Slide 1: 4Q25 Earnings Presentation
XP inc. 4Q25 EARNINGS PRESENTATION
Slide 2: Important Disclosure
IMPORTANT DISCLOSURE IN REVIEWING THE INFORMATION CONTAINED IN THIS PRESENTATION, YOU ARE AGREEING TO ABIDE BY THE TERMS OF THIS DISCLAIMER. THIS INFORMATION IS BEING MADE AVAILABLE TO EACH RECIPIENT SOLELY FOR ITS INFORMATION AND IS SUBJECT TO AMENDMENT. This presentation is prepared by XP Inc. (th
Slide 3: Index
INDEX 04 Key Highlights and Strategy 22 4Q25 Financials and Main KPIs 32 Final Remarks 33 Q&A 34 Appendix
Slide 4: Larger Footprint in the Brazilian Investment Industry
LARGER FOOTPRINT IN THE BRAZILIAN INVESTMENT INDUSTRY ~800 R$2.1T ~18K ~4.8 MILLION INVESTMENT CENTERS1 IN AUC + AUM + AUA ADVISORS CLIENTS (PRESENT IN 23 BRAZILIAN STATES + FEDERAL DISTRICT) ~2.2 MILLION #1 ~50 THOUSAND 1ST EQUITIES DAILY IN TRADED FIXED INCOME TRANSACTIONS MODEL-AGNOSTIC INVESTMEN
Slide 5: Excellence Translated into Positive Returns
EXC ELEN CE TR AN SLATED IN TO POSITIVE R ETU N R S F IR ST WAVE SEC ON D WAVE TH IR D WAVE ACCESS TO SCALE, LARGER DISTRIBUTION CAPACITY AND COMPLETE ECOSYSTEM DEMOCRATIZING ACCESS TO PRODUCTS THE WEALTH SERVICE MODEL RETAIL CONSOLIDATING AND BANKING EXPANDING OUR WHOLESALE ACTIVITIES WHILE BANK PR
Slide 6: This Strategy Has Been Delivering Consistent Profitability Growth
THIS STRATEGY HAS BEEN DELIVERING CONSISTENT PROFITABILITY GROWTH F I N A N C I A L P E R F O R M A N C E C O M B I N E D W I T H A C O N S E RVAT I V E C A P I TA L S T R U C T U R E Income Statement Adjusted Diluted EPS R$ 2025 R$ 19.5 bn R$ 5.5 bn R$ 5.2 billion Gross Revenue (+8% YoY) Adj. EBT (
Slide 7: On Top of Our Unique Scale and Differentiated Platform
ON TOP OF OUR XP Service Model Index is an important tool to track alignment and adherence to our way to serve UNIQUE SCALE AND DIFFERENTIATED PLATFORM WE Increase in Satisfaction, Inflows, XP Service Model – (range) CONSISTENTLY Revenues and Portfolio Quality 0 100 for Clients Above the Index IMPRO
Slide 8: Excellence Translated into Positive Returns
EXC ELEN CE TR AN SLATED IN TO POSITIVE R ETU R N S F i n a n c i a l Pl a n n i n g c o m b i n ed w i th a d h e re nce to Exp e r t Al l o c a ti o n l e a d i n g to b e tte r p e r form ance fo r c l i e n ts I n - h o u s e D e v e l o p e d To o l s P o w e r i n g C l i e n t J o u r n e y C
Slide 9: Productivity and Scale
EXC PR OPR IETA ELEN RYCE TECH TR AN SLATED NOLOGY ASINATO KEYPOSITIVE FAC TORRTO ETUSU N RPPORT S F i n a n c i a l Pl a n nSC i n g ALABILITY c o m b i n ed w i th a dWITH GOVER h e re nce to Exp e r t Al lN o cAN a ti o nCE l e a d i n g to b e tte r p e r form ance fo r c l i e n ts I n - h o u
Slide 10: The Development of Our 18,000 Advisors Is a Key Part of Our Journey
TH E D EVELOPMEN T OF OU R 18,000 A D VISOR S IS A KEY PART OF OU R JOU R N EY TOWARDS EXCELLENCE FOUNDATION SCALE AND EXPANSION FUTURE GROWTH Independent Internal Financial Planner / Stockbroker Financial Advisors Advisors Consultant Education as Expansion of our network Complementary sales Unlocki
Slide 11: Achieving Our Main Goals in Each Segment
THROUGH CLIENTS' PERCEPTION OF XP’S EXCELLENCE AND BACKED BY TECHNOLOGY, WE WILL ACHIEVE OUR MAIN GOALS IN EACH SEGMENT R E TA I L I N V E S T M E N T S R E TA I L C R O S S - S E L L C O R P O R AT E & S M B Leadership in Core Business Grow With Our Client’s Needs Premier Service With Unique Value
Slide 12: Retail Investments
RETAIL INVESTMENTS
Slide 13: Consistent Results in Our Core Segments
CONSISTENT RESULTS Investment in high-income and private segments have delivered the expected results IN OUR CORE SEGMENTS HIGH INCOME R$300 k – 10 MM R E TA I L C L I E N T S STRENGTH P R I VAT E R$0 – 300 K +R$10 MM OPPORTUNITY GROWING • Core segment, with strong fundamentals and concentrating mos
Slide 14: Compounding Effect of Our Assets and Traction in Core Segments
THE COMPOUNDING EFFECT OF OUR ASSETS AND TRACTION IN OUR CORE SEGMENTS ARE COMBINED WITHIN OUR MAIN GROWTH PILLARS Total Client Assets, AUM and AUA (R$ Billion) Total Client Assets and Net New Money (R$ Billion) Total Client Assets (in R$ bn) AUM (in R$ bn) AUA (in R$ bn) Retail Corporate & Institut
Slide 15: Cross-Sell
CROSS-SELL
Slide 16: Aiming to Offer Complete Solutions for Our Clients
W E A R E C O N S I S T E N T LY CONSORTIUM IMPROVING OUR OFFERING Increasing volumes (+228%) and Development of new products market share gain (+160%) YoY such as fixed-rate products with AIMING TO OFFER A lower installments COMPLETE SOLUTIONS 2026 FOR OUR CLIENTS Integration of the consortium New
Slide 17: Main KPIs
Main KPIs 4Q24 3Q25 4Q25 +11% P e n e t r a t i o n 1;2 Cards 14.6 TPV 13.1 13.1 (in R$ bn) 32% 50% 4Q25 Peers Avg. +25% P e n e t r a t i o n 2;3 502 Life Insurance 401 451 Gross Written Premium 3% 17% (in R$ mm) 4Q25 Market Avg. +17% Market Share 90 95 Retirement 81 Plans Assets 5% 27% (in R$ bn)
Slide 18: Wholesale Bank
WHOLESALE BANK
Slide 19: In Just Five Years, We Have Become One of the Largest Wholesale Banks in Brazil
IN JUST FIVE YEARS, Secondary Market Share WE HAVE BECOME 48% 48% 50% ONE OF THE Market Share Equities Ibov Futures FX Futures LARGEST (Traded Volumes at B3)1 39% 49% WHOLESALE BANKS Options ETFs IN BRAZIL Dominance #1 #1 #1 Our strengths lie in Other Equities Options Interest Rates Interest Rates I
Slide 20: Opportunities for the Next Years
OPPORTUNITIES FOR THE NEXT YEARS Leverage on the largest Deliver simple and advisor network to reach comprehensive financial SMB SMBs solutions Broaden product portfolio Focus on transactions beyond investments and FX and payments Credit as a catalyst for the Individuals investment business Home equ
Slide 21: 4Q25 Financials
4Q25 FINANCIALS
Slide 22: Gross Revenue
GROSS REVENUE G R O S S R E V E N U E P O S T E D + 8 % G R O W T H W I T H R E TA I L S U S TA I N I N G T H E S A M E R E P R E S E N TAT I V E N E S S Y O Y Gross Revenue Breakdown Gross Revenue Breakdown R$ Million % +8% +12% 19,447 5% 3% 3% 5% 4% 756 5,279 18,035 175 884 13% 15% 17% 13% 14% 4,9
Slide 23: Retail Gross Revenue
RETAIL GROSS REVENUE I N C R E A S I N G R E V E N U E D I V E R S I F I C AT I O N Retail Revenue Retail Gross Revenue Breakdown R$ Million % +8% 14,584 13,489 18% 19% 17% 19% 20% +8% 3,862 3,704 3,569 16% 16% 17% 17% 19% 10% 10% 10% 10% 11% 26% 28% 25% 26% 24% 28% 28% 32% 27% 28% 4Q24 3Q25 4Q25 20
Slide 24: Corporate & Issuer Services
Corporate & Issuer Services Breakdown R$ Million CORPORATE & ISSUER +19% 2,733 SERVICES +49% 895 2,289 REVENUE 729 1,276 404 WHOLESALE BANK 599 1,324 323 GROWING DOUBLE DIGITS 337 1,457 491 406 965 262 4Q24 3Q25 4Q25 2024 2025 Corporate Issuer Services 24
Slide 25: Sales, General & Administrative Expenses
SA LES, GEN ER A L & A D MIN ISTR ATIVE EXPEN SES (SG& A )¹ S G & A ¹ (R$ Milion) Efficiency People Non-people a n d C o m p e n s a t i o n R a t i o s ¹ (LTM%) Compensation Ratio Efficiency Ratio +10% +8% 1,733 6,384 1,672 1,577 5,927 586 2,111 36.3% 530 490 1,871 34.7% 34.7% 1,142 1,147 4,056 4,2
Slide 26: Earnings Before Taxes
EBT (R$ Milion) EARNING EBT Margin BEFORE TAXES 20% +10% (EBT) 1,547 5,459 4,974 1,331 1,289 31.3% 28.5% 29.1% 29.6% 28.7% EBT MARGIN E X PA N S I O N B O T H O N Q U A R T E LY A N D O N Y E A R LY B A S I S 4Q24 3Q25 4Q25 2024 2025 26
Slide 27: Adjusted Net Income
Adjusted Net ADJUSTED Income1 Adjusted Net Margin NET INCOME 10% +15% 1,330 1,331 5,218 1,210 4,544 28.5% 28.3% 27.0% 26.9% 26.6% ALL TIME HIGH R E S U LT S I N T H E QUARTER - WITH 15% GROWTH IN THE YEAR 4Q24 3Q25 4Q25 2024 2025 1 - Please refer to the Non-GAAP Reconciliation in the appendix. 27
Slide 28: Capital Management
C A PITA L MA N A GEMEN T Dividends Paid and Share Payout Ratio Repurchases (R$ Million) Share Repurchases Dividends Paid 4,458 114% 3,354 74% 3,542 2,399 2,000 500 51% 1,815 46% 1,899 1,354 916 2022 2023 2024 2025 2022 2023 2024 2025 Consistent Capital Distribution to Shareholders, with more than R
Slide 29: EPS and Return on Tangible Equity
EPS and R eturn on Tangible Equity Adjusted Diluted Adjusted Annualized EPS1 (R$) ROTE and ROAE1 ROAE ROTE +18% 9.81 29.1% 29.5% 28.0% 28.7% 27.7% +15% 8.28 23.9% 2.56 23.0% 2.47 23.4% 23.0% 2.23 22.8% 4Q24 3Q25 4Q25 2024 2025 4Q24 3Q25 4Q25 2024 2025 Notes: 1 – Calculated based on Adjusted Net Inco
Slide 30: Capital Management
CAPITAL Risk-Weighted Assets and VaR (R$ Milion) MANAGEMENT Credit RWA Market RWA Operational RWA RWA % of Total Assets 30% BIS Ratio1 Common Equity Tier 1 Additional Tier 1 Tier 2 30% 27% 21.2% 20.4% 119 1.9% 106 108 15% 1.7% 0.8% 16% 17.7% 24% 1.4% 0.8% 0.8% 34% 33% 36% 18.5% 17.3% 16.1% 51% 51% 4
Slide 31: Strategic Foundations for Business 2026
Business Strategic Foundations 2026 Focus on Investments made for excellence and innovation over the past years starting to mature New investments in the Continue segmentation Wholesale Bank and in with accurate value the B2C channel proposition Excellence is our growth pillar, underpinned by the de
Slide 32: Q&A
Q&A
Slide 33: Appendix
APPENDIX
Slide 34: Total Loan Portfolio
TOTAL LOAN PORTFOLIO¹ R$ billion Secured Unsecured To t a l Main Activities Investment Banking Loans 18.7 6.5 25.2 Fixed Income Distribution Credit Card 7.5 1.9 9.4 Corporate Credit Corporate Securities 3.6 39.8 43.4 Credit Portfolio 29.8 48.2 78.0 34
Slide 35: Non-GAAP Financial Information
N on -GA A P Financial Information (in R$ mn) 4Q25 4Q24 YoY 3Q25 QoQ 2025 2024 YoY Net Income 1,282 1,181 9% 1,330 -4% 5,169 4,515 14% Hedge of Social Charges 13 47 - - - 13 47 -72% PSU Expiration Expenses / Hedge of Social Charges (3) (59) - - - (3) (59) -95% Tax Expenses 39 41 - - - 39 41 -6% Adju
Slide 36: 4Q25 Earnings Presentation
4Q25 EARNINGS PRESENTATION Investor Relations ir@xpi.com.br https://investors.xpinc.com/