2Q26业绩及电话会议要点

研报英文原文证据摘录

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M

Update

August 17, 2026 10:31 PM GMT

Morgan Stanley & Co. LLC

XP Inc | Latin America

Jorge Kuri

Equity Analyst

2Q26 Results & Conference Call

Highlights

Jorge Echevarria

Equity Analyst

XP Inc (XP.O, XP US)

Brazil Financial Institutions | Brazil

AlphaSignals Earnings Reaction

Unchanged

Modest upside

Modest revision higher

Impact to our thesis

Financial results versus consensus

Direction of next 12-month

consensus EPS

Source: Company data, Morgan Stanley Research

Below please find our 2Q26 earnings review and conference call

highlights for XP.

Recurring net income was R$1,384 million, up 5% q/q and 5% y/y, coming 2%

above consensus of R$1,355 million and 3% above our estimate of R$1,338

million. At the operating level, the numbers looked stronger on lower-than-

Stock Rating

Industry View

Price target

Shr price, close (Aug 17, 2026)

Mkt cap, curr (mm)

52-Week Range

Fiscal Year Ending

EPS (US$)**

Prior EPS (US$)**

P/E

Div yld (%)

Overweight

No Rating

US$26.00

US$15.70

US$8,248

US$23.13-14.80

12/25 12/26e 12/27e 12/28e

1.77

9.3

1.0

2.07

7.6

4.0

2.41

6.5

4.6

2.77

5.7

5.3

Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare

framework

** = Based on consensus methodology

e = Morgan Stanley Research estimates

expected costs & expenses. Pre-tax profit was R$1,565 million, up 10% q/q and 15%

y/y, coming 7% above consensus and 11% above our estimate. ROTE was 27.2%,

versus 26.2% in 1Q26 and 30.0% in 2Q25.

BOTTOM LINE. XP delivered strong operating results, beating expectations by a

wide margin as lower COGS and disciplined cost control drove margin expansion.

Retail trends improved sequentially, supported by a recovery in fixed income, solid

net inflows, and continued momentum in credit, insurance, and cards, which helped

lift the retail take rate. Corporate activity remained exceptionally strong and

management expects current levels to be sustainable on the back of growing

demand for derivatives, FX, energy, and other solutions. On the negative side, issuer

services revenue declined sharply as market volatility, wider credit spreads, and

…