Back from the Road with CEO

Research evidence excerpt

Back from the Road with CEO

.Source: Jefferies, Company data

driving take rate compression. Even so, retail investment revenue growth would be closer to

double-digit in 1Q26, if excluding mark-to-market losses in the fixed-income warehousing book. Exhibit 2 - XP: Investment Yield [%] 2.00%

1.80%

Retail & wholesale banking. Banking is becoming an increasingly important source of 1.60%1.40%

diversification. In retail, the focus is on increasing engagement and client monetisation 1.20%1.00%

through cards, credit, and insurance. Credit remains conservative but is expected to grow 0.80%0.60%

as a proportion of revenues. In wholesale, XP is leveraging strong corporate relationships to 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 0.40%

expand into capital markets and structured finance solutions, while also investing in a more Investment Yield Equities Fixed Income

.

comprehensive SMB platform. Source: Jefferies, Company data

IFA model evolution. A central element of XP’s strategy is the ongoing evolution of its IFA Exhibit 3 - XP: Capital distribution to

shareholdersrelationship, with a focus on quality over quantity. XP is developing guardrails and monitoring Payout to bring BIS ratio between 16-19% in

systems to better track client experience. The firm is deploying CRM systems, advisory tools, 2026

9,000

and wealth planning frameworks to standardise service quality. Incentives are shifting toward 9,0008,000

7,000advisory and client outcomes. Execution remains key, but the transition is important for long- 7,000 8,000

6,000

5,000term growth and retention. 5,000 6,000

4,000 4,000

2,000Capital allocation. Management acknowledges that XP holds significant excess capital and 3,0002,000 3,000

1,000