Nu Holdings (NU.N): Fireside Chat with the CFO

We hosted a fireside chat with Nubank global CFO Rob Livingston and institutional investors as part of our London conference this week. The discussion reinforced the substantial runway still available in Brazil while providing greater clarity around several of Nubank's next growth vectors. Key takeaways: U.S. expansion is framed as a controlled test of product-market fit, engagement and credit economics, with late 2027 the key decision point and investment contained within the previously discussed 100bp efficiency ratio impact; Brazil credit remains resilient with no evidence of broad portfolio deterioration, supported by a detailed early-warning framework covering delinquency migration, payment rates and utilization; NuFormer's moat is Nubank's proprietary data set, with AI already improving credit decisioning, customer service and productivity (customers handled per operations employee up ~40%, releases per employee up ~80%);