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 ...

Nov 17, 2025 4:10 PM Eastern Standard Time XP Inc. Reports Third Quarter 2025 Results Share SÃO PAULO--(BUSINESS WIRE)--XP Inc. (NASDAQ: XP) ("XP†or the "Company†), a leading tech-enabled platform and a trusted pioneer in providing low-fee financial products and services in Brazil, reported today its financial results for the third quarter of 2025. Summary Operating KPIs | Operating Metrics (unaudited) | 3Q25 | 3Q24 | YoY | 2Q25 | QoQ | | --- | --- | --- | --- | --- | --- | | Total Client Assets (in R$ bn ...

Core Viewpoint - Rosen Law Firm is investigating potential securities claims on behalf of shareholders of XP Inc. due to allegations of materially misleading business information issued by the company [1] Company Summary - XP Inc. (NASDAQ: XP) is facing scrutiny for possibly providing misleading information to investors, which may have impacted shareholder value [1] - Shareholders who purchased XP securities may be eligible for compensation through a contingency fee arrangement, meaning no upfront costs are required [1]

Group 1 - The P/E ratio is a tool for long-term shareholders to evaluate a company's market performance against historical earnings and industry standards [4] - XP Inc. has a P/E ratio of 10.05, which is significantly lower than the Capital Markets industry's aggregate P/E ratio of 30.51 [5] - A lower P/E ratio may suggest that shareholders expect the stock to perform worse than its peers or that the stock is undervalued [5] Group 2 - While a low P/E ratio can indicate undervaluation, it may also reflect weak growth prospects or financial instability [7] - The P/E ratio should be considered alongside other financial metrics, industry trends, and qualitative factors for a comprehensive analysis [7] - A thorough evaluation of a company's financial health can lead to more informed investment decisions [7]

Core Insights - The head of Brazilian firm Ambipar Participacoes e Empreendimentos and a co-investor lost collateral in a debt issuance as creditors moved to seize shares in a hydroelectric power company [1] - The acquisition of Empresa Metropolitana de Águas e Energia SA (Emae) by Cia. de Saneamento Basico do Estado de Sao Paulo reflects ongoing financial troubles for Ambipar and its leadership [4][3] Company Developments - Tércio Borlenghi Junior and Nelson Tanure pledged shares of Emae as collateral for a local bond issuance, with Tanure's fund Phoenix FIP acquiring control of Emae last year [2] - Ambipar's shares and bonds have significantly declined after the company indicated potential financial collapse, leading to the hiring of BR Partners for restructuring [4] Industry Context - The acquisition of Emae by Sabesp is seen as strategic for enhancing water supply security in the São Paulo metropolitan area, which currently faces water scarcity [6] - Sabesp's CEO noted that the investment, while small, is crucial for operational synergy and improving water security as the region expands [7][6]

Core Insights - XP Inc. is recognized as a dividend stock benefiting from advancements in AI technology, with analysts at BofA raising the price target to $22 from $19, indicating a potential upside of nearly 17% [1] - The company has significantly outperformed the market with a year-to-date return of 44.70%, highlighting its growing popularity and effective investment in technology and marketing [2] Company Overview - XP Inc. is headquartered in Grand Cayman, Cayman Islands, and provides a range of financial products and services in Brazil, including the XP Platform, derivatives, synthetic instruments, credit cards, and life insurance products [4] - The company has been focusing on enhancing business efficiency through technological advancements and improving service levels in financial and wealth planning [3]

Core Viewpoint - Banco BTG Pactual SA has successfully diversified its revenue streams, transitioning from a focus on sales and trading to a more balanced portfolio that includes significant growth in lending, asset management, and wealth management [1][2][3]. Revenue Diversification - Lending has become a 7.6 billion-real ($1.4 billion) business, surpassing sales and trading for the first time [2]. - The bank's assets under management have increased more than fivefold, while wealth under management has more than doubled, contributing to nearly a quarter of total revenue [2]. Strategic Growth and Acquisitions - BTG has expanded its customer base through acquisitions, enhancing its wealth and asset management business and reigniting global ambitions [4]. - Recent acquisitions include HSBC's operations in Uruguay for $175 million and various businesses in Latin America and beyond, such as FIS Privatbank in Luxembourg and M.Y. Safra Bank in New York [6][7]. Market Performance - BTG's shares have risen approximately 70% this year, outperforming other major banks in Latin America, with a return on equity of 27% in the second quarter [5]. Business Model and Partnerships - The bank's partnership model allows senior partners to buy shares at book value, fostering a nimble decision-making process [12]. - BTG has established a digital retail platform and a network of independent investment advisers, growing to 20 dedicated offices in Brazil and 170 third-party firms [16][17]. Competitive Positioning - BTG has become a prominent buyer of banking assets, acquiring both thriving and distressed wealth management businesses [8][9]. - The bank aims to compete with major players like Itau, having recently become the second-largest Latin American bank by market value [18][19]. Challenges and Future Outlook - Despite its success, concerns about transparency and corporate governance have been raised, particularly regarding the complexity of its shareholding structure [22][23]. - The bank is cautious in its lending practices amid high interest rates and economic uncertainty in Brazil, focusing on supply-chain financing [15].

Core Viewpoint - The article emphasizes the importance of value investing and highlights XP (XP) as a strong stock opportunity based on its favorable valuation metrics and strong earnings outlook [2][8]. Group 1: Company Overview - XP currently holds a Zacks Rank of 1 (Strong Buy) and an "A" grade for Value, indicating it is a top pick in the market [4]. - The stock has a P/E ratio of 8.63, significantly lower than the industry average of 25.23, suggesting it may be undervalued [4]. - XP's Forward P/E has fluctuated between 1.97 and 12.34 over the past year, with a median of 9.27 [4]. Group 2: Valuation Metrics - The company has a PEG ratio of 0.64, compared to the industry average of 1.38, indicating strong growth potential relative to its valuation [5]. - XP's P/B ratio stands at 2.42, which is attractive compared to the industry's average P/B of 4.04 [6]. - The P/CF ratio for XP is 9.83, significantly lower than the industry average of 22.27, further supporting the notion of undervaluation [7]. Group 3: Investment Potential - The combination of XP's strong valuation metrics and positive earnings outlook positions it as an impressive value stock at the moment [8].

Group 1 - The investment strategy focuses on long-only investment, evaluating companies from an operational and buy-and-hold perspective [1] - The approach does not prioritize market-driven dynamics or future price action, instead emphasizing long-term earnings power and competitive dynamics [1] - The majority of recommendations will be holds, indicating a cautious approach to market conditions and a belief that only a small fraction of companies are suitable for buying at any given time [1] Group 2 - The articles aim to provide valuable information for future investors while maintaining a healthy skepticism towards a generally bullish market [1]

Core Insights - XP Inc. is a leading investment platform in Brazil with a growing assets under management (AUM) base that ensures recurring fee revenue [1] Group 1: Company Overview - XP Inc. operates a scalable investment platform in Brazil, highlighting its operational efficiency [1] Group 2: Market Position - The company maintains a broad and expanding AUM, which is crucial for its revenue model [1]