Group 1 - The article does not provide any specific information or insights regarding a company or industry [1]

Group 1 - Credit Agricole has set a new net profit target of more than 8.5 billion euros ($9.0 billion) by 2028, exceeding analyst expectations [1] - The announcement reflects the bank's strategic interest in expanding its operations in Italy [1]

Group 1 - Amundi is acquiring a 9.9% stake in Intermediate Capital Group, which is listed in London [1] - This acquisition is part of Amundi's new three-year strategic plan to expand in private markets [1] - Amundi is recognized as Europe's largest asset manager [1]

Core Viewpoint - XP Inc.A reported quarterly earnings of $0.45 per share, matching the Zacks Consensus Estimate, and showing an increase from $0.39 per share a year ago [1] - The company posted revenues of $855.57 million for the quarter ended September 2025, slightly missing the Zacks Consensus Estimate by 0.2%, but up from $778.88 million year-over-year [2] Financial Performance - Earnings per share (EPS) for the latest quarter were $0.45, consistent with expectations, and the company has surpassed consensus EPS estimates only once in the last four quarters [1] - Revenue for the quarter was $855.57 million, which is a 9.9% increase from the previous year's $778.88 million, but the company has topped revenue estimates just once in the last four quarters [2] Stock Performance - XP Inc.A shares have increased approximately 57.5% since the beginning of the year, significantly outperforming the S&P 500's gain of 14.5% [3] - The stock currently holds a Zacks Rank 2 (Buy), indicating expectations for it to outperform the market in the near future [6] Future Outlook - The current consensus EPS estimate for the upcoming quarter is $0.44, with projected revenues of $888.52 million, and for the current fiscal year, the EPS estimate is $1.74 on revenues of $3.37 billion [7] - The outlook for the Financial - Miscellaneous Services industry is favorable, ranking in the top 30% of over 250 Zacks industries, suggesting potential positive performance for stocks within this sector [8]

Financial Data and Key Metrics Changes - The company reported gross revenues of BRL 4.9 billion, representing a 9% growth year over year and a 6% growth quarter over quarter [19] - Net income reached BRL 1.3 billion, a 12% growth year over year and a 1% increase quarter over quarter [23] - The return on equity (ROE) was 23%, flat year over year, while the capital ratio stood at 21.2%, an increase of 180 basis points quarter over quarter [7][24] Business Line Data and Key Metrics Changes - Retail revenues reached BRL 3.7 billion, representing 6% growth year over year and 4% growth quarter over quarter [19] - Corporate and industry services achieved a record performance of BRL 729 million, with 32% growth year over year and 33% growth quarter over quarter [21] - Life insurance retail premium posted a 25% growth year over year, while retirement plans client assets grew 15% year over year, reaching BRL 90 billion [14] Market Data and Key Metrics Changes - The company reported BRL 20 billion in retail net new money and BRL 9 billion in corporate and institutional, totaling BRL 5 billion lower than last year but three times higher than last quarter [8] - The company maintained a 10% market share in capital markets distribution, with a robust pipeline of fixed income offerings [15] Company Strategy and Development Direction - The company aims to become the leader in investments in Brazil by enhancing client service and introducing new products, including a new app and credit card offerings [3][10] - The strategy includes democratizing access to high-quality wealth planning services, previously reserved for high-net-worth clients [10][12] - The company is focused on improving its investment platform and enhancing client experience through advisor initiatives [9] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges faced in 2025 but emphasized commitment to evolving the business for growth and profitability [4] - The outlook for the wholesale banking segment remains positive, with expectations for continued strong performance in Q4 [31] - Management indicated that while achieving the 10% revenue growth target for 2025 may be challenging, they remain optimistic about future growth [82] Other Important Information - The company repurchased BRL 2 billion in shares in 2025, with a new BRL 1 billion buyback program announced [24] - The company plans to pay a dividend of BRL 500 million in 2025, representing a 50% payout ratio based on net income [24] Q&A Session Summary Question: Expectations for wholesale business performance in Q4 - Management expects good performance in the wholesale banking segment for Q4, with a strong second half of the year compared to the first half [31][33] Question: Details on the strategy to increase the warehousing book - The strategy involves holding high-quality assets and increasing the warehouse book to sell to retail clients in the following year [33] Question: Clarification on corporate revenues and hedging strategy - Corporate revenues are tied to DCM activity, with hedging solutions being a significant driver [39] Question: Insights on fixed income revenue contraction despite AUC growth - The contraction in fixed income revenues is attributed to a shift in the mix towards lower take rates and shorter durations [46] Question: Impact of new hires on advisor numbers - The decrease in the number of advisors is due to the conversion of IFAs into employees and a focus on hiring higher-quality advisors [52] Question: Explanation for the reduction in financial expenses - The reduction in financial expenses is linked to a geographic shift in debt management, with cheaper bank debt replacing corporate debt [54] Question: Future guidance on EBIT margin - Management believes achieving the EBIT margin guidance is still possible, but it may take until the end of next year to realize [62]

Financial Data and Key Metrics Changes - The company reported total client assets of BRL 1.9 trillion, reflecting a 16% year-over-year growth [4] - Gross revenues reached BRL 4.9 billion, representing a 9% growth year over year [19] - Earnings Before Tax (EBT) increased by 10% year over year to BRL 1.3 billion [23] - The company achieved a Return on Equity (ROE) of 23%, remaining flat year over year [7] - Diluted Earnings Per Share (EPS) grew by 13% year over year, reaching BRL 2.47 [25] Business Line Data and Key Metrics Changes - Retail revenues amounted to BRL 3.7 billion, showing a 6% growth year over year [19] - Corporate and industry services achieved a record revenue of BRL 729 million, with a 32% year-over-year growth [21] - Life insurance retail premiums grew by 25% year over year [14] - Credit revenues posted an 11% growth year over year, reaching BRL 83 million in Net Interest Income (NII) [14] Market Data and Key Metrics Changes - The company reported BRL 20 billion in retail net new money, which was three times higher than the previous quarter but BRL 5 billion lower than last year [8] - The company maintained a 10% market share in capital markets distribution [15] - The wholesale banking segment showed strong performance, with expectations for continued growth in the fourth quarter [31] Company Strategy and Development Direction - The company aims to become the leader in investments in Brazil by enhancing client service and introducing new products [3] - A focus on high-quality wealth planning services for clients with varying asset levels is part of the strategy [10] - The company is transitioning to a fee-based model, which currently accounts for 21% of total retail Assets Under Custody (AUC) [11] - The company is committed to investing in technology and expanding its sales force to enhance client experience [22] Management's Comments on Operating Environment and Future Outlook - The management acknowledged the challenges faced in 2025 but emphasized the commitment to evolving the business for growth and profitability [4] - The management expressed confidence in achieving a target of around BRL 20 billion in retail net new money per quarter [8] - The company anticipates a volatile market in 2026, which may present opportunities for growth [70] Other Important Information - The company repurchased BRL 2 billion in shares in 2025, with a new buyback program of BRL 1 billion announced [24] - A dividend of BRL 500 million is planned for 2025, representing a 50% payout ratio based on net income [24] Q&A Session Summary Question: Expectations for wholesale business performance in Q4 - Management expects continued strong performance in the wholesale banking segment for Q4, with a focus on high-quality assets [31][33] Question: Clarification on corporate revenues and hedging strategy - Corporate revenues are tied to debt issuance and hedging solutions, with expectations for continued strength due to low credit spreads [76] Question: Insights on retail revenue growth and fixed income performance - Fixed income revenues contracted due to a shift in product mix towards lower take rates, while retail revenues grew overall [43][46] Question: Impact of new hires on advisor numbers - The company is hiring more internal advisors while converting some independent financial advisors (IFAs) to employees, focusing on quality over quantity [52] Question: Financial expenses and borrowing reductions - The reduction in financial expenses is attributed to a geographic shift in debt management, resulting in lower overall costs [53] Question: Guidance on EBT margin and revenue expectations - Management remains optimistic about achieving medium-term guidance for EBT margins, despite potential shortfalls in revenue growth [84]

Financial Data and Key Metrics Changes - The company reported total client assets of BRL 1.9 trillion, reflecting a 16% year-over-year growth [4] - Gross revenues reached BRL 4.9 billion, representing a 9% growth year over year [5][18] - EBIT increased by 10% year over year to BRL 1.3 billion [5] - The return on equity (ROE) was 23%, remaining flat year over year [6] - Diluted EPS grew by 13% year over year, reaching BRL 2.47 per share [24] Business Line Data and Key Metrics Changes - Retail revenues amounted to BRL 3.7 billion, showing a 6% growth year over year [18] - Corporate and industry services achieved a record BRL 729 million in revenues, marking a 32% growth year over year [18] - Life insurance retail premiums grew by 25% year over year [13] - Credit revenues increased by 11% year over year, reaching BRL 83 million in net interest income [13] Market Data and Key Metrics Changes - Retail net new money was BRL 20 billion, a decrease of BRL 5 billion compared to the previous year but three times higher than the last quarter [7] - The company maintained a 10% market share in capital markets distribution [15] - The wholesale bank maintained a leadership position with a 17% market share [16] Company Strategy and Development Direction - The company aims to become the leader in investments in Brazil by enhancing client service and introducing new products [3][10] - A focus on high-quality wealth planning services for clients with varying asset levels is being emphasized [10] - The company is transitioning to a fee-based model, which currently accounts for 21% of total retail assets under custody [11] Management's Comments on Operating Environment and Future Outlook - The management acknowledged the challenges faced in 2025 but expressed commitment to evolving the business for growth and profitability [4] - The company anticipates continued growth in retail net new money, targeting around BRL 20 billion per quarter [9] - Management highlighted the importance of maintaining a conservative risk profile despite strong performance in wholesale banking [25] Other Important Information - The company repurchased BRL 2 billion in shares in 2025, with a new buyback program of BRL 1 billion announced [23] - A dividend of BRL 500 million is planned for 2025, representing a 50% payout ratio based on net income [23] Q&A Session Summary Question: Expectations for wholesale business performance in Q4 - Management expects good performance in Q4, with stronger results anticipated compared to the first half of the year [26][27] Question: Details on the strategy to increase the warehousing book - The strategy involves holding high-quality assets and managing credit spread volatility effectively [27] Question: Clarification on corporate revenue increase - Corporate revenues are closely tied to debt issuance and hedging solutions, with strong performance expected to continue [30][44] Question: Insights on retail revenue growth despite fixed income contraction - The contraction in fixed income revenues is attributed to a shift in product mix and shorter durations affecting take rates [31][33] Question: Impact of workdays on revenues - Business days positively impacted floating and trading volumes, offsetting declines in equities and fixed income [49] Question: Use of AI in client advisory services - The company is leveraging AI to enhance advisor productivity and improve client service, particularly for lower-income clients [51]

Core Points - XP Inc. announced three capital allocation actions: a cash dividend, retirement of treasury shares, and a new share repurchase program [1] Cash Dividend - The Board declared a cash dividend of US$0.18 per Class A common share, payable on December 18, 2025, to shareholders of record as of December 10, 2025, totaling approximately R$500 million at current exchange rates [2] Treasury Shares Retirement - The Company approved the retirement of 10,970,754 Class A common shares, which is about 2.1% of the total shares, reducing the total share count from 530,859,761 to 519,889,007 [3] New Buyback Program - A new share repurchase program was authorized, allowing the Company to repurchase up to R$1.0 billion of its outstanding Class A common shares from November 18, 2025, until November 18, 2026, depending on market conditions [4] - The Board will periodically review the repurchase program and may adjust its terms or suspend it [4][6] - The actual timing and number of shares repurchased will depend on various factors, including market conditions and price [6]

IN REVIEWING THE INFORMATION CONTAINED IN THIS PRESENTATION, YOU ARE AGREEING TO ABIDE BY THE TERMS OF THIS DISCLAIMER. THIS INFORMATION IS BEING MADE AVAILABLE TO EACH RECIPIENT SOLELY FOR ITS INFORMATION AND IS SUBJECT TO AMENDMENT. This presentation is prepared by XP Inc. (the "Company," "we" or "our"), is solely for informational purposes. This presentation does not constitute a prospectus and does not constitute an offer to sell or the solicitation of an offer to buy any securities. In addition, this d ...

Core Insights - XP Inc. reported a strong financial performance for Q3 2025, with total gross revenue reaching R$4.9 billion, reflecting a 9% year-over-year increase and a 6% quarter-over-quarter increase [18][29][46]. Group 1: Operating KPIs - Total client assets amounted to R$1.425 trillion, up 12% year-over-year and 4% quarter-over-quarter, driven by R$91 billion in net inflow and R$63 billion in market appreciation [2][4]. - Active clients grew to 4.752 million, representing a 2% increase year-over-year and a 1% increase quarter-over-quarter [7]. - Total net inflow was R$29 billion, with retail net inflow at R$20 billion, which is 30% higher quarter-over-quarter but 18% lower year-over-year [4][6]. Group 2: Financial Metrics - Net income reached R$1.33 billion, a 12% increase year-over-year and a 1% increase quarter-over-quarter, with diluted EPS at R$2.47, also reflecting a 13% year-over-year growth [29][31]. - Gross profit was R$3.18 billion, marking an 8% increase year-over-year and a 4% increase quarter-over-quarter, with a gross margin of 68.2% [25][47]. - EBT was R$1.331 billion, showing a 10% increase year-over-year and a 1% increase quarter-over-quarter, with an EBT margin of 28.5% [28][29]. Group 3: Revenue Breakdown - Retail revenue reached R$3.704 billion, a 6% increase year-over-year and a 4% increase quarter-over-quarter, driven by higher average volumes and interest rates [19][20]. - Corporate & Issuer Services revenue totaled R$729 million, reflecting a 32% year-over-year increase and a 33% quarter-over-quarter increase, supported by strong DCM activity [22][23]. - Institutional revenue remained stable at R$340 million, showing no change year-over-year and a slight decrease of 1% quarter-over-quarter [21]. Group 4: Client Services and Products - Retirement plans client assets grew to R$90 billion, a 15% increase year-over-year, with XPV&P's proprietary insurer assets increasing by 32% [11]. - Total TPV for cards reached R$13.1 billion, a 9% year-over-year increase and a 5% quarter-over-quarter increase [12]. - The expanded loan portfolio reached R$67 billion, reflecting a significant 33% year-over-year growth [15]. Group 5: Capital Management - The BIS Ratio was reported at 21.2%, indicating a 108 basis points increase quarter-over-quarter and a 26 basis points decrease year-over-year [32]. - The CET1 ratio remains strong at 18.5%, with share repurchases totaling R$842 million executed until October 2025 [32].