Q4 2025 XP Inc Earnings Call [BACKUP]

Thiago Maffra: Business opportunities. At this stage, we understand that XP is ready to address and capture share in new markets, being credit and SMBs, the main prospects in the long-term agenda. In SMBs, we leverage Brazil's largest advisor network to expand our reach and deepen relationships. Moreover, we broaden our product portfolio beyond investments and effects to generate more engagement and address SMBs' day-to-day financial needs more holistically. When it comes to credit, we see opportunities for both individuals and corporates. For individuals, credit acts as a catalyst for our investment business, helping us move toward greater primacy. Expanding our tailored solutions, particularly for high-income segments, will be central to our agenda. For corporate clients, we remain focused on structured solutions and expanding our corporate product offering to improve competitiveness, including receivables, government-sponsored funds, and real estate solutions.

Thiago Maffra: Overall, our strategy is to expand our credit offering while maintaining the conservative, prudent approach that has long defined our business. These opportunities are once again, medium to long term. I will now hand the presentation over to Victor, who will discuss the quarter and full year financial results. Thank you.

Victor Mansur: Thank you, Maffra, and good evening, everyone. Before I start, I would like to do a quick recap of some achievements and commitments for the past two years. First, corporate restructuring. We are now entering into the final phase of our corporate restructuring, in which we will further concentrate activities within XP Bank, materially improving our capital and funding cost. The new structuring has increased our competitiveness, optimizing our warehouse strategy during the year. We already captured part of these benefits in 2025, with reduction in funding costs, plus the reduction in cost of WAC through the emission of subordinate notes. We expect to have another positive impact in 2026 and the following years.

Victor Mansur: As a result, we see the expansion of both our financial margin and EBT margin for 2025, and we expect to keep this pace for 2026. Second, our balance sheet management. In 2025, both our EPS and net income grew faster than our total assets and total risk-weighted assets. Combined with our disciplined capital allocation and distributions, this drove our ROE expansion of approximately 90 basis points, even though our BIS ratio is higher than 20. Third, efficiency. Our continued technology investments are delivering operational leverage across many business fronts, allowing us to keep our investment pace while we keep a stable efficiency ratio year over year. So now, starting with total gross revenue. In our Q4, total gross revenue reached BRL 5.3 billion, representing a 12% increase year-over-year, and 7% sequentially.

Victor Mansur: For the full year of 2025, total gross revenue was BRL 19.5 billion, growing 8% compared to 2024. The performance highlight was corporate and issue services, if a strong second half of 2025. When we compare to gross revenue breakdown on the right-hand side of this slide, in 2025, retail maintained 75% of total revenues and corporate and issue services gained its pace. Now, let's move on to the next slide with more details on the different business. In the Q4 2025, retail revenues totaled BRL 3.9 billion, up 8% year-over-year and 4% sequentially. For the full year, retail gross revenue reached BRL 14.6 billion, increased 8% versus last year.

Victor Mansur: Retail revenue growth in 2025 was supported by float for both investments and checking accounts, new verticals with credit card, retirement plans, and insurance leading the way, and there's a new initiative, international investments. Fixed income performance in a strong first half of 2025, and decent figures for the second half, supported by our warehousing strategy. So now let's turn to corporate and issue services. In Q4, revenues reached $895 million, representing a 49% increase year-over-year and a 23% increase sequentially. This was the strongest performance in our history for this business, both in corporate and issue services. The strong performance was driven by a robust activity in the DCM space, re-accelerating from a softer first half.

Victor Mansur: In addition, our ability to cross-sell and deliver a broader set of solutions to our corporate clients, such as derivatives and credit, that continue to support the revenues, leveraging on our strong distribution capabilities across the platform. For the full year of 2025, corporate and issue services revenue totaled R$ 2.7 billion, up 19% compared to 2024, making a new level of corporate revenues and consolidating this segment as an important business line for XP. Now, let's move to our SG&A and efficiency ratios. SG&A in Q4 amounted R$ 1.7 billion, growing 10% year-over-year and 4% quarter-over-quarter. For the full year, SG&A totaled R$ 6.3 billion, reflecting continued investments in technology such as AI and CRM, and also our expansion of our advisory network.

Victor Mansur: As I mentioned earlier, it is the operational leverage captured from technology and innovation developments that allow us to keep our elevated investment pace in different areas of the business, while keeping the same efficiency level. Additionally, the efficiency ratio in 2026 should remain broadly in line with 2025 levels, without any material change. As we can see on the right-hand of this slide, our last twelve months efficiency ratio for the fourth quarter stood at 24.7, stable compared to 2024. Our adjusted EBT reached $1.5 billion in the fourth Q of 2025, increasing 20% year-over-year and 16% quarter-over-quarter, with an adjusted EBT margin of 31.3%, up 252 basis points year-over-year, and 271 basis points quarter-over-quarter.

Victor Mansur: That means that we have reached the range of our guidance margin during this quarter. For the full year of 2025, adjusted EBT totaled BRL 5.5 billion, growing 10% versus last year, with an EBT margin of 29.6%, expanding 52 basis points year-over-year. On the next slide, we'll see our adjusted net income. Adjusted net income for the quarter was BRL 1.3 billion, up 10% year-over-year and stable sequentially. Our net margins were 26.9% in the Q4 2025, 9 basis points lower year-over-year, and 166 basis points lower sequentially. For the full year, adjusted net income reached BRL 5.2 billion, growing 15% compared to 2024, with 28.3% net margin, 173 basis points expansion in the period.

Victor Mansur: Let's move on to the next slide to talk about capital management. Starting with capital returns, in 2025, we returned R$ 2.4 billion in capital to shareholders for dividends and buybacks. We also continue to have our 1 billion share buyback program currently open. On the right-hand side of this slide, you can see the evolution of our payout ratio over the years, including last year, we had a close to 15% payout, considering both buybacks and dividends. Now talking about earnings per share and ROE. Once again, we would like to highlight that our earnings per share continues to grow faster than net income, driven by our consistent buyback execution, just like we explored in the previous slide. Adjusted EPS in Q4 was R$ 2.56, growing 15% year-over-year and 4% quarter-over-quarter.

Victor Mansur: For the full year, adjusted EPS reached R$9.81, increasing 18% versus last year. Only in 2025, we have retired more than 24 million shares, approximately 4% of the total shares outstanding. Now, looking at our profitability, ROE and ROTE, we see our adjusted return on equity for 2025 reached 23.9%, a 94 BPS expansion, while return on tangible equity was 29.5%, a 78 basis points expansion versus 2024. This reflects our capital disciplines that allow us to consistently return capital to shareholders, while simultaneously growing and investing in the business to further differentiate ourselves from our peers. Finally, on capital ratio and risk-weighted assets, we closed the quarter with a BIS ratio of 20.4%, with the CET1 ratio at 17.3%.

Victor Mansur: In 2026, we will operate the business with a high BIS ratio during the year. We are comfortable with getting our BIS ratio to our target range of 19 to 16 toward the end of the year for capital distributions, while still maintaining a comfortable capital buffer. Additionally, we ended the year with a CET1 ratio of 17.3, compared to our peer average of 12. If we were running the business at the same CET1 of 12, our ROE would have been above 30. Now, looking at the right-hand side of this slide, you can see our RWA breakdown by category. Risk-weighted assets totaled BRL 119 billion, growing 13% year-over-year, and 11% quarter-over-quarter.

Victor Mansur: As we expected and communicated on certain occasions, total RWA growth was lower than our net income and EPS for the year, even with a strong performance from the wholesale business. In parallel, our total assets, adjusted for assets under management from retirement plans, grew 8% versus 2024, also less than our bottom line. More specifically, during the quarter, we increased the warehousing of fixed income securities, mainly corporate credit, aligned with strong DCM activity, our growing capacity to originate corporate deals, and market timing opportunities. Lastly, because of this increase in warehousing, our value at risk, from which important companies credit risk spread, went to BRL 39 million, or 17 basis points of our equity. Stable on a year-over-year perspective, and four basis points higher sequentially, but still in a very conservative level.

Victor Mansur: We expect to distribute a portion of these assets at the beginning of 2026. This level of our housing capability was only possible through the development of XP Bank and funding structure, as previously highlighted. With that, I end my presentation and hand it over to Mafra, so he can make his final remarks, and then we go to the Q&A.

Thiago Maffra: ... Thanks, Victor. Before the Q&A, I would like to quickly go over the strategic foundations directing our priorities for 2026. Excellence is our main growth pillar. Over the past years, we have invested heavily in scalable process, governance, and technology, and in 2026, we begin to see these investments maturing and is starting to translate into results. This is reinforced by a skilled and well-trained sales force, with aligned incentives, ensuring consistent execution across the organization. We continue to invest in a highly disciplined manner, particularly focused on wholesale banking and the B2C channel, while refining our segmentation to ensure a clear and accurate value proposition for each client profile. This will enable us to grow with quality in a profitable and sustainable manner. On the capital front, our priority is to sustain strong and consistent returns, backed by a conservative capital structure.

Thiago Maffra: This discipline provides the flexibility to operate across different market scenarios, maintaining resilience and readiness to capture opportunities. Together, these foundations ensure that we enter 2026 with a solid business structure and disciplined capital allocation. Lastly, before starting the Q&A, I would like to address an ongoing topic within the financial system. First of all, we would like to express our deep concern regarding everything that has been revealed in recent months, involving Banco Master and the extent of irregularities identified. We also want to acknowledge the important and diligent work carried out by the Central Bank, as well as the responsible media coverage that has helped Brazilian society better understand, with greater transparency, what has occurred. Through ABBC and Febraban, we are actively supporting structural improvements aimed at preventing situations like this from happening again in our financial system.

Thiago Maffra: The Central Bank has been advancing in the right direction over the past years, although we understand some relevant adjustments are still necessary. That said, this change must be implemented responsibly, so that Brazil does not risk reversing the significant progress achieved in recent decades in terms of competition and a broader and more efficient access to financial products and service. We should be careful not to adopt measures whose unintended consequence would be to reestablish excessive banking concentration, or to enable business models built on consumers' lack of information. Or, as Director Galípolo rightly pointed out some months ago, products that function as a reversing Robin Hood. For more than a decade, the Central Bank has consistently pursued an agenda to increase competition and improve both quality and the cost of financial service through initiatives such as BC Plus.

Thiago Maffra: Digital banks and investment platforms have played a central role in this transformation, expanding access to banking service without fees and reducing long-standing asymmetries in traditional investment products, such as Poupança, savings accounts, PIC, and títulos de capitalização. 25 years ago, we helped transform the system by building the first open platform in Brazil, giving clients across all income levels access to financial education and high-quality investment products. Over time, we have contributed to reshaping the market by fostering competition, improving product quality, reducing costs, and ultimately, delivering better outcomes for our clients. We do offer proprietary products, but we have always distributed third-party solutions, including from competitors. Choice, transparency, and alignment with the client always come first. We do not charge abusive or opaque fees, and clients pay nothing to open or maintain an account with us.

Thiago Maffra: Our mission is simple: To improve people's lives by helping them invest better. This principle guides every decision we make and remains the foundation of our work as we continue to support Brazilians in managing their money, investing responsibly, and planning for their future. André Parize, we will now start our Q&A session.

André Parize: Thank you, Maffra. Now we're gonna start the Q&A. The first question is from Eduardo Rosman, from BTG. Rosman, you may proceed.

[Analyst] (BTG Pactual): Hi. Hi, everyone. I have two questions for Maffra. The first one is regarding, you know, the ambition to become Brazil's leading investment platform by 2033. Can you provide a little bit more detail, you know, why 2033? What's the metric that you use to define that, the being a leading firm? Is it that market share that you see, revenue, client base, you know, or something else? And do you believe that doing more of the same, but better, will be enough to reach this goal, or would you require more powerful banking and credit capabilities? That would, that would be the first one. And the second one, regarding your entry into the controlling group, practically speaking, what does that change mean to you? Thanks.

Thiago Maffra: Good evening, everyone, again, and thank you for your questions, Osman. The first question, it's when we say that we want to be leaders in investments in 2023, it's about market share, okay? So that means that we have our internal plans here, our long-term view is to become leaders in 2033, in market share. And that's the-- It's 2033, because our plans, every plan that we have gives us that we can get there in 7 years, okay? So that's the number, the reasons. When we look how much money, net new money, we have to bring in the next years, by different channels, by different segments, the plans, they point out that we can get there in 2033. How we get there?

Thiago Maffra: First, with the third wave, okay, so, as we mentioned in the past, earnings call, in all the conference, we have been investing a lot on the third wave, on democratizing, wealth planning for retail clients in Brazil. So democratizing the service that only private banking clients or even, multifamily office clients have in Brazil. So that's the main point here. It's... A lot of people don't get how big is the change here, because most of the financial companies in Brazil and banks, they still have, like, the model of pushing products, okay? It can be, basket of products, an investment portfolio, but it's a product-driven approach. We have been changing that for the past two years. We have changed incentives, we have changed the way of serving clients.

Thiago Maffra: We have done a new segmentation on the company, new value propositions, and we are seeing big improvements in all the numbers, churn, NPS, and a lot of other metrics here. So we are very excited with the next years, when we look everything that we have been doing on foundations and changing almost changing the business model in the past years for the future. Of course, we have different strategies for different segments. We have been investing a lot on the private banking platform in the past three years. We have been gaining market share in the past two years, and last year, 2025, it accelerated, and we believe that we can grow faster here on private banking.

Thiago Maffra: On the middle, the affluent clients, it's more of the same, with more intensity, with more technology, with more process, with the new value proposition of more service, more wealth planning. When we go to the retail clients, we have found a new way of serving, more goal-based, low human touch. So a completely different value proposition that is becoming a reality, I would say, in the last year, and that we are very confident that we can accelerate in the next years. So different strategies for different segments, but all based on the third wave here. So of course, as you mentioned, the full ecosystem, the banking part, insurance, all of that reinforce the value proposition for investor clients.

Thiago Maffra: As you have seen in the past quarters and past years, we are like, every quarter, every year, like, better on the cross-sell products, and we have a big roadmap for the next quarters here. So... But we are ready to accelerate, in the future, okay? About the second question, the control, being 100% honest with you, for myself, nothing changed. I've been with the company for 11 years. I was a partner, in a different way, but I was a partner. I have always acted as owner of the company, so nothing changed on, the way I behave or the way I see the company.

Thiago Maffra: But I believe it's even a stronger alignment between the executives that are running the company, José Berenguer and I, alongside Fabrício Almeida and Guilherme Santana, so four executives that run the company on a daily basis, and of course, Guilherme. So I believe it's a stronger alignment for the long term, but nothing changed the way we manage the company here. And besides that, Gabriel, Bruno, and Bernardo, they continue to be a shareholder in the company. They continue on the board. So it's a natural evolution here, a natural process. So there is no big change here on the company.

Science needs supported by a robust product platform and the highly skewed Jim.

Growth has resumed with market share gains and expansion in credit and cross selling we thing <unk> ecosystem.

We are still investing in this segment and we expect to see further market share gains are compounded by margin expansion.

On the next slide we will share our consolidated client assets figure.

In the last quarter of 'twenty, and 'twenty, five or total client assets combine it with <unk>.

I'm in a way.

Total 2.13 live race, representing 22% growth year over year.

[Analyst] (BTG Pactual): Great. Thanks a lot, Marino.

Operator: Okay, next question is from Tiago Batista, UBS. Tiago, you may proceed.

Just wasn't important milestones for XP crossing the truth Trina Reais thresholds.

Thiago Batista: ... Oh, you hear me?

On the right hand of the slide.

Victor Mansur: Yes.

Thiago Batista: Oh, okay. Hi, Maffra, Mansur, Parize, Antonio. I have one question regarding the recommendation that CVM released yesterday about the international internalization of orders. In my understanding, this should be a little bit positive for your RLP business. But do you have any view if this is really positive or not for XP? And the second question on the taxes. We normally complain when the taxes were low; now we're complaining with that the tax increased.

We show, how net new money related to client assets evolve it during the last quarter of the year in.

In 20 or 25, one of the most frequently asked questions for XP was around net new money to clarify some of the questions. We receive it we.

We live true exceptionally give a little more color on these metrics.

This quarter, we once again achieved 20 billion in retail net new money and 12 billion in corporate and institutional totaling 32 billion for the period.

Thiago Batista: But my question on the taxes is trying to understand if this hike in the taxes in this quarter is related to the change in the Coelho structure, and also if this is linked with the consumption of the tax on tax losses carry forward. You reduced it or XP reduced it by BRL 700 to 800 million of those tax credits only in one quarter, if all those things are correlated.

As we have been saying in the previous quarters retail net new money has been impacted by the dynamics of Smbs.

In the fourth quarter of 20 to 25 is more immediate zinger price withdrew pre brilliant investments from our platform on the other hand in flows from individual clients in all of our segments totaled 23 billion Reais.

Why are we posted positive figures just quieter and Matt are soft guidance, we still face a challenging environment for 'twenty or 'twenty six.

Thiago Maffra: It's Thiago. It's Thiago here, so I will take the first question. It's a very positive news for us, once you don't have the cap and you can include other assets, so it's very positive, okay? You remember that we were the first company back in 2015. I remember was the one responsible for building RLP back in '15 here for XP. And until 2019 was, I would say, a big, a big journey to make the product regulated. So and today, seeing the product like evolving, not having cap, going to other assets, other type of instruments, so that's very positive.

We are investing in different initiatives to support our future growth, but for now we remain you're expecting retail net new money, reaching 20 billion per quarter retail cross sell has been one off for folks to diversify revenue streams over the last few years in 'twenty to 'twenty five we achieve.

Important milestones in this business merge Gulf.

As a result, we have observed higher engagement for our clients across different products.

Crosby insurance cards consortium retirement plans and new loans are driving market share gains and record contributions.

For 2026, we will continue to innovate and expand our offering improving the integration of just broad it's in financial planning and enhance the customer journey to a better <unk> experience.

For instance in insurance, we will launch New brothers travel home and credit line insurance and life insurance, we will expand our brother range with new coverage.

Thiago Maffra: Because, we are the largest market making in Brazil for retail clients, so, it's positive for business, it's positive for the market, for the clients. So, and of course, we'll generate more revenues and more results for our market making. So it's positive.

Taking cards into consideration the new loans, we had during the year made it possible to increase the share of spending while increasing Brent if duration among target clients.

In 2026, we also be launching new products to enhance our cross sell offering.

Victor Mansur: Hi, Thiago, this is Victor. First about taxes. I think we talked a lot about that in the past. Our base tax rate is something near 15%. If the business is more toward the banking activity, investment banking, DCM, and broker-dealer, we're gonna pay a bit more. And if the business is more towards market-making, we're gonna pay a bit less. If you look at the revenue mix for the quarter, the main highlights was issue services and corporate banking. Both, of course, made inside the bank and the broker-dealer, and that's why we are paying more taxes. Also, those revenues are less heavy in terms of commission. Those assets were not distributed to retail clients, so EBT margin associated to those revenues are also higher.

In the first half of 'twenty or 'twenty six we are rolling out.

Proprietary dollar backed stable coin.

Targeting clients, who seek to diversify our hedge against FX volatility, while providing true twenty-first seven liquidity.

Just stable coin launch clears proprietary <unk> curse strategy, and we will expand the portfolio overtime.

Finally, we will reintroduce crypto serves that are fully integrated into our platform with XP operating as a virtual asset brokerage.

Sure, it's a seamless and interested experience.

Victor Mansur: Talking about the Coelho structure, this change will only happen in 2026. It did not happen yet in 2025, so it has nothing to do with the taxes. The taxes are an effect of the revenue mix. I'm sorry, what was the other question?

Fully embed it within our broader investment ecosystem.

Overall.

Is that evolution and cross sell products is strengthening client relationships increased share of wallet and diversifies recurring revenue.

Let's move ahead to the next slide and review some kpis for promo cross sell brothers.

Thiago Batista: Was, if this was the higher taxes, was the cause of the reduction in the tax losses carry forward?

Let's just start with Greg car, whereas PPV rose, 11% year over year to $14 6 billion in fourth quarter 25.

Victor Mansur: It's not because of that. It's the revenue mix that explain both revenue, tax, and EBT.

In 2025, we launched new products offering unique value propositions for high income and private banking segments.

Thiago Batista: Okay. Very clear. Thanks, Mansur and Maffra.

Life insurance written premium grew 25% year over year in fourth quarter. After we enhanced our offering including new coverage.

Victor Mansur: Okay, next question is from Gustavo Schroden, from Citi. Gustavo, you may proceed.

Felipe Gaspar: Hello, guys. Thanks for the question. I'm gonna do 2 questions as well. So the first one is regarding the reimbursements by the FGC to the depositors of Banco Master, so estimated in BRL 40 billion. So how has XP been performing? So I believe that the company has designed a strategy to capture these volumes or part of this volume. So any color on that would be great. If you should expect any positive impact in Q1 2026, regarding it. And my second question is regarding the NPS. We saw a decline in NPS to 65 points from +70 points baseline. So could you elaborate on this? What's behind this decline, and how the company is addressing this decline in NPS? Thank you.

Retirement plans, our client assets posted 17% growth year over year in fourth quarter, reaching 95 billion.

Cross channel campaigns and client initiatives led to positive inflows in 'twenty to 'twenty five we had for example record inflows in the defined contribution pension plan with 17% growth year over year.

Other new products, which include FX will be investments <unk> account and consortium collectively grew 21% year over year generating $258 million in revenue this quarter. It's.

It's worth noting that just brothers were built from the scratch only a few years ago and now account for more than a billion reais in revenues per year.

Thiago Maffra: Okay, thank you for the question. I will start with the NPS question. The drop is related to two events that we had on the fourth quarter. We had the MB Par structure notes, and we had a lot of news and noise about Banco Master, back, especially in December. So there is a selection bias for clients who were impacted by these two events. They are more prone, like, to respond the NPS than clients that were not impacted by the events that happened. So when we look at margin, we see the NPS improving again. So we believe it's gonna be temporary, affected by the two events that I just mentioned.

On the next slide we will cover the evolution of our wholesale bank, we are operating a complete ecosystem.

Where our wholesale bank has become a key pillar of our strategy just a few years. After we started our wholesale banking achievements, we have grown into one of Brazil's largest players.

As our retail platform has killed it generated inquiries and flow and liquidity demand, enabling us to grow our wholesale bank by leveraging our global markets and market making capabilities.

What started as a client facilitation has evolved into a sophisticated wholesale banking franchisee.

Integrating investment banking institutional access and other capabilities.

Through the combination of strong retail distribution with wholesale and market, making capabilities. We have built a powerful ecosystem that improves execution quality and liquidity for our clients. In fact, we are leaders in <unk> futures.

Thiago Maffra: To give a color that the impact is not that material. Usually when we have big maturing of fixed income, for example, inflation government bonds, or like big corporate maturing bonds in Brazil, usually we retain 70, 75% of the amount, because usually people take the liquidity to pay bills or to do something outside of XP. So give or take, is 70% the retention rate, okay? When we look, Banco Master, today is above 85, okay? So it's higher than a regular maturing event. I'm not sure how we are going to disclose the net new money for Q1, but somehow we'll have like to show the numbers.

All options and each yes, representing roughly.

Yes.

Thiago Maffra: So there's a huge inflow of money from Banco Master, as we are keeping more than 85%, but not sure yet how we are going to disclose, but we'll disclose between net new money and the retention. Okay.

[Analyst] (Bradesco BBI): Okay, great, Maffra. Thank you.

Operator: Okay, next question is from Jeremy Gespan from JP Morgan. Gespan, you may proceed.

Our share in new markets being crowded and Smbs the main prospects in the long term agenda.

Domingos Falavina: Hi, good evening. Thank you, Parize, Maffra, Mansur, thank you for the call. My question is just on the outlook for 2026 in this environment that we are seeing. 4 quarters still show similar trends, right? Insurance service is very strong, corporate solutions very strong. Fixed income a little bit weaker, equities recovering a little bit, but still timid. But my question is more going forward, like, question maybe 1: Do you think this performance of corporate solutions and insurance services is sustainable in the beginning of this year? And question number 2, if this environment that we are seeing here to date, it's a good performance of risk assets, but it's mostly led by foreigners, right? We don't see a huge change on the local dynamics.

<unk>, we will leverage Brazil's largest advisor network to expand our reach and deepen relationships.

Moreover, we broaden our product portfolio beyond investments in effects to generate more engagement and address Smb's day to day financial needs more holistic.

When it comes to credit.

We see opportunity for both individuals and corporates.

For range of vehicles.

Credit Act as a catalyst for our investment business, helping us move toward greater primacy.

Expanding our tailored solutions.

Domingos Falavina: If you believe you're benefiting much from this environment or no, you don't benefit as much because it's mostly foreigner-driven, this good performance. Thank you so much.

Particularly for high income segments will be central to our agenda.

For corporate clients, we remain focused on structured solutions and expanding our corporate product offering to improve compared to achieving this inclusion receivables government sponsored funds and real estate solutions.

Victor Mansur: Hi, Jeremy, thank you for our question. Victor here. First, talking about corporate. I think our corporate business is in another partner. We evolved a lot in terms of product, cross-sell clients, and do so I think we are able to keep the space over 2026. Talking about the performance of the other risk assets, as you said, it's still too soon to say that this will reflect in take rate. If you see volumes, both in fixed income and equities, from retail clients, they are not going up. The movement is mainly driven by foreign clients.

Overall, our strategy is to expand our credit offering while maintaining the conservative prudent approach that has long defined our business.

<unk> or <unk>.

Once again medium to long term.

I will now hand, the presentation over to Victor who will discuss the quarter and full year financial results. Thank you. Thank you Omar for them and good evening, everyone before I start I would like to do a quick recap of some shipments and commitments for the past two years.

Victor Mansur: I think if the performance keeps this way over the year, we may see, we may see a bit of trading activity coming from individuals, and of course, they will reflect in, in actual revenues, but it's still too soon to talk about that. Also, in terms of fixed income, I think we need to see the central bank delivering the cuts that we have in the interest rate curve. If that happens, we may see a decompression of the duration of, in fixed income, something that we talk a lot about over the last two quarters. But, but again, we need to see the market, the marketing going in this direction, both in equities and fixed income, and, and rates, to be able to see something reflecting our revenues.

First corporate restructuring.

We are now entering into the final phase of our corporate restructuring.

In which we will further concentrate activities using XP bank materially improving our capital and funding cost then the restructuring has increased our competitiveness optimizing our warehouse strategy during the year, we already captured part of these benefits in 2025 with reduction in funding costs.

Plus the reduction in cost of flags should do the emission of subordinated notes.

And we expect you'll have another positive impact in 2026 and the following US as a result, we see the expansion of both of our initial margin and EBIT margin for 2025, and we expect to keep this space for 2026 second our balance sheet management.

Domingos Falavina: That's clear. Thank you.

Operator: Great, next question is from Marcelo Mizari, from, BBI Bradesco. Mizari, you may proceed.

In 2025, both our EPS and net income grew faster than our total assets and total risk weighted assets combine it if our disciplined capital allocation and distributions. This drove our ROE expansion of approximately 90 basis points, even though our <unk> ratio is higher than 20.

[Analyst] (Bradesco BBI): Hello, everyone. Thanks for the opportunity. Congratulations on the results. Two questions. So first is regarding the guidance. So if you guys plan to update the guidance to 2026, with the environment that we are talking now, first. Second, the guidance of revenues and the guidance of margins. Second question is regarding the perspective to have... I think so. I think it's better to just talk about the guidance, please. Thank you.

Third efficiency, our continued technology investments are delivering operational leverage across many business fronts.

Allowing us to keep our investment base, while we keep a stable efficiency ratio year over to you.

So now we start to ease total gross revenue.

Our fourth quarter total gross revenue reached $5 3 billion, representing a 12% increase year over year and 7% sequentially.

Thiago Maffra: Mizari, yes, the guidance holds. We have no reason today like to change the guidance. We believe 2026 is gonna be a stronger year than 2025. As we have been talking in the past quarters, we are projecting to get very close to the guidance. Margin is there already, okay? And when we look revenues, if you project, we are very close, so there's no reason to change the guidance right now.

For the full year of 2025.

Total gross revenue was $19 5 billion growing 8% compared to 2024. The performance highlight was corporate and Nishu surfaces. If a strong second half of 2025.

When we compare actual garage revenue breakdown on the high hand side of this slide in 2025 retail maintained 75% of total revenues and corporate changed your services gain of this space.

Now, let's move on to the next slide if more details on the different business.

In the FERC <unk> 25, retail revenues totaled $3 9 billion up 8% year over year and 4% sequentially.

[Analyst] (Bradesco BBI): I remember my question. So my question is regarding the RWA. So we saw an increase of this leverage, so definitely because of the offers. So looking forward, how much this leverage, so the RWA could increase? So you guys have some cap on that or some targets that you can share with us? Thank you.

For the full year retail gross revenue reached $14 6 billion increased 8% versus last year.

Retail revenue growth in 2025 was supported by float for both investments in checking accounts, new verticals, if credit card retirement plans and insurance and leading the way and there is a new initiative international investments fixed income performance. If I have a strong first half of 2025 and has since figures for the <unk>.

Victor Mansur: Thank you. Thank you for our question, Zahid. First, as usual, we bought assets for our house book in Q4 to have assets to sell to our clients in Q1. That is exactly what is happening. I think what we can say about RWA is the same we said last year. We are very confident that net income will grow faster than the risk, and that will be the case for 2026.

On the house supported by Raw housing strategy.

So now, let's turn to corporate Nishu services.

In the fourth quarter revenues reached 895 million, representing a 49% increase year over year.

23% increase sequentially. This was the strongest performance than you are used to refer to this business both in corporate and issuer services.

The strong performance was driven by a robust activity in the DCM space Reassume, a rating from a softer first half.

[Analyst] (Bradesco BBI): Any perspective on adjustments on the payout policy to increase payouts, or to reduce the payouts with that? Thank you.

<unk>, our ability to cross sell and deliver a broader set of solutions for our corporate clients.

So she is derivatives and credits that continue to support our revenues leveraging our strong distribution capabilities across the platform.

Victor Mansur: We have our BIS ratio guidance for the end of the year. As we said during the presentation, we're gonna pass the year of more strong capital base, but we are confident that we're gonna be inside the guidance by the end of 2026.

For the full year of 2075, corporate and issuer services revenue totaled $2 7 billion up 19% compared to 2020 for making a new level of corporate revenues and consolidate in this segment as an important business line for XP and now, let's move to our SG&A and efficiency.

[Analyst] (Bradesco BBI): Okay. Thank you, guys.

Operator: Okay, next question is from Tito Labarta, from Goldman Sachs. Tito, you may proceed.

<unk>.

You named a far quieter amounted $1 7 billion growing 9% year over year and 4% quarter over quarter.

Tito Labarta: Great. Thanks, Aditi. Good evening, Maffra, Mansur, thanks for the call, and thank you for my question. I guess following up on Rahi's questions on the guidance, just so I'm clear and make sure I didn't miss anything. The guidance you had given was back at the investor day, where you guided for gross revenues of BRL 22.8 to 26.8. You know, I mean, even at the low end, that would imply almost 20% revenue growth year-over-year, just to make sure that's the guidance we're talking about. And that would be a big acceleration from, you know, the 8% growth that we're seeing here this year. And you also mentioned net inflows you expect to remain around BRL 20 billion, so we don't see an acceleration there.

For the full year SG&A totaled $6 3 billion, reflecting.

Continued investments in technology, such as AI on CRM and also our expansion of our advisor network.

As I mentioned earlier it is the operational average capture from technology innovation developments that will allow us to keep our elevated investment base in different areas of the business, while keeping the same efficiency wherever Additionally, the efficiency ratio in 2026 should remain brother inline if 2025 eleven's fault animal.

Zero change.

As we can see on the right hand of the slide are our last 12 months efficiency ratio for the FERC quarter stood at $34 seven is stable compared to 2024.

Tito Labarta: Just to make sure that I'm understanding the guidance on the revenues that we should be thinking about. Thank you.

Thiago Maffra: Thank you, Tito. Yes, we are talking about the same guidance. So, the number to get at the bottom of the guidance this year is 17%, the growth for revenues for 2026. So as we have been talking, it's not gonna be easy, but, if we miss, it's gonna be by a small percentage, so there's no reason like to change our guidance for three years if we miss by a very small amount. So, and again, we believe it is possible to get there. Okay, so, and about net new money, we don't see any reason today to change the. It's not a guidance, but we have been talking about the $20 billion level. It's what happened in the past three quarters.

Our adjusted EBITDA reached $1 5 billion in the <unk> 25, increasing 20% year over year, and 16% quarter over quarter. If an adjusted EBT margin of 31, 3% up 252 basis points year over year, and 271 basis points quarter over quarter.

That's me that we have you reached the ranges of our guidance margin during this quarter and for the full year of 2025, adjusted EBITDA totaled $5 5 billion growing 8% versus last year, if an EBIT margin of 29, 6% expanding 52 basis points year over year.

On the next slide we will see our adjusted net income and just net income prior to acquiring <unk> was $1 3 billion up 10% year over year and stable sequentially.

Thiago Maffra: So there's no reason to change for the next quarters. But again, for our ambition to get to 2033 as a leader in investments, it will have to accelerate at some point in the future, but we don't see that happening on Q1 or Q2 for all the reasons we are seeing, and numbers we are seeing here.

Our net margins were 26, 9% in the <unk> 25, nine basis points lower year over year, and the 166 basis points lower sequentially.

For the full year adjusted net income reached $5 2 billion growing 15% compared to 2024 with 28, 3% net margin of 173 basis points expansion in the period, that's moving to the next slide to talk about capital management, starting has kept our returns in 2025.

Tito Labarta: Okay, no, thanks for clarifying, Maffra. That's good, good to hear as well. And I guess the driver of the acceleration, I mean, you're saying first Q2, maybe you don't see it till second half of 2026, as interest rates come down. I think, I mean, equity and fixed income are still, like, the biggest portion of your revenues. You think that should accelerate, I guess, as rates come down? Is that the right way to think about that?

We returned $2 4 billion in capital to shareholders through dividends and buybacks. We also continue to have our 1 billion share buyback program growing to open.

On the right range side of this slide you can see the evolution for a payout ratio over the years, including last year, we had a close to 15% payout considering both buybacks and dividends.

Now talking about earnings per share and narrowing and once again, we would like to highlight that our earnings per share continues to grow faster than net income driven by our consistently buyback execution. Just like we are exploring the preferred slides adjusted EPS in the fourth quarter was <unk> and 56 cents.

Thiago Maffra: No, we're not considering, like, a better take rate here or, like, on market improvement, to get there. They're, like, all levers that we control, so we are confident that we can grow this year, at higher pace than 2025.

Tito Labarta: Okay, but it is back-end loaded, right? More second half of the year, if I missed the comment earlier.

Growing 15% year over year, and 4% quarter over quarter.

For the full year adjusted EPS reached nine highs and 81 <unk>.

Thiago Maffra: We always have seasonality. This year was lower than the past years, but usually, we do 40, 45, and 55 of our results on the first. It was a little bit more flattish in 2025, but yes, usually we accelerate more on the second half of the year.

Increasing 18% versus last year.

Only in 2025, we have retired more than 24 million shares approximately 4% of the total share outstanding.

Now looking at our profitability.

<unk>.

We see our adjusted return on equity for 2025 reached 23, 9% and 94 bps expansion while return on tangible equity was 29, 5%, a 78 basis points expansion versus 2024.

Tito Labarta: Okay, perfect. Great. Thank you so much, Maffra.

Operator: Okay, next question is from Pedro Leduc, from Itaú. Leduc, you may proceed.

Victor Mansur: Okay, guys. Thank you so much. On first question on SG&A, so you grew for the full year about 8%. Now, I understand you're going through an investment cycle. So here, I'd like to hear your thoughts on what the priorities will be in 2026. What are the pains that you're trying to solve with investments? And you mentioned in the call, I believe, stable efficiency for 2026. Now we're talking about high teens revenue growth. So, help us reconcile that SG&A, really understand what priorities you are doing and where we should look for signs of success of these investments. Thank you.

This reflects our capital disciplines that allow us to consistently return capital to shareholders, while simultaneously growing and investing the business through further differentiate yourself from our peers finally on capital ratio and risk weighted assets, we closed a quieter if a <unk> ratio of 24%.

The Sichuan ratio at $17 three in 2026, we will operate the business for high <unk> ratio. During the year, we are comfortable if getting RBS ratio to our target range of 19% to 16 toward the end of the year for capital distributions, while still maintaining a comfortable capital buffer.

Additionally, we ended the year if of Sichuan ration of $17 three compared to RP average of 12, if we're running the business at the same Sichuan of 12 or are we would have been above 30.

Victor Mansur: ... Hi, Aduki. Thank you, thank you for our question. I think our main investments will be, as always, in our core business. So we're gonna be investing in advisory expansion over the year, the same as the last years. We're gonna be investing in technology. So we have a lot of technology investments in AI. Those technologies will be used to customer relationship management and advisory productive, both focused on having more account load, it's more quality and more NPS. And I think that's the way that we're gonna measure that. And also, we have some investments in our international platform and our PME platform, cash account, bank account, every product around the companies that we're gonna provide over 2026 and 2027.

Now looking at the right hand side of this slide you can see our R&D employee breakdown by category.

Risk weighted assets totaled.

Wondered 19, beating growing 13% year over year, and 11% quarter over quarter as we expected and communicated in certain occasions total <unk> growth was lower than our net income and EPS for the year, even if a strong performance from the wholesale business in parallel our total assets at <unk>.

<unk> for assets under management for retirement plans grew 8% versus 2024 also lasdun our bottom line.

More specifically during the quarter, we increased the warehousing of fixed income securities mainly corporate credit aligned if strong DCM activity are growing capacity originates corp reviews and market timing opportunities lastly, because of these inquiries and warehousing our value at risk program, which important.

Victor Mansur: I think that's mostly those are the big chunks of investments that we're gonna do in 2026, the same as we did in 2025.

Pedro Leduc: Okay. And the efficiency level you mentioned, flattish, that talks with the mid-teens revenues?

Company's credit risk spread went to 39 million highs or 17 basis points of erection stable and on a year over year perspective, and four basis points higher sequentially, but it's doing a very conservative 11.

Victor Mansur: Yeah, as Maffra, as Maffra said, we are confident that we are gonna pursue our guidance level, and that implies the efficiency ratio and the expenses we're gonna grow. And of course, we have some kind of maneuverability here in the number, if the revenue doesn't come, if they are faster than what we expect, but the number is around that.

We expect distribution partner of disastrous at the beginning of 2026. This level for a housing capability was only possible through the development of <unk> funding structure as <unk> has highlighted is that.

I end my presentation and hand, it over to <unk>. So he can make his final remarks, and then we go to the Q&A. Thanks.

Pedro Leduc: Okay. Sorry, just to be picky on this part, on the revenues, we understand you're gonna go through some structured changes that will change also income tax and revenues. When we talk about, you know, mid-teens, high teens, revenues, that's excluding any accounting changes that will happen as you transfer these operations, correct? To be comparable.

Thanks, Victor before the Q&A I'd like to quickly go over the strategic foundations directing our priority for 2020 six.

Excellence is our main growth dealer over the past years, we have invested heavily in scalable process governance and tech knowledge and in 'twenty or 'twenty six we begin to see using investments maturing and is starting to translate into results.

Victor Mansur: If you look at 2025, we did a lot of restructuring over the group. When we sent some companies to the bank and we start changing the way we look at the in-depthness in the company, we lost something around BRL 500 million in revenues over 2025. That went to the net interest margin, and we said nothing about that. So I think the growth of the revenues in the area, we're gonna have a lot of mixes. The same as we have in 2025, with other companies going to the bank, we're paying some corporate debt and changing for banking debt, and therefore we're gonna reduce their revenues, and we're gonna have some positive effect also. And I think in the net, we're gonna be delivering the numbers that Mafra said.

Uses reinforce it by a skilled and well trained sales force with aligned incentives ensuring consistent execution across the organization.

We continue to invest in a highly disciplined manner, particularly folks on wholesale banking and the BTC channel why refinery or a segmentation to ensure a clear and that cure it.

Value proposition for each client profile.

This will enable us to grow with quality in a profitable and sustainable manner.

Pedro Leduc: Okay. No, that's very clear. The overall message is very clear. Thank you so much.

On the capital from our priority is to sustain strong and consistent returns beckoned by a conservative capital structure.

Operator: Okay, next question is from Antonio Rueda, from Bank of America. Antonio, you may proceed.

This discipline provides the flexibility to operate across different mark scenarios, maintaining resilience and readiness to capture opportunities together just foundations ensured that we enter 2026 with a solid business is structure and discipline in capital allocation.

Mario Pierry: Hey, thank you for your time. I have two questions on my side. The first one is a follow-up on taxes. I understood that you should have an average tax rate of close to 15 and, and higher than that, if revenues are more skewed to banking. But now, if I'm looking here in your tax withholding in funds line, I see a very sharp decline, Q1 Q, and this line very below your historical average, and it does not look related to the revenue mix. So if you could please explain what's it related for? And also a second one, AI. I think it's an important topic, particularly when you are shifting between business models. So you are looking towards migrating towards the B2C model.

Kaisha lastly.

Lastly, before starting the Q&A I would like to address an ongoing topic within the financial system first of all we like to express our deep concern regarding everything that has been revealed in recent months evolving bunko master and the extend of irregularity.

Is it <unk> five we also one Chuck knowledge the important and gene has work carried out by the Central Bank as well as the responsible media coverage that has halberd Regina society better understand with greater transparency, what has occurred through a BBC and Fay.

We are actively supporting structural improvements aimed at preventing situations like juice from happening again in our financial system.

Mario Pierry: I understand that this is an opportunity to grow in the B2C with lower expenses, lower investments, but also it's a threat, right? Because it's a model without in-person interaction, and that could be mimicked by AI, by another player. So, how do you see your strategic shift right now, considering AI? Thank you.

Central Bank has been advancing in the right direction over the past few years, although we understand some relevant adjustments are still necessary that said this change let's be implemented responsibly, so that Brazil does not risk reversing the significant progress achieve it.

Victor Mansur: Hi, Antonio. I'm gonna take the first question here. First, it's very hard to talk about the results of individual entities in the group. And as we said before, it's you cannot explain the performance of one business or another, looking at the Gladius or the Coliseum performance. And also, after 2026, if the restructuring of the group, we're not gonna have deferred tax anymore, and we're not gonna disclose this number. So, I think the important thing here, you should look at the mix. If you look at the accounting levels, you're gonna see the same things we are looking at the managerial levels.

In recent decades in terms of competition and a broader and more efficient access to financial products and services, we should be careful not to adopt measures, whose unintended consequence would be true reestablish excessive banking concentration archway enabled.

Business models built on consumers' lack of information or as director that lethal rightly pointed out some months ago brothers that function as a reversing robinhood.

For more than a decade, the central Bank has consistently bear suit an agenda to increase competition and improve both quality and cost of financial serves through initiatives such as D. C plus digital banks and investment platforms have played a central role in <unk> transformation.

Victor Mansur: You're gonna see the banking revenues, banking fees, credit fees, fees from DCM offerings, and that was the strong part of the quarter, and that's why we are paying higher taxes than before.

Expanding access to banking services without fees and reducing longstanding symmetries in traditional investment products, such as sport buzzer saving accounts peak and <unk> capital is the film 25 years ago, We help address farm. This system by building the first <unk>.

Thiago Maffra: The second one. So not sure if it was clear on the presentation, but we do not believe in taking the financial advisor, the human, out of the equation here, okay? So it's always using technology, using AI to improve, to make the advisor better, okay? So we have different AI agents here to help the advisor to have more relationship with the clients, to take the operational workload out from the advisor. We have a lot of tools that we have been creating in the past two years to help the advisors to perform better, to increase their account load, to increase productivity, to increase the level of service that we deliver to customers. But it's always how to improve the human.

Open platform in Brazil, giving clients across all income levels access to financial education and high quality investment products.

Over time, we have contributed to reshaping the market by fostering competition, improving product quality, reducing costs and ultimately delivering better outcomes for our clients. We do offer proprietary products, but we have always distributed third bard.

<unk>, including from competitors twice transparency and alignment with decline always come first we do not charge a boosted our opaque fees and clients being nothing to open our main thing an account with us.

Our mission is simple to improve people's lives by helping them invest better.

This brings full guide every decision we make and remains the foundation of our work as we continue to support Brazilians in managing their money investing responsibly and planning for their future.

Thiago Maffra: Of course, when we talk about the—remember that I said we have three big segments here? Of course, we have some other in-between segments, but three big ones. Of course, for the 0 to 100K segment, here we can do 100% digital, okay? But we don't believe or we don't, we don't like the idea of having, like 1 million real client or 10 million real clients going only through, like, an AI. It, it doesn't help. It doesn't happen because it's a trust business, okay? So people like to talk to people when they are talking about their lives, their dreams, so they want to talk to someone. So the whole idea here is how we use AI to improve the performance, to improve the service that we deliver to our customers.

And that part is it we'll now start our Q&A session.

Thank you my friend now we're going to start the Q&A. The first question is from Eduardo Hoffman from BTG.

<unk> you May proceed.

Hi, Hi, everyone I have two questions for my first the first one is regarding you know with the ambition to become Brazil's leading investment platform by 2033 can you provide a little bit more detail in a wide wide 2033.

What's the metric that you use to define that the being a leading firm is that that market share that you see revenue client days in or something else.

And do you believe that doing more of the same but better.

Be enough to reach these go or would you require more powerful banking and credit capabilities that would that would be the first one on the second one regarding your entry into the controlling group.

Thiago Maffra: So we have been developing a lot of initiatives here. It's... Some of them are very promising. For example, today, we listen, we read, so we have governance over all the interactions that our B2C internal advisors have with customers. We classify 100% of them, so we know everything that's happening. We give advice for the internal advisors about what they are doing right or wrong. We give product advice, we give advice of interactions with customers. So we are very excited with the results that we are getting from AI on the company. And... But again, it's not about replacing the human or the human advisor, it's about enhancing the advisor, okay? So that's the idea.

Practice practically speaking what does that change I mean to you. Thanks.

Good evening, Andrew run again, and thank you for your questions Hordesman. The first question.

When we say that we want to be.

Leaders in investments in 2023 is above market share. Okay. So that means that we have our internal plans here are our long term view is to become leaders in 2020.

<unk> 33.

The market share.

And that's it.

It's 33, because our plans are.

Every brand that we have.

<unk> says that we can get there in in seven years. Okay. So that's the the number the reasons when we look how much money net new money would have to bring in the next years by <unk> channels by <unk> segments. The blends.

They point out that we can get dairy in 33.

Tito Labarta: Thank you.

<unk>.

How we get there first with the third wave okay. So as we mentioned in the past.

Operator: Okay, next question is from Daniel Vaz, from Safra. Vaz, you may proceed.

These call in all the conference we have been investing a lot on the third wave on the democratizing, our wealth planning for retail clients in Brazil. So democratizing. This serves that only private banking clients or even multifamily obviously clients have in Brazil.

Conrado Vegner: Thank you, Parize. Sorry, guys. Yeah, thank you, thank you, Parize, and good night, Matthew. Good luck, Mansur. I wanna try to understand the aftermath of Banco Master, right? Episode. Both for XP internally and for your client base. So trying to break this down into parts. First, for you, anyway, any changes in the way you filter your products to distribute? I mean, how did that episode was discussed in your board of directors? So is it got to the point that you're, you discussed, like, are we going to distribute these types of products again? So how is the filter that you wanna do after it, or if there is any that you wanna put additionally?

So that's the main point here at.

A lot of people don't get how big is the change here because most of the financial companies in Brazil and banks.

She will have like the model of pushing products. Okay. It can be.

Basket of products in the investment portfolio, but the broader driven approach we have been changing that for the past two years, we have changing Sanchez is we have changed the way of serving clients we have ritchie.

Conrado Vegner: To your clients' behavior, such as, the ones that were involved, probably, you mentioned, I think it was in the past presentation about clients going to more risk-averse CDs, kind of 50% of your marginal allocation in fixed income was a little more to, high liquidity products and less yields. So I wanna try to understand, like, what has changed into Q3 so far, to Q4 so far, in terms of investment decisions by your clients and, mainly on the aftermath of the episode of Banco Master. Thank you.

Have done the new segmentation the company new value propositions and we are seeing.

Big improvements in all the numbers churn NPS and and all a lot of other metrics here. So we are very excited with the next few years. When we look at everything that we have been doing on foundations and changing.

Almost changing the business model and the best years for the future of course, we have different strategies for our <unk> segment, we have been investing a lot on the private banking platform in the past three years, we have been gaining market share in the past two years and last year 2025.

Thiago Maffra: It's important to remember that, our clients, they, 99.9% of them, they are like, under the FGC, the FGC, Brazil's FGC, coverage, so our clients, they didn't lose any money. On the opposite, they, they made, an investment that, had a good return, okay? So our clients, they didn't lose any money. We don't recommend Banco Master over, FGC, as we don't recommend, for any, bank below a certain threshold, of our internal rating, okay? So of course, every time that something like that happen, we look, for our internal, controls or credit analysis to see what we can improve, and we are improving, okay. It's part of the, the journey.

It accelerated and we believe that we can grow faster here on private banking on the needle there.

Affluent clients.

It's more of the same with more intense <unk> with more technology with more process with the new value proposition of more serves more wealth planning and when we go to the retail clients. We have found a new way of serving more gold base. It.

Low human touch so completely different value proposition that is.

Becoming a reality I would say they're less in the last year and that we are very confident that we can accelerate in the next years, so different strategies for different segments, but all base. It on the third wave here. So of course as you mention.

The full ecosystem, the banking bar insurance off that reinforce the value proposition for our investor clients and as you have seen the past quarters in past years, we are like.

Thiago Maffra: But remember that we have more than 50% of the market share of all middle-sized and small-sized banks in Brazil. So because remember that traditional incumbent banks, they don't distribute third party CDBs. So it's basically only the independent investment platforms. And we are the largest one in the market. And remember that in some other cases, Gicaza, BRK, we didn't distribute the Porto Credi. We didn't have the products on our platform, okay? So our credit analysis was good in some events in the past. When you have frauds or the kind of events that everyone is reading on the news right now, it's almost impossible. Otherwise, no one would lose money on credit.

Every quarter every year like better on the cross sell products and we have a big roadmap for the next quarters here, so, but we are ready to celebrate.

In the future okay.

About the second question.

The control.

Being 100% honest with you for myself laughing change.

Been with the company for 11 years.

Was a partner in that.

Different way, but I was a partner.

I've have always acted as the owner of the company so nothing changed.

The way I, I behave or the way I see the company, but I believe it's.

Even as stronger alignment between.

Does that use that are running the company shows editing I alongside <unk> Almeida and Gilead NUCYNTA and have so far is that juice.

Thiago Maffra: No one would have lost money on Lojas Americanas or Eike Batista companies or other frauds, okay? So when you have this type of problems, it's hard to get. But of course, we have to look inside, see what we have to improve in our controls. But again, we have only distributed products that we believe they are suitable for our clients on the right risks, for the right customer profile. We have internal controls today that we cannot allocate more of any type of fixed income products with credit risk above the threshold for that rating, for that type of client, okay? So we are very strict on controlling that. And again, our clients, they didn't lose any money here, on Master, okay? So that's important.

That run the company on a daily basis and of course Gilead.

So I believe it's a stronger alignment for the long term, but not <unk>.

Nothing changed the way, we manage the company here and besides that.

<unk>, Bruno and bid and outdoor they continue to be a shareholder in the company. They can tune on the board. So it's a natural evolution here and natural process. So there is no big change here on the company.

Great. Thanks, a lot tomorrow.

Okay. Next question is from a chuckle about Chichester UBS juggling you May proceed.

Thiago Maffra: About the changing mix after the event, we don't see any big change, okay, to be honest. We don't see... Of course, you have one or other name that were involved on the same problem. For those names, they are not even on our platform for a few months or even years, okay? So but besides that, we don't see big changes for other type of small or mid-sized banks. Okay.

Okay.

Yes.

Hi, my firm are fluid, but easy Antonio Ah I have one question regarding the.

The recommendation that CGM or really for the yesterday about the internalization of orders.

In my understanding this should it should it be a little bit positive for your Oh, the business, but do you have any view, if there's really positive or not for XT.

And the second question on the taxes.

We're not going to complain when the taxes were low now were complaining that the tax increase it looks.

Tito Labarta: No, pretty clear. Thank you.

My quick question on the taxes.

Victor Mansur: Okay, our earnings call has come to an end. Thank you for your time. We see that there are more people who want to make questions, so our team will be more than happy to attend you. Just contact us and, see you soon. Thank you very much.

Just trying to understand if a deep high taxes in this quarter.

East related to the change in the <unk> structure and also if this is linked with the consumption.

After tax on.

On tax losses carried forward.

You reduce it or it could be reduced by seven or 800 million highs of those taxes.

<unk> threat only in one quarter, if all of those things are correlated.

Correlated.

Hey, Jonathan it's <unk> here, so I will take the first question.

It's it's a very positive news for us.

Once you don't have the cat and you can include other.

Assets. So it's it's very positive okay, you'll remember that we were the first company backing.

2015, I remember it was the one responsible for building our LP backing in 15 year for XP and in Q2 thousand 19 was a I would say a big.

<unk>.

Big journey to make the product.

Rig related so.

Today's scene that brought it like a <unk>.

Evolving our not having cap.

Going to other assets.

Assets other type of instruments, so that's very positive because.

We are the largest smart market, making in in Brazil for our retail clients. So.

It's positive for our business is positive for the market for declines so and of course, we will generate more.

More revenues and more results for for our market, making so which bunge.

Hi, Chagal introduce Victor.

First of all taxes.

I think we talk a lot about that in the past how arm.

Our base tax rate something near 15, if their business is more toward the banking activity investment banking. These sham on broker dealer and we're going to pay a bit tomorrow and the business is more towards market, making we're going to be a bit less if you look at the revenue mix for the quieter. The main highlights was issue serves.

As in corporate banking both of course made in the inside the bank and the broker dealer and that's why we are paying more taxes also those revenues have are having in terms of commission those assets, who are not distributes to retail clients. So the EBT margin associated to those avenues are also higher.

I'm talking about the quota share structure.

This change we will only happen in 2026.

Did not happen yet in 2025, so it has nothing to do if the taxes the taxes are and the effects of the revenue mix.

I'm sorry, what was the other question.

With if this was like a the higher taxes was the cause of the reduction in the tax losses carryforward.

And it is it's not about its not because of that is the revenue mix that explained both revenue.

Tax and EBT.

Okay very clear thanks for that market.

Great next question is from Agua establish rulings from city Gustavo you May proceed.

Hello, guys. Thanks for for the for the question.

I'm Gonna do two questions as well so the first one is regarding the reimbursements by the FTC to depositors awful uncle Master.

So as to meet the new 40 beat on a reais. So how has <unk> been performing so I believe that.

The company has design a strategy to capture.

These volumes are part of these laws and so.

Any color on that would be great. If you should expect any positive impact in the first in the first quarter 2000 seats regarding it.

And my second question is regarding the NPS, we saw a decline in <unk> 65 points from close to 70 points.

Points baseline.

So could you elaborate on the edge of what's behind this decline in short haul. The company is addressing this is declining NPS. Thank you.

Okay. Thank you for the question I always start with the <unk> question.

It's the drop is related to two events that we had on the fourth quarter. We had the Omnipod stretch your notes and we had a lot of news and noise about Banco Master.

Beck, especially in December so there is a selection bias.

For our clients.

Who werent impacted by just two events the RMR prevents like true to respond Danny PFS, then clients that were not impacted by by the events that happen. So when we look.

At margin, we see Daniel P. S. Improving again, so we believe it's going to be temporary.

Affected by the two events that I just mentioned.

And to give a call or that the impact is not that much euro usually when we have big maturing.

Fixed income for example inflation.

While Ram bonds are like big corporate.

Maturing bonds in Brazil, usually we retained 70, 75% of the the amount because usually people take their liquidity to pay bills or to do some fine outside of XP. So.

Give or take is 70% irritation rate, okay, and when we look bunco master today's above 85, okay. So it's a higher than our regular maturing events. So.

I'm not sure how we're going to disclosure than net new money for Q1, but somehow we will have to show.

Just a numbers. So there is a huge inflow of money from Banca Master as we are keeping more than 85%.

But not sure yet how we're going to disclosure, but we'll disclosure.

Between net new money and their retention okay.

Okay, great. Thank you.

Okay next question is from.

Let me respond from J P. Morgan a grasp on you May proceed.

Hi, Good evening think about easy Martha Stewart tanker protocol. My question is just on the outlook for 2026 and due to the environment that we're seeing.

For quarters, two showed similar trends right issuer services very strong corporate solutions very strong.

Fix it he can come a little bit weaker equity is recovering a little bit but still timid.

So my question is more going forward like a question maybe one do you think this performance of corporate solutions and issuer services is sustainable in the beginning of this year.

And question number two if Disney environment that we're seeing year to date, our it's a good performance of risk assets, but it's mostly led by foreigners right that we don't see a huge change on the local dynamics. If you believe you're benefiting much from this environment or no you don't benefit us as much because it's.

Mostly foreigner Reuben is this good performance. Thank you so much.

Hi, Good afternoon. Thank you for a question Victor here.

First talking about corporate I think car corporate business using another part tomorrow.

We have over the launch in terms of product cross sell clients.

And do so I think we can't we are able to keep the space over 2026 and talking about the performance of the they are the other risk assets as you said.

It's still too soon to say that these were reflecting take rate. If you see volumes both in fixed income in aggregate is offering with their clients. They are not going up the movement is mainly driven by a foreign clients I think if you did performance keep this way over the year. We may see we may see a bit of trading.

<unk> coming from individuals and of course, they reflecting actual revenues, but it's still too soon to talk about that also in terms of seats had income Ah I think we need to see the central bank delivering their cuts that we have with the interest rate curve is.

If that happens we may see the compression of the duration.

Fixed income or something that we talk a lot about over the last two acquirers, but but again, we need to see.

The market the marketing going in this direction, both <unk> casino and in the rates.

To be able to see something reflecting our revenues.

That's clear thank you.

Great next question is from Marcello XI have room, a debate, but others cool is that you may proceed.

Hello, everyone and thanks for the opportunity congratulations for the results two questions. So first is regarding the guidance. So if you guys plan to to update the guidance for 2026 with the environment that we are talking now.

First back on the guidance all parameters in their gardens of margins second question is regarding the <unk>.

The.

The perspective too to have.

I think so I think it's better just to talk about the the the guidance. Please thank you.

Yes. The guidance holds when we have no reason should they like to change in our guidance. We believe 2026, it's going to be a stronger year than 2025 as we have been.

<unk> King in the past.

<unk>.

We are.

Projections, you'll get to very close to two the guidance margins.

They're already okay, and when we look revenues. If you project. We are very close so theres no reason to change the guidance right now.

I I remember my question. So my question is regarding the the are there blue a so we saw on a reason of this deleverage so definitely because of the.

There are offers so looking forward how much this there's a there's levers. So they are they are they would be away codes could increase. So you guys have some gap on that saw some targets that you can share reverse thank you.

Thank you I think for a questions I.

First as usual, we bought assets far warehouse book in the fourth quarter to have assets yourselves to our clients in the first that's exactly what is happening I think what we can say about her debut as the same we say last year. We are very confident that net income will grow faster than the risk.

And that would be the case for 2026.

Any perspective of Oh adjustments on the payout policy to increase payouts.

Or to reduce the payoffs with that thank you.

We have our gas ratio guidance for the end of the year, we as we said during the presentation that we're gonna past theory of more strong capital base, but we are confident that we're gonna be inside the guidance by the end of 2026.

Okay. Thank you guys.

Okay. Next question is from a chiller BARDA from Goldman Sachs. Tito you May proceed.

Yeah.

Okay. Thanks good.

Good evening.

Thanks for the call and taking my question following up on <unk>.

On the guidance, just so I'm clear to make sure I didn't Miss anything the guidance you had given was back at the Investor Day, where you guided for gross revenues of $22 eight to $26 eight no what I mean.

Even at the low end that would imply almost 20% revenue growth.

Per year, just to make sure. That's the guidance, we're talking about and I think that would be a big acceleration from the 8% growth that we're seeing this year and you also mentioned.

Net inflows you expect to remain around $20 billion. So we don't see an acceleration there just to make sure that I'm understanding the guidance on the revenues that we should be thinking about thank you.

Thank you Tito yes, we are talking about the same guidance so.

The number to get at the bottom of the guidance <unk>, 17%.

They grow for revenues for 2026.

So as we have been talking.

It's not going to be easy, but if we miss is gonna be a bi is mall percentage. So there's no reason to change our guidance for three years, if we miss.

By a very small amount so and again, we believe we it is possible that youll get there okay. So.

And about net new money, we don't see any reason today to change the it's not a guidance, but we have been talking about the 20 billion a level.

Level, it's what happened in the mesh to require <unk>. So.

So there is no reason to change.

For the next quarters, but again for the day.

Our ambition to get to 2033.

As a leader investments it will have choice and they're right at some point in the future, but we don't see that happening.

Q1 or Q2.

For all the reasons we are in the numbers we are seeing here.

Okay, no thanks for clarifying that.

That's good to hear as well and and I guess the driver of that acceleration I mean youre, saying.

<unk>, maybe you don't see it so second half of 2026.

As interest rates come down.

The equity and fixed income I still like the biggest.

A portion of your revenues you think that should accelerate I guess as rates come down is that the right way to think about that.

No, we're not considering like a better take rate here or like an on market improvement.

We'll get there there like are all levers that we control. So we are confident that we can grow this year at higher pace than 2025.

Okay, but it is backend loaded and make more second half of the year.

The comment earlier.

We always have some seasonality.

This year was lower than the past years, but usually we do 40 45 and 55.

We offer our results on the first.

It was a little bit more flattish in 'twenty to 'twenty, five, but yes, usually we.

Accelerate more on on second half of the year.

Okay perfect great. Thank you so much.

The next question is from Pedro Leduc from Ito.

You May proceed.

Yeah.

Okay guys. Thank you so much on first question on SG&A.

Sure.

Full year about 8%.

I understand youre going through an investment cycle. So here I would like to hear your thoughts on what the priorities will be.

26.

What are the pain that you're trying to solve with investments.

<unk>.

You mentioned in the call I believe a stable efficiency for 2026 now we're talking about high teens.

Revenue growth.

Help us reconcile that SG&A really really understand what you.

You are doing and where we should look for signs of success from these investments. Thank you.

Yeah.

Okay. Thank you. Thank you for a question.

Carr, our main investments will be as always.

Our our car business, so we're going to be investing in advisor expansion over over the year. The same as the last years, we're going to be investing in technologies. So we will have a lot of technology in vascular Zheng AI.

Those technologies will be use it to customer relationship management.

Advisor productive both Fokker zone have anymore collyn loaded more quantity of tomorrow in EPS and I think that's the way that we're going to measure that and also we have some investments in your international platform and our <unk> platform a cash account bank account every every product around the.

The companies the companies that are going to provide over 2026, and seven and I think that's mostly those are the big chunks of investments that we're going to do in 2026. The same as we did in 2025.

Okay, and the efficiency levels, you mentioned flattish.

Talks with the mid teens revenues.

And that as Martha as Moffett assays, we are confident that three are gonna pursuing our guidance level and that's implies the efficiency ratio and expenses, we're going to grow.

And of course, we have some kind of some kind.

One of my maneuverability hearing the number if the revenue doesn't come if they're faster than what to expect but the numbers around that.

Okay, and then sorry, just to be picky on this part on the revenues I understand youre going to go through some.

Structured changes that will change also income tax on revenues when we talk about mid teens high teens revenue, that's excluding any accounting changes that will happen as you transfer these operations correct.

Would be comparable.

If you look at 2025, we did a lot of restructuring over the group when we send some companies should the bank and we start changing the way we look at in that business in the company, we lost something around 500 million housing revenues over 2025.

She went through their net interest margin and we said nothing about that so I think the growth of the revenues in the area. We're going to have a lot of mix is the same as we have in 2025 other companies growing through the bank, we paying some corporate adapt didn't changing for a banking the apt.

And therefore, we're going to reduce their revenues and we're going to have some positive effect is also in their thinking and then that.

We're gonna be delivering the numbers that the market to say it.

Okay.

Very clear the overall message is very clear. Thank you so much.

Okay. Next question is from Antonio <unk> from Bank of America Antonio You May proceed.

Hey, Thank you for the time I have two questions on my side. The first one is a follow up on Texas I understood that you should have an average tax rate of close to 15, and then hired untapped. If our revenues are more skewed to banking, but now if I'm looking here.

Here and there are a tax withholding funds line.

C. A very sharp decline Q on Q on this line a very a little your historical average.

It does not look related to the revenue mix. So if you could please.

Ex plan, what's the related four.

And thus also our second one AI I think it's an important topic, particularly when you are shifting between business models.

So and you are looking towards migrating towards the beach you see.

Module I understood I understand that there is an opportunity.

To grow and that would be to see with lower expenses lower investments.

But also it's a threat right because its a module with delta in person interaction and that could be mimic it by AI by another player. So its Ohio, how do you see your strategic shifts right now considering thank you.

Hum Antonio.

And when I take the first question here first.

First it's very hard to talk about the results of individual going to seem to group.

And as we said before.

<unk>.

You cannot explain the performance of one business or on the other looking at the garages are the coatesville performance.

And also after 2026, if the restructuring of the group.

Not gonna have withholding tax anymore, and we're not going to disclose this number so.

If he could the important thing here is should look the if you look at the mix. If you look at the accounting lab as Youre going to see the same things. We are looking at there and then as your labs are going to see the banking revenues banking fees <unk> fees and fees.

She is from this sham offerings and that wasn't a strong part of the quarter and that's why we are paying higher taxes than before.

Okay.

The second one so.

Not sure if it was clear on the presentation, but we do not believe in.

Taking the.

Financial adviser the human out of the equation here. Okay. So it's always using technology using AI to improve to make.

Make the advisor better okay. So we have different.

AI AI.

AI agents here to help the the advisor to have more relationship with the clients to take the operational workload out of throne from olive all thrown the.

Advisor, we have a lot of.

Tools that we have been grey in the past two years to help the advisors should perform better to increase deal counts load to increase bird achieved she is to increase the level of service that we deliver to customers, but it's always.

How to improve the human of course, when we talk about the remember that I said, we have three big segments here of course, we have some.

Some other.

And between segments, but three big ones of course for the zero to 100 K segment here, we can do a 100% <unk>, okay, but we don't believe or we don't.

Uh huh.

We don't like the <unk> of having like a million.

<unk> clients are 10 million raw clients.

Boeing only true like AR and AI it doesn't how it doesn't.

It happened because it's a dress business. Okay. So people like yourself to people when they are talking about their lives their dreams. So they want to talk to someone so the Hawaii G. A here is how we use AI to improve the performance to improve this.

<unk> that we deliver to our customers. So we have been developing a lot of initiatives year. It's some of them are very promising for example today.

We.

Listen we read so we have govs over all Dean.

The interactions that <unk> see our internal advisors have with customers, we classify 100% of them. So we know everything that's happening we give advice.

I advise for the internal advisors about what Theyre doing right or wrong, we gave broad the advice, we give advice of interactions we have.

<unk> customers so.

We are very excited with the results that we are getting from AI on the company and but again, it's not about replacing the human or the human advisor it's about enhancing.

The adviser okay. So that's the idea.

Thank you.

Okay. Next question is from Daniele Vos from suffer a rosy you may proceed.

Thank you but is it.

Sorry, guys. Yeah. Thank you. Thank you everybody and goodbye and have a good like most of it.

I want to try to understand the aftermath of bunker Master right episodes, both for XP internally and for your client base. So.

To break this down into parts first for U S.

Anyway, and it changes in the way.

Youll filter products to distribute.

How did that episode.

It was discussed in your board of directors so.

Is it got to the point that you discussed like are we going to distribute this types of products again. So how is the filter that you want to do after it or if there is any.

You want to put additionally, and two.

Your clients' behavior such us.

The ones that we're involved probably.

You mentioned I think it was in the past presentation about clients going to more risk averse Cds.

Kind of 50% of your marginal allocation in fixed income was little bore too.

High liquidity products and less.

Yields so what I'm trying to understand like what has changed.

Changed in to the third quarter, so far to the fourth quarter, so far in terms of investment and investment decisions by your clients and.

Mainly on the aftermath of the episode, Oklahoma. Thank you.

It's important to remember that our.

Our clients. They are 99, 9% of them, they're like a under the F. F. F. As you said the F. J C <unk> F J C.

Coverage, so our clients need you didn't lose any money on.

On the opposite they they made.

And the investment that <unk>.

Have a good return okay. So our clients need genuine lose any money and we don't recommend bunk master over <unk>.

As we don't recommend for any.

Bank below a certain threshold of our internal rating. Okay. So of course every time that something like that happen. We look for our internal controls our credit analysis to see what we can improve.

And we are improving okay.

It's part of the journey, but remember that we we have more than 50% of the AV market share of all middle size and small size bank scene in Brazil, So because remember that the.

Traditional incumbent banks need they don't just reviewed.

Third barred.

CGS. So it's basically only the independent investment platforms. So and we are the largest one in the market so far and remember that in some other cases you cause a baker, we just didn't feel the Porto <unk>, we didn't have the brothers owner.

Platform, Okay, so or credit on outages loss.

Good in some events in the past.

When you have frauds arent.

The kind of events that everyone is reading on the news right now it's almost impossible otherwise.

No one would lose money on credit and no. One would have lost money on lodges americanas or ikea, but she's the companies or other fronts. Okay. So when you have this type of broad Lynch, it's hard to get but of course, we have two looking side see what we have to improve in our controls.

But again, we have only distributed products that we believe they are suitable for clients on the right risks for the REIT.

Customer profile, we have internal controls today that we cannot allocate more of any type of fixed income brothers with credit risk.

Above the threshold for that raging for a net type of clients. Okay. So we are very strict on controlling that and again our clients need you didn't lose any money here on on master. Okay. So that's important.

About the changing mix after the event, we don't see any big change okay to be honest.

We don't see.

Of course, you have one or other name that.

We're involved in on the same problem for those names.

We are not even on our platform for.

A few months or even years, okay. So, but besides that we don't see big change for our there.

Type of small or mid sized banks okay.

Pretty clear thank you.

Okay or in his call is coming to an end. Thank you for your time.

We see that there are more people want to make questions. So IR team will be more than happy to attend you.

Just contact us and see you soon thank you very much.