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. This 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.<\/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.<\/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 December 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.<\/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.<\/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.<\/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.<\/p>\n
\nThis release includes Adjustments to Reported Net Income, which is 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.<\/p>\n
\nFor purposes of this release:<\/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 Client Assets above R$100.00 or that have transacted at least once in the last thirty days. For purposes of calculating this metric, if a client holds an account in more than one of the aforementioned entities, such client will be counted as one \u201cactive client\u201d for each such account. For example, if a client holds an account in each of XP Investimentos and Rico, such client will count as two \u201cactive clients\u201d for purposes of this metric.<\/p>\n
\n\u201cClient Assets\u201d means the market value of all client assets invested through XP\u2019s platform and that is related to reported Retail Revenue, including equities, fixed income securities, mutual funds (including those managed by XP Gest\u00e3o de Recursos Ltda., XP Advisory Gest\u00e3o de Recursos Ltda. and XP Vista Asset Management Ltda., as well as by third-party asset managers), pension funds (including those from XP Vida e Previd\u00eancia S.A., as well as by third-party insurance companies), exchange traded funds, COEs (Structured Notes), REITs, and uninvested cash balances (Float Balances), among others. Although Client Assets includes custody from Corporate Clients that generate Retail Revenue, it does not include custody from institutional clients (asset managers, pension funds and insurance companies).<\/p>\n
Rounding<\/b><\/p>\n
\nWe have made rounding adjustments to some of the figures included in this release. Accordingly, numerical figures shown as totals in some tables may not be an arithmetic aggregation of the figures that preceded them.<\/p>\n
Unaudited Managerial Income Statement (in R$ mn)<\/b><\/p>\n\n\n| \n \nManagerial Income Statement<\/p>\n<\/td>\n | \n 3Q25<\/b><\/p>\n<\/td>\n | \n \n3Q24<\/p>\n<\/td>\n | \n \nYoY<\/p>\n<\/td>\n | \n \n2Q25<\/p>\n<\/td>\n | \n \nQoQ<\/p>\n<\/td>\n<\/tr>\n |
\n| \n Total Gross Revenue<\/b><\/p>\n<\/td>\n | \n 4,942<\/b><\/p>\n<\/td>\n | \n 4,536<\/b><\/p>\n<\/td>\n | \n 9%<\/b><\/p>\n<\/td>\n | \n 4,669<\/b><\/p>\n<\/td>\n | \n 6%<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Retail<\/b><\/p>\n<\/td>\n | \n 3,704<\/b><\/p>\n<\/td>\n | \n 3,494<\/b><\/p>\n<\/td>\n | \n 6%<\/b><\/p>\n<\/td>\n | \n 3,577<\/b><\/p>\n<\/td>\n | \n 4%<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nEquities<\/p>\n<\/td>\n | \n \n1,043<\/p>\n<\/td>\n | \n \n1,059<\/p>\n<\/td>\n | \n \n-1%<\/p>\n<\/td>\n | \n \n1,030<\/p>\n<\/td>\n | \n \n1%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nFixed Income<\/p>\n<\/td>\n | \n \n921<\/p>\n<\/td>\n | \n \n938<\/p>\n<\/td>\n | \n \n-2%<\/p>\n<\/td>\n | \n \n988<\/p>\n<\/td>\n | \n \n-7%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nFunds Platform<\/p>\n<\/td>\n | \n \n367<\/p>\n<\/td>\n | \n \n354<\/p>\n<\/td>\n | \n \n4%<\/p>\n<\/td>\n | \n \n341<\/p>\n<\/td>\n | \n \n8%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nRetirement Plans<\/p>\n<\/td>\n | \n \n124<\/p>\n<\/td>\n | \n \n100<\/p>\n<\/td>\n | \n \n24%<\/p>\n<\/td>\n | \n \n115<\/p>\n<\/td>\n | \n \n8%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCards<\/p>\n<\/td>\n | \n \n341<\/p>\n<\/td>\n | \n \n302<\/p>\n<\/td>\n | \n \n13%<\/p>\n<\/td>\n | \n \n323<\/p>\n<\/td>\n | \n \n6%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCredit<\/p>\n<\/td>\n | \n \n83<\/p>\n<\/td>\n | \n \n75<\/p>\n<\/td>\n | \n \n11%<\/p>\n<\/td>\n | \n \n82<\/p>\n<\/td>\n | \n \n1%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nInsurance<\/p>\n<\/td>\n | \n \n67<\/p>\n<\/td>\n | \n \n55<\/p>\n<\/td>\n | \n \n21%<\/p>\n<\/td>\n | \n \n65<\/p>\n<\/td>\n | \n \n3%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOther<\/p>\n<\/td>\n | \n \n757<\/p>\n<\/td>\n | \n \n611<\/p>\n<\/td>\n | \n \n24%<\/p>\n<\/td>\n | \n \n634<\/p>\n<\/td>\n | \n \n19%<\/p>\n<\/td>\n<\/tr>\n | \n| \n Institutional<\/b><\/p>\n<\/td>\n | \n 340<\/b><\/p>\n<\/td>\n | \n 340<\/b><\/p>\n<\/td>\n | \n 0%<\/b><\/p>\n<\/td>\n | \n 343<\/b><\/p>\n<\/td>\n | \n -1%<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Corporate & Issuer Services<\/b><\/p>\n<\/td>\n | \n 729<\/b><\/p>\n<\/td>\n | \n 552<\/b><\/p>\n<\/td>\n | \n 32%<\/b><\/p>\n<\/td>\n | \n 547<\/b><\/p>\n<\/td>\n | \n 33%<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nIssuer Services<\/p>\n<\/td>\n | \n \n323<\/p>\n<\/td>\n | \n \n323<\/p>\n<\/td>\n | \n \n0%<\/p>\n<\/td>\n | \n \n268<\/p>\n<\/td>\n | \n \n21%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCorporate<\/p>\n<\/td>\n | \n \n406<\/p>\n<\/td>\n | \n \n229<\/p>\n<\/td>\n | \n \n77%<\/p>\n<\/td>\n | \n \n279<\/p>\n<\/td>\n | \n \n46%<\/p>\n<\/td>\n<\/tr>\n | \n| \n Other<\/b><\/p>\n<\/td>\n | \n 169<\/b><\/p>\n<\/td>\n | \n 150<\/b><\/p>\n<\/td>\n | \n 12%<\/b><\/p>\n<\/td>\n | \n 202<\/b><\/p>\n<\/td>\n | \n -16%<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Net Revenue<\/b><\/p>\n<\/td>\n | \n 4,661<\/b><\/p>\n<\/td>\n | \n 4,319<\/b><\/p>\n<\/td>\n | \n 8%<\/b><\/p>\n<\/td>\n | \n 4,455<\/b><\/p>\n<\/td>\n | \n 5%<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n COGS<\/b><\/p>\n<\/td>\n | \n (1,481)<\/b><\/p>\n<\/td>\n | \n (1,378)<\/b><\/p>\n<\/td>\n | \n 7%<\/b><\/p>\n<\/td>\n | \n (1,409)<\/b><\/p>\n<\/td>\n | \n 5%<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Gross Profit<\/b><\/p>\n<\/td>\n | \n 3,180<\/b><\/p>\n<\/td>\n | \n 2,940<\/b><\/p>\n<\/td>\n | \n 8%<\/b><\/p>\n<\/td>\n | \n 3,046<\/b><\/p>\n<\/td>\n | \n 4%<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nGross Margin<\/p>\n<\/td>\n | \n 68.2%<\/i><\/p>\n<\/td>\n | \n 68.1%<\/i><\/p>\n<\/td>\n | \n \n14 bps<\/p>\n<\/td>\n | \n 68.4%<\/i><\/p>\n<\/td>\n | \n \n-15 bps<\/p>\n<\/td>\n<\/tr>\n | \n| \n SG&A<\/b><\/p>\n<\/td>\n | \n (1,662)<\/b><\/p>\n<\/td>\n | \n (1,454)<\/b><\/p>\n<\/td>\n | \n 14%<\/b><\/p>\n<\/td>\n | \n (1,498)<\/b><\/p>\n<\/td>\n | \n 11%<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nPeople<\/p>\n<\/td>\n | \n \n(1,149)<\/p>\n<\/td>\n | \n \n(984)<\/p>\n<\/td>\n | \n \n17%<\/p>\n<\/td>\n | \n \n(1,014)<\/p>\n<\/td>\n | \n \n13%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNon-People<\/p>\n<\/td>\n | \n \n(513)<\/p>\n<\/td>\n | \n \n(470)<\/p>\n<\/td>\n | \n \n9%<\/p>\n<\/td>\n | \n \n(484)<\/p>\n<\/td>\n | \n \n6%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nD&A<\/p>\n<\/td>\n | \n \n(76)<\/p>\n<\/td>\n | \n \n(72)<\/p>\n<\/td>\n | \n \n5%<\/p>\n<\/td>\n | \n \n(77)<\/p>\n<\/td>\n | \n \n-1%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nInterest expense on debt<\/p>\n<\/td>\n | \n \n(142)<\/p>\n<\/td>\n | \n \n(198)<\/p>\n<\/td>\n | \n \n-28%<\/p>\n<\/td>\n | \n \n(176)<\/p>\n<\/td>\n | \n \n-19%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nShare of profit in joint ventures and associates<\/p>\n<\/td>\n | \n \n31<\/p>\n<\/td>\n | \n \n(3)<\/p>\n<\/td>\n | \n \n-1051%<\/p>\n<\/td>\n | \n \n22<\/p>\n<\/td>\n | \n \n39%<\/p>\n<\/td>\n<\/tr>\n | \n| \n EBT<\/b><\/p>\n<\/td>\n | \n 1,331<\/b><\/p>\n<\/td>\n | \n 1,212<\/b><\/p>\n<\/td>\n | \n 10%<\/b><\/p>\n<\/td>\n | \n 1,318<\/b><\/p>\n<\/td>\n | \n 1%<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nEBT Margin<\/p>\n<\/td>\n | \n 28.5%<\/i><\/p>\n<\/td>\n | \n 28.1%<\/i><\/p>\n<\/td>\n | \n \n47 bps<\/p>\n<\/td>\n | \n 29.6%<\/i><\/p>\n<\/td>\n | \n \n-103 bps<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTax Expense (Accounting)<\/p>\n<\/td>\n | \n \n(0)<\/p>\n<\/td>\n | \n \n(26)<\/p>\n<\/td>\n | \n \n-98%<\/p>\n<\/td>\n | \n \n4<\/p>\n<\/td>\n | \n \n-114%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTax expense (Tax Withholding in Funds)6<\/sup><\/p>\n<\/td>\n| \n \n(174)<\/p>\n<\/td>\n | \n \n(154)<\/p>\n<\/td>\n | \n \n13%<\/p>\n<\/td>\n | \n \n(174)<\/p>\n<\/td>\n | \n \n0%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nEffective tax rate (Normalized)<\/sub><\/p>\n<\/td>\n| \n (11.6%)<\/i><\/p>\n<\/td>\n | \n (13.2%)<\/i><\/p>\n<\/td>\n | \n \n155 bps<\/p>\n<\/td>\n | \n (11.4%)<\/i><\/p>\n<\/td>\n | \n \n-22 bps<\/p>\n<\/td>\n<\/tr>\n | \n| \n Adjusted Net Income<\/b><\/p>\n<\/td>\n | \n 1,330<\/b><\/p>\n<\/td>\n | \n 1,187<\/b><\/p>\n<\/td>\n | \n 12%<\/b><\/p>\n<\/td>\n | \n 1,321<\/b><\/p>\n<\/td>\n | \n 1%<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nAdjusted Net Margin<\/p>\n<\/td>\n | \n 28.5%<\/i><\/p>\n<\/td>\n | \n 27.5%<\/i><\/p>\n<\/td>\n | \n \n106 bps<\/p>\n<\/td>\n | \n 29.7%<\/i><\/p>\n<\/td>\n | \n \n-112 bps<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Accounting Income Statement (in R$ mn)<\/b><\/p>\n\n\n| \n \nAccounting Income Statement<\/p>\n<\/td>\n | \n 3Q25<\/b><\/p>\n<\/td>\n | \n \n3Q24<\/p>\n<\/td>\n | \n \nYoY<\/p>\n<\/td>\n | \n \n2Q25<\/p>\n<\/td>\n | \n \nQoQ<\/p>\n<\/td>\n<\/tr>\n | \n| \n Net revenue from services rendered<\/b><\/p>\n<\/td>\n | \n 2,090<\/b><\/p>\n<\/td>\n | \n 1,940<\/b><\/p>\n<\/td>\n | \n 8%<\/b><\/p>\n<\/td>\n | \n 1,795<\/b><\/p>\n<\/td>\n | \n 16%<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nBrokerage commission<\/p>\n<\/td>\n | \n \n501<\/p>\n<\/td>\n | \n \n576<\/p>\n<\/td>\n | \n \n-13%<\/p>\n<\/td>\n | \n \n528<\/p>\n<\/td>\n | \n \n-5%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nSecurities placement<\/p>\n<\/td>\n | \n \n682<\/p>\n<\/td>\n | \n \n570<\/p>\n<\/td>\n | \n \n20%<\/p>\n<\/td>\n | \n \n455<\/p>\n<\/td>\n | \n \n50%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nManagement fees<\/p>\n<\/td>\n | \n \n487<\/p>\n<\/td>\n | \n \n446<\/p>\n<\/td>\n | \n \n9%<\/p>\n<\/td>\n | \n \n441<\/p>\n<\/td>\n | \n \n10%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nInsurance brokerage fee<\/p>\n<\/td>\n | \n \n62<\/p>\n<\/td>\n | \n \n61<\/p>\n<\/td>\n | \n \n2%<\/p>\n<\/td>\n | \n \n61<\/p>\n<\/td>\n | \n \n2%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCommission Fees<\/p>\n<\/td>\n | \n \n305<\/p>\n<\/td>\n | \n \n211<\/p>\n<\/td>\n | \n \n45%<\/p>\n<\/td>\n | \n \n285<\/p>\n<\/td>\n | \n \n7%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOther services<\/p>\n<\/td>\n | \n \n268<\/p>\n<\/td>\n | \n \n241<\/p>\n<\/td>\n | \n \n12%<\/p>\n<\/td>\n | \n \n196<\/p>\n<\/td>\n | \n \n37%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nSales Tax and contributions on Services<\/p>\n<\/td>\n | \n \n(215)<\/p>\n<\/td>\n | \n \n(163)<\/p>\n<\/td>\n | \n \n32%<\/p>\n<\/td>\n | \n \n(170)<\/p>\n<\/td>\n | \n \n26%<\/p>\n<\/td>\n<\/tr>\n | \n| \n Net income from financial instruments at amortized cost and at fair value through other comprehensive income<\/b><\/p>\n<\/td>\n | \n \n(1,617)<\/p>\n<\/td>\n | \n \n(861)<\/p>\n<\/td>\n | \n \n88%<\/p>\n<\/td>\n | \n \n(854)<\/p>\n<\/td>\n | \n \n89%<\/p>\n<\/td>\n<\/tr>\n | \n| \n Net income from financial instruments at fair value through profit or loss<\/b><\/p>\n<\/td>\n | \n \n4,187<\/p>\n<\/td>\n | \n \n3,239<\/p>\n<\/td>\n | \n \n29%<\/p>\n<\/td>\n | \n \n3,515<\/p>\n<\/td>\n | \n \n19%<\/p>\n<\/td>\n<\/tr>\n | \n| \n Total revenue and income<\/b><\/p>\n<\/td>\n | \n 4,661<\/b><\/p>\n<\/td>\n | \n 4.319<\/b><\/p>\n<\/td>\n | \n 8%<\/b><\/p>\n<\/td>\n | \n 4,455<\/b><\/p>\n<\/td>\n | \n 5%<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nOperating costs<\/p>\n<\/td>\n | \n \n(1,391)<\/p>\n<\/td>\n | \n \n(1,332)<\/p>\n<\/td>\n | \n \n4%<\/p>\n<\/td>\n | \n \n(1,319)<\/p>\n<\/td>\n | \n \n5%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nSelling expenses<\/p>\n<\/td>\n | \n \n(77)<\/p>\n<\/td>\n | \n \n(43)<\/p>\n<\/td>\n | \n \n81%<\/p>\n<\/td>\n | \n \n(80)<\/p>\n<\/td>\n | \n \n-4%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAdministrative expenses<\/p>\n<\/td>\n | \n \n(1,685)<\/p>\n<\/td>\n | \n \n(1,565)<\/p>\n<\/td>\n | \n \n8%<\/p>\n<\/td>\n | \n \n(1,572)<\/p>\n<\/td>\n | \n \n7%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOther operating revenues (expenses), net<\/p>\n<\/td>\n | \n \n25<\/p>\n<\/td>\n | \n \n81<\/p>\n<\/td>\n | \n \n-70%<\/p>\n<\/td>\n | \n \n77<\/p>\n<\/td>\n | \n \n-68%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nExpected credit losses<\/p>\n<\/td>\n | \n \n(90)<\/p>\n<\/td>\n | \n \n(47)<\/p>\n<\/td>\n | \n \n93%<\/p>\n<\/td>\n | \n \n(90)<\/p>\n<\/td>\n | \n \n0%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nInterest expense on debt<\/p>\n<\/td>\n | \n \n(142)<\/p>\n<\/td>\n | \n \n(198)<\/p>\n<\/td>\n | \n \n-28%<\/p>\n<\/td>\n | \n \n(176)<\/p>\n<\/td>\n | \n \n-19%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nShare of profit or (loss) in joint ventures and associates<\/p>\n<\/td>\n | \n \n31<\/p>\n<\/td>\n | \n \n(3)<\/p>\n<\/td>\n | \n \n-1051%<\/p>\n<\/td>\n | \n \n22<\/p>\n<\/td>\n | \n \n39%<\/p>\n<\/td>\n<\/tr>\n | \n| \n Income before income tax<\/b><\/p>\n<\/td>\n | \n 1,331<\/b><\/p>\n<\/td>\n | \n 1,212<\/b><\/p>\n<\/td>\n | \n 10%<\/b><\/p>\n<\/td>\n | \n 1,318<\/b><\/p>\n<\/td>\n | \n 1%<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nIncome tax expense<\/p>\n<\/td>\n | \n \n(0)<\/p>\n<\/td>\n | \n \n(26)<\/p>\n<\/td>\n | \n \n-98%<\/p>\n<\/td>\n | \n \n4<\/p>\n<\/td>\n | \n \n-114%<\/p>\n<\/td>\n<\/tr>\n | \n| \n Net income for the period<\/b><\/p>\n<\/td>\n | \n 1,330<\/b><\/p>\n<\/td>\n | \n 1,187<\/b><\/p>\n<\/td>\n | \n 12%<\/b><\/p>\n<\/td>\n | \n 1,321<\/b><\/p>\n<\/td>\n | \n 1%<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n Balance Sheet (in R$ mn)<\/b><\/p>\n\n\n| \n \nAssets<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 3Q25<\/b><\/p>\n<\/td>\n | \n \n2Q25<\/p>\n<\/td>\n<\/tr>\n | \n| \n Cash<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 12,413<\/b><\/p>\n<\/td>\n | \n 12,088<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Financial assets<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 366,905<\/b><\/p>\n<\/td>\n | \n 342,387<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Fair value through profit or loss<\/b><\/p>\n<\/td>\n | | \n | \n | \n\n 240,428<\/b><\/p>\n<\/td>\n | \n 224,965<\/b><\/p>\n<\/td>\n<\/tr>\n | | | | | | | | | | | | | | | | | | | | |