Core Insights - Berkshire Hathaway made significant adjustments to its bank stock holdings in the first quarter of 2025, while maintaining a stable position in Apple [1][2] - The company completely sold its 14.63 million shares of Citigroup and reduced its stake in Bank of America by over 7%, amounting to a reduction of 48.66 million shares [1] - Despite these reductions, Berkshire still holds over 631.5 million shares of Bank of America as of the end of the first quarter [1] - The company also fully divested its 40 million shares in fintech company NuHoldings and reduced its stake in First Capital Financial by approximately 4% [1] - On the other hand, Berkshire significantly increased its investment in Constellation Brands by 113.5%, acquiring 6.38 million shares, bringing the total to 12 million shares [1] - Additionally, the company added 760,000 shares of Occidental Petroleum and doubled its stake in PoolCorp by acquiring 860,000 shares [1] - Berkshire did not initiate any new positions in the first quarter [1] Investment Strategy - Berkshire's flagship holding, Apple, remained unchanged at 300 million shares, with a market value of $66.6 billion, representing about 25% of its total stock portfolio [1] - The company reduced its investment in Liberty Formula One by about half, down to 3.5 million shares [2] - Overall, Berkshire's investment activity in the first quarter was relatively cautious, with minimal stock trading changes [2] - The company currently holds cash and U.S. Treasury securities totaling $333 billion, indicating a strong preference for cash in the current market environment [2]

Group 1 - Berkshire Hathaway has more than doubled its stake in Constellation Brands, increasing its holdings from 5.6 million shares to approximately 12 million shares, representing a 6.6% ownership in the company [1][2][4] - The company has sold its holdings in Citigroup and Brazilian fintech lender Nu Holdings as part of its portfolio adjustments [1][2] - The quarterly disclosures do not specify whether individual trades were made by Warren Buffett, portfolio managers Todd Combs and Ted Weschler, or future CEO Greg Abel [3]

Group 1: Robinhood Markets - Robinhood is rapidly adding customers, particularly among younger demographics, and aims to democratize finance through commission-free trading and a user-friendly interface [3] - The company has faced scrutiny over its payment for order flow (PFOF) model, which allows it to receive compensation from market makers for directing trades, but defends it as essential for offering commission-free services [4] - As of the end of Q1, Robinhood had 25.8 million funded customers and over $221 billion in assets, representing a 70% increase year-over-year and a 16% increase from the previous quarter [6] - The platform attracts customers with high-yield accounts, offering a 4% annual percentage yield (APY) for Robinhood Gold members, which also provides a steady revenue stream for the company [8] - Robinhood is enhancing its offerings by introducing retirement accounts and prediction markets, which have gained popularity [9] Group 2: Nu Holdings - Nu Holdings, the parent company of Nubank, is rapidly expanding across Latin America, starting in Brazil and challenging the traditional banking oligopoly [10] - The customer base in Brazil has grown to 101.8 million, representing approximately 58% of the adult population, with plans to expand into Mexico and Colombia [11] - In Colombia, Nu's customer count has tripled to nearly 2.5 million, while in Mexico, it has doubled to 10 million, following regulatory approval to transition into a full-service bank [12] - Nu has been operating as a Popular Financial Society (SOFIPO), which limits its ability to offer a wider range of products and services, but is now positioned for further growth with its new banking status [13] - The company has consistently posted positive earnings and is expanding revenue as it grows beyond Brazil [14]

Core Insights - Nubank (Nu Holdings) reported its fiscal first quarter earnings, surpassing revenue estimates but falling short on earnings per share [1] Financial Performance - Revenue exceeded analyst expectations, indicating strong sales performance [1] - Earnings per share did not meet estimates, suggesting potential concerns regarding profitability [1]

Group 1 - The conference call is focused on discussing the Q1 2025 earnings results of NU Holdings Ltd. [1][2] - The call features key company participants including the CEO, CFO, and President, indicating a high-level discussion of financial performance [1][4] - The earnings release is available on the company's investor relations website, highlighting transparency and accessibility of financial information [2][4] Group 2 - The conference call is being recorded, and a replay will be accessible on the company's IR website, ensuring that stakeholders can review the information at their convenience [2] - Participants in the call include analysts from major financial institutions, suggesting significant interest from the investment community [1][3]

Company Performance - Nu Holdings Ltd. reported quarterly earnings of $0.12 per share, matching the Zacks Consensus Estimate and showing an increase from $0.09 per share a year ago [1] - The company posted revenues of $3.25 billion for the quarter ended March 2025, which was 2.52% below the Zacks Consensus Estimate, but an increase from $2.74 billion year-over-year [2] - Over the last four quarters, the company has surpassed consensus EPS estimates two times, but has not beaten consensus revenue estimates [2][1] Stock Movement and Outlook - Nu shares have increased by approximately 25% since the beginning of the year, contrasting with a -0.6% decline in the S&P 500 [3] - The sustainability of the stock's price movement will largely depend on management's commentary during the earnings call [3] - The current consensus EPS estimate for the upcoming quarter is $0.13 on revenues of $3.7 billion, and for the current fiscal year, it is $0.54 on revenues of $15.44 billion [7] Industry Context - The Zacks Industry Rank for Banks - Foreign is currently in the top 6% of over 250 Zacks industries, indicating a favorable outlook for the sector [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact investor sentiment [5]

Financial Data and Key Metrics Changes - The company added 4.3 million customers in Q1 2025, reaching a total of 19 million customers across all markets, with significant growth in Brazil and Mexico [7] - Net interest income (NII) grew 34% year over year, reaching an all-time high of $1.8 billion, while net interest margins (NIM) declined by 20 basis points to 17.5% [30] - Net income for Q1 reached $557 million, up 74% year over year, translating into a 27% annualized return on investment [33] Business Line Data and Key Metrics Changes - The credit portfolio reached $24.1 billion, growing 8% quarter over quarter and 40% year over year [19] - Total loan originations reached a record of 20.2 billion reais in Q1, up 64% year over year, with unsecured loans being the main driver [21] - The credit card portfolio saw growth in interest-earning installments, now accounting for 29% of the total credit card portfolio [24] Market Data and Key Metrics Changes - The company serves approximately 59% of Brazil's adult population, 12% in Mexico, and 8% in Colombia [18] - In Mexico, the customer base grew 70% over the past four quarters, with deposits exceeding $5 billion [11] - The company reported a modest 1% decline in deposits in Brazil, outperforming typical Q1 seasonality [28] Company Strategy and Development Direction - The company is focused on long-term value creation rather than short-term earnings optimization, investing in deposit franchises in Mexico and Colombia [16] - There is a strong emphasis on expanding market share in underpenetrated markets like Mexico and Colombia, with plans to leverage new banking licenses to accelerate growth [12] - The company aims to close the gap between customer base and gross profit market share, currently at 5% in Brazil [9] Management's Comments on Operating Environment and Future Outlook - Management highlighted the ongoing shift from cash to digital payments as a structural trend that presents significant growth opportunities [15] - The company remains committed to investing in technology and customer engagement to enhance its competitive position [16] - Management expressed confidence in the resilience of the business model despite short-term pressures on margins due to strategic investments [31] Other Important Information - The efficiency ratio improved to 24.7%, reflecting a strong operational performance [32] - The company is experiencing a seasonal increase in early-stage delinquencies, which is expected and managed within historical trends [38] Q&A Session Summary Question: About the resilience of NIM in Brazil - Management explained that the resilience of NIM is due to increases in loan-to-deposit ratios offsetting headwinds from funding costs and portfolio mix [46][47] Question: Impact of FGTS loan origination disruption - The operational issue with FGTS likely caused a 10% impact on the quarter's origination volumes [50] Question: Focus on Brazil and Mexico vs. international expansion - Management confirmed that Brazil, Mexico, and Colombia remain the top priorities, with internationalization being a long-term goal [60] Question: Provision expenses and risk-adjusted NIM - Management noted that seasonal effects largely influenced the increase in provision expenses, and they expect NIMs to stabilize or grow in Brazil [66][70] Question: Growth potential in secured lending - Management highlighted significant growth potential in public payroll loans and FGTS, with expectations of capturing a larger market share [80] Question: Credit cardholder activity and transaction concerns - Management acknowledged that credit limit constraints affect transaction activity and that expanding credit limits typically leads to increased usage [90] Question: Debt renegotiation program and its impact - Management clarified that the debt renegotiation program aims to provide customers with a fresh start without creating a cycle of debt [99][102]

Financial Data and Key Metrics Changes - The company added 4.3 million customers in Q1 2025, reaching a total of 19 million customers across all markets, with significant growth in Brazil and Mexico [6][10] - Net interest income (NII) grew 34% year over year, reaching an all-time high of $1.8 billion, while net income increased 74% year over year to $557 million [28][31] - The efficiency ratio improved to 24.7%, reflecting a significant year-over-year improvement [30] Business Line Data and Key Metrics Changes - The credit portfolio reached $24.1 billion, growing 8% quarter over quarter and 40% year over year [17] - Total loan originations reached a record of 20.2 billion reais in Q1, up 64% year over year, with unsecured loans being the main driver [20] - The average revenue per active customer (ARPAK) is expected to grow significantly as product usage deepens, with potential to exceed $25 after several years [12] Market Data and Key Metrics Changes - The company serves approximately 59% of Brazil's adult population, 12% in Mexico, and 8% in Colombia, indicating substantial market penetration opportunities [16] - In Mexico, the customer base grew 70% over the past four quarters, with deposits exceeding $5 billion and revenues nearly doubling [10][11] - The company’s gross profit market share in Brazil is only 5%, indicating significant room for growth [8] Company Strategy and Development Direction - The company is focused on long-term value creation rather than short-term earnings optimization, investing in deposit franchises in Mexico and Colombia [15] - The strategy includes expanding market share and enhancing customer engagement through innovative product offerings and improved credit models [9][14] - The company aims to capture value from the structural shift from cash to digital payments, particularly in underpenetrated markets like Mexico and Colombia [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth potential across Latin America, particularly in Brazil, Mexico, and Colombia, despite short-term margin pressures [15][26] - The company is optimistic about the future of secured lending products, including public and private payroll loans, which are expected to drive significant growth [22][79] - Management highlighted the importance of maintaining a strong customer experience while navigating competitive dynamics in the market [25][56] Other Important Information - The company has been approved for a banking license in Mexico, which will enable accelerated growth and product offerings [11] - The company’s credit underwriting capabilities have improved, allowing for responsible expansion of credit access [8][20] Q&A Session Summary Question: About the resilience of NIM in Brazil despite higher SELIC rates - Management explained that the resilience is due to increases in loan-to-deposit ratios offsetting headwinds from funding costs and portfolio mix changes [44][45] Question: Impact of FGTS loan origination disruption - Management estimated a 10% impact on originations due to the FGTS disruption, indicating a significant operational effect [48] Question: Focus on Brazil and Mexico versus international expansion - Management confirmed that Brazil, Mexico, and Colombia remain top priorities, with internationalization being a long-term goal [56][58] Question: Provision expenses and risk-adjusted NIMs - Management noted that seasonal effects largely influenced the increase in provision expenses, and they expect stability in risk-adjusted NIMs moving forward [64][66] Question: Growth potential in secured lending - Management highlighted the significant growth potential in secured lending, particularly in public payroll loans, and expressed confidence in their digital-first approach [72][78]

Q1 2025 Earnings Presentation First Quarter 2025 Results 1 May 13, 2025 Welcome Investor Relations Officer Guilherme Souto First Quarter 2025 Results 2 David Vélez Founder, Chief Executive Officer and Chairman Youssef Lahrech President and Chief Operating Officer Guilherme Lago Chief Financial Officer First Quarter 2025 Results 3 Disclaimer This presentation speaks at the date hereof and the Company is under no obligation to update or keep current the information contained in this presentation. Any informat ...

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 May, 2025 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 ...