SÃfO PAULO--(BUSINESS WIRE)--February 12, 2026-- 

XP Inc. $(XP)$ ("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 fourth quarter of 2025.

Dear Shareholders,

Before reflecting on the year, I would like to thank our clients, investment advisors, employees, and partners for their trust, resilience, and commitment. During a challenging period for the investment industry, our people, culture, and clarity of purpose enabled us to continue advancing. At XP Inc., we have always believed that building an enduring financial institution requires courage in difficult times, disciplined decision-making, and a non-negotiable commitment to do what is right for the client. These principles remain the foundation of our choices.

Customer: transparency, freedom of choice, and a new competitive differentiator

Putting the power of choice in the client's hands, rather than the financial institution's, is a paramount component of our strategy and one of XP's greatest differentiators. Historically, the market has limited alternatives and imposed one-size-fits-all relationship models, constraining how investors engage with their advisors and services. By taking a different path, we give investors the opportunity to make fully informed decisions, with full transparency, about which service model best aligns with their individual profile and investing style. This client-centric approach strengthens engagement, supports more appropriate service delivery, and underpins our long-term vision.

We believe we are the first investment platform in Brazil that is truly agnostic to the service model, meaning we do not confine clients to a single delivery or relationship format. Instead, we offer a full range of options so each client can independently select the model that most closely matches their goals and preferences. Achieving this level of flexibility required a sophisticated operational framework developed over many years: an integrated ecosystem that coordinates processes, platforms and teams, backed by consistent investments in technology and people. The result is an operational capability that supports personalized client choice at scale.

Executing this model with consistent quality and scale requires well-defined processes, disciplined governance, and aligned incentives, together with a consistent experience across the entire client journey. Our ability to operate at this scale and level of sophistication is unmatched in the market. This strength not only sets us apart from peers but also underpins our capacity to scale solutions reliably while maintaining service standards and reinforcing our competitive edge.

This movement represents the democratization of access to high quality financial and wealth planning. Historically limited to those who had access to Private Banking, these services are now offered to high-income clients at the same level of depth and customization. By expanding availability without compromising service quality, we have broadened our client reach and strengthened long-term engagement, marking an unprecedented shift in the local market.

Regardless of the model clients choose, they have the support of a trusted XP advisor. The choice is the client's, the commitment to service excellence is ours. That unique value proposition -- real choice -- stems from the evolution of the advisor's role alongside our investment platform, becoming increasingly strategic, comprehensive, and aligned with the client's interests.

The evolution of the investment advisor's role

XP's history is deeply connected to the evolution of the investment advisor profession in Brazil. We played a leading role in creating and developing this career, always with the goal of transforming how Brazilians invest and engage with the financial markets.

In the early days, in a market still concentrated in equities, the advisor's role was primarily that of a stockbroker. When we launched the country's first open investment platform, we democratized access to products and led a structural transformation of the Brazilian market, going far beyond what traditional financial institutions offered. This shift required a new generation of advisors, with a broader portfolio perspective and the ability to build comprehensive allocations, integrating fixed income, funds, international products, and different strategies.

In recent years this evolution has taken a meaningful step: advisors are increasingly serving as full financial planners, integrating asset allocation, financial planning and wealth planning to provide a 360-degree view of a client's assets. Concurrently, we have expanded the available relationship models (transactional, fee-based, and RIA) so each client can choose the interaction and compensation model that best aligns with their goals.

We consistently invest in training, tools, data and technology to support this transformation. Strengthening the advisor's role deepens client relationships, enhances service quality and reinforces our model's long-term sustainability.

Technology and AI as levers to empower the advisor

Technology is a core strategic pillar and a key enabler of our model. We invest to strengthen security, improve asset allocation quality, deepen client relationships, and gain scale and productivity.

Artificial intelligence occupies a clearly defined role in this strategy: empowering the investment advisor. We deploy AI to strengthen both client relationships and the advisor's execution and analytical capabilities. This enables deeper personalization in client interactions, more effective prioritization of opportunities, and more sophisticated decision support for the advisor.

This vision reinforces our belief that AI will not replace the investment advisor or human relationships, but quite the opposite: it will be a multiplier of quality, consistency, and scale, enabling advisors to deliver better service to more clients, with governance and discipline.

Results in 2025: learnings, maturity, and execution

This continued pursuit of excellence across the client journey shaped how we ran our business over the past year. In 2025, we advanced our key operating KPIs and financial results. We reached approximately R$1.5 trillion in assets under custody (AUC), revenues grew 8%, and net income and EPS also grew 15% and 18%, respectively. We recognize that 2025 was a challenging year for revenue growth, mainly due to a more conservative mix, with shorter investment duration and lower market activity.

Furthermore, recent challenges have strengthened our governance, enhanced our controls, and better positioned XP for the future. This ability to learn and recalibrate our course is an essential attribute of sound institutions and has always been part of our DNA.

In this context, I reaffirm my commitment -- and that of our entire team -- to make XP better every day and to consistently place our clients at the center of every decision. I am convinced that this mindset, together with the progress we have made on our excellence agenda, kept us on a consistent growth trajectory even amid challenges.

I would like to underscore the strength of our ecosystem in enabling this achievement. The Wholesale Bank's performance was among our key highlights of the year. In just five years, we have built one of Brazil's most relevant franchises, with a meaningful presence in Corporate and Investment Banking. In 2025, this business evolved markedly -- supporting institutional and corporate clients while simultaneously strengthening retail through an expanded product offering and improved liquidity. The integration between wholesale and retail is a core competitive advantage of our model, and it became increasingly evident over the course of the year.

Capital: discipline and smart allocation

We maintained a disciplined approach to capital management, balancing growth investments with robust capital levels and consistent shareholder returns. Our priority is to allocate capital intelligently, preserving flexibility across cycles and ensuring long-term sustainability. We enter 2026 with a temporarily elevated capital base, which will be optimized throughout the year.

Positioning for the next cycle: innovation and strengthening the core business

Looking ahead, we remain focused on continuous innovation and further strengthening our core business through our strategy, which continues to be anchored on three major pillars: i) Leadership in investments, ii) Complementary Retail Offering, and iii) Wholesale Bank.

We are investing in expanding our sales force, evolving our client platform, and enhancing our actions in technology, marketing, and banking, always with the goal of raising service levels, efficiency, and engagement throughout the investor journey.

At the same time, we continue to make meaningful investments to further strengthen our Wholesale Bank. These investments will allow us to address opportunities in the SME segment, as well as in credit, where we see significant potential for sustainable growth, supported by risk discipline and strong integration with the rest of the ecosystem.

Legacy and culture

This year marks our 25th anniversary. A quarter-century of entrepreneurship and transformation in Brazil's financial market that only became possible thanks to a strong culture anchored in four core values that are non-negotiable for us: client focus, dream big, open mind, and an entrepreneurial spirit. It is this culture, lived every day, that enables us to have strong and ambitious teams building XP daily.

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February 12, 2026 16:15 ET (21:15 GMT)