Group 1: Earnings Performance - XP Inc.A reported quarterly earnings of $0.38 per share, missing the Zacks Consensus Estimate of $1.39 per share, and down from $0.42 per share a year ago, representing an earnings surprise of -72.66% [1] - The company posted revenues of $767.81 million for the quarter ended December 2024, surpassing the Zacks Consensus Estimate by 5.85%, but down from year-ago revenues of $816.83 million [2] - Over the last four quarters, XP Inc.A has not been able to surpass consensus EPS estimates [2] Group 2: Stock Performance and Outlook - XP Inc.A shares have increased approximately 24.4% since the beginning of the year, compared to the S&P 500's gain of 4% [3] - The company's earnings outlook is crucial for investors, as it includes current consensus earnings expectations for upcoming quarters and any recent changes to these expectations [4] - The current consensus EPS estimate for the coming quarter is $0.37 on revenues of $739.94 million, and for the current fiscal year, it is $5.60 on revenues of $3.1 billion [7] Group 3: Industry Context - The Zacks Industry Rank for Financial - Miscellaneous Services is currently in the top 24% of over 250 Zacks industries, indicating a favorable outlook for the industry [8] - Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact stock performance [5] - The estimate revisions trend for XP Inc.A is currently unfavorable, resulting in a Zacks Rank 4 (Sell) for the stock, suggesting it may underperform the market in the near future [6]

EXHIBIT 99.1 XP Inc. Reports Fourth Quarter 2024 Results São Paulo, Brazil, February 18, 2025 – 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 fourth quarter of 2024. To our shareholders, As we close out 2024, I want to begin this message by expressing my gratitude to all our clients, employees, and investors for the trust you have placed in XP Inc ...

Core Insights - The article emphasizes the importance of insightful analysis on foreign equities, particularly in emerging markets, to facilitate informed investment decisions [1]. Group 1 - The author has a beneficial long position in the shares of ITUB and BBD, indicating a personal investment interest in these companies [2]. - The analysis aims to provide a comprehensive understanding of market dynamics and investment opportunities within the context of emerging markets [1]. Group 2 - The article does not provide specific financial data or performance metrics related to the companies mentioned [3].

Financial Data and Key Metrics Changes - Gross revenues grew 17% year-over-year, reaching BRL13.3 billion for the nine months of 2024 [2] - EBT posted a 25% growth year-over-year, delivering BRL3.7 billion [2] - Net income reached BRL3.3 billion, expanding 17% year-over-year, with a record high of almost BRL1.2 billion in the quarter at a 27.5% margin [2][46] - ROTE increased to 28.4%, up 258 basis points year-over-year [3][53] - EPS reached BRL2.18 per share, marking an 11% increase year-over-year [53] Business Line Data and Key Metrics Changes - Retail revenue posted BRL3,494 million, a 15% growth in nine months 2024, and 10% growth year-over-year [36] - Fixed income revenue saw a 56% growth in nine months 2024 against nine months 2023, and 31% growth year-over-year [36] - Corporate and issuer services revenue reached BRL552 million in the quarter, representing a 58% growth in nine months 2024 [38] - Corporate securities achieved BRL23 billion, a 79% growth year-over-year [26] Market Data and Key Metrics Changes - The company reached BRL31 billion in net new money for the quarter, representing a 124% growth year-over-year [8] - The retail segment contributed BRL25 billion of the net new money, indicating strong performance in retail investments [9] - The company maintained a 50% market share in secondary trading, positioning itself as the market leader [25] Company Strategy and Development Direction - The company aims to become a leader in investments, focusing on retail and private banking segments [8][14] - Transitioning from a product distribution firm to a service provider is key for differentiation in the market [14] - The strategy includes enhancing the product platform, expanding the sales force, and improving service offerings [56] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in meeting the 2026 guidance, citing strong execution and growth levers [5][55] - The company anticipates continued strong demand for fixed-income products and a robust DCM pipeline [88] - Management highlighted the importance of capital discipline and efficient operations to maintain competitive advantage [5][48] Other Important Information - The company announced an additional BRL3 billion for dividends and share buybacks, aiming for a payout ratio above 50% until 2026 [4][52] - The efficiency ratio reached a record low of 35%, indicating improved operational efficiency [42] Q&A Session Summary Question: Increase in advisors and profitability guidance - Management confirmed that 300 out of 400 new hires were B2C advisors, with regulatory changes affecting total advisor counts [62] - Long-term profitability is expected to be in the mid-to-high 20s for ROE [64] Question: Capital allocation and RWA growth - Management indicated operational leverage in RWA numbers, with expectations of 50% or more payout in the next two years [70] Question: Orders decrease and one-off events - A one-off event related to bond tendering affected the other revenue line, but average levels are expected to return [75] Question: Fixed-income revenue growth sustainability - Management expects continued strong performance in fixed-income due to high demand and a robust pipeline [88] Question: Competition from large banks - Management acknowledged increased competition but emphasized the company's unique value proposition and strong client satisfaction [126]

Financial Performance - XP Inc. reported total revenue of $322 million for the three and nine months ended September 30, 2024, reflecting a significant increase compared to the previous periods[1]. - Operating expenses for the same period were reported at $324 million, indicating a rise in operational costs[2]. - Earnings per share (EPS) for the quarter were reported at $3.26, both basic and diluted, showcasing strong profitability[3]. - Net revenue from services rendered for the nine months ended September 30, 2024, was R$5,512,945, compared to R$4,651,223 for the same period in 2023, reflecting an increase of 18.5%[14]. - Total revenue and income for the three months ended September 30, 2024, reached R$4,318,808, a slight increase from R$4,131,920 in the previous year, marking a growth of 4.5%[14]. - Net income for the period was R$3,334,094 for the nine months ended September 30, 2024, compared to R$2,859,377 in 2023, indicating a rise of 16.6%[14]. - The company reported a total comprehensive income for the period of R$2,702,617 for the nine months ended September 30, 2024, down from R$3,080,694 in 2023, a decrease of 12.3%[14]. - The total income before taxes for the nine months ended September 30, 2024, was R$3,684,593, compared to R$2,941,219 for the same period in 2023, indicating a year-over-year increase of 25.2%[139]. - The Group's net income attributable to owners for the nine months ended September 30, 2024, was R$3,333,203, reflecting a 16.6% increase from R$2,856,525 in the same period of 2023[181]. - Total net revenue for the nine months ended September 30, 2024, reached R$12,590,922, up 16.5% from R$10,814,533 in the prior year[168]. Investments and Acquisitions - The company has made investments in associates and joint ventures amounting to $212 million, highlighting its commitment to strategic partnerships[4]. - The acquisition of Banco Modal S.A. was completed on July 1, 2023, with a total consideration of R$ 2,097,326 and goodwill of R$ 1,336,092 attributed to the workforce and profitability[54]. - The Group recorded a total fair value consideration of R$ 834,743 for minority stake acquisitions in Monte Bravo, Blue3, and Ável, including preliminary goodwill of R$ 537,671[55]. - In July and August 2024, the Group acquired minority interests in two IFAs for a total consideration of R$ 324,503, with R$ 234,507 attributed to preliminary goodwill[56]. - The company issued 18,717,771 Class A common shares valued at R$ 2,097,326 to acquire 100% of Banco Modal's shares on July 1, 2023[143]. Financial Position - Total assets increased to R$316,399,799 as of September 30, 2024, up from R$249,040,678 at December 31, 2023, representing a growth of 27%[11]. - Financial liabilities rose to R$228,017,751 as of September 30, 2024, from R$171,237,146 at December 31, 2023, an increase of 33%[13]. - Total equity attributable to owners of the Parent company increased to R$21,353,091 as of September 30, 2024, from R$19,449,352 at December 31, 2023, reflecting an increase of 9.8%[13]. - Total equity as of September 30, 2024, reached R$21,357,696 thousand, up from R$20,023,201 thousand as of September 30, 2023, reflecting a growth of 6.7%[16]. - The company reported total borrowings of R$ 6,229,937, an increase from R$ 5,534,081 as of December 31, 2023, representing a growth of approximately 12.6%[123]. Cash Flow and Liquidity - Cash flow from operations was reported at $430 million, demonstrating strong liquidity and operational efficiency[7]. - Cash from operations for the nine months ended September 30, 2024, was R$8,072,743 thousand, compared to R$4,416,060 thousand in 2023, indicating a significant increase of 83.5%[18]. - The total cash and cash equivalents at the end of the period on September 30, 2024, were R$11,437,817 thousand, compared to R$6,689,511 thousand at the end of September 2023, marking an increase of 71.5%[18]. Risk Management - The management emphasized the importance of financial risk management and the implementation of new financial instruments to mitigate risks[9]. - XP Inc. aims to neutralize risks associated with interest rate and foreign exchange fluctuations through various hedging strategies, including future contracts and structured notes[90]. - The Group's risk management structure focuses on minimizing adverse effects from financial market unpredictability, utilizing derivative financial instruments for risk mitigation[192]. Shareholder Actions - The company repurchased 12,650,574 shares under its buy-back programs, totaling R$1.2 billion (approximately US$240 million), with an average purchase price of US$19.00 per share[28]. - The company canceled 31,267,095 Class A shares on April 5, 2023, which was 5.6% of total issued shares at that time, reducing the total from 560,534,012 to 529,266,917[150]. - The company has not declared or paid dividends for the nine months ended September 30, 2024, compared to R$ 1,577,622 in the same period of 2023[154]. Operational Highlights - The company is focusing on market expansion and new product development, aiming to enhance its competitive edge in the industry[6]. - The company is actively pursuing technological advancements to improve its product line and customer experience[10]. - The Group's revenue and performance are monitored as a single operating segment, with financial data reviewed on a combined basis[63]. Compliance and Standards - The review of the financial statements was conducted under Brazilian and International Standards, indicating a thorough assessment of financial and accounting matters[6]. - No significant issues were identified that would suggest the financial statements are not materially prepared in accordance with IAS 34[7]. - The Group assessed the impacts of new accounting standards and concluded no significant effects on the interim financial statements[42].

Financial Data and Key Metrics - Total client assets increased by 14% YoY to BRL 1.2 trillion, with a re-acceleration in client net inflows [4] - Gross revenue reached BRL 4.5 billion, up 21% YoY, with EBITDA of BRL 1.4 billion, a 43% YoY increase, and net income of BRL 1.1 billion, with a margin of 26% [5] - Return on tangible equity (ROTE) was 27.2%, the highest in the past two and a half years, and EPS for Q2 2024 was BRL 2.03, a 10% YoY increase [6] - Last 12 months (LTM) gross revenue reached BRL 17.4 billion, with a 25% CAGR, and LTM EBITDA margin expanded to 28.1%, up 180 bps YoY [7] Business Line Performance - Retail investments saw BRL 32 billion in net new money, with BRL 24 billion from retail, nearly doubling QoQ [8] - The company has 18.3 thousand advisors, an 11% YoY increase, and 4.6 million active clients, up 16% YoY [4][5] - Insurance business grew 52% YoY, with total written premiums reaching BRL 307 million, and retirement plans grew 18% YoY [11] - Corporate and SMB client base grew 22% YoY, with corporate gross revenue growing at a 50% CAGR over the last 12 months [12] Market Performance - The company improved its ranking in derivatives from 10th to 5th over the last two years and in FX from 41st to 16th over the last four years [12] - Corporate & Issuer Services revenue reached an all-time high of BRL 629 million, up 122% YoY, with Issuer Services revenue growing 145% YoY to BRL 384 million [18] Strategy and Industry Competition - The company is transitioning from a product distribution firm to a service provider, focusing on financial planning and quality initiatives [10] - XP is leveraging its bank ecosystem to lower costs and increase capital efficiency, with plans to complete corporate restructuring by the end of the year [14] - The company aims to expand its EBITDA margin to 30%-34% by 2026 through new products and strict cost control [15] Management Commentary on Operating Environment and Future Outlook - Management expects improving results in the second half of the year, driven by growth levers and strict cost control [6] - The company is confident in delivering its 2026 guidance, with a focus on distribution channel diversification and sales force expansion [25] - Management highlighted the importance of net new money as a key KPI for future growth, despite its limited correlation with short-term revenue [42] Other Important Information - The company completed a share buyback in Q2 2024, aligning with its capital return plan to create shareholder value [6] - XP launched a Corporate Digital Account in August and plans to launch Trade Finance soon, reinforcing cross-sell opportunities [12] - The company achieved its best efficiency ratio since IPO at 36.1%, with SG&A ex-incentives reaching BRL 1.4 billion, flat QoQ [20][21] Q&A Session Summary Question: Net inflows and headcount growth [26] - Management attributed the strong net inflows to organic growth and the maturation of business levers, expecting good levels of retail net new money going forward [27] - Headcount growth was driven by the hiring of internal advisors and an internship program, with around 80-100 internal advisors hired per month [28] Question: Cyclical factors impacting net inflows [30] - Management emphasized that the improvement in net inflows was due to multiple factors, including product diversification and market conditions, rather than a single cyclical event [31] Question: Sustainable level of net new money and tax rate increase [33] - Management clarified that the normalized level of net new money is around BRL 20 billion, with expectations to return to higher levels in the future [34] - The increase in the effective tax rate was due to revenue mix, particularly from higher-tax businesses like Corporate & Issuer Services [36] Question: Distribution capabilities and corporate growth [37] - Management highlighted the integration between DCM and retail distribution as a key driver of net new money, with a focus on diversified products [38][39] - Corporate growth was attributed to the introduction of new products like derivatives and FX, with cross-selling opportunities driving future growth [40] Question: Revenue outlook and EBITDA margin sustainability [41] - Management expects the second half of the year to be better than the first half, with revenue and net income improving towards the 2026 guidance [46] - The EBITDA margin improvement is sustainable, with a focus on eliminating quarter-over-quarter variances through business mix optimization [43] Question: Impact of regulatory changes and interest rates on net inflows [48] - Management acknowledged the positive impact of regulatory changes and interest rate reductions but emphasized that multiple factors contributed to the net inflow growth [49] Question: Credit card business and loan book decline [50][52] - Management outlined plans to improve credit card penetration and benefits, targeting eligible clients and introducing new features like miles points [51] - The decline in the loan book was due to securitization and risk recycling, with no deterioration in asset quality [53][55] Question: Cost control and loan book recycling [52][54] - Management attributed the impressive cost control to operational leverage and the ability to scale without increasing costs [53] - The loan book recycling initiative is new and aims to create instruments for risk recycling while providing new products to retail clients [54][55]

Core Insights - XP Inc.A reported quarterly earnings of $0.39 per share, missing the Zacks Consensus Estimate of $0.40 per share, representing an earnings surprise of -2.50% [1] - The company posted revenues of $809.53 million for the quarter ended June 2024, exceeding the Zacks Consensus Estimate by 3.10% and showing an increase from $717.1 million year-over-year [2] - XP Inc.A shares have declined approximately 30.8% year-to-date, contrasting with the S&P 500's gain of 12.1% [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.42 on revenues of $818.36 million, and for the current fiscal year, it is $1.66 on revenues of $3.26 billion [7] - The estimate revisions trend for XP Inc.A is mixed, leading to a Zacks Rank 3 (Hold), indicating expected performance in line with the market [6] Industry Context - The Financial - Miscellaneous Services industry, to which XP Inc.A belongs, is currently ranked in the top 34% of over 250 Zacks industries, suggesting a favorable outlook compared to lower-ranked industries [8] - Stronghold Digital Mining, Inc., another company in the same industry, is expected to report a quarterly loss of $0.41 per share, reflecting a year-over-year change of +82.9% [9]

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