Nu Holdings墨西哥子公司获全面银行牌照

Nu Holdings Ltd (NU.N) Nu Mexico receives full banking license CITI'S TAKE Nubank announced that Nubank Mexico has received operatingauthorization from Mexico’s SEC (CNBV), allowing it to begin operating asa fully licensed bank. This is the final step in the banking license processthat started with the approval granted in April 2025. Under Mexicanbanking regulations, Nubank Mexico must commence banking operationswithin the next 30 days. The milestone strengthens Nu’s long-termcommitment to Mexico and will enable the company to expand itsofferings in credit, payments, and savings products in the country.Mexico's operations achieved breakeven in 1Q26 (see Nu Holdings Ltd(NU.N): Nubank Mexico: 1Q26 - The (first) profitable quarter) while Junedata shows further advances in the loan book (Nu Holdings Ltd (NU.N):Nubank Mexico: June -Slower growth, higher delinquency). We think thenews is positive at the margin, as it was expected yet it should allow forthe introduction of new products in Mexico. Gustavo SchrodenAC+55-11-4009-5858gustavo.schroden@citi.com Brian Flores, CFA+55-11-4009-2842luis.brian.flores@citi.com Arnon Shirazi, CFA+55-11-4009-7906arnon.shirazi@citi.com Nu Holdings Ltd Valuation Our 12-month target price for NU is US$13. We derive our TP from a residual income model assuming sustainable ROE of 25%,perpetual growth of 10%, and cost of equity of 15%. Risks The key risks to our investment thesis on NU include the following: • Country-specific risks such as investor perception; policyand regulatory matters; FX; interest rate instability; etc. • Regulatory risk deserves a separate mention. These include factorsthat may or may not require a bank license, and factors that control market-based settings of rates, interchange, etc. •Economic cycle risk, which can affect demand, purchase volumes, credit quality, etc. These must also be considered at acountry-level: • Factors that can affect growth including system scaling, talent management, risk controls, and otheroperational factors. • Ownership-related risks, e.g., controlled corporation in terms of voting, board membership, etc. • Othermatters including (but not limited to) competition, material weakness in internal controls, M&A, vendor dependence, etc. If any of these risk factors has a greater upside/downside impact than we anticipate, the share price may outperform orunderperform our target. If you are visually impaired and would like to speak to a Citi representative regarding the detailsof the graphics in this document, please call USA 1-888-500-5008 (TTY: 711), from outside theUS +1-210-677-3788 Appendix A-1 ANALYST CERTIFICATION The research analysts primarily responsible for the preparation and content of this research report are either (i) designatedby “AC” in the author block or (ii) listed in bold alongside content which is attributable to that analyst. If multiple ACanalysts are designated in the author block, each analyst is certifying with respect to the entire research report other than(a) content attributable to another AC certifying analyst listed in bold alongside the content and (b) views expressed solelywith respect to a specific issuer which are attributable to another AC certifying analyst identified in the price charts orrating history tables for that issuer shown below. Each of these analysts certify, with respect to the sections of the reportfor which they are responsible: (1) that the views expressed therein accurately reflect their personal views about eachissuer and security referenced and were prepared in an independent manner, including with respect to Citigroup GlobalMarkets Inc. and its affiliates; and (2) no part of the research analyst's compensation was, is, or will be, directly orindirectly, related to the specific recommendations or views expressed by that research analyst in this report. IMPORTANT DISCLOSURES Citigroup Global Markets Inc. or its affiliates has received compensation for investment banking services provided within thepast 12 months from Nu Holdings Ltd. Citigroup Global Markets Inc. or its affiliates expects to receive or intends to seek, within the next three months, compensationfor investment banking services from Nu Holdings Ltd. Citigroup Global Markets Inc. or its affiliates received compensation for products and services other than investment bankingservices from Nu Holdings Ltd in the past 12 months. Citigroup Global Markets Inc. or its affiliates currently has, or had within the past 12 months, the following as investmentbanking client(s): Nu Holdings Ltd. Citigroup Global Markets Inc. or its affiliates currently has, or had within the past 12 months, the following as clients, and theservices provided were non-investment-banking, securities-related: Nu Holdings Ltd. Analysts’ compensation is determined by Citi Research management and Citigroup’s senior management and is based uponactivities and services intended to benefit the investor clients of Citigroup Global Markets