Financial Data and Key Metrics Changes - Client assets reached BRL 1.22 trillion, a 9% year-over-year growth [12] - Gross revenues totaled BRL 18 billion, reflecting a solid 15% growth year-over-year [12] - EBT grew by 26% year-over-year, reaching BRL 5 billion [13] - Adjusted net income for Q4 2024 was BRL 1.2 billion, with a total of BRL 4.5 billion for the full year, representing a 17% expansion year-over-year [13] - ROTE was 28.7% for 2024, a 376 basis points increase compared to 2023 [13] - Adjusted diluted EPS grew by 16% during the year [14] Business Line Data and Key Metrics Changes - Retail revenue posted BRL 11.791 billion, a 14% growth in 2024 [56] - Fixed income revenue achieved BRL 3.447 billion for the full year, marking a 49% growth [56] - Corporate and issuer services revenue reached BRL 2.289 billion, a 45% growth year-over-year [58] - Life insurance written premium grew by 44% for the full year [35] - Retail credit NII posted 79% growth year-over-year, marking BRL 81 million in revenues for Q4 [38] Market Data and Key Metrics Changes - Net new money in retail reached BRL 20 billion per quarter, with a total of BRL 103 billion for the full year, representing a 45% growth [20] - The corporate credit market share reached over 50% in secondary trading [41] - XP's market share in institutional broker-dealer services was 16% by the end of 2024 [42] Company Strategy and Development Direction - The company aims to enhance its service quality, product innovation, and sales channel expansion while maintaining strict cost control [10] - A focus on cross-selling initiatives and expanding the advisor network is emphasized for future growth [20][30] - The strategy includes leveraging technology to improve advisor productivity and client engagement [26][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving 2026 guidance, with expectations for continued growth in net new money and revenue [15][82] - The company anticipates a double-digit growth in AUC and revenues, supported by fixed income and new verticals [48][49] - Management acknowledged the competitive landscape with banks but indicated that they have developed strategies to compete effectively [104] Other Important Information - The company distributed BRL 2 billion in dividends and has an ongoing share buyback program [71] - The efficiency ratio improved to 34.7%, reflecting better cost management [64] - The capital management strategy aims for a BIS ratio between 16% and 19% [73][124] Q&A Session Summary Question: Capital or BIS ratio increase - Management explained that the increase in risk-weighted assets was primarily due to market risk and the expansion of the corporate securities book [96] Question: Internal advisors' efficiency - Management clarified that internal advisors are more productive due to better management and technology support compared to IFAs [92][93] Question: Competition with banks and regulation - Management noted that while banks have advantages, they have developed competitive products and strategies to mitigate these challenges [104][105] Question: Balance sheet and market-to-market impacts - Management explained that the market-to-market impact was related to government bonds and not the warehouse books [113] Question: Capital generation and payout ratio - Management confirmed that they expect to maintain a payout ratio of more than 50% while managing capital growth effectively [122][124]

4Q24 Earnings Presentation Important Disclosure 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 ...

Group 1: Earnings Performance - XP Inc.A reported quarterly earnings of $0.38 per share, missing the Zacks Consensus Estimate of $1.39 per share, and down from $0.42 per share a year ago, representing an earnings surprise of -72.66% [1] - The company posted revenues of $767.81 million for the quarter ended December 2024, surpassing the Zacks Consensus Estimate by 5.85%, but down from year-ago revenues of $816.83 million [2] - Over the last four quarters, XP Inc.A has not been able to surpass consensus EPS estimates [2] Group 2: Stock Performance and Outlook - XP Inc.A shares have increased approximately 24.4% since the beginning of the year, compared to the S&P 500's gain of 4% [3] - The company's earnings outlook is crucial for investors, as it includes current consensus earnings expectations for upcoming quarters and any recent changes to these expectations [4] - The current consensus EPS estimate for the coming quarter is $0.37 on revenues of $739.94 million, and for the current fiscal year, it is $5.60 on revenues of $3.1 billion [7] Group 3: Industry Context - The Zacks Industry Rank for Financial - Miscellaneous Services is currently in the top 24% of over 250 Zacks industries, indicating a favorable outlook for the industry [8] - Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact stock performance [5] - The estimate revisions trend for XP Inc.A is currently unfavorable, resulting in a Zacks Rank 4 (Sell) for the stock, suggesting it may underperform the market in the near future [6]

EXHIBIT 99.1 XP Inc. Reports Fourth Quarter 2024 Results São Paulo, Brazil, February 18, 2025 – 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 fourth quarter of 2024. To our shareholders, As we close out 2024, I want to begin this message by expressing my gratitude to all our clients, employees, and investors for the trust you have placed in XP Inc ...

Core Insights - The article emphasizes the importance of insightful analysis on foreign equities, particularly in emerging markets, to facilitate informed investment decisions [1]. Group 1 - The author has a beneficial long position in the shares of ITUB and BBD, indicating a personal investment interest in these companies [2]. - The analysis aims to provide a comprehensive understanding of market dynamics and investment opportunities within the context of emerging markets [1]. Group 2 - The article does not provide specific financial data or performance metrics related to the companies mentioned [3].

Financial Data and Key Metrics Changes - Gross revenues grew 17% year-over-year, reaching BRL13.3 billion for the nine months of 2024 [2] - EBT posted a 25% growth year-over-year, delivering BRL3.7 billion [2] - Net income reached BRL3.3 billion, expanding 17% year-over-year, with a record high of almost BRL1.2 billion in the quarter at a 27.5% margin [2][46] - ROTE increased to 28.4%, up 258 basis points year-over-year [3][53] - EPS reached BRL2.18 per share, marking an 11% increase year-over-year [53] Business Line Data and Key Metrics Changes - Retail revenue posted BRL3,494 million, a 15% growth in nine months 2024, and 10% growth year-over-year [36] - Fixed income revenue saw a 56% growth in nine months 2024 against nine months 2023, and 31% growth year-over-year [36] - Corporate and issuer services revenue reached BRL552 million in the quarter, representing a 58% growth in nine months 2024 [38] - Corporate securities achieved BRL23 billion, a 79% growth year-over-year [26] Market Data and Key Metrics Changes - The company reached BRL31 billion in net new money for the quarter, representing a 124% growth year-over-year [8] - The retail segment contributed BRL25 billion of the net new money, indicating strong performance in retail investments [9] - The company maintained a 50% market share in secondary trading, positioning itself as the market leader [25] Company Strategy and Development Direction - The company aims to become a leader in investments, focusing on retail and private banking segments [8][14] - Transitioning from a product distribution firm to a service provider is key for differentiation in the market [14] - The strategy includes enhancing the product platform, expanding the sales force, and improving service offerings [56] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in meeting the 2026 guidance, citing strong execution and growth levers [5][55] - The company anticipates continued strong demand for fixed-income products and a robust DCM pipeline [88] - Management highlighted the importance of capital discipline and efficient operations to maintain competitive advantage [5][48] Other Important Information - The company announced an additional BRL3 billion for dividends and share buybacks, aiming for a payout ratio above 50% until 2026 [4][52] - The efficiency ratio reached a record low of 35%, indicating improved operational efficiency [42] Q&A Session Summary Question: Increase in advisors and profitability guidance - Management confirmed that 300 out of 400 new hires were B2C advisors, with regulatory changes affecting total advisor counts [62] - Long-term profitability is expected to be in the mid-to-high 20s for ROE [64] Question: Capital allocation and RWA growth - Management indicated operational leverage in RWA numbers, with expectations of 50% or more payout in the next two years [70] Question: Orders decrease and one-off events - A one-off event related to bond tendering affected the other revenue line, but average levels are expected to return [75] Question: Fixed-income revenue growth sustainability - Management expects continued strong performance in fixed-income due to high demand and a robust pipeline [88] Question: Competition from large banks - Management acknowledged increased competition but emphasized the company's unique value proposition and strong client satisfaction [126]

Financial Performance - XP Inc. reported total revenue of $322 million for the three and nine months ended September 30, 2024, reflecting a significant increase compared to the previous periods[1]. - Operating expenses for the same period were reported at $324 million, indicating a rise in operational costs[2]. - Earnings per share (EPS) for the quarter were reported at $3.26, both basic and diluted, showcasing strong profitability[3]. - Net revenue from services rendered for the nine months ended September 30, 2024, was R$5,512,945, compared to R$4,651,223 for the same period in 2023, reflecting an increase of 18.5%[14]. - Total revenue and income for the three months ended September 30, 2024, reached R$4,318,808, a slight increase from R$4,131,920 in the previous year, marking a growth of 4.5%[14]. - Net income for the period was R$3,334,094 for the nine months ended September 30, 2024, compared to R$2,859,377 in 2023, indicating a rise of 16.6%[14]. - The company reported a total comprehensive income for the period of R$2,702,617 for the nine months ended September 30, 2024, down from R$3,080,694 in 2023, a decrease of 12.3%[14]. - The total income before taxes for the nine months ended September 30, 2024, was R$3,684,593, compared to R$2,941,219 for the same period in 2023, indicating a year-over-year increase of 25.2%[139]. - The Group's net income attributable to owners for the nine months ended September 30, 2024, was R$3,333,203, reflecting a 16.6% increase from R$2,856,525 in the same period of 2023[181]. - Total net revenue for the nine months ended September 30, 2024, reached R$12,590,922, up 16.5% from R$10,814,533 in the prior year[168]. Investments and Acquisitions - The company has made investments in associates and joint ventures amounting to $212 million, highlighting its commitment to strategic partnerships[4]. - The acquisition of Banco Modal S.A. was completed on July 1, 2023, with a total consideration of R$ 2,097,326 and goodwill of R$ 1,336,092 attributed to the workforce and profitability[54]. - The Group recorded a total fair value consideration of R$ 834,743 for minority stake acquisitions in Monte Bravo, Blue3, and Ável, including preliminary goodwill of R$ 537,671[55]. - In July and August 2024, the Group acquired minority interests in two IFAs for a total consideration of R$ 324,503, with R$ 234,507 attributed to preliminary goodwill[56]. - The company issued 18,717,771 Class A common shares valued at R$ 2,097,326 to acquire 100% of Banco Modal's shares on July 1, 2023[143]. Financial Position - Total assets increased to R$316,399,799 as of September 30, 2024, up from R$249,040,678 at December 31, 2023, representing a growth of 27%[11]. - Financial liabilities rose to R$228,017,751 as of September 30, 2024, from R$171,237,146 at December 31, 2023, an increase of 33%[13]. - Total equity attributable to owners of the Parent company increased to R$21,353,091 as of September 30, 2024, from R$19,449,352 at December 31, 2023, reflecting an increase of 9.8%[13]. - Total equity as of September 30, 2024, reached R$21,357,696 thousand, up from R$20,023,201 thousand as of September 30, 2023, reflecting a growth of 6.7%[16]. - The company reported total borrowings of R$ 6,229,937, an increase from R$ 5,534,081 as of December 31, 2023, representing a growth of approximately 12.6%[123]. Cash Flow and Liquidity - Cash flow from operations was reported at $430 million, demonstrating strong liquidity and operational efficiency[7]. - Cash from operations for the nine months ended September 30, 2024, was R$8,072,743 thousand, compared to R$4,416,060 thousand in 2023, indicating a significant increase of 83.5%[18]. - The total cash and cash equivalents at the end of the period on September 30, 2024, were R$11,437,817 thousand, compared to R$6,689,511 thousand at the end of September 2023, marking an increase of 71.5%[18]. Risk Management - The management emphasized the importance of financial risk management and the implementation of new financial instruments to mitigate risks[9]. - XP Inc. aims to neutralize risks associated with interest rate and foreign exchange fluctuations through various hedging strategies, including future contracts and structured notes[90]. - The Group's risk management structure focuses on minimizing adverse effects from financial market unpredictability, utilizing derivative financial instruments for risk mitigation[192]. Shareholder Actions - The company repurchased 12,650,574 shares under its buy-back programs, totaling R$1.2 billion (approximately US$240 million), with an average purchase price of US$19.00 per share[28]. - The company canceled 31,267,095 Class A shares on April 5, 2023, which was 5.6% of total issued shares at that time, reducing the total from 560,534,012 to 529,266,917[150]. - The company has not declared or paid dividends for the nine months ended September 30, 2024, compared to R$ 1,577,622 in the same period of 2023[154]. Operational Highlights - The company is focusing on market expansion and new product development, aiming to enhance its competitive edge in the industry[6]. - The company is actively pursuing technological advancements to improve its product line and customer experience[10]. - The Group's revenue and performance are monitored as a single operating segment, with financial data reviewed on a combined basis[63]. Compliance and Standards - The review of the financial statements was conducted under Brazilian and International Standards, indicating a thorough assessment of financial and accounting matters[6]. - No significant issues were identified that would suggest the financial statements are not materially prepared in accordance with IAS 34[7]. - The Group assessed the impacts of new accounting standards and concluded no significant effects on the interim financial statements[42].

Financial Data and Key Metrics - Total client assets increased by 14% YoY to BRL 1.2 trillion, with a re-acceleration in client net inflows [4] - Gross revenue reached BRL 4.5 billion, up 21% YoY, with EBITDA of BRL 1.4 billion, a 43% YoY increase, and net income of BRL 1.1 billion, with a margin of 26% [5] - Return on tangible equity (ROTE) was 27.2%, the highest in the past two and a half years, and EPS for Q2 2024 was BRL 2.03, a 10% YoY increase [6] - Last 12 months (LTM) gross revenue reached BRL 17.4 billion, with a 25% CAGR, and LTM EBITDA margin expanded to 28.1%, up 180 bps YoY [7] Business Line Performance - Retail investments saw BRL 32 billion in net new money, with BRL 24 billion from retail, nearly doubling QoQ [8] - The company has 18.3 thousand advisors, an 11% YoY increase, and 4.6 million active clients, up 16% YoY [4][5] - Insurance business grew 52% YoY, with total written premiums reaching BRL 307 million, and retirement plans grew 18% YoY [11] - Corporate and SMB client base grew 22% YoY, with corporate gross revenue growing at a 50% CAGR over the last 12 months [12] Market Performance - The company improved its ranking in derivatives from 10th to 5th over the last two years and in FX from 41st to 16th over the last four years [12] - Corporate & Issuer Services revenue reached an all-time high of BRL 629 million, up 122% YoY, with Issuer Services revenue growing 145% YoY to BRL 384 million [18] Strategy and Industry Competition - The company is transitioning from a product distribution firm to a service provider, focusing on financial planning and quality initiatives [10] - XP is leveraging its bank ecosystem to lower costs and increase capital efficiency, with plans to complete corporate restructuring by the end of the year [14] - The company aims to expand its EBITDA margin to 30%-34% by 2026 through new products and strict cost control [15] Management Commentary on Operating Environment and Future Outlook - Management expects improving results in the second half of the year, driven by growth levers and strict cost control [6] - The company is confident in delivering its 2026 guidance, with a focus on distribution channel diversification and sales force expansion [25] - Management highlighted the importance of net new money as a key KPI for future growth, despite its limited correlation with short-term revenue [42] Other Important Information - The company completed a share buyback in Q2 2024, aligning with its capital return plan to create shareholder value [6] - XP launched a Corporate Digital Account in August and plans to launch Trade Finance soon, reinforcing cross-sell opportunities [12] - The company achieved its best efficiency ratio since IPO at 36.1%, with SG&A ex-incentives reaching BRL 1.4 billion, flat QoQ [20][21] Q&A Session Summary Question: Net inflows and headcount growth [26] - Management attributed the strong net inflows to organic growth and the maturation of business levers, expecting good levels of retail net new money going forward [27] - Headcount growth was driven by the hiring of internal advisors and an internship program, with around 80-100 internal advisors hired per month [28] Question: Cyclical factors impacting net inflows [30] - Management emphasized that the improvement in net inflows was due to multiple factors, including product diversification and market conditions, rather than a single cyclical event [31] Question: Sustainable level of net new money and tax rate increase [33] - Management clarified that the normalized level of net new money is around BRL 20 billion, with expectations to return to higher levels in the future [34] - The increase in the effective tax rate was due to revenue mix, particularly from higher-tax businesses like Corporate & Issuer Services [36] Question: Distribution capabilities and corporate growth [37] - Management highlighted the integration between DCM and retail distribution as a key driver of net new money, with a focus on diversified products [38][39] - Corporate growth was attributed to the introduction of new products like derivatives and FX, with cross-selling opportunities driving future growth [40] Question: Revenue outlook and EBITDA margin sustainability [41] - Management expects the second half of the year to be better than the first half, with revenue and net income improving towards the 2026 guidance [46] - The EBITDA margin improvement is sustainable, with a focus on eliminating quarter-over-quarter variances through business mix optimization [43] Question: Impact of regulatory changes and interest rates on net inflows [48] - Management acknowledged the positive impact of regulatory changes and interest rate reductions but emphasized that multiple factors contributed to the net inflow growth [49] Question: Credit card business and loan book decline [50][52] - Management outlined plans to improve credit card penetration and benefits, targeting eligible clients and introducing new features like miles points [51] - The decline in the loan book was due to securitization and risk recycling, with no deterioration in asset quality [53][55] Question: Cost control and loan book recycling [52][54] - Management attributed the impressive cost control to operational leverage and the ability to scale without increasing costs [53] - The loan book recycling initiative is new and aims to create instruments for risk recycling while providing new products to retail clients [54][55]

Core Insights - XP Inc.A reported quarterly earnings of $0.39 per share, missing the Zacks Consensus Estimate of $0.40 per share, representing an earnings surprise of -2.50% [1] - The company posted revenues of $809.53 million for the quarter ended June 2024, exceeding the Zacks Consensus Estimate by 3.10% and showing an increase from $717.1 million year-over-year [2] - XP Inc.A shares have declined approximately 30.8% year-to-date, contrasting with the S&P 500's gain of 12.1% [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.42 on revenues of $818.36 million, and for the current fiscal year, it is $1.66 on revenues of $3.26 billion [7] - The estimate revisions trend for XP Inc.A is mixed, leading to a Zacks Rank 3 (Hold), indicating expected performance in line with the market [6] Industry Context - The Financial - Miscellaneous Services industry, to which XP Inc.A belongs, is currently ranked in the top 34% of over 250 Zacks industries, suggesting a favorable outlook compared to lower-ranked industries [8] - Stronghold Digital Mining, Inc., another company in the same industry, is expected to report a quarterly loss of $0.41 per share, reflecting a year-over-year change of +82.9% [9]

XP Inc. Unaudited interim condensed consolidated financial statements for the three months period ended March 31, 2024 Exhibit 99.1 XP Inc. | --- | |------------------------------------| | | | | | | | Interim condensed consolidated | | financial statements at | | March 31, 2024 | | 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 balan ...