XP (XP) Q4 2025 Earnings Call Transcript

Motley Fool Transcribing, The Motley Fool

Fri, February 13, 2026 astatine 8:18 AM CST 54 min read

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Thursday, February 12, 2026 astatine 5 p.m. ET

• Chief Executive Officer — Thiago Maffra

• Chief Financial Officer — Victor Mansur

• Investor Relations Officer — Andre Parize

Thiago Maffra: Thank you, Andre. Good evening, everyone, and convey you each for joining america contiguous for our 4th fourth '25 net call. Before delving into the numbers, I would similar to remark connected the caller shareholder alteration we person conscionable announced successful the 6-K. As announced, myself and Jose Berenguer, CEO of XP's Wholesale Bank, volition go holders of XP Control LLC, alongside Guilherme Benchimol, who is inactive the main controlling shareholder; and Fabricio de Almeida and Guilherme Sant'Anna. This is portion of the ongoing process of strengthening firm governance, semipermanent alignment and the company's absorption model. Now to the results. In 2025, we proceed investing successful cardinal areas of our business.

We enhanced our halfway processes, scaled fiscal planning, deepened our segmentation strategy and launched caller products. We besides observe the 5th day of our Wholesale Bank, an important milestone that demonstrates the spot and integration of the ecosystem we person built. This level drives the improvement of work for our firm and organization clients successful summation to make cross-selling opportunities crossed our ecosystem. Despite its comparative abbreviated history, we person established a top-tier franchise that keeps increasing successful a accordant mode and contributing to our results. Alongside these operation advancements, we continued our docket of amended serving our clients. We launched a caller run focused connected empowering clients done the powerfulness of choice.

We are the archetypal concern steadfast successful Brazil to connection transactional fee-based and RIA models. We judge determination is nary azygous perfect model. Rather, antithetic models are champion suited to antithetic lawsuit profiles. By having these antithetic models, implicit merchandise range, absorption connected excellence and the astir qualified squad of advisers arsenic our main advantage, we became the largest concern web successful Brazil. Today, we oversee astir BRL 2.1 trillion crossed AUC, AUM and AUA, supported by a nationwide web of astir 18,000 advisers serving astir 5 cardinal clients. Our beingness spans astir 800 concern centers crossed 23 Brazilian states and the national district, combining standard with section reach.

We ranked #1 successful traded measurement connected B3 and processed astir 50,000 fixed income transactions per day. We had immoderate challenges past year, but by strengthening our concern fundamentals, we person positioned ourselves to seizure aboriginal opportunities. With a robust platform, disciplined execution and a afloat committed team, we are starting 2026 acceptable to turn immoderate the marketplace scenario. On the adjacent slide, we volition research however our ecosystem transformed implicit clip and however that translation brought america to wherever we are today. This descent captures wherever XP stands today. We are entering a much mature phase, portion we're retaining the disruptive DNA that has ever defined our journey. Our improvement has happened successful waves.