Slide 1: 2Q25 Earnings Presentation
XP inc. 2Q25 Earnings Presentation XPinc.
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 01 Key Highlights 02 2Q25 Financials and Main KPIs 03 Final Remarks 04 Q&A 05 Appendix
Slide 4: 01. Key Highlights
01. Key Highlights XPinc.
Slide 5: 2Q25 Highlights
2Q25 Highlights Growing profitability consistently Core Investment KPIs R$ 1.9 trillion 18.2k 4.7 million Diluted EPS R$ 9.10 Client’s assets, AUM and AUA (+17% YoY) Total Advisors (+0% YoY) Active Clients (+2% YoY) 8.28 7.16 Income Statement 6.26 6.25 R$ 4.7 billion R$ 1.3 billion R$ 1.3 billion +3
Slide 6: Strategy Tracker
Strategy Tracker Retail Retail Corporate Investments Cross-Sell ] & SMB Leadership Grow with Our Premier Service in Core Business Clients’ Needs with Unique Value Our main goal is to achieve leadership in the investment market, our Starting from our clients’ needs, we will expand our offer to serve
Slide 7: Retail Investments
Retail Investments Total Client Assets1, AUM and AUA Total Client Assets - Net New Money1 R$ Billion R$ Billion Total Client Assets (in R$ bn) AUM (in R$ bn) AUA (in R$ bn) Retail Corporate & Institutional +17% 1,861 32 1,766 276 1,595 249 9 219 214 24 190 4 173 10 24 20 1,328 1,372 16 1,204 -6 2Q24
Slide 8: Retail Strategy – Keeping our Moats
Retail Strategy – Keeping our Moats Investing and Proven Track Record Way to Serve Increasing Efficiency Investing in Channel Diversification and Expansion to capture future growth Continuous Increasing Profitability Improving Client Experience through combined with a Conservative Balance better com
Slide 9: Agnostic Business Model
Agnostic Business Model Our capacity to serve clients through different models set us apart from peers How We Serve Our Clients Client´s Optionality to Choose Between Different Models Foster Models Remuneration Future Growth Transaction Fees Advisory Services Brokerage Fees and Spreads on More Asset
Slide 10: Strategy Tracker
Strategy Tracker Retail Retail Corporate Investments Cross-Sell & SMB Leadership Grow with Our Premier Service in Core Business Clients’ Needs with Unique Value Our main goal is to achieve leadership in the investment market, our Starting from our clients’ needs, we will expand our offer to serve th
Slide 11: Retail Cross-Sell
Retail Cross-Sell Main KPIs +8% Penetration(1)(2) 12.4 50% 12.1 11.5 31% Cards TPV (in R$bn) 2Q24 1Q25 2Q25 2Q25 Peers Avg. +45% Penetration(2)(3) 444 17% 307 348 Life Insurance Gross Written Premium 2% (in R$mm) 2Q24 1Q25 2Q25 2Q25 Market Avg. Revenue Contribution +15% 83 86 Market Share 27% With C
Slide 12: Strategy Tracker
Strategy Tracker Retail Retail Corporate Investments Cross-Sell & SMB Leadership Grow with Our Premier Service in Core Business Clients’ Needs with Unique Value Our main goal is to achieve leadership in the investment market, our Starting from our clients’ needs, we will expand our offer to serve th
Slide 13: Wholesale
Wholesale Market Share 20% 12% Volume 3rd 1st Investment Banking 10% Lower DCM Market Volumes DCM Volume1 (in R$bn) Compared to Record High Institutional, Corporate and Issuer in DCM in CRA 2Q24 and FII Services Gross Revenue 1Q25 2Q25 Market Leader R$ Million 3,664 3,619 Market Share 17% 17% 17% 1s
Slide 14: 02. 2Q25 Financials
02. 2Q25 Financials XPinc.
Slide 15: Gross Revenue
Gross Revenue Gross Revenue Breakdown Gross Revenue Breakdown R$ Million % Retail Institutional Corporate & Issuer Services Other +4% 4,557 4,669 100% 100% 100% 4,503 202 5% 5% 4% 233 210 547 12% 12% 562 14% 629 343 8% 7% 344 8% 346 3,441 3,577 73% 76% 77% 3,294 2Q24 1Q25 2Q25 2Q24 1Q25 2Q25 Retail
Slide 16: Retail Revenue
Retail Revenue Retail Revenue Retail Revenue Breakdown R$ Million % Equities Fixed Income Funds Platform New Verticals Other Retail +9% 3,577 100% 100% 100% 3,441 15% 17% 18% 3,294 16% 16% 16% 11% 9% 10% 25% 29% 28% 34% 28% 29% 2Q24 1Q25 2Q25 2Q24 1Q25 2Q25 Growth YoY Driven by Strong Fixed Income A
Slide 17: Corporate & Issuer Services Revenue
Corporate & Issuer Services Revenue Corporate & Issuer Services Breakdown R$ Million Corporate Issuer Services -13% 629 562 547 Corporate Growing YoY And 384 Issuer Services With a Hard 282 268 Comp Versus 2Q24 280 279 245 2Q24 1Q25 2Q25 17
Slide 18: Sales, General & Administrative Expenses (SG&A) and Ratios
Sales, General & Administrative Expenses (SG&A)¹ and Ratios SG&A¹ Efficiency and Compensation Ratios2 R$ Million LTM % Compensation Ratio Efficiency Ratio People Non-people +10% 1,562 1,420 1,417 38.3% 548 36.1% 442 447 34.5% 978 970 1,014 26.8% 24.6% 23.0% 2Q24 1Q25 2Q25 2Q23 3Q23 4Q23 1Q24 2Q24 3Q
Slide 19: Earning Before Taxes (EBT)
Earning Before Taxes (EBT) EBT R$ Million EBT Margin -5% 1,400 1,384 45 1,318 1,300 1,263 40 1,200 35 Slightly Higher EBT and EBT 1,100 32.8% 29.1% 29.6% 30 Margin QoQ 1,000 25 900 20 800 15 700 600 10 500 5 400 0 2Q24 1Q25 2Q25 19
Slide 20: Adjusted Net Income and Net Margin
Adjusted Net Income and Net Margin Adjusted Net Income R$ Million Adjusted Net Margin +18% 45 1,400 1,321 1,300 1,236 40 Net Income +18% 1,200 1,118 35 1,100 Growth YoY with 29.7% 28.4% 30 1,000 26.5% 25 +320bps in Net Margin 900 20 800 15 700 600 10 500 5 400 0 2Q24 1Q25 2Q25 20
Slide 21: EPS and Return on Tangible Equity
EPS and Return on Tangible Equity Net Income and Adjusted EPS4 Growth YoY Adjusted Annualized ROTE¹ and ROAE² % % Net Income Diluted EPS (R$) ROTE ROAE 24% 30.2% 30.1% 22% 20% 18% 27.2% 14% 24.4% 24.1% 10% 22.1% 2Q24 1Q25 2Q25 2Q24 1Q25 2Q25 ROTE of 30.1%, driven by +18% YoY Net Income Growth Faster
Slide 22: Capital Management
Capital Management Dividends Paid and Share Repurchases Payout Ratio R$ Million Dividends Paid Share Repurchases 114% 4,458 >50% 916 3,354 74% 1,354 51% 1,815 3,542 2,000 915 2022 2023 2024 (1) 1H25 2022 2023 2024 2025-2026E Consistent Capital Distribution to Shareholders 22
Slide 23: Capital Management
Capital Management BIS Ratio1 Risk-Weighted Assets and VaR R$ Billion Common Equity Tier 1 Additional Tier 1 Tier 2 Credit RWA Market RWA Operational RWA RWA % of Total Assets 150 0,035 31% 20.5% 29% 20.1% 0,030 0.9% 27% 0.8% 0.9% 19.0% 0.8% 0.8% 102 101 0,025 0.8% 100 92 16% 16% 0,020 23% 11.9% 39%
Slide 24: 04. Q&A
04. Q&A XPinc.
Slide 25: Total Loan Portfolio
Total Loan Portfolio¹ R$ billion Secured Unsecured Total Loans 18.4 7.0 25.3 Credit Card 6.1 2.2 8.3 Main Activities • Investment Banking Corporate Securities 6.0 27.8 33.7 • Fixed Income Distribution • Corporate Credit Credit Portfolio 30.4 37.0 67.4 Note: 1 – Gross of Expected Credit Losses. 25
Slide 26: Investor Relations
2Q25 Earnings Presentation Investor Relations ir@xpi.com.br https://investors.xpinc.com/