This quarter’s results beat expectations, primarily driven by net profit exceeding $1 billion for the first time, supported by customer growth, deeper engagement, and operating leverage.

Key metrics: Customer base reached 139 million, active rate rose to 83.5%, ARPAC stood at $17; total revenue hit $5.9 billion, up 39% year-over-year; net profit reached $1.1 billion, up 49% year-over-year.

Business developments: Launched Croma subscription service in Brazil targeting middle-to-high-income groups to increase wallet share; obtained a banking license in Mexico, with 16 million customers and ARPA of $12.3, outperforming Brazil at a comparable stage; the AI platform NuFormer has been applied to credit, customer service, and growth decisions, improving efficiency and reducing costs.

Guidance and outlook: Management expects the full-year efficiency ratio to be around 20%, with the risk-adjusted net interest margin sustainable at current levels; no upward or downward revision to guidance was provided.

Risk/highlight signals: Management expressed strong optimism about the Mexican market, believing it follows Brazil’s success trajectory but at a faster pace; meanwhile, AI was emphasized as a core competitive advantage, with no mention of macroeconomic risks or intensifying competition.