Nu Holdings Ltd.

Good evening, ladies and gentlemen. Welcome to New Holdings Conference Call to discuss the results for the third quarter of 2025. A slide presentation is accompanying today's webcast, which is available in New's Investor Relations website, www.investors.new in English and www.investidores.new 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 the earnings call today. If you have not seen the earnings release already, a copy is posted in the Investor Relations website. With me on today's call are David Vales, our founder, chief executive officer and chairman, and Guilherme Lago, our chief financial officer. Throughout this conference call, we'll 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 the non-IFRS to the IFRS financial information are available in the earnings press release. Unless noted otherwise, all growth rates are on a year-over-year FX neutral basis. I would also like to remind everyone that today's discussion 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 forelooking statements disclosure in the earnings release. I'll now turn the call over to Davi. Please go ahead, Davi.

Hello, everyone, and thank you for joining us today. In Q3 2025, effectively every single one of our metrics continue to grow. reinforcing our position as the leading digital bank in Latin America and one of the leading FinTech platforms globally. Our customer base grew to 127 million customers, with more than 4 million net additions in the quarter, while maintaining an activity rate above 83%, a clear reflection of the depth of engagement we continue to build with our users. In Mexico, we surpassed 13 million customers, now reaching around 14% of the adult population. And in Colombia, we're approaching 4 million customers. Both markets continue to demonstrate strong traction, highlighting the scalability of our model. This solid growth, combined with continued ARPAC expansion, which surpassed $13 this quarter, has led to record revenues of over $4 billion. These results highlight the compounding effect of our customer expansion, deeper engagement, and disciplined monetization. Our gross profit continues to rise sharply, reflecting strong unit economics and operating leverage. And with a cost-to-income ratio of 28%, we continue to progress on our trajectory of improving efficiency. And finally, we deliver net income of $783 million, another quarter of solid profitability, even as we keep investing in growth and innovation across all markets. This consistent performance is a direct result of our business model, one that attracts millions of new customers every quarter, fosters deeper engagement that expands monetization, all while operating on a low-cost and highly efficient platform. This formula continues to drive our earnings growth across markets, but with each component playing a distinct role in every geography. In Brazil, we now serve over 60% of the adult population and estimate that we're already the largest player in the SME segment by number of accounts. Having reached scale, revenue per customer has become the main growth driver. Our focus going forward is on broadening our product portfolio, deepening engagement across all segments, and continuing to execute our credit strategy, increasing exposure among customers with the strongest risk-adjusted returns. In Mexico, our main focus remains on expanding our customer base, deepening product adoption, and advancing financial inclusion, all while laying the groundwork for sustainable long-term monetization. Given this scale-up phrase, ARPAC levels are already nearing those seen in Brazil, reflecting the strong unit economics of the credit card business in that market, driven by a higher share of interest-bearing balances and a steadily declining cost-to-serve supported by our ongoing platformization efforts. Both markets demonstrate the strength and adaptability of our model, which is capable of driving rapid growth and scale in earlier stages, while expanding profitability as market matures. Diving deeper into Mexico, our second escort, we see a market now beginning to scale, and one that we expect will contribute meaningfully to our results in the years ahead. We're building strong foundations, having reached market leadership position in the Mexican digital banking space, already reaching 13 million customers, or around 14% of the adult population, compared with about 10% when Brazil entered its inflection point back in 2019. Even with the product portfolios still largely centered on the credit card, ARPAC has already reached $12.5, reflecting strong customer engagement and the favorable unit economics of this product in Mexico. On the cost side, cost of service is already below $1, and recent adjustments to deposit yields are beginning to flow through our cost of funding. Looking ahead, we'll continue stacking U.S. curves with focus and discipline. While Brazil and Mexico remain our core priorities, where most of our resources and execution efforts are directed, we also see transformational optionality in the U.S., following our filing for a national bank charter, a step that could unlock new opportunities over time as we remain fully focused on our core markets. As we continue scaling across markets, we're also building the next generation of our platform, redefining how we operate and how customers experience banking. We have heard several investors asking us about our AI strategy, and so we wanted to spend a few minutes on it. Our vision is to become AI first, which means integrating foundational models deeply into our operations to drive an AI-native interface to banking, while creating meaningful benefits for both our customers and our business. For our customers, AI is enhancing our understanding of each individual and their financial needs, allowing us to deliver personalized recommendations, contextual offers, and products. and proactive insights at the right moment. It will also transform the way people interact with Nubank, be it through a simpler and seamless app or through a number of additional channels embedding conversational user interfaces. We think there is a significant opportunity to include agentic workflows across most products and services, improving customer experiences across the board. For our business, AI is strengthening how we manage risk and scale efficiently. It is helping us to design safer and more precise financial solutions. reducing credit and fraud losses, and enabling tailored collection strategies that drive better recoveries. At the same time, it is enhancing productivity across the company, from linear operations to faster development cycles and higher engineering throughput. When we bring all of this together, becoming AI first means accelerating our flywheel by scaling to offer higher quality products at lower costs, unlocking the full value of open finance, deepening cross-sell and product penetration, and opening new revenue streams, all while optimizing pricing and delivering superior value for both customers and shareholders. But AI is not a buzzword for us. We believe Nubank is uniquely positioned to become AI first and a leader in the use of AI in financial services globally. And we're already starting to see the first breakthroughs. Since our early days, we've known that technology and data would be our strongest competitive advantage. Being cloud native and built entirely on modern architecture enables us to simulate, experiment, train, and deploy foundation models of scale. Coupled with our proven ability to attract world-class talent, this puts us ahead of incumbent banks and regional fintech competitors and places us in a unique position globally. Over the past 12 to 15 months, we developed a new former or proprietary approach for building large, generalizable models based on advanced transformer architectures and self-supervised learning principles, similar to those powering world-class LLMs. These models provide a deeper understanding of customer behaviors and can be deployed across our critical risk and personalization engines. To reach this level of performance, the first generation of our new former model was built with 330 million parameters and trained on approximately 600 billion tokens, an unprecedented scale of data by financial industry standards. Yet that represents only a fraction of our full data set. which spans trillions of tokens and reflects the vast scale and diversity of Nubank's platform. Our business model, with principality at its core, generates a deep repository of high-quality transactional and behavioral data, giving us a distinctive edge by enabling new form to learn from richer context and continuously strengthen its predictive power. Historically, gains in credit performance have come from our main fronts, incorporating more and better data sources into models, Expanding training samples or reducing bias within them. Optimizing policy frameworks, including the use of complementary models that evaluate different dimensions of credit risk. And finally, refining modeling techniques from definition of targets to model architecture and feature engineering. The adoption of foundation models represents a radical expansion of this last frontier. It brings a research-driven approach that moves the needle through advances in model architecture and training processes, enabling rapid and continuous improvement as AI researchers push the boundaries of what's possible. When we apply this approach, the models we build deliver an average improvement about three times higher than was typically observed in successful machine learning model upgrades. Translating these into business outcomes, our initial models enable a major upgrade to credit card limit policies in Brazil. allowing us to meaningfully increase limits for eligible customers while maintaining the same overall risk appetite. This successful breakthrough within an already robust underwriting model, like Credit Card Brazil, underscores the significant potential of these advanced approaches. We're now focused on scaling these innovations beyond Brazil, already in motion in Mexico, and extending them across every part of Nubank, from personalization and cross-sell to fraud and collections, further reinforcing both the strength of our model and our ability to execute at scale. That said, we're still just crashing the surface. As always, at Nubank, it's still day one, but we believe that embedding AI into our business represents a once-in-a-lifetime opportunity to further differentiate Nubank from traditional banks. We're building on years of experience in model governance, privacy, and large-scale model deployment to ensure we continue evolving responsibly. This means having robust processes that make sure our tools truly promote our customers' financial well-being, with the right guardrails in place to bring these advanced models safely into production within a highly regulated environment. We'll continue to share our progress as this journey evolves. And with that, I'll hand it over to Lago, or CFO, to walk you through the financial highlights of the quarter. Thanks a lot.