# EDGAR Filing Document

**Accession Number:** 0001787425
**File Stem:** 0000950103-26-002055
**Filing Date:** 2026-2
**Character Count:** 82428
**Document Hash:** d8ec7da454705655dd61f5692c6f8a0a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950103-26-002055.hdr.sgml**: 20260212

**ACCESSION NUMBER**: 0000950103-26-002055

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 54

**CONFORMED PERIOD OF REPORT**: 20260212

**FILED AS OF DATE**: 20260212

**DATE AS OF CHANGE**: 20260212

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** XP Inc.
- **CENTRAL INDEX KEY:** 0001787425
- **STANDARD INDUSTRIAL CLASSIFICATION:** SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
- **ORGANIZATION NAME:** 09 Crypto Assets
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39155
- **FILM NUMBER:** 26627149

**BUSINESS ADDRESS:**
- **STREET 1:** 20, GENESIS CLOSE
- **CITY:** GRAND CAYMAN, GEORGE TOWN
- **STATE:** E9
- **ZIP:** KY-1-1208
- **BUSINESS PHONE:** 55-11-3075-0429

**MAIL ADDRESS:**
- **STREET 1:** 20, GENESIS CLOSE
- **CITY:** GRAND CAYMAN, GEORGE TOWN
- **STATE:** E9
- **ZIP:** KY-1-1208

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**FORM 6-K** 

**REPORT OF FOREIGN PRIVATE ISSUER** 

**PURSUANT TO RULE 13a-16 OR 15d-16** 

**UNDER THE SECURITIES EXCHANGE ACT OF 1934** 

**For the month of February 2026** 

**Commission File Number: 001-39155** 

**XP Inc.** 

**(Exact name of registrant as specified in its charter)** 

**20, Genesis Close** 

**Grand Cayman, George Town** 

**Cayman Islands KY-1-1208** 

**+55 (11) 3075-0429** 

**(Address of principal executive office)** 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F ☒ Form 40-F ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

Yes ☐ No ☒

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

Yes ☐ No ☒

**SIGNATURE** 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| **XP Inc.** | **XP Inc.** |
| By: | /s/ Victor Andreu Mansur Farinassi |
|  | Name: Victor Andreu Mansur Farinassi |
|  | Title: Chief Financial Officer |

---

Date: February 12, 2026

**EXHIBIT INDEX** 

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| [99.1](dp241505_ex9901.htm) | [Press Release dated February 12, 2026 – XP Inc. Reports Fourth Quarter 2025 Results.](dp241505_ex9901.htm) |
| [99.2](dp241505_ex9902.htm) | [XP Inc. – 4Q25 Earnings Presentation.](dp241505_ex9902.htm) |

---

## Exhibit 99.1

**Exhibit 99.1**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>![](image_049.jpg)<br>4Q25 Earnings Release<br>February 12<sup>th</sup>, 2026<br>

<br>![](image_050.jpg)<br>

**XP Inc. Reports Fourth Quarter 2025 Results**

São Paulo, Brazil, February 12, 2026 – XP Inc. (NASDAQ: XP) ("XP" or the "Company"), a leading tech-enabled platform and a trusted pioneer in providing low-fee financial products and services in Brazil, reported today its financial results for the fourth quarter of 2025.

**Dear Shareholders,**

Before reflecting on the year, I would like to thank our clients, investment advisors, employees, and partners for their trust, resilience, and commitment. During a challenging period for the investment industry, our people, culture, and clarity of purpose enabled us to continue advancing. At XP Inc., we have always believed that building an enduring financial institution requires courage in difficult times, disciplined decision-making, and a non-negotiable commitment to do what is right for the client. These principles remain the foundation of our choices.

**Customer: transparency, freedom of choice, and a new competitive differentiator** 

Putting the power of choice in the client's hands, rather than the financial institution's, is a paramount component of our strategy and one of XP's greatest differentiators. Historically, the market has limited alternatives and imposed one-size-fits-all relationship models, constraining how investors engage with their advisors and services. By taking a different path, we give investors the opportunity to make fully informed decisions, with full transparency, about which service model best aligns with their individual profile and investing style. This client-centric approach strengthens engagement, supports more appropriate service delivery, and underpins our long-term vision.

We believe we are the first investment platform in Brazil that is truly agnostic to the service model, meaning we do not confine clients to a single delivery or relationship format. Instead, we offer a full range of options so each client can independently select the model that most closely matches their goals and preferences. Achieving this level of flexibility required a sophisticated operational framework developed over many years: an integrated ecosystem that coordinates processes, platforms and teams, backed by consistent investments in technology and people. The result is an operational capability that supports personalized client choice at scale.

Executing this model with consistent quality and scale requires well-defined processes, disciplined governance, and aligned incentives, together with a consistent experience across the entire client journey. Our ability to operate at this scale and level of sophistication is unmatched in the market. This strength not only sets us apart from peers but also underpins our capacity to scale solutions reliably while maintaining service standards and reinforcing our competitive edge.

This movement represents the democratization of access to high quality financial and wealth planning. Historically limited to those who had access to Private Banking, these services are now offered to high-income clients at the same level of depth and customization. By expanding availability without compromising service

<br>![](image_050.jpg)<br>

quality, we have broadened our client reach and strengthened long-term engagement, marking an unprecedented shift in the local market.

Regardless of the model clients choose, they have the support of a trusted XP advisor. **The choice is the client's, the commitment to service excellence is ours.** That unique value proposition — real choice — stems from the evolution of the advisor's role alongside our investment platform, becoming increasingly strategic, comprehensive, and aligned with the client's interests.

**The evolution of the investment advisor's role** 

XP's history is deeply connected to the evolution of the investment advisor profession in Brazil. We played a leading role in creating and developing this career, always with the goal of transforming how Brazilians invest and engage with the financial markets.

In the early days, in a market still concentrated in equities, the advisor's role was primarily that of a stockbroker. When we launched the country's first open investment platform, we democratized access to products and led a structural transformation of the Brazilian market, going far beyond what traditional financial institutions offered. This shift required a new generation of advisors, with a broader portfolio perspective and the ability to build comprehensive allocations, integrating fixed income, funds, international products, and different strategies.

In recent years this evolution has taken a meaningful step: advisors are increasingly serving as full financial planners, integrating asset allocation, financial planning and wealth planning to provide a 360-degree view of a client's assets. Concurrently, we have expanded the available relationship models (transactional, fee-based, and RIA) so each client can choose the interaction and compensation model that best aligns with their goals.

We consistently invest in training, tools, data and technology to support this transformation. Strengthening the advisor's role deepens client relationships, enhances service quality and reinforces our model's long-term sustainability.

**Technology and AI as levers to empower the advisor** 

Technology is a core strategic pillar and a key enabler of our model. We invest to strengthen security, improve asset allocation quality, deepen client relationships, and gain scale and productivity.

Artificial intelligence occupies a clearly defined role in this strategy: empowering the investment advisor. We deploy AI to strengthen both client relationships and the advisor's execution and analytical capabilities. This enables deeper personalization in client interactions, more effective prioritization of opportunities, and more sophisticated decision support for the advisor.

<br>![](image_050.jpg)<br>

This vision reinforces our belief that AI will not replace the investment advisor or human relationships, but quite the opposite: it will be a multiplier of quality, consistency, and scale, enabling advisors to deliver better service to more clients, with governance and discipline.

**Results in 2025: learnings, maturity, and execution** 

This continued pursuit of excellence across the client journey shaped how we ran our business over the past year. In 2025, we advanced our key operating KPIs and financial results. We reached approximately R$1.5 trillion in assets under custody (AUC), revenues grew 8%, and net income and EPS also grew 15% and 18%, respectively. We recognize that 2025 was a challenging year for revenue growth, mainly due to a more conservative mix, with shorter investment duration and lower market activity.

Furthermore, recent challenges have strengthened our governance, enhanced our controls, and better positioned XP for the future. This ability to learn and recalibrate our course is an essential attribute of sound institutions and has always been part of our DNA.

In this context, I reaffirm my commitment — and that of our entire team — to make XP better every day and to consistently place our clients at the center of every decision. I am convinced that this mindset, together with the progress we have made on our excellence agenda, kept us on a consistent growth trajectory even amid challenges.

I would like to underscore the strength of our ecosystem in enabling this achievement. The Wholesale Bank's performance was among our key highlights of the year. In just five years, we have built one of Brazil's most relevant franchises, with a meaningful presence in Corporate and Investment Banking. In 2025, this business evolved markedly — supporting institutional and corporate clients while simultaneously strengthening retail through an expanded product offering and improved liquidity. The integration between wholesale and retail is a core competitive advantage of our model, and it became increasingly evident over the course of the year.

**Capital: discipline and smart allocation** 

We maintained a disciplined approach to capital management, balancing growth investments with robust capital levels and consistent shareholder returns. Our priority is to allocate capital intelligently, preserving flexibility across cycles and ensuring long-term sustainability. We enter 2026 with a temporarily elevated capital base, which will be optimized throughout the year.

**Positioning for the next cycle: innovation and strengthening the core business** 

<br>![](image_050.jpg)<br>

Looking ahead, we remain focused on continuous innovation and further strengthening our core business through our strategy, which continues to be anchored on three major pillars: i) Leadership in investments, ii) Complementary Retail Offering, and iii) Wholesale Bank.

We are investing in expanding our sales force, evolving our client platform, and enhancing our actions in technology, marketing, and banking, always with the goal of raising service levels, efficiency, and engagement throughout the investor journey.

At the same time, we continue to make meaningful investments to further strengthen our Wholesale Bank. These investments will allow us to address opportunities in the SME segment, as well as in credit, where we see significant potential for sustainable growth, *<u>supported by risk discipline and strong integration with the rest of the ecosystem</u>*.

**Legacy and culture** 

This year marks our 25th anniversary. A quarter-century of entrepreneurship and transformation in Brazil's financial market that only became possible thanks to a strong culture anchored in four core values that are non-negotiable for us: client focus, dream big, open mind, and an entrepreneurial spirit. It is this culture, lived every day, that enables us to have strong and ambitious teams building XP daily.

We have become one of the leading financial institutions in the country because we have always moved forward together—with the courage to challenge the status quo and to go where no one else has gone. As a company of entrepreneurs, we have also shown the courage to evolve our business model to expand the way we relate to our clients.

When I reflect on these 25 years and look to our future, it still feels as if we are only getting started: a unique opportunity lies ahead. We are once again transforming the way Brazilians invest. I have great confidence in our strategy, our teams, and the strength of our culture and ecosystem to continue changing the financial industry and improving people's lives.

This purpose drives us and will enable the realization of our bold ambition: <u>to become Brazil's leading investment platform by 2033 — distinguished by uncompromising service quality, enduring client trust, and the ability to innovate responsibly.</u>

**Final thanks** 

Once again, I would like to express my sincere gratitude to everyone on this journey: our clients, advisors, employees, partners, and shareholders. We remain confident that the decisions we make today are building a stronger, better-prepared, and more relevant company for the future.

As we always say, this is just the beginning.

Thiago Maffra,

CEO XP Inc.

<br>![](image_050.jpg)<br>

**Summary**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Operating Metrics (unaudited) | **4Q25** | 4Q24 | YoY | 3Q25 | QoQ | **2025** | 2024 | YoY |
| Total Client Assets (in R$ bn) | 1491 | 1286 | **16%** | 1425 | **5%** | 1491 | 1286 | **16%** |
| Total Net Inflow (in R$ bn) | 32 | 29 | **10%** | 29 | **10%** | 94 | 109 | **-13%** |
| Annualized Retail Take Rate | 1.25% | 1.33% | **-8 bps** | 1.24% | **1 bps** | 1.25% | 1.29% | **-4 bps** |
| Active Clients (in '000s) | 4762 | 4684 | **2%** | 4752 | **0%** | 4762 | 4684 | **2%** |
| Headcount (EoP) | 8093 | 7442 | **9%** | 7740 | **5%** | 8093 | 7442 | **9%** |
| Total Advisors (in '000s) | 18.0 | 18.2 | **-1%** | 18.2 | **-1%** | 18.0 | 18.2 | **-1%** |
| Retail DATs (in mn) | 2.2 | 2.4 | **-7%** | 2.1 | **4%** | 2.2 | 2.3 | **-4%** |
| Retirement Plans Client Assets (in R$ bn) | 95 | 81 | **17%** | 90 | **5%** | 95 | 81 | **17%** |
| Cards TPV (in R$ bn) | 14.6 | 13.1 | **11%** | 13.1 | **11%** | 52.2 | 47.9 | **9%** |
| Expanded Loan Portfolio (in R$ bn) | 78.0 | 61.5 | **27%** | 67.3 | **16%** | 78.0 | 61.5 | **27%** |
| Gross Written Premiums (in R$ mn) | 502 | 401 | **25%** | 451 | **11%** | 1745 | 1317 | **33%** |
| Financial Metrics (in R$ mn) | **4Q25** | 4Q24 | YoY | 3Q25 | QoQ | **2025** | 2024 | YoY |
| **Gross revenue** | **5279** | **4725** | **12%** | **4942** | **7%** | **19447** | **18035** | **8%** |
| &nbsp;&nbsp;&nbsp;Retail | 3862 | 3569 | 8% | 3704 | 4% | 14584 | 13489 | 8% |
| &nbsp;&nbsp;&nbsp;Institutional | 346 | 332 | 4% | 340 | 2% | 1373 | 1373 | 0% |
| &nbsp;&nbsp;&nbsp;Corporate & Issuer Services | 895 | 599 | 49% | 729 | 23% | 2733 | 2289 | 19% |
| &nbsp;&nbsp;&nbsp;Other | 175 | 224 | -22% | 169 | 4% | 756 | 884 | -14% |
| **Net Revenue** | **4951** | **4487** | **10%** | **4661** | **6%** | **18412** | **17078** | **8%** |
| **Gross Profit** | **3415** | **3109** | **10%** | **3180** | **7%** | **12556** | **11726** | **7%** |
| &nbsp;&nbsp;&nbsp;Gross Margin | 69.0% | 69.3% | -31 bps | 68.2% | 75 bps | 68.2% | 68.7% | -47 bps |
| **EBT** | **1547** | **1289** | **20%** | **1331** | **16%** | **5459** | **4974** | **10%** |
| &nbsp;&nbsp;&nbsp;EBT Margin | 31.3% | 28.7% | 252 bps | 28.5% | 271 bps | 29.6% | 29.1% | 52 bps |
| **Adjusted Net Income<sup>1</sup>** | **1331** | **1210** | **10%** | **1330** | **0%** | **5218** | **4544** | **15%** |
| &nbsp;&nbsp;&nbsp;Net Margin | 26.9% | 27.0% | -9 bps | 28.5% | -166 bps | 28.3% | 26.4% | 173 bps |
| **Adjusted Diluted EPS (in R$)** | **2.56** | **2.23** | **15%** | **2.47** | **4%** | **9.81** | **8.28** | **18%** |
| **Adjusted ROAE¹** | **22.8%** | **23.4%** | **-59 bps** | **23.0%** | **-20 bps** | **23.9%** | **23.0%** | **94 bps** |
| **Adjusted ROTE²** | **27.7%** | **29.1%** | **-145 bps** | **28.0%** | **-34 bps** | **29.5%** | **28.7%** | **78 bps** |

---

<sup>1</sup> – Please refer to the Non-GAAP Financial Reconciliation for a detailed breakdown of these adjustments.

<sup>2</sup> – Annualized Return on Average Equity.

<sup>3</sup> – Annualized Return on Average Tangible Equity. Tangible Equity excludes Intangibles and Goodwill

<br>![](image_050.jpg)<br>

**Operating KPIs**

**1.**  **<u>INVESTMENTS</u>** 

**Client Assets and Net Inflow (in R$ billion)**

![](image_051.jpg)

![](image_037.jpg)

Client Assets totaled **R$1.5 trillion** in 4Q25, up 16% YoY and 5% QoQ. Year-over-year growth was driven by **R$94 billion** net inflow and **R$111 billion** of market appreciation.

In 4Q25, Net Inflow was R$32 billion, and **Retail Net Inflow** was R$20 billion, in line with both year-on-year and quarter-on-quarter levels. Accumulated Retail Net Inflow for the full year of 2025 was **R$94 billion**, or 13% lower compared to 2024.

**Active Clients (in '000s)**

Active clients grew 2% YoY and remained stable QoQ, totaling **4.8 million** in 4Q25.

<br>![](image_050.jpg)<br>

**Total Advisors (in '000s)**

![](image_039.jpg)

Total Advisors connected to XP, including (1) IFAs, (2) XP employees who offer advisory services, (3) Registered Investment Advisors, consultants and wealth managers, among others. As of 4Q25, we had 18.0 thousand Total Advisors, a decrease of approximately 1% YoY.

**Retail Daily Average Trades (in million)**

![](image_040.jpg)

Retail DATs totaled **2.2 million** in 4Q25, down 7% YoY and up 4% QoQ. Retail DATs in 2025 was **2.2 million**, 4% lower YoY.

**NPS**

Our NPS, a widely known survey methodology used to measure customer satisfaction, was 65 in 4Q25. The NPS calculation as of a given date reflects the average scores in the prior six months.

<br>![](image_050.jpg)<br>

**2.**  **<u>RETIREMENT PLANS</u>** 

**R** **etirement Plans Client Assets (in R$ billion)**

As per public data published by Susep, XPV&P's individual's market share (PGBL and VGBL) was stable at 5%. Total Client Assets were **R$95 billion** in 4Q25, up 17% YoY. Assets from XPV&P, our proprietary insurer, grew 40% YoY, reaching **R$93 billion**.

**3.**  **<u>CARDS</u>** 

**Cards TPV (in R$ billion)**

In 4Q25, Total TPV was **R$14.6 billion**, a 11% growth YoY, and 11% increase QoQ. For the full year of 2025, Total TPV was **R$52.2 billion**, 9% higher compared to 2024.

<br>![](image_050.jpg)<br>

**Active Cards (in '000s)**

![](image_045.jpg)

Total Active Cards were **1.5 million** in 4Q25, a growth of 10% YoY and being broadly stable QoQ, being **1.0 million Credit Cards** and 0.5 million Active Debit Cards.

**4.**  **<u>CREDIT</u>** 

**Expanded Loan Portfolio (in R$ billion)**

![](image_047.jpg)

Expanded Loan Portfolio reached **R$78 billion** as of 4Q25, expanding **27%** YoY and **16%** QoQ.

<br>![](image_050.jpg)<br>

**5.**  **<u>INSURANCE</u>** 

**Gross Written Premiums (in R$ million)**

Gross written premiums (GWP) refer to the total amount of premium income that XPs has written or sold during a particular reporting period before deductions for provisions, reinsurance and other expenses. This figure represents the total premiums that customers have agreed to pay for life insurance policies issued by the company or sold by the company and issued by third-party insurers, including both new policies and renewals. It is a crucial metric for assessing the total business volume of an insurance company or insurance broker within that period.

In 4Q25, Gross Written Premiums grew **25%** YoY and **11%** QoQ.

<br>![](image_050.jpg)<br>

**Discussion of Financial Results**

**Total Gross Revenue<sup>1</sup>**

Gross revenue reached **R$5.3 billion** in 4Q25, reflecting a 7% increase quarter-over-quarter (QoQ) and a 12% increase year-over-year (YoY). For the full year 2025, gross revenue was **R$19.5 billion**, up 8% YoY. The performance highlight was Corporate & Issuer Services, with a strong 2H25.

**Retail Revenue**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| (in R$ mn) | **4Q25** | 4Q24 | YoY | 3Q25 | QoQ | **2025** | 2024 | YoY |
| **Retail Revenue** | **3862** | **3569** | **8%** | **3704** | **4%** | **14584** | **13489** | **8%** |
| &nbsp;&nbsp;&nbsp;Equities | 1035 | 1001 | 3% | 1.043 | -1% | 4067 | 4303 | -5% |
| &nbsp;&nbsp;&nbsp;Fixed Income | 934 | 985 | -5% | 921 | 1% | 3858 | 3447 | 12% |
| &nbsp;&nbsp;&nbsp;Funds Platform | 412 | 364 | 13% | 367 | 12% | 1444 | 1390 | 4% |
| &nbsp;&nbsp;&nbsp;Retirement Plans | 131 | 103 | 27% | 124 | 5% | 477 | 396 | 20% |
| &nbsp;&nbsp;&nbsp;Cards | 398 | 333 | 19% | 341 | 17% | 1380 | 1245 | 11% |
| &nbsp;&nbsp;&nbsp;Credit | 83 | 81 | 2% | 83 | -1% | 330 | 266 | 24% |
| &nbsp;&nbsp;&nbsp;Insurance | 123 | 58 | 112% | 67 | 84% | 308 | 210 | 47% |
| &nbsp;&nbsp;&nbsp;Other Retail | 747 | 645 | 16% | 757 | -1% | 2720 | 2232 | 22% |
| &nbsp;&nbsp;&nbsp;*Annualized Retail Take Rate* | *1.25%* | *1,33%* | *-8 bps* | *1.24%* | *1 bps* | *1.25%* | *1.29%* | *-4 bps* |

---

Retail revenue reached **R$3,862 million** in 4Q25, marking a 4% increase quarter-over-quarter and a 8% increase year-over-year. For the full year, retail gross revenue reached R$14.6 billion, increasing 8% versus last year.

Retail revenue growth in 2025 was supported by (1) Float, from both investment and checking accounts, (2) New Verticals, with Cards, Retirement Plans and Insurance leading the way and, as an new initiative, International Investments, and (3) Fixed income performance, with a strong 1H25 and decent figures for the 2H supported by our warehousing strategy.

**<br> Take Rate**

Annualized Retail Take Rate was 1.25% in 4Q25, 1bp higher QoQ. In 2025, take rate was 1.25%, 4 bps lower YoY.

<br>![](image_050.jpg)<br>

**Institutional Revenue**

Institutional revenue was R$346 million in 4Q25, up 2% QoQ and 4% YoY. For the full year 2025, Institutional Revenue was R$1,373 million, stable in comparison to the previous year.

**Corporate & Issuer Services Revenue**

Corporate & Issuer Services revenue totaled R$895 million in 4Q25, up 23% QoQ and up 49% YoY, with another strong quarterly from both segments. For the full year of 2025, Corporate & Issuer Services Revenue was **R$2,733 million**, 19% higher than in 2024. The strong performance was driven by a robust DCM activity, reaccelerating from a softer 1H. In addition, our ability to cross-sell and deliver a broader set of solutions to our Corporate Clients, such as derivatives and credit, continued to support our revenues, leveraging on our strong distribution capabilities across the platform.

**Other Revenue**

Other revenue was R$175 million in 4Q25, 4% higher QoQ and 22% lower YoY. For the full year of 2025, Other Revenue was **R$756 million**, 14% lower when compared to 2024.

**Costs of Goods Sold and Gross Margin**

Gross Margin was 69.0% in 4Q25 versus 69.3% in 4Q24 and 68.2% in 3Q25. Sequential increase in Gross Margin was mainly related to revenue mix in the quarter.

<br>![](image_050.jpg)<br>

**SG&A Expenses**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| (in R$ mn) | **4Q25** | 4Q24 | YoY | 3Q25 | QoQ | **2025** | 2024 | YoY |
| **Total SG&A** | **(1733)** | **(1577)** | **10%** | **(1672)** | **4%** | **(6384)** | **(5927)** | **8%** |
| **People** | **(1147)** | **(1087)** | **6%** | **(1142)** | **0%** | **(4273)** | **(4056)** | **5%** |
| &nbsp;&nbsp;&nbsp;Salary and Taxes | (457) | (390) | 17% | (445) | 3% | (1758) | (1664) | 6% |
| &nbsp;&nbsp;&nbsp;Bonuses | (565) | (582) | -3% | (542) | 4% | (1925) | (1844) | 4% |
| &nbsp;&nbsp;&nbsp;Share Based Compensation | (124) | (115) | 8% | (155) | -20% | (590) | (548) | 8% |
| **Non-people** | **(586)** | **(490)** | **20%** | **(530)** | **11%** | **(2111)** | **(1871)** | **13%** |
| *LTM Compensation Ratio<sup>5</sup>* | *23.2%* | *23.7%* | *-54 bps* | *23.5%* | *-26 bps* | *23.2%* | *23.7%* | *-54 bps* |
| *LTM Efficiency Ratio<sup>6</sup>* | *34.7%* | *34.7%* | *-3 bps* | *34.7%* | *-2 bps* | *34.7%* | *34.7%* | *-3 bps* |
| **Headcount (EoP)** | **8093** | **7442** | **9%** | **7740** | **5%** | **8093** | **7442** | **9%** |

---

SG&A expenses totaled **R$1.7 billion** in 4Q25, **4%** higher QoQ, and **10%** higher YoY. For the full year of 2025, SG&A was **R$6.4 billion**, 8% higher compared to 2024.

Our last twelve months (LTM) compensation ratio<sup>5</sup>in 4Q25 was **23.2%**, an improvement from 23.7% in 4Q24 and from the 23.5% in 3Q25. Also, our LTM efficiency ratio<sup>6</sup>4reached **34.7%** in 4Q25, being stable both on quarterly and yearly basis.

**Earnings Before Taxes**

EBT was **R$1,547 million** in 4Q25, up 16% QoQ and up 20% YoY. EBT Margin was **31.3%**. Our EBT Margin was 271 bps higher QoQ, and 252 bps higher YoY. For the full year of 2024, EBT was **R$5,459 million**, up 10% YoY, and EBT Margin was **29.6%**, 52 bps higher than in 2024.

**Adjusted Net Income and Adjusted EPS<sup>1</sup>**

In 4Q25, Adjusted Net Income reached a record **R$1.3 billion**, being stable QoQ and a posting a 10% increase YoY. Adjusted Basic EPS was R$2.58, reflecting a 3% QoQ growth and an 15% YoY increase. Adjusted Diluted EPS was R$2.56 for the quarter, up 4% QoQ and 15% YoY.

For the full year 2025, adjusted net income also hit a record high of **R$5.2 billion**, marking a 15% YoY growth. Adjusted Basic EPS was R$9.90, up 18% from the previous year, while Adjusted Diluted EPS was R$9.81, also 18% higher YoY.

<sup>5</sup> - Compensation ratio is calculated as People SG&A (Salary and Taxes, Bonuses and Share Based Compensation) divided by Net Revenue.

<sup>6</sup> - Efficiency ratio is calculated as SG&A ex-revenue from incentives from Tesouro Direto, B3, and others divided by Net Revenue.

<br>![](image_050.jpg)<br>

**Adjusted ROTE<sup>1,7</sup> and Adjusted ROAE<sup>1,8</sup>**

In 2025 our **Adjusted Return on Equity (ROAE)** reached **23.9%**, a 94bps expansion, while **return on tangible equity (ROTE)** was 29.5%, a 78bps expansion versus 2024. This reflects our capital discipline, that allows us to consistently return capital to shareholders while simultaneously growing and investing in the business to further differentiate ourselves from peers.

**Capital Management<sup>9</sup>**

In 4Q25 our BIS Ratio was **20.4%**, 81 bps lower QoQ and 269 bps higher YoY, while our total RWA was **R$119.0 billion**, with an 11% increase QoQ and 13% increase YoY. Our CET1 ratio remains at a comfortable level of **17.3%**. In 2025, we executed share repurchases totaling **R$1,899 million** and paid dividends in the amount of **R$500 million**. We are comfortable with getting our BIS ratio to our target range of 16% to 19% toward the end of the year, through capital distributions, while still maintaining a comfortable capital buffer.

<sup>7</sup> – Annualized Return on Tangible Common Equity, calculated as Annualized Net Income over Tangible Common Equity, which excludes Intangibles and Goodwill, net of deferred taxes.

<sup>8</sup> – Annualized Return on Average Equity.

<sup>9</sup> – Managerial BIS Ratio is calculated using the same methodology as the BIS Ratio for our Prudential Conglomerate. However, it is based on the total assets and equity of the entire group.

<br>![](image_050.jpg)<br>

**Other Information**

**Webcast and Conference Call Information**

The Company will host a webcast to discuss its fourth quarter financial results on Thursday, February 12<sup>th</sup>, 2026, at 5:00 pm ET (7:00 pm BRT). To participate in the earnings webcast please subscribe at <u>4Q25 Earnings Web Meeting</u>. The replay will be available on XP's investor relations website at <u>https://investors.xpinc.com/</u>

**Investor Relations Contact**

<u>ir@xpi.com.br</u>

**Important Disclosure**

In reviewing the information contained in this release, 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 release is prepared by XP Inc. (the "Company," "we" or "our"), is solely for informational purposes. This release does not constitute a prospectus and does not constitute an offer to sell or the solicitation of an offer to buy any securities. In addition, this document and any materials distributed in connection with this release are not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction.

This release was prepared by the Company. Neither the Company nor any of its affiliates, officers, employees or agents, make any representation or warranty, express or implied, in relation to the fairness, reasonableness, adequacy, accuracy or completeness of the information, statements or opinions, whichever their source, contained in this release or any oral information provided in connection herewith, or any data it generates and accept no responsibility, obligation or liability (whether direct or indirect, in contract, tort or otherwise) in relation to any of such information. The information and opinions contained in this release are provided as at the date of this release, are subject to change without notice and do not purport to contain all information that may be required to evaluate the Company. The information in this release is in draft form and has not been independently verified. The Company and its affiliates, officers, employees and agents expressly disclaim any and all liability which may be based on this release and any errors therein or omissions therefrom. Neither the Company nor any of its affiliates, officers, employees or agents makes any representation or warranty, express or implied, as to the achievement or reasonableness of future projections, management targets, estimates, prospects or returns, if any.

The information contained in this release does not purport to be comprehensive and has not been subject to any independent audit or review. Certain of the financial information as of and for the periods ended of December 31, 2021 and December 31, 2020, 2019, 2018 and 2017 has been derived from audited financial statements and all other financial information has been derived from unaudited interim financial statements. A significant portion of the information contained in this release is based on estimates or expectations of the Company, and there can be no assurance that these estimates or expectations are or will prove to be accurate. The Company's internal estimates have not been verified by an external expert, and the Company cannot guarantee that a third party using different methods to assemble, analyze or compute market information and data would obtain or generate the same results.

Statements in the release, including those regarding the possible or assumed future or other performance of the Company or its industry or other trend projections, constitute forward-looking statements. These statements are generally identified by the use of words such as "anticipate," "believe," "could," "expect," "should," "plan," "intend," "estimate" and "potential," among others. By their nature, forward-looking statements are necessarily subject to a high degree of uncertainty and involve known and unknown risks, uncertainties, assumptions and other factors because they relate to events and depend on circumstances that will occur in the future whether or not outside the control of the Company. Such factors may cause actual results, performance or developments to differ materially from those expressed or implied by such forward-looking statements and there can be no assurance that such forward-looking statements will prove to be correct. These risks and uncertainties include factors relating to: (1) general economic, financial, political, demographic and business conditions in Brazil, as well as any other countries we may serve in the future and their impact on our business; (2) fluctuations in interest, inflation and exchange rates in Brazil and any other countries we may serve in the future; (3) competition in the financial services industry; (4) our ability to implement our business strategy; (5) our ability to adapt to the rapid pace of technological changes in the financial services industry; (6) the reliability, performance, functionality and quality of our products and services and the investment performance of investment funds managed by third parties or by our asset managers; (7) the availability of government authorizations on terms and conditions and within periods acceptable to us; (8) our ability to continue attracting and retaining new appropriately-skilled employees; (9) our capitalization and level of indebtedness; (10) the interests of our controlling shareholders; (11) changes in government regulations applicable to the financial services industry in Brazil and

<br>![](image_050.jpg)<br>

elsewhere; (12) our ability to compete and conduct our business in the future; (13) the success of operating initiatives, including advertising and promotional efforts and new product, service and concept development by us and our competitors; (14) changes in consumer demands regarding financial products, customer experience related to investments and technological advances, and our ability to innovate to respond to such changes; (15) changes in labor, distribution and other operating costs; (16) our compliance with, and changes to, government laws, regulations and tax matters that currently apply to us; (17) other factors that may affect our financial condition, liquidity and results of operations. Accordingly, you should not place undue reliance on forward-looking statements. The forward-looking statements included herein speak only as at the date of this release and the Company does not undertake any obligation to update these forward-looking statements. Past performance does not guarantee or predict future performance. Moreover, the Company and its affiliates, officers, employees and agents do not undertake any obligation to review, update or confirm expectations or estimates or to release any revisions to any forward-looking statements to reflect events that occur or circumstances that arise in relation to the content of the release. You are cautioned not to unduly rely on such forward-looking statements when evaluating the information presented and we do not intend to update any of these forward-looking statements.

Market data and industry information used throughout this release are based on management's knowledge of the industry and the good faith estimates of management. The Company also relied, to the extent available, upon management's review of industry surveys and publications and other publicly available information prepared by a number of third-party sources. All of the market data and industry information used in this release involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. Although the Company believes that these sources are reliable, there can be no assurance as to the accuracy or completeness of this information, and the Company has not independently verified this information.

The contents hereof should not be construed as investment, legal, tax or other advice and you should consult your own advisers as to legal, business, tax and other related matters concerning an investment in the Company. The Company is not acting on your behalf and does not regard you as a customer or a client. It will not be responsible to you for providing protections afforded to clients or for advising you on the relevant transaction.

This release includes Adjustments to Reported Net Income, which is non-GAAP financial information. We believe that such information is meaningful and useful in understanding the activities and business metrics of the Company's operations. We also believe that these non-GAAP financial measures reflect an additional way of viewing aspects of the Company's business that, when viewed with our International Financial Reporting Standards ("IFRS") results, as issued by the International Accounting Standards Board, provide a more complete understanding of factors and trends affecting the Company's business. Further, investors regularly rely on non-GAAP financial measures to assess operating performance and such measures may highlight trends in the Company's business that may not otherwise be apparent when relying on financial measures calculated in accordance with IFRS. We also believe that certain non-GAAP financial measures are frequently used by securities analysts, investors and other interested parties in the evaluation of public companies in the Company's industry, many of which present these measures when reporting their results. The non-GAAP financial information is presented for informational purposes and to enhance understanding of the IFRS financial statements. The non-GAAP measures should be considered in addition to results prepared in accordance with IFRS, but not as a substitute for, or superior to, IFRS results. As other companies may determine or calculate this non-GAAP financial information differently, the usefulness of these measures for comparative purposes is limited. A reconciliation of such non-GAAP financial measures to the nearest GAAP measure is included in this release.

For purposes of this release:

"Active Clients" means the total number of retail clients served through our XP Investimentos, Rico, Clear, XP Investments and XP Private (Europe) brands, with Client Assets above R$100.00 or that have transacted at least once in the last thirty days. For purposes of calculating this metric, if a client holds an account in more than one of the aforementioned entities, such client will be counted as one "active client" for each such account. For example, if a client holds an account in each of XP Investimentos and Rico, such client will count as two "active clients" for purposes of this metric.

"Client Assets" means the market value of all client assets invested through XP's platform and that is related to reported Retail Revenue, including equities, fixed income securities, mutual funds (including those managed by XP Gestão de Recursos Ltda., XP Advisory Gestão de Recursos Ltda. and XP Vista Asset Management Ltda., as well as by third-party asset managers), pension funds (including those from XP Vida e Previdência S.A., as well as by third-party insurance companies), exchange traded funds, COEs (Structured Notes), REITs, and uninvested cash balances (Float Balances), among others. Although Client Assets includes custody from Corporate Clients that generate Retail Revenue, it does not include custody from institutional clients (asset managers, pension funds and insurance companies).

**Rounding** 

We have made rounding adjustments to some of the figures included in this release. Accordingly, numerical figures shown as totals in some tables may not be an arithmetic aggregation of the figures that preceded them.

<br>![](image_050.jpg)<br>

**Unaudited Managerial Income Statement (in R$ mn)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Managerial Income Statement | **4Q25** | 4Q24 | YoY | 3Q25 | QoQ | **2025** | 2024 | YoY |
| **Total Gross Revenue** | **5279** | **4725** | **12%** | **4942** | **7%** | **19447** | **18035** | **8%** |
| **Retail** | **3862** | **3569** | **8%** | **3704** | **4%** | **14584** | **13489** | **8%** |
| &nbsp;&nbsp;&nbsp;Equities | 1035 | 1001 | 3% | 1043 | -1% | 4067 | 4303 | -5% |
| &nbsp;&nbsp;&nbsp;Fixed Income | 934 | 985 | -5% | 921 | 1% | 3858 | 3447 | 12% |
| &nbsp;&nbsp;&nbsp;Funds Platform | 412 | 364 | 13% | 367 | 12% | 1444 | 1390 | 4% |
| &nbsp;&nbsp;&nbsp;Retirement Plans | 131 | 103 | 27% | 124 | 5% | 477 | 396 | 20% |
| &nbsp;&nbsp;&nbsp;Cards | 398 | 333 | 19% | 341 | 17% | 1380 | 1245 | 11% |
| &nbsp;&nbsp;&nbsp;Credit | 83 | 81 | 2% | 83 | -1% | 330 | 266 | 24% |
| &nbsp;&nbsp;&nbsp;Insurance | 123 | 58 | 112% | 67 | 84% | 308 | 210 | 47% |
| &nbsp;&nbsp;&nbsp;Other | 747 | 645 | 16% | 757 | -1% | 2720 | 2232 | 22% |
| **Institutional** | **346** | **332** | **4%** | **340** | **2%** | **1373** | **1373** | **0%** |
| **Corporate & Issuer Services** | **895** | **599** | **49%** | **729** | **23%** | **2733** | **2289** | **19%** |
| **Other** | **175** | **224** | **-22%** | **169** | **4%** | **756** | **884** | **-14%** |
| **Net Revenue** | **4951** | **4487** | **10%** | **4661** | **6%** | **18412** | **17078** | **8%** |
| **COGS** | **(1536)** | **(1378)** | **11%** | **(1481)** | **4%** | **(5855)** | **(5352)** | **9%** |
| **Gross Profit** | **3415** | **3109** | **10%** | **3180** | **7%** | **12556** | **11726** | **7%** |
| &nbsp;&nbsp;&nbsp;Gross Margin | *69.0%* | *69.3%* | -31 bps | *68.2%* | 75 bps | *68.2%* | *68.7%* | -47 bps |
| **SG&A** | **(1715)** | **(1567)** | **9%** | **(1662)** | **3%** | **(6284)** | **(5755)** | **9%** |
| &nbsp;&nbsp;&nbsp;People | (1147) | (1087) | 6% | (1142) | 0% | (4273) | (4056) | 5% |
| &nbsp;&nbsp;&nbsp;Non-People | (568) | (480) | 18% | (521) | 9% | (2011) | (1699) | 18% |
| D&A | (78) | (60) | 31% | (76) | 3% | (304) | (265) | 15% |
| Interest expense on debt | (130) | (196) | -33% | (142) | -8% | (625) | (780) | -20% |
| Share of profit in joint ventures and associates | 55 | 2 | 2148% | 31 | 78% | 116 | 47 | 145% |
| **EBT** | **1547** | **1289** | **20%** | **1331** | **16%** | **5459** | **4974** | **10%** |
| &nbsp;&nbsp;&nbsp;EBT Margin | *31.3%* | *28.7%* | 252 bps | *28.5%* | 271 bps | *29.6%* | *29.1%* | 52 bps |
| Tax Expense (Accounting) | (217) | (79) | 174% | (0) | 43689% | (240) | (430) | -44% |
| Tax expense (Tax Withholding in Funds)<sup>6</sup> | (45) | (185) | -76% | (174) | -74% | (570) | (613) | -7% |
| &nbsp;&nbsp;&nbsp;Effective tax rate <sub>(Normalized)</sub> | *(16.4%)* | *(17.9%)* | 147 bps | *(11.6%)* | -481 bps | *(13.4%)* | *(18.7%)* | 522 bps |
| **Adjusted Net Income** | **1331** | **1210** | **10%** | **1330** | **0%** | **5218** | **4544** | **15%** |
| &nbsp;&nbsp;&nbsp;Adjusted Net Margin | *26.9%* | *27.0%* | -9 bps | *28.5%* | -166 bps | *28.3%* | *26.6%* | 173 bps |

---

<sup>10</sup> - Tax adjustments are related to tax withholding expenses that are recognized net in gross revenue.

<br>![](image_050.jpg)<br>

**Accounting Income Statement (in R$ mn)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Accounting Income Statement | **4Q25** | 4Q24 | YoY | 3Q25 | QoQ | **2025** | 2024 | YoY |
| **Net revenue from services rendered** | **2432** | **1912** | **27%** | **2090** | **16%** | **7967** | **7425** | **7%** |
| &nbsp;&nbsp;&nbsp;Brokerage commission | 522 | 522 | 0% | 501 | 4% | 2024 | 2133 | -5% |
| &nbsp;&nbsp;&nbsp;Securities placement | 883 | 540 | 64% | 682 | 29% | 2497 | 2285 | 9% |
| &nbsp;&nbsp;&nbsp;Management fees | 547 | 444 | 23% | 487 | 12% | 1887 | 1743 | 8% |
| &nbsp;&nbsp;&nbsp;Insurance brokerage fee | 58 | 58 | 1% | 62 | -5% | 238 | 219 | 9% |
| &nbsp;&nbsp;&nbsp;Commission Fees | 359 | 317 | 13% | 305 | 17% | 1189 | 997 | 19% |
| &nbsp;&nbsp;&nbsp;Other services | 326 | 218 | 49% | 268 | 21% | 942 | 734 | 28% |
| &nbsp;&nbsp;&nbsp;Sales Tax and contributions on Services | (262) | (186) | 40% | (215) | 22% | (812) | (687) | 18% |
| **Net income from financial instruments at amortized cost and at fair value through other comprehensive income** | (2434) | (887) | 174% | (1617) | 51% | (5806) | (1766) | 229% |
| **Net income from financial instruments at fair value through profit or loss** | 4940 | 3415 | 45% | 4187 | 18% | 16238 | 11372 | 43% |
| **Total revenue and income** | **4938** | **4440** | **11%** | **4661** | **6%** | **18399** | **17031** | **8%** |
| Operating costs | (1470) | (1276) | 15% | (1391) | 6% | (5463) | (5063) | 8% |
| Selling expenses | (80) | (41) | 94% | (77) | 4% | (294) | (149) | 98% |
| Administrative expenses | (1712) | (1528) | 12% | (1685) | 2% | (6419) | (6001) | 7% |
| Other operating revenues (expenses), net | 3 | 3 | 5% | 25 | -87% | 128 | 189 | -32% |
| Expected credit losses | (66) | (102) | -35% | (90) | -26% | (392) | (288) | 36% |
| Interest expense on debt | (130) | (196) | -33% | (142) | -8% | (625) | (780) | -20% |
| Share of profit or (loss) in joint ventures and associates | 55 | 2 | 2148% | 31 | 78% | 116 | 47 | 145% |
| **Income before income tax** | **1537** | **1301** | **18%** | **1331** | **16%** | **5449** | **4986** | **9%** |
| Income tax expense | (256) | (121) | 112% | (0) | n.a. | (279) | (471) | -41% |
| **Net income for the period** | **1282** | **1181** | **9%** | **1330** | **-4%** | **5169** | **4515** | **14%** |

---

<br>![](image_050.jpg)<br>

**Balance Sheet (in R$ mn)**

---

| | | |
|:---|:---|:---|
| Assets | **4Q25** | 3Q25 |
| **Cash** | **10357** | **12413** |
| **Financial assets** | **365169** | **366905** |
| &nbsp;&nbsp;&nbsp;**Fair value through profit or loss** | **239755** | **240428** |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities | 198834 | 184428 |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative financial instruments | 40921 | 56000 |
| &nbsp;&nbsp;&nbsp;**Fair value through other comprehensive income** | **42223** | **42558** |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities | 42223 | 42558 |
| &nbsp;&nbsp;&nbsp;**Evaluated at amortized cost** | **83191** | **83920** |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities | 7407 | 8134 |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities purchased under agreements to resell | 17063 | 15029 |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities trading and intermediation | 6299 | 5812 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | 1366 | 1171 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loan Operations | 34142 | 34028 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other financial assets | 16913 | 19745 |
| &nbsp;&nbsp;&nbsp;**Other assets** | **10770** | **10302** |
| &nbsp;&nbsp;&nbsp;&nbsp;Recoverable taxes | 443 | 579 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rights-of-use assets | 341 | 326 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | 4063 | 4097 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 5923 | 5300 |
| &nbsp;&nbsp;&nbsp;**Deferred tax assets** | **3371** | **3051** |
| &nbsp;&nbsp;&nbsp;**Investments in associates and joint ventures** | **3635** | **3683** |
| &nbsp;&nbsp;&nbsp;**Property and equipment** | **464** | **421** |
| &nbsp;&nbsp;&nbsp;**Goodwill & Intangible assets** | **2763** | **2703** |
| **Total Assets** | **396528** | **399477** |

---

<br>![](image_050.jpg)<br>

---

| | | |
|:---|:---|:---|
| Liabilities | **4Q25** | 3Q25 |
| **Financial liabilities** | **276497** | **288572** |
| &nbsp;&nbsp;&nbsp;**Fair value through profit or loss** | **58590** | **78262** |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities | 21043 | 23744 |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative financial instruments | 37547 | 54517 |
| &nbsp;&nbsp;&nbsp;**Evaluated at amortized cost** | **217907** | **210310** |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities sold under repurchase agreements | 58714 | 70931 |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities trading and intermediation | 22421 | 17436 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financing instruments payable | 123404 | 106737 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payables | 810 | 734 |
| &nbsp;&nbsp;&nbsp;&nbsp;Borrowings | 238 | 1576 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other financial liabilities | 12321 | 12896 |
| &nbsp;&nbsp;&nbsp;**Other liabilities** | **95994** | **86857** |
| &nbsp;&nbsp;&nbsp;&nbsp;Social and statutory obligations | 1365 | 832 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxes and social security obligations | 853 | 770 |
| &nbsp;&nbsp;&nbsp;&nbsp;Retirement plans liabilities | 93023 | 84437 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provisions and contingent liabilities | 192 | 170 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 560 | 647 |
| &nbsp;&nbsp;&nbsp;**Deferred tax liabilities** | **489** | **380** |
| **Total Liabilities** | **372981** | **375808** |
| &nbsp;&nbsp;&nbsp;**Equity attributable to owners of the Parent company** | **23547** | **23664** |
| &nbsp;&nbsp;&nbsp;&nbsp;Issued capital | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital reserve | 24009 | 20338 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income | (337) | (277) |
| &nbsp;&nbsp;&nbsp;&nbsp;Treasury | (125) | (271) |
| &nbsp;&nbsp;&nbsp;&nbsp;Retained earnings |  | 3874 |
| &nbsp;&nbsp;&nbsp;**Non-controlling interest** | **1** | **5** |
| **Total equity** | **23548** | **23669** |
| **Total liabilities and equity** | **396528** | **399477** |

---

<br>![](image_050.jpg)<br>

**Reconciliation of Adjusted Net Income**

Adjusted Net Income is a financial measure that reflects the company's net income, excluding certain non-recurring or non-cash items that management believes do not reflect the company's core operating performance. In the current period, this includes adjustments related to social charges and deferred tax assets associated with Performance Stock Units (PSUs) that expired unvested.

These adjustments exclude accounting charges that neither impact cash flow nor reflect recurring earnings volatility. By removing these effects, Adjusted Net Income provides a more accurate view of the company's underlying profitability.

Additionally, Adjusted Revenue (+R$13mm) and Adjusted SG&A (-R$3mm) also resulted in an Adjusted EBT. These financial measures exclude certain items that management believes are not indicative of the company's core operating performance. These adjustments relate to one-off impacts from hedging social charges associated with share-based compensation expenses.

By excluding these items, Adjusted Revenue and Adjusted Expenses offer a more accurate representation of the company's recurring operating results, facilitating comparability across reporting periods.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| (in R$ mn) | **4Q25** | 4Q24 | YoY | 3Q25 | QoQ | **2025** | 2024 | YoY |
| **Net Income** | **1282** | **1181** | **9%** | **1330** | **-4%** | **5169** | **4515** | **14%** |
| Hedge of Social Charges | 13 | 47 |  |  |  | 13 | 47 | -72% |
| PSU Expiration Expenses / Hedge of Social Charges | (3) | (59) |  |  |  | (3) | (59) | -95% |
| Tax Expenses | 39 | 41 | - | - | - | 39 | 41 | -6% |
| **Adjusted Net Income** | **1331** | **1210** | **10%** | **1330** | **0%** | **5218** | **4544** | **15%** |

---

## Exhibit 99.2

**Exhibit 99.2**

![](image_001.jpg)

4Q25 EARNINGS PRESENTATION

![](image_002.jpg)

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" or "our"), is solely for informational purposes . This presentation does not constitute a prospectus and does not constitute an offer to sell or the solicitation of an offer to buy any securities . In addition, this document and any materials distributed in connection with this presentation are not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction . This presentation was prepared by the Company . Neither the Company nor any of its affiliates, officers, employees or agents, make any representation or warranty, express or implied, in relation to the fairness, reasonableness, adequacy, accuracy or completeness of the information, statements or opinions, whichever their source, contained in this presentation or any oral information provided in connection herewith, or any data it generates and accept no responsibility, obligation or liability (whether direct or indirect, in contract, tort or otherwise) in relation to any of such information . The information and opinions contained in this presentation are provided as at the date of this presentation, are subject to change without notice and do not purport to contain all information that may be required to evaluate the Company . The information in this presentation is in draft form and has not been independently verified . The Company and its affiliates, officers, employees and agents expressly disclaim any and all liability which may be based on this presentation and any errors therein or omissions therefrom . Neither the Company nor any of its affiliates, officers, employees or agents makes any representation or warranty, express or implied, as to the achievement or reasonableness of future projections, management targets, estimates, prospects or returns, if any . The information contained in this presentation does not purport to be comprehensive and has not been subject to any independent audit or review . Certain of the financial information as of and for the periods ended December 31 , 2019 , 2018 and 2017 has been derived from audited financial statements and all other financial information has been derived from unaudited interim financial statements . A significant portion of the information contained in this presentation is based on estimates or expectations of the Company, and there can be no assurance that these estimates or expectations are or will prove to be accurate . The Company's internal estimates have not been verified by an external expert, and the Company cannot guarantee that a third party using different methods to assemble, analyze or compute market information and data would obtain or generate the same results . Statements in the presentation, including those regarding the possible or assumed future or other performance of the Company or its industry or other trend projections, constitute forward - looking statements . These statements are generally identified by the use of words such as "anticipate," "believe," "could," "expect," "should," "plan," "intend," "estimate" and "potential," among others . By their nature, forward - looking statements are necessarily subject to a high degree of uncertainty and involve known and unknown risks, uncertainties, assumptions and other factors because they relate to events and depend on circumstances that will occur in the future whether or not outside the control of the Company . Such factors may cause actual results, performance or developments to differ materially from those expressed or implied by such forward - looking statements and there can be no assurance that such forward - looking statements will prove to be correct . These risks and uncertainties include factors relating to : (1) general economic, financial, political, demographic and business conditions in Brazil, as well as any other countries we may serve in the future and their impact on our business ; (2) fluctuations in interest, inflation and exchange rates in Brazil and any other countries we may serve in the future ; (3) competition in the financial services industry ; (4) our ability to implement our business strategy ; (5) our ability to adapt to the rapid pace of technological changes in the financial services industry ; (6) the reliability, performance, functionality and quality of our products and services and the investment performance of investment funds managed by third parties or by our asset managers ; (7) the availability of government authorizations on terms and conditions and within periods acceptable to us ; (8) our ability to continue attracting and retaining new appropriately - skilled employees ; (9) our capitalization and level of indebtedness ; (10) the interests of our controlling shareholders ; (11) changes in government regulations applicable to the financial services industry in Brazil and elsewhere ; (12) our ability to compete and conduct our business in the future ; (13) the success of operating initiatives, including advertising and promotional efforts and new product, service and concept development by us and our competitors ; (14) changes in consumer demands regarding financial products, customer experience related to investments and technological advances, and our ability to innovate to respond to such changes ; (15) changes in labor, distribution and other operating costs ; (16) our compliance with, and changes to, government laws, regulations and tax matters that currently apply to us ; (17) the negative impacts of the COVID - 19 pandemic on global, regional and national economies and the related market volatility and protracted economic downturn ; and (18) other factors that may affect our financial condition, liquidity and results of operations . Accordingly, you should not place undue reliance on forward - looking statements . The forward - looking statements included herein speak only as at the date of this presentation and the Company does not undertake any obligation to update these forward - looking statements . Past performance does not guarantee or predict future performance . Moreover, the Company and its affiliates, officers, employees and agents do not undertake any obligation to review, update or confirm expectations or estimates or to release any revisions to any forward - looking statements to reflect events that occur or circumstances that arise in relation to the content of the presentation . You are cautioned not to unduly rely on such forward - looking statements when evaluating the information presented and we do not intend to update any of these forward - looking statements . Market data and industry information used throughout this presentation are based on management's knowledge of the industry and the good faith estimates of management . The Company also relied, to the extent available, upon management's review of industry surveys and publications and other publicly available information prepared by a number of third party sources . All of the market data and industry information used in this presentation involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates . Although the Company believes that these sources are reliable, there can be no assurance as to the accuracy or completeness of this information, and the Company has not independently verified this information . The contents hereof should not be construed as investment, legal, tax or other advice and you should consult your own advisers as to legal, business, tax and other related matters concerning an investment in the Company . The Company is not acting on your behalf and does not regard you as a customer or a client . It will not be responsible to you for providing protections afforded to clients or for advising you on the relevant transaction . This presentation also includes certain non - GAAP financial information . We believe that such information is meaningful and useful in understanding the activities and business metrics of the Company's operations . We also believe that these non - GAAP financial measures reflect an additional way of viewing aspects of the Company's business that, when viewed with our International Financial Reporting Standards ("IFRS") results, as issued by the International Accounting Standards Board, provide a more complete understanding of factors and trends affecting the Company's business . Further, investors regularly rely on non - GAAP financial measures to assess operating performance and such measures may highlight trends in the Company's business that may not otherwise be apparent when relying on financial measures calculated in accordance with IFRS . We also believe that certain non - GAAP financial measures are frequently used by securities analysts, investors and other interested parties in the evaluation of public companies in the Company's industry, many of which present these measures when reporting their results . The non - GAAP financial information is presented for informational purposes and to enhance understanding of the IFRS financial statements . The non - GAAP measures should be considered in addition to results prepared in accordance with IFRS, but not as a substitute for, or superior to, IFRS results . As other companies may determine or calculate this non - GAAP financial information differently, the usefulness of these measures for comparative purposes is limited . A reconciliation of such non - GAAP financial measures to the nearest GAAP measure is included in this presentation . For purposes of this presentation : "Active Clients" means the total number of retail clients served through our XP Investimentos, Rico, Clear, XP Investments and XP Private (Europe) brands, with Client Assets above R $100 . 00 or that have transacted at least once in the last thirty days . For purposes of calculating this metric, if a client holds an account in more than one of the aforementioned entities, such client will be counted as one "active client" for each such account . For example, if a client holds an account in each of XP Investimentos and Rico, such client will count as two "active clients" for purposes of this metric . "Client Assets" means the market value of all client assets invested through XP's platform, including equities, fixed income securities, mutual funds (including those managed by XP Gestão de Recursos Ltda . , XP Advisory Gestão Recursos Ltda . and XP Vista Asset Management Ltda . , as well as by third - party asset managers), pension funds (including those from XP Vida e Previdência S . A . , as well as by third - party insurance companies), exchange traded funds, COEs (Structured Notes), REITs, and uninvested cash balances (Floating Balances), among others . IM

![](image_003.jpg)

INDEX 04 22 32 33 34

![](image_004.jpg)

R$2.1T IN AUC + AUM + AUA ~18K ADVISORS ~4.8 MILLION CLIENTS ~50 THOUSAND FIXED INCOME TRANSACTIONS PER DAY ~2.2 MILLION EQUITIES DAILY AVERAGE TRADES ~800 INVESTMENT CENTERS 1 (PRESENT IN 23 BRAZILIAN STATES + FEDERAL DISTRICT) #1 IN TRADED VOLUMES ON B3 1 ST MODEL - AGNOSTIC NVESTMENT PLATFORM IN BRAZIL LARGER FOOTPRINT IN THE BRAZILIAN INVESTMENT INDUSTRY Notes: 1 – Considering B2B and B2C channels 4

![](image_005.jpg)

EXCELENCE TRANSLATED INTO POSITIVE RETUNRS EDUCATION BROKERAGE ADVISORY SERVICES ASSET MANAGEMENT OFFSHORE INVESTMENTS WHOLESALE BANK RETAIL BANKING FIRST WAVE ACCESS TO PRODUCTS SECOND WAVE SCALE, LARGER DISTRIBUTION CAPACITY AND COMPLETE ECOSYSTEM THIRD WAVE DEMOCRATIZING ACCESS TO THE WEALTH SERVICE MODEL Holistic and agnostic approach, encompassing the complete needs of our clients, both on the individual and corporate levels. Universal access to top quality financial services. ONE - STOP - SHOP 5 FINANCIAL SOLUTIONS THAT IS CONSTANTLY TRANSFORMING HOW BRAZILIANS INVEST CONSOLIDATING AND EXPANDING OUR ACTIVITIES WHILE PRESERVING OUR DISTRUPTIVE DNA

![](image_006.jpg)

THIS STRATEGY HAS BEEN DELIVERING CONSISTENT PROFITABILITY GROWTH FINANCIAL PERFORMANCE COMBINED WITH A CONSERVATIVE CAPITAL STRUCTURE 2019 2020 2021 2022 2023 2024 2025 29% CAGR Income Statement Balance Sheet and Profitability Adjusted Diluted EPS R$2025 Notes: 1 – Managerial BIS Ratio, calculated in accordance with Central Brank methodology 6 4 Q 2 5 2025 R$19.5 bn Gross Revenue (+8 % YoY) R$5.5 bn Adj. EBT (+10% YoY) R$5.2 billion Adj. Net Income (+15% YoY) R$5.3 bn Gross Revenue (+12% YoY) R$1.5 bn Adj. EBT (+20% YoY) R$1.3 billion Adj. Net Income (+10% YoY) 23.9 % ROE (+94bps YoY) 20.4 % BIS Ratio 1 18 % Adj. Diluted EPS Growth YoY

![](image_007.jpg)

ON TOP OF OUR UNIQUE SCALE AND DIFFERENTIATED PLATFORM WE CONSISTENTLY IMPROVED HOW WE SERVE CLIENTS X P i s B r a z i l ' s f i r s t s e r v i c e - m o d e l - a g n o s t i c i n v e s t m e n t c l i e n t s f u l l f r e e d o m p l a t f o r m , g i v i n g o f c h o i c e : - Transactional Model - Fee - based Model - RIA X P S e r v i c e M o d e l I n d e x i s a n i m p o r t a n t t o o l t o t r a c k a l i g n m e n t a n d a d h e r e n c e t o o u r w a y t o s e r v e Index includes metrics that are aligned to Advisors' incentives: Increase in Satisfaction, Inflows, Revenues and Portfolio Quality for Clients Above the Index Target 1 F i n a n c i a l v a l u e : FinPlan, Wealth Planning and other value - added services P o r t f o l i o v a l u e : Quality of relationship and client proximity R e l a t i o n s h i p v a l u e : Adherence to recommended asset allocation based on IP E c o s y s t e m v a l u e : Cross - sell based on client's financial goals (e.g. insurance, credit) XP Service Model – (range) 0 Δ Revenue (%) +21% Δ client assets net inflow +2X % above target (AuC; Dec/25) 39% 23% Retail AuC Notes: 1 – 2025 figures, for clients with AuC between R$300k - 30M in the B2B segment 7

![](image_008.jpg)

C l i e n t s ' P o r t f o l i o s P e r f o r m a n c e 3 Financial Planning combined with adherence to Expert Allocation leading to better performance for clients EXCELENCE TRANSLATED INTO POSITIVE RETUNRS Financial Planning: Proprietary tool to build a financial plan and track their performance vs. planned of targeted clients track their Financial Planning with an Advisor 1 21% Wealth Planning: Financial and legal support to optimize, protect and plan succession of their assets 12% of targeted clients have ongoing Wealth Planning support 2 Expert Allocation: Ensuring robust governance and risk management in client portfolio construction +2.4x Jun - Dec Growth Year - end record in Expert Allocation adherence 39% 23% 28% 9% 1% +110% CDI 100 - 110% CDI 80 - 100% CDI 0 - 80% CDI Negative In - h o u s e D e v e l o p e d To o l s P o w e r i n g C l i e n t J o u r n e y 8 Note: 1 – Considering clients with AuC between R$300K - 3 million; 2 – Considering clients with AuC between R$3 - 30 million; 3 - Consider active clients, with a minimum of 1 year tenure and AuC below R$30 mn. Exclude B2C Digital clients.

![](image_009.jpg)

EXCELENCE TRANSLATED INTO POSITIVE RETUNRS Financial Planning combined with adherence to Expert Allocation leading to better performance for clients In - h o u s e D e v e l o p e d To o l s P o w e r i n g C l i e n t J o u r n e y C l i e n t s ' P o r t f o l i o s P e r f o r m a n c e 3 Financial Planning: Proprietary tool to build a financial plan and track their performance vs. planned 39% of targeted clients track their 21% Financial Planning with an Advisor 1 Wealth Planning: Financial and legal support to optimize, protect and 23% plan succession of their assets 12% of targeted clients have ongoing Wealth Planning support 2 28% Expert Allocation: Ensuring robust governance and risk management in 9% client portfolio construction 1% +2.4x Year - end record in Expert +110% CDI 80 - 100% CDI Negative Jun - Dec Growth Allocation adherence 100 - 110% CDI 0 - 80% CDI Note: 1 – Considering clients with AuC between R$300K - 3 million; 2 – Considering clients with AuC between R$3 - 30 million; 3 - Consider active clients, with a minimum of 1 year tenure and AuC below R$30 mn. Exclude B2C Digital clients. PROPRIETARY TECHNOLOGY AS A KEY FACTOR TO SUPPORT SCALABILITY WITH GOVERNANCE 50% OF INTERACTION WITH CLIENTS BEING MONITORED AND TREATED +60% OF EMPLOYEES USING AI DAILY +160 AI INITIATIVES IMPORTANT TOOL TO IMPROVE SCALABILITY AND EFFICIENCY 30% ADVISOR ASSET ALLOCATION GUIDED BY PERSONALIZED RECOMMENDATION ENGINES CONSISTENCY AND GOVERNANCE PRODUCTIVITY AND SCALE TIME ASSET ALLOCATION & RELATIONSHIP Sophisticated models offering tailored recommendations 9 Personalized financial recommendations and investment agents OPERATIONAL EFFICIENCY Automation driving productivity Conversational assistants and automated workflows clients AUGMENTED ADVISOR AI - driven advisor support and client self - service AI auto - pilot for dialogue with TECHNOLOGY POWERING DEEPER AND CLOSER RELATIONSHIPS WITH HIGHER PRODUCTIVITY

![](image_010.jpg)

THE DEVELOPMENT OF OUR 18 , 000 ADVISORS IS A KEY PART OF OUR JOURNEY TOWARDS EXCELLENCE FOUNDATION SCALE AND EXPANSION 10 FUTURE GROWTH W E O F F E R TO A D V I S O R S A D VA N C E D TO O L S A N D R E S O U R C E S , B A C K E D B Y R O B U S T D ATA I N T E L L I G E N C E A N D T E C H N O L O G Y Education as a pillar to democratize access to financial products Unlocking the ability to support a broader range of clients and expand our addressable market Stockbroker Complementary sales channel, extending our vertical integration Expansion of our network to become the largest investment sales force in Brazil Internal Advisors Independent Financial Advisors Financial Planner / Consultant

![](image_011.jpg)

THROUGH CLIENTS' PERCEPTION OF XP'S EXCELLENCE AND BACKED BY TECHNOLOGY, WE WILL ACHIEVE OUR MAIN GOALS IN EACH SEGMENT Leadership in Core Business Our main goal is to achieve leadership in the investment market , our core business RETAIL INVESTMENTS Grow With Our Client's Needs RETAIL CROSS - SELL Premier Service With Unique Value CORPORATE & SMB Starting from our clients' needs, we will expand our offer to serve their complete financial needs We want to fully explore the synergy between Wholesale Bank and Investments , deepening our relationship with Brazilian Corporate Clients and SMBs 11

![](image_012.jpg)

RETAIL INVE

![](image_013.jpg)

CONSISTENT RESULTS IN OUR CORE SEGMENTS Investment in high - income and private segments have delivered the expected results R E TA I L C L I E N T S R$0 – 300 K O P P O RT U N I T Y • Market share pressure accompanied by lower NPS and margin compression • Redesign the way to serve to improve efficiency • New value proposition with initial NPS improvement and accretive margins • Technology is key to expand C u r r e n t S c e n a r i o B u s i n e s s C o n t e x t H I G H I N C O M E R$300 k – 10 MM S T R E N G H T • Core segment, with strong fundamentals and concentrating most investments • Competitive advantages reinforced • Multi - model and excellence approach supporting growth • FinPlan / Wealth Planning and Expert Allocation at the center of the strategy P R I VAT E +R$10 MM G R O W I N G • Transition to a full wealth manager , covering all clients' needs (individual and corporate) • Investment to build a robust product platform with a top team • Resumed growth with market share gain • Expansion in credit and cross - selling within XP full ecosystem (i.e. IB) • Margin expansion expected 13

![](image_014.jpg)

Total Client Assets, AUM and AUA in XP totaling R$2.1 trillion 4Q25 Retail NNM of R$20 bn Total Client Assets, AUM and AUA (R$ Billion) Total Client Assets (in R$ bn) AUM (in R$ bn) AUA (in R$ bn) Total Client Assets and Net New Money (R$ Billion) Retail Corporate & Institutional 186 228 252 233 294 336 1,286 4Q24 1,425 3Q25 1,491 4Q25 1,705 1,947 2,079 +22% 20 20 20 10 9 12 4Q24 3Q25 4Q25 29 29 32 81 14 76 28 19 2024 2025 109 94 Individuals NNM of R$23 bn SMBs NNM of - R$3 bn THE COMPOUNDING EFFECT OF OUR ASSETS AND TRACTION IN OUR CORE SEGMENTS ARE COMBINED WHITHIN OUR MAIN GROWTH PILLARS

![](image_015.jpg)

CROSS - SELL

![](image_016.jpg)

W E A R E C O N S I S T E N T LY I M P R O V I N G O U R O F F E R I N G AI M I NG TO O FFER A CO M PLETE SO LUTI O NS FO R O UR CLI ENTS INSURANCE Several improvements in XPs life insurance led to significant increase in premiums collected CARDS New Cards increasing SoS and penetration in target clients 1 Cross - channel campaigns and client initiatives leading to positive inflows Record PGBL contributions (+17% YoY) Increasing volumes (+228%) and market share gain (+160%) YoY Development of new products such as fixed - rate products with lower installments New launches: travel, home, credit line insurances New life insurance products and inclusion of new coverages 2026 2026 New product launches: Clear and Corporate cards 2026 New product shelf and improved in - app experience New tech - enabled features to improve the post - sale customer journey 2026 CONSORTIUM Integration of the consortium offering to the financial planning +20% Revenue growth YoY RETIREMENT PLANS NEW Notes: 1 - Since Jul/25 16

![](image_017.jpg)

Notes: 1 - Active Credit Cards vs. Total Active Clients, 2 – Company Estimates for Peers and Market Average, 3 – Penetration based on Active Clients from XP and Rico only, 4 – Credit facilities only for individual clients, excluding Credit Cards, 5 - Includes FX, Digital Account, Global Investments, Consortium and Other Insurance C a r d s T P V (i n R $ b n) P e n e t r a t i o n 1 ; 2 32% 50% Peers Avg. 4Q25 P r e m i u m L i f e I n s u r a n c e G r o s s W r i t t e n (i n R $ m m) 3% 17% Market Avg. 4Q25 P e n e t r a t i o n 2 ; 3 R e t i r e m e n t P l a n s A s s e t s (i n R $ b n) 5% 27% Market Leader 4Q25 M a r k e t S h a r e R e t a i l C r e d i t – NII 4 (i n R $ m m) <1% ECL E x p e c t e d C r e d i t L o s s e s P r o d u c t s O t h e r N e w R e v e n u e 5 (i n R $ m m) FX Digital Accounts Global Investments Consortium 4Q24 M ai n KPI s 3Q25 4Q25 13.1 13.1 14.6 +11% 401 502 +25% 451 81 95 +17% 90 81 83 0 5 0 100 1.1% 1.6% 1.5% +2% 83 NIM 213 258 +21% 250 17

![](image_018.jpg)

WHOLESALE BANK

![](image_019.jpg)

IN JUST FIVE YEARS, WE HAVE BECOME ONE OF THE LARGEST WHOLESALE BANKS IN BRAZIL Our strengths lie in Global Markets and Institutional Brokerage S e c o n d a r y M a r k e t S h a r e #1 Equities Options #1 Interest Rates Options Market Share (Traded Volumes at B3) 1 48% Equities Dominance in Other Instruments 1 #1 Interest Rates Swaps 48% Ibov Futures 50% FX Futures 39% Options 49% ETFs 4th in DCM 1st in CRA and FII 3 I n v e s t m e n t B a n k i n g – D C M M a r k e t S h a r e 2 Note: 1 – Considering clients with AuC between R$300K - 3 million; 2 – Considering clients with AuC between R$3 - 30 million; 3 - Consider active clients, with a minimum of 1 year tenure and AuC below R$30 mn. Exclude B2C Digital clients. 19 Note 1 - Source B3 for Bovespa volumes; 2 - Source Anbima for fixed Income Distribution in November 2025; 3 – FII (Fundos de Investimentos Imobiliários) are similar to REITs 4Q24 Nov. 2025 Market Leader 9% 12% 25%

![](image_020.jpg)

OPPORTUNITIES FOR THE NEXT YEARS SMB CREDIT Broaden product portfolio beyond investments and FX Focus on transactions and payments Individuals Corporates Credit as a catalyst for the investment business Credit products completing the offering to have clients' primacy Strengthen our focus on structured solutions Expand our corporate product offering, enhancing our competitiveness Home equity, tailored products for high income segments, private sector payroll backed loans, among others Receivables, government sponsored funds, real estate, among others Leverage on the largest advisor network to reach SMBs Deliver simple and comprehensive financial solutions Expansion of our credit offering while preserving our longstanding conservative and prudent approach 20

![](image_021.jpg)

4Q25 FINANCIALS

![](image_022.jpg)

Retail Institutional Corporate & Issuer Services 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 W I T H R E TA I L S U S TA I N I N G T H E S A M E R E P R E S E N TAT I V E N E S S Y O Y 332 340 346 599 729 895 224 3,569 4Q24 3,704 169 3Q25 3,862 175 4Q25 4,725 4,942 5,279 +12% 13,489 1,373 2,289 2024 14,584 1,373 2025 18,035 884 19,447 756 2,733 +8% 76% 75% 73% 7% 7% 7% 13% 15% 17% 5% 3% 3% 4Q24 3Q25 4Q25 75% 22 75% 8% 7% 13% 14% 5% 4% 2024 2025

![](image_023.jpg)

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 % 4Q24 3Q25 4Q25 3,569 3,704 +8% 3,862 2024 23 2025 +8% 14,584 13,489 18% 16% 10% 28% 28% 20% 17% 10% 25% 28% 19% 19% 11% 24% 27% 4Q24 3Q25 4Q25 17% 16% 10% 26% 32% 19% 17% 10% 26% 28% 2024 2025

![](image_024.jpg)

CORPORATE & ISSUER SERVICES REVENUE WHOLESALE BANK GROWING DOUBLE DIGITS Corporate & Issuer Services Breakdown R$ Million 262 406 491 337 323 404 4Q24 3Q25 4Q25 599 729 895 +49% Corporate Issuer Services 965 1,324 24 2024 1,457 1,276 2025 2,289 2,733 +19%

![](image_025.jpg)

SALES, GENERAL & ADMINISTRATIVE EXPENSES (SG& A) ¹ SG& A¹ (R$ Milion) (LTM%) 490 530 586 1,087 4Q24 1,142 3Q25 1,147 4Q25 1,577 1,672 1,733 +10% 4,056 1,871 2024 4,273 2,111 2025 5,927 6,384 +8% People Non - people 25.1% 36.3% 4Q23 1Q24 2Q24 3Q24 23.7% 34.7% 4Q24 1Q25 2Q25 3Q25 23.2% 34.7% 4Q25 Efficiency and Compensation Ratios¹ Compensation Ratio Efficiency Ratio Notes: 1 – Excludes Revenue from incentives from Tesouro Direto, B3 and others 25

![](image_026.jpg)

EBT M ARG I N EXPANSI O N BO TH O N Q UARTELY AND O N YEARLY BASI S EBT (R$ Milion) EARNING BEFORE TAXES (EBT) 28.7% 4Q24 28.5% 3Q25 31.3% 4Q25 1,289 1,331 1,547 20% EBT Margin 26 29.1% 2024 29.6% 2025 4,974 5,459 +10%

![](image_027.jpg)

1 - Please refer to the Non - GAAP Reconciliation in the appendix. ALL TI M E HI G H RESULTS I N THE Q UARTER - W I TH 15 % G RO W TH I N THE YEAR ADJUSTED NET INCOME 27.0% 4Q24 28.5% 3Q25 26.9% 4Q25 1,210 1,330 1,331 10% 26.4% 27 2024 28.3% 2025 4,544 5,218 +15% Adjusted Net Income 1 Adjusted Net Margin

![](image_028.jpg)

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 0 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 2022 3,542 2023 2,000 1,354 2024 1,899 2025 1,815 4,458 3,354 2,399 2022 2023 2024 2025 51% 114% 74% 46% CAPITAL MANAGEMENT Payout Ratio Dividends Paid and Share Repurchases (R $ M i l l i o n) Share Repurchases Dividends Paid 28

![](image_029.jpg)

Notes: 1 – Calculated based on Adjusted Net Income EPS and Return on Tangible Equity Adjusted Diluted EPS 1 (R $) 23.4% 4Q24 23.0% 3Q25 22.8% 4Q25 29.1% 28.0% 27.7% Adjusted Annualized ROTE and ROAE 1 ROAE ROTE 4Q24 3Q25 4Q25 2.23 2.47 2.56 +15% 2024 2025 8.28 9.81 +18% 23.0% 29 2024 23.9% 2025 28.7% 29.5%

![](image_030.jpg)

CAPITAL MANAGEMENT BIS Ratio 1 4Q24 3Q25 4Q25 17.7% 21.2% 20.4% 16.1% 0.8% 0.8% 18.5% 0.8% 1.9% 17.3% 1.4% 1.7% 20.4% BIS Ratio Common Equity Tier 1 Additional Tier 1 Tier 2 24% 36% 30% 4Q24 51% 33% 16% 27% 3Q25 51% 34% 15% 30% 4Q25 106 108 119 40% Risk - Weighted Assets and VaR (R$ Milion) Credit RWA Market RWA Operational RWA RWA % of Total Assets 16 bps 30 30 12 bps 17 bps VaR 2 of R$39mm , or 17bps of Equity Notes: 1 – Managerial BIS Ratio, calculated in accordance with Central Brank methodology, 2 – Average Daily VaR,1 day, 95%

![](image_031.jpg)

Strategic Foundations for 2026 Excellence is our growth pillar , underpinned by the development of new and scalable processes, governance, and technology – combined with aligned incentives and trained sales force Investments made over the past years starting to mature Continue segmentation with accurate value proposition New investments in the Wholesale Bank and in the B 2 C channel Focus on excellence and innovation Capital Strong and consistent capital returns Conservative capital structure giving optionality under different scenarios Business 31

![](image_032.jpg)

Q&A

![](image_033.jpg)

APPENDIX

![](image_034.jpg)

To t a l U n s e c u r e d S e c u r e d R $ billion 25.2 6.5 18.7 Loans 9.4 1.9 7.5 Credit Card 43.4 39.8 3.6 Corporate Securities 78.0 48.2 29.8 Credit Portfolio Main Activities Investment Banking Fixed Income Distribution Corporate Credit TOTAL LOAN 34

![](image_035.jpg)

Non - GAAP Financial Information 35 YoY 2024 2025 QoQ 3Q25 YoY 4Q24 4Q25 (in R$ mn) 4% 4,953 5,169 - 4% 1,330 9% 1,181 1,282 Net Income - 72% 47 13 - - - 47 13 Hedge of Social Charges - 95% (59) (3) - - - (59) (3) PSU Expiration Expenses / Hedge of Social Charges - 6% 41 39 - - - 41 39 Tax Expenses 5% 4,983 5,218 0% 1,330 10% 1,210 1,331 Adjusted Net Income Adjusted Net Income is a financial measure that reflects the company's net income, excluding certain non - recurring or non - cash items that management believes do not reflect the company's core operating performance. In the current period, this includes adjustments related to social charges and deferred tax assets associated with Performance Stock Units (PSUs) that expired unvested. These adjustments exclude accounting charges that neither impact cash flow nor reflect recurring earnings volatility. By removing these effects, Adjusted Net Income provides a more accurate view of the company's underlying profitability. Additionally, Adjusted Revenue (+R$13mm) and Adjusted SG&A (- R$3mm) also resulted in an Adjusted EBT. These financial measures exclude certain items that management believes are not indicative of the company's core operating performance. These adjustments relate to one - off impacts from hedging social charges associated with share - based compensation expenses. By excluding these items, Adjusted Revenue and Adjusted Expenses offer a more accurate representation of the company's recurring operating results, facilitating comparability across reporting periods.

![](image_036.jpg)

4Q25 EARNINGS PRESENTATION Investor Relationsir@xpi.com.br https://investors.xpinc.com/