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XP (XPBR31) investor relations material
XP Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary18 Aug, 2025
Executive summary
Net income reached BRL 1.32 billion in 2Q25, up 18% year over year, with diluted EPS growing 22% year over year, supported by share buybacks.
Total client assets (AUM + AUA) reached BRL 1.9 trillion, a 17% year-over-year increase, with 4.7 million active clients (+2% YoY).
Gross revenue was BRL 4.7 billion, up 4% year over year, driven by retail and fixed income growth.
Retail revenues contributed 77% of total, driven by fixed income and new verticals, while corporate/institutional saw outflows due to macro conditions.
ROE improved to 24.4%, up 223 bps year over year, with a 30% CAGR in EPS since 2019.
Financial highlights
Net revenue rose 6% year over year to BRL 4.5 billion, with gross profit up 4% to BRL 3.0 billion.
Net margin expanded to 29.7%, up 320 bps year over year.
Retail revenue grew 9% year over year, led by fixed income (+20%) and other retail (+31%).
EBT was BRL 1.3 billion, down 5% year over year but up 4% sequentially.
SG&A expenses increased 10% year over year, mainly due to higher marketing and technology investments.
Outlook and guidance
Maintaining guidance for 10% revenue growth in 2025, with acceleration expected in the second half, supported by new products and advisor expansion.
Confident in delivering BRL 20 billion per quarter in retail net new money for the coming quarters.
BIS Ratio target for 2026 is set to operate between 16% and 19%, with current BIS Ratio at 20.1%.
Focus remains on leadership in retail investments, expanding cross-sell, and deepening corporate and SMB relationships.
Capital distribution to shareholders expected to remain above 50% payout ratio for 2025-2026.
How will new tax rules impact fixed income?
Detail initiatives to reach retail net new money goals.
Explain the lower corporate net new money.
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Q3 202518 Nov, 2025
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Frequently asked questions
XP Inc. engages in the provision of financial products and services to retail, high-net worth, and corporate clients in Brazil. XP Inc. offers securities brokerage, private pension plans, commercial, and investment banking products. Its products and services include securities, brokerage, private pension plans, commercial, and investment banking product; product structuring and capital markets services for corporate clients and issuers of fixed income products; advisory services for mass-affluent and institutional clients; wealth management services for high-net-worth customers and institutional clients; loan operations; transactions in the foreign exchange markets and deposits, etc.
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