XP Sets Record 3Q Profit as Assets Climb and Buybacks Step Up

Overview

• Adjusted net income reached R$1.33 billion, up 12% year over year and 1% from 2Q, with a 28.5% adjusted net margin and net revenue of R$4.66 billion (+8% YoY, +5% QoQ).
• Total client assets rose to R$1.4 trillion (+12% YoY; +4% QoQ) and aggregate assets under management and administration hit R$1.9 trillion (+16% YoY), supported by R$91 billion in net inflows and R$63 billion in market effect.
• Shareholder returns accelerated with R$842 million in buybacks executed through October, a new R$1 billion repurchase program announced, and R$500 million in dividends paid in 2025.
• The Basel ratio stood at 21.2% with CET1 at 18.5%, and management plans to keep Basel between 16% and 19% in 2026.
• Retail revenue reached R$3.70 billion (+6% YoY), corporate and markets generated R$729 million (+32% YoY), institutional revenue was R$340 million (stable), and the platform counted 4.8 million active clients with 18.2 thousand advisors.