XP Inc. (XP) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good evening, everyone. I'm Andrew Parisi, Investor Relations Officer at XP. Thank you for joining us. It's a pleasure to be here with you today. On behalf of the company, I'd like to welcome you to our four-quarter 25 earnings call. Today's presentation will be delivered by our CEO, Thiago Mafra, and our CFO, Victor Mansur. Both will be available for the Q&A session immediately afterwards. If you would like to ask a question during the Q&A, please use the raise hand feature on Zoom. All questions will be answered in the order they are received. Simultaneous translation into Portuguese is available during this conference call. If you would like to activate it, please click the button below. Before we begin, please see the legal disclaimer on page 2 of today's presentation for additional information on four local statements. The presentation is available for download on our investor relations website, and more information is also available in the SEC filing section of our IR website. To begin the presentation, I'll hand it over to Thiago Mafra. Good evening, Mafra. Thank you, André. Good evening, everyone, and thank you all for joining us today for our fourth quarter 25 earnings call. Before delving into the numbers, I would like to comment on the recent shareholder change we have just announced in the 6K. As announced, myself and José Berenguer, CEO of XP's Wholesale Bank, will become holders of XP Control LLC, alongside Guilherme Benchimol, who is still the main controlling shareholder, and Fabrício Almeida and Guilherme Santana. This is part of the ongoing process of strengthening corporate governance, long-term alignment and the company's management model. Now, to the results. In 2025, we continue investing in key areas of our business. We enhanced our core proces...