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The latest data point for Nu Holdings (NU) shows an EV/EBITDA ratio of 100.5 in Q1'26. This represents a significant spike compared to the 15.3 recorded in the preceding period of Q4'25. From Q2'23 to Q4'25, the EV/EBITDA ratio exhibited a consistent downward trend, compressing from a high of 81.3 to its lowest point of 15.3. This long-term decline was briefly interrupted by minor volatility during 2024 and 2025, but the overall trajectory indicated improving valuation multiples relative to earnings before the sharp inflection point observed in Q1'26.