Financial Data and Key Metrics Changes - In Q3 2025, the company reported record revenues exceeding $4 billion, driven by strong customer growth and engagement [3][4] - Net income reached $783 million, marking a 39% year-over-year increase, with a return on equity (ROE) of 31% [23] - The cost-to-income ratio improved to 28%, reflecting enhanced operational efficiency [4][22] Business Line Data and Key Metrics Changes - The customer base grew to 127 million, with over 4 million net additions in the quarter, maintaining an activity rate above 83% [3] - Credit portfolio balances reached $30.4 billion, up 42% year-over-year, with secured lending growing 133% and unsecured loans increasing by 63% [15][16] - Loan originations hit a record high of $4.2 billion, up 40% year-over-year [16] Market Data and Key Metrics Changes - In Brazil, the company serves over 60% of the adult population and is the largest player in the SME segment by account numbers [5] - In Mexico, customer growth reached approximately 14% of the adult population, with RPAC levels nearing those in Brazil at $12.5 [6][46] - The cost of funding improved from 91% to 89% of interbank rates, demonstrating effective volume growth and efficiency [18] Company Strategy and Development Direction - The company aims to broaden its product portfolio and deepen customer engagement while executing a disciplined credit strategy [5][6] - A focus on becoming AI-first is emphasized, integrating AI into operations to enhance customer experiences and improve risk management [8][9] - The company is exploring opportunities in the U.S. following its filing for a National Bank Charter, while prioritizing growth in Brazil and Mexico [7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the scalability of their model, highlighting strong customer engagement and unit economics [4][5] - The company anticipates continued growth in Mexico, with expectations of meaningful contributions to results in the coming years [6][72] - Management remains cautious about potential regulatory impacts in Mexico, particularly regarding proposed caps on card interchange fees [48][49] Other Important Information - The gross profit reached $1.8 billion, up 32% year-over-year, with a gross profit margin of 43.5% [22] - The liquidity metrics for the consumer credit portfolio in Brazil showed a 15-90 day NPL ratio of 4.2% and a 90-plus-day NPL ratio of 6.8% [20][21] Q&A Session Summary Question: Can you explain the lower provisions this quarter? - Management noted that asset quality has improved, with better-than-expected performance and recovery levels due to reactivating previously defaulted customers [26][27] Question: What explains the NIM contraction? - Management explained that the decline in net interest margin (NIM) was due to a shift towards less risky assets and increased interest expenses in Brazil, despite a decrease in funding costs as a percentage of interbank rates [33][34] Question: How is the rollout of the credit limit increase program performing? - Management indicated that the full effects of the credit limit increase program will materialize over time, with a focus on less risky customers [40][41] Question: What is the impact of the proposed cap on card interchange fees in Mexico? - Management expressed concerns that caps could inhibit financial inclusion and the unit economics of new customers, while remaining engaged in discussions with industry participants [48][49] Question: Will the company provide NPL data for Mexico? - Management confirmed that as Mexico's relevance in the credit portfolio grows, more granular disclosures on asset quality will be provided [52][53]

Overall Performance - Nu reported a customer base of 123 million in Q2'25[17] - The company's revenue reached $3668 million in Q2'25, demonstrating a CAGR of 85%[22] - Gross profit amounted to $1548 million in Q2'25, with a CAGR of 78%[24] - Net income stood at $637 million in Q2'25[26] Key Metrics and Growth - Average Revenue Per Active Customer (ARPAC) increased to $12 in Q2'25[19] - The efficiency ratio was 28% in Q2'25[26] - Total portfolio reached $273 billion, showing a YoY growth of 40%[45] - Deposits totaled $366 billion, marking a YoY increase of 41%[57] Mexico Expansion - Mexico's customer base reached 12 million[90] - Deposits in Mexico amounted to $67 billion[92] - Credit card customers in Mexico numbered 66 million[94]

Company Overview - Investcorp Credit Management BDC, Inc (ICMB) was formed as CM Finance LLC in 2012 and had its IPO in February 2014[12] - As of March 31, 2025, ICMB's market capitalization was $46.3 million[12] - The investment portfolio's fair value was $192.4 million[12] Portfolio Composition - As of March 31, 2025, 77.04% of the portfolio was in Senior Secured First Lien Debt[18] - 22.96% of the portfolio was in Equity / Warrants / Other[18] - The largest regional exposure is in the Northeast, accounting for 29.16% of the portfolio[18] Financial Performance - Total assets were $207.6 million as of March 31, 2025[21] - Net assets were $78.1 million as of March 31, 2025[21] - Net asset value increased by $0.03 per share to $5.42 as of March 31, 2025[23] Investment Activity - ICMB made investments totaling $5.13 million in one new and two existing portfolio companies during the quarter ended March 31, 2025[23] - ICMB fully realized investments in three portfolio companies during the quarter, totaling $5.7 million in proceeds[23] - The weighted average yield on debt investments, at fair value, for the quarter ended March 31, 2025, was 10.78%[23]