Overview

• For Ambipar-linked notes issued up to March 18, 2024, settlement on October 7, 2025 paid a fixed 6.88% of principal, implying losses of up to 93.12%.
• For Braskem-linked issuances up to March 25, 2024, accounts were marked on October 7 with cash settlement due October 10, paying 26.62% to 36.97% depending on the series.
• XP told advisors the early-maturity mechanism would be applied without client choice and labeled the decision final in an internal communication.
• The firm said it will send each holder an individualized spreadsheet detailing the executed amounts to facilitate tracking of outcomes.
• Investor complaints have begun appearing on Reclame Aqui, and XP had not issued a public statement at the time of reporting.