XP Inc: 1Q26 Results & Conference Call Highlights

Research evidence excerpt

XP Inc: 1Q26 Results & Conference Call Highlights

UpdateM

Conference Call Highlights

2026 Outlook. Management reiterated confidence in delivering double-digit top-line

growth in 2026, despite the softer 1Q print, impacted by credit-spread widening and lower

DCM / issuer services activity. It said most business lines are tracking in line with plan, and

that excluding the credit-spread impact and weaker primary DCM market, 1Q growth

would have been in the low-teens and close to internal expectations. Management also

reiterated key operating targets, including retail NNM of around R$20bn per quarter, a

flattish efficiency ratio versus 2025 by year-end, and a BIS ratio within the 16-19% target

range.

Long-Term Target. XP reiterated its ambition to become Brazil’s leader in investments by

2033, supported by a strategy designed to consistently deliver double‑digit growth.

Retail Strategy. Retail remains XP’s core franchise, supported by healthy underlying

trends, stronger equity activity, and continued growth in float and new verticals.

Management highlighted continued investment in platform breadth, advisor productivity,

relationship management, and a more disciplined allocation process. XP is also refining

client segmentation: retail clients are being steered toward goal-based investing and

managed portfolios, while high-income clients benefit from financial and wealth planning,

an agnostic service model, expanded products, and broader sales channels.

Private Banking. XP continues to gain share in private banking by broadening its offering

and leveraging the wider ecosystem to serve both individual and corporate client needs.

Management said the franchise has evolved into a full-service wealth manager, supported