XP Inc (NASDAQ: XP) lifts profit as client assets hit R$1.5T
Rhea-AI Filing Summary
XP Inc. reported solid second-quarter 2026 results with broad-based growth. Net revenue was R$4.9 billion, up 9% year-over-year and 3% quarter-over-quarter. Gross profit reached R$3.4 billion, increasing 9%, while gross margin stayed high at 68.6%.
EBT was R$1.6 billion, up 15% year-over-year and 10% sequentially, lifting the EBT margin to 32.0%. Adjusted net income was R$1.4 billion, growing 5% year-over-year and quarter-over-quarter, with adjusted diluted EPS of R$2.67, a 9% annual increase. Wholesale banking revenue rose 32% to R$1.2 billion, driven especially by corporate revenues up 117%.
On the operating side, total client assets were R$1.5 trillion, up 12% year-over-year, supported by R$28 billion of net inflow. The expanded loan portfolio reached R$78 billion, up 16% year-over-year. XP maintained a strong capital position with a BIS ratio of 20.3% and CET1 of 17.1%, while executing roughly R$1 billion in share repurchases in the first half of 2026.
Positive
- EBT rose 15% year-over-year to R$1.565 billion, with EBT margin expanding to 32.0%, indicating stronger profitability.
- Wholesale banking revenue grew 32% year-over-year to R$1.175 billion, led by corporate revenues up 117% to R$606 million.
- Adjusted diluted EPS increased 9% year-over-year to R$2.67, reflecting earnings growth on a per-share basis.
- Total client assets reached R$1.5 trillion, up 12% year-over-year, supported by R$28 billion in net inflows in 2Q26.
Negative
- Retail fixed income revenue declined 16% year-over-year to R$833 million, weighing on overall retail revenue mix.
- The adjusted net margin narrowed by 103 bps year-over-year to 28.3%, indicating some margin pressure despite profit growth.
Filing Explained
At August 17, XP had executed about R$1 billion of 2026 repurchases, while a separate R$1 billion program remained open.
As a Form 6-K, this filing furnishes interim information from the foreign private issuer; on
XP says it repurchased approximately
XP reported a 2Q26 BIS ratio of
At 2Q26, the balance sheet reported total equity of
The specific follow-up point is the end-of-year capital-management milestone identified in the filing: whether subsequent distributions move the BIS ratio toward the stated
Key Figures
Key Terms
Annualized Retail Take Rate financial
Adjusted ROAE financial
Adjusted ROTE financial
BIS Ratio financial
Earnings Snapshot
FAQ
How did XP (XP) perform financially in the second quarter of 2026?
How large are XP (XP) client assets and net inflows as of 2Q26?
How did XP (XP) retail and wholesale segments perform in 2Q26?
How is XP’s (XP) loan portfolio and cards business evolving in 2Q26?
AI-generated analysis. How Rhea-AI works. Not financial advice.
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 August 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/ Gustavo Alejo Viviani | ||
| Name: | Gustavo Alejo Viviani | ||
| Title: | Chief Financial Officer | ||
Date: August 17, 2026
EXHIBIT INDEX
| Exhibit No. | Description |
| 99.1 | Press Release dated August 17, 2026 – XP Inc. Reports 2Q26 Financial Results. |
| 99.2 | XP Inc. – 2Q26 Earnings Presentation. |
Exhibit 99.1
 |
XP Inc. Reports Second Quarter 2026 Results
São Paulo, Brazil, August 17, 2026 – XP Inc. (NASDAQ: XP) (“XP” or the “Company”), a leading tech-enabled platform and a trusted pioneer in providing low-fee financial products and services in Brazil, reported today its financial results for the second quarter of 2026.
Summary
| Operating Metrics (unaudited) | 2Q26 | 2Q25 | YoY | 1Q26 | QoQ |
| Total Client Assets (in R$ bn) | 1,535 | 1,372 | 12% | 1,529 | 0% |
| Total Net Inflow (in R$ bn) | 28 | 10 | 188% | 14 | 94% |
| Annualized Retail Take Rate | 1.20% | 1.25% | -5 bps | 1.18% | 2 bps |
| Active Clients (in '000s) | 4,772 | 4,720 | 1% | 4,790 | 0% |
| Headcount (EoP) | 8,491 | 7,484 | 13% | 8,280 | 3% |
| Total Advisors (in '000s) | 18.4 | 18.2 | 1% | 18.3 | 0% |
| Retail DATs (in mn) | 2.4 | 2.3 | 3% | 2.7 | -13% |
| Retirement Plans Client Assets (in R$ bn) | 101 | 86 | 18% | 98 | 3% |
| Cards TPV (in R$ bn) | 13.5 | 12.4 | 8% | 13.3 | 1% |
| Expanded Loan Portfolio (in R$ bn) | 77.9 | 67.4 | 16% | 74.3 | 5% |
| Gross Written Premiums (in R$ mn) | 489 | 444 | 10% | 405 | 21% |
| Financial Metrics (in R$ mn)1 | 2Q26 | 2Q25 | YoY | 1Q26 | QoQ |
| Gross revenue | 5,056 | 4,669 | 8% | 4,919 | 3% |
| Retail | 3,881 | 3,577 | 8% | 3,773 | 3% |
| Wholesale Bank | 1,175 | 889 | 32% | 1,146 | 3% |
| Other | - | 202 | -100% | - | n.a |
| Net Revenue | 4,884 | 4,499 | 9% | 4,733 | 3% |
| Gross Profit | 3,353 | 3,090 | 9% | 3,179 | 5% |
| Gross Margin | 68.6% | 68.7% | -3 bps | 67.2% | 148 bps |
| EBT | 1,565 | 1,364 | 15% | 1,418 | 10% |
| EBT Margin | 32.0% | 30.3% | 172 bps | 30.0% | 209 bps |
| Net Income | 1,384 | 1,321 | 5% | 1,318 | 5% |
| Net Margin | 28.3% | 29.4% | -103 bps | 27.8% | 50 bps |
| Diluted EPS (in R$) | 2.67 | 2.46 | 9% | 2.49 | 7% |
| Adjusted ROAE2 | 22.5% | 24.4% | -189 bps | 21.7% | 76 bps |
| Adjusted ROTE3 | 27.2% | 30.0% | -282 bps | 26.2% | 95 bps |
| Capital Ratio | 20.3% | 20.1% | 15 bps | 20.7% | -39 bps |
_____________________
1 – Please refer to the Non-GAAP Financial Reconciliation.
2 – Annualized Return on Average Equity.
3 – Annualized Return on Average Tangible Equity. Tangible Equity excludes Intangibles and Goodwill
| |
Operating KPIs
| 1. | INVESTMENTS |
Client Assets and Net Inflow (in R$ billion)
Client Assets totaled R$1.5 trillion in 2Q26, up 12%YoY and stable QoQ. Year-over-year growth was driven by R$103 billion net inflow and R$60 billion in market appreciation.
In 2Q26, Net Inflow was R$28 billion, and Retail Net Inflow was R$20 billion, 28% up year-on-year and 7% higher sequentially.
Active Clients (in ‘000s)
Active clients grew 1% YoY and was roughly stable QoQ, totaling 4.8 million in 2Q26.
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Total Advisors (in ‘000s)
Total Advisors connected to XP, including (1) IFAs, (2) XP employees who offer advisory services, (3) Registered Investment Advisors, consultants and wealth managers, among others. As of 2Q26, we had 18.4 thousand Total Advisors, an increase of approximately 1% YoY.
Retail Daily Average Trades (in million)
Retail DATs totaled 2.4 million in 2Q26, up 3% YoY and down 13% QoQ.
NPS
Our NPS, a widely known survey methodology used to measure customer satisfaction, was 66 in 2Q26. The NPS calculation as of a given date reflects the average scores in the prior six months.
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| 2. | RETIREMENT PLANS |
Retirement Plans Client Assets (in R$ billion)
As per public data published by Susep, XPV&P’s individual’s market share (PGBL and VGBL) was stable at 5%. Total Client Assets were R$101 billion in 2Q26, up 18% YoY. Assets from XPV&P, our proprietary insurer, grew 34% YoY, reaching R$97 billion.
| 3. | CARDS |
Cards TPV (in R$ billion)
In 2Q26, Total TPV was R$13.5 billion, a 8% growth YoY and 1% increase QoQ.
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Active Cards (in ‘000s)
Total Active Cards were 1.6 million in 2Q26, representing a 8% growth YoY and 2% up QoQ, being just over 1.0 million Credit Cards and approximately 0.6 million Active Debit Cards.
| 4. | CREDIT |
Expanded Loan Portfolio (in R$ billion)
Expanded Loan Portfolio reached R$78 billion as of 2Q26, expanding 16% YoY and 5% sequentially.
| |
| 5. | INSURANCE |
Gross Written Premiums (in R$ million)
Gross written premiums (GWP) refer to the total amount of premium income that XPs has written or sold during a particular reporting period before deductions for provisions, reinsurance and other expenses. This figure represents the total premiums that customers have agreed to pay for life insurance policies issued by the company or sold by the company and issued by third-party insurers, including both new policies and renewals. It is a crucial metric for assessing the total business volume of an insurance company or insurance broker within that period.
In 2Q26, Gross Written Premiums grew 10% YoY and expanded 21% QoQ.
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Discussion of Financial Results
Total Gross Revenue1
Gross revenue reached R$5.1 billion in 2Q26, reflecting an increase of 8% year-over-year and 3% higher quarter-over-quarter.
The year-over-year growth was driven by equities, funds platform, retail new verticals, and other retail, with new ventures and floating expanding at a rapid pace. The Wholesale bank division also delivered year-over-year growth.
Retail Revenue
| (in R$ mn) | 2Q26 | 2Q25 | YoY | 1Q26 | QoQ |
| Retail Revenue | 3,881 | 3,577 | 8% | 3,773 | 3% |
| Equities | 1,138 | 1,030 | 11% | 1,167 | -2% |
| Fixed Income | 833 | 988 | -16% | 756 | 10% |
| Funds Platform | 418 | 341 | 23% | 392 | 7% |
| Retirement Plans | 118 | 115 | 3% | 118 | 0% |
| Cards | 375 | 323 | 16% | 356 | 5% |
| Credit | 105 | 82 | 27% | 90 | 16% |
| Insurance | 80 | 65 | 23% | 59 | 35% |
| Other Retail | 813 | 634 | 28% | 834 | -3% |
| Annualized Retail Take Rate | 1.20% | 1.25% | -5 bps | 1.18% | 2 bps |
Retail revenue reached R$3,881 million in 2Q26, representing a 3% increase quarter-over-quarter and a 8% increase year-over-year.
Both equities and funds platform — two of our most important revenue lines — grew at double digit pace when compared to the same period of last year. However, this was partially offset by the MtM impact in fixed income, which brought overall retail revenue growth to 8%. Retail Revenue performance also benefited from strong contributions from banking, float and new verticals, which are reported in the Other Retail line and gained representativeness during the quarter.
Take Rate
Annualized Retail Take Rate was 1.20% in 2Q26, 2bps higher QoQ and 5bps lower YoY.
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Wholesale Banking
Since last quarter we have included our Institutional business in the Wholesale segment. Taken together, Corporate, Issuer Services and Institutional grew 32% year-over-year, with revenues totaling R$1,175 million in 2Q26.
The YoY performance was driven by a robust Corporate activity, with revenues reaching R$606 million, a 117% increase YoY. We continue to serve our clients with solutions in credit, derivatives, foreign exchange, and trading, sustaining the robust revenue growth of this segment.
Other Revenue
Accompanying the final phase of our restructuring, the Other revenue line has become less relevant over the years and ceased to exist last quarter, being incorporated in the net interest margin across our business lines.
Costs of Goods Sold and Gross Margin
Gross Margin was 68.6% in 2Q26 versus 67.2% in 1Q26 and 68.7% in 2Q25.
SG&A Expenses
| (in R$ mn) | 2Q26 | 2Q25 | YoY | 1Q26 | QoQ |
| Total SG&A | (1,640) | (1,561) | 5% | (1,610) | 2% |
| People | (1,109) | (1,014) | 9% | (1,096) | 1% |
| Salary and Taxes | (513) | (417) | 23% | (480) | 7% |
| Bonuses | (486) | (435) | 12% | (505) | -4% |
| Share Based Compensation | (110) | (163) | -32% | (111) | -1% |
| Non-people | (531) | (547) | -3% | (514) | 3% |
| LTM Compensation Ratio | -23.2% | -22.8% | -44 bps | -23.2% | -3 bps |
| LTM Efficiency Ratio | -34.3% | -34.0% | -27 bps | -34.6% | 28 bps |
| Headcount (EoP) | 8,491 | 7,484 | 13% | 8,280 | 3% |
SG&A expenses totaled R$1.6 billion in 2Q26, 2% higher QoQ, and 5% higher YoY.
Our last twelve months (LTM) compensation ratio4in 2Q26 was 23.2%. Also, our LTM efficiency ratio5reached 34.3% in 2Q26.
_____________________
4 - Compensation ratio is calculated as People SG&A (Salary and Taxes, Bonuses and Share Based Compensation) divided by Net Revenue.
5 - Efficiency ratio is calculated as SG&A ex-revenue from incentives from Tesouro Direto, B3, and others divided by Net Revenue.
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Earnings Before Taxes
EBT was R$1,565 million in 2Q26, growing 10% QoQ and up 15% YoY. The EBT margin was 32.0%, 209 bps up quarter-over-quarter and 172 bps up YoY.
Adjusted Net Income and Adjusted EPS
In 2Q26, Adjusted Net Income reached R$1.4 billion, up 5% both quarter over quarter and year over year. Adjusted Basic EPS was R$2.71, 7% higher QoQ and 8% up YoY. Adjusted Diluted EPS was R$2.67 for the quarter, 7% up QoQ and 9% higher YoY.
Adjusted ROTE1, 6 and Adjusted ROAE1, 7
In 2Q26 our Adjusted Return on Equity (ROAE) reached 22.5%, while return on tangible equity (ROTE) was 27.2%. Both metrics were up this quarter as we posted a slightly lower BIS ratio.
Capital Management8
In 2Q26 our BIS Ratio was 20.3%, 39 bps
lower QoQ and 15 bps higher YoY, while our total RWA was R$126.6 billion, with a 4% increase QoQ and 26% increase YoY. Our CET1
ratio remains at a comfortable level of 17.1%. During the first half of the year, we continued executing share repurchases, totaling
approximately R$1 billion. With that, we closed the previous buyback program, but we still have another open program of R$1 billion, which
we continue to execute strategically. We are comfortable bringing our BIS ratio to our target range of 16% to 19% toward the end of the
year through capital distributions, while still maintaining a comfortable capital buffer.
_____________________
6 – Annualized Return on Tangible Common Equity, calculated as Annualized Net Income over Tangible Common Equity, which excludes Intangibles and Goodwill, net of deferred taxes.
7 – Annualized Return on Average Equity.
8 – Managerial BIS Ratio is calculated using the same methodology as the BIS Ratio for our Prudential Conglomerate. However, it is based on the total assets and equity of the entire group.
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Other Information
Webcast and Conference Call Information
The Company will host a webcast to discuss its second quarter financial results on Monday, August 17th, 2026, at 5:00 pm ET (6:00 pm BRT). To participate in the earnings webcast please subscribe at 2Q26 Earnings Web Meeting. The replay will be available on XP’s investor relations website at https://investors.xpinc.com/
Investor Relations Contact
ir@xpi.com.br
Important Disclosure
In reviewing the information contained in this release, you are agreeing to abide by the terms of this disclaimer. This information is being made available to each recipient solely for its information and is subject to amendment. This release is prepared by XP Inc. (the “Company,” “we” or “our”), is solely for informational purposes. This release does not constitute a prospectus and does not constitute an offer to sell or the solicitation of an offer to buy any securities. In addition, this document and any materials distributed in connection with this release are not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction.
This release was prepared by the Company. Neither the Company nor any of its affiliates, officers, employees or agents, make any representation or warranty, express or implied, in relation to the fairness, reasonableness, adequacy, accuracy or completeness of the information, statements or opinions, whichever their source, contained in this release or any oral information provided in connection herewith, or any data it generates and accept no responsibility, obligation or liability (whether direct or indirect, in contract, tort or otherwise) in relation to any of such information. The information and opinions contained in this release are provided as at the date of this release, are subject to change without notice and do not purport to contain all information that may be required to evaluate the Company. The information in this release is in draft form and has not been independently verified. The Company and its affiliates, officers, employees and agents expressly disclaim any and all liability which may be based on this release and any errors therein or omissions therefrom. Neither the Company nor any of its affiliates, officers, employees or agents makes any representation or warranty, express or implied, as to the achievement or reasonableness of future projections, management targets, estimates, prospects or returns, if any.
The information contained in this release does not purport to be comprehensive and has not been subject to any independent audit or review. Certain of the financial information as of and for the periods ended of December 31, 2021 and December 31, 2020, 2019, 2018 and 2017 has been derived from audited financial statements and all other financial information has been derived from unaudited interim financial statements. A significant portion of the information contained in this release is based on estimates or expectations of the Company, and there can be no assurance that these estimates or expectations are or will prove to be accurate. The Company’s internal estimates have not been verified by an external expert, and the Company cannot guarantee that a third party using different methods to assemble, analyze or compute market information and data would obtain or generate the same results.
Statements in the release, including those regarding the possible or assumed future or other performance of the Company or its industry or other trend projections, constitute forward-looking statements. These statements are generally identified by the use of words such as “anticipate,” “believe,” “could,” “expect,” “should,” “plan,” “intend,” “estimate” and “potential,” among others. By their nature, forward-looking statements are necessarily subject to a high degree of uncertainty and involve known and unknown risks, uncertainties, assumptions and other factors because they relate to events and depend on circumstances that will occur in the future whether or not outside the control of the Company. Such factors may cause actual results, performance or developments to differ materially from those expressed or implied by such forward-looking statements and there can be no assurance that such forward-looking statements will prove to be correct. These risks and uncertainties include factors relating to: (1) general economic, financial, political, demographic and business conditions in Brazil, as well as any other countries we may serve in the future and their impact on our business; (2) fluctuations in interest, inflation and exchange rates in Brazil and any other countries we may serve in the future; (3) competition in the financial services industry; (4) our ability to implement our business strategy; (5) our ability to adapt to the rapid pace of technological changes in the financial services industry; (6) the reliability, performance, functionality and quality of our products and services and the investment performance of investment funds managed by third parties or by our asset managers; (7) the availability of government authorizations on terms and conditions and within periods acceptable to us; (8) our ability to continue attracting and retaining new appropriately-skilled employees; (9) our capitalization and level of indebtedness; (10) the interests of our controlling shareholders; (11) changes in government regulations applicable to the financial services industry in Brazil and elsewhere; (12) our ability to compete and conduct our business in the future; (13) the success of operating initiatives, including advertising and promotional efforts and new product, service and concept development by us and our competitors; (14) changes in consumer demands regarding financial products, customer experience related to investments and technological advances, and our ability to innovate to respond to such changes; (15) changes in labor, distribution and other operating costs; (16) our compliance with, and changes to, government laws, regulations and tax matters that currently apply to us; (17) other factors that may affect our financial condition, liquidity and results of operations. Accordingly, you should not place undue reliance on forward-looking statements. The forward-looking statements included herein speak only as at the date of this release and the Company does not undertake any obligation to update these forward-looking statements. Past performance does not guarantee or predict future performance. Moreover, the Company and its affiliates, officers, employees and agents do not undertake any obligation to review, update or confirm expectations or estimates or to release any revisions to any forward-looking statements to reflect events that occur or circumstances that arise in relation to the content of the release. You are cautioned not to unduly rely on such forward-looking statements when evaluating the information presented and we do not intend to update any of these forward-looking statements.
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Market data and industry information used throughout this release are based on management’s knowledge of the industry and the good faith estimates of management. The Company also relied, to the extent available, upon management’s review of industry surveys and publications and other publicly available information prepared by a number of third-party sources. All of the market data and industry information used in this release involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. Although the Company believes that these sources are reliable, there can be no assurance as to the accuracy or completeness of this information, and the Company has not independently verified this information.
The contents hereof should not be construed as investment, legal, tax or other advice and you should consult your own advisers as to legal, business, tax and other related matters concerning an investment in the Company. The Company is not acting on your behalf and does not regard you as a customer or a client. It will not be responsible to you for providing protections afforded to clients or for advising you on the relevant transaction.
This release includes Adjustments to Reported Net Income, which is non-GAAP financial information. We believe that such information is meaningful and useful in understanding the activities and business metrics of the Company’s operations. We also believe that these non-GAAP financial measures reflect an additional way of viewing aspects of the Company’s business that, when viewed with our International Financial Reporting Standards (“IFRS”) results, as issued by the International Accounting Standards Board, provide a more complete understanding of factors and trends affecting the Company’s business. Further, investors regularly rely on non-GAAP financial measures to assess operating performance and such measures may highlight trends in the Company’s business that may not otherwise be apparent when relying on financial measures calculated in accordance with IFRS. We also believe that certain non-GAAP financial measures are frequently used by securities analysts, investors and other interested parties in the evaluation of public companies in the Company’s industry, many of which present these measures when reporting their results. The non-GAAP financial information is presented for informational purposes and to enhance understanding of the IFRS financial statements. The non-GAAP measures should be considered in addition to results prepared in accordance with IFRS, but not as a substitute for, or superior to, IFRS results. As other companies may determine or calculate this non-GAAP financial information differently, the usefulness of these measures for comparative purposes is limited. A reconciliation of such non-GAAP financial measures to the nearest GAAP measure is included in this release.
For purposes of this release:
“Active Clients” means the total number of retail clients served through our XP Investimentos, Rico, Clear, XP Investments and XP Private (Europe) brands, with Client Assets above R$100.00 or that have transacted at least once in the last thirty days. For purposes of calculating this metric, if a client holds an account in more than one of the aforementioned entities, such client will be counted as one “active client” for each such account. For example, if a client holds an account in each of XP Investimentos and Rico, such client will count as two “active clients” for purposes of this metric.
“Client Assets” means the market value of all client assets invested through XP’s platform and that is related to reported Retail Revenue, including equities, fixed income securities, mutual funds (including those managed by XP Gestão de Recursos Ltda., XP Advisory Gestão de Recursos Ltda. and XP Vista Asset Management Ltda., as well as by third-party asset managers), pension funds (including those from XP Vida e Previdência S.A., as well as by third-party insurance companies), exchange traded funds, COEs (Structured Notes), REITs, and uninvested cash balances (Float Balances), among others. Although Client Assets includes custody from Corporate Clients that generate Retail Revenue, it does not include custody from institutional clients (asset managers, pension funds and insurance companies).
Rounding
We have made rounding adjustments to some of the figures included in this release. Accordingly, numerical figures shown as totals in some tables may not be an arithmetic aggregation of the figures that preceded them.
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Unaudited Managerial Income Statement (in R$ mn)
| Managerial Income Statement | 2Q26 | 2Q25 | YoY | 1Q26 | QoQ |
| Total Gross Revenue | 5,056 | 4,669 | 8% | 4,919 | 3% |
| Retail | 3,881 | 3,577 | 8% | 3,773 | 3% |
| Equities | 1,138 | 1,030 | 11% | 1,167 | -2% |
| Fixed Income | 833 | 988 | -16% | 756 | 10% |
| Funds Platform | 418 | 341 | 23% | 392 | 7% |
| Retirement Plans | 118 | 115 | 3% | 118 | 0% |
| Cards | 375 | 323 | 16% | 356 | 5% |
| Credit | 105 | 82 | 27% | 90 | 16% |
| Insurance | 80 | 65 | 23% | 59 | 35% |
| Other Retail | 813 | 634 | 28% | 834 | -3% |
| Wholesale | 1,175 | 889 | 32% | 1,146 | 3% |
| Issuer Services | 186 | 268 | -30% | 269 | -31% |
| Corporate | 606 | 279 | 117% | 498 | 22% |
| Institutional | 383 | 343 | 12% | 379 | 1% |
| Other | - | 202 | -100% | - | - |
| Net Revenue | 4,884 | 4,499 | 9% | 4,733 | 3% |
| COGS | (1,531) | (1,409) | 9% | (1,554) | -1% |
| Gross Profit | 3,353 | 3,090 | 9% | 3,179 | 5% |
| Gross Margin | 68.6% | 68.7% | -3 bps | 67.2% | 148 bps |
| SG&A | (1,638) | (1,498) | 9% | (1,609) | 2% |
| People | (1,109) | (1,014) | 9% | (1,096) | 1% |
| Non-People | (529) | (483) | 9% | (512) | 3% |
| D&A | (88) | (74) | 18% | (68) | 28% |
| Interest expense on debt | (116) | (176) | -34% | (103) | 13% |
| Share of profit in joint ventures and associates | 54 | 22 | 143% | 19 | 192% |
| EBT | 1,565 | 1,364 | 15% | 1,418 | 10% |
| EBT Margin | 32.0% | 30.3% | 172 bps | 30.0% | 209 bps |
| Tax Expense | (181) | (43) | 322% | (100) | 81% |
| Tax expense (Tax Witholding in Funds) | (15) | (174) | -91% | (30) | -49% |
| Effective Tax Rate | -12.4% | -14.1% | 168 bps | -9.0% | -342 bps |
| Adjusted Net Income | 1,384 | 1,321 | 5% | 1,318 | 5% |
| Adjusted Net Margin | 28.3% | 29.4% | -103 bps | 27,8% | 50 bps |
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Accounting Income Statement (in R$ mn)
| Accounting Income Statement | 2Q26 | 2Q25 | YoY | 1Q26 | QoQ |
| Net revenue from services rendered | 1,969 | 1,795 | 10% | 1,932 | 2% |
| Brokerage commission | 529 | 528 | 0% | 582 | -9% |
| Securities placement | 473 | 455 | 4% | 477 | -1% |
| Management fees | 558 | 441 | 27% | 532 | 5% |
| Insurance brokerage fee | 62 | 61 | 3% | 58 | 7% |
| Commission Fees | 286 | 285 | 0% | 268 | 7% |
| Other services | 232 | 196 | 18% | 202 | 15% |
| Sales Tax and contributions on Services | (172) | (170) | 1% | (186) | -8% |
| Net income from financial instruments at amortized cost and at fair value through other comprehensive income | (2,257) | (854) | 164% | (1,170) | 93% |
| Net income from financial instruments at fair value through profit or loss | 5,137 | 3,515 | 46% | 3,912 | 31% |
| Total revenue and income | 4,849 | 4,455 | 9% | 4,674 | 4% |
| Operating costs | (1,435) | (1,319) | 9% | (1,442) | 0% |
| Selling expenses | (76) | (80) | -5% | (70) | 8% |
| Administrative expenses | (1,703) | (1,572) | 8% | (1,641) | 4% |
| Other operating revenues (expenses), net | 38 | 77 | -51% | 18 | 107% |
| Expected credit losses | (96) | (90) | 7% | (112) | -14% |
| Interest expense on debt | (116) | (176) | -34% | (103) | 13% |
| Share of profit or (loss) in joint ventures and associates | 54 | 22 | 143% | 19 | 192% |
| Income before income tax | 1,515 | 1,318 | 15% | 1,343 | 13% |
| Income tax expense | (131) | 4 | -3824% | (26) | 408% |
| Net income for the period | 1,384 | 1,321 | 5% | 1,318 | 5% |
| |
Balance Sheet (in R$ mn)
| Assets | 2Q26 | 1Q26 | |||
| Cash | 7,978 | 8,791 | |||
| Financial assets | 377,229 | 383,856 | |||
| Fair value through profit or loss | 254,617 | 266,127 | |||
| Securities | 206,944 | 210,523 | |||
| Derivative financial instruments | 47,673 | 55,603 | |||
| Fair value through other comprehensive income | 30,905 | 30,263 | |||
| Securities | 30,905 | 30,263 | |||
| Evaluated at amortized cost | 91,707 | 87,467 | |||
| Securities | 5,491 | 5,740 | |||
| Securities purchased under agreements to resell | 25,611 | 15,823 | |||
| Securities trading and intermediation | 7,422 | 9,265 | |||
| Accounts receivable | 1,165 | 1,161 | |||
| Loan Operations | 35,441 | 32,328 | |||
| Other financial assets | 16,577 | 23,150 | |||
| Other assets | 11,853 | 11,099 | |||
| Recoverable taxes | 568 | 520 | |||
| Rights-of-use assets | 472 | 347 | |||
| Prepaid expenses | 4,414 | 4,530 | |||
| Other | 6,400 | 5,702 | |||
| Deferred tax assets | 3,829 | 3,497 | |||
| Investments in associates and joint ventures | 3,718 | 3,691 | |||
| Property and equipment | 471 | 468 | |||
| Goodwill & Intangible assets | 2,954 | 2,908 | |||
| Total Assets | 408,031 | 414,311 |
| |
| Liabilities | 2Q26 | 1Q26 | |||
| Financial liabilities | 282,266 | 291,959 | |||
| Fair value through profit or loss | 69,298 | 73,527 | |||
| Securities | 27,040 | 23,202 | |||
| Derivative financial instruments | 42,258 | 50,325 | |||
| Evaluated at amortized cost | 212,968 | 218,432 | |||
| Securities sold under repurchase agreements | 61,112 | 61,809 | |||
| Securities trading and intermediation | 20,034 | 26,271 | |||
| Financing instruments payable | 116,705 | 117,047 | |||
| Accounts payables | 808 | 890 | |||
| Borrowings | 1,855 | 478 | |||
| Other financial liabilities | 12,455 | 11,938 | |||
| Other liabilities | 100,302 | 97,127 | |||
| Social and statutory obligations | 1,262 | 736 | |||
| Taxes and social security obligations | 875 | 625 | |||
| Retirement plans liabilities | 97,723 | 95,171 | |||
| Provisions and contingent liabilities | 197 | 218 | |||
| Other | 245 | 377 | |||
| Deferred tax liabilities | 631 | 498 | |||
| Total Liabilities | 383,199 | 389,585 | |||
| Equity attributable to owners of the Parent company | 24,831 | 24,717 | |||
| Issued capital | 0 | 0 | |||
| Capital reserve | 23,636 | 24,118 | |||
| Other comprehensive income | (385) | (387) | |||
| Treasury | (1,121) | (323) | |||
| Retained earnings | 2,701 | 1,310 | |||
| Non-controlling interest | 1 | 8 | |||
| Total equity | 24,832 | 24,726 | |||
| Total liabilities and equity | 408,031 | 414,311 |
| |
Non-GAAP Reconciliation
Bridge from Accounting P&L to Managerial P&L – 2Q26
| In R$ mm | Accounting P&L | Reclassifications and Adjustments | Managerial P&L | ||
| Gross Revenues | 5,056 | - | 5,056 | ||
| Sales Taxes & Deductions | (206) | 34 | (172) | ||
| Net Revenues | 4,849 | 34 | 4,884 | ||
| COGS | (1,531) | - | (1,531) | ||
| Gross Profit | 3,318 | 34 | 3,353 | ||
| Total SG&A | (1,639) | 1 | (1,638) | ||
| People | (1,109) | - | (1,109) | ||
| Non-People | (529) | 1 | (529) | ||
| Depreciation & Amortization | (102) | 15 | (88) | ||
| Interest expense on debt | (116) | - | (116) | ||
| Share of profit in joint ventures and associates | 54 | - | 54 | ||
| EBT | 1,515 | 50 | 1,565 | ||
| Tax expense | (131) | (50) | (181) | ||
| Net Income | 1,384 | - | 1,384 |
Exhibit 99.2
2Q26 EARNINGS PRESENTATION
IN REVIEWING THE INFORMATION CONTAINED IN THIS PRESENTATION, YOU ARE AGREEING TO ABIDE BY THE TERMS OF THIS DISCLAIMER . THIS INFORMATION IS BEING MADE AVAILABLE TO EACH RECIPIENT SOLELY FOR ITS INFORMATION AND IS SUBJECT TO AMENDMENT . This presentation is prepared by XP Inc . (the “Company,” “we” or “our”), is solely for informational purposes . This presentation does not constitute a prospectus and does not constitute an offer to sell or the solicitation of an offer to buy any securities . In addition, this document and any materials distributed in connection with this presentation are not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction . This presentation was prepared by the Company . Neither the Company nor any of its affiliates, officers, employees or agents, make any representation or warranty, express or implied, in relation to the fairness, reasonableness, adequacy, accuracy or completeness of the information, statements or opinions, whichever their source, contained in this presentation or any oral information provided in connection herewith, or any data it generates and accept no responsibility, obligation or liability (whether direct or indirect, in contract, tort or otherwise) in relation to any of such information . The information and opinions contained in this presentation are provided as at the date of this presentation, are subject to change without notice and do not purport to contain all information that may be required to evaluate the Company . The information in this presentation is in draft form and has not been independently verified . The Company and its affiliates, officers, employees and agents expressly disclaim any and all liability which may be based on this presentation and any errors therein or omissions therefrom . Neither the Company nor any of its affiliates, officers, employees or agents makes any representation or warranty, express or implied, as to the achievement or reasonableness of future projections, management targets, estimates, prospects or returns, if any . The information contained in this presentation does not purport to be comprehensive and has not been subject to any independent audit or review . Certain of the financial information as of and for the periods ended December 31 , 2019 , 2018 and 2017 has been derived from audited financial statements and all other financial information has been derived from unaudited interim financial statements . A significant portion of the information contained in this presentation is based on estimates or expectations of the Company, and there can be no assurance that these estimates or expectations are or will prove to be accurate . The Company’s internal estimates have not been verified by an external expert, and the Company cannot guarantee that a third party using different methods to assemble, analyze or compute market information and data would obtain or generate the same results . Statements in the presentation, including those regarding the possible or assumed future or other performance of the Company or its industry or other trend projections, constitute forward - looking statements . These statements are generally identified by the use of words such as “anticipate,” “believe,” “could,” “expect,” “should,” “plan,” “intend,” “estimate” and “potential,” among others . By their nature, forward - looking statements are necessarily subject to a high degree of uncertainty and involve known and unknown risks, uncertainties, assumptions and other factors because they relate to events and depend on circumstances that will occur in the future whether or not outside the control of the Company . Such factors may cause actual results, performance or developments to differ materially from those expressed or implied by such forward - looking statements and there can be no assurance that such forward - looking statements will prove to be correct . These risks and uncertainties include factors relating to : ( 1 ) general economic, financial, political, demographic and business conditions in Brazil, as well as any other countries we may serve in the future and their impact on our business ; ( 2 ) fluctuations in interest, inflation and exchange rates in Brazil and any other countries we may serve in the future ; ( 3 ) competition in the financial services industry ; ( 4 ) our ability to implement our business strategy ; ( 5 ) our ability to adapt to the rapid pace of technological changes in the financial services industry ; ( 6 ) the reliability, performance, functionality and quality of our products and services and the investment performance of investment funds managed by third parties or by our asset managers ; ( 7 ) the availability of government authorizations on terms and conditions and within periods acceptable to us ; ( 8 ) our ability to continue attracting and retaining new appropriately - skilled employees ; ( 9 ) our capitalization and level of indebtedness ; ( 10 ) the interests of our controlling shareholders ; ( 11 ) changes in government regulations applicable to the financial services industry in Brazil and elsewhere ; ( 12 ) our ability to compete and conduct our business in the future ; ( 13 ) the success of operating initiatives, including advertising and promotional efforts and new product, service and concept development by us and our competitors ; ( 14 ) changes in consumer demands regarding financial products, customer experience related to investments and technological advances, and our ability to innovate to respond to such changes ; ( 15 ) changes in labor, distribution and other operating costs ; ( 16 ) our compliance with, and changes to, government laws, regulations and tax matters that currently apply to us ; ( 17 ) the negative impacts of the COVID - 19 pandemic on global, regional and national economies and the related market volatility and protracted economic downturn ; and ( 18 ) other factors that may affect our financial condition, liquidity and results of operations . Accordingly, you should not place undue reliance on forward - looking statements . The forward - looking statements included herein speak only as at the date of this presentation and the Company does not undertake any obligation to update these forward - looking statements . Past performance does not guarantee or predict future performance . Moreover, the Company and its affiliates, officers, employees and agents do not undertake any obligation to review, update or confirm expectations or estimates or to release any revisions to any forward - looking statements to reflect events that occur or circumstances that arise in relation to the content of the presentation . You are cautioned not to unduly rely on such forward - looking statements when evaluating the information presented and we do not intend to update any of these forward - looking statements . Market data and industry information used throughout this presentation are based on management’s knowledge of the industry and the good faith estimates of management . The Company also relied, to the extent available, upon management’s review of industry surveys and publications and other publicly available information prepared by a number of third party sources . All of the market data and industry information used in this presentation involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates . Although the Company believes that these sources are reliable, there can be no assurance as to the accuracy or completeness of this information, and the Company has not independently verified this information . The contents hereof should not be construed as investment, legal, tax or other advice and you should consult your own advisers as to legal, business, tax and other related matters concerning an investment in the Company . The Company is not acting on your behalf and does not regard you as a customer or a client . It will not be responsible to you for providing protections afforded to clients or for advising you on the relevant transaction . This presentation also includes certain non - GAAP financial information . We believe that such information is meaningful and useful in understanding the activities and business metrics of the Company’s operations . We also believe that these non - GAAP financial measures reflect an additional way of viewing aspects of the Company’s business that, when viewed with our International Financial Reporting Standards (“IFRS”) results, as issued by the International Accounting Standards Board, provide a more complete understanding of factors and trends affecting the Company’s business . Further, investors regularly rely on non - GAAP financial measures to assess operating performance and such measures may highlight trends in the Company’s business that may not otherwise be apparent when relying on financial measures calculated in accordance with IFRS . We also believe that certain non - GAAP financial measures are frequently used by securities analysts, investors and other interested parties in the evaluation of public companies in the Company’s industry, many of which present these measures when reporting their results . The non - GAAP financial information is presented for informational purposes and to enhance understanding of the IFRS financial statements . The non - GAAP measures should be considered in addition to results prepared in accordance with IFRS, but not as a substitute for, or superior to, IFRS results . As other companies may determine or calculate this non - GAAP financial information differently, the usefulness of these measures for comparative purposes is limited . A reconciliation of such non - GAAP financial measures to the nearest GAAP measure is included in this presentation . For purposes of this presentation : “Active Clients” means the total number of retail clients served through our XP Investimentos, Rico, Clear, XP Investments and XP Private (Europe) brands, with Client Assets above R $ 100 . 00 or that have transacted at least once in the last thirty days . For purposes of calculating this metric, if a client holds an account in more than one of the aforementioned entities, such client will be counted as one “active client” for each such account . For example, if a client holds an account in each of XP Investimentos and Rico, such client will count as two “active clients” for purposes of this metric . “Client Assets” means the market value of all client assets invested through XP’s platform, including equities, fixed income securities, mutual funds (including those managed by XP Gestão de Recursos Ltda . , XP Advisory Gestão Recursos Ltda . and XP Vista Asset Management Ltda . , as well as by third - party asset managers), pension funds (including those from XP Vida e Previdência S . A . , as well as by third - party insurance companies), exchange traded funds, COEs (Structured Notes), REITs, and uninvested cash balances (Floating Balances), among others . IM
INDEX 04 08 18 19
Core Investment KPIs Balance Sheet and Profitability R$ 2.2 trillion Client’s assets, AUM and AUA (+17% YoY) 18.4 K Total Advisors (+1 % YoY) 4.8 million Active Clients (+1 % YoY) R$ 5.1 bn Gross Revenue (+8% YoY) R$ 1.6 bn Adj. EBT (+15 YoY) R$ 1.4 billion Adj. Net Income (+5% YoY) 22.5 % ROE 20.3 % BIS Ratio 1 9 % Adj. Diluted EPS Growth YoY Income Statement 2 Q 26 HIGHLIGHTS LONG - TERM FUNDAMENTALS REMAIN STRONG, SUPPORTING RESILIENT EARNINGS 2019 Notes: 1 – Managerial BIS Ratio, calculated in accordance with Central Bank methodology; 2 – 1H26 adjusted diluted EPS annualized 4 2020 2021 2022 2023 2024 2025 27% CAGR Adjusted Diluted EPS R$ 2026 2
Total Client Assets, AUM and AUA in XP totaling R$ 2.2 trillion Total Client Assets, AUM and AUA (R$ Billion) Total Client Assets (in R$ bn) AUM (in R$ bn) AUA (in R$ bn) Net New Money (R$ Billion) Retail Corporate & Institutional 1,372 1,529 1,535 214 267 284 276 346 354 2Q25 1Q26 2Q26 1,861 2,173 +17% 2,142 WE KEEP EXPANDING OUR TOTAL CLIENT ASSETS AIMING TO ACHIEVE THE LEADERSHIP IN INVESTMENTS IN BRAZIL 16 19 20 - 6 - 4 8 2Q25 1Q26 2Q26 10 14 28 Retail Net New Money of R$ 20 billion 5
Strenghtening Brazil’s Leading Financial Platform Our comprehensive f inancial ecosystem is centered on long - term relationships, delivering services and personalized advice with excellence across every client' s f inancial needs Largest and Most Qualified Advisor Network Recognized Trusted Brand Tech - led Expansion Complete Product Offering Innovative DNA Investments 6 Banking Financial Advice
DEEPENING CLIENT RELATIONSHIPS ACROSS EVERY FINANCIAL NEED Individuals Model - Agnostic Businesses Expanding and Improving Existing Relationships Financial Solutions Completeness Broader Relationship and Long - Term Client Value While preserving our core in investments, we keep expanding through an increasing mix of services and financial solutions to different client segments Credit 7 Offshore Investments Banking and Credit Card Pension and Insurance Investments Credit Acquiring and Payments Banking and Credit Card FX and Derivatives Investments
2Q26 Financials
Retail Wholesale Banking Other Gross Revenue Breakdown R$ Million Gross Revenue Breakdown % GROSS REVENUE G R O S S R E V E N U E P O S T E D + 8 % G R O W T H Yo Y 3,577 3,773 3,881 889 1,146 1,175 202 2Q25 1Q26 2Q26 4,669 4,919 5,056 +8% 77% 77% 77% 19% 23% 23% 4% 2Q25 1Q26 2Q26 100% 100% 100% 1H25 1H26 9,226 9,975 +8% 9
Equities Fixed Income Funds Platform New Verticals Other Retail RETAIL GROSS REVENUE I N C R E A S I N G R E V E N U E D I V E R S I F I C AT I O N Retail Revenue R$ Million Retail Gross Revenue Breakdown % 3,577 3,773 3,881 2Q25 1Q26 2Q26 +8% 29% 31% 29% 28% 20% 21% 10% 10% 11% 16% 17% 17% 18% 22% 21% 2Q25 1Q26 2Q26 100% 100% 100% 1H25 1H26 7,018 7,653 +9% 10 +15% MtM Adj.
WHOLESALE BANKING REVENUE Revenues growing 32% YoY, highlighting our Corporate franchise evolution Corporate, Issuer Services and Institutional Breakdown R$ Million 279 498 606 268 269 186 343 379 383 2Q25 1Q26 2Q26 889 1,146 1,175 +32% Corporate 11 Issuer Services Institutional
SALES, GENERAL & ADMINISTRATIVE EXPENSES ( SG& A) ¹ (LTM %) 547 514 531 1,014 2Q25 1,096 1Q26 1,109 2Q26 1,561 1,610 1,640 +5% SG& A¹ (R$ Million) People Non - people 24.2% 22.8% 23.2% 35.4% 34.0% 34.3% 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 Efficiency and Compensation Ratios¹ Compensation Ratio Efficiency Ratio Notes: 1 – Excludes Revenue from incentives from Tesouro Direto, B3 and others 12
EBT G RO W S O N YEARLY AND Q UARTERLY BASI S EBT (R$ Million) ADJUSTED EARNINGS BEFORE TAXES (EBT) 1,364 1,418 1,565 30.3% 2Q25 30.0% 1Q26 32.0% 2Q26 15% EBT Margin 13
NET I NCO M E G RO WTH YO Y W I TH M ARG I N EXPANSI O N Q O Q ADJUSTED NET INCOME 1,321 1,318 1,384 29.4% 2Q25 27.8% 1Q26 28.3% 2Q26 5% Adjusted Net Income Adjusted Net Margin 14
Notes: 1 – Calculated based on Adjusted Net Income EPS and Return on Tangible Equity Diluted EPS 1 ( R $ ) 30.0% 26.2% 27.2% 24.4% 21.7% 22.5% 2Q25 1Q26 2Q26 Annualized ROTE and ROAE 1 ROAE ROTE 2.46 2.49 2.67 2Q25 15 1Q26 2Q26 +9%
C o n s i s t e n t C a p i t a l D i s t r i b u t i o n t o S h a r e h o l d e r s , w i t h a l m o s t R $ 1 5 b n i n D i v i d e n d s a n d S h a r e R e p u r c h a s e s 495 2022 2023 2,000 1,354 2024 1,899 2025 518 1,000 1,000 1H26 1,815 3,542 3,354 2,394 2,518 2022 2023 2024 2025 2026E 51% 91% 74% 46% >50% CAPITAL MANAGEMENT Dividends Paid and Share ( R $ M i l l i o n ) Payout Ratio Repurchases Executed Share Repurchases Dividends Paid Open Buyback Program 16
CAPITAL MANAGEMENT BIS Ratio 1 20.3% BIS Ratio Common Equity Tier 1 Additional Tier 1 Tier 2 51% 51% 40% Risk - Weighted Assets and VaR (R$ Million) Credit RWA Market RWA Operational RWA RWA % of Total Assets 13 bps 14 bps 18 bps VaR 2 of R$44mm , or 18bps of Equity Notes: 1 – Managerial BIS Ratio, calculated in accordance with Central Bank methodology, 2 – Average Daily VaR,1 day, 95% 18.5% 17.5% 17.1% 0.8% 1.5% 1.5% 0.8% 1.7% 1.7% 2Q25 1Q26 2Q26 20.1% 20.7% 20.3% 49% 35% 16% 2Q25 50% 34% 16% 1Q26 52% 32% 16% 2Q26 101 122 127 27% 17 17 29% 31%
Q&A
APPENDIX
To t a l U n s e c u r e d S e c u r e d R $ billion 26.8 9.1 17.6 Loans 9.1 1.6 7.5 Credit Card 42.0 38.1 3.9 Corporate Securities 77.9 48.8 29.1 Credit Portfolio Main Activities Investment Banking Fixed Income Distribution Corporate Credit TOTAL LOAN 20
Non - GAAP Reconciliation 21 Managerial P&L Reclassifications and Adjustments Accounting P&L in R$ mn 5,056 - 5,056 Gross Revenues (172) 34 (206) Sales Taxes & Deductions 4,884 34 4,849 Net Revenues (1,531) - (1,531) COGS 3,353 34 3,318 Gross Profit (1,638) 1 (1,639) Total SG&A (1,109) - (1,109) People (529) 1 (529) Non - People (88) 15 (102) Depreciation & Amortization (116) - (116) Interest expense on debt 54 - 54 Share of profit or (loss) in joint ventures and associates 1,565 50 1,515 EBT (181) (50) (131) Tax expense 1,384 - 1,384 Net Income Bridge from Accounting P&L to Managerial P&L – 2Q26
2Q26 EARNINGS PRESENTATION I n v e s t o r R e l a t i o n s i r @ x p i . c o m . b r h t t p s : / / i n v e s t o r s . x p i n c . c o m /