Announcement • May 20
XP Inc. Announces CFO Changes XP Inc. announced, in a planned and mutually agreed succession, a transition in its Chief Financial Officer role as part of the Company’s continued evolution and next phase of growth. Mr. Gustavo Alejo Viviani has been appointed by the Board of Directors of the Company (the “Board”) to serve as the Company’s new Chief Financial Officer, effective August 3, 2026. The Company believes that Mr. Alejo brings the expertise, skillset and experience needed to support XP in its continued growth and the execution of its long-term strategy. Mr. Alejo began his career in January 1996 at Citibank Brasil. In January 2000, he joined Santander Brasil, where over 26 years he held various leadership positions in Wholesale and Retail Banking. In the Wholesale segment, he served as Managing Director of Corporate and Investment Banking and was responsible for the Wholesale Credit Recovery area. In the Retail segment, he was the Director responsible for Credit Collections and Recovery, and Consumer Lending, also accumulating the role of Retail CFO. In the last 3 years he held the positions of Chief Financial Officer, Investor Relations Officer, and Executive Vice-President responsible for the Consumer Finance Business, in addition to having served as a member of the Board of Directors of Zurich Santander Brasil. He is a CFA Charterholder, holds a degree in Economics and extension programs in Business Administration at the University of California-Berkeley, Advanced Corporate Finance at the London Business School, and Leadership at The University of Chicago Booth School of Business. The Company also announced that, as part of the planned transition process, Mr. Victor Andreu Mansur Farinassi will step down from his position as Chief Financial Officer effective May 31, 2026. The Board has appointed XP’ Chief Executive Officer, Thiago Maffra to serve as interim Chief Financial Officer, effective upon Mr. Mansur’s departure. Mr. Maffra will oversee the Company's financial operations until Mr. Alejo takes office and will assist with the transition to the incoming CFO, ensuring continuity across XP´s finance function. André Parize will continue in his role as Investor Relations Officer of the Company, ensuring full continuity in XP’s engagement with the investment community. Reported Earnings • May 20
First quarter 2026 earnings released: EPS: R$2.53 (vs R$2.31 in 1Q 2025) First quarter 2026 results: EPS: R$2.53 (up from R$2.31 in 1Q 2025). Revenue: R$4.57b (up 9.7% from 1Q 2025). Net income: R$1.31b (up 6.0% from 1Q 2025). Profit margin: 29% (in line with 1Q 2025). Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 8.2% growth forecast for the Capital Markets industry in South America. Announcement • May 19
XP Inc. (NasdaqGS:XP) announces an Equity Buyback for BRL 1,000 million worth of its shares. XP Inc. (NasdaqGS:XP) announces a share repurchase program. Under the program, the company will repurchase up to BRL 1,000 million worth of its Class A common stock. The company expects to utilize its existing cash to fund repurchases made under the repurchase program. The program will expire on May 20, 2027. Announcement • Feb 03
XP Inc. to Report Q4, 2025 Results on Feb 12, 2026 XP Inc. announced that they will report Q4, 2025 results at 4:00 PM, US Eastern Standard Time on Feb 12, 2026 Declared Dividend • Nov 22
Dividend of US$0.18 announced Shareholders will receive a dividend of US$0.18. Ex-date: 10th December 2025 Payment date: 18th December 2025 Dividend yield will be 0.06%, which is lower than the industry average of 2.6%. Sustainability & Growth Dividend is well covered by both earnings (42% earnings payout ratio) and cash flows (3% cash payout ratio). The dividend has decreased over the past 26 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 24% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Nov 20
Third quarter 2025 earnings released: EPS: R$2.51 (vs R$2.21 in 3Q 2024) Third quarter 2025 results: EPS: R$2.51 (up from R$2.21 in 3Q 2024). Revenue: R$4.52b (up 9.7% from 3Q 2024). Net income: R$1.32b (up 11% from 3Q 2024). Profit margin: 29% (in line with 3Q 2024). Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 6.9% growth forecast for the Capital Markets industry in South America. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 20
Second quarter 2025 earnings released: EPS: R$2.50 (vs R$2.05 in 2Q 2024) Second quarter 2025 results: EPS: R$2.50 (up from R$2.05 in 2Q 2024). Revenue: R$4.28b (up 6.6% from 2Q 2024). Net income: R$1.32b (up 18% from 2Q 2024). Profit margin: 31% (up from 28% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 6.4% growth forecast for the Capital Markets industry in South America. Announcement • Aug 01
XP Inc. to Report Q2, 2025 Results on Aug 18, 2025 XP Inc. announced that they will report Q2, 2025 results After-Market on Aug 18, 2025 Announcement • May 21
XP Inc. (NasdaqGS:XP) announces an Equity Buyback for BRL 1,000 million worth of its shares. XP Inc. (NasdaqGS:XP) announces a share repurchase program. Under the program, the company will repurchase up to BRL 1,000 million worth of its Class A common stock. The company expects to utilize its existing cash to fund repurchases made under the repurchase program. The program will expire on December 31, 2026. Announcement • May 09
XP Inc., Annual General Meeting, May 30, 2025 XP Inc., Annual General Meeting, May 30, 2025. Location: av. chedid jafet, 75, torre sul, 30th floor, vila olimpia, sp 04551 065., sao paulo Brazil Announcement • May 07
XP Inc. to Report Q1, 2025 Results on May 20, 2025 XP Inc. announced that they will report Q1, 2025 results After-Market on May 20, 2025 Valuation Update With 7 Day Price Move • Feb 07
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to Mex$290, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 16x in the Capital Markets industry globally. Total loss to shareholders of 52% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at Mex$292 per share. Announcement • Jan 27
XP Inc. to Report Q4, 2024 Results on Feb 18, 2025 XP Inc. announced that they will report Q4, 2024 results on Feb 18, 2025 Valuation Update With 7 Day Price Move • Jan 06
Investor sentiment deteriorates as stock falls 31% After last week's 31% share price decline to Mex$238, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 15x in the Capital Markets industry globally. Simply Wall St's valuation model estimates the intrinsic value at Mex$284 per share. Announcement • Oct 18
XP Inc. to Report Q3, 2024 Results on Nov 19, 2024 XP Inc. announced that they will report Q3, 2024 results After-Market on Nov 19, 2024 Announcement • Jul 16
XP Inc. to Report Q2, 2024 Results on Aug 13, 2024 XP Inc. announced that they will report Q2, 2024 results After-Market on Aug 13, 2024 Valuation Update With 7 Day Price Move • May 28
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to Mex$310, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 15x in the Capital Markets industry globally. Simply Wall St's valuation model estimates the intrinsic value at Mex$262 per share. Announcement • May 26
XP Inc. (NasdaqGS:XP) announces an Equity Buyback for BRL 1,000 million worth of its shares. XP Inc. (NasdaqGS:XP) announces a share repurchase program. Under the program, the company will repurchase up to BRL 1,000 million worth of its Class A common stock. The company expects to utilize its existing cash to fund repurchases made under the repurchase program. The program will expire on December 31, 2024. New Risk • May 23
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 3.8% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Shares are highly illiquid. Minor Risks Dividend is not well covered by cash flows (353% cash payout ratio). Shareholders have been diluted in the past year (3.8% increase in shares outstanding). Reported Earnings • May 22
First quarter 2024 earnings released: EPS: R$1.88 (vs R$1.48 in 1Q 2023) First quarter 2024 results: EPS: R$1.88 (up from R$1.48 in 1Q 2023). Revenue: R$3.87b (up 30% from 1Q 2023). Net income: R$1.03b (up 30% from 1Q 2023). Profit margin: 27% (in line with 1Q 2023). Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 3.1% growth forecast for the Capital Markets industry in South America. New Risk • May 16
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 3.8% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Shares are highly illiquid. Minor Risks Short dividend paying track record (1 year of continuous dividend payments). Shareholders have been diluted in the past year (3.8% increase in shares outstanding). Announcement • May 05
XP Inc. to Report Q1, 2024 Results on May 21, 2024 XP Inc. announced that they will report Q1, 2024 results After-Market on May 21, 2024 Announcement • Apr 28
XP Inc. Announces Chief Financial Officer Changes XP Inc. announced that Victor Mansur has been appointed chief financial officer effective August 1, 2024, succeeding Bruno Constantino. Mr. Constantino will work closely with Mr. Mansur to ensure a smooth transition. Mr. Constantino will also continue to support XP in an advisory role for a 12-month period after the transition and will remain a member of XP’s Board of Directors. Mr. Mansur currently serves as XP’s Deputy Chief Financial Officer and has held a variety of senior roles at XP since joining the company in 2012. He has been a member of XP’s Finance team reporting directly to Mr. Constantino since 2022 after having previously served as Executive Director; Head of Treasury; and Head of Structuring, Trading, and Sales. Before coming to XP, he was at two separate broker-dealer firms. Board Change • Apr 17
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Director Frederico de Carvalho was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Feb 17
XP Inc. to Report Q4, 2023 Results on Feb 27, 2024 XP Inc. announced that they will report Q4, 2023 results After-Market on Feb 27, 2024 Board Change • Feb 08
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 6 non-independent directors. Independent Director Frederico de Carvalho was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Dec 18
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 6 non-independent directors. Independent Director Frederico de Carvalho was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Nov 24
XP Inc. Appoints Andr Parize as New Head of Investor Relations XP Inc. announced the appointment of Andr Parize to lead its Investor Relations team. Parize joins the company's IR team in S o Paulo and will report to Bruno Constantino, Chief Financial Officer of XP Inc. Andr Parize brings over twenty years of experience across various industries. He has served as the CFO of Getnet Brasil for over two years, playing a pivotal role in the company's initial public offering (IPO) by managing financial planning with a focus on growth, cost control, and profitability. Parize also held the position of Head of Investor Relations at Banco Santander Brasil for five years, leading an team. He has spent eight years in roles such as Head of Research at Votorantim Corretora and Private Equity at Banco Votorantim. Reported Earnings • Nov 16
Third quarter 2023 earnings released: EPS: R$1.99 (vs R$1.86 in 3Q 2022) Third quarter 2023 results: EPS: R$1.99 (up from R$1.86 in 3Q 2022). Revenue: R$4.00b (up 14% from 3Q 2022). Net income: R$1.09b (up 5.4% from 3Q 2022). Profit margin: 27% (down from 30% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 7.7% growth forecast for the Global Capital Markets industry. Announcement • Nov 16
XP Inc. Approves Cash Dividend, Payable on December 22, 2023 XP Inc. announced that its Board of Directors has approved payment of a cash dividend of USD 0.73 per common share. The dividend will be payable on December 22, 2023, to shareholders of record as of December 13, 2023. Board Change • Nov 15
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 6 non-independent directors. Independent Director Frederico de Carvalho was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Oct 18
XP Inc. to Report Q3, 2023 Results on Nov 13, 2023 XP Inc. announced that they will report Q3, 2023 results After-Market on Nov 13, 2023 Board Change • Oct 10
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 6 non-independent directors. Independent Director Frederico de Carvalho was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Sep 23
XP Inc., Annual General Meeting, Oct 06, 2023 XP Inc., Annual General Meeting, Oct 06, 2023, at 13:00 Coordinated Universal Time. Location: Av. Chedid Jafet, 75, Torre Sul, 30th Floor Vila Olímpia, São Paulo SP 04551-065 São Paulo São Paulo Brazil Agenda: To consider resolve, as an ordinary resolution, the Company’s financial statements and the auditor’s report for the fiscal year ended December 31, 2022 in the form presented at the AGM, be approved and ratified; to consider resolve, as an ordinary resolution, that Frederico Seabra de Carvalho be appointed as an independent director of the Company to serve in accordance with the memorandum and articles of association of the Company; to consider resolve, that each of Guilherme Dias Fernandes Benchimol, Bruno Constantino Alexandre dos Santos, Bernardo Amaral Botelho, Fabrício Cunha de Almeida, Martin Emiliano Escobari Lifchitz, Gabriel Klas da Rocha Leal, Luiz Felipe Amaral Calabró and Cristiana Pereira be re-appointed as directors; and to consider resolve, as a special resolution, that the Second Amended and Restated Memorandum and Articles of Association of the Company. Board Change • Sep 22
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 6 non-independent directors. Independent Director Frederico de Carvalho was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Sep 03
XP Inc. Approves Cash Dividend, Payable on September 25, 2023 XP Inc. announced that its Board of Directors has approved payment of a cash dividend. The dividend will be payable on September 25, 2023, to shareholders of record as of September 12, 2023. The total dividend paid will be USD 320,000,000 or USD 0.58 per common share. Board Change • Jun 14
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 8 non-independent directors. Independent Board Member Cristiana Pereira was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Feb 18
XP Inc. Provides Earnings Guidance for the Full Year 2023 XP Inc. provided earnings guidance for the full year 2023. For the year, the company estimates Net Income between BRL 3.8 billion and BRL 4.4 billion in 2023. Announcement • Jan 31
XP Inc. to Report Q4, 2022 Results on Feb 16, 2023 XP Inc. announced that they will report Q4, 2022 results After-Market on Feb 16, 2023 Board Change • Jan 31
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 8 non-independent directors. Independent Board Member Cristiana Pereira was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 12
Second quarter 2022 earnings released: EPS: R$1.63 (vs R$1.67 in 2Q 2021) Second quarter 2022 results: EPS: R$1.63 (down from R$1.67 in 2Q 2021). Revenue: R$3.35b (up 12% from 2Q 2021). Net income: R$911.3m (down 2.1% from 2Q 2021). Profit margin: 27% (down from 31% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 25% compared to a 12% decline forecast for the industry in Mexico. Board Change • Jul 18
Less than half of directors are independent There are 11 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 11 new directors. No experienced directors. No highly experienced directors. 3 independent directors (8 non-independent directors). Founder & Executive Chairman Guilherme Dias Benchimol is the most experienced director on the board, commencing their role in 2019. Independent Board Member Cristiana Pereira was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Board Change • May 30
Less than half of directors are independent There are 11 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 11 new directors. No experienced directors. No highly experienced directors. 3 independent directors (8 non-independent directors). Founder & Executive Chairman Guilherme Dias Benchimol is the most experienced director on the board, commencing their role in 2019. Independent Director Luciana Dias was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Reported Earnings • May 06
First quarter 2022 earnings released First quarter 2022 results: Revenue: R$3.07b (up 17% from 1Q 2021). Net income: R$854.0m (up 16% from 1Q 2021). Profit margin: 28% (in line with 1Q 2021). Over the next year, revenue is forecast to grow 31% while the industry in Mexico is not expected to grow. Board Change • May 04
Less than half of directors are independent There are 11 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 11 new directors. No experienced directors. No highly experienced directors. 3 independent directors (8 non-independent directors). Founder & Executive Chairman Guilherme Dias Benchimol is the most experienced director on the board, commencing their role in 2019. Independent Director Luciana Dias was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Valuation Update With 7 Day Price Move • Mar 09
Investor sentiment deteriorated over the past week After last week's 21% share price decline to Mex$580, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 13x in the Capital Markets industry globally. Simply Wall St's valuation model estimates the intrinsic value at Mex$315 per share. Board Change • Mar 08
Less than half of directors are independent There are 12 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 12 new directors. No experienced directors. No highly experienced directors. 3 independent directors (9 non-independent directors). Founder & Executive Chairman Guilherme Dias Benchimol is the most experienced director on the board, commencing their role in 2019. Independent Director Luciana Dias was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Reported Earnings • Feb 11
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: R$6.43 (up from R$3.76 in FY 2020). Revenue: R$11.9b (up 47% from FY 2020). Net income: R$3.59b (up 73% from FY 2020). Profit margin: 30% (up from 26% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 4.6%. Over the next year, revenue is forecast to grow 33% compared to a 8.9% decline forecast for the industry in Mexico. Board Change • Feb 10
Less than half of directors are independent There are 12 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 12 new directors. No experienced directors. No highly experienced directors. 3 independent directors (9 non-independent directors). Founder & Executive Chairman Guilherme Dias Benchimol is the most experienced director on the board, commencing their role in 2019. Independent Director Luciana Dias was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Valuation Update With 7 Day Price Move • Jan 20
Investor sentiment deteriorated over the past week After last week's 17% share price decline to Mex$570, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 15x in the Capital Markets industry globally. Simply Wall St's valuation model estimates the intrinsic value at Mex$297 per share. Board Change • Jan 20
Less than half of directors are independent There are 12 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 12 new directors. No experienced directors. No highly experienced directors. 3 independent directors (9 non-independent directors). Founder & Executive Chairman Guilherme Dias Benchimol is the most experienced director on the board, commencing their role in 2019. Independent Director Luciana Dias was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors.