Slide 1: XP Inc. 3Q25 Earnings Presentation
XP inc. 3Q25 Earnings Presentation
Slide 2: Important Disclosure
2 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
Slide 3: Index
Index 3Q25 Financials and Main KPIs 02 Final Remarks 03 01 Key Highlights Q&A 04 Appendix 05
Slide 4: 01. Key Highlights
01. Key Highlights
Slide 5: 3Q25 Highlights
5 3Q25 Highlights Notes: 1 – Managerial BIS Ratio, calculated in accordance with Central Brank methodology Growing profitability consistently 2019 2020 2021 2022 2023 2024 3Q25 LTM 2.11 3.71 6.26 6.25 7.16 8.28 9.40 Diluted EPS R$ R$ 1.9 trillion Client’s assets, AUM and AUA ( + 16 % YoY) Core Inves
Slide 6: Strategy Tracker
6 Strategy Tracker Retail Investments Leadership in Core Business Our main goal is to achieve leadership in the investment market, our core business. To do this, we need to maintain and expand our differentials and continue to grow in all customer segments . Retail Cross - Sell Grow with Our Clients
Slide 7: Total Client Assets, AUM and AUA
7 182 214 228 228 276 294 1,270 3Q24 1,372 2Q25 1,425 3Q25 1,680 1,861 1,947 +16% Total Client Assets 1 , AUM and AUA R$ Billion Retail Investments Total Client Assets, AUM and AUA in XP already totaling R$1.9 trillion Total Client Assets (in R$ bn) AUM (in R$ bn) AUA (in R$ bn) Total Client Assets
Slide 8: XP's Journey to Excellence
8 XP s Journey to Excellence XP democratizes the access to quality service by leveraging on technology and well - designed processes Notes: 1 – Index for the B2B segment composed by 7 metrics with the objective of evaluating customer service and the execution of the f ranchise model established by
Slide 9: Strategy Tracker
9 Strategy Tracker Retail Investments Leadership in Core Business Our main goal is to achieve leadership in the investment market, our core business. To do this, we need to maintain and expand our differentials and continue to grow in all customer segments . Retail Cross - Sell Grow with Our Clients
Slide 10: Retail Cross-Sell
10 Retail Cross - Sell Notes: 1 - Active Credit Cards vs. Total Active Clients, 2 – Company Estimates for Peers and Market Average, 3 – Penetration base d on Active Clients from XP and Rico only, 4 - Excluding Credit Cards, 5 - Includes FX, Digital Account, Global Investments, Consortium and Other I
Slide 11: Strategy Tracker
11 Strategy Tracker Retail Investments Leadership in Core Business Our main goal is to achieve leadership in the investment market, our core business. To do this, we need to maintain and expand our differentials and continue to grow in all customer segments . Retail Cross - Sell Grow with Our Client
Slide 12: Wholesale
12 2Q25 3Q25 Market Leader 17% 17% 17% Wholesale 3Q24 LTM 3Q25 LTM 3,651 3,796 Institutional, Corporate and Issuer Services Gross Revenue R$ Million 2Q25 3Q25 Market Leader 10 % 10 % 20 % 23 34 33 3Q24 2Q25 3Q25 +45% Investment Banking DCM Volume 1 (in R$bn ) Broker Dealer – Traded Volume 2 (in R$bn
Slide 13: 02. 3Q25 Financials
02. 3 Q25 Financials
Slide 14: Gross Revenue
14 77% 7% 12% 3% 3Q24 77% 7% 12% 4% 2Q25 75% 7% 15% 3% 3Q25 100% 100% 100% Gross Revenue Corporate & Issuer Services as the spotlight… …+32 p.p YoY Growth Gross Revenue Breakdown % Gross Revenue Breakdown R$ Million Retail Institutional Corporate & Issuer Services Other 340 343 340 552 547 729 202 3
Slide 15: Retail Revenue Breakdown
15 In a challenging year, New Verticals and Other Retail gaining relevance Retail Revenue Breakdown % Retail Revenue R$ Million 30% 27% 10% 15% 17% 3Q24 29% 28% 10% 16% 18% 2Q25 28% 25% 10% 17% 20% 3Q25 100% 100% 100% Retail Revenue 3Q24 2Q25 3Q25 3,494 3,577 3,704 +6% Equities Fixed Income Funds Pl
Slide 16: Corporate & Issuer Services Revenue
16 Corporate & Issuer Services Revenue Corporate & Issuer Services Breakdown R$ Million 229 279 406 323 268 323 3Q24 2Q25 3Q25 552 547 729 +32% Corporate Issuer Services Corporate Posting Significant Growth YoY and Issuer Services With a Sequential Improvement
Slide 17: Efficiency and Compensation Ratios
17 Efficiency and Compensation Ratios 2 LTM % Sales, General & Administrative Expenses (SG&A)¹ and Ratios Notes: 1 – Calculated as SG&A ex - revenue from incentives from Tesouro Direto , B3, and others divided by Net Revenue. 2 – Calculated as People SG&A (Salary and Taxes, Bonuses and Share Based C
Slide 18: Earnings Before Taxes (EBT)
18 EBT R$ Million Higher EBT and EBT Margin YoY Earning Before Taxes (EBT) 0 5 10 15 20 25 30 35 40 45 400 500 600 700 800 900 1,000 1,100 1,200 1,300 1,400 28.1% 3Q24 29.6% 2Q25 28.5% 3Q25 1,212 1,318 1,331 +10% EBT Margin
Slide 19: Adjusted Net Income and Net Margin
19 Net Income +12% Growth YoY with +106bps in Net Margin Adjusted Net Income and Net Margin Adjusted Net Income R$ Million 0 5 10 15 20 25 30 35 40 45 400 500 600 700 800 900 1,000 1,100 1,200 1,300 1,400 27.5% 3Q24 29.7% 2Q25 28.5% 3Q25 1,187 1,321 1,330 +12% Adjusted Net Margin
Slide 20: Capital Management
20 Capital Management Dividends Paid Share Repurchases Dividends Paid and Share Repurchases R$ Million 916 842 500 2022 3,542 2023 2,000 1,354 2024 1,000 1,048 11M 25 1,815 4,458 3,354 3,391 Share Repurchase in Oct 25 New SBB Program Consistent Capital Distribution to Shareholders Payout Ratio 2022
Slide 21: EPS and Return on Tangible Equity
21 3Q24 2Q25 3Q25 9% 11% 18% 22% 12% 13% 23.0% 3Q24 24.4% 2Q25 23.0% 24.2% 3Q25 28.4% 30.0% 29.9% 24.4% 30.0% 23.0% 23.0% 28.4% Adjusted Annualized ROTE¹ and ROAE² % EPS and Return on Tangible Equity Notes: 1 – Annualized Return on Average Tangible Equity. Tangible Equity excludes Intangibles and Go
Slide 22: Capital Management: BIS Ratio, RWA and VaR
22 19.6% 0.9% 0.9% 3Q24 18.5% 0.8% 0.8% 2Q25 18.5% 0.8% 1.9% 3Q25 21.5% 20.1% 21.2% VaR 3 of R$29mm, or 12bps of Equity Capital Management Notes: 1 – Managerial BIS Ratio, calculated in accordance with Central Brank methodology, 2 – 3Q25 CET1 reported by selected pee rs, 3 – Average Daily VaR,1 day,
Slide 23: 04. Q&A
04. Q&A
Slide 24: Total Loan Portfolio
24 Total Loan Portfolio¹ Note: 1 – Gross of Expected Credit Losses. Total Unsecured Secured R$ billion 26.0 7.1 18.9 Loans 8.5 2.1 6.4 Credit Card 32.7 26.8 5.9 Corporate Securities 67.3 36.0 31.3 Credit Portfolio Main Activities • Investment Banking • Fixed Income Distribution • Corporate Credit
Slide 25: 3Q25 Investor Relations
3Q25 Earnings Presentation Investor Relations ir@xpi.com.br https://investors.xpinc.com/