XP Inc.: Miss in 1Q26 on weaker-than-expected revenue generation; new CFO announced

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XP Inc.: Miss in 1Q26 on weaker-than-expected revenue generation; new CFO announced

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XP Inc.

Miss in 1Q26 on weaker-than-expected

revenue generation; new CFO announced

Maintain Rating: NEUTRAL | PO: 26.00 USD | Price: 17.34 USD

Single digit revenue growth 18 May 2026

Recurring net income of R$1.3bn (-1% QoQ, +7% YoY) was 5% below BofAe. The miss Equity

reflected weaker-than-expected revenue growth, partially offset by a lower effective tax

Mario Pierry

rate. Revenue growth decelerated to 8% YoY from 11% in 4Q and fell short of our 15% Research Analyst

estimate, due to: i) weaker DCM activity in 1Q26 amid a volatile macro backdrop, ii) BofAS +1 646 743 0047

widening credit spreads, and iii) a slowdown in banking revenue growth. EBT margin mario.pierry@bofa.com

contracted 270bp QoQ, to 30% (low-end of guidance range), pressured by a contraction Antonio Ruette >>

in gross margin given a change in revenue mix. During the earnings call, mgmt. guided Research Analyst Merrill Lynch (Brazil)

for double-digit revenue growth in ‘26, suggesting acceleration from current levels but +55 11 2188 4225

likely to fall short of the low end of guidance of 17%-37% for ’26. Finally, the company antonio.ruette@bofa.com

announced Gustavo Alejo, former CFO of Santander Brasil, as the new CFO, with Victor CraigResearchSiegenthaler,Analyst CFA

Mansur stepping down after two years. While management emphasized no changes in BofAS

+1 646 855 5004

strategy, we expect Mr. Alejo to focus on i) accelerating the banking strategy and ii) craig.siegenthaler@bofa.com

strengthening capital management. We maintain our Neutral rating, as weak earnings Augusto Uehara >>

momentum should continue to limit stock outperformance Research Analyst

Merrill Lynch (Brazil)