, our first payment default rate has improved by approximately 50%, while credit approval rates in Mexico have increased by 10%, underscoring the significant enhancements in our risk models and their impact on both credit performance and accessibility. We also expanded cash-in and cash-out access to over 30,000 contact points, a critical component of our long-term strategy to digitize and democratize financial services. Now moving to secure lending in Brazil. This portfolio grew an impressive 615% year-over-year to $1.4 billion, representing 23% of our total lending portfolio. We signed nine new agreements with collateral counterparties in the public sector, expanding our total addressable market for payroll loans to 70% of the segment. As a result, 12 million of our customers are now eligible for payroll loans, along with an additional 80 million for FGTS loans. We also enhanced our portability solution and features, and as of December 2024, 16% of INSS originations came from customers who brought their loans to Nubank and refinanced them under better conditions. At the same time, we captured over 30% market share in FGTS originations, underscoring our strategy's success and product market fit, as well as the power of our low-cost distribution model. Building on our success in Brazil, we made significant strides with our high-income strategy, expanding our reach with close to 700,000 Ultravioleta customers, a 132% year-over-year increase. Credit card performance was also remarkable, with quarterly purchase volume from Ultravioleta credit cards increasing 106% year-over-year to $1.8 billion in Q4, and accounting for 10% of our Brazilian credit card purchase volume. Our NPS of 84 continues to set us apart as the most loved brand among high-income customers, alongside a 16% increase in brand consideration. Finally, our money platform is becoming a bigger reality. New Marketplace had over a million customers shopping on our platform throughout the year. We also launched New Travel, enabling customers to plan their trips seamlessly and securely within the app, with the guarantee of the best price bundled with a multi-currency account for even greater convenience. And in an exciting development, we introduced New Sell, our MVNO service in partnership with Claro, further diversifying our offerings, strengthening news ecosystem, and expanding our addressable market. As we continue making progress in our three GEOs, we remain very excited about the exciting opportunities we have ahead by expanding Nu's platform, increasing the market share of our core products, and further monetizing our existing customer base. Additionally, capturing growth in new verticals with our multi-platform strategy is gaining traction, significantly broadening our total addressable market. The strategic expansion of our ecosystem has continued with the launch of NewCell in Brazil's massive telecom services market and the build-out of new marketplace. What's particularly exciting is that these are entirely new and significant avenues of growth for us, along with new travel and new pay. Reflecting on 2024, we're very pleased with the progress we've made across our strategic priorities, and we see several early indicators confirming that we remain on the right path. Nevertheless, our perspective is that it's still just day one. We remain focused, ambitious, and excited about what's ahead. And with that, I'd like to pass the floor to our CFO, Guillermo Lago, who will walk us through the details of our financial results. Over to you, Lago.