Slide 1: 2Q25 Earnings Presentation
XPVinc. 2Q25 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 2Q25 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: 2Q25 Highlights
5 2Q25 Highlights Notes: 1 – Managerial BIS Ratio, calculated in accordance with Central Brank methodology Growing profitability consistently 2019 2020 2021 2022 2023 2024 2Q25 LTM 2.11 3.71 6.26 6.25 7.16 8.28 9.10 Diluted EPS R$ R$ 1.9 trillion Client’s assets, AUM and AUA ( + 17 % 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
7 173 190 214 219 249 276 1,204 2Q24 1,328 1Q25 1,372 2Q25 1,595 1,766 1,861 +17% 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: Retail Strategy – Keeping our Moats
8 Retail Strategy – Keeping our Moats Our consistent profitability enables us to continuously invest in our business, strengthening our capacity to serve clients a nd seize future growth opportunities Proven Track Record Continuous Increasing Profitability combined with a Conservative Balance Sheet
Slide 9: Agnostic Business Model
9 Lower Churn Agnostic Business Model Notes: 1 – Brokerage fees apply to Equity trades and determined Fixed Income trades, if applicable; 2 - Available for clients with minimum R$ 300 k in invested assets. Our capacity to serve clients through different models set us apart from peers A Diversified A
Slide 10: Strategy Tracker
10 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 11: Retail Cross-Sell
11 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 12: Strategy Tracker
12 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 13: Wholesale: Institutional, Corporate and Issuer Services
13 1Q25 2Q25 Market Leader 17% 17% 17% Wholesale 2Q24 LTM 2Q25 LTM 3,664 3,619 Institutional, Corporate and Issuer Services Gross Revenue R$ Million 1Q25 2Q25 Market Leader 12 % 10 % 20 % 26 34 34 2Q24 1Q25 2Q25 +30% Investment Banking DCM Volume 1 (in R$bn ) Broker Dealer – Traded Volume 2 (in R$bn
Slide 14: 02. 2Q25 Financials
02. 2Q25 Financials
Slide 15: Gross Revenue Breakdown
15 73% 8% 14% 5% 2Q24 76% 8% 12% 5% 1Q25 77% 7% 12% 4% 2Q25 100% 100% 100% Gross Revenue Retail as the Highlight… …+4 p.p YoY out of Total Revenues Gross Revenue Breakdown % Gross Revenue Breakdown R$ Million Retail Institutional Corporate & Issuer Services Other 346 344 343 629 562 547 233 210 202
Slide 16: Retail Revenue Breakdown
16 Making Equities and Fixed Income as the Main Contributors in Retail Retail Revenue Breakdown % Retail Revenue R$ Million 34% 25% 11% 16% 15% 2Q24 28% 29% 9% 16% 17% 1Q25 29% 28% 10% 16% 18% 2Q25 100% 100% 100% Retail Revenue 2Q24 1Q25 2Q25 3,294 3,441 3,577 +9% Equities Fixed Income Funds Platfor
Slide 17: Corporate & Issuer Services Revenue
17 Corporate & Issuer Services Revenue Corporate & Issuer Services Breakdown R$ Million 245 280 279 384 282 268 2Q24 1Q25 2Q25 629 562 547 - 13% Corporate Issuer Services Corporate Growing YoY And Issuer Services With a Hard Comp Versus 2Q24
Slide 18: Efficiency and Compensation Ratios
18 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 19: Earnings Before Taxes (EBT)
19 EBT R$ Million Slightly Higher EBT and EBT Margin QoQ 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 32.8% 2Q24 29.1% 1Q25 29.6% 2Q25 1,384 1,263 1,318 - 5% EBT Margin
Slide 20: Adjusted Net Income and Net Margin
20 Net Income +18% Growth YoY with +320bps 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 26.5% 2Q24 28.4% 1Q25 29.7% 2Q25 1,118 1,236 1,321 +18% Adjusted Net Margin
Slide 21: EPS and Return on Tangible Equity
21 2Q24 1Q25 2Q25 14% 10% 20% 24% 18% 22% 2Q24 1Q25 2Q25 22.1% 27.2% 24.1% 30.2% 24.4% 30.1% Adjusted Annualized ROTE¹ and ROAE² % EPS and Return on Tangible Equity Notes: 1 – Annualized Return on Average Tangible Equity. Tangible Equity excludes Intangibles and Goodwill; 2 – Annualized Retur n on A
Slide 22: Consistent Capital Distribution to Shareholders
22 Consistent Capital Distribution to Shareholders Payout Ratio 915 916 2022 3,542 2023 2,000 1,354 2024 1H25 1,815 4,458 3,354 Capital Management Dividends Paid Share Repurchases Dividends Paid and Share Repurchases R$ Million 2022 2023 2024 2025 - 2026E 51% 114% 74% >50% (1)
Slide 23: Capital Management
23 18.7% 0.9% 0.9% 2Q24 17.3% 0.8% 0.8% 1Q25 18.5% 0.8% 0.8% 2Q25 20.5% 19.0% 20.1% VaR 3 of R$28mm, or 13bps of Equity Capital Management Notes: 1 – Managerial BIS Ratio, calculated in accordance with Central Brank methodology, 2 – 2Q25 CET1 reported by selected pee rs, 3 – Average Daily VaR,1 day,
Slide 24: 04. Q&A
04. Q&A
Slide 25: Total Loan Portfolio
25 Total Loan Portfolio¹ Note: 1 – Gross of Expected Credit Losses. Total Unsecured Secured R$ billion 25.3 7.0 18.4 Loans 8.3 2.2 6.1 Credit Card 33.7 27.8 6.0 Corporate Securities 67.4 37.0 30.4 Credit Portfolio Main Activities • Investment Banking • Fixed Income Distribution • Corporate Credit
Slide 26: Investor Relations
2 Q25 Earnings Presentation Investor Relations ir@xpi.com.br https://investors.xpinc.com/