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As of Q4'25, NU's EV/EBITDA ratio stands at 17.927, marking the lowest point in the observed period from Q1'23 to Q4'25. This latest figure continues the overall downward trend seen over the past quarters. From Q1'23 to Q4'25, the EV/EBITDA ratio for NU has shown a significant decline, dropping from a high of 577.216 in Q1'23 to 17.927 in Q4'25. The most pronounced decrease occurred between Q1'23 and Q2'23, followed by a more gradual but consistent decline with minor fluctuations. This trend suggests a substantial improvement in valuation relative to EBITDA, indicating either growing earnings or a normalization of the company's market value over the last two years.