Xp Stock Earnings Reports

XP reported solid 1Q26 results: client assets (AUM + AUA) reached BRL 2.1 trillion, up 21% YoY; active clients were 4.8 million and advisers 18.3k. Gross revenue was BRL 4.9 billion (+8% YoY), adjusted EBT BRL 1.4 billion (+8% YoY) and adjusted net income BRL 1.3 billion (+7% YoY). ROE was 21.7% and the BIS capital ratio remained comfortable at 20.7%. Management announced a new BRL 1 billion buyback (about half already executed of the prior program executed) and BRL 500 million in dividends for June, bringing announced capital returns in 2026 to ~BRL 2.5 billion. Management reiterated confidence in returning to double‑digit growth for the year despite a March widening of domestic credit spreads that caused mark‑to‑market impacts; spreads have stabilized and early signs of recovery are emerging. Strategic highlights: continued emphasis on retail expansion (goal‑based investing, managed portfolios, fee‑based models growing) and wholesale/corporate capabilities; a new managerial P&L/classification was introduced to better align reporting; Victor Mansur is stepping down as CFO with Gustavo Vallejo appointed as incoming CFO. Management expects efficiency ratios to normalize through the year and remains committed to reach its BIS guidance (16–19%) by year‑end while maintaining disciplined risk and capital management.