Nubank: A miss in 1Q26 on risk-adjusted NIM compression

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Nubank: A miss in 1Q26 on risk-adjusted NIM compression

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Nubank

A miss in 1Q26 on risk-adjusted NIM

compression

Maintain Rating: NEUTRAL | PO: 17.00 USD | Price: 12.93 USD

Rising CoR more than offset lower effective tax rate 14 May 2026

Net income of US$871mn declined 5% QoQ (FXN) and was 8/5% below Equity

BofAe/Bloomberg consensus, while earnings before taxes on an IFRS basis fell 14% QoQ

Mario Pierry

and were 22% below BofAe. The bottom line benefited from an effective tax rate of 9% Research Analyst

vs 17% in 4Q and 15-20% expected for the full year. ROE fell to 29.1% from 32.7% in BofAS +1 646 743 0047

4Q25. The earnings miss reflected a sharp, 100bp, compression in risk-adjusted NIM on mario.pierry@bofa.com

rising cost of risk. The CoR rose 390bp QoQ (following a deterioration of 220bp in 4Q) Antonio Ruette >>

to a historical high of 19.7% due to loan book growth, seasonality, and product mix, and Research Analyst Merrill Lynch (Brazil)

not because of asset quality deterioration, according to mgmt. As such, mgmt. expects a +55 11 2188 4225

gradual improvement in the risk-adjusted NIM in the coming quarters. On the other antonio.ruette@bofa.com

hand, mgmt. noted that it expects the managerial efficiency ratio to deteriorate to AugustoResearch UeharaAnalyst >>

c.20% in ’26 from 17% in 1Q, as it accelerates spending in AI, building a global brand, Merrill Lynch (Brazil)

+55 11 2188 4651

and bringing employees back to the office. Finally, mgmt. noted that investments in augusto.uehara@bofa.com

building the US franchise should not consume more than 100bp of efficiency in each of Ernesto Gabilondo >>

the next two years. We stay at Neutral, as share underperformance YTD (-23% vs Research Analyst

Merrill Lynch (Mexico)