XP’s Q2 growth broadened, while volatility and credit remain key risks

Transcript intelligence

What changed

Relative to the supplied prior-quarter analysis, XP’s Q2 analysis points to stronger corporate momentum, with corporate revenue up 117% year over year, and adds new initiatives in SMB payments and credit, offshore investing and AI-based advisory. Fee-based wealth planning reached 26% of client assets, while the company continued to emphasize buybacks, dividends and capital discipline.

Guidance delta

Management reaffirmed double-digit growth targets for 2026 and continued to target a 16–19% capital ratio range; guidance sentiment was maintained.

Key takeaways

• Client assets reached $2.2 trillion, up 17% year over year, according to the supplied analysis.
• Gross revenue rose 8% year over year to BRL 5.1 billion, while net income increased 5% to BRL 1.4 billion.
• Corporate revenue increased 117% year over year, and retail net new money reached $28 billion.
• Management highlighted SMB credit and POS services, offshore capabilities, fee-based wealth planning and an AI-driven adviser as expansion areas.
• The supplied analysis says share buybacks supported 9% EPS growth and that XP reaffirmed double-digit growth targets for 2026.

Management priorities

• Launch the SMB platform with credit-card and POS capabilities in September
• Roll out an AI-driven adviser for digital retail clients
• Expand offshore investment capabilities and fee-based wealth planning
• Continue share buybacks and dividends while maintaining the 16–19% capital-ratio target range