Slide 1: XP Inc. 1Q26 Earnings Presentation
ANOS XP inc. 1Q26 EARNINGS PRESENTATION
Slide 2: Disclaimer
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 . (the “Company,” “we”
Slide 3: Key Highlights and Strategy
Key Highlights and Strategy 1Q26 Financials and Main KPIs Q&A Appendix
Slide 4: 1Q26 Highlights
Notes: 1 – Managerial BIS Ratio, calculated in accordance with Central Brank methodology; 2 – 1Q26 adjusted diluted EPS annualized Core Investment KPIs Balance Sheet and Profitability R$ 2.1 trillion Client’s assets, AUM and AUA ( +21% YoY) R$ 18.3 K Total Advisors ( +1% YoY) R$ 4.8 million Active C
Slide 5: Client Assets
CLIENT ASSETS Growing 21% YoY backed by the expansion of our ecosystem Total Client Assets, AUM and AUA in XP totaling R$ 2.1 trillion Total Client Assets, AUM and AUA (R$ Billion) Total Client Assets (in R$ bn) AUM (in R$ bn) AUA (in R$ bn) 190 252 267 249 336 346 1,328 1Q25 1,491 4Q25 1,529 1Q26 1
Slide 6: 1Q26 Retail NNM of R$19bn
1Q26 Retail NNM of R$19bn Retail Net New Money (R$ Billion) Corporate & Institutional 20 20 19 4 12 - 4 1Q25 4Q25 1Q26 24 32 14 FGC Payments Retention (R$ Billion) RETENTION HIGH WITH GROWTH COMBINED NNM ORGANIC BRAND: STRONG FGC PAYMENTS OF Brand Strength combined with Close Advisor Interactions re
Slide 7: Retail Investments
RETAIL INVESTMENTS R E TA I L C L I E N T S O P P O R T U N I T Y H I G H I N C O M E S T R E N G T H P R I VAT E G R O W I N G Core segment with healthy underlying trends supported by our agnostic service model Maturing franchise enables us to gain market share Adequate value proposition, backed by
Slide 8: 1Q26 Financials
1Q26 FINANCIALS
Slide 9: New Revenue Breakdown
New Revenue Breakdown 9 A better representation of how operate the company: Retail and Wholesale, and allocation of “Other” among business lines. in R$ million 4,919 Gross Revenue 3,773 Retail 1,167 Equities 756 Fixed Income 392 Funds Platform 118 Retirement Plans 356 Cards 90 Credit 59 Insurance 83
Slide 10: Gross Revenue Breakdown
Retail Wholesale Banking Other Gross Revenue Breakdown R$ Million Gross Revenue Breakdown % 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 YoY W I T H R E TA I L G A I N I N G R E P R E S E N TAT I V E N E S S Q o Q 906 210 3,441 1Q25 3,862 1,241 175 4Q25 3,773 1,146 1Q26 4,557
Slide 11: Retail Gross Revenue
Equities Fixed Income Funds Platform New Verticals Other Retail 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 R$ Million Retail Gross Revenue Breakdown % 1Q25 11 4Q25 1Q26 3,441 3,773 +10% 3,862 28% 27% 31% 29% 24% 20% 9% 11% 10% 16% 19% 17% 17% 1
Slide 12: Wholesale Banking Revenue
WHOLESALE BANKING REVENUE Revenues growing 26% YoY, highlighting our Corporate franchise evolution Corporate, Issuer Services and Institutional Breakdown R$ Million 280 491 498 282 404 269 344 346 379 1Q25 4Q25 1Q26 906 1,241 1,146 +26% Corporate 12 Issuer Services Institutional
Slide 13: Sales, General & Administrative Expenses (SG&A)
SALES, GENERAL & ADMINISTRATIVE EXPENSES ( SG& A) ¹ (LTM%) 970 447 582 514 1Q25 1,140 4Q25 1,096 1Q26 1,416 +14% 1,722 1,610 SG& A¹ (R$ Milion) People Non - people 24.8% 35.9% 1Q24 2Q24 3Q24 4Q24 22.8% 33.6% 1Q25 2Q25 3Q25 4Q25 23.2% 34.6% 1Q26 Efficiency and Compensation Ratios¹ Compensation Ratio
Slide 14: Adjusted Earnings Before Taxes (EBT)
EBT G RO W S O N YEARLY BASI S EBT (R$ Milion) ADJUSTED EARNINGS BEFORE TAXES (EBT) 29.9% 1Q25 32.7% 4Q25 30.0% 1Q26 1,314 1,640 1,418 8% EBT Margin 14
Slide 15: Adjusted Net Income
1 - Please refer to the Non - GAAP Reconciliation in the appendix. NET I NCO M E G RO W TH YO Y W I TH M ARG I N EXPANSI O N Q O Q ADJUSTED NET INCOME 28.1% 1Q25 26.5% 4Q25 27.8% 1Q26 1,236 1,331 1,318 7% Adjusted Net Income 1 Adjusted Net Margin 15
Slide 16: Consistent Capital Distribution to Shareholders
C o n s i s t e n t C a p i t a l D i s t r i b u t i o n t o S h a r e h o l d e r s , w i t h m o r e t h a n R $ 1 4 b n i n D i v i d e n d s a n d S h a r e R e p u r c h a s e s 916 500 500 2022 3,542 2023 2,000 1,354 2024 1,899 2025 2026 1,815 4,458 3,354 2,399 2022 2023 2024 2025 2026E 51% 1
Slide 17: Adjusted Diluted EPS and ROTE/ROAE
Notes: 1 – Calculated based on Adjusted Net Income EPS and Return on Tangible Equity Adjusted Diluted EPS 1 ( R $ ) 24.1% 1Q25 22.8% 4Q25 21.7% 1Q26 30.2% 27.7% 26.2% Adjusted Annualized ROTE and ROAE 1 ROAE ROTE 1Q25 17 4Q25 1Q26 2.29 2.49 +9% 2.56
Slide 18: Capital Management: BIS Ratio
CAPITAL MANAGEMENT BIS Ratio 1 20.7% BIS Ratio Common Equity Tier 1 Additional Tier 1 Tier 2 51% 51% 40% Risk - Weighted Assets and VaR (R$ Milion) Credit RWA Market RWA Operational RWA RWA % of Total Assets 16 bps 17 bps 14 bps VaR 2 of R$36mm , or 14bps of Equity Notes: 1 – Managerial BIS Ratio, c
Slide 19: XP Inc.
XP" inc.
Slide 20: Appendix
APPENDIX
Slide 21: Credit Portfolio
To t a l U n s e c u r e d S e c u r e d R $ billion 23.5 5.7 17.8 Loans 9.2 1.8 7.4 Credit Card 41.5 37.5 4.0 Corporate Securities 74.3 45.1 29.1 Credit Portfolio Main Activities Investment Banking Fixed Income Distribution Corporate Credit TOTAL LOAN 21
Slide 22: Non-GAAP Reconciliation: Managerial P&L
Non - GAAP Reconciliation 22 Managerial P&L Reclassifications and Adjustments Accounting P&L in R$ mn 4,919 - 4,919 Gross Revenues (186) 59 (245) Sales Taxes & Deductions 4,733 59 4,674 Net Revenues (1,554) - (1,554) COGS 3,179 59 3,120 Gross Profit (1,609) 1 (1,609) Total SG&A (1,096) - (1,096) Peo
Slide 23: Non-GAAP Reconciliation of Adjusted Net Income
Non - GAAP Reconciliation 23 QoQ 4Q25 YoY 1Q25 1Q26 (in R$ mn) 3% 1,282 7% 1,236 1,318 Net Income - 13 - - - Hedge of Social Charges - (3) - - - PSU Expiration Expenses / Hedge of Social Charges - 39 - - - Tax Expenses - 1% 1,331 7% 1,236 1,318 Adjusted Net Income Non - GAAP Reconciliation of Adjust
Slide 24: Investor Relations
I n v e s t o r R e l a t i o n s i r @ x p i . c o m . b r h t t p s : / / i n v e s t o r s . x p i n c . c o m / 4Q25 EARNINGS PRESENTATION