Nu Holdings Ltd.

Good evening, ladies and gentlemen. Welcome to New Holdings Conference Call to discuss the results for the first quarter of 2025. A slide presentation is accompanied in today's webcast, which is available in New's Investor Relations website, www.investors.new 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, you can press the globe icon on the lower right side of your Zoom screen and then choose to enter 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 a 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. Guilherme Souto, Investor Relations Officer at New Holdings. Mr. Souto, you may proceed.

Thank you, operator, and thank you everyone for joining our earnings call today. If you have not seen our earnings release yet, a copy is posted in the results center of our Investor Relations website. With me on today's call are David Velez, our Founder, Chief Executive Officer and Chairman, Youssef Laresh, President and Chief Operating Officer, and Guilherme Lago, Chief Financial Officer. Throughout this conference call, we will be presenting known IFRS 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 known IFRS information to IFRS information are available in our earnings release. Unless noted otherwise, all growth rates are on an year-over-year basis. I would also like to remind everyone that today's discussions might include poor-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... Good evening, everyone, and thank you for joining us today. We kicked off 2025 with strong momentum. During the first quarter alone, we added 4.3 million customers, reaching a total of 119 million across all our markets.

That includes 105 million in Brazil, 11 million in Mexico, and just last month we crossed 3 million customers in Colombia. We now serve nearly 100 million monthly active customers, keeping our activity ratio above 83%. These numbers reflect not just scale, but deep engagement and quality. While 100 million monthly active customers position us as perhaps the largest financial institution in Latin America in terms of number of customers, I would like to quickly provide a high-level reminder of the big opportunity we still have ahead of us. Brazil is our most skilled and mature market. About 60% of the adult population is a customer. 85% are active and close to 60% of these customers use Nu as their primary bank, translating into a market share of principality of over 30%. And yet our gross profit market share is just 5% as we're in the early stages of monetizing our customer base through larger usage and cross-sale of products. Additionally, recent upgrades to our credit models, including new AI capabilities, are enabling us to responsibly expand credit access and unlock further growth. But we're just as focused on non-credit opportunities, which remain equally ripe for disruption. This gap is our opportunity. We're doubling down, reinvesting our earnings to close the distance between principality and market share and to expand the size of the market itself. Let's turn to Mexico, our next major growth frontier. Mexico is Latin America's second largest banking market, but more importantly, it's one of the most under-penetrated. The bigger opportunity here isn't just to win market share, it's to expand the market itself. Our momentum in Mexico is strong. In the past four quarters, our customer base grew 70%, reaching 11 million customers. Deposits more than doubled on an FX neutral basis, exceeding $5 billion. Our credit portfolio grew 60% FX neutral to nearly $1 billion. Revenues nearly doubled FX neutral, reaching $245 million last quarter. These are early signs, but strong ones, that our model is working in Mexico. And I'm also very happy to announce that just a few weeks ago, we were approved to get our banking license in this country, a license that is going to enable us to accelerate our growth and provide many more products to our customers. Between Brazil, Mexico, and Colombia, we see a wide range of actionable, high-conviction, and profitable growth opportunities. We are investing proactively and deliverably to assist them. As we continue growing our customer base and our penetration within these large markets, we will continue to benefit from the strong operating leverage of our business model. Our Average Revenue Proactive Customer, or RPAC, increases towards the levels of incumbent banks while our cost remains largely unchanged at or below $1 per customer. On the left-hand side of the slide, you'll see the historical RPAC progression across customer cohorts. In the first 12 months, a cohort typically generates just about $5 per customer in revenue. But as product usage deepens and cross-sale increases, ARPAC can grow more than fivefold, surpassing $25 after seven to eight years. And this figure could continue to rise and rise at faster paces as we narrow the gap with incumbent banks, which generate ARPAC of over $40 by launching new products and entering new segments. On the right-hand side, you'll see our cost to serve over time. Thanks to scale efficiencies, process automation, and sustained investment in technology, these costs have declined by over 80% in the past years and now remain below $1 per customer. Even as the business has grown significantly in scale and complexity, we expect this trend to continue. So taken together, these two trends illustrate the strength of our operating leverage, one of the defining features of our digital banking model and the most significant source of earnings unlock potential in our business. And we're very much early in this journey. The largest customer cohorts forming the just past three years, when we added nearly 60 million customers and double our customer base, are only now beginning their monetization curves. To summarize, while we've already reached a significant number of customers across Latin America, our market penetration remains relatively low, including in Brazil, and the opportunity to further grow revenue is enormous. The shift from cash to digital payments and from offline to digital banking are structural, decades-long trends, especially in under-penetrated markets like Mexico and Colombia. As the category leader in digital banking across the region, we are exceptionally well positioned to capture outsized value from this transformation. That's why we remain steadfast in our commitment to long-term value creation, not short-term earnings optimization. Just as we're doing with the strategic ramp up for deposit franchises in Mexico and Colombia, which we will discuss later today, we will continue making significant investments aimed at maximizing sustainable shareholder value over time, even if that means accepting near-term pressure on margins. We believe this is the right approach to build a durable, profitable, and category-defining company for the long run. 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.