Slide 1: 1Q25 Earnings Presentation
XPVinc. 1Q25 Earnings Presentation XBminc.
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 1Q25 Financials and Main KPIs 02 Final Remarks 03 01 Key Highlights Q&A 04 Appendix 05
Slide 4: 01. Key Highlights
01. Key Highlights xBminc.
Slide 5: 1Q25 Highlights
5 1Q25 Highlights Notes: 1 – Managerial BIS Ratio, calculated in accordance with Central Brank methodology Starting the Year with New Records 2.11 3.71 6.26 6.25 7.16 8.28 8.67 2019 2020 2021 2022 2023 2024 1Q25 LTM Diluted EPS R$ R$ 1.8 trillion Client’s assets, AUM and AUA ( + 13 % 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: Retail Investments – Consistent Net New Money
7 1,177 1,286 1,328 166 186 190 215 233 249 1Q24 4Q24 1Q25 1,558 1,705 1,766 +13% Total Client Assets 1 , AUM and AUA R$ Billion Retail Investments – Consistent Net New Money Serving Clients Wherever and However They Want New Disclosure: Asset Management and Fund Services Businesses. Total Client As
Slide 8: Retail Strategy – Keeping Our Moats
8 Retail Strategy – Keeping Our Moats Multi - Channel Distribution and Expansion Through Internal Advisors and RIAs Product Platform Best Investment Options – from Fixed - Income to Alternative Investments Equities and Futures Market Share 47 % Equities 50 % Ibov Futures 43 % FX Futures 45 % Options
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: Institutional, Corporate and Issuer Services
12 4Q24 1Q25 Market Leader 16% 17% 18% Wholesale 3,357 3,705 1Q24 LTM 1Q25 LTM Institutional, Corporate and Issuer Services Gross Revenue R$ Million +10% YoY 1Q24 1Q25 Market Leader 10% 12% 31% 16 26 23 32 34 1Q24 2Q24 3Q24 4Q24 1Q25 +117% Investment Banking DCM Volume 1 (in R$bn ) Institutional Bro
Slide 13: 02. 1Q25 Financials
02. 1 Q25 Financials
Slide 14: Gross Revenue Breakdown
14 73% 8% 12% 6% 1Q24 76% 7% 13% 5% 4Q24 76% 8% 12% 5% 1Q25 100% 100% 100% Gross Revenue Retail as the Highlight… …+3 p.p YoY out of Total Revenues Gross Revenue Breakdown % Gross Revenue Breakdown R$ Million Retail Institutional Corporate & Issuer Services Other 3,131 3,569 3,441 354 332 344 509 59
Slide 15: Fixed Income as the Largest Contributor in Retail
15 Fixed Income as the Largest Contributor in Retail for the First Time Ever Retail Revenue Breakdown % Retail Revenue R$ Million 36% 22% 10% 16% 16% 1Q24 28% 28% 10% 16% 18% 4Q24 28% 29% 9% 16% 17% 1Q25 100% 100% 100% Retail Revenue 3,131 3,569 3,441 2,300 2,400 2,500 2,600 2,700 2,800 2,900 3,000
Slide 16: Corporate & Issuer Services Revenue
16 Corporate & Issuer Services Revenue Corporate & Issuer Services Breakdown R$ Million 228 262 280 280 337 282 1Q24 4Q24 1Q25 509 599 562 +11% Corporate Issuer Services Steady DCM Revenue and Strong Corporate Activity During the Quarter
Slide 17: Efficiency and Compensation Ratios
17 Efficiency and Compensation Ratios 1 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: Earning Before Taxes (EBT)
18 EBT 1 R$ Million 1 - Please refer to the Non - GAAP Reconciliation in the appendix. C onsiders the adjustment in Net Revenue of +R$47mm and SG&A of - R$59mm. Margin EBT Expanded +220bps During the Year Earning Before Taxes (EBT) 1,088 1,289 1,263 0 5 10 15 20 25 30 35 40 45 400 500 600 700 800 90
Slide 19: Adjusted Net Income and EPS
19 1 – Please refer to the Non - GAAP Reconciliation in the appendix All Time High Results in the Quarter… … with Net Income +20% Growth in the Year, and EPS Growth of 24% Adjusted Net Income and EPS Adjusted Net Income 1 R$ Million 1,030 1,210 1,236 0 5 10 15 20 25 30 35 40 45 400 500 600 700 800 9
Slide 20: EPS and Return on Tangible Equity
20 1Q24 4Q24 1Q25 29% 25% 16% 19% 20% 24% 25.4% 29.2% 30.2% 20.7% 23.4% 24.1% 1Q24 4Q24 1Q25 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 21: Consistent Capital Distribution to Shareholders
21 Consistent Capital Distribution to Shareholders Payout Ratio 1,815 3,542 2,000 498 916 1,354 2022 2023 2024 1Q25 4,458 3,354 Capital Management Today, we are announcing a new share buyback program of R$1 billion . Dividends Paid Share Repurchases Dividends Paid and Share Repurchases R$ Million 20
Slide 22: Capital Management
22 18.8% 16.1% 17.3% 1.0% 0.8% 0.8% 0.8% 0.8% 1Q24 4Q24 1Q25 19.8% 17.7% 19.0% VaR 3 of R$33mm, or 16bps of Equity Capital Management Notes: 1 – Managerial BIS Ratio, calculated in accordance with Central Brank methodology, 2 – 1Q25 CET 1 reported by selected peers, 3 – Average Daily VaR,1 day, 95%
Slide 23: 04. Q&A
04. Q&A
Slide 24: Total Loan Portfolio
24 Total Loan Portfolio¹ Note: 1 – Gross of Expected Credit Losses. Total Unsecured Secured R$ billion 22.2 4.5 17.7 Loans 8.3 2.4 5.8 Credit Card 33.8 28.4 5.4 Corporate Securities 64.2 35.3 29.0 Credit Portfolio Main Activities • Investment Banking • Fixed Income Distribution • Corporate Credit
Slide 25: Non-GAAP Financial Information
25 Non - GAAP Financial Information Adjusted Net Income QoQ 4Q24 YoY 1Q24 1Q25 (in R$ mn) 5% 1,181 20% 1,030 1,236 Net Income - 47 - - - Hedge of Social Charges (1) - (59) - - - Social Charges / Hedge of Social Charges (2) - 41 - - - Tax Expenses 2% 1,210 20% 1,030 1,236 Adjusted Net Income Adjusted
Slide 26: Investor Relations
1Q25 Earnings Presentation Investor Relations ir@xpi.com.br https://investors.xpinc.com/