XP Inc. (XP) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good evening, everyone. I'm Andrew Parisi, Investor Relations Officer at XP. And thank you for joining us and welcome to our first quarter 2026 earnings call. Today's presentation will be delivered by our CEO, Thiago Mafa, and our CFO, Victor Mansour. And right after the presentation, they will be both available for the Q&A session. To ask a question during the Q&A, use Zoom's raise hand feature. We will address your questions in the order they are received. Live translation into Portuguese is available. Click the button below if you would like to enable it. Before we begin, please see the legal disclaimer on page 2 of today's presentation for information regarding forward-looking statements. The presentation is available for download on our Investor Relations website with further details in the SEC filing section of our IR website. To begin the presentation, I will now turn it over to Thiago Mafra. Good evening, Mafra. Thank you, André. Good evening, everyone, and thank you for joining us for the first quarter 2026 earnings call. Let's begin by reviewing the key highlights of the quarter. Client assets combining AUM and AUA reached 2.1 trillion reais, which represents a 21% year-over-year growth. We ended the period with 18,300 advisors, up 1% year-over-year, while our active client base totaled $4.8 million, a 2% year-over-year increase. This quarter, gross revenues came in at $4.9 billion, up 8% year-over-year. EBT also grew 8% to $1.4 billion and net income reached $1.3 billion, rising 7% year-over-year. On profitability, our ROE achieved 21.7% for the quarter. Our capital ratio remained at a comfortable 20.7%. More importantly, these results reflect our ability to grow our business while maintaining disciplined capital and risk management. I would also like to h...