\n| \n \nTotal Client Assets (in R$ bn)<\/p>\n<\/td>\n | \n \n1,535<\/p>\n<\/td>\n | \n \n1,372<\/p>\n<\/td>\n | \n 12%<\/b><\/p>\n<\/td>\n | \n \n1,529<\/p>\n<\/td>\n | \n 0%<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nTotal Net Inflow (in R$ bn)<\/p>\n<\/td>\n | \n \n28<\/p>\n<\/td>\n | \n \n10<\/p>\n<\/td>\n | \n 188%<\/b><\/p>\n<\/td>\n | \n \n14<\/p>\n<\/td>\n | \n 94%<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nAnnualized Retail Take Rate<\/p>\n<\/td>\n | \n \n1.20%<\/p>\n<\/td>\n | \n \n1.25%<\/p>\n<\/td>\n | \n -5 bps<\/b><\/p>\n<\/td>\n | \n \n1.18%<\/p>\n<\/td>\n | \n 2 bps<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nActive Clients (in ‘000s)<\/p>\n<\/td>\n | \n \n4,772<\/p>\n<\/td>\n | \n \n4,720<\/p>\n<\/td>\n | \n 1%<\/b><\/p>\n<\/td>\n | \n \n4,790<\/p>\n<\/td>\n | \n 0%<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nHeadcount (EoP)<\/p>\n<\/td>\n | \n \n8,491<\/p>\n<\/td>\n | \n \n7,484<\/p>\n<\/td>\n | \n 13%<\/b><\/p>\n<\/td>\n | \n \n8,280<\/p>\n<\/td>\n | \n 3%<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nTotal Advisors (in ‘000s)<\/p>\n<\/td>\n | \n \n18.4<\/p>\n<\/td>\n | \n \n18.2<\/p>\n<\/td>\n | \n 1%<\/b><\/p>\n<\/td>\n | \n \n18.3<\/p>\n<\/td>\n | \n 0%<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nRetail DATs (in mn)<\/p>\n<\/td>\n | \n \n2.4<\/p>\n<\/td>\n | \n \n2.3<\/p>\n<\/td>\n | \n 3%<\/b><\/p>\n<\/td>\n | \n \n2.7<\/p>\n<\/td>\n | \n -13%<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nRetirement Plans Client Assets (in R$ bn)<\/p>\n<\/td>\n | \n \n101<\/p>\n<\/td>\n | \n \n86<\/p>\n<\/td>\n | \n 18%<\/b><\/p>\n<\/td>\n | \n \n98<\/p>\n<\/td>\n | \n 3%<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nCards TPV (in R$ bn)<\/p>\n<\/td>\n | \n \n13.5<\/p>\n<\/td>\n | \n \n12.4<\/p>\n<\/td>\n | \n 8%<\/b><\/p>\n<\/td>\n | \n \n13.3<\/p>\n<\/td>\n | \n 1%<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nExpanded Loan Portfolio (in R$ bn)<\/p>\n<\/td>\n | \n \n77.9<\/p>\n<\/td>\n | \n \n67.4<\/p>\n<\/td>\n | \n 16%<\/b><\/p>\n<\/td>\n | \n \n74.3<\/p>\n<\/td>\n | \n 5%<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nGross Written Premiums (in R$ mn)<\/p>\n<\/td>\n | \n \n489<\/p>\n<\/td>\n | \n \n444<\/p>\n<\/td>\n | \n 10%<\/b><\/p>\n<\/td>\n | \n \n405<\/p>\n<\/td>\n | \n 21%<\/b><\/p>\n<\/td>\n<\/tr>\n\n | \n\n \n\u00a0<\/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 \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nFinancial Metrics (in R$ mn)<\/p>\n<\/td>\n | \n 2Q26<\/b><\/p>\n<\/td>\n | \n \n2Q25<\/p>\n<\/td>\n | \n \nYoY<\/p>\n<\/td>\n | \n \n1Q26<\/p>\n<\/td>\n | \n \nQoQ<\/p>\n<\/td>\n<\/tr>\n | \n| \n Gross revenue<\/b><\/p>\n<\/td>\n | \n 5,056<\/b><\/p>\n<\/td>\n | \n 4,669<\/b><\/p>\n<\/td>\n | \n 8%<\/b><\/p>\n<\/td>\n | \n 4,919<\/b><\/p>\n<\/td>\n | \n 3%<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nRetail<\/p>\n<\/td>\n | \n \n3,881<\/p>\n<\/td>\n | \n \n3,577<\/p>\n<\/td>\n | \n \n8%<\/p>\n<\/td>\n | \n \n3,773<\/p>\n<\/td>\n | \n \n3%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nWholesale Bank<\/p>\n<\/td>\n | \n \n1,175<\/p>\n<\/td>\n | \n \n889<\/p>\n<\/td>\n | \n \n32%<\/p>\n<\/td>\n | \n \n1,146<\/p>\n<\/td>\n | \n \n3%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOther<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n202<\/p>\n<\/td>\n | \n \n-100%<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \nn.a.<\/p>\n<\/td>\n<\/tr>\n | \n| \n Net Revenue<\/b><\/p>\n<\/td>\n | \n 4,884<\/b><\/p>\n<\/td>\n | \n 4,499<\/b><\/p>\n<\/td>\n | \n 9%<\/b><\/p>\n<\/td>\n | \n 4,733<\/b><\/p>\n<\/td>\n | \n 3%<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Gross Profit<\/b><\/p>\n<\/td>\n | \n 3,353<\/b><\/p>\n<\/td>\n | \n 3,090<\/b><\/p>\n<\/td>\n | \n 9%<\/b><\/p>\n<\/td>\n | \n 3,179<\/b><\/p>\n<\/td>\n | \n 5%<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nGross Margin<\/p>\n<\/td>\n | \n \n68.6%<\/p>\n<\/td>\n | \n \n68.7%<\/p>\n<\/td>\n | \n \n-3 bps<\/p>\n<\/td>\n | \n \n67.2%<\/p>\n<\/td>\n | \n \n148 bps<\/p>\n<\/td>\n<\/tr>\n | \n| \n EBT<\/b><\/p>\n<\/td>\n | \n 1,565<\/b><\/p>\n<\/td>\n | \n 1,364<\/b><\/p>\n<\/td>\n | \n 15%<\/b><\/p>\n<\/td>\n | \n 1,418<\/b><\/p>\n<\/td>\n | \n 10%<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nEBT Margin<\/p>\n<\/td>\n | \n \n32.0%<\/p>\n<\/td>\n | \n \n30.3%<\/p>\n<\/td>\n | \n \n172 bps<\/p>\n<\/td>\n | \n \n30.0%<\/p>\n<\/td>\n | \n \n209 bps<\/p>\n<\/td>\n<\/tr>\n | \n| \n Net Income<\/b><\/p>\n<\/td>\n | \n 1,384<\/b><\/p>\n<\/td>\n | \n 1,321<\/b><\/p>\n<\/td>\n | \n 5%<\/b><\/p>\n<\/td>\n | \n 1,318<\/b><\/p>\n<\/td>\n | \n 5%<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nNet Margin<\/p>\n<\/td>\n | \n \n28.3%<\/p>\n<\/td>\n | \n \n29.4%<\/p>\n<\/td>\n | \n \n-103 bps<\/p>\n<\/td>\n | \n \n27.8%<\/p>\n<\/td>\n | \n \n50 bps<\/p>\n<\/td>\n<\/tr>\n | \n| \n Diluted EPS (in R$)<\/b><\/p>\n<\/td>\n | \n 2.67<\/b><\/p>\n<\/td>\n | \n 2.46<\/b><\/p>\n<\/td>\n | \n 9%<\/b><\/p>\n<\/td>\n | \n 2.49<\/b><\/p>\n<\/td>\n | \n 7%<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Adjusted ROAE\u00b9<\/b><\/p>\n<\/td>\n | \n 22.5%<\/b><\/p>\n<\/td>\n | \n 24.4%<\/b><\/p>\n<\/td>\n | \n -189 bps<\/b><\/p>\n<\/td>\n | \n 21.7%<\/b><\/p>\n<\/td>\n | \n 76 bps<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Adjusted ROTE\u00b2<\/b><\/p>\n<\/td>\n | \n 27.2%<\/b><\/p>\n<\/td>\n | \n 30.0%<\/b><\/p>\n<\/td>\n | \n -282 bps<\/b><\/p>\n<\/td>\n | \n 26.2%<\/b><\/p>\n<\/td>\n | \n 95 bps<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Capital Ratio<\/b><\/p>\n<\/td>\n | \n 20.3%<\/b><\/p>\n<\/td>\n | \n 20.1%<\/b><\/p>\n<\/td>\n | \n 15 bps<\/b><\/p>\n<\/td>\n | \n 20.7%<\/b><\/p>\n<\/td>\n | \n -39 bps<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| \n \n1 \u2013 Please refer to the Non-GAAP Financial Reconciliation.<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n2 \u2013 Annualized Return on Average Equity.<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n3 \u2013 Annualized Return on Average Tangible Equity. Tangible Equity excludes Intangibles and Goodwill.<\/p>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Operating KPIs<\/b><\/p>\n 1. INVESTMENTS<\/span><\/b><\/p>\nClient Assets and Net Inflow (in R$ billion)<\/b><\/p>\n \nClient Assets totaled R$1.5 trillion<\/b> in 2Q26, up 12%YoY and stable QoQ. Year-over-year growth was driven by R$103 billion<\/b> net inflow and R$60 billion<\/b> in market appreciation.<\/p>\n \nIn 2Q26, Net Inflow was R$28 billion, and Retail Net Inflow<\/b> was R$20 billion, 28% up year-on-year and 7% higher sequentially.<\/p>\n Active Clients (in \u2018000s)<\/b><\/p>\n \nActive clients grew 1% YoY and was roughly stable QoQ, totaling 4.8 million<\/b> in 2Q26.<\/p>\n Total Advisors (in \u2018000s)<\/b><\/p>\n \nTotal Advisors connected to XP, including (1) IFAs, (2) XP employees who offer advisory services, (3) Registered Investment Advisors, consultants and wealth managers, among others. As of 2Q26, we had 18.4 thousand Total Advisors, an increase of approximately 1% YoY.<\/p>\n Retail Daily Average Trades (in million)<\/b><\/p>\n \nRetail DATs totaled 2.4 million<\/b> in 2Q26, up 3% YoY and down 13% QoQ.<\/p>\n NPS<\/b><\/p>\n \nOur NPS, a widely known survey methodology used to measure customer satisfaction, was 66in 2Q26. The NPS calculation as of a given date reflects the average scores in the prior six months.<\/p>\n 2. RETIREMENT PLANS<\/span><\/b><\/p>\nRetirement Plans Client Assets (in R$ billion)<\/b><\/p>\n \nAs per public data published by Susep, XPV&P\u2019s individual\u2019s market share (PGBL and VGBL) was stable at 5%. Total Client Assets were R$101 billion<\/b> in 2Q26, up 18% YoY. Assets from XPV&P, our proprietary insurer, grew 34% YoY, reaching R$97 billion<\/b>.<\/p>\n 3. CARDS<\/span><\/b><\/p>\nCards TPV (in R$ billion)<\/b><\/p>\n \nIn 2Q26, Total TPV was R$13.5 billion<\/b>, a 8% growth YoY and 1% increase QoQ.<\/p>\n Active Cards (in \u2018000s)<\/b><\/p>\n \nTotal Active Cards were 1.6<\/b>million<\/b> in 2Q26, representing a 8% growth YoY and 2% up QoQ, being just over 1.0 million<\/b>Credit Cards<\/b> and approximately 0.6 million Active Debit Cards.<\/p>\n 4. CREDIT<\/span><\/b><\/p>\nExpanded Loan Portfolio (in R$ billion)<\/b><\/p>\n \nExpanded Loan Portfolio reached R$78 billion<\/b> as of 2Q26, expanding 16%<\/b> YoY and 5%<\/b> sequentially.<\/p>\n 5. INSURANCE<\/span><\/b><\/p>\nGross Written Premiums (in R$ million)<\/b><\/p>\n \nGross written premiums (GWP) refer to the total amount of premium income that XPs has written or sold during a particular reporting period before deductions for provisions, reinsurance and other expenses. This figure represents the total premiums that customers have agreed to pay for life insurance policies issued by the company or sold by the company and issued by third-party insurers, including both new policies and renewals. It is a crucial metric for assessing the total business volume of an insurance company or insurance broker within that period.<\/p>\n \nIn 2Q26, Gross Written Premiums grew 10%<\/b> YoY and expanded 21%<\/b> QoQ.<\/p>\n Discussion of Financial Results<\/b><\/p>\n Total Gross Revenue1<\/sup><\/b><\/p>\n\nGross revenue reached R$5.1 billion<\/b> in 2Q26, reflecting an increase of 8% year-over-year and 3% higher quarter-over-quarter.<\/p>\n \nThe year-over-year growth was driven by equities, funds platform, retail new verticals, and other retail, with new ventures and floating expanding at a rapid pace. The Wholesale bank division also delivered year-over-year growth.<\/p>\n Retail Revenue<\/b><\/p>\n\n\n| \n (in R$ mn)<\/b><\/p>\n<\/td>\n | \n 2Q26<\/b><\/p>\n<\/td>\n | \n 2Q25<\/b><\/p>\n<\/td>\n | \n YoY<\/b><\/p>\n<\/td>\n | \n 1Q26<\/b><\/p>\n<\/td>\n | \n QoQ<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Retail Revenue<\/b><\/p>\n<\/td>\n | \n 3,881<\/b><\/p>\n<\/td>\n | \n 3,577<\/b><\/p>\n<\/td>\n | \n 8%<\/b><\/p>\n<\/td>\n | \n 3,773<\/b><\/p>\n<\/td>\n | \n 3%<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nEquities<\/p>\n<\/td>\n | \n \n1,138<\/p>\n<\/td>\n | \n \n1,030<\/p>\n<\/td>\n | \n \n11%<\/p>\n<\/td>\n | \n \n1,167<\/p>\n<\/td>\n | \n \n-2%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nFixed Income<\/p>\n<\/td>\n | \n \n833<\/p>\n<\/td>\n | \n \n988<\/p>\n<\/td>\n | \n \n-16%<\/p>\n<\/td>\n | \n \n756<\/p>\n<\/td>\n | \n \n10%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nFunds Platform<\/p>\n<\/td>\n | \n \n418<\/p>\n<\/td>\n | \n \n341<\/p>\n<\/td>\n | \n \n23%<\/p>\n<\/td>\n | \n \n392<\/p>\n<\/td>\n | \n \n7%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nRetirement Plans<\/p>\n<\/td>\n | \n \n118<\/p>\n<\/td>\n | \n \n115<\/p>\n<\/td>\n | \n \n3%<\/p>\n<\/td>\n | \n \n118<\/p>\n<\/td>\n | \n \n0%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCards<\/p>\n<\/td>\n | \n \n375<\/p>\n<\/td>\n | \n \n323<\/p>\n<\/td>\n | \n \n16%<\/p>\n<\/td>\n | \n \n356<\/p>\n<\/td>\n | \n \n5%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCredit<\/p>\n<\/td>\n | \n \n105<\/p>\n<\/td>\n | \n \n82<\/p>\n<\/td>\n | \n \n27%<\/p>\n<\/td>\n | \n \n90<\/p>\n<\/td>\n | \n \n16%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nInsurance<\/p>\n<\/td>\n | \n \n80<\/p>\n<\/td>\n | \n \n65<\/p>\n<\/td>\n | \n \n23%<\/p>\n<\/td>\n | \n \n59<\/p>\n<\/td>\n | \n \n35%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOther Retail<\/p>\n<\/td>\n | \n \n813<\/p>\n<\/td>\n | \n \n634<\/p>\n<\/td>\n | \n \n28%<\/p>\n<\/td>\n | \n \n834<\/p>\n<\/td>\n | \n \n-3%<\/p>\n<\/td>\n<\/tr>\n | \n| \n Annualized Retail Take Rate<\/i><\/p>\n<\/td>\n | \n 1.20%<\/i><\/p>\n<\/td>\n | \n 1.25%<\/i><\/p>\n<\/td>\n | \n -5 bps<\/i><\/p>\n<\/td>\n | \n 1.18%<\/i><\/p>\n<\/td>\n | \n 2 bps<\/i><\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nRetail revenue reached R$3,881 million<\/b> in 2Q26, representing a 3% increase quarter-over-quarter and a 8% increase year-over-year.<\/p>\n \nBoth equities and funds platform \u2014 two of our most important revenue lines \u2014 grew at double digit pace when compared to the same period of last year. However, this was partially offset by the MtM impact in fixed income, which brought overall retail revenue growth to 8%. Retail Revenue performance also benefited from strong contributions from banking, float and new verticals, which are reported in the Other Retail line and gained representativeness during the quarter.<\/p>\n Take Rate<\/b><\/p>\n \nAnnualized Retail Take Rate was 1.20% in 2Q26, 2bps higher QoQ and 5bps lower YoY.<\/p>\n Wholesale Banking<\/b><\/p>\n \nSince last quarter we have included our Institutional business in the Wholesale segment. Taken together, Corporate, Issuer Services and Institutional grew 32% year-over-year, with revenues totaling R$1,175 million in 2Q26.<\/p>\n \nThe YoY performance was driven by a robust Corporate activity, with revenues reaching R$606 million, a 117% increase YoY. We continue to serve our clients with solutions in credit, derivatives, foreign exchange, and trading, sustaining the robust revenue growth of this segment.<\/p>\n Other Revenue<\/b><\/p>\n \nAccompanying the final phase of our restructuring, the Other revenue line has become less relevant over the years and ceased to exist last quarter, being incorporated in the net interest margin across our business lines.<\/p>\n Costs of Goods Sold and Gross Margin<\/b><\/p>\n \nGross Margin was 68.6% in 2Q26 versus 67.2% in 1Q26 and 68.7% in 2Q25.<\/p>\n SG&A Expenses<\/b><\/p>\n\n\n| \n (in R$ mn)<\/b><\/p>\n<\/td>\n | \n 2Q26<\/b><\/p>\n<\/td>\n | \n 2Q25<\/b><\/p>\n<\/td>\n | \n YoY<\/b><\/p>\n<\/td>\n | \n 1Q26<\/b><\/p>\n<\/td>\n | \n QoQ<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Total SG&A<\/b><\/p>\n<\/td>\n | \n (1,640)<\/b><\/p>\n<\/td>\n | \n (1,561)<\/b><\/p>\n<\/td>\n | \n 5%<\/b><\/p>\n<\/td>\n | \n (1,610)<\/b><\/p>\n<\/td>\n | \n 2%<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n People<\/b><\/p>\n<\/td>\n | \n (1,109)<\/b><\/p>\n<\/td>\n | \n (1,014)<\/b><\/p>\n<\/td>\n | \n 9%<\/b><\/p>\n<\/td>\n | \n (1,096)<\/b><\/p>\n<\/td>\n | \n 1%<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nSalary and Taxes<\/p>\n<\/td>\n | \n \n(513)<\/p>\n<\/td>\n | \n \n(417)<\/p>\n<\/td>\n | \n \n23%<\/p>\n<\/td>\n | \n \n(480)<\/p>\n<\/td>\n | \n \n7%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nBonuses<\/p>\n<\/td>\n | \n \n(486)<\/p>\n<\/td>\n | \n \n(435)<\/p>\n<\/td>\n | \n \n12%<\/p>\n<\/td>\n | \n \n(505)<\/p>\n<\/td>\n | \n \n-4%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nShare Based Compensation<\/p>\n<\/td>\n | \n \n(110)<\/p>\n<\/td>\n | \n \n(163)<\/p>\n<\/td>\n | \n \n-32%<\/p>\n<\/td>\n | \n \n(111)<\/p>\n<\/td>\n | \n \n-1%<\/p>\n<\/td>\n<\/tr>\n | \n| \n Non-people<\/b><\/p>\n<\/td>\n | \n (531)<\/b><\/p>\n<\/td>\n | \n (547)<\/b><\/p>\n<\/td>\n | \n -3%<\/b><\/p>\n<\/td>\n | \n (514)<\/b><\/p>\n<\/td>\n | \n 3%<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n LTM Compensation Ratio<\/i><\/p>\n<\/td>\n | \n -23.2%<\/i><\/p>\n<\/td>\n | \n -22.8%<\/i><\/p>\n<\/td>\n | \n -44 bps<\/i><\/p>\n<\/td>\n | \n -23.2%<\/i><\/p>\n<\/td>\n | \n -3 bps<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n LTM Efficiency Ratio<\/i><\/p>\n<\/td>\n | \n -34.3%<\/i><\/p>\n<\/td>\n | \n -34.0%<\/i><\/p>\n<\/td>\n | \n -27 bps<\/i><\/p>\n<\/td>\n | \n -34.6%<\/i><\/p>\n<\/td>\n | \n 28 bps<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n Headcount (EoP)<\/b><\/p>\n<\/td>\n | \n 8,491<\/b><\/p>\n<\/td>\n | \n 7,484<\/b><\/p>\n<\/td>\n | \n 13%<\/b><\/p>\n<\/td>\n | \n 8,280<\/b><\/p>\n<\/td>\n | \n 3%<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nSG&A expenses totaled R$1.6 billion<\/b> in 2Q26, 2%<\/b> higher QoQ, and 5%<\/b> higher YoY.<\/p>\n \nOur last twelve months (LTM) compensation ratio4 <\/sup>in 2Q26 was 23.2%<\/b>. Also, our LTM efficiency ratio5 <\/sup>reached 34.3%<\/b> in 2Q26.<\/p>\n\n\n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| \n \n4 – Compensation ratio is calculated as People SG&A (Salary and Taxes, Bonuses and Share Based Compensation) divided by Net Revenue.<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n5 – Efficiency ratio is calculated as SG&A ex-revenue from incentives from Tesouro Direto, B3, and others divided by Net Revenue.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Earnings Before Taxes<\/b><\/p>\n \nEBT was R$1,565 million in 2Q26, growing 10% QoQ and up 15% YoY. The EBT margin was 32.0%, 209 bps up quarter-over-quarter and 172 bps up YoY.<\/p>\n Adjusted Net Income and Adjusted EPS1<\/sup><\/b><\/p>\n\nIn 2Q26, Adjusted Net Income reached R$1.4 billion<\/b>, up 5% both quarter over quarter and year over year. Adjusted Basic EPS was R$2.71, 7% higher QoQ and 8% up YoY. Adjusted Diluted EPS was R$2.67 for the quarter, 7% up QoQ and 9% higher YoY.<\/p>\n Adjusted ROTE1,6<\/sup> and Adjusted ROAE1,7<\/sup><\/b><\/p>\n\nIn 2Q26 our Adjusted Return on Equity (ROAE)<\/b> reached 22.5%<\/b>, while return on tangible equity (ROTE)<\/b> was 27.2%<\/b>. Both metrics were up this quarter as we posted a slightly lower BIS ratio.<\/p>\n Capital Management8<\/sup><\/b><\/p>\n\nIn 2Q26 our BIS Ratio was 20.3%<\/b>, 39 bps lower QoQ and 15 bps higher YoY, while our total RWA was R$126.6 billion<\/b>, with a 4% increase QoQ and 26% increase YoY. Our CET1 ratio remains at a comfortable level of 17.1%<\/b>. During the first half of the year, we continued executing share repurchases, totaling approximately R$1 billion. With that, we closed the previous buyback program, but we still have another open program of R$1 billion, which we continue to execute strategically. We are comfortable bringing our BIS ratio to our target range of 16% to 19% toward the end of the year through capital distributions, while still maintaining a comfortable capital buffer.<\/p>\n\n\n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| \n \n6 \u2013 Annualized Return on Tangible Common Equity, calculated as Annualized Net Income over Tangible Common Equity, which excludes Intangibles and Goodwill, net of deferred taxes.<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n7 \u2013 Annualized Return on Average Equity.<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n8 \u2013 Managerial BIS Ratio is calculated using the same methodology as the BIS Ratio for our Prudential Conglomerate. However, it is based on the total assets and equity of the entire group.<\/p>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Other Information<\/b><\/p>\n Webcast and Conference Call Information<\/b><\/p>\n \nThe Company will host a webcast to discuss its second quarter financial results on Monday, August 17th<\/sup>, 2026, at 5:00 pm ET (6:00 pm BRT). To participate in the earnings webcast please subscribe at 2Q26 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. 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$100.00 or that have transacted at least once in the last thirty days. For purposes of calculating this metric, if a client holds an account in more than one of the aforementioned entities, such client will be counted as one \u201cactive client\u201d for each such account. For example, if a client holds an account in each of XP Investimentos and Rico, such client will count as two \u201cactive clients\u201d for purposes of this metric.<\/p>\n \n\u201cClient Assets\u201d means the market value of all client assets invested through XP\u2019s platform and that is related to reported Retail Revenue, including equities, fixed income securities, mutual funds (including those managed by XP Gest\u00e3o de Recursos Ltda., XP Advisory Gest\u00e3o de Recursos Ltda. and XP Vista Asset Management Ltda., as well as by third-party asset managers), pension funds (including those from XP Vida e Previd\u00eancia S.A., as well as by third-party insurance companies), exchange traded funds, COEs (Structured Notes), REITs, and uninvested cash balances (Float Balances), among others. Although Client Assets includes custody from Corporate Clients that generate Retail Revenue, it does not include custody from institutional clients (asset managers, pension funds and insurance companies).<\/p>\n Rounding<\/b><\/p>\n \nWe have made rounding adjustments to some of the figures included in this release. Accordingly, numerical figures shown as totals in some tables may not be an arithmetic aggregation of the figures that preceded them.<\/p>\n \n\n| \n Unaudited Managerial Income Statement (in R$ mn)<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n Managerial Income Statement<\/b><\/p>\n<\/td>\n | \n 2Q26<\/b><\/p>\n<\/td>\n | \n 2Q25<\/b><\/p>\n<\/td>\n | \n YoY<\/b><\/p>\n<\/td>\n | \n 1Q26<\/b><\/p>\n<\/td>\n | \n QoQ<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Total Gross Revenue<\/b><\/p>\n<\/td>\n | \n 5,056<\/b><\/p>\n<\/td>\n | \n 4,669<\/b><\/p>\n<\/td>\n | \n 8%<\/b><\/p>\n<\/td>\n | \n 4,919<\/b><\/p>\n<\/td>\n | \n 3%<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Retail<\/b><\/p>\n<\/td>\n | \n 3,881<\/b><\/p>\n<\/td>\n | \n 3,577<\/b><\/p>\n<\/td>\n | \n 8%<\/b><\/p>\n<\/td>\n | \n 3,773<\/b><\/p>\n<\/td>\n | \n 3%<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nEquities<\/p>\n<\/td>\n | \n \n1,138<\/p>\n<\/td>\n | \n \n1,030<\/p>\n<\/td>\n | \n \n11%<\/p>\n<\/td>\n | \n \n1,167<\/p>\n<\/td>\n | \n \n-2%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nFixed Income<\/p>\n<\/td>\n | \n \n833<\/p>\n<\/td>\n | \n \n988<\/p>\n<\/td>\n | \n \n-16%<\/p>\n<\/td>\n | \n \n756<\/p>\n<\/td>\n | \n \n10%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nFunds Platform<\/p>\n<\/td>\n | \n \n418<\/p>\n<\/td>\n | \n \n341<\/p>\n<\/td>\n | \n \n23%<\/p>\n<\/td>\n | \n \n392<\/p>\n<\/td>\n | \n \n7%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nRetirement Plans<\/p>\n<\/td>\n | \n \n118<\/p>\n<\/td>\n | \n \n115<\/p>\n<\/td>\n | \n \n3%<\/p>\n<\/td>\n | \n \n118<\/p>\n<\/td>\n | \n \n0%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCards<\/p>\n<\/td>\n | \n \n375<\/p>\n<\/td>\n | \n \n323<\/p>\n<\/td>\n | \n \n16%<\/p>\n<\/td>\n | \n \n356<\/p>\n<\/td>\n | \n \n5%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCredit<\/p>\n<\/td>\n | \n \n105<\/p>\n<\/td>\n | \n \n82<\/p>\n<\/td>\n | \n \n27%<\/p>\n<\/td>\n | \n \n90<\/p>\n<\/td>\n | \n \n16%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nInsurance<\/p>\n<\/td>\n | \n \n80<\/p>\n<\/td>\n | \n \n65<\/p>\n<\/td>\n | \n \n23%<\/p>\n<\/td>\n | \n \n59<\/p>\n<\/td>\n | \n \n35%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOther Retail<\/p>\n<\/td>\n | \n \n813<\/p>\n<\/td>\n | \n \n634<\/p>\n<\/td>\n | \n \n28%<\/p>\n<\/td>\n | \n \n834<\/p>\n<\/td>\n | \n \n-3%<\/p>\n<\/td>\n<\/tr>\n | \n| \n Wholesale<\/b><\/p>\n<\/td>\n | \n 1,175<\/b><\/p>\n<\/td>\n | \n 889<\/b><\/p>\n<\/td>\n | \n 32%<\/b><\/p>\n<\/td>\n | \n 1,146<\/b><\/p>\n<\/td>\n | \n 3%<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nIssuer Services<\/p>\n<\/td>\n | \n \n186<\/p>\n<\/td>\n | \n \n268<\/p>\n<\/td>\n | \n \n-30%<\/p>\n<\/td>\n | \n \n269<\/p>\n<\/td>\n | \n \n-31%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCorporate<\/p>\n<\/td>\n | \n \n606<\/p>\n<\/td>\n | \n \n279<\/p>\n<\/td>\n | \n \n117%<\/p>\n<\/td>\n | \n \n498<\/p>\n<\/td>\n | \n \n22%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nInstitutional<\/p>\n<\/td>\n | \n \n383<\/p>\n<\/td>\n | \n \n343<\/p>\n<\/td>\n | \n \n12%<\/p>\n<\/td>\n | \n \n379<\/p>\n<\/td>\n | \n \n1%<\/p>\n<\/td>\n<\/tr>\n | \n| \n Other<\/b><\/p>\n<\/td>\n | \n –<\/b><\/p>\n<\/td>\n | \n 202<\/b><\/p>\n<\/td>\n | \n -100%<\/b><\/p>\n<\/td>\n | \n –<\/b><\/p>\n<\/td>\n | \n –<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Net Revenue<\/b><\/p>\n<\/td>\n | \n 4,884<\/b><\/p>\n<\/td>\n | \n 4,499<\/b><\/p>\n<\/td>\n | \n 9%<\/b><\/p>\n<\/td>\n | \n 4,733<\/b><\/p>\n<\/td>\n | \n 3%<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n COGS<\/b><\/p>\n<\/td>\n | \n (1,531)<\/b><\/p>\n<\/td>\n | \n (1,409)<\/b><\/p>\n<\/td>\n | \n 9%<\/b><\/p>\n<\/td>\n | \n (1,554)<\/b><\/p>\n<\/td>\n | \n -1%<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Gross Profit<\/b><\/p>\n<\/td>\n | \n 3,353<\/b><\/p>\n<\/td>\n | \n 3,090<\/b><\/p>\n<\/td>\n | \n 9%<\/b><\/p>\n<\/td>\n | \n 3,179<\/b><\/p>\n<\/td>\n | \n 5%<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Gross Margin<\/i><\/p>\n<\/td>\n | \n 68.6%<\/i><\/p>\n<\/td>\n | \n 68.7%<\/i><\/p>\n<\/td>\n | \n \n-3 bps<\/p>\n<\/td>\n | \n 67.2%<\/i><\/p>\n<\/td>\n | \n \n148 bps<\/p>\n<\/td>\n<\/tr>\n | \n| \n SG&A<\/b><\/p>\n<\/td>\n | \n (1,638)<\/b><\/p>\n<\/td>\n | \n (1,498)<\/b><\/p>\n<\/td>\n | \n 9%<\/b><\/p>\n<\/td>\n | \n (1,609)<\/b><\/p>\n<\/td>\n | \n 2%<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nPeople<\/p>\n<\/td>\n | \n \n(1,109)<\/p>\n<\/td>\n | \n \n(1,014)<\/p>\n<\/td>\n | \n \n9%<\/p>\n<\/td>\n | \n \n(1,096)<\/p>\n<\/td>\n | \n \n1%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNon-People<\/p>\n<\/td>\n | \n \n(529)<\/p>\n<\/td>\n | \n \n(483)<\/p>\n<\/td>\n | \n \n9%<\/p>\n<\/td>\n | \n \n(512)<\/p>\n<\/td>\n | \n \n3%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nD&A<\/p>\n<\/td>\n | \n \n(88)<\/p>\n<\/td>\n | \n \n(74)<\/p>\n<\/td>\n | \n \n18%<\/p>\n<\/td>\n | \n \n(68)<\/p>\n<\/td>\n | \n \n28%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nInterest expense on debt<\/p>\n<\/td>\n | \n \n(116)<\/p>\n<\/td>\n | \n \n(176)<\/p>\n<\/td>\n | \n \n-34%<\/p>\n<\/td>\n | \n \n(103)<\/p>\n<\/td>\n | \n \n13%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nShare of profit in joint ventures and associates<\/p>\n<\/td>\n | \n \n54<\/p>\n<\/td>\n | \n \n22<\/p>\n<\/td>\n | \n \n143%<\/p>\n<\/td>\n | \n \n19<\/p>\n<\/td>\n | \n \n192%<\/p>\n<\/td>\n<\/tr>\n | \n| \n EBT<\/b><\/p>\n<\/td>\n | \n 1,565<\/b><\/p>\n<\/td>\n | \n 1,364<\/b><\/p>\n<\/td>\n | \n 15%<\/b><\/p>\n<\/td>\n | \n 1,418<\/b><\/p>\n<\/td>\n | \n 10%<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n EBT Margin<\/i><\/p>\n<\/td>\n | \n 32.0%<\/i><\/p>\n<\/td>\n | \n 30.3%<\/i><\/p>\n<\/td>\n | \n \n172 bps<\/p>\n<\/td>\n | \n 30.0%<\/i><\/p>\n<\/td>\n | \n \n209 bps<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTax Expense<\/p>\n<\/td>\n | \n \n(181)<\/p>\n<\/td>\n | \n \n(43)<\/p>\n<\/td>\n | \n \n322%<\/p>\n<\/td>\n | \n \n(100)<\/p>\n<\/td>\n | \n \n81%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTax expense (Tax Witholding in Funds)<\/p>\n<\/td>\n | \n \n(15)<\/p>\n<\/td>\n | \n \n(174)<\/p>\n<\/td>\n | \n \n-91%<\/p>\n<\/td>\n | \n \n(30)<\/p>\n<\/td>\n | \n \n-49%<\/p>\n<\/td>\n<\/tr>\n | \n| \n Effective Tax Rate<\/i><\/p>\n<\/td>\n | \n -12.4%<\/i><\/p>\n<\/td>\n | \n -14.1%<\/i><\/p>\n<\/td>\n | \n \n168 bps<\/p>\n<\/td>\n | \n -9.0%<\/i><\/p>\n<\/td>\n | \n \n-342 bps<\/p>\n<\/td>\n<\/tr>\n | \n| \n Adjusted Net Income<\/b><\/p>\n<\/td>\n | \n 1,384<\/b><\/p>\n<\/td>\n | \n 1,321<\/b><\/p>\n<\/td>\n | \n 5%<\/b><\/p>\n<\/td>\n | \n 1,318<\/b><\/p>\n<\/td>\n | \n 5%<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Adjusted Net Margin<\/i><\/p>\n<\/td>\n | \n 28.3%<\/i><\/p>\n<\/td>\n | \n 29.4%<\/i><\/p>\n<\/td>\n | \n \n-103 bps<\/p>\n<\/td>\n | \n 27,8%<\/i><\/p>\n<\/td>\n | \n \n50 bps<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\n| \n Accounting Income Statement (in R$ mn)<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n Accounting Income Statement<\/b><\/p>\n<\/td>\n | \n 2Q26<\/b><\/p>\n<\/td>\n | \n 2Q25<\/b><\/p>\n<\/td>\n | \n YoY<\/b><\/p>\n<\/td>\n | \n 1Q26<\/b><\/p>\n<\/td>\n | \n QoQ<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Net revenue from services rendered<\/b><\/p>\n<\/td>\n | \n 1,969<\/b><\/p>\n<\/td>\n | \n 1,795<\/b><\/p>\n<\/td>\n | \n 10%<\/b><\/p>\n<\/td>\n | \n 1,932<\/b><\/p>\n<\/td>\n | \n 2%<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nBrokerage commission<\/p>\n<\/td>\n | \n \n529<\/p>\n<\/td>\n | \n \n528<\/p>\n<\/td>\n | \n \n0%<\/p>\n<\/td>\n | \n \n582<\/p>\n<\/td>\n | \n \n-9%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nSecurities placement<\/p>\n<\/td>\n | \n \n473<\/p>\n<\/td>\n | \n \n455<\/p>\n<\/td>\n | \n \n4%<\/p>\n<\/td>\n | \n \n477<\/p>\n<\/td>\n | \n \n-1%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nManagement fees<\/p>\n<\/td>\n | \n \n558<\/p>\n<\/td>\n | \n \n441<\/p>\n<\/td>\n | \n \n27%<\/p>\n<\/td>\n | \n \n532<\/p>\n<\/td>\n | \n \n5%<\/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 \n3%<\/p>\n<\/td>\n | \n \n58<\/p>\n<\/td>\n | \n \n7%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCommission Fees<\/p>\n<\/td>\n | \n \n286<\/p>\n<\/td>\n | \n \n285<\/p>\n<\/td>\n | \n \n0%<\/p>\n<\/td>\n | \n \n268<\/p>\n<\/td>\n | \n \n7%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOther services<\/p>\n<\/td>\n | \n \n232<\/p>\n<\/td>\n | \n \n196<\/p>\n<\/td>\n | \n \n18%<\/p>\n<\/td>\n | \n \n202<\/p>\n<\/td>\n | \n \n15%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nSales Tax and contributions on Services<\/p>\n<\/td>\n | \n \n(172)<\/p>\n<\/td>\n | \n \n(170)<\/p>\n<\/td>\n | \n \n1%<\/p>\n<\/td>\n | \n \n(186)<\/p>\n<\/td>\n | \n \n-8%<\/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(2,257)<\/p>\n<\/td>\n | \n \n(854)<\/p>\n<\/td>\n | \n \n164%<\/p>\n<\/td>\n | \n \n(1,170)<\/p>\n<\/td>\n | \n \n93%<\/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 \n5,137<\/p>\n<\/td>\n | \n \n3,515<\/p>\n<\/td>\n | \n \n46%<\/p>\n<\/td>\n | \n \n3,912<\/p>\n<\/td>\n | \n \n31%<\/p>\n<\/td>\n<\/tr>\n | \n| \n Total revenue and income<\/b><\/p>\n<\/td>\n | \n 4,849<\/b><\/p>\n<\/td>\n | \n 4,455<\/b><\/p>\n<\/td>\n | \n 9%<\/b><\/p>\n<\/td>\n | \n 4,674<\/b><\/p>\n<\/td>\n | \n 4%<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nOperating costs<\/p>\n<\/td>\n | \n \n(1,435)<\/p>\n<\/td>\n | \n \n(1,319)<\/p>\n<\/td>\n | \n \n9%<\/p>\n<\/td>\n | \n \n(1,442)<\/p>\n<\/td>\n | \n \n0%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nSelling expenses<\/p>\n<\/td>\n | \n \n(76)<\/p>\n<\/td>\n | \n \n(80)<\/p>\n<\/td>\n | \n \n-5%<\/p>\n<\/td>\n | \n \n(70)<\/p>\n<\/td>\n | \n \n8%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAdministrative expenses<\/p>\n<\/td>\n | \n \n(1,703)<\/p>\n<\/td>\n | \n \n(1,572)<\/p>\n<\/td>\n | \n \n8%<\/p>\n<\/td>\n | \n \n(1,641)<\/p>\n<\/td>\n | \n \n4%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOther operating revenues (expenses), net<\/p>\n<\/td>\n | \n \n38<\/p>\n<\/td>\n | \n \n77<\/p>\n<\/td>\n | \n \n-51%<\/p>\n<\/td>\n | \n \n18<\/p>\n<\/td>\n | \n \n107%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nExpected credit losses<\/p>\n<\/td>\n | \n \n(96)<\/p>\n<\/td>\n | \n \n(90)<\/p>\n<\/td>\n | \n \n7%<\/p>\n<\/td>\n | \n \n(112)<\/p>\n<\/td>\n | \n \n-14%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nInterest expense on debt<\/p>\n<\/td>\n | \n \n(116)<\/p>\n<\/td>\n | \n \n(176)<\/p>\n<\/td>\n | \n \n-34%<\/p>\n<\/td>\n | \n \n(103)<\/p>\n<\/td>\n | \n \n13%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nShare of profit or (loss) in joint ventures and associates<\/p>\n<\/td>\n | \n \n54<\/p>\n<\/td>\n | \n \n22<\/p>\n<\/td>\n | \n \n143%<\/p>\n<\/td>\n | \n \n19<\/p>\n<\/td>\n | \n \n192%<\/p>\n<\/td>\n<\/tr>\n | \n| \n Income before income tax<\/b><\/p>\n<\/td>\n | \n 1,515<\/b><\/p>\n<\/td>\n | \n 1,318<\/b><\/p>\n<\/td>\n | \n 15%<\/b><\/p>\n<\/td>\n | \n 1,343<\/b><\/p>\n<\/td>\n | \n 13%<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nIncome tax expense<\/p>\n<\/td>\n | \n \n(131)<\/p>\n<\/td>\n | \n \n4<\/p>\n<\/td>\n | \n \n-3824%<\/p>\n<\/td>\n | \n \n(26)<\/p>\n<\/td>\n | \n \n408%<\/p>\n<\/td>\n<\/tr>\n | \n| \n Net income for the period<\/b><\/p>\n<\/td>\n | \n 1,384<\/b><\/p>\n<\/td>\n | \n 1,321<\/b><\/p>\n<\/td>\n | \n 5%<\/b><\/p>\n<\/td>\n | \n 1,318<\/b><\/p>\n<\/td>\n | \n 5%<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |