XP Inc (NASDAQ: XP) lifts Q1 2026 profit to R$1.32B on higher revenue

Rhea-AI Filing Summary

XP Inc. reported stronger interim results for the three months ended March 31, 2026 under IAS 34. Total revenue and income reached R$4.67 billion, up from R$4.34 billion a year earlier, driven mainly by higher net income from financial instruments at fair value through profit or loss.

Net income rose to R$1.32 billion versus R$1.24 billion in the prior-year quarter, and basic earnings per share increased to R$2.5257. Total assets grew to R$414.3 billion, with equity attributable to owners increasing to R$24.72 billion. Operating activities generated R$4.69 billion of cash, a marked improvement compared with an outflow in the same period of 2025.

The loan portfolio declined slightly to R$32.76 billion gross, while expected credit loss charges fell to R$111.7 million. XP continued to execute share buy-backs and held 2,155,269 Class A shares in treasury, recorded at about R$205 million. Independent auditors reviewed the interim statements and concluded they were prepared, in all material respects, in accordance with IAS 34.

Key Figures

Total revenue and income: R$4,674,340 thousand Net income: R$1,317,742 thousand Basic EPS: R$2.5257 +5 more

8 metrics

Total revenue and income R$4,674,340 thousand Three months ended March 31, 2026

Net income R$1,317,742 thousand Three months ended March 31, 2026

Basic EPS R$2.5257 Three months ended March 31, 2026

Total assets R$414,310,548 thousand As of March 31, 2026

Total equity R$24,725,890 thousand As of March 31, 2026

Net cash from operating activities R$4,689,283 thousand Three months ended March 31, 2026

Gross loan operations R$32,763,237 thousand As of March 31, 2026

Treasury shares held 2,155,269 shares Class A shares in treasury at March 31, 2026

Key Terms

IAS 34, Expected Credit Losses, fair value through profit or loss, hedge accounting, +2 more

6 terms

IAS 34 regulatory

"in accordance with International Accounting Standard (IAS) 34 - "Interim Financial Reporting""

IAS 34 is an international accounting standard that requires companies to prepare interim financial reports—shorter updates like quarterly or half‑year statements—showing condensed but reliable information on profit, assets and cash flow between annual reports. It matters to investors because these regular snapshots make it easier to spot trends, risks or improvements sooner than waiting for a full-year report, much like checking a progress report between school terms to track performance and momentum.

Expected Credit Losses financial

"Expected credit losses on financial assets and Reconciliation of carrying amount"

Expected credit losses are an accounting estimate of how much a lender or company expects to lose when borrowers or customers don’t fully pay what they owe, combining how likely nonpayment is with how big the loss would be. Investors care because these estimates determine how much a firm must set aside from earnings as a reserve, directly affecting reported profits, balance-sheet strength and perceptions of credit risk—like setting aside a rainy-day fund for unpaid bills.

fair value through profit or loss financial

"Fair value through profit or loss | | | | 266,126,515"

An accounting classification for certain financial assets where their current market price is used to update value on the books, and any increase or decrease is recorded immediately in the company’s profit & loss statement. Like checking the daily score of an investment and noting the gain or loss right away, this approach makes reported earnings reflect market swings more quickly, which can increase short-term volatility in reported profits and help investors see real-time value changes.

hedge accounting financial

"Inc. applies hedge accounting to certain derivatives when these instruments are used to hedge exposures"

Hedge accounting is a way companies record the gains and losses from risk-management tools (like contracts that lock prices or rates) so those results line up with the items they protect. Think of it like matching the cost of an insurance policy to the value of the thing insured, which prevents artificial swings in reported profit. For investors, hedge accounting makes a company’s financial results clearer by showing the economic effect of risk management instead of noisy timing differences.

contractual service margin financial

"the contractual service margin ("CSM")"

Contractual service margin is an accounting measure that represents the unrecognized profit insurers will earn as they fulfill the obligations in insurance contracts over time. Think of it like a prepaid balance that is gradually released to income as the insurer delivers coverage and services; it smooths profit recognition and prevents recording all gains upfront. Investors watch it because changes signal future earnings patterns, profitability of current book of business, and the quality of reported insurance liabilities.

IFRS 17 regulatory

"Retirement plans with insurance risk, under the scope of IFRS 17"

An international accounting standard that sets how insurers must measure and report the profits, losses and obligations from insurance contracts. It changes when and how future policy payments and costs are recognized on financial statements, so investors can more easily compare insurers and see the timing and certainty of earnings—think of it as a common recipe that makes different companies’ financial results measured and presented the same way.

Form 6-K: How Foreign Companies Report to the SEC →

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K  

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of May 2026

Commission File Number: 001-39155 

XP Inc.

(Exact name of registrant as specified in its charter)

20, Genesis Close

Grand Cayman, George Town

Cayman Islands KY-1-1208 

+55 (11) 3075-0429

(Address of principal executive office)  

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F: 

Form 20-F ☒   Form 40-F ☐ 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

Yes ☐   No ☒

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

Yes ☐   No ☒  

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	XP Inc.
	By:	/s/ Victor Andreu Mansur Farinassi
		Name: Victor Andreu Mansur Farinassi
		Title: Chief Financial Officer

Date: May 18, 2026

EXHIBIT INDEX

Exhibit No.		Description
99.1		XP Inc. – Unaudited interim condensed consolidated financial statements for the three months period ended March 31, 2026

Exhibit 99.1

 

XP Inc.

Interim condensed consolidated
financial statements at
March 31, 2026
and report on review

 

Report on review of interim condensed consolidated financial statements

To the Board of Directors and Shareholders

XP Inc.

Introduction

We have reviewed the accompanying interim condensed consolidated balance sheet of XP Inc. and its subsidiaries ("Company") as at March 31, 2026 and the related interim condensed consolidated statements of income and of comprehensive income, changes in equity and cash flows for the three-month period then ended, and explanatory notes.

Management is responsible for the preparation and presentation of these interim condensed consolidated financial statements in accordance with International Accounting Standard (IAS) 34 - "Interim Financial Reporting", of the International Accounting Standards Board (IASB). Our responsibility is to express a conclusion on these interim condensed consolidated financial statements based on our review.

Scope of review

We conducted our review in accordance with Brazilian and International Standards on Reviews of Interim Financial Information (NBC TR 2410 - Review of Interim Financial Information Performed by the Independent Auditor of the Entity, and ISRE 2410 - Review of Interim Financial Information Performed by the Independent Auditor of the Entity, respectively). A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Brazilian and International Standards on Auditing and consequently did not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim condensed consolidated financial statements referred to above are not prepared, in all material respects, in accordance with IAS 34.

São Paulo, May 18, 2026

PricewaterhouseCoopers	Marcos Paulo Putini
Auditores Independentes Ltda.	Contador CRC 1SP212529/O-8
CRC 2SP000160/O-5

www.pwc.com.br PricewaterhouseCoopers Auditores Independentes Ltda.
Avenida Brigadeiro Faria Lima, 3732, Edifício B32, 16^o,
São Paulo, SP, Brasil, 04538-132 T: +55 (11) 4004-8000

XP Inc. and its subsidiaries Unaudited interim condensed consolidated financial statements For the three months period ended March 31, 2026 and December 31, 2025

Unaudited interim condensed consolidated balance sheets	3
Unaudited interim condensed consolidated statements of income and of comprehensive income	5
Unaudited interim condensed consolidated statements of changes in equity	6
Unaudited interim condensed consolidated statements of cash flows	7
1  Operations	8
2  Basis of preparation and changes to the Group’s accounting policies	10
3  Securities purchased (sold) under resale (repurchase) agreements	13
4  Securities	14
5  Derivative financial instruments and hedging activities	16
6  Loan operations	22
7  Prepaid expenses	23
8  Securities trading and intermediation (receivable and payable)	23
9  Expected Credit Losses on Financial Assets and Reconciliation of carrying amount	24
10  Investments in associates	29
11  Property, equipment, goodwill, intangible assets and lease	30
12  Financing instruments payable	32
13  Borrowings	33
14  Deposits at central banks and other financial assets and liabilities	33
15  Other assets and other liabilities	34
16  Retirement plans and insurance liabilities	35
17  Income tax	41
18  Equity	42
19  Related party transactions	44
20  Provisions and contingent liabilities	44
21  Total revenue and income	46
22  Operating costs	47
23  Operating expenses by nature	48
24  Other operating income (expenses), net	48
25  Share-based plan	49
26  Earnings per share (basic and diluted)	49
27  Determination of fair value	50
28  Management of financial risks and financial instruments	54
29  Capital Management	55
30  Cash flow information	56
31  Subsequent events	57

XP Inc. and its subsidiaries Unaudited interim condensed consolidated balance sheets As of March 31, 2026 and December 31, 2025 In thousands of Brazilian Reais

Assets		Note		March 31, 2026		December 31 2025
Cash				8,790,867		10,356,636
Financial assets				383,856,451		365,169,005
Fair value through profit or loss				266,126,515		239,754,641
Securities		4		210,523,039		198,834,060
Derivative financial instruments		5		55,603,476		40,920,581
Fair value through other comprehensive income				30,262,574		42,223,349
Securities		4		30,262,574		42,223,349
Evaluated at amortized cost				87,467,362		83,191,015
Securities		4		5,740,498		7,406,932
Securities purchased under resale agreements		3		15,823,050		17,063,099
Securities trading and intermediation		8		9,265,179		6,299,483
Accounts receivable				1,161,111		1,366,424
Loan operations		6		32,327,996		34,142,085
Deposits at central banks and other financial assets		14		23,149,528		16,912,992
Other assets				11,099,222		10,769,686
Recoverable taxes				519,749		442,824
Rights-of-use assets		11		347,428		340,586
Prepaid expenses		7		4,529,797		4,063,404
Other assets		15		5,702,248		5,922,872
Deferred tax assets		17		3,496,712		3,370,919
Investments in associates		10		3,691,422		3,635,314
Property and equipment		11		467,531		463,540
Goodwill and intangible assets		11		2,908,343		2,763,253
Total assets				414,310,548		396,528,353

The accompanying notes are an integral part of the unaudited interim condensed consolidated financial statements.

3 

XP Inc. and its subsidiaries Unaudited interim condensed consolidated balance sheets As of March 31, 2026 and December 31, 2025 In thousands of Brazilian Reais

Liabilities and equity		Note		March 31, 2026		December 31, 2025
Financial liabilities				291,959,255		276,497,370
Fair value through profit or loss				73,527,355		58,590,399
Securities		4		23,202,411		21,043,459
Derivative financial instruments		5		50,324,944		37,546,940
Evaluated at amortized cost				218,431,900		217,906,971
Securities sold under repurchase agreements		3		61,808,844		58,713,869
Securities trading and intermediation		8		26,270,622		22,420,806
Financing instruments payable		12		117,047,401		123,403,515
Accounts payables				889,967		810,157
Borrowings		13		477,530		237,894
Other financial liabilities		14		11,937,536		12,320,730
Other liabilities				97,126,970		95,993,782
Social and statutory obligations				735,727		1,365,253
Taxes and social security obligations				625,180		853,265
Retirement plans and insurance liabilities		16		95,171,483		93,023,422
Provisions and contingent liabilities		20		217,688		191,651
Other liabilities		15		376,892		560,191
Deferred tax liabilities		17		498,433		489,493
Total liabilities				389,584,658		372,980,645
Equity attributable to owners of the Parent company		18		24,717,475		23,546,701
Issued capital				28		28
Capital reserve				24,117,593		24,008,890
Other comprehensive income				(387,284)		(337,113)
Treasury shares				(322,586)		(125,104)
Retained earnings				1,309,724		—
Non-controlling interest				8,415		1,007
Total equity				24,725,890		23,547,708
Total liabilities and equity				414,310,548		396,528,353

The accompanying notes are an integral part of the unaudited interim condensed consolidated financial statements.

4 

XP Inc. and its subsidiaries Unaudited interim condensed consolidated statements of income and of comprehensive income For the three months period ended March 31, 2026 and December 31, 2025 In thousands of Brazilian Reais, except earnings per share

				Three months period ended March 31,
		Note		2026		2025
Net revenue from services rendered		21		1,932,255		1,649,928
Net income (loss)  from financial instruments at amortized cost and at fair value through other comprehensive income		21		(1,170,005)		(901,758)
Net income from financial instruments at fair value through profit or loss		21		3,912,090		3,596,353
Total revenue and income				4,674,340		4,344,523
Operating costs		22		(1,442,228)		(1,282,940)
Selling expenses		23		(70,285)		(56,837)
Administrative expenses		23		(1,640,870)		(1,448,498)
Other operating income (expenses), net		24		18,485		22,625
Expected credit losses		9		(111,710)		(146,411)
Interest expense on debt				(102,906)		(177,193)
Share of profit/(loss) in associates		10		18,657		7,455
Income before income tax				1,343,483		1,262,724
Income tax credit / (expense)		17		(25,741)		(26,659)
Net income for the period				1,317,742		1,236,065
Other comprehensive income
Items that can be subsequently reclassified to income
Foreign exchange variation of investees located abroad				(38,524)		(57,794)
Gains (losses) on net investment hedge				36,050		52,650
Changes in the fair value of financial assets at fair value through other comprehensive income				10,674		139,460
Changes in discount rates (IFRS 17)				6,637		—
Other comprehensive income (loss) for the period, net of tax				14,837		134,316
Total comprehensive income for the period				1,332,579		1,370,381
Net income attributable to:
Owners of the parent company				1,309,724		1,235,519
Non-controlling interest				8,018		546
Total comprehensive income attributable to:
Owners of the parent company				1,324,561		1,369,835
Non-controlling interest				8,018		546
Earnings per share from total income attributable to the ordinary equity holders of the company
Basic earnings per share		26		2.5257		2.3082
Diluted earnings per share		26		2.4930		2.2900

The accompanying notes are an integral part of the unaudited interim condensed consolidated financial statements.

5 

XP Inc. and its subsidiaries Unaudited interim condensed consolidated statements of changes in equity For the three months period ended March 31, 2026 and December 31, 2025 In thousands of Brazilian Reais

			Attributable to owners of the parent
					Capital reserve
	Notes		Issued Capital		Additional paid-in capital		Other Reserves		Other comprehensive income and Other		Retained Earnings		Treasury Shares		Total		Non-Controlling interest		Total Equity
Balances as of December 31, 2024			26		5,651,493		15,288,196		(673,978)		—		(222,180)		20,043,557		3,680		20,047,237
Comprehensive income for the period
Net income for the period			—		—		—		—		1,235,519		—		1,235,519		546		1,236,065
Other comprehensive income, net			—		—		—		134,316		—		—		134,316		—		134,316
Transactions with shareholders - contributions and distributions
Share based plan			—		—		135,745		—		—		—		135,745		190		135,935
Other changes in equity, net			—		—		—		(9,277)		—		—		(9,277)		(1)		(9,278)
Treasury shares	18		—		—		—		—		—		(497,772)		(497,772)		—		(497,772)
Allocations of the net income for the period
Dividends distributed	18		—		—		—		—		—		—		—		(180)		(180)
Balances as of March 31, 2025			26		5,651,493		15,423,941		(548,939)		1,235,519		(719,952)		21,042,088		4,235		21,046,323
Balances as of December 31, 2025			28		4,313,542		19,695,348		(337,113)		—		(125,104)		23,546,701		1,007		23,547,708
Comprehensive income for the period
Net income for the period			—		—		—		—		1,309,724		—		1,309,724		8,018		1,317,742
Other comprehensive income, net			—		—		—		14,837		—		—		14,837		—		14,837
Transactions with shareholders - contributions and distributions
Share based plan			—		—		130,858		—		—		—		130,858		4		130,862
Other changes in equity, net			—		—		(22,155)		(65,008)		—		—		(87,163)		(565)		(87,728)
Treasury shares	18		—		—		—		—		—		(197,482)		(197,482)		—		(197,482)
Allocations of the net income for the period
Dividends distributed	18		—		—		—		—		—		—		—		(49)		(49)
Balances as of March 31, 2026			28		4,313,542		19,804,051		(387,284)		1,309,724		(322,586)		24,717,475		8,415		24,725,890

The accompanying notes are an integral part of the unaudited interim condensed consolidated financial statements.

6 

XP Inc. and its subsidiaries Unaudited interim condensed consolidated statements of cash flows For the three months period ended March 31, 2026 and December 31, 2025 In thousands of Brazilian Reais

			Three months period ended March 31,
	Note		2026		2025
Operating activities
Income before income tax			1,343,483		1,262,724
Adjustments to reconcile income before income taxes
Depreciation of property, equipment and right-of-use assets	23		39,942		36,339
Amortization of intangible assets	23		43,426		37,787
Loss on write-off of right-of-use assets, property and equipment and intangible assets and lease, net	11		33,805		5,510
Share of profit/(loss) in associates	10		(18,657)		(7,455)
Expected credit losses on financial assets	9		111,710		146,411
Provision for contingencies, net	20		44,628		1,074
Net foreign exchange differences			(278,159)		(596,234)
Share based plan			130,862		135,935
Interest accrued, including monetary correction on contingent liabilities			95,316		173,360
Loss on disposal of property and equipment			—		3,795
Changes in assets and liabilities
Securities (assets and liabilities)			4,088,861		(14,854,685)
Derivative financial instruments (assets and liabilities)			(1,868,841)		2,565,489
Securities trading and intermediation (assets and liabilities)			889,551		4,029,108
Securities purchased (sold) under resale (repurchase) agreements			3,041,519		(2,511,060)
Accounts receivable			201,031		(160,727)
Loan operations			1,748,856		(842,660)
Prepaid expenses			(466,393)		2,536
Other assets and deposits at central banks and other financial assets			1,160,800		1,880,336
Accounts payable			79,809		107,855
Financing instruments payable			(6,146,813)		5,985,330
Social and statutory obligations			(629,526)		(691,777)
Tax and social security obligations			(112,412)		8,470
Retirement plans liabilities			2,148,061		2,207,978
Other liabilities and other financial liabilities			(613,255)		(1,315,585)
Cash from (used in) operations			5,067,604		(2,390,146)
Income tax paid			(338,530)		(125,450)
Contingencies paid	20		(29,631)		(8,689)
Interest paid	30		(10,160)		—
Additional contingent consideration paid			—		(109,628)
Net cash flows from (used in) operating activities			4,689,283		(2,633,913)

7 

XP Inc. and its subsidiaries Unaudited interim condensed consolidated statements of cash flows For the three months period ended March 31, 2026 and December 31, 2025 In thousands of Brazilian Reais, unless otherwise stated

			Three months period ended March 31,
	Note		2026		2025
Investing activities
Acquisition of property and equipment	11		(52,919)		(20,179)
Acquisition of intangible assets	11		(178,971)		(52,550)
Dividends received from associates	10		2,154		31,934
Acquisition of associates	30		(65,000)		(113,127)
Acquisition of subsidiaries			(16,492)		—
Net cash flows from (used in) investing activities			(311,228)		(153,922)
Financing activities
Acquisition of borrowings	30		260,970		1,960,887
Acquisition of treasury shares	18		(197,482)		(497,772)
Payments of borrowings and lease liabilities	30		(35,177)		(46,782)
Payment of debt securities in issue	30		—		(1,266,496)
Transactions with non-controlling interests			—		(1)
Dividends paid to non-controlling interests			(49)		(180)
Net cash flows from (used in) financing activities			28,262		149,656
Net increase/(decrease) in cash and cash equivalents			4,406,317		(2,638,179)
Cash and cash equivalents at the beginning of the period			19,220,538		12,909,616
Effects of exchange rate changes on cash and cash equivalents			(24,074)		(38,775)
Cash and cash equivalents at the end of the period			23,602,781		10,232,662
Cash			8,790,867		8,226,290
Securities purchased under resale agreements	3		2,225,257		740,464
Bank deposit certificates	4		102,161		64,960
Non-compulsory deposits at Brazilian Central Bank	14		12,484,496		1,200,998

The accompanying notes are an integral part of the unaudited interim condensed consolidated financial statements.

8 

XP Inc. and its subsidiaries Notes to unaudited interim condensed consolidated financial statements As of March 31, 2026 In thousands of Brazilian Reais, unless otherwise stated

1 Operations

XP Inc. (the “Company”) is a Cayman Island company with limited liability, incorporated on August 29, 2019. The registered office of the Company is 20, Genesis Close, in George Town, Grand Cayman.

XP Inc. is currently the entity which is registered with the U.S. Securities and Exchange Commission (“SEC”). The common shares are trading on the Nasdaq Global Select Market (“NASDAQ-GS”) under the symbol “XP”.

XP Inc. is a holding company controlled by XP Control LLC, which holds 71.03% of voting rights and is controlled by a group of individuals.

XP Inc. and its subsidiaries (collectively, “Group” or “XP Group”) is a leading, technology-driven financial services platform and a trusted provider of low-fee financial products and services in Brazil and USA. XP Group are principally engaged in providing its customers, represented by individuals and legal entities in Brazil and abroad, various financial products, services, digital content and financial advisory services, mainly acting as broker-dealer, including securities brokerage, private pension plans, commercial and investment banking products such as loan operations, transactions in the foreign exchange markets and deposits, through our brands that reach clients directly and through network of Independent Financial Advisers (“IFAs”).

These unaudited interim condensed consolidated financial statements as of March 31, 2026, were approved by the Board of Director’s meeting on May 15, 2026, and updated by subsequent events through May 18, 2026, as approved by the executive management.

1.1 Share buy-back programs

On November 19, 2024, the Board of Directors approved a new share repurchase program, under which XP may repurchase up to the amount in dollars equivalent to R$1.0 billion of its outstanding Class A common shares over a period beginning on November 20, 2024, continuing until the earlier of the completion of the repurchase or November 20, 2025, depending on market conditions. The repurchase limit of R$1.0 billion was reached on May 12, 2025 and the program has terminated.

On May 19, 2025, the Board of Directors approved a new share buy-back program, under which XP may repurchase up to the amount equivalent to R$1.0 billion of its outstanding Class A common shares over a period beginning on May 21, 2025, continuing until the earlier of the completion of the repurchase or December 31, 2026, depending upon market conditions. The repurchase limit of R$ 1.0 billion was reached on October 20, 2025 and the program has terminated.

On November 17, 2025, the Board of Directors approved a new share buy-back program, under which XP may repurchase up to the amount equivalent to R$1.0 billion of its outstanding Class A common shares over a period beginning on November 18, 2025, continuing until the earlier of the completion of the repurchase or November 18, 2026, depending upon market conditions.

As of March 31, 2026, the Company held in treasury 2,155,269 Class A shares (equivalent to R$ 205 million or US$ 39 million), acquired under its share buy-back programs, which were acquired at an average price of US$ 18.92 per share, with prices ranging from US$ 15.82 to US$ 22.30.

1.2 Corporate reorganization

In order to improve corporate structure, Group´s capital and cash management, XP Inc. concluded some entity reorganizations, as follows:

(i) XP Investimentos S.A. spin-off: On May 1, 2025, the investment held by XP Investimentos S.A. in XP Controle 5 Participações and some commercial notes issued by XP Investimentos were spun off. As a result of this transaction, XP Controle 5 Participações became a wholly-owned subsidiary of Banco XP.

(ii) Termination of UK operations: On December 23, 2025, the Group submitted a request to the United Kingdom Companies House to place its subsidiaries, XP Holding UK and XP Investments UK, into liquidation. These entities no longer held licenses to conduct operations in the UK and had no registered assets, liabilities, or employees.

9 

XP Inc. and its subsidiaries Notes to unaudited interim condensed consolidated financial statements As of March 31, 2026 In thousands of Brazilian Reais, unless otherwise stated

(iii) XP US reorganization: On March 23, 2026, the Group approved a corporate reorganization which aims to transfer all shares of XP Holding International LLC and XP Advisoy US Inc. (collectively, “XP US”), currently held by XP Inc., to XP Investimentos S.A., a subsidiary of Banco XP. The transaction is subject to approval by the Central Bank of Brazil, which is expected to occur during 2026.

The corporate reorganization events described above had no material impacts on the Group’s financial position and results of operations.

2 Basis of preparation and changes to the Group’s accounting policies

a) Basis of preparation

The unaudited interim condensed consolidated balance sheet as of March 31, 2026, the unaudited interim condensed consolidated statements of income, changes in equity, cash flows and comprehensive income for the three months period ended March 31, 2026 and 2025 (the “financial statements”) have been prepared in accordance with IAS 34 Interim Financial Reporting as issued by the International Accounting Standards Board (“IASB”).

The unaudited interim condensed consolidated financial statements have been prepared on a historical cost basis, except for financial instruments that have been measured at fair value.

The unaudited interim condensed consolidated financial statements do not include all the information and disclosures required in the annual financial statements and should be read in conjunction with the Group’s annual consolidated financial statements as of December 31, 2025. The list of notes that were not presented in this unaudited interim condensed is described below:

Note to financial statements as of December 31, 2025		Description
3.		Summary of significant accounting policies
4.		Significant accounting judgments, estimates and assumptions
5.		Group structure
10.		Accounts receivable
11.		Recoverable taxes
20.		Social and statutory obligations
21.		Tax and social security obligations
25. (a)		Key-person management compensation

The unaudited interim condensed consolidated financial statements are presented in Brazilian reais (“R$”), which is the Group’s presentation and functional currency, and all amounts disclosed in the financial statements and notes have been rounded off to the nearest thousand currency units unless otherwise stated.

The accounting policies adopted in the preparation of this interim condensed consolidated financial statements are consistent with those disclosed in the Group's annual consolidated financial statements for the year ended December 31, 2025. For standards, interpretations and amendments not yet adopted, see Note 2(b).

b) Standards, interpretations and amendments not yet adopted

(i) IFRS 19 Subsidiaries without Public Accountability: Disclosures (effective for annual periods beginning on or after January 1, 2027): Issued in May 2024, IFRS 19 allows for certain eligible subsidiaries of parent entities that report under IFRS Accounting Standards to apply reduced disclosure requirements. The Group does not expect this standard to have an impact on its operations or financial statements.

(ii) IFRS 18 Presentation and Disclosure in Financial Statements: The standard replaces IAS 1, carrying forward many of the requirements in IAS 1 unchanged and complementing them with new requirements. In addition, some IAS 1 paragraphs have been moved to IAS 8 and IFRS 7. Furthermore, the IASB has made minor amendments to IAS 7 and IAS 33 - Earnings per Share. IFRS 18 introduces new requirements to:

• present specified categories and defined subtotals in the statement of profit or loss

• provide disclosures on management-defined performance measures (MPMs) in the notes to the financial statements

10 

XP Inc. and its subsidiaries Notes to unaudited interim condensed consolidated financial statements As of March 31, 2026 In thousands of Brazilian Reais, unless otherwise stated

• improve aggregation and disaggregation.

An entity is required to apply IFRS 18 for annual reporting periods beginning on or after January 1, 2027, with earlier application permitted. The amendments to IAS 7 and IAS 33, as well as the revised IAS 8 and IFRS 7, become effective when an entity applies IFRS 18. IFRS 18 requires retrospective application with specific transition provisions. Although IFRS 18 does not change the recognition criteria or measurement basis, it may have a significant impact on the presentation of the Group's consolidated income statement in future periods.

c) Basis of consolidation

There were no changes since December 31, 2025, in the accounting practices adopted for consolidation of the Company’s direct and indirect interests in its subsidiaries for the purposes of these unaudited interim condensed consolidated financial statements.

(i) Subsidiaries

Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases.

The acquisition method of accounting is used to account for business combinations by the Group.

Intercompany transactions, balances and unrealized gains on transactions between Group companies are eliminated. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group.

Non-controlling interests in the results and equity of subsidiaries are shown separately in the statement of income and of comprehensive income, statement of changes in equity and balance sheet respectively.

(ii) Associates

Associates are companies in which the investor has a significant influence but does not hold control. Investments in these companies are initially recognized at cost of acquisition and subsequently accounted for using the equity method. Investments in associates include the goodwill identified upon acquisition, net of any cumulative impairment loss.

Under the equity method of accounting, the investments are initially recognized at cost and adjusted thereafter to recognize the Group’s share of the post-acquisition profits or losses of the investee in the Group’s income statement, and the Group’s share of movements in other comprehensive income of the investee in the Group’s other comprehensive income. Dividends received or receivable from associates are recognized as a reduction in the carrying amount of the investment.

Unrealized gains on transactions between the Group and its associates are eliminated to the extent of the Group’s interest in these entities. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of equity-accounted investees have been changed where necessary to ensure consistency with the policies adopted by the Group.

If its interest in the associates decreases, but the Group retains significant influence or joint control, only the proportional amount of the previously recognized amounts in other comprehensive income is reclassified in income, when appropriate.

(iii) Interests in associates measured at fair value

The Group has investments in associates measured at fair value in accordance with item 18 of IAS 28 – Investments in Associates and Joint Ventures. These investments are held through XP FIP Plêiades (current denomination of XP FIP Managers) and XP FIP Endor, which are venture capital organizations. In determining whether the funds meet the definition of venture capital organizations, management considers the investment portfolio features and objectives. The portfolio classified in this category has the objective to generate growth in the value of its investments in the medium term and have an exit strategy. Additionally, the performance of these portfolios is evaluated and managed considering a fair value basis of each investment.

11 

XP Inc. and its subsidiaries Notes to unaudited interim condensed consolidated financial statements As of March 31, 2026 In thousands of Brazilian Reais, unless otherwise stated

d) Business combinations and other developments

(i) Minority stake acquisitions

During the year ended December 31, 2024, XP Inc. entered in agreements through its subsidiary XP Controle 5 Participações Ltda. to acquire minority stakes in other three IFAs. The total fair value consideration recorded for those acquisitions is R$416,281, including the goodwill in a total amount of R$200,752. As of March 31, 2026, from the total fair value consideration: (i) R$225,766 was paid in cash during 2024, (ii) R$106,412 was settled through the private issuance of XP Inc Class A shares (see note 18a), (iii) R$17,227 was recorded as contingent consideration (Note 14(b)), (iv) R$46,442 was paid in cash during 2025 (including monetary correction on this amount) and (v) there is a remaining amount of R$16,932 to be paid (including monetary correction on this amount).

During the year ended December 31, 2025, XP Inc., through its subsidiary XP Controle 5 Participações Ltda., acquired minority stakes in other IFAs of its IFAs network. The total fair value consideration recorded for those acquisitions is R$325,502 (paid in cash during 2025), including the preliminary goodwill in a total amount of R$165,396.

During the three months period ended March 31, 2026, XP Inc. entered in an agreement through its subsidiary XP Controle 5 Participações Ltda. to acquire a minority stake in other IFA of its IFAs network. The total fair value consideration recorded for the acquisition is R$65,000, including the preliminary goodwill in a total amount of R$58,996. As of March 31, 2026, the total fair value consideration of R$65,000 was paid in cash.

The goodwill recognized in those transactions is mainly attributable to expected synergies arising from the investments. Preliminary goodwill presented refers to acquisitions completed less than one year since the acquisition date, in which the Group is obtaining the information necessary to measure the goodwill arising from these acquisitions.

(ii) Business combinations

During the three months period ended March 31, 2026, XP Inc., through its subsidiary XP Vista Asset Management Ltda., acquired 100% of Augme Holding Participações Ltda. and obtained control over it and its subsidiary Augme Capital Gestão de Recursos Ltda. The total fair value consideration recorded for the acquisition is R$ 96,900, including the preliminary goodwill in a total amount of R$ 90,655. As of March 31, 2026, from the total fair value consideration: (i) R$ 16,492 was paid in cash, (ii) R$ 42,500 was recorded as contingent consideration (Note 14(b)) and (iii) R$ 37,908 to be paid.

e) Segment reporting

In reviewing the operational performance of the Group and allocating resources, the chief operating decision maker of the Group (“CODM”), who is the Group’s Chief Executive Officer (“CEO”) and the Board of Directors (“BoD”), represented by statutory directors holders of ordinary shares of the immediate parent of the Company, reviews selected items of the statement of income and of comprehensive income.

The CODM considers the whole Group as a single operating and reportable segment, monitoring operations, making decisions on fund allocation and evaluating performance based on a single operating segment. The CODM reviews relevant financial data on a combined basis for all subsidiaries.

The Group’s revenue, results and assets for this one reportable segment can be determined by reference to the unaudited interim condensed consolidated statements of income and of comprehensive income and unaudited interim condensed consolidated balance sheet.

See Note 21(c) for a breakdown of total revenue and income and selected assets by geographic location.

f) Estimates

The preparation of unaudited interim condensed consolidated financial statements of the Group requires management to make judgments and estimates and to adopt assumptions that affect the amounts presented referring to revenues, expenses, assets and liabilities at the reporting date. Actual results may differ from these estimates.

In preparing these unaudited interim condensed consolidated financial statements, the significant judgments and estimates made by management in applying the Group’s accounting policies and the key sources of estimation uncertainty were the same as those that are set in the consolidated financial statements for the year ended December 31, 2025.

12 

XP Inc. and its subsidiaries Notes to unaudited interim condensed consolidated financial statements As of March 31, 2026 In thousands of Brazilian Reais, unless otherwise stated

3 Securities purchased (sold) under resale (repurchase) agreements

a) Securities purchased under resale agreements

		March 31, 2026		December 31, 2025
Collateral held		1,385,592		3,295,803
Brazilian sovereign bonds (i)		1,031,829		2,530,502
Corporate debt - local (ii)		240,716		573,982
Real estate-backed instruments (ii)		111,829		101,281
Other (ii)		1,218		90,038
Collateral repledge		12,040,734		11,866,126
Brazilian sovereign bonds (i)		841,687		260,629
Corporate debt - local (ii)		8,024,317		8,761,184
Real estate-backed instruments (ii)		1,590,929		1,729,958
Interbank Deposits Certificate (CDIs) (ii)		1,140,294		632,257
Other (ii)		443,507		482,098
Collateral sold		2,399,591		1,903,735
Brazilian sovereign bonds (i)		2,399,591		1,903,735
Expected Credit Loss (iii)		(2,867)		(2,565)
Total		15,823,050		17,063,099

(i) Investments in purchase and sale commitments collateral-backed by sovereign debt securities refer to transactions involving the purchase of sovereign debt securities with a commitment to sale originated mainly in the subsidiaries XP CCTVM, Banco XP and in proprietary funds.

(ii) Refers to fixed-rate fixed-income assets, which are low-risk investments collateral-backed.

(iii) The reconciliation of gross carrying amount and the expected credit loss segregated by stages are presented in the Note 9.

As of March 31, 2026, securities purchased under resale agreements were carried out at annual average interest rates of 15.39% (15.44% as of December 31, 2025).

As of March 31, 2026, the amount of R$ 2,225,257 (December 31, 2025 - R$ 3,518,460), from the total amount of collateral held portfolio and interbank deposits certificates, is being presented as cash equivalents in the statements of cash flows.

b) Securities sold under repurchase agreements

		March 31, 2026		December 31, 2025
Brazilian sovereign bonds		27,437,603		21,595,733
Corporate debt – local		21,235,200		22,607,747
Real estate–backed instruments		6,230,255		7,336,475
Agribusiness–backed instruments		2,057,908		1,544,830
Corporate debt – foreign		4,847,878		5,629,084
Total		61,808,844		58,713,869

As of March 31, 2026, securities sold under repurchase agreements were agreed with annual average interest rates of 14.11% (December 31, 2025 – 14.41%), with assets pledged as collateral.

13 

XP Inc. and its subsidiaries Notes to unaudited interim condensed consolidated financial statements As of March 31, 2026 In thousands of Brazilian Reais, unless otherwise stated

4 Securities

a) Securities classified at fair value through profit and loss are presented in the following table:

								March 31, 2026								December 31, 2025
		Gross carrying amount		Fair value		Group portfolio		Retirement plan assets (i)		Gross carrying amount		Fair value		Group portfolio		Retirement plan assets (i)
Financial assets
At fair value through profit or loss
Brazilian sovereign bonds		66,342,684		66,459,901		62,152,048		4,307,853		55,596,263		56,313,856		51,911,967		4,401,889
Foreign sovereign bonds		1,714,118		1,711,062		1,711,062		—		1,814,964		1,818,020		1,818,020		—
Real estate–backed instruments		4,011,461		3,875,745		3,875,745		—		4,389,266		4,276,576		4,276,495		81
Agribusiness–backed instruments		4,263,511		4,194,597		4,168,654		25,943		4,842,682		4,830,980		4,822,577		8,403
Corporate debt – local		14,528,399		14,358,187		14,347,239		10,948		17,090,433		17,178,981		16,035,155		1,143,826
Corporate debt – foreign		9,854,278		9,864,556		9,864,556		—		8,245,936		7,987,265		7,987,265		—
Bank funding instruments (CDB) (ii)		626,122		626,010		524,306		101,704		455,242		463,133		366,143		96,990
Bank funding instruments (Others)		1,804,680		1,809,879		175,321		1,634,558		1,411,719		1,515,827		89,224		1,426,603
Structured notes		50,915		50,915		50,915		—		42,161		50,076		50,076		—
Investment funds		98,529,451		98,529,451		9,938,084		88,591,367		96,353,891		96,353,891		11,300,338		85,053,553
Equity securities		7,609,525		7,609,525		7,609,525		—		7,613,050		7,613,050		7,170,531		442,519
Others (iii)		1,433,537		1,433,211		1,415,437		17,774		430,697		432,405		422,864		9,541
Total		210,768,681		210,523,039		115,832,892		94,690,147		198,286,304		198,834,060		106,250,655		92,583,405

(i) Those financial products represent investment contracts that have the legal form of retirement plans, which do not transfer substantial insurance risk to the Group. Therefore, contributions received from participants are accounted for as liabilities and an asset of the participant in the linked Specially Constituted Investment Fund (“FIE”). Besides assets which are presented segregated above, as retirement plan assets, the Group has proprietary assets to guarantee the solvency of our insurance and pension plan operations, under the terms of CNSP Resolution No. 432/2021, presented as Group portfolio, within investment funds line. As of March 31, 2026, those assets represent R$106,906 (December 31, 2025 - R$ 123,761).

(ii) Bank deposit certificates include R$ 102,161 (December 31, 2025 – R$ 90,443) presented as cash equivalents in the statements of cash flows.

(iii) Mainly related to bonds issued and traded overseas and other securities.

14 

XP Inc. and its subsidiaries Notes to unaudited interim condensed consolidated financial statements As of March 31, 2026 In thousands of Brazilian Reais, unless otherwise stated

b) Securities at fair value through other comprehensive income are presented in the following table:

						March 31, 2026						December 31, 2025
		Gross carrying amount		Fair value adjustments through OCI		Fair value		Gross carrying amount		Fair value adjustments through OCI		Fair value
Financial assets
At fair value through other comprehensive income
Brazilian onshore sovereign bonds		28,782,702		(863,957)		27,918,745		39,785,892		(742,177)		39,043,715
Foreign sovereign bonds		2,086,713		128,915		2,215,628		3,179,468		165		3,179,634
Corporate debt – local		128,276		(75)		128,201		—		—		—
Total		30,997,691		(735,117)		30,262,574		42,965,360		(742,012)		42,223,349

The amount reclassified upon derecognition from accumulated OCI to the Group’s consolidated statement of income, in “Net income/(loss) from financial instruments at fair value through profit or loss”, for the period was R$ 8,203 (March 31, 2025 - R$ 26,361).

c) Securities evaluated at amortized cost are presented in the following table:

						March 31, 2026						December 31, 2025
		Gross carrying amount		Expected credit loss		Book Value		Gross carrying amount		Expected credit loss		Book Value
Financial assets
At amortized cost
Brazilian sovereign bonds		695,098		—		695,098		2,221,521		—		2,221,521
Foreign sovereign bonds		282,510		(4)		282,506		282,696		(3)		282,693
Agribusiness–backed instruments		699,124		(3,294)		695,830		476,312		(2,191)		474,121
Corporate debt – local		4,087,367		(20,303)		4,067,064		4,455,395		(26,798)		4,428,597
Total		5,764,099		(23,601)		5,740,498		7,435,924		(28,992)		7,406,932

(i) The reconciliation of gross carrying amount and the expected credit loss segregated by stages are presented in the Note 9.

d) Securities on the financial liabilities classified at fair value through profit or loss are presented in the following table:

			March 31, 2026				December 31, 2025
	Gross carrying amount		Fair value		Gross carrying amount		Fair value
Financial liabilities
At fair value through profit or loss
Securities (i)	22,680,770		22,680,770		20,388,644		20,388,644

(i) Mainly related to stock loan operations carried out through the Group's proprietary funds.

e) Debentures designated at fair value through profit or loss are presented in the following table:

On May 6, 2021, XP Investimentos, issued non-convertible debentures, in the aggregate amount of R$ 500,018, and designated this instrument as fair value through profit or loss in order to align it with the Group’s risk management and investment strategy. The principal amount is due on April 10, 2036. The accrued interest is payable every month from the issuance date and is calculated based on the IPCA (Brazilian inflation index) plus 5% p.a.

			March 31, 2026				December 31, 2025
	Gross carrying amount		Fair value		Gross carrying amount		Fair Value
Financial liabilities
At fair value through profit or loss
Corporate debt - local	661,138		521,641		650,975		654,815

15 

XP Inc. and its subsidiaries Notes to unaudited interim condensed consolidated financial statements As of March 31, 2026 In thousands of Brazilian Reais, unless otherwise stated

Unrealized gains/(losses) due to own credit risk for liabilities for which the fair value option has been elected are recorded in other comprehensive income. Gain/(losses) due to own credit risk were not material for the three months period ended March 31, 2026 and 2025.

f) Securities classified by maturity:

				Assets				Liabilities
		March 31, 2026		December 31, 2025		March 31, 2026		December 31, 2025
Financial assets
At fair value through PL and OCI
Current		121,523,838		129,999,761		22,680,770		20,388,644
Non-stated maturity		106,138,977		103,966,940		22,680,770		20,388,644
Up to 3 months		3,175,122		16,750,622		—
From 4 to 12 months		12,209,739		9,282,199		—
Non-current		119,261,775		111,057,648		521,641		654,815
After one year		119,261,775		111,057,648		521,641		654,815
Evaluated at amortized cost
Current		985,435		2,696,669		—		—
Up to 3 months		102,359		1,930,685		—		—
From 4 to 12 months		883,076		765,984		—		—
Non-current		4,755,063		4,710,263		—		—
After one year		4,755,063		4,710,263				—
Total		246,526,111		248,464,341		23,202,411		21,043,459

The reconciliation of expected loss to financial assets at amortized cost segregated by stages is demonstrated in Note 9.

5 Derivative financial instruments and hedging activities

The Group trades derivative financial instruments with various counterparties to manage its overall exposures (interest rate, foreign currency and fair value of financial instruments) and to assist its customers in managing their own exposures.

Below is the composition of the derivative financial instruments portfolio (assets and liabilities) by type of instrument, stated fair value and by maturity:

														March 31, 2026
		Notional		Fair Value		%		Up to 3 months		From 3 to 12 months		From 1 to 5 years		Above 5 years
Assets
Option contracts		3,548,258,802		16,950,430		31		3,504,545		6,299,074		7,146,811		—
Swap contracts		911,142,260		24,893,360		45		2,626,856		6,977,591		11,495,389		3,793,524
Forward contracts		143,596,169		7,287,868		13		1,727,318		1,979,514		1,911,270		1,669,766
Future contracts		307,892,914		6,471,818		12		382,413		1,167,890		4,306,366		615,149
Total		4,910,890,145		55,603,476		100		8,241,132		16,424,069		24,859,836		6,078,439
Liabilities
Option contracts		3,095,682,239		19,793,411		39		2,397,531		7,977,749		6,923,148		2,494,983
Swap contracts		785,250,395		18,987,962		38		1,610,558		9,987,237		6,550,800		839,367
Forward contracts		131,977,252		8,036,982		16		1,524,412		2,574,989		2,237,822		1,699,759
Future contracts		324,789,758		3,506,589		7		158,143		884,398		2,407,224		56,824
Total		4,337,699,644		50,324,944		100		5,690,644		21,424,373		18,118,994		5,090,933

16 

XP Inc. and its subsidiaries Notes to unaudited interim condensed consolidated financial statements As of March 31, 2026 In thousands of Brazilian Reais, unless otherwise stated

														December 31, 2025
		Notional		Fair Value		%		Up to 3 months		From 3 to 12 months		From 1 to 5 years		Above 5 years
Assets
Option contracts		3,055,103,887		13,520,972		33		2,631,248		6,012,043		4,877,594		87
Swap contracts		914,003,115		20,361,017		50		3,906,979		1,149,103		11,540,141		3,764,794
Forward contracts		131,460,114		1,071,790		3		937,529		14,282		57,942		62,037
Future contracts		209,334,260		5,966,802		14		15,143		1,532,495		4,108,917		310,247
Total		4,309,901,376		40,920,581		100		7,490,899		8,707,923		20,584,594		4,137,165
Liabilities
Option contracts		2,923,722,965		17,264,242		46		1,303,303		7,100,530		5,280,495		3,579,914
Swap contracts		862,383,442		14,937,416		40		1,857,900		1,393,812		10,515,355		1,170,349
Forward contracts		144,316,614		1,681,224		4		1,084,705		366,860		192,055		37,604
Future contracts		304,575,581		3,664,058		10		26,793		1,044,120		2,360,069		233,076
Total		4,234,998,602		37,546,940		100		4,272,701		9,905,322		18,347,974		5,020,943

17 

XP Inc. and its subsidiaries Notes to unaudited interim condensed consolidated financial statements As of March 31, 2026 In thousands of Brazilian Reais, unless otherwise stated

		March 31, 2026				December 31, 2025
		Notional (i)		Fair value		Notional (i)		Fair value
Swap contracts
Assets
Commodities		2,368,687		218,497		2,244,350		95,115
Foreign exchange		90,013,954		11,483,234		60,549,711		3,583,555
Interest		766,984,785		12,375,475		821,149,048		14,657,464
Share		51,774,834		816,154		30,060,006		2,024,883
Liabilities
Commodities		1,644,017		(172,466)		1,952,740		(48,201)
Foreign exchange		20,910,214		(7,244,290)		34,241,157		(1,574,705)
Interest		695,672,766		(7,504,999)		789,512,985		(12,134,315)
Share		67,023,398		(4,066,207)		36,676,560		(1,180,195)
Forward contracts
Assets
Commodities		—		—		4,791,603		60,659
Foreign exchange		133,071,649		2,785,694		124,996,692		420,217
Share		—		—		681,240		581,240
Interest		10,524,520		4,502,174		990,579		9,674
Liabilities
Commodities		—		—		4,621,730		(72,952)
Foreign exchange		122,953,498		(4,519,833)		136,860,587		(309,570)
Interest		9,023,754		(3,517,149)		1,759,346		(1,284,289)
Share		—		—		1,074,951		(14,413)
Future contracts
Assets
Commodities		30,022,492		162,871		18,811,916		8,655
Foreign exchange		31,165,312		54,860		22,610,678		171,319
Interest		246,304,737		6,068,415		167,526,834		5,786,166
Share		400,373		185,672		384,832		662
Liabilities
Commodities		8,042,856		(10,261)		28,191,142		(15,874)
Foreign exchange		23,165,879		(50,470)		16,866,362		(50,492)
Interest		293,158,713		(3,310,423)		259,471,046		(3,597,542)
Share		422,310		(135,435)		47,031		(150)
Option contracts
Assets
Commodities		555,381,533		413,443		20,592,062		310,526
Foreign exchange		456,184,418		5,719,537		72,853,018		3,315,588
Interest		1,901,590,895		3,855,157		2,831,484,361		3,165,811
Share		635,101,956		6,962,293		130,174,446		6,729,047
Liabilities
Commodities		374,711,062		(702,874)		200,509,247		(504,494)
Foreign exchange		83,744,183		(5,901,437)		74,802,937		(4,438,639)
Interest		1,971,327,856		(4,223,362)		2,586,274,296		(932,898)
Share		665,899,138		(8,965,738)		62,136,485		(11,388,211)
Assets		4,910,890,145		55,603,476		4,309,901,376		40,920,581
Liabilities		4,337,699,644		(50,324,944)		4,234,998,602		(37,546,940)
Net		573,190,501		5,278,532		74,902,774		3,373,641

(a) Notional amounts represent the sum of gross long and short derivative contracts and provide an indication of the volume of the Group’s derivative activity. They do not represent anticipated losses or actual exposure. For most derivative contracts, the notional amount is not exchanged and it serves solely as a reference amount used to calculate payments between the parties.

18 

XP Inc. and its subsidiaries Notes to unaudited interim condensed consolidated financial statements As of March 31, 2026 In thousands of Brazilian Reais, unless otherwise stated

Derivatives designated as hedges

XP Inc. applies hedge accounting to certain derivatives when these instruments are used to hedge exposures that meet the criteria for hedge accounting under IFRS 9 – Financial Instruments. However, the Group does not apply hedge accounting to all derivatives used in its risk management activities. For example, certain derivatives used for economic hedging purposes may not qualify for hedge accounting due to the complexity of demonstrating the required effectiveness or documentation criteria. As a result, some derivatives are accounted for at fair value through profit or loss, with changes in fair value recognized directly in profit or loss.

To qualify for hedge accounting, XP Inc. requires that the hedging relationship is formally documented at inception, including the risk management objective, the identification of the hedging instrument and the hedged item, the nature of the risk being hedged, and the method for assessing hedge effectiveness both prospectively and retrospectively. The company assesses hedge effectiveness using quantitative methods such as the Dollar Offset Method, comparing changes in the fair value or cash flows of the hedging instrument and the hedged item attributable to the hedged risk.

The Group has three types of hedge relationships: hedge of net investment in foreign operations; fair value hedge and cash flow hedge. For hedge accounting purposes, the risk factors measured by the Group are:

• Interest Rate: Risk of volatility in transactions subject to interest rate variations;

• Currency: Risk of volatility in transactions subject to foreign exchange variations;

• Stock Grant Charges: Risk of volatility in XP Inc stock prices, listed on NASDAQ.

The structure of risk limits is extended to the risk factor level, where specific limits aim at improving the monitoring and understanding processes, as well as avoiding concentration of these risks.

The structures designed for interest rate and exchange rate categories take into account total risk when there are compatible hedging instruments. In certain cases, management may decide to hedge a risk for the risk factor term and limit of the hedging instrument.

Sources of ineffectiveness are generally related to:

(a) Possible mismatches between the maturity dates of the hedging instrument and the hedged item;

(b) Possible mismatches between the notional amounts of the hedging instrument and the hedged item;

(c) The churn rate associated with the fair value estimate of the shares granted under the Company’s share-based plan, and considered when contracting the hedging instruments, which is calculated to accrue the impact of cancellations during the term of the plan.

Hedge effectiveness is assessed at inception and on an ongoing basis, at least quarterly. If a hedge is determined to be ineffective or the hedging relationship ceases to meet the qualifying criteria, hedge accounting is discontinued prospectively. Hedge ineffectiveness is recognized in “Net income/(loss) from financial instruments at fair value through profit or loss” in the Group’s consolidated statement of income.

19 

XP Inc. and its subsidiaries Notes to unaudited interim condensed consolidated financial statements As of March 31, 2026 In thousands of Brazilian Reais, unless otherwise stated

The following table outlines the Group’s primary uses of derivatives and the related hedge accounting designation or disclosure category:

Type of Derivative	Use of Derivative	Designation and disclosure
Specifically identified risk exposures in qualifying hedge accounting relationships:
Foreign exchange future	Hedge of the Group’s investments in subsidiaries located in the United States (XP Holding International LLC and XP Advisory US) to protect against US$ exchange rate fluctuations.	Net investment hedge
Interest rate future	Hedge fixed-rate assets and liabilities to mitigate fair value changes, protect against exchange rate fluctuations, and avoid temporary impacts on profit or loss arising from interest rate movements and cash flows related to interest payments and receipts.	Fair value hedge
Interest rate future	Hedge floating-rate exposure on loan operations indexed to IPCA to avoid temporary fluctuations in statements of income arising from changes in the interest rate market.	Fair value hedge
Foreign exchange future	Hedge to protect the change in the fair value related to foreign exchange fluctuations arising from the bond issued by XP Inc.	Fair value hedge
SWAP-TRS	Hedge the cash flow exposure related to XP share price fluctuations on labor tax payments arising from the share-based plans, ensuring predictability of future obligations.	Cash flow hedge

Group’s outstanding hedge accounting relationships

(i) Hedge of net investment in foreign operations

The objective of the Group is to hedge the risk generated by the US$ variation from investments in our subsidiaries in the United States (XP Holding International LLC. and XP Advisors Inc). The Group has entered into future contracts to protect against changes in future cash flows and exchange rate variation of net investments in foreign operations. The Group undertakes risk management through the economic relationship between hedge instruments and hedged items, in which it is expected that these instruments will move in opposite directions, in the same proportions, with the aim of neutralizing the risk factors.

(ii) Fair value hedges

The Group’s fair value strategies consist of hedging the exposure to variation in fair value on the receipt, payment of interests and exchange variation on assets and liabilities.

The group applies fair value hedges as follows:

• Hedging the exposure of fixed-income securities carried out through structured notes. The market risk hedge strategy involves avoiding temporary fluctuations in earnings arising from changes in the interest rate market in Reais. Once this risk is offset, the Group seeks to index the portfolio to the CDI, through the use of derivatives (DI1 Futuro). The hedge is contracted in order to neutralize the total exposure to the market risk of the fixed-income funding portfolio, excluding the portion of the fixed-income compensation represented by the credit spread of Banco XP S.A., seeking to obtain the closest match deadlines and volumes as possible.

• Hedging to protect the change in the fair value of the exchange and interest rate risk of the component of future cash flows arising from the XP Inc bond issued (financial liability) by contracting derivatives.

20 

XP Inc. and its subsidiaries Notes to unaudited interim condensed consolidated financial statements As of March 31, 2026 In thousands of Brazilian Reais, unless otherwise stated

• Hedging the exposure of fixed-income securities carried out through sovereign bonds issued by Brazilian government in BRL and corporate debt bonds through the use of derivatives. The strategy involves avoiding temporary fluctuations in statements of income arising from changes in the interest rate market. The hedge is contracted in order to neutralize the exposure arising from the risk-free portion of the fixed-income securities, excluding the portion of the securities’ remuneration represented by the credit spread.

• Hedging the exposure to fixed interest rates in BRL arising from the payroll loans portfolio through the use of derivatives. The strategy involves avoiding temporary fluctuations in statements of income arising from changes in the interest rate market.

• Hedging the exposure to floating interest rates in BRL arising from loan and debt instruments indexed to IPCA (Brazilian inflation index) through the use of derivatives. The strategy involves avoiding temporary fluctuations in statements of income arising from changes in the interest rate market.

(iii) Cash flow hedges

The Group applies cash flow hedge in order to neutralize the impacts of XP share price variation on highly probable labor tax payments related to share-based compensation plans using SWAP-TRS contracts. Labor tax payments are due upon delivery of shares to employees under share-based compensation plans and are directly related to share price at that time.

The table below summarizes notional amounts and changes in both the hedged item and the hedging instruments used to calculate hedge effectiveness of all the Group’s hedge accounting relationships:

March 31, 2026		Hedged Item						Hedge Instrument
		Book value				Variation in value recognized in income or other comprehensive income (i)		Notional value		Variation in the amounts used to calculate hedge ineffectiveness		Hedge ineffectiveness recognized in income (ii)
		Assets		Liabilities
Net investment hedge
Foreign exchange risk
Hedge of net investment in foreign operations		697,822		—		(38,524)		692,910		36,050		—
Total net investment hedge		697,822		—		(38,524)		692,910		36,050		—
Fair value hedge
Interest rate risk
Structured notes		—		20,401,575		285,285		21,830,481		(298,706)		(13,421)
Issued bonds		—		2,199,391		117,807		2,252,868		(97,283)		20,524
Brazilian sovereign bonds		7,127,801		—		28,953		6,673,343		(27,294)		1,659
Payroll loans		1,748,714		—		(9,821)		1,683,311		14,111		4,290
Debt instruments		2,471,746		—		(3,030)		2,583,002		3,563		533
Total interest rate risk		11,348,261		22,600,966		419,194		35,023,005		(405,609)		13,585
Foreign exchange risk
Issued bonds		—		20,546		119		20,503		(119)		—
Total foreign exchange risk		—		20,546		119		20,503		(119)		—
Total fair value hedge		11,348,261		22,621,512		419,313		35,043,508		(405,728)		13,585
Cash flow hedge
Market price risk
Long term incentive plan taxes		—		207,033		(26,376)		208,396		21,033		(5,343)
Total cash flow hedge		—		207,033		(26,376)		208,396		21,033		(5,343)
Total		12,046,083		22,828,545		354,413		35,944,814		(348,645)		8,242

21 

XP Inc. and its subsidiaries Notes to unaudited interim condensed consolidated financial statements As of March 31, 2026 In thousands of Brazilian Reais, unless otherwise stated

December 31, 2025		Hedged Item						Hedge Instrument
		Book value				Variation in value recognized in income or other comprehensive income (i)		Notional value		Variation in the amounts used to calculate hedge ineffectiveness		Hedge ineffectiveness recognized in income (ii)
		Assets		Liabilities
Net investment hedge
Foreign exchange risk
Hedge of net investment in foreign operations		684,297		—		(70,908)		677,325		77,912		7,004
Total net investment hedge		684,297		—		(70,908)		677,325		77,912		7,004
Fair value hedge
Interest rate risk
Structured notes		—		20,428,519		(819,917)		21,599,440		840,227		20,310
Issued bonds		—		2,317,198		159,648		2,353,595		(189,556)		(29,908)
Brazilian sovereign bonds		16,710,279		—		160,659		16,262,973		(166,510)		(5,851)
Payroll loans		1,934,158		—		68,977		1,788,141		(48,484)		20,493
Debt instruments		3,664,357		—		74,226		3,720,117		(35,235)		38,991
Total interest rate risk		22,308,794		22,745,717		(356,407)		45,724,266		400,442		44,035
Foreign exchange risk
Issued bonds		—		43,441		7,544		43,496		(7,609)		(65)
Total foreign exchange risk		—		43,441		7,544		43,496		(7,609)		(65)
Total fair value hedge		22,308,794		22,789,158		(348,863)		45,767,762		392,833		43,970
Cash flow hedge
Market price risk
Long term incentive plan taxes		—		185,923		(62,240)		226,601		49,199		(13,041)
Total cash flow hedge		—		185,923		(62,240)		226,601		49,199		(13,041)
Total		22,993,091		22,975,081		(482,011)		46,671,688		519,944		37,933

(i) For net investment hedges and cash flow hedges, the effective portion of changes in fair value is recognized in Other Comprehensive Income (OCI), while for fair value hedges, changes in fair value are recognized in profit or loss.

(ii) Hedge ineffectiveness is recognized in “Net income/(loss) from financial instruments at fair value through profit or loss” in the Group’s consolidated income statement.

6 Loan operations

Following is the breakdown of the carrying amount of loan operations by class, sector of debtor, maturity and concentration:

Loans by type		March 31, 2026		December 31, 2025
Pledged asset loans		25,311,178		26,185,440
Retail		13,708,939		14,155,005
Companies		4,096,357		4,549,379
Credit card		7,505,882		7,481,056
Non-pledged loans		7,452,059		8,432,588
Retail		218,132		265,192
Companies		5,524,368		6,251,739
Credit card		1,709,559		1,915,657
Total loans operations		32,763,237		34,618,028
Expected Credit Loss (Note 9)		(435,241)		(475,943)
Total loans operations, net of Expected Credit Loss		32,327,996		34,142,085

22 

XP Inc. and its subsidiaries Notes to unaudited interim condensed consolidated financial statements As of March 31, 2026 In thousands of Brazilian Reais, unless otherwise stated

By maturity		March 31, 2026		December 31, 2025
Overdue by 1 day or more		321,344		330,382
Due in 3 months or less		8,173,504		8,252,877
Due after 3 months through 12 months		8,288,022		8,345,591
Due after 12 months		15,980,367		17,689,178
By concentration		March 31, 2026		December 31, 2025
Largest debtor		2,735,950		4,175,501
10 largest debtors		5,861,848		6,950,812
20 largest debtors		7,079,531		8,133,975
50 largest debtors		8,621,572		9,770,062
100 largest debtors		9,606,529		10,838,691

XP Inc offers loan products through Banco XP to its customers. The loan products offered are mostly (77% as of March 31, 2026 and 76% as of December 31, 2025) collateralized by customers’ investments on XP platform.

The reconciliation of gross carrying amount and the expected credit losses in loan operations, segregated by stages, according with IFRS 9, is demonstrated in Note 9.

7 Prepaid expenses

		March 31, 2026		December 31, 2025
Commissions and premiums paid in advance (i)(iii)		3,576,360		3,666,524
Marketing expenses		35,938		11,537
Services paid in advance (ii)		30,743		39,639
Other expenses paid in advance (iv)		886,756		345,704
Total		4,529,797		4,063,404
Current		1,196,338		959,701
Non-current		3,333,459		3,103,703

(i) Mostly comprised of commissions paid by XP CCTVM to its IFAs in order to establish a long-term relationship with this network. These commissions are recognized at the signing date of each contract and are amortized in the Group’s income statement, linearly, according to the contract’s term period.

(ii) Mostly related to software’s subscription licenses (software as a service “SaaS”).

(iii) Include balances with related parties, in connection with the transactions disclosed on Note 19.

(iv) Includes an advance payment of monthly contributions to the Fundo Garantidor de Créditos (FGC), which was made in March 2026 as an one-time payment.

8 Securities trading and intermediation (receivable and payable)

Represented by operations at B3 on behalf of and on account of third parties, with liquidation operating cycle between D+1 and D+5.

		March 31, 2026		December 31, 2025
Receivables from clearing organizations		2,081,257		811,748
Debtors pending settlement		7,319,463		5,568,093
Other		6,412		67,026
(-) Expected losses on Securities trading and intermediation (a)		(141,953)		(147,384)
Total Assets		9,265,179		6,299,483

23 

XP Inc. and its subsidiaries Notes to unaudited interim condensed consolidated financial statements As of March 31, 2026 In thousands of Brazilian Reais, unless otherwise stated

Payables to clearing organizations		2,730,727		2,171,301
Creditors pending settlement		9,238,720		5,189,525
Customer's cash on investment account		14,301,175		15,059,980
Total Liabilities		26,270,622		22,420,806

(a) The reconciliation of gross carrying amount and the expected loss segregated by stages, according with IFRS 9, were demonstrated in Note 9.

9 Expected Credit Losses on Financial Assets and Reconciliation of carrying amount

a)       Reconciliation of carrying amount of Financial Assets

It is presented below the reconciliation of gross carrying amount of financial assets through other comprehensive income and financial assets measured at amortized cost – that have their ECLs (Expected Credit Losses) measured using the three-stage model and the simplified approach and the ECLs as of March 31, 2026:

Stage 1		Balances as of December 31, 2025		Acquisition / (Settlements)		Transfer to stage 2		Transfer to stage 3		Transfer from stage 2		Transfer from stage 3		Write-Off		Balances as of March 31, 2026
Financial assets amortized cost
Securities		7,360,624		(1,646,401)		(39,067)		—		—		—		—		5,675,156
Securities purchased under resale agreements		17,065,664		(1,239,747)		—		—		—		—		—		15,825,917
Loans and credit card operations		32,051,628		(1,321,340)		(647,574)		(146,174)		625,958		25,603		—		30,588,101
Total on-balance exposures		56,477,916		(4,207,488)		(686,641)		(146,174)		625,958		25,603		—		52,089,174
Off-balance exposures (credit card limits)		7,373,720		13,990		(5,387)		(1)		448,635		6,285		—		7,837,242
Total exposures		63,851,636		(4,193,498)		(692,028)		(146,175)		1,074,593		31,888		—		59,926,416

Stage 2		Balances as of December 31, 2025		Acquisition / (Settlements)		Transfer to stage 1		Transfer to stage 3		Transfer from stage 1		Transfer from stage 3		Write-Off		Balances as of March 31, 2026
Financial assets amortized cost
Securities		1,103		44		—		—		39,067		—		—		40,214
Loans and credit card operations		1,870,235		(243,538)		(625,958)		(46,670)		647,574		259		—		1,601,902
Total on-balance exposures		1,871,338		(243,494)		(625,958)		(46,670)		686,641		259		—		1,642,116
Off-balance exposures (credit card limits)		629,614		(54,407)		(448,635)		—		5,387		5,435		—		137,394
Total exposures		2,500,952		(297,901)		(1,074,593)		(46,670)		692,028		5,694		—		1,779,510

Stage 3		Balances as of December 31, 2025		Acquisition / (Settlements)		Transfer to stage 1		Transfer to stage 2		Transfer from stage 1		Transfer from stage 2		Write-Off		Balances as of March 31, 2026
Financial assets amortized cost
Securities		74,197		(25,468)		—		—		—		—		—		48,729
Loans and credit card operations		696,165		(194,720)		(25,603)		(259)		146,174		46,670		(95,192)		573,235
Total on-balance exposures		770,362		(220,188)		(25,603)		(259)		146,174		46,670		(95,192)		621,964
Off-balance exposures (credit card limits)		13,183		(573)		(6,285)		(5,435)		1		—		—		891
Total exposures		783,545		(220,761)		(31,888)		(5,694)		146,175		46,670		(95,192)		622,855

24 

XP Inc. and its subsidiaries Notes to unaudited interim condensed consolidated financial statements As of March 31, 2026 In thousands of Brazilian Reais, unless otherwise stated

Consolidated Stages		Balances as of December 31, 2025		Purchases / (Settlements)		Write-Off		Balances as of March 31, 2026
Financial assets amortized cost
Securities		7,435,924		(1,671,825)		—		5,764,099
Securities purchased under resale agreements		17,065,664		(1,239,747)		—		15,825,917
Loans and credit card operations		34,618,028		(1,759,598)		(95,192)		32,763,238
Total on-balance exposures		59,119,616		(4,671,170)		(95,192)		54,353,254
Off-balance exposures (credit card limits)		8,016,517		(40,990)		—		7,975,527
Total exposures		67,136,133		(4,712,160)		(95,192)		62,328,781

Stage 1		Balances as of December 31, 2024		Acquisition / (Settlements)		Transfer to stage 2		Transfer to stage 3		Transfer from stage 2		Transfer from stage 3		Write-Off		Balances as of December 31, 2025
Financial assets at fair value through other comprehensive income
Securities		53,250,910		(11,027,561)		—		—		—		—		—		42,223,349
Financial assets amortized cost
Securities		2,850,108		4,585,816		(1,103)		(74,197)		—		—		—		7,360,624
Securities purchased under resale agreements		22,059,501		(4,993,837)		—		—		—		—		—		17,065,664
Loans and credit card operations		26,337,288		5,949,078		(1,302,940)		(538,578)		1,603,609		3,171		—		32,051,628
Total on-balance exposures		104,497,807		(5,486,504)		(1,304,043)		(612,775)		1,603,609		3,171		—		98,701,265
Off-balance exposures (credit card limits)		7,473,577		293,552		(518,677)		(12,458)		137,723		3		—		7,373,720
Total exposures		111,971,384		(5,192,952)		(1,822,720)		(625,233)		1,741,332		3,174		—		106,074,985

Stage 2		Balances as of December 31, 2024		Acquisition / (Settlements)		Transfer to stage 1		Transfer to stage 3		Transfer from stage 1		Transfer from stage 3		Write-Off		Balances as of December 31, 2025
Financial assets amortized cost
Securities		—		—		—		—		1,103		—		—		1,103
Loans and credit card operations		2,910,045		(585,008)		(1,603,609)		(154,591)		1,302,940		458		—		1,870,235
Total on-balance exposures		2,910,045		(585,008)		(1,603,609)		(154,591)		1,304,043		458		—		1,871,338
Off-balance exposures (credit card limits)		394,416		(144,817)		(137,723)		(941)		518,677		2		—		629,614
Total exposures		3,304,461		(729,825)		(1,741,332)		(155,532)		1,822,720		460		—		2,500,952

Stage 3		Balances as of December 31, 2024		Acquisition / (Settlements)		Transfer to stage 1		Transfer to stage 2		Transfer from stage 1		Transfer from stage 2		Write-Off		Balances as of December 31, 2025
Financial assets amortized cost
Securities		—		—		—		—		74,197		—		—		74,197
Loans and credit card operations		401,211		(129,631)		(3,171)		(458)		538,578		154,591		(264,955)		696,165
Total on-balance exposures		401,211		(129,631)		(3,171)		(458)		612,775		154,591		(264,955)		770,362
Off-balance exposures (credit card limits)		5,558		(5,769)		(3)		(2)		12,458		941		—		13,183
Total exposures		406,769		(135,400)		(3,174)		(460)		625,233		155,532		(264,955)		783,545

25 

XP Inc. and its subsidiaries Notes to unaudited interim condensed consolidated financial statements As of March 31, 2026 In thousands of Brazilian Reais, unless otherwise stated

Consolidated Stages		Balances as of December 31, 2024		Purchases / (Settlements)		Write-Off		Balances as of December 31, 2025
Financial assets at fair value through other comprehensive income
Securities		53,250,910		(11,027,561)		—		42,223,349
Financial assets amortized cost
Securities		2,850,108		4,585,816		—		7,435,924
Securities purchased under resale agreements		22,059,501		(4,993,837)		—		17,065,664
Loans and credit card operations		29,648,544		5,234,439		(264,955)		34,618,028
Total on-balance exposures		107,809,063		(6,201,143)		(264,955)		101,342,965
Off-balance exposures (credit card limits)		7,873,551		142,966		—		8,016,517
Total exposures		115,682,614		(6,058,177)		(264,955)		109,359,482

The following table presents the gross carrying amount of financial assets measured at amortized cost, which have their ECLs measured using the simplified approach:

Gross Carrying Amount		March 31, 2026		December 31, 2025
Securities trading and intermediation		9,407,133		6,635,969
Accounts receivable		1,288,811		854,828
Other financial assets		23,223,134		13,257,189
Total		33,919,078		20,747,986

b)       Expected credit loss

The table below presents the changes in ECLs, measured according to the three-stage model, for assets classified as financial assets through other comprehensive income and financial assets measured at amortized cost in the period ended March 31, 2026 and December 31, 2025, segregated by stages:

Stage 1		Balances as of December 31, 2025		Acquisition / (Settlements)		Transfer to stage 2		Transfer to stage 3		Transfer from stage 2		Transfer from stage 3		Write-Off		Balances as of March 31, 2026
Financial assets amortized cost
Securities		16,725		2,210		(262)		—		—		—		—		18,673
Securities purchased under resale agreements		2,565		302		—		—		—		—		—		2,867
Loans and credit card operations		198,907		75,614		(8,604)		(60,721)		6,992		1,758		—		213,946
Total on-balance exposures		218,197		78,126		(8,866)		(60,721)		6,992		1,758		—		235,486
Off-balance exposures (credit card limits)		5,341		5,790		(28)		—		660		192		—		11,955
Total exposures		223,538		83,916		(8,894)		(60,721)		7,652		1,950		—		247,441

Stage 2		Balances as of December 31, 2025		Acquisition / (Settlements)		Transfer to stage 1		Transfer to stage 3		Transfer from stage 1		Transfer from stage 3		Write-Off		Balances as of March 31, 2026
Financial assets amortized cost
Securities		17		(12)		—		—		262		—		—		267
Loans and credit card operations		45,434		22,398		(6,992)		(30,797)		8,604		6		—		38,653
Total on-balance exposures		45,451		22,386		(6,992)		(30,797)		8,866		6		—		38,920
Off-balance exposures (credit card limits)		1,210		(355)		(660)		—		28		3,939		—		4,162
Total exposures		46,661		22,031		(7,652)		(30,797)		8,894		3,945		—		43,082

26 

XP Inc. and its subsidiaries Notes to unaudited interim condensed consolidated financial statements As of March 31, 2026 In thousands of Brazilian Reais, unless otherwise stated

Stage 3		Balances as of December 31, 2025		Acquisition / (Settlements)		Transfer to stage 1		Transfer to stage 2		Transfer from stage 1		Transfer from stage 2		Write-Off		Balances as of March 31, 2026
Financial assets amortized cost
Securities		12,250		(7,589)		—		—		—		—		—		4,661
Loans and credit card operations		220,757		(48,852)		(1,758)		(6)		60,721		30,797		(95,192)		166,467
Total on-balance exposures		233,007		(56,441)		(1,758)		(6)		60,721		30,797		(95,192)		171,128
Off-balance exposures (credit card limits)		4,294		(105)		(192)		(3,939)		—		—		—		58
Total exposures		237,301		(56,546)		(1,950)		(3,945)		60,721		30,797		(95,192)		171,186

Consolidated Stages		Balances as of December 31, 2025		Increase / (Reversal)		Write-Off		Balances as of March 31, 2026
Financial assets amortized cost
Securities		28,992		(5,391)		—		23,601
Securities purchased under resale agreements		2,565		302		—		2,867
Loans and credit card operations		465,098		49,160		(95,192)		419,066
Total on-balance exposures		496,655		44,071		(95,192)		445,534
Off-balance exposures (credit card limits)		10,845		5,330		—		16,175
Total exposures		507,500		49,401		(95,192)		461,709

Stage 1		Balances as of December 31, 2024		Acquisition / (Settlements)		Transfer to stage 2		Transfer to stage 3		Transfer from stage 2		Transfer from stage 3		Write-Off		Balances as of December 31, 2025
Financial assets at fair value through other comprehensive income
Securities		15,622		(15,622)		—		—		—		—		—		—
Financial assets amortized cost
Securities		13,962		15,030		(17)		(12,250)		—		—		—		16,725
Securities purchased under resale agreements		2,364		201		—		—		—		—		—		2,565
Loans and credit card operations		79,029		317,847		(27,310)		(177,848)		7,117		72		—		198,907
Total on-balance exposures		110,977		317,456		(27,327)		(190,098)		7,117		72		—		218,197
Off-balance exposures (credit card limits)		11,264		(507)		(1,375)		(4,243)		202		—		—		5,341
Total exposures		122,241		316,949		(28,702)		(194,341)		7,319		72		—		223,538

Stage 2		Balances as of December 31, 2024		Acquisition / (Settlements)		Transfer to stage 1		Transfer to stage 3		Transfer from stage 1		Transfer from stage 3		Write-Off		Balances as of December 31, 2025
Financial assets amortized cost
Securities		—		—		—		—		17		—		—		17
Loans and credit card operations		87,885		47,859		(7,117)		(110,526)		27,310		23		—		45,434
Total on-balance exposures		87,885		47,859		(7,117)		(110,526)		27,327		23		—		45,451
Off-balance exposures (credit card limits)		7,804		(7,707)		(202)		(60)		1,375		—		—		1,210
Total exposures		95,689		40,152		(7,319)		(110,586)		28,702		23		—		46,661

27 

XP Inc. and its subsidiaries Notes to unaudited interim condensed consolidated financial statements As of March 31, 2026 In thousands of Brazilian Reais, unless otherwise stated

Stage 3		Balances as of December 31, 2024		Acquisition / (Settlements)		Transfer to stage 1		Transfer to stage 2		Transfer from stage 1		Transfer from stage 2		Write-Off		Balances as of December 31, 2025
Financial assets amortized cost
Securities		—		—		—		—		12,250		—		—		12,250
Loans and credit card operations		230,080		(32,647)		(72)		(23)		177,848		110,526		(264,955)		220,757
Total on-balance exposures		230,080		(32,647)		(72)		(23)		190,098		110,526		(264,955)		233,007
Off-balance exposures (credit card limits)		4,019		(4,028)		—		—		4,243		60		—		4,294
Total exposures		234,099		(36,675)		(72)		(23)		194,341		110,586		(264,955)		237,301

Consolidated Stages		Balances as of December 31, 2024		Increase / (Reversal)		Write-Off		Balances as of December 31, 2025
Financial assets at fair value through other comprehensive income
Securities		15,622		(15,622)		—		—
Financial assets amortized cost
Securities		13,962		15,030		—		28,992
Securities purchased under resale agreements		2,364		201		—		2,565
Loans and credit card operations		396,994		333,059		(264,955)		465,098
Total on-balance exposures		428,942		332,668		(264,955)		496,655
Off-balance exposures (credit card limits)		23,087		(12,242)		—		10,845
Total exposures		452,029		320,426		(264,955)		507,500

The table below presents the ECLs for the financial assets measured according to simplified approach in the period ended March 31, 2026 and December 31, 2025:

Expected Credit Losses		March 31, 2026		December 31, 2025
Securities trading and intermediation		141,953		147,384
Accounts receivable		127,700		123,418
Other financial assets		73,606		20,891
Total		343,259		291,693

c)       Expected credit losses segregated by products

The table below presents the expected credit losses for March 31, 2026 and December 31, 2025, segregated by products:

Expected Credit Losses		March 31, 2026		December 31, 2025
Financial assets amortized cost		788,793		788,348
Securities		23,601		28,992
Securities purchased under resale agreements		2,867		2,565
Loans and credit card operations		419,066		465,098
Securities trading and intermediation (i)		141,953		147,384
Accounts receivable		127,700		123,418
Other financial assets		73,606		20,891
Total losses for exposures		788,793		788,348
Off-balance exposures (credit card limits)		16,175		10,845
Total exposures		804,968		799,193

(i) For the three months period ended March 31, 2026, there was an amount of R$10,743 related to credit write-off of securities trading and intermediation.

28 

XP Inc. and its subsidiaries Notes to unaudited interim condensed consolidated financial statements As of March 31, 2026 In thousands of Brazilian Reais, unless otherwise stated

10 Investments in associates

Set out below are the associates of the Group as of March 31, 2026 and 2025.

Entity		December 31, 2025		Acquisitions (i)		Equity in earnings		Dividends received		Other changes in equity (iv) (v)		March 31, 2026
Equity-accounted method
Associates (ii.a)		2,113,639		65,000		18,657		(2,154)		(7,366)		2,187,776
Measured at fair value
Associates (iii)		1,521,675		—		—		—		(18,029)		1,503,646
Total		3,635,314		65,000		18,657		(2,154)		(25,395)		3,691,422

Entity		December 31, 2024		Acquisitions (i)		Equity in earnings		Dividends received		Other changes in equity (iv)		March 31, 2025
Equity-accounted method
Associates (ii.a)		1,972,501		50,400		7,455		(31,934)		(29,673)		1,968,749
Measured at fair value
Associates (iii)		1,546,278		—		—		—		—		1,546,278
Total		3,518,779		50,400		7,455		(31,934)		(29,673)		3,515,027

(i) Includes the minority stake acquisitions disclosed in the Note 2 (d)(i).

(ii) As of March 31, 2026 and December 31, 2025, includes the interests in the total and voting capital of the following companies:

(a) Associates - Wealth High Governance Holding de Participações S.A. (49.90% of the total and voting capital on March 31, 2026 and December 31, 2025) NK112 Empreendimentos e Participações S.A. (49.90% of the total and voting capital on March 31, 2026 and December 31, 2025); Ável Participações Ltda. (“Ável”) (35% of the total and voting capital on March 31, 2026 and December 31, 2025); Monte Bravo Holding JV S.A. (45% of the total and voting capital on March 31, 2026 and December 31, 2025); Blue3 S.A. (42% of the total and voting capital on March 31, 2026 and December 31, 2025); FMX Capital S.A (36% of the total and voting capital on March 31, 2026 and December 31, 2025); SVN S.A (25% of the total and voting capital on March 31, 2026 and December 31, 2025); Manchester Assessores de Investimentos Ltda. (16% of the total and voting capital on March 31, 2026 and December 31, 2025), Nomos Partnership Ltda (35.01% of the total and voting capital on March 31, 2026 and December 31, 2025), Kona Participações 2 S.A (27.5% of the total and voting capital on March 31, 2026 and December 31, 2025); Criteria Holding Investimento S.A (20% of the total and voting capital on March 31, 2026 and December 31, 2025); Center XP Holding S.A (35% of the total and voting capital on March 31, 2026 and December 31, 2025); Inove Capital Partners Ltda. (27% of the total and voting capital on March 31, 2026 and December 31, 2025) and ACT Holding Participações S.A (35% of the total and voting capital on March 31, 2026).

(iii) As mentioned in Note 2 (c)(iii), the Group values the investments held through some proprietary investment funds at fair value. The fair value of investments is presented in the statement of income as Net income/(loss) from financial instruments at fair value through profit or loss. Contingent consideration amounts related to the investments at fair value held through proprietary investment funds are presented in Note 14.

(iv) In the three months period ended March 31, 2026, includes an amount of R$ 9,544 (R$ 6,152 on March 31, 2025) related to amortization of identifiable assets, in connection with the minority stake acquisitions disclosed in Note 2(d)(i).

(v) As a result of the business combination with Augme Holding Participações Ltda. achieved by the Group, Augme Capital Gestora Ltda., which was an associate, was fully consolidated in the Group’s financial statements as of the date control was obtained (Note 2(d)(ii)).

a) Summarized financial information about material associates

Below is the aggregated financial information about the material associates used by the Group to apply the equity method as of March 31, 2026:

Equity-accounted method	Total assets		Equity		Net income (loss)
Aggregated financial information	651,458		578,804		15,809

29 

XP Inc. and its subsidiaries Notes to unaudited interim condensed consolidated financial statements As of March 31, 2026 In thousands of Brazilian Reais, unless otherwise stated

11 Property, equipment, goodwill, intangible assets and lease

a) Changes in the period

		Property and equipment		Goodwill and intangible assets
As of January 1, 2025		449,956		2,634,449
Additions		20,179		52,550
Write-offs		(576)		(4,934)
Disposals (i)		(135,798)		—
Foreign exchange		(510)		(31)
Depreciation / amortization in the period		(14,096)		(31,635)
As of March 31, 2025		319,155		2,650,399
Cost		506,497		3,048,503
Accumulated depreciation / amortization		(187,342)		(398,104)
As of January 1, 2026		463,540		2,763,253
Additions (ii)		52,919		178,971
Write-offs		(33,805)		—
Foreign exchange		(266)		1
Depreciation / amortization in the period		(14,857)		(33,882)
As of March 31, 2026		467,531		2,908,343
Cost		705,267		3,402,325
Accumulated depreciation / amortization		(237,736)		(493,982)

(i) The disposal was a non-cash transaction. The amount of R$ 132,003 was recognized in “Accounts receivable” (Note 30(iii)) and the loss on disposal (R$ 3,795) was recorded in the Group’s consolidated statement of income, in “Other operating income (expenses), net” (Note 24).

(ii) Includes the goodwill arising from the business combinations disclosed in the Note 2 (d)(ii).

b) Impairment test for goodwill

Given the interdependency of cash flows and the merger of business practices, all Group’s entities are considered a single cash generating unit (“CGU”) and, therefore, a goodwill impairment test is performed at the single operating level. Therefore, the carrying amount considered for the impairment test represents the Company’s equity.

The Group performs its annual impairment test in December and when circumstances indicates that the carrying value may be impaired. The Group’s impairment tests are based on value-in-use calculations. The key assumptions used to determine the recoverable amount for the cash generating unit were disclosed in the annual consolidated financial statements for the year ended December 31, 2025. As of March 31, 2026, there were no indicators of a potential impairment of goodwill.

30 

XP Inc. and its subsidiaries Notes to unaudited interim condensed consolidated financial statements As of March 31, 2026 In thousands of Brazilian Reais, unless otherwise stated

c) Leases

Set out below are the carrying amounts of the Group’s right-of-use assets and lease liabilities and the changes during the period.

		Right-of-use assets		Lease liabilities
As of January 1, 2025		313,141		311,347
Additions (i)		74,696		74,696
Depreciation expense		(22,243)		—
Interest expense		—		4,232
Revaluation		326		—
Cancellation/Expiration		(5,566)		—
Effects of exchange rate		(5,281)		(6,189)
Payment of lease liabilities		—		(37,053)
As of March 31, 2025		355,073		347,033
Current		94,231		72,830
Non-current		260,842		274,203
		Right-of-use assets		Lease liabilities
As of January 1, 2026		340,586		311,417
Additions (i)		42,779		42,779
Depreciation expense		(25,085)		—
Interest expense		—		3,184
Revaluation		326		—
Cancellation/Expiration		(8,418)		(8,418)
Effects of exchange rate		(2,760)		(4,220)
Payment of lease liabilities		—		(34,647)
As of March 31, 2026		347,428		310,095
Current		77,293		31,843
Non-current		270,135		278,252

(i) Additions to right-to-use assets in the period include prepayments to lessors and accrued liabilities.

Payments associated with short-term leases and leases of low-value assets are recognized, on a straight-line basis, as an expense in the consolidated statement of income. The Group did not recognize expenses from short-term leases and leases of low-value assets for the three months periods ended March 31, 2026 and 2025.

31 

XP Inc. and its subsidiaries Notes to unaudited interim condensed consolidated financial statements As of March 31, 2026 In thousands of Brazilian Reais, unless otherwise stated

12 Financing instruments payable

		March 31, 2026		December 31, 2025
Market funding operations (a)		112,239,751		118,366,426
Deposits		68,639,172		76,750,219
Demands deposits		899,126		1,053,491
Time deposits		67,260,567		75,182,307
Interbank deposits		479,479		514,421
Financial bills		17,997,649		15,919,950
Structured notes		23,309,016		23,798,103
Others		2,293,914		1,898,154
Debt securities (b)		4,807,650		5,037,089
Bond		4,807,650		5,037,089
Total		117,047,401		123,403,515
Current		69,874,861		79,553,856
Non-current		47,172,540		43,849,659

(a) Market funding operations maturity

March 31, 2026
Class		Within 30 days		From 31 to 60 days		From 61 to 90 days		From 91 to 180 days		From 181 to 360 days		After 360 days		Total
Demand deposits		899,126		—		—		—		—		—		899,126
Time deposits		8,249,725		9,736,186		9,747,210		12,972,477		9,593,494		16,961,475		67,260,567
Interbank deposits		—		—		—		342,358		40,484		96,637		479,479
Financial bills		99,821		637,025		1,031,711		1,759,032		1,527,937		12,942,123		17,997,649
Structured notes		196,668		380,404		498,048		2,377,134		5,840,166		14,016,596		23,309,016
Others		105,047		252,829		194,409		111,039		830,394		800,196		2,293,914
Total		9,550,387		11,006,444		11,471,378		17,562,040		17,832,475		44,817,027		112,239,751
December 31, 2025
Class		Within 30 days		From 31 to 60 days		From 61 to 90 days		From 91 to 180 days		From 181 to 360 days		After 360 days		Total
Demand deposits		1,053,491		—		—		—		—		—		1,053,491
Time deposits		10,550,692		5,511,955		5,593,062		31,692,610		7,665,880		14,168,108		75,182,307
Interbank deposits		—		—		—		—		389,784		124,637		514,421
Financial bills		136,048		99,760		146,006		1,704,455		2,992,391		10,841,290		15,919,950
Structured notes		124,274		262,539		110,315		1,144,806		6,253,426		15,902,743		23,798,103
Others		—		—		109,865		534,118		904,307		349,864		1,898,154
Total		11,864,505		5,874,254		5,959,248		35,075,989		18,205,788		41,386,642		118,366,426

32 

XP Inc. and its subsidiaries Notes to unaudited interim condensed consolidated financial statements As of March 31, 2026 In thousands of Brazilian Reais, unless otherwise stated

(b) Debt securities maturity

The total balance is comprised of the following issuances:

				March 31, 2026						December 31, 2025
				Up to 1 year		1-5 years		Total		Up to 1 year		1-5 years		Total
Bonds (i)		Fixed rate		2,452,137		2,355,513		4,807,650		2,574,072		2,463,017		5,037,089
Total				2,452,137		2,355,513		4,807,650		2,574,072		2,463,017		5,037,089
Current				—		—		2,452,137		—		—		2,574,072
Non-current				—		—		2,355,513		—		—		2,463,017

(i) XP Inc Bonds

On July 1, 2021, XP Inc. concluded the issuance of a gross of US$750 million senior unsecured notes with net proceeds of US$739 million (R$ 3,697 million) with maturity on July 1, 2026, and bear interest at the rate of 3.250% per year, guaranteed by XP Investimentos S.A. The principal amount will be paid on the maturity date and the interest is amortized every six months.

On July 2, 2024, XP Inc concluded an issuance of senior unsecured notes in an aggregate principal amount of US$500 million, with an interest rate of 6.75% and maturity date on July 2, 2029. The notes will be guaranteed by XP Investimentos S.A. The Company used the net proceeds from the offering of the notes to partially repurchase an amount equal to US$287 million of the 3.25% outstanding senior unsecured notes mentioned above.

13 Borrowings

	Annual interest rate %		Maturity		March 31, 2026		December 31, 2025
Bank of America	4.250%		August 2026		225,086		237,894
Bank of America	4.518%		December 2026		45,541		—
Bank of America	4.614%		December 2026		156,477		—
Bank of America	4.724%		October 2026		50,426		—
Total					477,530		237,894
Current					477,530		237,894
Non-current					—		—

14 Deposits at central banks and other financial assets and liabilities

a) Deposits at central banks and other financial assets

		March 31, 2026		December 31, 2025
Foreign exchange portfolio		98,912		26,507
Compulsory deposits at Brazilian Central Bank		9,963,181		11,031,051
Non-compulsory deposits at Brazilian Central Bank (i)		12,484,496		5,254,999
Other financial assets		676,545		621,326
(-) Expected losses on other financial assets (ii)		(73,606)		(20,891)
Total		23,149,528		16,912,992
Current		20,037,483		14,233,755
Non-current		3,112,045		2,679,237

(i) As of March 31, 2026, the amount of R$ 12,484,496 (December 31, 2025 - R$ 5,254,999) is being presented as cash equivalents in the statements of cash flows.

(ii) The reconciliation of gross carrying amount and the expected loss according to IFRS 9 are presented in Note 9.

33 

XP Inc. and its subsidiaries Notes to unaudited interim condensed consolidated financial statements As of March 31, 2026 In thousands of Brazilian Reais, unless otherwise stated

(b) Other financial liabilities

		March 31, 2026		December 31, 2025
Foreign exchange portfolio		684,889		544,593
Structured financing (i)		1,745,634		1,943,855
Credit cards operations		8,888,384		9,275,835
Contingent consideration (ii)		149,660		107,159
Lease liabilities		310,095		311,417
Others		158,874		137,871
Total		11,937,536		12,320,730
Current		11,526,850		11,984,495
Non-current		410,686		336,235

(i) Financing with prime brokers through the Group's proprietary fund Multistrategy using some of its own financial assets as collateral.

(ii) Contractual contingent considerations obligations are mostly associated with the acquisition of participation in associates. The maturity of total contingent consideration payment is up to 6 years and the contractual maximum amount payable is R$ 342,500 (the minimum amount is zero).

15 Other assets and other liabilities

a) Other assets

		March 31, 2026		December 31, 2025
Energy contracts (i)		5,460,729		5,661,136
Other		241,519		261,736
Total		5,702,248		5,922,872

b) Other liabilities

		March 31, 2026		December 31, 2025
Energy contracts (i)		279,497		442,003
Other		97,395		118,188
Total		376,892		560,191

(i) Energy contracts agreed through the subsidiary XP Comercializadora de Energia Ltda., whose main activities are to negotiate electricity purchase and sale contracts in the various contracting environments of the Brazilian electricity sector, in accordance with the rules of the Electric Energy Trading Chamber (“CCEE”), the National Electric Energy Agency (“ANEEL”) and other applicable regulations, with the objective of structuring customized solutions for its customers, such as directional trading operations, anticipation of receivables, incentive and conventional source swaps, as well as submarkets, among other modalities. The entity's portfolio also includes financial instruments and derivatives used to mitigate exposures, avoiding volatilities that are not aligned with its corporate strategy and risk profile.

34 

XP Inc. and its subsidiaries Notes to unaudited interim condensed consolidated financial statements As of March 31, 2026 In thousands of Brazilian Reais, unless otherwise stated

16 Retirement plans and insurance liabilities

		March 31, 2026		December 31, 2025
Retirement plans without insurance risk, under the scope of IFRS 9 (Note 17(a)(i))		85,149,847		84,446,347
Retirement plans with insurance risk, under the scope of IFRS 17 (Note 17(a)(ii))		9,681,312		8,260,312
Insurance liabilities, under the scope of IFRS 17 (Note 17(b))		340,324		316,763
Total retirement plans and insurance liabilities		95,171,483		93,023,422

a)       Retirement plans

As of March 31, 2026, active plans are principally accumulation of financial resources through products PGBL and VGBL structured in the form of variable contribution, for the purpose of granting participants with returns based on the accumulated capital in the form of monthly withdraws for a certain term or temporary monthly withdraws.

In this respect, such financial products represent investment contracts that have the legal form of private pension plans, but which do not transfer insurance risk to the Group. Therefore, contributions received from participants are accounted for as liabilities and balance consists of the participant’s balance in the linked Specially Constituted Investment Fund (“FIE”) on the reporting date (Note 4 (a)(i)).

(i) Retirement plans without insurance risk, under the scope of IFRS 9

		2026
As of January 1,		84,446,347
Contributions received		816,055
Transfer with third party plans		(1,160,499)
Withdraws		(1,032,224)
Other provisions (Constitution/Reversion)		19,805
Monetary correction and interest income		2,060,363
As of March 31,		85,149,847
		2025
As of January 1,		66,104,805
Contributions received		3,994,319
Transfer with third party plans		9,368,313
Withdraws		(4,966,973)
Other provisions (Constitution/Reversion)		23,464
Monetary correction and interest income		9,922,419
As of December 31,		84,446,347

35 

XP Inc. and its subsidiaries Notes to unaudited interim condensed consolidated financial statements As of March 31, 2026 In thousands of Brazilian Reais, unless otherwise stated

(ii) Retirement plans with insurance risk, under the scope of IFRS 17

				2026
		Liability for Remaining Coverage ("LRC")		Liability for Incurred Claims ("LIC")
As of January 1,		8,260,312		—
Cash flows		1,663,866		(495,801)
Acquisition cash flows paid		(2,624)		—
Premiums received		1,666,490		—
Claims and other directly attributable expenses paid, including investment component		—		(495,801)
Financial result		261,552		—
Investment components		(494,481)		494,481
Statement of income		(9,937)		1,320
As of March 31,		9,681,312		—
				2025
		Liability for Remaining Coverage ("LRC")		Liability for Incurred Claims ("LIC")
As of January 1,		—		—
Cash flows		8,310,960		(440,760)
Acquisition cash flows paid		(1,834)		—
Premiums received		8,312,794		—
Claims and other directly attributable expenses paid, including investment component		—		(440,760)
Financial result		397,089		—
Investment components		(439,365)		439,365
Statement of income		(8,372)		1,395
As of December 31,		8,260,312		—

Below is the statement of financial position for retirement plans with insurance risk:

		March 31 2026		December 31, 2025
Assets		9,689,929		8,267,289
Securities - Investment funds (Note 4a)		9,689,929		8,267,289
Liabilities		9,681,312		8,260,312
Retirement plans liabilities		9,681,312		8,260,312
Equity		8,617		6,977
P&L		8,617		6,977

36 

XP Inc. and its subsidiaries Notes to unaudited interim condensed consolidated financial statements As of March 31, 2026 In thousands of Brazilian Reais, unless otherwise stated

The table below shows the reconciliations, from the opening to the closing balances, for the estimates of the present value of the future cash flows, the risk adjustment for non-financial risk and the contractual service margin (“CSM”):

		March 31, 2026
		Present value of future cash flows		Risk adjustment		Contractual service margin		Total
Opening balance		(8,142,398)		(6)		(117,908)		(8,260,312)
Changes that relate to current service		595		—		8,023		8,618
CSM recognised for the services provided		—		—		8,023		8,023
Experience adjustments		595		—		—		595
Changes that relate to future service		25,149		(1)		(25,148)		—
Changes in estimates reflected in the contractual service margin		(49,849)		—		49,849		—
Contracts initially recognised in the period		74,998		(1)		(74,997)		—
Financial Result		47,962		—		(309,514)		(261,552)
Current period cash flows		(1,168,065)		—		—		(1,168,065)
Total		(9,236,757)		(7)		(444,547)		(9,681,312)

		December 31, 2025
		Present value of future cash flows		Risk adjustment		Contractual service margin		Total
Opening balance		—		—		—		—
Changes that relate to current service		687		—		6,291		6,978
CSM recognised for the services provided		—		—		6,291		6,291
Experience adjustments		687		—		—		687
Changes that relate to future service		28,430		(6)		(28,424)		—
Changes in estimates reflected in the contractual service margin		(646,770)		—		646,770		—
Contracts initially recognised in the period		675,200		(6)		(675,194)		—
Financial Result		(301,315)		—		(95,775)		(397,090)
Current period cash flows		(7,870,200)		—		—		(7,870,200)
Total		(8,142,398)		(6)		(117,908)		(8,260,312)

The table below shows the effect on the Group’s statement of financial position for retirement plans with insurance risk issued that are initially recognized in the period:

		March 31, 2026
Contractual service margin		(74,997)
Estimates of the present value of future cash inflows		2,467,395
Estimates of the present value of future cash outflows		(2,392,398)
Claims and other insurance service expenses		(2,371,440)
Insurance acquisition cash flows		(20,959)
Risk adjustment for non-financial risk		1
Total		—

37 

XP Inc. and its subsidiaries Notes to unaudited interim condensed consolidated financial statements As of March 31, 2026 In thousands of Brazilian Reais, unless otherwise stated

The table below shows the expected recognition of the contractual service margin (“CSM”) remaining as of March 31, 2026 and December 31, 2025, in profit or loss, for retirement plans with insurance risk:

		March 31, 2026	December 31, 2025
0-1 year		24,203	6,544
1-2 years		24,430	7,240
2-3 years		29,166	6,149
3-4 years		22,352	4,939
4-5 years		19,206	5,215
Over 5 years		325,190	87,821
Total		444,547	117,908

The rates used to discount cash flows from retirement plans contracts are shown below:

	Index		1		3		5		10		20
December 31, 2025	Fixed		13.76 %		13.30 %		13.69 %		13.69 %		12.16 %
March 31, 2026	Fixed		14.04 %		13.74 %		13.66 %		13.60 %		13.58 %

b)       Insurance liabilities

				2026
		Liability for Remaining Coverage ("LRC")		Liability for Incurred Claims ("LIC")
As of January 1,		306,760		10,002
Cash flows		45,965		(4,849)
Acquisition cash flows paid		(10,332)		—
Claims and other expenses paid		—		(4,849)
Premiums received		56,297		—
Statement of comprehensive income		6,637
Statement of income		(27,877)		3,686
As of March 31,		331,485		8,839
				2025
		Liability for Remaining Coverage ("LRC")		Liability for Incurred Claims ("LIC")
As of January 1,		114,992		4,590
Cash flows		193,063		(14,909)
Acquisition cash flows paid		(24,050)		—
Claims and other expenses paid		—		(14,909)
Premiums received		217,113		—
Statement of comprehensive income		12,954		—
Statement of income		(14,024)		20,097
As of December 31,		306,985		9,778

38 

XP Inc. and its subsidiaries Notes to unaudited interim condensed consolidated financial statements As of March 31, 2026 In thousands of Brazilian Reais, unless otherwise stated

Below is the statement of financial position for insurance:

		March 31, 2026		December 31, 2025
Assets		367,110		328,216
Securities - Brazilian sovereign bonds (Note 4A)		367,110		328,216
Liabilities		340,324		316,763
Insurance liabilities		340,324		316,763
Equity		26,786		11,453
OCI		(6,316)		(8,188)
P&L		33,102		19,641

The table below shows the reconciliations, from the opening to the closing balances, for the estimates of the present value of the future cash flows, the risk adjustment for non-financial risk and the contractual service margin (“CSM”):

		March 31, 2026
		Present value of future cash flows		Risk adjustment		Contractual service margin		Total
Opening balance		181,465		(3,599)		(494,629)		(316,763)
Changes that relate to current service		(23,912)		(589)		13,607		(10,894)
CSM recognised for the services provided		—		—		13,607		13,607
Experience adjustments		(23,912)		—		—		(23,912)
Risk adjustment recognised for the risk expired		—		(589)		—		(589)
Changes that relate to future service		86,513		(435)		(86,078)		—
Changes in estimates reflected in the contractual service margin		56,383		(153)		(56,230)		—
Contracts initially recognised in the period		30,130		(282)		(29,848)		—
Changes that relate to past service		27,803		753		—		28,556
Adjustments to LIC		27,803		753		—		28,556
Current Period Cash Flows		(41,116)		—		—		(41,116)
Insurance contracts		(41,116)		—		—		(41,116)
Insurance Finance Expenses		10,884		(50)		(10,942)		(108)
Insurance contracts		10,884		(50)		(10,942)		(108)
Total		241,637		(3,920)		(578,042)		(340,324)

		December 31, 2025
		Present value of future cash flows		Risk adjustment		Contractual service margin		Total
Opening balance		214,157		(2,027)		(331,712)		(119,582)
Changes that relate to current service		(81,177)		(1,965)		36,055		(47,087)
CSM recognised for the services provided		—		—		36,055		36,055
Experience adjustments		(81,177)		—		—		(81,177)
Risk adjustment recognised for the risk expired		—		(1,965)		—		(1,965)
Changes that relate to future service		161,939		(1,198)		(160,741)		—
Changes in estimates reflected in the contractual service margin		(60,301)		236		60,065		—
Contracts initially recognised in the period		222,240		(1,434)		(220,806)		—
Changes that relate to past service		84,370		2,183		—		86,553
Adjustments to LIC		84,370		2,183		—		86,553
Current Period Cash Flows		(177,241)		—		—		(177,241)
Insurance contracts		(177,241)		—		—		(177,241)
Insurance Finance Expenses		(20,583)		(592)		(38,231)		(59,406)
Insurance contracts		(20,583)		(592)		(38,231)		(59,406)
Total		181,465		(3,599)		(494,629)		(316,763)

39 

XP Inc. and its subsidiaries Notes to unaudited interim condensed consolidated financial statements As of March 31, 2026 In thousands of Brazilian Reais, unless otherwise stated

The table below shows the effect on the Group’s statement of financial position for insurance contracts issued held that are initially recognized in the period:

		March 31, 2026
Contractual service margin		(29,848)
Estimates of the present value of future cash inflows		88,450
Estimates of the present value of future cash outflows		(58,602)
Claims and other insurance service expenses		(45,815)
Insurance acquisition cash flows		(12,505)
Risk adjustment for non-financial risk		(282)
Total		—

The table below shows the expected recognition of the contractual service margin (“CSM”) remaining as of March 31, 2026 and December 31, 2025, in profit or loss, for insurance contracts:

	March 31, 2026	December 31, 2025
0-1 year	14,063	50,949
1-2 years	12,439	45,984
2-3 years	12,917	41,113
3-4 years	12,002	35,647
4-5 years	10,888	30,324
Over 5 years	515,734	290,613
Total	578,043	494,630

The rates used to discount cash flows from insurance contracts are shown below:

	Index		1		3		5		10		20
December 31, 2025	IPCA		10.06 %		8.85 %		8.64 %		8.20 %		7.89 %
March 31, 2026	IPCA		8.99 %		8.80 %		8.72 %		8.34 %		8.01 %

40 

XP Inc. and its subsidiaries Notes to unaudited interim condensed consolidated financial statements As of March 31, 2026 In thousands of Brazilian Reais, unless otherwise stated

17 Income tax

a) Deferred income tax

Deferred tax assets (DTA) and deferred tax liabilities (DTL) are comprised of the main following components:

				Balance sheet				Net change in the three months period ended March 31,
		Balances as of March 31, 2026		Balances as of December 31, 2025		2026		2025
Tax losses carryforwards		1,534,161		1,137,635		396,526		468,603
Goodwill on business combinations (i)		65,592		65,886		(294)		6,507
Provisions for IFAs’ commissions		90,088		86,854		3,234		(5,360)
Revaluations of financial assets at fair value		274,690		277,750		(3,060)		(448,840)
Expected credit losses (ii)		390,733		373,261		17,472		10,633
Profit sharing plan		86,313		329,517		(243,204)		(204,226)
Net gain/(loss) on hedge instruments		(45,615)		(41,076)		(4,539)		(3,918)
Share based compensation		422,560		375,420		47,140		66,386
Controlled foreign corporation taxation		(96,075)		—		(96,075)		—
Other provisions		275,832		276,179		(347)		46,663
Total		2,998,279		2,881,426		116,853		(63,552)
Deferred tax assets		3,496,712		3,370,919
Deferred tax liabilities		(498,433)		(489,493)

 

(i) For Brazilian tax purposes, goodwill amortization expenses are deductible from the corporate income taxes calculation basis (i) over at least five years, on a straight-line basis, when the acquired entity is merged into the acquiring company or (ii) at once, as cost of acquisition, when the company is sold.

(ii) Include expected credit loss on accounts receivable, loan operations and deposits at central banks and other financial assets.

The changes in the net deferred tax were recognized as follows:

				Three months period ended March 31,
		2026		2025
As of January, 1		2,881,426		2,622,645
Foreign exchange variations		(28,124)		(7,883)
Charges to statement of income		112,982		78,523
Tax relating to components of other comprehensive income		(2,420)		(149,991)
Other deferred taxes		34,416		15,799
As of March 31,		2,998,280		2,559,093

41 

XP Inc. and its subsidiaries Notes to unaudited interim condensed consolidated financial statements As of March 31, 2026 In thousands of Brazilian Reais, unless otherwise stated

b) Income tax expense reconciliation

The tax on the Group's pre-tax profit differs from the theoretical amount that would arise using the weighted average tax rate applicable to profits of the consolidated entities. The following is a reconciliation of income tax expense to profit (loss) for the period, calculated by applying the combined Brazilian statutory rates at 34% for the three months period ended March 31, 2026:

				Three months period ended
				March 31,
		2026		2025
Income before taxes		1,343,483		1,262,724
Combined tax rate in Brazil (a)		34 %		34 %
Tax expense at the combined rate		456,784		429,326
Effects from entities taxed at different rates		44,989		720
Effects from entities taxed at different taxation regimes (b)		(359,586)		(313,871)
Intercompany transactions with different taxation		(133,337)		(60,465)
Tax incentives and related donation programs		(718)		(715)
Non-deductible expenses (non-taxable income), net		17,609		(28,336)
Total		25,741		26,659
Current		138,723		105,182
Deferred		(112,982)		(78,523)
Total expense / (credit)		25,741		26,659

(a) Considering that XP Inc. is domiciled in Cayman and there is no income tax in that jurisdiction, the combined tax rate of 34% demonstrated above is the current rate applied to XP Finance Holding S.A. which is the holding company of all operating entities of XP Inc. in Brazil.

(b) Certain eligible subsidiaries adopted the PPM tax regime and the effect of the presumed profit of subsidiaries represents the difference between the taxation based on this method and the amount that would be due based on the statutory rate applied to the taxable profit of the subsidiaries. Additionally, some entities and investment funds adopt different taxation regimes according to the applicable rules in their jurisdictions.

Other comprehensive income

The tax (charge)/credit relating to components of other comprehensive income is as follows:

		Before tax		(Charge)/Credit		After tax
Foreign exchange variation of investees located abroad		(57,794)		—		(57,794)
Gains (losses) on net investment hedge		52,650		—		52,650
Changes in the fair value of financial assets		289,451		(149,991)		139,460
As of March 31, 2025		284,307		(149,991)		134,316
Foreign exchange variation of investees located abroad		(38,524)		—		(38,524)
Gains (losses) on net investment hedge		36,050		—		36,050
Changes in the fair value of financial assets		13,094		(2,420)		10,674
Changes in discount rates (IFRS 17)		6,637		—		6,637
As of March 31, 2026		17,257		(2,420)		14,837

18 Equity

(a) Issued capital

The Company has an authorized share capital of US$ 35 thousand, corresponding to 3,500,000,000 authorized shares with a par value of US$ 0,00001 each of which:

• 2,000,000,000 shares are designated as Class A common shares and issued; and

• 1,000,000,000 shares are designated as Class B common shares and issued.

42 

XP Inc. and its subsidiaries Notes to unaudited interim condensed consolidated financial statements As of March 31, 2026 In thousands of Brazilian Reais, unless otherwise stated

The remaining 500,000,000 authorized but unissued shares are presently undesignated and may be issued by our board of directors as common shares of any class or as shares with preferred, deferred or other special rights or restrictions. Therefore, the Company is authorized to increase capital up to this limit, subject to approval of the Board of Directors.

As of March 31, 2026, the Company had R$ 28 of issued capital which were represented by 417,080,230 Class A common shares and 102,808,777 Class B common shares.

(b) Additional paid-in capital and capital reserve

Class A and Class B common shares, have the following rights:

• Each holder of a Class B common share is entitled, in respect of such share, to 10 votes per share, whereas the holder of a Class A common share is entitled, in respect of such share, to one vote per share.

• Each holder of Class A common shares and Class B common shares vote together as a single class on all matters (including the election of directors) submitted to a vote of shareholders, except as provided below and as otherwise required by law.

• Class consents from the holders of Class A common shares and Class B common shares, as applicable, shall be required for any modifications to the rights attached to their respective class of shares. The rights conferred on holders of Class A common shares shall not be deemed to be varied by the creation or issue of further Class B common shares and vice versa; and

• the rights attaching to the Class A common shares and the Class B common shares shall not be deemed to be varied by the creation or issue of shares with preferred or other rights, including, without limitation, shares with enhanced or weighted voting rights.

The Articles of Association provide that at any time when there are Class A common shares in issue, Class B common shares may only be issued pursuant to: (a) a share split, subdivision of shares or similar transaction or where a dividend or other distribution is paid by the issue of shares or rights to acquire shares or following capitalization of profits; (b) a merger, consolidation, or other business combination involving the issuance of Class B common shares as full or partial consideration; or (c) an issuance of Class A common shares, whereby holders of the Class B common shares are entitled to purchase a number of Class B common shares that would allow them to maintain their proportional ownership and voting interests in XP Inc.

The Board of Directors approved in December 2019 a share based long-term incentive plan, which the maximum number of shares should not exceed 5% of the issued and outstanding shares. As of March 31, 2026, the outstanding number of shares reserved under the plans were 17,955,726 restricted stock units (“RSUs”) (December 31, 2025 – 13,509,933) and 256,856 performance stock units (“PSUs”) (December 31, 2025 – 256,856) to be issued at the vesting dates.

The additional paid-in capital refers to the difference between the purchase price that the shareholders pay for the shares and their par value. Under Cayman Law, the amount in this type of account may be applied by the Company to pay distributions or dividends to members, pay up unissued shares to be issued as fully paid, for redemptions and repurchases of own shares, for writing off preliminary expenses, recognized expenses, commissions or for other reasons. All distributions are subject to the Cayman Solvency Test which addresses the Company’s ability to pay debts as they fall due in the natural course of business.

(c) Treasury shares

The Group registered treasury shares in its equity mainly as a result of the share buy-back programs (Note 1.1). Treasury shares are registered as a deduction from equity until the shares are canceled or reissued.

During the three months period ended March 31, 2025, the Company repurchased 6,024,324 Class A common shares (R$ 497,772).

During the three months period ended March 31, 2026, the Company repurchased 2,066,619 Class A common shares (R$ 197,482).

As of March 31, 2026, the Group held 2,155,269 Class A common shares (December 31, 2025 – 88,650) and 1,056,308 Class B common shares (December 31, 2025 – 1,056,308) in treasury, totaling an amount of R$ 322,586 (December 31, 2025 – R$ 125,104).

43 

XP Inc. and its subsidiaries Notes to unaudited interim condensed consolidated financial statements As of March 31, 2026 In thousands of Brazilian Reais, unless otherwise stated

(d) Dividends distribution

The Group has not adopted a dividend policy with respect to future distributions of dividends. The amount of any distributions will depend on many factors such as the Company's results of operations, financial condition, cash requirements, prospects and other factors deemed relevant by XP Inc. board of directors and, where applicable, the shareholders. For the three months period ended March 31, 2026 and 2025, XP Inc. has not declared and paid dividends to the shareholders. Non-controlling shareholders of some XP Inc’s subsidiaries received dividends of R$ 49 and R$ 180 during the three months period ended March 31, 2026 and March 31, 2025, respectively.

(e) Other comprehensive income

Other comprehensive income consists of changes in the fair value of financial assets at fair value through other comprehensive income, while these financial assets are not realized. Also includes gains (losses) on net investment hedge and foreign exchange variation of investees located abroad.

19 Related party transactions

The material transactions carried out with related parties are as follows:

	Assets/(Liabilities)			Revenue/(Expenses)
				Net change in the three months period ended March 31,
Relation and transaction	Balances as of March 31, 2026	Balances as of December 31, 2025		2026	2025
Shareholders with significant influence	151,983	164,102		2,196	12,087
Securities	15,093	15,085		8	9,037
Accounts receivable and Loans operations	89,453	89,224		2,188	3,050
Financing instruments payable	47,437	59,793		—	—

Transactions with related parties includes transactions among the Company and its subsidiaries in the course of normal operations. The effects of these transactions have been eliminated and do not have effects on the consolidated financial statements.

Transactions with related parties also includes transactions among the Company and its associates related to commissions and premiums paid in advance, as described in Note 7.

20 Provisions and contingent liabilities

The Company and its subsidiaries are party to judicial and administrative litigations before various courts and government bodies, arising from the ordinary course of operations, involving tax, civil and labor matters and other issues. Periodically, management evaluates the tax, civil and labor risks, based on legal, economic and tax supporting data, in order to classify the risks as probable, possible or remote, in accordance with the chances of them occurring and being settled, taking into consideration, case by case, the analyses prepared by external and internal legal advisors.

		March 31, 2026		December 31, 2025
Tax contingencies		1,540		1,540
Civil contingencies		83,219		75,424
Labor contingencies		132,929		114,687
Total provision		217,688		191,651
Judicial deposits (i)		55,257		52,895

(i) There are circumstances in which the Group is questioning the legitimacy of certain litigations or claims filed against it. As a result, either because of a judicial order or based on the strategy adopted by management, the Group might be required to secure part or the whole amount in question by means of judicial deposits, without this being characterized as the settlement of the liability. These amounts are classified as “Other assets” on the balance sheets and referred above for information.

44 

XP Inc. and its subsidiaries Notes to unaudited interim condensed consolidated financial statements As of March 31, 2026 In thousands of Brazilian Reais, unless otherwise stated

Changes in the provision during the period

		Three months period ended March 31,
		2026		2025
At the beginning of period		191,651		146,173
Monetary correction		11,040		34,500
Provision accrued		48,994		24,249
Provision reversed		(4,366)		(23,175)
Payments		(29,631)		(8,689)
At the end of period		217,688		173,058

Nature of claims

a) Civil

Most of the civil and administrative claims involve matters that are normal and specific to the business and refer to demands for indemnity primarily due to: (i) financial losses in the stock market; (ii) portfolio management; and (iii) alleged losses generated from the liquidation of customers assets in portfolio due to margin cause and/or negative balance. As of March 31, 2026, there were 791 (December 31, 2025 - 712) civil and administrative claims for which the likelihood of loss has been classified as probable, in the amount of R$ 83,219 (December 31, 2025 - R$ 75,424).

b) Labor

Labor claims to which the Group is party primarily concern: (i) the existence (or otherwise) of a working relationship between the Group and IFAs; and (ii) severance payment of former employees. As of March 31, 2026, the Company and its subsidiaries are defendants in 408 cases (December 31, 2025 - 365) involving labor matters for which the likelihood of loss has been classified as probable, in the amount of R$ 132,929 (December 31, 2025 - R$ 114,687).

Contingent liabilities - probability of loss classified as possible

In addition to the provisions mentioned above, the Company and its subsidiaries are party to several labor, civil and tax contingencies in progress, in which they are the defendants, and the likelihood of loss, based on the opinions of the internal and external legal advisors, is considered possible. The contingencies amount to approximately R$ 3,959,392 (December 31, 2025 - R$ 3,703,191).

Below these claims are summarized by nature:

		March 31, 2026		December 31, 2025
Tax (i) (ii)		2,130,925		2,105,051
Civil (iii)		1,621,878		1,429,045
Labor (iv)		206,589		169,095
Total		3,959,392		3,703,191

(i) Employees Profit Sharing Plans: In 2015, 2019, 2021, 2022 and 2024 tax authorities issued assessments against the Group mainly related to allegedly unpaid social security contributions on amounts due and paid to employees as profit sharing plans related to calendar years of 2011, 2015, 2017, 2018, 2019 and 2020. According to the tax authorities, the Group profit sharing plans did not comply with the provisions of Law 10,101/00. The risk of loss for these claims is classified as possible by the external counsels.

a. Tax assessment related to 2011: The first and the second administrative appeals were denied, and currently the Group awaits judgment on the special appeal before the Superior Court of the Administrative Council of Tax Appeals (“CSRF”). The amount claimed is R$ 23,741.

b. Tax assessment related to 2015: The first and the second administrative appeals were denied, and currently the Group awaits judgment on the special appeal before the CSRF. The amount claimed is R$ 60,891.

c. Tax assessment related to 2017: In this case, in addition to the claim related to the employees’ profit-sharing plan, tax authorities are also challenging the deductibility of the amounts paid under the plan to the members of the Board for the purposes of Corporate Income Tax (IRPJ), for 2016 and 2017. Administrative appeals were filed against both assessments. The appeal related to social security contributions is awaiting judgment by the Federal Revenue Service of Brazil (“RFB”), while the appeal related to IRPJ was denied by the RFB, and a second level appeal is currently awaiting judgment. The total amount claimed is R$ 141,524.

d. Tax assessment related to 2018: An administrative appeal was filed against the assessment, which awaits judgment by the RFB. The total amount claimed is R$ 172,569.

45 

XP Inc. and its subsidiaries Notes to unaudited interim condensed consolidated financial statements As of March 31, 2026 In thousands of Brazilian Reais, unless otherwise stated

e. In June 2022, the Group was notified by the Public Labor Ministry for alleged unpaid FGTS (Fund for Severance Indemnity Payment) on the amounts paid to employees under profit sharing plans related to years 2015 to 2020. According to the tax authorities, the Group profit sharing plans did not comply with the provisions of Law 10,101/00. The Group presented its administrative defense which awaits judgment. The total amount claimed is R$ 197,674.

f. Tax assessment related to 2019: An administrative appeal was filed against the assessment, which awaits judgment by the RFB. The amount claimed is R$ 232,931.

g. Tax assessment related to 2020: An administrative appeal was filed against the assessment, which awaits judgement by the RFB. The total amount claimed is R$ 412,721.

h. Tax assessment related to 2021: An administrative appeal was filed against the assessment, which awaits judgement by the RFB. The total amount claimed is R$ 602,523.

(ii) Amortization of goodwill: The Group also received four tax assessments in which the tax authorities challenge the deductibility for the purpose of Corporate Income Tax (IRPJ) and Social Contribution of Net Profits (CSLL) of the expenses deriving from the amortization of goodwill registered upon the acquisitions made by the Group between 2013 and 2016. According to the tax authorities, the goodwill was registered in violation of Laws 9.532/97 and 12.973/14, respectively. Currently, two of the proceedings are pending judgment by the RFB and the other two await judgement by the CARF, since the administrative appeals were denied. Also, the Group has filed two lawsuits to prevent the issuance of new tax assessments and/or the application of the 150% penalty by the tax authorities in relation to expenses of such goodwill incurred in other periods. The risk of loss for these claims is classified as possible by the external counsels. The amount claimed is R$ 117,498.

(iii) The Group is defendant in 2,887 (December 31, 2025 – 2,673) civil and administrative claims by customers and investment agents, mainly related to portfolio management, risk rating, copyrights and contract termination. The total amount represents the collective maximum value to which the Group is exposed based on the claims’ amounts monetarily restated.

(iv) The Group is defendant in 233 (December 31, 2025 – 228) labor claims by former employees. The total amount represents the collective maximum value to which the Group is exposed based on the claims’ amounts monetarily restated.

21 Total revenue and income

a) Net revenue from services rendered

Revenue from contracts with customers derives mostly from services rendered and fees charged at daily transactions from customers, therefore mostly recognized at a point in time. Disaggregation of revenue by major service lines are as follows:

		Three months period ended March 31,
Major service lines		2026		2025
Brokerage commission		581,883		473,232
Securities placement		476,691		477,449
Management fees		532,367		413,223
Insurance brokerage fee		58,121		57,653
Commission fees		267,746		240,501
Other services (i)		201,524		152,461
Gross revenue from services rendered		2,118,332		1,814,519
(-) Sales taxes and contributions on services (ii)		(186,077)		(164,591)
Net revenue from services rendered		1,932,255		1,649,928

(i) Include insurance contracts profit or loss, as disclosed in Note 16.

(ii) Mostly related to taxes on services (ISS) and contributions on revenue (PIS and COFINS).

b) Net income/(loss) from financial instruments

		Three months period ended March 31,
		2026		2025
Net income/(loss) from financial instruments at fair value through profit or loss		4,027,842		3,688,242
Net income/(loss) from financial instruments measured at amortized cost and at fair value through other comprehensive income		(1,227,063)		(945,735)
Total income from financial instruments		2,800,779		2,742,507
(-) Taxes and contributions on financial income		(58,694)		(47,912)
Net income/(loss) from financial instruments		2,742,085		2,694,595

46 

XP Inc. and its subsidiaries Notes to unaudited interim condensed consolidated financial statements As of March 31, 2026 In thousands of Brazilian Reais, unless otherwise stated

c) Disaggregation by geographic location

Breakdown of total net revenue and income and selected assets by geographic location:

				Three months period ended March 31,
		2026		2025
Brazil		4,460,863		4,132,239
Other countries		213,477		212,284
Revenues (i)		4,674,340		4,344,523
		March 31, 2026		December 31, 2025
Brazil		18,032,608		16,884,152
Other countries		133,910		747,641
Selected assets (ii)		18,166,518		17,631,793

(i) Revenues are presented by geographic location according to the main location where the Group's business customers are located. None of the clients represented more than 10% of our revenues for the periods presented.

(ii) Selected assets are total assets of the Group, less: cash, financial assets and deferred tax assets and are presented by geographic location.

22 Operating costs

		Three months period ended March 31,
		2026		2025
Commission and incentive costs		908,848		830,443
Operating losses		33,403		45,747
Other costs		499,977		406,750
Clearing house and proprietary funds fees		184,409		160,872
Third parties’ services, data processing and technical services		130,255		104,927
Credit card rewards programs		163,304		105,312
Other (i)		22,009		35,639
Total		1,442,228		1,282,940

(i) Include insurance contracts profit or loss, as disclosed in Note 16.

47 

XP Inc. and its subsidiaries Notes to unaudited interim condensed consolidated financial statements As of March 31, 2026 In thousands of Brazilian Reais, unless otherwise stated

23 Operating expenses by nature

		Three months period ended March 31,
		2026		2025
Selling expenses (a)		70,285		56,837
Administrative expenses		1,640,870		1,448,498
Personnel expenses		1,096,281		969,667
Compensation		465,697		450,856
Employee profit-sharing and bonus		386,661		366,723
Other personnel expenses (b)		243,923		152,088
Other taxes expenses		10,492		12,194
Depreciation of property and equipment and right-of-use assets		39,942		36,339
Amortization of intangible assets		43,426		37,787
Data processing		265,935		246,976
Technical services		40,528		29,757
Third parties' services		49,235		37,863
Other administrative expenses (c)		95,031		77,915
Total		1,711,155		1,505,335

(a) Selling expenses refer to advertising and publicity.

(b) Other personnel expenses include executives profit-sharing, benefits, social charges and others

(c) Other administrative expenses include rent, communication and travel expenses, legal and judicial and other expenses.

24 Other operating income (expenses), net

		Three months period ended March 31,
		2026		2025
Other operating income		51,735		54,200
Revenue from incentives from Tesouro Direto, B3 and others (a)		1,192		8,337
Interest received on tax		8,063		9,594
Reversal of operating provisions (b)		22,528		12,314
Other		19,894		23,956
Other operating expenses		(33,250)		(31,575)
Legal, administrative proceedings and agreement with customers		(10,596)		(11,301)
Associations and regulatory fees		(5,642)		(4,334)
Other (c)		(17,012)		(15,940)
Total		18,485		22,625

(a) Includes incentives received from third parties, mainly due to the joint development of retail products, and also the association of such entities with the XP ecosystem.

(b) For further details on provisions and contingent liabilities, see Note 20.

(c) Includes, mostly, (i) losses on write-off or disposals of property, equipment, intangible assets and leases, (ii) tax incentive expenses, (iii) fines and penalties and (iv) charity expenses.

48 

XP Inc. and its subsidiaries Notes to unaudited interim condensed consolidated financial statements As of March 31, 2026 In thousands of Brazilian Reais, unless otherwise stated

25 Share-based plan

Outstanding shares granted and valuation inputs

The maximum number of shares available for issuance under the share-based plan shall not exceed 5% of the issued and outstanding shares.

Set out below are summaries of XP Inc's Restricted Stock Units (“RSU”) and Performance Stock Units (“PSU”) activity for the three months period ended March 31, 2026.

(In thousands, except weighted-average data, and where otherwise stated)		RSUs		PSUs		Total
		Number of units		Number of units		Number of units
Outstanding as of January 1, 2026		13,509,933		256,856		13,766,789
Granted		4,548,582		—		4,548,582
Forfeited		(102,789)		—		(102,789)
Vested		—		—		—
Outstanding as of March 31, 2026		17,955,726		256,856		18,212,582

For the three months period ended March 31, 2026, total compensation expense of both plans was R$ 111,302 (March 31, 2025 - R$ 167,002), including R$ 24,544 of tax provisions (March 31, 2025 - R$ 18,577) and does not include any tax benefits on total share-based compensation expense once this expense is not deductible for tax purposes. The tax benefits will be perceived when the shares are converted into common shares.

Since the inception of the plans in 2019, the original grant-date fair value of RSU plans has ranged from US$ 11.16 to US$ 51.03 and of PSU plans has ranged from US$ 31.60 to US$ 64.68.

26 Earnings per share (basic and diluted)

Basic earnings per share is calculated by dividing net income for the period attributed to the owners of the parent by the weighted average number of ordinary shares outstanding during the period.

Diluted earnings per share is calculated by dividing net income attributable to owners of XP Inc by the weighted average number of shares outstanding during the year plus the weighted average number of shares that would be issued on conversion of all dilutive potential shares into shares by applying the treasury stock method. The shares in the share-based plan are the only shares with potential dilutive effect.

The following table presents the calculation of net income applicable to the owners of the parent and basic and diluted EPS for the three months period ended on March 31, 2026:

				Three months period ended March 31,
		2026		2025
Net income attributable to owners of the Parent		1,309,724		1,235,519
Basic weighted average number of outstanding shares (i)(iii)		518,554		535,284
Basic earnings per share - R$		2.5257		2.3082
Effect of dilution
Share-based plan (ii) (iii)		6,799		4,249
Diluted weighted average number of outstanding shares (iii)		525,353		539,533
Diluted earnings per share - R$		2.4930		2.2900

(i) See on Note 18, the number of XP Inc.’s outstanding common shares during the period.

(ii) See on Note 25, the number of shares granted and forfeited during the period regarding XP Inc.’s Share-based plan.

(iii) Thousands of shares.

49 

XP Inc. and its subsidiaries Notes to unaudited interim condensed consolidated financial statements As of March 31, 2026 In thousands of Brazilian Reais, unless otherwise stated

27 Determination of fair value

Fair values of financial instruments are measured and disclosed in line with IFRS 13. Inputs to valuation techniques are classified into three levels:

Level 1: The fair value of financial instruments traded in active markets is based on quoted market prices for identical instruments at the measurement date.

Level 2: The fair value of financial instruments that are not traded in active markets is determined using valuation techniques, which maximize the use of observable market data and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value as an instrument are directly or indirectly observable, the instrument is included in level 2.

Level 3: If one or more of the significant inputs is unobservable, the instrument is included in level 3. related sensitivity and key judgments are disclosed. Specific valuation techniques used to value financial instruments include:

Product / Instrument	Valuation Methodology	Key Valuation Inputs	Fair Value Hierarchy
Swaps	Discounted cash flow models using observable market inputs; unobservable inputs when necessary.	• Interest rate curve	Level 2
		• FX rate
		• Credit spread
		• Correlation between indexers
Options	Option pricing models (e.g., Black-Scholes) using observable inputs; simulation models for exotic options.	• Underlying price	Level 2
		• Volatility
		• Interest rate
		• Bermudan switch value
Futures	Actively traded on exchanges; fair value determined by quoted market prices.	• Quoted prices	Level 1
		• Daily settlement prices
Forward Contracts	Market quotation adjusted to present value using observable market rates.	• FX forward points	Level 2
		• Interest rate curve
Debentures	Present value of expected future cash flows discounted using observable market rates.	• Credit spread	Level 2
		• Yield curve
Investment Funds (quotas)	Net asset value (NAV) provided by fund administrators; adjustments for illiquid positions.	• NAV	Level 1 or 3
		• Liquidity discount
Private Shares	Transaction prices or income approach (discounted cash flows) using unobservable inputs.	• EBITDA multiple	Level 3
		• Discount rate
		• Growth assumptions
Securities Purchased under Resale Agreements	Discounted cash flow using observable market rates.	• Repo rate	Level 2
		• Collateral value
Loans	Present value of expected future cash flows discounted using observable market rates.	• Credit spread	Level 2
		• Prepayment assumptions
Contingent Consideration	Income approach; discounted expected future payments under purchase agreements.	• Probability of earn-out	Level 3
		• Discount rate
Deposits at central banks and other financial assets	Fair value determined for disclosure purposes using the present value of principal and future cash flows, discounted with observable market rates at the reporting date.	• Discount rate	Level 2 or 3
		• Yield curve
		• Credit spread
		• Prepayment assumptions

Below are the Group financial assets and liabilities by level within the fair value hierarchy. The Group assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy levels:

50 

XP Inc. and its subsidiaries Notes to unaudited interim condensed consolidated financial statements As of March 31, 2026 In thousands of Brazilian Reais, unless otherwise stated

	March 31, 2026
		Level 1		Level 2		Level 3		Fair Value		Book Value
Financial assets
Fair value through profit or loss
Securities		183,445,147		26,348,544		729,348		210,523,039		210,523,039
Brazilian sovereign bonds		66,459,901		—		—		66,459,901		66,459,901
Foreign sovereign bonds		1,711,062		—		—		1,711,062		1,711,062
Real estate–backed instruments		—		3,875,745		—		3,875,745		3,875,745
Agribusiness–backed instruments		—		4,194,597		—		4,194,597		4,194,597
Corporate debt – local		—		14,358,187		—		14,358,187		14,358,187
Corporate debt – foreign		9,864,556		—		—		9,864,556		9,864,556
Bank funding instruments (CDB)		—		626,010		—		626,010		626,010
Bank funding instruments (Others)		—		1,809,879		—		1,809,879		1,809,879
Structured notes		—		50,915		—		50,915		50,915
Investment funds		98,244,407		—		285,044		98,529,451		98,529,451
Equity securities		7,165,221		—		444,304		7,609,525		7,609,525
Others				1,433,211		—		1,433,211		1,433,211
Derivative financial instruments		6,471,818		49,131,658		—		55,603,476		55,603,476
Swap contracts		—		24,893,360		—		24,893,360		24,893,360
Forward contracts		—		7,287,868		—		7,287,868		7,287,868
Futures contracts		6,471,818		—		—		6,471,818		6,471,818
Option contracts		—		16,950,430		—		16,950,430		16,950,430
Investments in associates measured at fair value		—		—		1,503,646		1,503,646		1,503,646
Total Financial Assets at FVTPL		189,916,965		75,480,202		2,232,994		267,630,161		267,630,161
Fair value through other comprehensive income
Securities		30,262,574		—		—		30,262,574		30,262,574
Brazilian sovereign bonds (onshore)		27,918,745		—		—		27,918,745		27,918,745
Foreign sovereign bonds		2,215,628		—		—		2,215,628		2,215,628
Corporate debt – local		128,201		—		—		128,201		128,201
Total Financial Assets at FVOCI		30,262,574		—		—		30,262,574		30,262,574
Evaluated at amortized cost
Securities		977,613		5,021,678		—		5,999,291		5,740,498
Brazilian sovereign bonds (onshore)		695,103		—		—		695,103		695,098
Foreign sovereign bonds		282,510		—		—		282,510		282,506
Agribusiness–backed instruments		—		737,398		—		737,398		695,830
Corporate debt – local		—		4,284,280		—		4,284,280		4,067,064
Securities purchased under resale agreements		—		15,852,017		—		15,852,017		15,823,050
Securities trading and intermediation		—		9,265,179		—		9,265,179		9,265,179
Accounts receivable		—		1,161,111		—		1,161,111		1,161,111
Loan operations		—		32,696,460		—		32,696,460		32,327,996
Deposits at central banks and other financial assets		—		23,149,528		—		23,149,528		23,149,528
Total Financial Assets at Amortized Cost		977,613		87,145,973		—		88,123,586		87,467,362

51 

XP Inc. and its subsidiaries Notes to unaudited interim condensed consolidated financial statements As of March 31, 2026 In thousands of Brazilian Reais, unless otherwise stated

	March 31, 2026
		Level 1		Level 2		Level 3		Fair Value		Book Value
Financial liabilities
Fair value through profit or loss
Securities		22,680,770		521,641		—		23,202,411		23,202,411
Securities loaned		22,680,770		—		—		22,680,770		22,680,770
Corporate debt – local		—		521,641		—		521,641		521,641
Derivative financial instruments		3,506,589		46,818,355		—		50,324,944		50,324,944
Swap contracts		—		18,987,962		—		18,987,962		18,987,962
Forward contracts		—		8,036,982		—		8,036,982		8,036,982
Futures contracts		3,506,589		—		—		3,506,589		3,506,589
Option contracts		—		19,793,411		—		19,793,411		19,793,411
Total Financial Liabilities at FVTPL		26,187,359		47,339,996		—		73,527,355		73,527,355
Evaluated at amortized cost		—		218,816,488		149,660		218,966,148		218,431,900
Securities sold under repurchase agreements		—		61,794,092		—		61,794,092		61,808,844
Securities trading and intermediation		—		26,270,622		—		26,270,622		26,270,622
Financing instruments payable		—		117,595,870		—		117,595,870		117,047,401
Borrowings		—		478,060		—		478,060		477,530
Accounts payables		—		889,967		—		889,967		889,967
Other financial liabilities		—		11,787,876		149,660		11,937,536		11,937,536
Total Financial Liabilities at Amortized Cost		—		218,816,488		149,660		218,966,148		218,431,900

		December 31, 2025
		Level 1		Level 2		Level 3		Fair Value		Book Value
Financial assets
Fair value through profit or loss
Securities		169,364,647		28,747,978		721,435		198,834,060		198,834,060
Brazilian sovereign bonds		56,313,856		—		—		56,313,856		56,313,856
Foreign sovereign bonds		1,818,020		—		—		1,818,020		1,818,020
Real estate–backed instruments		—		4,276,576		—		4,276,576		4,276,576
Agribusiness–backed instruments		—		4,830,980		—		4,830,980		4,830,980
Corporate debt – local		—		17,178,981		—		17,178,981		17,178,981
Corporate debt – foreign		7,987,265				—		7,987,265		7,987,265
Bank funding instruments (CDB)		—		463,133		—		463,133		463,133
Bank funding instruments (Others)		—		1,515,827		—		1,515,827		1,515,827
Structured notes		—		50,076		—		50,076		50,076
Investment funds		96,076,760		—		277,131		96,353,891		96,353,891
Equity securities		7,168,746		—		444,304		7,613,050		7,613,050
Others				432,405				432,405		432,405
Derivative financial instruments		5,966,802		34,953,779		—		40,920,581		40,920,581
Swap contracts		—		20,361,017		—		20,361,017		20,361,017
Forward contracts		—		1,071,790		—		1,071,790		1,071,790
Futures contracts		5,966,802				—		5,966,802		5,966,802
Option contracts		—		13,520,972		—		13,520,972		13,520,972
Investments in associates measured at fair value		—		—		1,521,675		1,521,675		1,521,675
Total Financial Assets at FVTPL		175,331,449		63,701,757		2,243,110		241,276,316		241,276,316
Fair value through other comprehensive income
Securities		42,223,349		—		—		42,223,349		42,223,349
Brazilian sovereign bonds (onshore)		39,043,715		—		—		39,043,715		39,043,715
Foreign sovereign bonds		3,179,634		—		—		3,179,634		3,179,634
Total Financial Assets at FVOCI		42,223,349		—		—		42,223,349		42,223,349

52 

XP Inc. and its subsidiaries Notes to unaudited interim condensed consolidated financial statements As of March 31, 2026 In thousands of Brazilian Reais, unless otherwise stated

		December 31, 2025
		Level 1		Level 2		Level 3		Fair Value		Book Value
Evaluated at amortized cost
Securities		2,504,224		6,081,106		—		8,585,330		7,406,932
Brazilian sovereign bonds (onshore)		2,221,528		—		—		2,221,528		2,221,521
Foreign sovereign bonds		282,696		—		—		282,696		282,693
Agribusiness–backed instruments		—		486,205		—		486,205		474,121
Corporate debt – local		—		5,594,901		—		5,594,901		4,428,597
Securities purchased under resale agreements		—		17,117,478		—		17,117,478		17,063,099
Securities trading and intermediation		—		6,299,483		—		6,299,483		6,299,483
Accounts receivable		—		1,366,424		—		1,366,424		1,366,424
Loan operations		—		34,549,310		—		34,549,310		34,142,085
Deposits at central banks and other financial assets		—		16,912,992		—		16,912,992		16,912,992
Total Financial Assets at Amortized Cost		2,504,224		82,326,793		—		84,831,017		83,191,015
Financial liabilities
Fair value through profit or loss
Securities		20,388,644		654,815		—		21,043,459		21,043,459
Securities loaned		20,388,644		—		—		20,388,644		20,388,644
Corporate debt – local		—		654,815		—		654,815		654,815
Derivative financial instruments		3,664,058		33,882,882		—		37,546,940		37,546,940
Swap contracts		—		14,937,416		—		14,937,416		14,937,416
Forward contracts		—		1,681,224		—		1,681,224		1,681,224
Futures contracts		3,664,058				—		3,664,058		3,664,058
Option contracts		—		17,264,242		—		17,264,242		17,264,242
Total Financial Liabilities at FVTPL		24,052,702		34,537,697		—		58,590,399		58,590,399
Evaluated at amortized cost		—		216,365,356		107,159		216,472,515		217,906,973
Securities sold under repurchase agreements		—		57,469,033		—		57,469,033		58,713,869
Securities trading and intermediation		—		22,420,806		—		22,420,806		22,420,806
Financing instruments payable		—		123,212,421		—		123,212,421		123,403,515
Borrowings		—		239,368		—		239,368		237,894
Accounts payables		—		810,157		—		810,157		810,157
Other financial liabilities		—		12,213,571		107,159		12,320,730		12,320,730
Total Financial Liabilities at Amortized Cost		—		216,365,356		107,159		216,472,515		217,906,971

Reconciliation of Level 3 assets and liabilities:

		Investment funds		Securities		Investments in associates		Other financial liabilities
January 1, 2026		277,131		444,304		1,521,675		107,159
Realized and unrealized gains (losses)		12,388		—		—		—
Acquisitions		159,141		—		—		42,501
Payments		—		—		—		—
Disposals		(163,839)		—		—		—
Net transfers between levels		—		—		—		—
Others		223		—		(18,029)		—
March 31, 2026		285,044		444,304		1,503,646		149,660

53 

XP Inc. and its subsidiaries Notes to unaudited interim condensed consolidated financial statements As of March 31, 2026 In thousands of Brazilian Reais, unless otherwise stated

As of March 31, 2026, and December 31, 2025, the total contingent consideration liability is reported at fair value and is dependent on the profitability of the acquired associate and businesses. The total contingent consideration is classified within Level 3 of the fair value hierarchy. The contingent consideration liability represents the maximum amount payable under the purchase and sale agreements discounted using an appropriate rate, which includes the Brazilian risk-free rate.

Changes in an average discount rate of 14.18% by 100 bps would increase/decrease the fair value of contingent consideration liability by R$ 2,381.

The investments held through our investees which are considered to be venture capital investments are classified as Level 3 of the fair value hierarchy. The inputs used by the Group are derived for discounted rates for these investments using a capital asset model to calculate a pre-tax rate that reflects current market assessments of the time value of money and the risk specific to the asset. Change in the discount rate by 100 bps would increase/decrease the fair value by R$ 15,036.

Transfers into and out of fair value hierarchy levels are analyzed at the end of each consolidated financial statement. As of March 31, 2026, the Group had no transfers between Level 2 and Level 3.

28 Management of financial risks and financial instruments

a) Overview

The Group’s activities are exposed to a variety of financial risks: credit risk, liquidity risk, market risk (including currency risk, interest rate risk and price risk), and operational risk. The Group’s overall risk management structure focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on the Group’s financial performance. The Group uses derivative financial instruments to mitigate certain risk exposures. It is the Group’s policy that no trading in derivatives for speculative purposes may be undertaken.

b) Risk management structure

Management has overall responsibility for establishing and supervising the risk management structure of the Group. Risk Management is under a separated structure from business areas, reporting directly to the CEO and the Risk Committee, to ensure exemption of conflict of interest, and segregation of functions appropriate to good corporate governance and market practices.

The risk management policies of the Group are established to identify and analyze the risks faced, to set appropriate risk limits and controls, and to monitor risks and adherence to the limits. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and in the activities of the Group. Our risk appetite is defined in our Risk Appetite Statement (RAS) and reviewed on an annual basis. The Group, through its training and management standards and procedures, developed a disciplined and constructive control environment within which all its employees are aware of their duties and obligations.

Regarding the subsidiary Banco XP and the other subsidiaries components of XP Prudential Conglomerate (Brazilian Central Bank oversight definition), the organizational structure is based on the recommendations proposed by the Basel Accord, in which procedures, policies and methodology are formalized consistent with risk tolerance and with the business strategy and the various risks inherent to the operations and/or processes, including market, liquidity, credit and operating risks. The Group seeks to follow the same risk management practices as those applying to all companies.

Such risk management processes are also related to going concern management procedures, mainly in terms of formulating impact analyses, business continuity plans, contingency plans, backup plans and crisis management.

The unaudited interim condensed consolidated financial statements do not include all financial risk management information and disclosures required in the annual financial statements; they should be read in conjunction with the Group’s annual financial statements as of December 31, 2025. There have been no changes in the risk management department or in any risk management policies since the year-end.

54 

XP Inc. and its subsidiaries Notes to unaudited interim condensed consolidated financial statements As of March 31, 2026 In thousands of Brazilian Reais, unless otherwise stated

Sensitivity analysis

According to the market information, the Group performed the sensitivity analysis by market risk factors considered relevant. The largest losses, by risk factor, in each of the scenarios were presented with an impact on the profit or loss, providing a view of the exposure by risk factor of the Group in exceptional scenarios. The following sensitivity analyzes do not consider the functioning dynamics of risk and treasury areas, since once these losses are detected, risk mitigation measures are quickly triggered, minimizing the possibility of significant losses.

								March 31, 2026
Trading portfolio		Exposures						Scenarios
Risk factors		Risk of variation in:		I		II		III
Fixed interest rate		Fixed interest rate in Reais		(198)		(92,786)		(143,832)
Exchange coupons		Foreign currencies coupon rate		(27)		(10,671)		(29,791)
Foreign currencies		Exchange rates		(3,504)		(115,953)		(236,964)
Price indexes		Inflation coupon rates		(83)		(8,675)		(21,774)
Shares		Shares prices		(996)		237,138		541,601
Commodities		Commodities price		(1,101)		15,052		40,029
				(5,909)		24,105		149,269
								December 31, 2025
Trading portfolio		Exposures						Scenarios
Risk factors		Risk of variation in:		I		II		III
Fixed interest rate		Fixed interest rate in Reais		(180)		(224,381)		(408,016)
Exchange coupons		Foreign currencies coupon rate		(45)		(14,686)		(40,330)
Foreign currencies		Exchange rates		(46)		82,143		49,374
Price indexes		Inflation coupon rates		(303)		(48,538)		(80,711)
Shares		Shares prices		(406)		58,825		150,146
Commodities		Commodities price		(361)		(20,816)		(60,325)
				(1,341)		(167,453)		(389,862)

Scenario I: Increase of 1 basis point in the rates in the fixed interest rate yield, exchange coupons, inflation and 1 percentage point in the prices of shares, commodities and currencies;

Scenario II: Project a variation of 25 percent in the rates of the fixed interest yield, exchange coupons, inflation, prices of shares, commodities and currencies, both rise and fall, being considered the largest losses resulting by risk factor; and

Scenario III: Project a variation of 50 percent in the rates of the fixed interest yield, exchange coupons, inflation, prices of shares, commodities and currencies, both rise and fall, being considered the largest losses resulting from the risk factor.

29 Capital Management

(i) Minimum capital requirements

Although capital is managed considering the consolidated position, certain subsidiaries are subject to minimum capital requirement from local regulators.

The subsidiary Banco XP, leader of the Prudential Conglomerate (which includes XP CCTVM, XP DTVM, XP Serviços Financeiros DTVM and some proprietary funds), under BACEN regulation regime, is required to maintain a minimum capital and follow aspects from the Basel Accord.

55 

XP Inc. and its subsidiaries Notes to unaudited interim condensed consolidated financial statements As of March 31, 2026 In thousands of Brazilian Reais, unless otherwise stated

The subsidiary XP Vida e Previdência operates in retirement plans and insurance business and is oversight by the SUSEP, being required to present Adjusted Shareholders' Equity (PLA) equal to or greater than the Minimum Required Capital (“CMR”), CMR is equivalent to the highest value between base capital and Venture Capital Liquidity (“CR”).

On March 31, 2026, the subsidiaries Banco XP and XP Vida e Previdência were in compliance with all capital requirements.

There is no requirement for compliance with a minimum capital for the other Group companies.

30 Cash flow information

(i) Debt reconciliation

						Debt securities (i)
		Borrowings		Lease liabilities		Debentures and notes		Bonds		Total
Total debt as of January 1, 2025		1,666,432		311,347		1,874,875		5,813,950		9,666,604
Acquisitions / Issuance		1,960,887		74,696		—		—		2,035,583
Payments/repurchase		(9,729)		(37,053)		(1,266,496)		—		(1,313,278)
Net foreign exchange differences		(146,307)		(6,189)		—		(449,560)		(602,056)
Interest accrued		30,809		4,232		27,661		76,158		138,860
Total debt as of March 31, 2025		3,502,092		347,033		636,040		5,440,548		9,925,713
Total debt as of January 1, 2026		237,894		311,417		650,975		5,150,630		6,350,916
Acquisitions / Issuance		260,970		42,779		—		—		303,749
Payments		(530)		(34,647)		—		—		(35,177)
Net foreign exchange differences		(21,290)		(4,220)		—		(279,748)		(305,258)
Interest accrued		2,915		3,184		17,894		60,283		84,276
Interest paid		(2,429)		—		(7,731)		—		(10,160)
Cancellation		—		(8,418)		—		—		(8,418)
Total debt as of March 31, 2026		477,530		310,095		661,138		4,931,165		6,379,928

Debt securities include Debentures measured at FVPL presented in Note 4(e) and does not include fair value adjustments of (i) Debentures - R$ (139,497) (R$ 3,840 - December 31, 2025) and (ii) Bonds - R$ (123,515) (R$ (113,541) - December 31, 2025).

(ii) Cash reconciliation for investing and financing activities

During the three months period ended March 31, 2025, the Group paid R$ 113,127 in connection with the minority stake acquisitions disclosed in note 2(d)(i).

During the three months period ended March 31, 2026, the Group paid R$ 65,000 in connection with the minority stake acquisitions disclosed in note 2(d)(i) and R$ 16,492 in connection with the business combinations disclosed in note 2(d)(ii).

(iii) Non-cash transactions

During the three months period ended March 31, 2025, the Group sold property and equipment assets in a total amount of R$ 132,003, which is payable in 10 years, indexed to CDI. The amount was recorded through 'Accounts receivable'.

During the three months period ended March 31, 2026, the Group concluded the minority stake acquisitions disclosed in note 2(d)(i). From the total consideration of these transactions, an amount of R$ 42,500 was recorded through contingent consideration (Note 14(b)) and R$ 37,908 was recorded through accounts payable.

56 

XP Inc. and its subsidiaries Notes to unaudited interim condensed consolidated financial statements As of March 31, 2026 In thousands of Brazilian Reais, unless otherwise stated

31 Subsequent events

On May 15, 2026, the Board of Directors approved (i) the distribution of dividends in the amount equivalent to US$ 0.20 per share, which is scheduled to be paid on June 18, 2026 and (ii) a share buy-back program under which XP may repurchase up to the amount equivalent to R$1.0 billion of its outstanding Class A common shares over a period beginning on May 19, 2026, continuing until the earlier of the completion of the repurchase or May 20, 2027, depending on market conditions.

57 

 

FAQ

How did XP (XP) perform financially in the three months ended March 31, 2026?

XP generated R$4.67 billion in total revenue and income and R$1.32 billion in net income. Both figures increased compared with the same period in 2025, indicating higher profitability from its financial and brokerage activities.

What were XP (XP) earnings per share for the first quarter of 2026?

Basic earnings per share were R$2.5257 and diluted earnings per share were R$2.4930. Both measures improved from 2025, reflecting higher net income distributed over the company’s outstanding ordinary equity shares.

How strong was XP (XP) cash flow from operating activities in early 2026?

XP reported R$4.69 billion of net cash from operating activities for the three months ended March 31, 2026. This compares with a cash outflow in the prior-year period, showing significantly higher cash generation from core operations.

What is the size of XP (XP) loan portfolio and credit risk provisions?

Gross loan operations totaled R$32.76 billion at March 31, 2026, slightly below December 2025. Expected credit losses on loan operations were R$419.07 million, with R$111.71 million recognized as expense in the period.

How large are XP (XP) total assets and shareholders’ equity as of March 31, 2026?

Total assets reached R$414.31 billion, up from R$396.53 billion at December 31, 2025. Total equity was R$24.73 billion, including R$24.72 billion attributable to owners of the parent company and a small non-controlling interest.

What share buy-back activity did XP (XP) report in its March 2026 interim statements?

XP disclosed ongoing share buy-back programs and held 2,155,269 Class A shares in treasury as of March 31, 2026. These treasury shares were recorded at about R$205 million, acquired at an average price of US$18.92 per share.

Filing Exhibits & Attachments

1 document

Press Releases

• EX-99.1 EXHIBIT 99.1 1.9 MB