Exhibit 99.1 XP Inc. Interim condensed consolidated financial statements at September 30, 2023 and report on review Report on review of interim condensed consolidated financial statements To the Board of Directors and Shareholders XP Inc. Introduction We have reviewed the accompanying interim condensed consolidated balance sheets of XP Inc. and its subsidiaries ("Company") as at September 30, 2023 and the related interim condensed consolidated statements of income and comprehensive income for the quarter an ...

XP Inc. (NASDAQ:XP) Q2 2023 Earnings Conference Call August 14, 2023 5:00 PM ET Company Participants Antonio Guimarães - IR Thiago Maffra - CEO Bruno Constantino - CFO Conference Call Participants Geoffrey Elliott - Autonomous Eduardo Rosman - BTG Thiago Batista - UBS Tito Labarta - Goldman Sachs Neha Agarwala - HSBC Operator Antonio Guimarães Good evening, everyone. I'm Antonio Guimarães, Investor Relations in XP Inc. On behalf of the company, I'd like to thank you all for the interest and welcome you to o ...

Financial Performance - XP Inc achieved R$ 10 trillion in Client Assets, a 21% year-over-year increase[4] - The company's Net Income reached R$ 977 million, up 7% year-over-year[6] - Earning Before Taxes (EBT) was R$ 968 million, a 12% increase year-over-year[5] - Gross Revenue totaled R$ 37 billion, a 3% year-over-year increase[7] - Diluted EPS increased by 24% QoQ to R$ 183[7] - Return on Average Equity (ROAE) increased by 334 bps QoQ to 220%[7] Operating Trends - The company's Active Clients reached 40 million, with 47000 net additions[11] - The number of IFAs (Independent Financial Advisors) increased by 1134 net additions to 14100[11] Revenue Breakdown - New Verticals contributed 11% of Total Revenue in 2Q23[14] - Fixed Income revenue experienced a 74% QoQ growth[21] - Cards Revenue grew by 100% year-over-year[24] Expenses and Efficiency - Sales, General & Administrative Expenses (SG&A) for 1H23 totaled R$ 23 billion[29] - The company is improving Efficiency & Compensation Ratios[32]

Exhibit 99.1 Report on review of interim condensed consolidated financial statements To the Board of Directors and Shareholders XP Inc. Introduction We have reviewed the accompanying interim condensed consolidated balance sheets of XP Inc. and its subsidiaries ("Company") as at June 30, 2023 and the related interim condensed consolidated statements of income and comprehensive income for the quarter and six-month period then ended, and the interim condensed consolidated statements of changes in equity and ca ...

XP Znc. Important Disclosure 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 se ...

Financial Data and Key Metrics Changes - The company's gross revenue expanded by 7% year-over-year, while EBT and net income grew by 14% and 8% year-over-year, respectively, excluding a one-time loss [6][39] - Total gross revenue for the quarter was BRL3.3 billion, flat quarter-over-quarter and up 2% year-over-year; excluding the one-time loss, total gross revenue was closer to BRL3.5 billion, reflecting a 5% growth quarter-over-quarter and 7% year-over-year [21][22] - The EBT margin increased nearly 300 basis points quarter-over-quarter to 26%, aligning with the near-term expectations included in the guidance range of 26% to 32% through 2025 [7][36] Business Line Data and Key Metrics Changes - Revenue from new verticals, which are less cyclical, grew 64% year-over-year, reaching BRL405 million [7][27] - Retail revenue represented 76% of total revenue, with core retail investments growing 6% quarter-over-quarter and 1% year-over-year [23][24] - In equities, revenues grew 7% quarter-over-quarter but declined 3% year-over-year; fixed income adjusted revenue grew 9% quarter-over-quarter and was flat year-over-year [25][26] Market Data and Key Metrics Changes - The company ended Q1 with BRL954 billion in client assets, with a net addition of 89,000 clients and 688 financial advertisers [5] - The company gained almost 400 basis points of market share since the beginning of 2020, currently holding 11% market share of individual investments and 8% including companies [11] Company Strategy and Development Direction - The company aims to leverage its platform and ecosystem to expand leadership in investments, targeting a market share of 20% to 25% in the long term [11][88] - The focus is on cross-selling additional products to current clients, with significant growth in new verticals contributing to overall revenue resilience [14][31] - The company is committed to maintaining a conservative balance sheet with strong liquidity, carrying excess capital of around BRL5 billion [9] Management's Comments on Operating Environment and Future Outlook - The macroeconomic outlook remains challenging, with high interest rates and corporate credit under pressure impacting capital markets [4][10] - Management expressed confidence in the company's ability to navigate through cycles and return cash to shareholders, with a similar payout ratio expected in 2023 [8][17] - The company anticipates that the current weak capital market activity is cyclical and expects to improve as conditions normalize [48][89] Other Important Information - The company returned approximately BRL1.8 billion through share buybacks in 2022, representing about 50% of net income [8] - The company has a strong focus on improving customer service and advisor training to maintain competitive advantages over traditional banks [15][16] Q&A Session Summary Question: On inflows and revenue outlook - Management noted that high-interest rates and uncertainty are causing investors to prefer low-risk investments, making it difficult to achieve past inflow levels [43] - The first quarter was considered weak in terms of capital market activity, but management believes revenue can improve as conditions stabilize [48] Question: On cost reductions and employee base - Management confirmed that reductions have been made across the company, focusing on efficiency gains and correcting over-hiring during the pandemic [59] Question: On NPS score decline - Management attributed the decline in NPS to competition from banks offering high returns on low-risk products, but expects to return to normalized levels as the investment cycle changes [61][62] Question: On credit card penetration and spending - Management indicated that credit card penetration could increase significantly, targeting levels similar to major banks, while average spending has decreased due to a shift towards lower-segment clients [72][74] Question: On IFA sentiment and market share - Management reported that the IFA business remains strong, with continued growth in new IFAs joining the platform, despite a challenging investment environment [84] - The company aims to increase market share through technology investments and improved services for high-net-worth clients [88][89]

Exhibit 99.1 1Q23 Earnings Release May 15, 2023 > XP Inc. Reports First Quarter 2023 Financial Results São Paulo, Brazil, May 15, 2023 – 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 first quarter of 2023. Summary | Operating Metrics (unaudited) | 1Q23 | 1Q22 | YoY | 4Q22 | QoQ | | --- | --- | --- | --- | --- | --- | | Total Client Assets (in R$ b ...

(Mark One) UNITED STATES SECURITIES AND EXCHANGE COMMISSION ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 Washington, D.C. 20549 OR FORM 20-F ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF ...

XP Inc. (NASDAQ:XP) Q4 2022 Earnings Conference Call February 16, 2023 5:00 PM ET Company Participants Andre Martins - Head of Investor Relations Bruno Constantino - Chief Financial Officer Conference Call Participants Eduardo Rosman - BTG Pactual Mario Pierry - BofA Global Research Geoff Elliott - Autonomous Research Domingos Falavina - JP Morgan Tito Labarta - Goldman Sachs Marcelo Telles - Credit Suisse Thiago Batista - UBS Andre Martins Good evening, everyone. I am Andre Martins, Head of Investor Relati ...

[Independent Auditor's Report](index=2&type=section&id=Independent%20auditor's%20report) [Opinion](index=2&type=section&id=Opinion) PricewaterhouseCoopers issued an unqualified opinion, affirming the fair presentation of XP Inc.'s 2022 consolidated financial statements under IFRS - The auditor's opinion is **unqualified**, stating that the consolidated financial statements for the year ended December 31, 2022, are **fairly presented** in accordance with **IFRS**[4](index=4&type=chunk)[5](index=5&type=chunk) [Basis for Opinion](index=2&type=section&id=Basis%20for%20opinion) The audit adhered to Brazilian and International Standards on Auditing, with auditors maintaining independence and sufficient evidence - The audit was performed in line with both **Brazilian and International Standards on Auditing**, and the auditors maintained **independence** as per the Code of Professional Ethics[6](index=6&type=chunk) [Key Audit Matters](index=2&type=section&id=Key%20Audit%20Matters) Two Key Audit Matters identified were the IT environment due to dependency and control risks, and revenue recognition for its materiality Key Audit Matters and Audit Response | Key Audit Matter | Why it is a KAM | How the matter was addressed in the audit | | :--- | :--- | :--- | | **Information technology environment** | The company's operations are highly dependent on its technological structure. Deficiencies in IT controls could lead to incorrect transaction processing, improper access, and errors in automated controls | The audit team, with IT specialists, tested general technology controls, including change management, access security, and system operations. They also performed additional documentary testing and unpredictability tests to ensure the integrity of system-generated information | | **Revenue from services rendered** | Revenue, mainly from brokerage commissions, securities placement, and management fees, is a material component of the financial statements. The recognition process requires significant management controls to ensure accuracy | The audit team understood and tested internal controls over revenue recognition. They performed tie-outs between operational systems and the accounting ledger, inspected supporting evidence on a sample basis, and recalculated selected revenue transactions | [Responsibilities of Management and Auditors](index=4&type=section&id=Responsibilities%20of%20management%20and%20those%20charged%20with%20governance%20for%20the%20consolidated%20financial%20statements) Management ensures fair financial statement presentation and going concern, while auditors provide reasonable assurance against material misstatement - Management is responsible for the **fair presentation** of financial statements and assessing **going concern**, while auditors are responsible for obtaining **reasonable assurance** about the absence of **material misstatement** and issuing an opinion[19](index=19&type=chunk)[20](index=20&type=chunk)[22](index=22&type=chunk) [Consolidated Financial Statements](index=6&type=section&id=Consolidated%20financial%20statements) [Consolidated Balance Sheets](index=6&type=section&id=Consolidated%20balance%20sheets) Total assets increased to **BRL 192.0 billion** in 2022, with liabilities rising to **BRL 175.0 billion**, leading to **BRL 17.0 billion** in total equity Consolidated Balance Sheet Highlights (in thousands of BRL) | Metric | 2022 | 2021 | | :--- | :--- | :--- | | **Total Assets** | **192,034,613** | **139,340,402** | | Financial assets | 177,681,987 | 127,745,263 | | **Total Liabilities** | **174,992,403** | **124,920,773** | | Financial liabilities | 127,708,578 | 91,358,151 | | Retirement plans liabilities | 45,733,815 | 31,921,400 | | **Total Equity** | **17,042,210** | **14,419,629** | [Consolidated Statements of Income and Comprehensive Income](index=8&type=section&id=Consolidated%20statements%20of%20income%20and%20of%20comprehensive%20income) Total revenue reached **BRL 13.35 billion** in 2022, with net income remaining stable at **BRL 3.58 billion** and basic EPS at **BRL 6.4438** Consolidated Income Statement Highlights (in thousands of BRL, except EPS) | Metric | 2022 | 2021 | 2020 | | :--- | :--- | :--- | :--- | | Total revenue and income | 13,347,390 | 12,077,112 | 8,151,605 | | Net revenue from services rendered | 5,940,456 | 6,196,465 | 5,016,488 | | Income before income tax | 3,444,656 | 3,815,174 | 2,421,413 | | **Net income for the year** | **3,580,211** | **3,592,460** | **2,081,489** | | Total comprehensive income | 3,795,924 | 3,045,662 | 2,102,568 | | **Basic earnings per share (BRL)** | **6.4438** | **6.4211** | **3.7597** | | **Diluted earnings per share (BRL)** | **6.2461** | **6.2588** | **3.7138** | [Consolidated Statements of Changes in Equity](index=9&type=section&id=Consolidated%20statements%20of%20changes%20in%20equity) Total equity grew to **BRL 17.04 billion** in 2022, driven by net income and share-based plans, offset by **BRL 1.81 billion** in treasury share repurchases Changes in Total Equity (in thousands of BRL) | Description | 2022 | 2021 | | :--- | :--- | :--- | | **Balance at beginning of year** | **14,419,629** | **10,897,614** | | Net income for the year | 3,580,211 | 3,592,460 | | Other comprehensive income, net | 215,713 | (546,798) | | Share based plan | 584,772 | 561,457 | | Treasury shares | (1,814,823) | (171,939) | | **Balance at end of year** | **17,042,210** | **14,419,629** | - In 2022, the company executed a significant treasury share repurchase program, acquiring **BRL 1.81 billion** in shares[32](index=32&type=chunk) [Consolidated Statements of Cash Flows](index=10&type=section&id=Consolidated%20statements%20of%20cash%20flows) Net cash from operations recovered to **BRL 1.80 billion** in 2022, with cash and equivalents increasing to **BRL 4.97 billion** despite significant treasury share acquisitions Consolidated Cash Flow Summary (in thousands of BRL) | Activity | 2022 | 2021 | 2020 | | :--- | :--- | :--- | :--- | | **Net cash from (used in) operating activities** | **1,803,885** | **(4,020,329)** | **1,510,728** | | **Net cash used in investing activities** | **(371,280)** | **(1,150,727)** | **(582,010)** | | **Net cash from (used in) financing activities** | **(200,302)** | **6,639,262** | **788,711** | | Cash and cash equivalents at end of year | 4,967,480 | 3,751,861 | 2,660,388 | - A major use of cash in financing activities for 2022 was the acquisition of treasury shares, amounting to **BRL 1.81 billion**[34](index=34&type=chunk) [Notes to Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20consolidated%20financial%20statements) [Note 1. Operations](index=12&type=section&id=1.%20Operations) XP Inc. operates as a leading Brazilian financial services platform, executing a **BRL 2.0 billion** share buy-back program with **BRL 1.14 billion** repurchased in 2022 - XP Group is a **technology-driven financial services platform** in Brazil, offering products like securities brokerage, retirement plans, and banking services through its brands and IFA network[39](index=39&type=chunk) - In May 2022, the Board approved a share buy-back program, later increased to **BRL 2.0 billion** in November 2022, valid until May 12, 2023[44](index=44&type=chunk)[45](index=45&type=chunk) - As of December 31, 2022, the company had repurchased **11,920,051 shares** for **BRL 1.14 billion** (US$218 million) at an average price of **US$18.31 per share** under the buy-back program[46](index=46&type=chunk) [Note 2. Basis of Preparation](index=13&type=section&id=2.%20Basis%20of%20preparation%20of%20the%20financial%20statements) Financial statements are prepared under **IFRS** in **Brazilian Real (R$)**, with the Group operating as a single reportable segment - The financial statements are prepared in accordance with **International Financial Reporting Standards (IFRS)** as issued by the IASB[51](index=51&type=chunk) - The functional and presentation currency for the Group is the **Brazilian Real (R$)**[54](index=54&type=chunk)[73](index=73&type=chunk) - The Chief Operating Decision Maker (CODM) considers the entire Group as a **single operating and reportable segment**, reviewing financial data on a combined basis[69](index=69&type=chunk)[70](index=70&type=chunk) [Note 3. Summary of Significant Accounting Policies](index=15&type=section&id=3.%20Summary%20of%20significant%20accounting%20policies) Key accounting policies cover business combinations, financial instrument classification (FVPL, FVOCI, amortized cost), ECLs, revenue recognition, leases, and annual goodwill impairment testing - Financial assets are classified at initial recognition based on the Group's **business model** for managing them and the asset's **contractual cash flow characteristics (SPPI test)**[87](index=87&type=chunk)[88](index=88&type=chunk) - The Group recognizes **Expected Credit Losses (ECLs)** for all financial assets not held at FVPL, using a **three-stage model** based on changes in credit risk since initial recognition[108](index=108&type=chunk) - Revenue from contracts with customers is recognized when control of services is transferred, following a **five-step model**. Main revenue streams include brokerage commission, securities placement, and management fees[192](index=192&type=chunk)[193](index=193&type=chunk)[196](index=196&type=chunk) [Note 5. Group Structure](index=31&type=section&id=5.%20Group%20structure) The Group's structure includes subsidiaries and 2022 acquisitions like Habitat Capital Partners for **BRL 65.4 million**, with a pending agreement to acquire Banco Modal S.A - In February 2022, the Group agreed to acquire **100% of Habitat Capital Partners Asset Management**, a real estate fund manager. The transaction closed in May 2022[222](index=222&type=chunk) Habitat Acquisition Details (in thousands of BRL) | Description | Amount | | :--- | :--- | | Total identifiable net assets at fair value | 5,316 | | Goodwill arising on acquisition | 60,037 | | **Purchase consideration transferred** | **65,353** | - On January 6, 2022, the Group entered a binding agreement to acquire up to **100% of Banco Modal S.A.** The acquisition is pending approval from the Brazilian Central Bank (BACEN) and the SEC as of year-end 2022[233](index=233&type=chunk) [Note 7. Securities](index=39&type=section&id=7.%20Securities) Total securities held increased to **BRL 131.3 billion** in 2022, primarily classified as **FVPL** (**BRL 87.5 billion**) and **FVOCI** (**BRL 34.5 billion**) Securities Portfolio by Classification (in thousands of BRL) | Classification | 2022 | 2021 | | :--- | :--- | :--- | | **Assets** | | | | Fair value through profit or loss (FVPL) | 87,513,004 | 58,179,955 | | Fair value through other comprehensive income (FVOCI) | 34,478,668 | 32,332,377 | | Evaluated at amortized cost | 9,272,103 | 2,238,807 | | **Total Securities (Assets)** | **131,263,775** | **92,751,139** | | **Liabilities** | | | | Fair value through profit or loss (FVPL) | 13,529,265 | 2,665,202 | [Note 8. Derivative Financial Instruments](index=41&type=section&id=8.%20Derivative%20financial%20instruments) Derivative assets totaled **BRL 9.2 billion** (notional **BRL 1.34 trillion**) and liabilities **BRL 8.6 billion** (notional **BRL 1.02 trillion**) as of year-end 2022 Derivative Financial Instruments Fair Value (in thousands of BRL) | Instrument | Assets (Fair Value) 2022 | Liabilities (Fair Value) 2022 | Assets (Fair Value) 2021 | Liabilities (Fair Value) 2021 | | :--- | :--- | :--- | :--- | :--- | | Options | 5,542,340 | 7,086,946 | 6,570,326 | 8,112,055 | | Swap contracts | 2,828,613 | 839,421 | 2,577,311 | 2,561,327 | | Forward contracts | 549,953 | 511,167 | 1,601,167 | 1,057,426 | | Future contracts | 296,249 | 161,574 | 194,910 | 157,710 | | Others | - | 6,301 | - | 19,665 | | **Total** | **9,217,155** | **8,605,409** | **10,943,714** | **11,908,183** | [Note 10. Loan Operations](index=47&type=section&id=10.%20Loan%20operations) The loan portfolio expanded to **BRL 22.26 billion** in 2022, with most loans collateralized by client investments, and **BRL 49.4 million** in expected credit losses Loan Operations Breakdown (in thousands of BRL) | Category | 2022 | 2021 | | :--- | :--- | :--- | | Pledged asset loan | 20,198,764 | 11,789,419 | | Non-pledged loan | 2,061,774 | 1,054,618 | | **Total loans operations (Gross)** | **22,260,538** | **12,844,037** | | Expected Credit Loss | (49,377) | (24,410) | | **Total loans operations, net** | **22,211,161** | **12,819,627** | - Loan products are offered through Banco XP and are mostly **collateralized by customers' investments** on the XP platform, including structured notes[267](index=267&type=chunk) [Note 14. Expected Credit Losses (ECL)](index=49&type=section&id=14.%20Expected%20Credit%20Losses%20on%20Financial%20Assets%20and%20Reconciliation%20of%20carrying%20amount) Total **ECLs** for on-balance sheet exposures increased to **BRL 56.8 million** in 2022, with significant portions from securities trading and loan operations Total Expected Credit Losses by Product (in thousands of BRL) | Product | ECL 2022 | ECL 2021 | | :--- | :--- | :--- | | Securities (FVOCI) | 8,077 | 7,527 | | Securities (Amortized Cost) | 2,924 | 2,497 | | Securities purchased under agreements to resell | 2,681 | 2,569 | | Loans and credit card operations | 43,149 | 23,396 | | Securities trading and intermediation | 105,179 | 81,988 | | Accounts Receivable | 34,786 | 6,531 | | Other financial assets | 51,109 | 49,666 | | **Total on-balance exposures** | **247,905** | **174,174** | [Note 16. Property, Equipment, Intangible Assets and Leases](index=56&type=section&id=16.%20Property%2C%20equipment%2C%20intangible%20assets%20and%20leases) Net property and equipment totaled **BRL 310.9 million**, with intangible assets at **BRL 844.2 million**, including **BRL 595.2 million** in goodwill, with no impairment recognized Intangible Assets Breakdown (in thousands of BRL) | Intangible Asset | Balance Dec 31, 2022 | Balance Dec 31, 2021 | | :--- | :--- | :--- | | Software | 88,339 | 152,332 | | Goodwill | 595,222 | 542,745 | | Customer list | 61,504 | 92,489 | | Trademarks | 12,540 | 2,567 | | Other intangible assets | 86,577 | 30,842 | | **Total** | **844,182** | **820,975** | - The annual goodwill impairment test, performed at the single operating level, used value-in-use calculations based on a four-year cash flow projection, resulting in **no impairment recognized**[289](index=289&type=chunk)[290](index=290&type=chunk)[291](index=291&type=chunk) [Note 25. Equity](index=66&type=section&id=25.%20Equity) The company maintains a dual-class share structure, with treasury shares significantly increasing to **19.2 million** units (**BRL 1.99 billion**) in 2022 due to buy-back programs - The company has a dual-class share structure: **Class A common shares** with one vote per share and **Class B common shares** with ten votes per share[329](index=329&type=chunk) - The Group's holdings of treasury shares increased substantially in 2022 due to a **share buy-back program** and specific share purchase agreements with Itaú Unibanco and Itaúsa S.A[335](index=335&type=chunk) Treasury Shares | Metric | Dec 31, 2022 | Dec 31, 2021 | | :--- | :--- | :--- | | Number of shares held | 19,203,135 | 726,776 | | Value (in thousands of BRL) | 1,986,762 | 171,939 | [Note 27. Provisions and Contingent Liabilities](index=68&type=section&id=27.%20Provisions%20and%20contingent%20liabilities) Provisions for probable losses totaled **BRL 43.5 million**, while contingent liabilities with possible loss significantly increased to **BRL 893.7 million**, primarily from tax matters Provisions for Probable Losses (in thousands of BRL) | Type | 2022 | 2021 | | :--- | :--- | :--- | | Tax contingencies | - | 10,374 | | Civil contingencies | 20,419 | 12,539 | | Labor contingencies | 7,908 | 6,395 | | Other provisions | 15,214 | - | | **Total provision** | **43,541** | **29,308** | Contingent Liabilities with Possible Loss (in thousands of BRL) | Type | 2022 | 2021 | | :--- | :--- | :--- | | Tax | 543,463 | 228,602 | | Civil | 335,644 | 232,775 | | Labor | 14,638 | 25,744 | | **Total** | **893,745** | **487,121** | [Note 28. Total Revenue and Income](index=70&type=section&id=28.%20Total%20revenue%20and%20income) Total revenue and income reached **BRL 13.35 billion** in 2022, with net revenue from services at **BRL 5.94 billion**, and Brazil as the primary revenue source Net Revenue from Services Rendered by Line (in thousands of BRL) | Service Line | 2022 | 2021 | 2020 | | :--- | :--- | :--- | :--- | | Brokerage commission | 2,102,878 | 2,465,217 | 2,139,985 | | Securities placement | 1,631,399 | 1,917,403 | 1,429,824 | | Management fees | 1,580,770 | 1,489,736 | 1,224,125 | | Insurance brokerage fee | 153,230 | 133,070 | 112,802 | | Commissions Fees | 563,987 | 192,923 | 90,804 | | **Total Net Revenue from Services** | **5,940,456** | **6,196,465** | **5,016,488** | Total Revenue and Income by Geography (in thousands of BRL) | Geography | 2022 | 2021 | 2020 | | :--- | :--- | :--- | :--- | | Brazil | 12,855,909 | 11,723,976 | 7,454,304 | | United States | 449,447 | 332,046 | 655,817 | | Europe | 42,034 | 21,090 | 41,484 | | **Total** | **13,347,390** | **12,077,112** | **8,151,605** | [Note 32. Share-Based Plan](index=72&type=section&id=32.%20Share-based%20plan) The share-based plan, comprising RSUs and PSUs, had **16.2 million** units outstanding, with total compensation expense of **BRL 793.2 million** in 2022 Share-Based Plan Activity (Number of Units) | Activity | RSUs | PSUs | Total | | :--- | :--- | :--- | :--- | | **Outstanding, Jan 1, 2022** | **15,153,830** | **2,966,060** | **18,119,890** | | Granted | 814,745 | - | 814,745 | | Forfeited | (1,559,670) | (438,818) | (1,998,488) | | Vested | (724,481) | - | (724,481) | | **Outstanding, Dec 31, 2022** | **13,684,424** | **2,527,242** | **16,211,666** | - Total compensation expense related to the share-based plans was **BRL 793.2 million** in 2022, which includes **BRL 189.3 million** in tax provisions[373](index=373&type=chunk) [Note 35. Management of Financial Risks](index=77&type=section&id=35.%20Management%20of%20financial%20risks%20and%20financial%20instruments) The Group manages credit, liquidity, market, and operational risks through policies and monitoring, with a **50% adverse market shock** potentially leading to a **BRL 1.23 billion** loss - The Group's risk management structure is designed to identify, analyze, and control **credit, liquidity, market, and operational risks**, with policies and systems reviewed regularly[389](index=389&type=chunk)[391](index=391&type=chunk) - Credit risk on loan operations is mitigated by using **clients' investments as collateral**, resulting in high credit quality and low provision ratios[397](index=397&type=chunk)[398](index=398&type=chunk) Market Risk Sensitivity Analysis - Impact on P&L (in thousands of BRL) | Scenario | 2022 Potential Loss | 2021 Potential Loss | | :--- | :--- | :--- | | **Scenario I** (1bp/1% shock) | (13,770) | (8,618) | | **Scenario II** (25% shock) | (447,576) | (279,158) | | **Scenario III** (50% shock) | (1,231,925) | (153,306) | [Note 36. Capital Management](index=81&type=section&id=36.%20Capital%20Management) The Group manages capital to optimize its structure, with net debt at **BRL 5.14 billion** and the gearing ratio improving to **23.18%** in 2022, while subsidiaries met regulatory capital requirements Gearing Ratio Calculation (in thousands of BRL) | Metric | 2022 | 2021 | | :--- | :--- | :--- | | Total debt | 10,108,959 | 9,488,421 | | Less: Cash and cash equivalents | (4,967,480) | (3,751,861) | | **Net debt** | **5,141,479** | **5,736,560** | | Total equity | 17,035,735 | 14,416,836 | | **Total capital** | **22,177,214** | **20,153,396** | | **Gearing ratio %** | **23.18%** | **28.46%** | - Certain subsidiaries are subject to local regulatory capital requirements from **BACEN** and **SUSEP**, and all were in compliance as of December 31, 2022[428](index=428&type=chunk)[429](index=429&type=chunk)[430](index=430&type=chunk)