4Q25 EARNINGS PRESENTATION 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 ...

Core Viewpoint - Robinhood Markets experienced significant stock growth in 2025, but its future performance may decline in 2026 due to high valuation and unsustainable revenue growth drivers [1][2][3] Revenue Growth - In Q3 2025, Robinhood's transaction revenue reached $730 million, marking a 129% year-over-year increase, largely driven by a 339% surge in cryptocurrency revenue to $268 million [6][5] - The company's crypto revenue is highly volatile, having previously dropped over 50% in a six-month period from Q4 2024 to Q2 2025 [7][9] New Revenue Streams - Robinhood introduced prediction markets in partnership with Kalshi, allowing clients to bet on various events, which contributed to stock price increases in 2025 [13] - However, the prediction market generated only $115 million in annualized revenue during Q3, representing a mere 2.5% of the estimated total revenue of $4.5 billion for 2025 [14][15] Valuation Concerns - Robinhood's stock is currently trading at a price-to-sales (P/S) ratio of 25.5, significantly higher than its historical average of 11.2 since going public in 2021 [16] - To justify its current valuation, Robinhood would need to generate substantially more revenue, with a potential decline of 55% in stock price required to align with its long-term average P/S ratio [18] Future Outlook - The combination of volatile crypto revenue, the limited impact of the prediction markets, and the high stock valuation could lead to a significant correction in Robinhood's stock price in 2026 [19]

Core Insights - Moomoo has been certified as a Great Place To Work® for 2025 in the U.S., with 83% of employees considering it a great workplace, which is 26% higher than the average U.S. company [1][5][6] - This certification follows similar recognitions for Moomoo's sister companies in Malaysia and Singapore [1] Employee Engagement Initiatives - Moomoo has launched various initiatives to enhance employee engagement, including improved onboarding programs and cross-functional team-building events [3][4] - The company offers "Lunch & Learn" sessions and professional branding training workshops to support skill development and career advancement [4] Employee Wellbeing Focus - Moomoo emphasizes employee wellbeing by promoting work-life balance through curated office snacks, an on-site fitness center in Dallas, and commuter stipends for Jersey City employees [4] Leadership Recognition - The CEO of Moomoo US expressed pride in the company's recognition as a Great Place To Work® Certified™ company, highlighting the importance of employee experience in the company's culture [5][6] - Research indicates that job seekers are 4.5 times more likely to find a great boss at a Certified workplace, and employees at these workplaces are 93% more likely to look forward to coming to work [6]

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]