\n | \n\n 2Q21<\/b><\/p>\n<\/td>\n | \n 2Q20<\/b><\/p>\n<\/td>\n | \n YoY<\/b><\/p>\n<\/td>\n | \n 1Q21<\/b><\/p>\n<\/td>\n | \n QoQ<\/b><\/p>\n<\/td>\n<\/tr>\n\n| Operating and Financial Metrics (unaudited)<\/b><\/td>\n | | \n | \n | \n | \n | <\/tr>\n \n| AUC (in R$ bn)<\/td>\n | \n \n817\n<\/p>\n<\/td>\n | \n \n436\n<\/p>\n<\/td>\n | \n 88%<\/i><\/p>\n<\/td>\n | \n \n715\n<\/p>\n<\/td>\n | \n 14%<\/i><\/p>\n<\/td>\n<\/tr>\n\n| Active clients (in ‘000s)<\/td>\n | \n \n3,140\n<\/p>\n<\/td>\n | \n \n2,360\n<\/p>\n<\/td>\n | \n 33%<\/i><\/p>\n<\/td>\n | \n \n2,993\n<\/p>\n<\/td>\n | \n 5%<\/i><\/p>\n<\/td>\n<\/tr>\n\n| Retail \u2013 gross total revenues (in R$ mn)<\/td>\n | \n \n2,452\n<\/p>\n<\/td>\n | \n \n1,475\n<\/p>\n<\/td>\n | \n 66%<\/i><\/p>\n<\/td>\n | \n \n2,088\n<\/p>\n<\/td>\n | \n 17%<\/i><\/p>\n<\/td>\n<\/tr>\n\n| Institutional \u2013 gross total revenues (in R$ mn)<\/td>\n | \n \n375\n<\/p>\n<\/td>\n | \n \n333\n<\/p>\n<\/td>\n | \n 13%<\/i><\/p>\n<\/td>\n | \n \n294\n<\/p>\n<\/td>\n | \n 27%<\/i><\/p>\n<\/td>\n<\/tr>\n\n| Issuer Services \u2013 gross total revenues (in R$ mn)<\/td>\n | \n \n255\n<\/p>\n<\/td>\n | \n \n65\n<\/p>\n<\/td>\n | \n 293%<\/i><\/p>\n<\/td>\n | \n \n234\n<\/p>\n<\/td>\n | \n 9%<\/i><\/p>\n<\/td>\n<\/tr>\n\n| Digital Content \u2013 gross total revenues (in R$ mn)<\/td>\n | \n \n29\n<\/p>\n<\/td>\n | \n \n46\n<\/p>\n<\/td>\n | \n -35%<\/i><\/p>\n<\/td>\n | \n \n23\n<\/p>\n<\/td>\n | \n 30%<\/i><\/p>\n<\/td>\n<\/tr>\n\n| Other \u2013 gross total revenues (in R$ mn)<\/td>\n | \n \n88\n<\/p>\n<\/td>\n | \n \n123\n<\/p>\n<\/td>\n | \n -28%<\/i><\/p>\n<\/td>\n | \n \n145\n<\/p>\n<\/td>\n | \n -39%<\/i><\/p>\n<\/td>\n<\/tr>\n\n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Company Financial Metrics<\/b><\/td>\n | | \n | \n | \n | \n | <\/tr>\n \n| Gross revenue (in R$ mn)<\/td>\n | \n \n3,200\n<\/p>\n<\/td>\n | \n \n2,041\n<\/p>\n<\/td>\n | \n 57%<\/i><\/p>\n<\/td>\n | \n \n2,784\n<\/p>\n<\/td>\n | \n 15%<\/i><\/p>\n<\/td>\n<\/tr>\n\n| Net Revenue (in R$ mn)<\/td>\n | \n \n3,018\n<\/p>\n<\/td>\n | \n \n1,921\n<\/p>\n<\/td>\n | \n 57%<\/i><\/p>\n<\/td>\n | \n \n2,628\n<\/p>\n<\/td>\n | \n 15%<\/i><\/p>\n<\/td>\n<\/tr>\n\n| Gross Profit (in R$ mn)<\/td>\n | \n \n2,127\n<\/p>\n<\/td>\n | \n \n1,342\n<\/p>\n<\/td>\n | \n 59%<\/i><\/p>\n<\/td>\n | \n \n1,787\n<\/p>\n<\/td>\n | \n 19%<\/i><\/p>\n<\/td>\n<\/tr>\n\n| Gross Margin<\/td>\n | \n \n70.5%\n<\/p>\n<\/td>\n | \n \n69.8%\n<\/p>\n<\/td>\n | \n 63 bps<\/i><\/p>\n<\/td>\n | \n \n68.0%\n<\/p>\n<\/td>\n | \n 247 bps<\/i><\/p>\n<\/td>\n<\/tr>\n\nAdjusted EBITDA1<\/sup> (in R$ mn)<\/td>\n| \n \n1,245\n<\/p>\n<\/td>\n | \n \n704\n<\/p>\n<\/td>\n | \n 77%<\/i><\/p>\n<\/td>\n | \n \n1,043\n<\/p>\n<\/td>\n | \n 19%<\/i><\/p>\n<\/td>\n<\/tr>\n\n| Adjusted EBITDA margin<\/td>\n | \n \n41.3%\n<\/p>\n<\/td>\n | \n \n36.6%\n<\/p>\n<\/td>\n | \n 463 bps<\/i><\/p>\n<\/td>\n | \n \n39.7%\n<\/p>\n<\/td>\n | \n 159 bps<\/i><\/p>\n<\/td>\n<\/tr>\n\nAdjusted Net Income1<\/sup> (in R$ mn)<\/td>\n| \n \n1,034\n<\/p>\n<\/td>\n | \n \n565\n<\/p>\n<\/td>\n | \n 83%<\/i><\/p>\n<\/td>\n | \n \n846\n<\/p>\n<\/td>\n | \n 22%<\/i><\/p>\n<\/td>\n<\/tr>\n\n| Adjusted Net Margin<\/td>\n | \n \n34.2%\n<\/p>\n<\/td>\n | \n \n29.4%\n<\/p>\n<\/td>\n | \n 485 bps<\/i><\/p>\n<\/td>\n | \n \n32.2%\n<\/p>\n<\/td>\n | \n 207 bps<\/i><\/p>\n<\/td>\n<\/tr>\n\n| (1) See appendix for a reconciliation of Adjusted Net Income and Adjusted EBITDA<\/td>\n<\/tr>\n<\/table>\n Operational Performance<\/b><\/p>\n Credit Portfolio1<\/sup> (in R$ bn)<\/b><\/p>\n\nOur Credit portfolio reached R$6.8 billion<\/b> as of June 30, 2021, a 43% increase quarter-over-quarter. The duration of our credit book was 3.5 years<\/b>, with a 90-day Non-Performing Loan (NPL) ratio of 0.0%<\/b>.\n<\/p>\n \n\u00b9This portfolio does not include Credit Card related loans and receivables\n<\/p>\n Credit Card TPV (in R$ bn)<\/b><\/p>\n \n2Q21 was the first full quarter since officially launching our credit card. For the quarter, we generated R$2.1 billion<\/b> of TPV (Total Payment Value), a growth of 316% quarter-over-quarter, reinforcing the power of XP\u2019s comprehensive platform.\n<\/p>\n Assets Under Custody (in R$ bn)<\/b><\/p>\n \nTotal AUC reached R$817 billion at June 30, up 88% year-over-year<\/b> and 14% quarter-over-quarter. Year-over-year growth was driven by R$298 billion of net inflows and R$83 billion of market appreciation. Our growth reinforces the strength and resiliency of our business model, distribution capabilities, product offerings, innovation and culture.\n<\/p>\n Net Inflows (in R$ bn)<\/b><\/p>\n \nNet Inflows were up 9% quarter-over-quarter<\/b>, and 159% year-over-year<\/b>. Flows were strong across all channels and brands, including over R$30 billion concentrated equity inflows at XP Private, awarded by Euromoney as Latin America\u2019s best bank for wealth management 2021.\n<\/p>\n Active Clients (in 000\u2019s)<\/b><\/p>\n \nActive clients grew 33%<\/b> and 5% in 2Q21 vs 2Q20 and 1Q21, respectively. Average monthly client additions decreased to 49,000 in 2Q21 from 72,000 in 1Q21, primarily reflecting slower activation at Clear, following lower market trading volumes, specifically futures.\n<\/p>\n IFA Network Gross Adds<\/b><\/p>\n \nIFA Network gross additions totaled 1,198 <\/b>in 2Q21, up 165% year-over-year <\/b>and 31% quarter-over-quarter<\/b>.\n<\/p>\n Retail DATs\u00b9 (mn trades)<\/b><\/p>\n \n\u00b9Daily Average Trades, including Stocks, REITs, Options and Futures\n<\/p>\n \nDATs totaled 2.7 million in 2Q21, a decline of 18% on a sequential basis following a decline in B3 traded volume versus a strong 1Q21, when futures volumes reached record highs. Despite the intense volatility and activity during 2Q20, attributable to the Covid-19 outbreak, total DATs were stable on a year-over-year basis.\n<\/p>\n Net Promoter Score (NPS)<\/b><\/p>\n \nOur NPS, a widely known survey methodology used to measure customer satisfaction, was 76<\/b> in June 2021, reflecting our ongoing efforts to provide superior customer service at a lower cost. Maintaining a high NPS score remains a priority for XP since our business model is built around client experience. The NPS calculation as of a given date reflects the average scores in the prior six months.\n<\/p>\n 2Q21 Revenue Breakdown<\/b><\/p>\n Total Gross Revenue (in R$ mn)<\/b><\/p>\n \nTotal Gross Revenue reached an all-time high, driven revenue diversification and growth in different business channels, increasing 57% from R$2.0 billion in 2Q20 to R$3.2 billion in 2Q21, reinforcing the strength of our business model. The increase was mainly driven by strong growth in (i) the Retail business, which contributed with 84% of the growth year-over-year, (ii) Institutional business, with the best quarter recorded so far \u2013 contributing with 19% of the growth quarter-over-quarter \u2013 and (iii) Issuer Services, which contributed with 16% of the growth year-over-year. Regarding products, Fixed Income activity was intense in both Retail and Institutional, benefiting from the recent interest rates increase in Brazil.\n<\/p>\n Retail<\/b><\/p>\n Retail Revenue (in R$ mn)<\/b><\/p>\n \nRetail revenue grew 66% from R$1.5 billion in 2Q20 to R$2.5 billion in 2Q21. Revenue generation was resilient despite stable volumes in DATs, which reinforces the importance of our diversified and comprehensive platform, with suitable products for different economic cycles and client\u2019s demands. Increases in structured operations distribution, fixed income secondary volumes and primary market activity more than offset the steady trading volume in equities and futures.\n<\/p>\n \nIn 2Q21, Retail-related revenues represented 82% of consolidated Net Income from Financial Instruments, as per the Accounting Income Statement, and were composed of Derivatives with Retail Clients, Fixed Income secondary transactions, and Floating, among others.\n<\/p>\n LTM Take Rate (LTM Retail Revenue \/ Average AUC)<\/b><\/p>\n \nThe take rate for the last twelve months ended June 30, 2021 remained stable compared to the comparable period a year ago. Our ability to add new products and services in the platform – such as credit cards and credit – coupled with diversified revenue profile, could keep our take rate stable, despite strong AUC growth during the period, pricing reductions in online brokerage in 3Q20 and modest contributions from performance fees in the 2Q21. The resilience in the take rate reinforces the power of the ecosystem and ongoing product development, positioning XP as the one of the main beneficiaries of the ongoing financial deepening in Brazil.\n<\/p>\n \nNote: LTM Take Rate (LTM Retail Revenue \/ Average AUC). Average AUC = (Sum of AUC from the beginning of period and each quarter-end in a given year, being 5 data points in one year)\/5\n<\/p>\n Institutional<\/b><\/p>\n Institutional Revenue (in R$ mn)<\/b><\/p>\n \nInstitutional gross revenue totaled R$375 million in the 2Q21, up 13% from R$333 million in 2Q20. Fixed Income activity was strong – benefiting from recent increases in interest rates in Brazil – driving the channel to record its best quarter so far, despite high equity trading volumes in 2Q20.\n<\/p>\n \nIn 2Q21, Institutional revenue accounted for 12% of consolidated Net Income from Financial Instruments, as per the Accounting Income Statement, and was composed mostly of Fixed Income secondary transactions and Derivatives, among others.\n<\/p>\n Issuer Services<\/b><\/p>\n Issuer Services Revenue (in R$ mn)<\/b><\/p>\n \nIssuer Services revenue expanded 293% year-over-year<\/b> from R$65 million in 2Q20, negatively impacted by the Covid-19 outbreak, to R$255 million in 2Q21. This increase was driven by (1) Equity Capital Markets (ECM), with 8 executed deals vs 2 in 2Q20, and (2) our Debt Capital Markets (DCM) division, with participation in 62 deals vs 22 in 2Q20. Going forward, XP will remain committed to further developing Capital Markets in Brazil as one of the company\u2019s main strategies.\n<\/p>\n \nIn 2021, XP ranked #1 in REITs, CRA (agribusiness certificate of receivable) and CRI (real-state certificate of receivable).\n<\/p>\n Digital Content and Other<\/b><\/p>\n Digital Content Revenue<\/b><\/p>\n \nGross revenue totaled R$29 million in 2Q21, down 35% from R$46 million in 2Q20. Our digital content plays an important role in educating Brazilians and making them more proficient in financial products and services. It also enhances client\u2019s relationships and attracts new clients that grow our retail platform. 2Q21 trends remained pressured by the absence of in-person events and courses.\n<\/p>\n Other Revenue<\/b><\/p>\n \nOther revenue decreased 28% in 2Q21 vs. 2Q20, from R$123 million to R$88 million, mainly driven by lower results from our asset and liability management due to fewer arbitrage opportunities in the period \u2013 in connection with a lower sovereign bonds assets volume in our balance sheet.\n<\/p>\n \nIn 2Q21, other revenue accounted for 6% of consolidated Net Income from Financial Instruments, as per the Accounting Income Statement, composed mostly of interest on adjusted gross cash and results related to our asset and liability management.\n<\/p>\n COGS<\/b><\/p>\n \nCOGS rose 54% from R$579 million in 2Q20 to R$891 million in 2Q21, following the expansion in overall Retail Revenues. The gross margin expanded 63 bps, from 69.8% to 70.5% mainly due to channel mix shifts, and despite the impact of long-term incentives paid to the IFA network.\n<\/p>\n SG&A Expenses<\/b><\/p>\n \nSG&A expenses (excluding share-based compensation) totaled R$900 million in 2Q21, up 41% from R$638 million in 2Q20. Despite growing our headcount by 53% year-over-year, continuously investing in technology and new verticals, and deploying new products, we increased efficiency, reducing expenses as a percentage of net revenue by 340 bps.\n<\/p>\n Share-Based Compensation (in R$ mn) <\/b><\/p>\n \nThrough 2Q21, we have granted approximately half of the current approved program authorizing dilution of up to 5%. Expenses related to the program remained steady compared to 1Q21. We expect to use the approved dilution as originally planned: within five years from the IPO. A portion of Share-Based Compensation is related to IFAs and allocated in COGS.\n<\/p>\n Adjusted EBITDA\u00b9<\/b><\/p>\n \n\u00b9 See appendix for a reconciliation of Adjusted EBITDA.\n<\/p>\n \nAdjusted EBITDA grew 77%, from R$704 million to R$1,245 million and margins expanded from 36.6% to 41.3%, a result of a scalable business model, with significant cross-sell and operating leverage opportunities. Operating leverage benefits as we increase penetration of sophisticated financial products in our client base, which still is currently low. The main drivers in the Adjusted EBITDA growth and margin expansion were: (1) top-line expansion, mainly coming from Retail; (2) lower COGS as a percentage of Net Revenues, and consequently higher gross margins and (3) operating leverage in SG&A.\n<\/p>\n Adjusted Net Income\u00b9<\/b><\/p>\n \nAdjusted Net Income grew 83%, from R$565 million in 2Q20 to R$1,034 million in 2Q21, in connection with the factors explained in the Adjusted EBITDA plus a lower effective tax rate. Our effective tax rate decreased from 11.4% in the 2Q20 to 7.1% in 2Q21, mainly due to our current revenue and expense mix across subsidiaries. Our Adjusted Net Margin expanded by 485 bps to 34.2% in 2Q21.\n<\/p>\n \n\u00b9 See appendix for a reconciliation of Adjusted Net Income.\n<\/p>\n Cash flow<\/b><\/p>\n (in R$ mn) <\/b><\/p>\n\n\n | \n | \n | \n\n 2Q21<\/b><\/p>\n<\/td>\n | \n 1Q21<\/b><\/p>\n<\/td>\n | \n 2Q20<\/b><\/p>\n<\/td>\n<\/tr>\n\n| Cash Flow Data<\/b><\/td>\n | | \n | \n | \n | \n | <\/tr>\n \n| Income before income tax<\/td>\n | | \n | \n\n \n1,002\n<\/p>\n<\/td>\n | \n \n784\n<\/p>\n<\/td>\n | \n \n610\n<\/p>\n<\/td>\n<\/tr>\n | \n| Adjustments to reconcile income before income tax<\/td>\n | | \n | \n\n \n178\n<\/p>\n<\/td>\n | \n \n233\n<\/p>\n<\/td>\n | \n \n127\n<\/p>\n<\/td>\n<\/tr>\n | \n| Income tax paid<\/td>\n | | \n | \n\n \n(69)\n<\/p>\n<\/td>\n | \n \n(236)\n<\/p>\n<\/td>\n | \n \n(100)\n<\/p>\n<\/td>\n<\/tr>\n | \n| Contingencies paid<\/td>\n | | \n | \n\n \n(1)\n<\/p>\n<\/td>\n | \n \n(1)\n<\/p>\n<\/td>\n | \n \n(0)\n<\/p>\n<\/td>\n<\/tr>\n | \n| Interest paid<\/td>\n | | \n | \n\n \n(4)\n<\/p>\n<\/td>\n | \n \n(0)\n<\/p>\n<\/td>\n | \n \n(17)\n<\/p>\n<\/td>\n<\/tr>\n | \n| Changes in working capital assets and liabilities<\/td>\n | | \n | \n\n \n979\n<\/p>\n<\/td>\n | \n \n662\n<\/p>\n<\/td>\n | \n \n593\n<\/p>\n<\/td>\n<\/tr>\n | \n| Adjusted net cash flow (used in) from operating activities <\/b><\/td>\n | | \n | \n\n 2,086<\/b><\/p>\n<\/td>\n | \n 1,442<\/b><\/p>\n<\/td>\n | \n 1,212<\/b><\/p>\n<\/td>\n<\/tr>\n\n| Net cash flow (used in) from securities, repos, derivatives and banking activities<\/td>\n | | \n | \n\n \n(2,344)\n<\/p>\n<\/td>\n | \n \n(694)\n<\/p>\n<\/td>\n | \n \n(626)\n<\/p>\n<\/td>\n<\/tr>\n | \n| Net cash flows from operating activities <\/b><\/td>\n | | \n | \n\n (258)<\/b><\/p>\n<\/td>\n | \n 748<\/b><\/p>\n<\/td>\n | \n 586<\/b><\/p>\n<\/td>\n<\/tr>\n\n| Net cash flows from investing activities <\/b><\/td>\n | | \n | \n\n (1,248)<\/b><\/p>\n<\/td>\n | \n (550)<\/b><\/p>\n<\/td>\n | \n (92)<\/b><\/p>\n<\/td>\n<\/tr>\n\n| Net cash flows from financing activities <\/b><\/td>\n | | \n | \n\n 1,884<\/b><\/p>\n<\/td>\n | \n (26)<\/b><\/p>\n<\/td>\n | \n (95)<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nAs of June 30, 2021, we now classify (i) financial bills, foreign exchange portfolio and credit card operations as net cash (used in) from banking activities. (ii) the commissions and incentives to our IFA network as adjusted net cash flow from investing activities.\n<\/p>\n Net Cash Flow Used in Operating Activities<\/b><\/p>\n \nOur net cash flow used in Operating activities represented by Adjusted net cash flow (used in) from operating activities (which in management views as a more useful metric to track the intrinsic cash flow generation of the business) increased to R$2,086 million for 2Q21 from R$1,442 million in 1Q21, and from R$1,212 million in 2Q20 driven by:\n<\/p>\n \n- \nHigher balance of securities and derivatives that we hold in the ordinary course of our business as a Retail investment distribution platform and as an Institutional broker dealer (with respect to the sale of fixed income securities and structured notes);\n<\/li>\n
- \nOur strategy to allocate excess cash and cash equivalents from treasury funds, from Floating Balances and from private pension balances to securities and other financial assets. These balances may fluctuate substantially from quarter-to-quarter and were the key drivers to the net cash flow from operating activities figures;\n<\/li>\n
- \nIncreases in our banking activities from loans operations, deposits mainly derived from time deposits, structured operations certificates (COEs) and other financial liabilities which include financial bills as a result of our expected growth in new financials services verticals;\n<\/li>\n
- \nCombined with non-cash expenses consisting primarily of (i) share based plan of R$126 million in 2Q21 and R$24 million in 2Q20 and (ii) depreciation and amortization of R$58 million in 2Q21 and R$40 million in 2Q20, our income before tax was R$ 1,180 million in 2Q21 and R$736 million in 2Q20. The total amount of adjustments to reconcile income before income taxes was R$178 million in 2Q21 and R$127 million in 2Q20.\n<\/li>\n<\/ul>\n
Net Cash Flow Used in Investing Activities<\/b><\/p>\n \nOur adjusted net cash flow used in investing activities (which in management\u2019s view is a more useful metric to track the inherent cash flow used in investing activities) increased from R$550 million in 1Q21 to R$1,248 million in 2Q21 and increased from R$92 million in 2Q20 to R$1,248 million in 2Q21, primarily affected by:\n<\/p>\n \n- \nInvestments related to our IFA network, which increased from R$387 million in 1Q21 to R$1,102 million in 2Q21 and from R$55 million in 2Q20 to R$1,102 million in 2Q21.\n<\/li>\n
- \nThe investment in intangible assets, mostly IT infrastructure and software development capitalization, which decreased from R$114 million in 1Q21 to R$80 million in 2Q21 and increased from R$27 million in 2Q20;\n<\/li>\n
- \nOur investments in FinTech associates and joint ventures of R$37 million in 2Q21 and R$24 million in 1Q21.\n<\/li>\n<\/ul>\n
Net Cash Provided by Financing Activities<\/b><\/p>\n \nOur net cash flows from financing activities increased from the use of R$26 million in 1Q21 and R$95 million in 2Q20 to generation of R$1,884 million in 2Q21 and from, primarily due to:\n<\/p>\n \n- \nR$1,570 million in 2Q21 related to Borrowings mostly derived by our loan agreement with Banco Nacional do M\u00e9xico<\/i>.\n<\/li>\n
- \nR$500 million in 2Q21 related to issuance of non-convertible debentures with the objective of funding the Group\u2019s working capital for the construction of our new headquarters \u201cVila XP\u201d at S\u00e3o Roque, State of S\u00e3o Paulo.\n<\/li>\n
- \nR$17 million in 2Q21, R$24 million in 1Q21, and R$27 million in 2Q20 related to Payments of borrowings and lease liabilities.<\/p>\n
\n\u00a0\n<\/p>\n<\/li>\n<\/ul>\n Floating Balance and Adjusted Gross Financial Assets (in R$ mn)<\/b><\/p>\n\n\n| Floating Balance (=net uninvested clients’ deposits)<\/b><\/td>\n | | \n | \n | \n\n 2Q21<\/b><\/p>\n<\/td>\n | \n 1Q21<\/b><\/p>\n<\/td>\n<\/tr>\n\n| Assets<\/b><\/td>\n | | \n | \n | \n\n (2,776)<\/b><\/p>\n<\/td>\n | \n (3,184)<\/b><\/p>\n<\/td>\n<\/tr>\n\n| (-) Securities trading and intermediation<\/td>\n | | \n | \n | \n\n \n(2,776)\n<\/p>\n<\/td>\n | \n \n(3,184)\n<\/p>\n<\/td>\n<\/tr>\n | \n| Liabilities<\/b><\/td>\n | | \n | \n | \n\n 20,814<\/b><\/p>\n<\/td>\n | \n 20,399<\/b><\/p>\n<\/td>\n<\/tr>\n\n| (+) Securities trading and intermediation<\/td>\n | | \n | \n | \n\n \n20,814\n<\/p>\n<\/td>\n | \n \n20,399\n<\/p>\n<\/td>\n<\/tr>\n | \n| (=) Floating Balance<\/b><\/td>\n | | \n | \n | \n\n 18,038<\/b><\/p>\n<\/td>\n | \n 17,214<\/b><\/p>\n<\/td>\n<\/tr>\n\n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Adjusted Gross Financial Assets<\/b><\/td>\n | | \n | \n | \n\n 2Q21<\/b><\/p>\n<\/td>\n | \n 1Q21<\/b><\/p>\n<\/td>\n<\/tr>\n\n| Assets<\/b><\/td>\n | | \n | \n | \n\n 105,113<\/b><\/p>\n<\/td>\n | \n 113,590<\/b><\/p>\n<\/td>\n<\/tr>\n\n| (+) Cash<\/td>\n | | \n | \n | \n\n \n1,237\n<\/p>\n<\/td>\n | \n \n1,557\n<\/p>\n<\/td>\n<\/tr>\n | \n| (+) Securities – Fair value through profit or loss<\/td>\n | | \n | \n | \n\n \n45,360\n<\/p>\n<\/td>\n | \n \n62,855\n<\/p>\n<\/td>\n<\/tr>\n | \n| (+) Securities – Fair value through other comprehensive income<\/td>\n | | \n | \n | \n\n \n23,701\n<\/p>\n<\/td>\n | \n \n21,629\n<\/p>\n<\/td>\n<\/tr>\n | \n| (+) Securities – Evaluated at amortized cost<\/td>\n | | \n | \n | \n\n \n988\n<\/p>\n<\/td>\n | \n \n1,916\n<\/p>\n<\/td>\n<\/tr>\n | \n| (+) Derivative financial instruments<\/td>\n | | \n | \n | \n\n \n15,485\n<\/p>\n<\/td>\n | \n \n13,587\n<\/p>\n<\/td>\n<\/tr>\n | \n| (+) Securities purchased under agreements to resell<\/td>\n | | \n | \n | \n\n \n8,174\n<\/p>\n<\/td>\n | \n \n6,741\n<\/p>\n<\/td>\n<\/tr>\n | \n| (+) Loan Operations<\/td>\n | | \n | \n | \n\n \n7,964\n<\/p>\n<\/td>\n | \n \n5,041\n<\/p>\n<\/td>\n<\/tr>\n | \n| (+) Foreign exchange portfolio<\/td>\n | | \n | \n | \n\n \n2,204\n<\/p>\n<\/td>\n | \n \n263\n<\/p>\n<\/td>\n<\/tr>\n | \n| Liabilities<\/b><\/td>\n | | \n | \n | \n\n (73,704)<\/b><\/p>\n<\/td>\n | \n (85,205)<\/b><\/p>\n<\/td>\n<\/tr>\n\n| (-) Securities loaned<\/td>\n | | \n | \n | \n\n \n(2,790)\n<\/p>\n<\/td>\n | \n \n(2,706)\n<\/p>\n<\/td>\n<\/tr>\n | \n| (-) Derivative financial instruments<\/td>\n | | \n | \n | \n\n \n(16,373)\n<\/p>\n<\/td>\n | \n \n(13,564)\n<\/p>\n<\/td>\n<\/tr>\n | \n| (-) Securities sold under repurchase agreements<\/td>\n | | \n | \n | \n\n \n(16,062)\n<\/p>\n<\/td>\n | \n \n(44,483)\n<\/p>\n<\/td>\n<\/tr>\n | \n| (-) Private Pension Liabilities<\/td>\n | | \n | \n | \n\n \n(22,046)\n<\/p>\n<\/td>\n | \n \n(16,897)\n<\/p>\n<\/td>\n<\/tr>\n | \n| (-) Deposits<\/td>\n | | \n | \n | \n\n \n(6,628)\n<\/p>\n<\/td>\n | \n \n(4,003)\n<\/p>\n<\/td>\n<\/tr>\n | \n| (-) Structured Operations<\/td>\n | | \n | \n | \n\n \n(4,198)\n<\/p>\n<\/td>\n | \n \n(2,841)\n<\/p>\n<\/td>\n<\/tr>\n | \n| (-) Financial Bills<\/td>\n | | \n | \n | \n\n \n(2,160)\n<\/p>\n<\/td>\n | \n \n(83)\n<\/p>\n<\/td>\n<\/tr>\n | \n| (-) Foreign exchange portfolio<\/td>\n | | \n | \n | \n\n \n(2,324)\n<\/p>\n<\/td>\n | \n \n(322)\n<\/p>\n<\/td>\n<\/tr>\n | \n| (-) Credit cards operations<\/td>\n | | \n | \n | \n\n \n(1,124)\n<\/p>\n<\/td>\n | \n \n(307)\n<\/p>\n<\/td>\n<\/tr>\n | \n| (-) Floating Balance<\/b><\/td>\n | | \n | \n | \n\n (18,038)<\/b><\/p>\n<\/td>\n | \n (17,214)<\/b><\/p>\n<\/td>\n<\/tr>\n\n| (=) Adjusted Gross Financial Assets<\/b><\/td>\n | | \n | \n | \n\n 13,372<\/b><\/p>\n<\/td>\n | \n 11,170<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nWe present Adjusted Gross Financial Assets because we believe this metric captures the liquidity that is, in fact, available to us, net of the portion of liquidity that is related to our Floating Balance (and therefore attributable to clients). We calculate Adjusted Gross Financial Assets as the sum of (1) Cash and Financial Assets (comprised of Cash plus Securities \u2013 Fair value through profit or loss, plus Securities \u2013 Fair value through other comprehensive income, plus Securities \u2013 Evaluated at amortized cost, plus Derivative financial instruments, plus Securities (purchased under agreements to resell), plus Loans and Foreign exchange portfolio (assets) less (2) Financial Liabilities (comprised of the sum of Securities loaned, Derivative financial instruments, Securities sold under repurchase agreements and Private pension liabilities), Deposits, Structured Operation Certificates (COE), Financial Bills, Foreign exchange portfolio (liabilities), Credit cards operations and (3) less Floating Balance.\n<\/p>\n \nIt is a measure that we track internally daily, and it more intuitively reflects the effect of the operational profits we generate and the variations between working capital assets and liabilities (cash flows from operating activities), investments in fixed and intangible assets and investments in the IFA Network (cash flows from investing activities) and inflows and outflows related to equity and debt securities in our capital structure (cash flows from financing activities).Our management treats all securities and financial instrument assets, net of financial instrument liabilities, as balances that compose our total liquidity, with subline items (such as, for example, \u201csecurities at fair value through profit and loss\u201d and \u201csecurities at fair value through other comprehensive income\u201d) expected to fluctuate substantially from quarter to quarter as our treasury manages and allocates our total liquidity to the most suitable financial instruments.\n<\/p>\n Other Information<\/b><\/p>\n Web Meeting<\/b><\/p>\n \nThe Company will host a webcast to discuss its 2Q21 financial results on Tuesday, August 03, 2021, at 5:00 pm ET (6:00 pm BRT). To participate in the earnings webcast please subscribe at 2Q21 Earnings Web Meeting<\/a>. The replay will be available on XP\u2019s investor relations website at https:\/\/investors.xpinc.com\/<\/a><\/p>\nImportant Disclosure<\/b><\/p>\n \nIN 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.\n<\/p>\n \nThis release is prepared by XP Inc. (the \u201cCompany,\u201d \u201cwe\u201d or \u201cour\u201d), 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.\n<\/p>\n \nThis 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.\n<\/p>\n \nThe 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 March 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\u2019s 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.\n<\/p>\n \nStatements 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 \u201canticipate,\u201d \u201cbelieve,\u201d \u201ccould,\u201d \u201cexpect,\u201d \u201cshould,\u201d \u201cplan,\u201d \u201cintend,\u201d \u201cestimate\u201d and \u201cpotential,\u201d 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.\n<\/p>\n \nMarket data and industry information used throughout this release are based on management\u2019s knowledge of the industry and the good faith estimates of management. The Company also relied, to the extent available, upon management\u2019s 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.\n<\/p>\n \nThe 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.\n<\/p>\n \nThis release includes our Floating Balance, Adjusted Gross Financial Assets, Adjusted EBITDA and Adjustments to Reported Net Income, which are non-GAAP financial information. We believe that such information is meaningful and useful in understanding the activities and business metrics of the Company\u2019s operations. We also believe that these non-GAAP financial measures reflect an additional way of viewing aspects of the Company\u2019s business that, when viewed with our International Financial Reporting Standards (\u201cIFRS\u201d) results, as issued by the International Accounting Standards Board, provide a more complete understanding of factors and trends affecting the Company\u2019s business. Further, investors regularly rely on non-GAAP financial measures to assess operating performance and such measures may highlight trends in the Company\u2019s 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\u2019s 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.\n<\/p>\n \nFor purposes of this release:\n<\/p>\n \n\u201cActive Clients\u201d means the total number of retail clients served through our XP Investimentos, Rico, Clear, XP Investments and XP Private (Europe) brands, with an AUC above R$100.00 or that have transacted at least once in the last thirty days. For purposes of calculating this metric, if a client holds an account in more than one of the aforementioned entities, such client will be counted as one \u201cactive client\u201d for each such account. For example, if a client holds an account in each of XP Investimentos and Rico, such client will count as two \u201cactive clients\u201d for purposes of this metric.\n<\/p>\n \n\u201cAssets Under Custody (AUC)\u201d means the market value of all client assets invested through XP\u2019s platform and that is related to reported Retail Revenue, including equities, fixed income securities, mutual funds (including those managed by XP Gest\u00e3o de Recursos Ltda., XP Advisory Gest\u00e3o de Recursos Ltda. and XP Vista Asset Management Ltda., as well as by third-party asset managers), pension funds (including those from XP Vida e Previd\u00eancia S.A., as well as by third-party insurance companies), exchange traded funds, COEs (Structured Notes), REITs, and uninvested cash balances (Floating Balances), among others. Although AUC includes custody from Corporate Clients that generate Retail Revenue, it does not include custody from institutional clients (asset managers, pension funds and insurance companies).\n<\/p>\n Rounding <\/b><\/p>\n \nWe have made rounding adjustments to some of the figures included in this annual report. Accordingly, numerical figures shown as totals in some tables may not be an arithmetic aggregation of the figures that preceded them.\n<\/p>\n Unaudited Managerial Income Statement (in R$ mn)<\/b><\/p>\n\n\n | \n\n 2Q21<\/b><\/p>\n<\/td>\n | \n 2Q20<\/b><\/p>\n<\/td>\n | \n YoY<\/b><\/p>\n<\/td>\n | \n 1Q21<\/b><\/p>\n<\/td>\n | \n QoQ<\/b><\/p>\n<\/td>\n<\/tr>\n\n| Managerial Income Statement<\/b><\/td>\n | | \n | \n | \n | \n | <\/tr>\n \n| Total Gross Revenue<\/b><\/td>\n | \n 3,200<\/b><\/p>\n<\/td>\n | \n 2,041<\/b><\/p>\n<\/td>\n | \n 57%<\/i><\/p>\n<\/td>\n | \n 2,784<\/b><\/p>\n<\/td>\n | \n 15%<\/i><\/p>\n<\/td>\n<\/tr>\n\n| Retail<\/td>\n | \n \n2,452\n<\/p>\n<\/td>\n | \n \n1,475\n<\/p>\n<\/td>\n | \n 66%<\/i><\/p>\n<\/td>\n | \n \n2,088\n<\/p>\n<\/td>\n | \n 17%<\/i><\/p>\n<\/td>\n<\/tr>\n\n| Institutional<\/td>\n | \n \n375\n<\/p>\n<\/td>\n | \n \n333\n<\/p>\n<\/td>\n | \n 13%<\/i><\/p>\n<\/td>\n | \n \n294\n<\/p>\n<\/td>\n | \n 27%<\/i><\/p>\n<\/td>\n<\/tr>\n\n| Issuer Services<\/td>\n | \n \n255\n<\/p>\n<\/td>\n | \n \n65\n<\/p>\n<\/td>\n | \n 293%<\/i><\/p>\n<\/td>\n | \n \n234\n<\/p>\n<\/td>\n | \n 9%<\/i><\/p>\n<\/td>\n<\/tr>\n\n| Digital Content<\/td>\n | \n \n29\n<\/p>\n<\/td>\n | \n \n46\n<\/p>\n<\/td>\n | \n -35%<\/i><\/p>\n<\/td>\n | \n \n23\n<\/p>\n<\/td>\n | \n 30%<\/i><\/p>\n<\/td>\n<\/tr>\n\n| Other<\/td>\n | \n \n88\n<\/p>\n<\/td>\n | \n \n123\n<\/p>\n<\/td>\n | \n -28%<\/i><\/p>\n<\/td>\n | \n \n145\n<\/p>\n<\/td>\n | \n -39%<\/i><\/p>\n<\/td>\n<\/tr>\n\n| Net Revenue<\/b><\/td>\n | \n 3,018<\/b><\/p>\n<\/td>\n | \n 1,921<\/b><\/p>\n<\/td>\n | \n 57%<\/i><\/p>\n<\/td>\n | \n 2,628<\/b><\/p>\n<\/td>\n | \n 15%<\/i><\/p>\n<\/td>\n<\/tr>\n\n| COGS<\/b><\/td>\n | \n (891)<\/b><\/p>\n<\/td>\n | \n (579)<\/b><\/p>\n<\/td>\n | \n 54%<\/i><\/p>\n<\/td>\n | \n (841)<\/b><\/p>\n<\/td>\n | \n 6%<\/i><\/p>\n<\/td>\n<\/tr>\n\n| As a % of Net Revenue<\/td>\n | \n (29.5%)<\/i><\/p>\n<\/td>\n | \n (30.2%)<\/i><\/p>\n<\/td>\n | \n 0.6 p.p<\/i><\/p>\n<\/td>\n | \n (32.0%)<\/i><\/p>\n<\/td>\n | \n 2.5 p.p<\/i><\/p>\n<\/td>\n<\/tr>\n\n| Gross Profit<\/b><\/td>\n | \n 2,127<\/b><\/p>\n<\/td>\n | \n 1,342<\/b><\/p>\n<\/td>\n | \n 59%<\/i><\/p>\n<\/td>\n | \n 1,787<\/b><\/p>\n<\/td>\n | \n 19%<\/i><\/p>\n<\/td>\n<\/tr>\n\n| Gross Margin<\/td>\n | \n 70.5%<\/i><\/p>\n<\/td>\n | \n 69.8%<\/i><\/p>\n<\/td>\n | \n 0.6 p.p<\/i><\/p>\n<\/td>\n | \n 68.0%<\/i><\/p>\n<\/td>\n | \n 2.5 p.p<\/i><\/p>\n<\/td>\n<\/tr>\n\n| SG&A<\/b><\/td>\n | \n (900)<\/b><\/p>\n<\/td>\n | \n (638)<\/b><\/p>\n<\/td>\n | \n 41%<\/i><\/p>\n<\/td>\n | \n (765)<\/b><\/p>\n<\/td>\n | \n 18%<\/i><\/p>\n<\/td>\n<\/tr>\n\nShare Based Compensation1<\/sup><\/b><\/td>\n| \n (147)<\/b><\/p>\n<\/td>\n | \n (40)<\/b><\/p>\n<\/td>\n | \n 264%<\/i><\/p>\n<\/td>\n | \n (158)<\/b><\/p>\n<\/td>\n | \n -7%<\/i><\/p>\n<\/td>\n<\/tr>\n\n| EBITDA<\/b><\/td>\n | \n 1,080<\/b><\/p>\n<\/td>\n | \n 663<\/b><\/p>\n<\/td>\n | \n 63%<\/i><\/p>\n<\/td>\n | \n 864<\/b><\/p>\n<\/td>\n | \n 25%<\/i><\/p>\n<\/td>\n<\/tr>\n\n| EBITDA Margin<\/td>\n | \n 35.8%<\/i><\/p>\n<\/td>\n | \n 34.5%<\/i><\/p>\n<\/td>\n | \n 1.3 p.p<\/i><\/p>\n<\/td>\n | \n 32.9%<\/i><\/p>\n<\/td>\n | \n 2.9 p.p<\/i><\/p>\n<\/td>\n<\/tr>\n\n| Adjusted EBITDA<\/b><\/td>\n | \n 1,245<\/b><\/p>\n<\/td>\n | \n 704<\/b><\/p>\n<\/td>\n | \n 77%<\/i><\/p>\n<\/td>\n | \n 1,043<\/b><\/p>\n<\/td>\n | \n 19%<\/i><\/p>\n<\/td>\n<\/tr>\n\n| Adjusted EBITDA Margin<\/td>\n | \n 41.3%<\/i><\/p>\n<\/td>\n | \n 36.6%<\/i><\/p>\n<\/td>\n | \n 4.6 p.p<\/i><\/p>\n<\/td>\n | \n 39.7%<\/i><\/p>\n<\/td>\n | \n 1.6 p.p<\/i><\/p>\n<\/td>\n<\/tr>\n\n| D&A<\/b><\/td>\n | \n (58)<\/b><\/p>\n<\/td>\n | \n (38)<\/b><\/p>\n<\/td>\n | \n 54%<\/i><\/p>\n<\/td>\n | \n (70)<\/b><\/p>\n<\/td>\n | \n -16%<\/i><\/p>\n<\/td>\n<\/tr>\n\n| EBIT<\/b><\/td>\n | \n 1,022<\/b><\/p>\n<\/td>\n | \n 625<\/b><\/p>\n<\/td>\n | \n 63%<\/i><\/p>\n<\/td>\n | \n 795<\/b><\/p>\n<\/td>\n | \n 29%<\/i><\/p>\n<\/td>\n<\/tr>\n\n| Interest expense on debt<\/b><\/td>\n | \n (20)<\/b><\/p>\n<\/td>\n | \n (16)<\/b><\/p>\n<\/td>\n | \n 27%<\/i><\/p>\n<\/td>\n | \n (10)<\/b><\/p>\n<\/td>\n | \n 110%<\/i><\/p>\n<\/td>\n<\/tr>\n\n| Share of profit or (loss) in joint ventures and associates<\/b><\/td>\n | \n 1<\/b><\/p>\n<\/td>\n | \n –<\/b><\/p>\n<\/td>\n | \n \nn.a.\n<\/p>\n<\/td>\n | \n (1)<\/b><\/p>\n<\/td>\n | \n \nn.a.\n<\/p>\n<\/td>\n<\/tr>\n | \n| EBT<\/b><\/td>\n | \n 1,002<\/b><\/p>\n<\/td>\n | \n 610<\/b><\/p>\n<\/td>\n | \n 64%<\/i><\/p>\n<\/td>\n | \n 784<\/b><\/p>\n<\/td>\n | \n 28%<\/i><\/p>\n<\/td>\n<\/tr>\n\n| Income tax expense<\/b><\/td>\n | \n (71)<\/b><\/p>\n<\/td>\n | \n (69)<\/b><\/p>\n<\/td>\n | \n 3%<\/i><\/p>\n<\/td>\n | \n (50)<\/b><\/p>\n<\/td>\n | \n 42%<\/i><\/p>\n<\/td>\n<\/tr>\n\n| Effective Tax Rate<\/td>\n | \n (7.1%)<\/i><\/p>\n<\/td>\n | \n (11.4%)<\/i><\/p>\n<\/td>\n | \n 4.3 p.p<\/i><\/p>\n<\/td>\n | \n (6.4%)<\/i><\/p>\n<\/td>\n | \n -0.7 p.p<\/i><\/p>\n<\/td>\n<\/tr>\n\n| Net Income<\/b><\/td>\n | \n 931<\/b><\/p>\n<\/td>\n | \n 540<\/b><\/p>\n<\/td>\n | \n 72%<\/i><\/p>\n<\/td>\n | \n 734<\/b><\/p>\n<\/td>\n | \n 27%<\/i><\/p>\n<\/td>\n<\/tr>\n\n| Net Margin<\/td>\n | \n | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |