Good evening, everyone. I'm Andre Parize, Investor Relations Officer at XP. Thank you for joining us. It's a pleasure to be here with you today. On behalf of the company, I would like to welcome you to our Fourth Quarter '25 Earnings Call. Today's presentation will be delivered by our CEO, Thiago Maffra; and our CFO, Victor Mansur. Both will be available for the Q&A session immediately afterwards. [Operator Instructions] Simultaneous translation into Portuguese is available during this conference call. If you would like to activate it, please click the button below. Before we begin, please see the legal disclaimer on Page 2 of today's presentation for additional information on forward-looking statements. The presentation is available for download on our Investor Relations website, and more information is also available in the SEC Filings section of our IR website. To begin the presentation, I'll hand it over to Thiago Maffra. Good evening, Maffra.

Thank you, Andre. Good evening, everyone, and thank you all for joining us today for our fourth quarter '25 earnings call. Before delving into the numbers, I would like to comment on the recent shareholder change we have just announced in the 6-K. As announced, myself and Jose Berenguer, CEO of XP's Wholesale Bank, will become holders of XP Control LLC, alongside Guilherme Benchimol, who is still the main controlling shareholder; and Fabricio de Almeida and Guilherme Sant'Anna. This is part of the ongoing process of strengthening corporate governance, long-term alignment and the company's management model. Now to the results. In 2025, we continue investing in key areas of our business. We enhanced our core processes, scaled financial planning, deepened our segmentation strategy and launched new products. We also celebrate the fifth anniversary of our Wholesale Bank, an important milestone that demonstrates the strength and integration of the ecosystem we have built. This platform drives the evolution of service for our corporate and institutional clients in addition to create cross-selling opportunities across our ecosystem. Despite its relative short history, we have established a top-tier franchise that keeps growing in a consistent manner and contributing to our results. Alongside these structure advancements, we continued our agenda of better serving our clients. We launched a new campaign focused on empowering clients through the power of choice. We are the first investment firm in Brazil to offer transactional fee-based and RIA models. We believe there is no single ideal model. Rather, different models are best suited to different client profiles. By having these different models, complete product range, focus on excellence and the most qualified team of advisers as our main advantage, we became the largest investment network in Brazil. Today, we oversee approximately BRL 2.1 trillion across AUC, AUM and AUA, supported…

Thank you, Maffra, and good evening, everyone. Before I start, I would like to do a quick recap of some achievements and commitments for the past 2 years. First, corporate restructuring. We are now entering into the final phase of our corporate restructuring, in which we will further concentrate activities in XP Bank, materially improving our capital and funding costs. The new structuring has increased our competitiveness, optimizing our warehouse strategy during the year. We already captured part of these benefits in 2025 with reduction in funding costs, plus the reduction in cost of [ which ] to do the emission of subordinated notes. And we expect to have another positive impact in 2026 and the following years. As a result, we see the expansion of both our financial margin and EBT margin for 2025, and we expect to keep this pace for 2026. Second, our balance sheet management. In 2025, both our EPS and net income grew faster than our total assets and total risk-weighted assets. Combined with our disciplined capital allocation and distributions, this drove our ROE expansion of approximately 90 basis points, even though our BIS ratio is higher than 20%. Third, efficiency. Our continued technology investments are delivering operational leverage across many business fronts, allowing us to keep our investment pace, while we keep a stable efficiency ratio year-over-year. So now starting with total gross revenue. In our fourth quarter, total gross revenue reached BRL 5.3 billion, representing a 12% increase year-over-year and 7% sequentially. For the full year of 2025, total gross revenue was BRL 19.5 billion, growing 8% compared to 2024. The performance highlight was Corporate & Issuer Services with a strong second half of 2025. When we compare to gross revenue breakdown on the right-hand side of this slide, in 2025, retail maintained…

Thanks, Victor. Before the Q&A, I would like to quickly go over the strategic foundations directing our priorities for 2026. Excellence is our main growth pillar. Over the past years, we have invested heavily in scalable process, governance and technology. And in 2026, we begin to see these investments maturing and is starting to translate into results. This is reinforced by a skilled and well-trained sales force with aligned incentives ensuring consistent execution across the organization. We continue to invest in a highly disciplined manner, particularly focused on wholesale banking and the B2C channel while refining our segmentation to ensure a clear and accurate value proposition for each client profile. This will enable us to grow with quality in a profitable and sustainable manner. On the capital front, our priority is to sustain strong and consistent returns backed by a conservative capital structure. This discipline provides the flexibility to operate across different market scenarios, maintaining resilience and readiness to capture opportunities. Together, these foundations ensure that we enter 2026 with a solid business structure and disciplined capital allocation. Lastly, before starting the Q&A, I would like to address an ongoing topic within the financial system. First of all, we would like to express our deep concern regarding everything that has been reviewed in recent months involving Banco Master and the extent of irregularities identified. We also want to acknowledge the important and diligent work carried out by the Central Bank as well as the responsible media coverage that has helped Brazilian society better understand with greater transparency what has occurred through ABBC and FEBRABAN, we are actively supporting structural improvements aimed at preventing situations like this from happening again in our financial system. The Central Bank has been advancing in the right direction over the past years, although we understand…

Thank you, Maffra. Now we're going to start the Q&A. The first question is from Eduardo Rosman from BTG.

I have 2 questions for Maffra. The first one is regarding the ambition to become Brazil's leading investment platform by 2033. Can you provide a little bit more detail why 2033? What's the metric that you use to define that, that being a leading firm? Is that market share? Do you see revenue client base or something else? And do you believe that doing more of the same but better will be enough to reach this goal? Or would you require more powerful banking and credit capabilities? That would be the first one. And the second one, regarding your entry into the controlling group. Practically speaking, what does that change mean to you?

Thank you for your questions, Rosman. The first question is when we say that we want to be leaders in investments in 2023, it's about market share. Okay? So that means that we have our internal plans here. Our long-term view is to become leaders in 2033 in market share, and that's the -- it's '33 because our plans -- every plan that we have gives us that we can get there in 7 years. Okay? So that's the number -- the reasons when we look how much money, net new money we have to bring in the next years by different channels, by different segments. The plans, they point out that we can get there in '33. How we get there, first, with the third wave. Okay? So as we mentioned in the past earnings call, in all the conference, we have been investing a lot on the third wave, on democratizing wealth planning for retail clients in Brazil, so democratizing the service that only private banking clients or even multifamily, obviously, clients have in Brazil. So that's the main point here. It's -- a lot of people don't get how big is the change here because most of the financial companies in Brazil and banks, they still have like the model of pushing products. Okay? It can be a basket of products and investment portfolio, but it's a product-driven approach. We have been changing that for the past 2 years. We have changed incentives. We have changed the way of serving clients. We have done a new segmentation in the company, new value propositions, and we are seeing big improvements in all the numbers, churn, EPS and all -- a lot of other metrics here. So we are very excited with the next years when we look at…

Okay. Next question is from Thiago Batista, UBS.

Hear me?

Yes.

I have one question regarding the recommendation that CVM released yesterday about the internalization of orders. In my understanding, this should be a little bit positive for your RRP business. But do you have any view if this really positive or not for XP? And the second question on the taxes. We normally complain when the taxes were low. Now we're complaining when the tax increased. But my question on the taxes is trying to understand if this hike in the taxes in this quarter is related to the change in the quality of structure and also, if this is linked with the consumption of the tax on tax losses carryforward. You reduced by BRL 700 million, BRL 800 million of those tax credits only in 1 quarter, if all those things are correlated.

It's Thiago here, so I will take the first question. It's a very positive news for us. Once you don't have the cap and you can include other assets, so it's very positive. Okay. You remember that we were the first company back in 2015, I remember it was the one responsible for building RRP back in '15 here for XP and until 2019 was, I would say, a big journey to make the product regulated. So -- and today, seeing the product like evolving, not having cap, going to other assets or other type of instruments, so that's very positive because we are the largest market making in Brazil for retail clients. So it's positive for a business. It's positive for the market, for the clients, so -- and of course, we'll generate more revenues and more results for our market making. So it's positive.

Thiago, this is Victor. First, about taxes. I think we talked a lot about that in the past. Our base tax rate is something near 15%. If the business is more toward the banking activity, investment banking, DCM and broker dealer, we're going to pay a bit more. And if the business is more towards market making, we're going to be a bit less. If you look at the revenue mix for the quarter, the main highlights was issuer services and corporate banking, both, of course, made in the -- inside the bank and the broker dealer, and that's why we are paying more taxes. Also, those revenues are less heavy in terms of commission. Those assets were not distributed to retail clients. So the EBT margin associated to those revenues are also higher. Talking about the quality of structure, this change will only happen in 2026. It did not happen yet in 2025. So it has nothing to do with the taxes. The taxes are an effect of the revenue mix. I'm sorry, what was the other question?

Was if this was -- the higher tax was the cause of the reduction in the tax losses carry forward.

It's not because of that. It's the revenue mix that explain both revenue, tax and EBT.

Okay. Next question is from Gustavo Schroden from Citi.

I'm going to do 2 questions as well. So the first one is regarding the reimbursements by the FGC to the depositors of Banco Master, so estimated in BRL 40 billion. So how has XP been performing? So I believe that the company has designed a strategy to capture these volumes -- part of this volume. So any color on that would be great, if you should expect any positive impact in the first quarter '26 regarding it. And my second question is regarding the NPS. We saw a decline in NPS to 65 points from plus 70 points baseline. So could you elaborate on this? What's behind this decline and how the company is addressing this decline in NPS?

Okay. Thank you for the question. I will start with the NPS question. It's -- the drop is related to 2 events that we had on the fourth quarter. We had the Ambipar structured notes, and we had a lot of news and noise about Banco Master back especially in December. So there is a selection bias for clients who were impacted by these 2 events. They are more propensed like to respond the NPS than clients that were not impact by the events that happened. So when we look at margin, we see the NPS improving again. So we believe it's going to be temporary affected by the 2 events that I just mentioned. And to give a color that the impact is not that material, usually, when we have big maturing of fixed income, for example, inflation, government bonds or like big corporate maturing bonds in Brazil, usually, we retain 70%, 75% of the amount because usually people take the liquidity to pay bills or to do something outside of XP, so give or take is 70% the retention rate. Okay? And when we look, Banco Master today is above 85%. Okay? So it's higher than a regular maturing event. So I'm not sure how we are going to disclosure the net new money for Q1, but somehow, we will have like to show these numbers. So there's a huge inflow of money from Banco Master as we are keeping more than 85%. But not sure yet how we're going to disclosure, but we'll disclosure between net new money and the retention.

Okay. Next question is from Guilherme Grespan from JPMorgan.

My question is just on the outlook for 2026, and this is the environment that we are seeing. Fourth quarter still showed similar trends, right? Issuer services, very strong. Corporate solutions, very strong. Fixed income, a little bit weaker. Equity is recovering a little bit but still timid. But my question is more going forward. Like question maybe, one, do you think this performance of Corporate Solutions & Issuer Services is sustainable in the beginning of this year? And question #2, if this environment that we are seeing year-to-date, it's a good performance of risk assets but it's mostly led by foreigners, right, we don't see a huge change on the local dynamics, if you believe you're benefiting much from this environment or, no, you don't benefit as much because it's mostly foreigner-driven, this good performance?

Guilherme, thank you for your question. Victor here. First, talking about corporate, I think our corporate business is in another [ part there ]. We evolved a lot in terms of product, cross-sell, clients and do so. I think we can -- we are able to keep this pace over 2026. And talking about the performance of the other risk assets, as you said, it's still too soon to say that this will reflect in take rate. If you see volumes both in fixed income and acquisitions from retail clients, they are not going up. The movement is mainly driven by foreign clients. I think if the performance keep this way over the year, we may see a bit of trading activity coming from individuals. And of course, they will be reflecting in actual revenues, but it's still too soon to talk about that. Also, in terms of fixed income, I think we need to see the Central Bank delivering the cuts that we have in the interest rate curve. If that happened, we may see the compression of the duration in fixed income, or something that we talk a lot about over the last 2 quarters. But again, we need to see the marketing going in this direction, both in equities and fixed -- and rates to be able to see something reflecting on revenues.

Great. Next question is from Marcelo Mizrahi from BBI Bradesco.

Congratulations for the results. Two questions. First is regarding the guidance. So if you guys plan to update the guidance to 2026 with the environment that we are talking now, first, second, the guidance of revenues and the guidance of margins. Second question is regarding the perspective to have -- I think it's better just to talk about the guidance, please.

Mizrahi, yes, the guidance holds. We have no reason today like to change the guidance. We believe 2026 is going to be a stronger year than 2025. As we have been talking in the past quarters, we are projecting to get very close to the guidance. Margin is there already. Okay? And when we look revenues, if you project, we are very close. So there is no reason to change the guidance right now.

I remember my question. So my question is regarding the RWA. So we saw an increase of this -- the leverage, so definitely because of the offers. So looking forward, how much this leverage, so the RWA could increase? So you guys have some cap on that or some targets that you can share with us?

Thank you. Thanks for your questions. First, as usual, we bought assets for our warehouse book in the fourth quarter to have assets to sell to our clients in the first. That is exactly what is happening. I think what we can say about RWA is the same we said last year. We are very confident that net income will grow faster than the risk, and that will be the case for 2026.

Any perspective of adjustments on the payout policy to increase payouts or to reduce the payouts with that?

We have our BIS ratio guidance for the end of the year. We -- as we said during the presentation, we're going to pass the year of more strong capital base, but we are confident that we're going to be inside the guidance by the end of 2026.

Next question is from Tito Labarta from Goldman Sachs.

Following up on Mizrahi's questions on the guidance just so I'm clear, make sure I didn't miss anything. The guidance you had given was back at the Investor Day where you guided for gross revenues of BRL 22.8 billion to BRL 26.8 billion. I mean, even at the low end, that would imply almost 20% revenue growth year-over-year. Just to make sure that's the guidance we're talking about. And that would be a big acceleration from the 8% growth that we're seeing here this year. And you also mentioned net inflows, you expect to remain around BRL 20 billion, so we don't see an acceleration there. Just to make sure that I'm understanding the guidance on the revenues that we should be thinking about.

Thank you, Tito. Yes, we are talking about the same guidance. So the number to get at the bottom of the guidance this year is 17%, the growth for revenues for 2026. So as we have been talking, it's not going to be easy, but if we miss, it's going to be by a small percentage. So there is no reason like to change guidance for 3 years if we miss by a very small amount. So -- and again, we believe we -- it is possible to get there. Okay? So -- and about net new money, we don't see any reason today to change the -- it's not a guidance, but we have been talking about the BRL 20 billion level. It's what happened in the past 3 quarters. So there's no reason to change for the next quarters. But again, for the -- our ambition to get to 2033 as a leader in investments, it will have to accelerate at some point in the future, but we don't see that happening on Q1 or Q2 for all the reasons we are -- and numbers we are seeing here.

Okay. No. That's good. Good to hear as well. And I guess the driver of the acceleration, I mean, you're saying first Q, 2Q, maybe you don't see it, so second half of 2026 as interest rates come down, I think -- I mean, equity and fixed income are still like the biggest portion of your revenues. You think that should accelerate, I guess, as rates come down? Is that the right way to think about that?

No, we're not considering like a better take rate here or like a market improvement to get there. They are like all levers that we control. So we are confident that we can grow this year at higher pace than 2025.

Okay. But it is back-end loaded, right, more second half of the year, if I understood the comment earlier?

We always have seasonality. This year was lower than the past years, but usually, we do 40 -- 45 and 55 of our results on the first [ half ]. It was a little bit more flattish in 2025. But yes, usually, we accelerate more on second half of the year.

Next question is from Pedro Leduc from Itau.

First question on SG&A. Here, you grew for the full year about 8%. I understand you're going through an investment cycle. So here, I'd like to hear your thoughts on what the priorities will be in 2026. What are the pains that you're trying to solve with investments? And you mentioned in the call, I believe, stable efficiency for 2026. Now we're talking about high teens revenue growth. So help us reconcile that SG&A, really understand what priorities you are doing and where we should look for signs of success of these investments.

Thank you for your question. I think our main investments will be, as always, in our core business. So we're going to be investing in adviser expansion over the year the same as the last years. We're going to be investing in technology. So we have a lot of technology investments in AI. Those technologies will be used to customer relationship management and adviser productive. Both focus on having more account load with more quality and more NPS. And I think that's the way that we're going to measure that. And also, we have some investments in our international platform and our [ PME ] platform, cash account, bank account, every product around the companies, the companies that we're going to provide over 2026 and '27. And I think that mostly those are the big chunks of investments that we're going to do in 2026 the same as we did in 2025.

Okay. And with the efficiency level, you mentioned flattish that talks with the mid-teens revenues.

Yes. As Maffra said, we are confident that we are going to pursue our guidance level, and that implies the efficiency ratio and the expenses we're going to grow. And of course, we have some kind of maneuverability here in the number if the revenue doesn't come, if they are faster than what we expect. But the number is around that.

Okay. And sorry, just to be picky on this part on the revenues, we understand you're going to go through some structured changes that would change also income tax and revenues. So when we talk about mid-teens, high teens revenues, that's excluding any accounting changes that will happen as you transfer these operations, correct? So be comparable.

If you look at 2025, we did a lot of restructuring over the group. When we send some companies through the bank and we start changing the way we look at indebtedness in the company, we lost something around BRL 500 million in revenues over 2025 that went through the net interest margin. And we said nothing about that. So I think the growth of the revenues in the area, we're going to have a lot of mix the same as we have in 2025. If other companies going to the bank, we're paying some corporate debt and changing for banking debt, then therefore, going to reduce their revenues, and we're going to have some positive effects also. And I think in the net, we're going to be delivering the numbers that Maffra said.

Okay. No, that's very clear. The overall message is very clear.

Okay. Next question is from Antonio Ruette from Bank of America.

I have 2 questions on my side. The first one is a follow-up on taxes. I understood that you should have an average tax rate of close to 15% and higher than that if revenues are more skewed to banking. And now if I'm looking here in your tax withholding in funds line, I see a very sharp decline Q-on-Q and this line very below your historical average. And it does not look related to the revenue mix. So if you could please explain what's related for. And thus also a second one, AI. I think it's an important topic, particularly when you are shifting between business models. So you are looking towards migrating towards B2C model. I understand that this is an opportunity to grow in the B2C with lower expenses, lower investments. But also it's a trap, right, because it's a model without in-person interaction, and that could be mimicked by AI, by another player. So how do you see your strategic shift right now considering AI?

Antonio, I'm going to take the first question here. First, it's very hard to talk about the results of individual entities in the group. And as we said before, it's -- you cannot explain the performance of one business or another looking at the [ guidance ] or the quality of performance. Also, after 2026, if the restructuring of the group, we're not going to have [ default ] tax anymore, and we're not going to disclose this number. So I think the important thing here, if you look at the mix, if you look at the accounting levels, you're going to see the same things we are looking at the managerial level. You're going to see the banking revenues, banking fees, credit fees, fees from DCM offerings, and that was the strong part of the quarter, and that's why we are paying higher taxes than before.

The second one, so I'm not sure if it was clear on the presentation, but we do not believe in taking the financial adviser, the human out of the equation here. Okay? So it's always using technology, using AI to improve, to make the adviser better. Okay? So we have different AI agents here to help the adviser to have more relationship with the clients, to take the operational workload out of -- from -- out from the adviser. We have a lot of tools that we have been creating in the past 2 years to help the advisers to perform better, to increase the account load, to increase productivity, to increase the level of service that we deliver to customers. But it's always how to improve the human. Of course, when we talk about the -- remember that I said we have 3 big segments here. Of course, we have some other in between segments but 3 big ones. Of course, for the BRL 0 to BRL 100,000 segment, here, we can do 100% digital. Okay? But we don't believe or we don't -- we don't like the idea of having like a BRL 1 million client or BRL 10 million clients going only through like an AI. It doesn't help. It doesn't happen because it's a trust business. Okay? So people like to tell to people when they are talking about their lives, their dreams, so they want to talk to someone. So the whole idea here is how we use AI to improve the performance, to improve the service that we deliver to our customers. So we have been developing a lot of initiatives here. It's -- some of them are very promising. For example, today, we listen. We read. So we have governance over all the interactions that our B2C internal advisers have with customers. We classify 100% of them. So we know everything that's happening. We give advice for the internal advisers about what they are doing right or wrong. We give broad advice. We give advice of interactions with customers. So we are very excited with the results that we are getting from AI on the company, and -- but again, it's not about replacing the human or the human adviser. It's about enhancing the adviser. Okay? So that's the idea.

Okay. Next question is from Daniel Vaz from Safra.

I want to try to understand the aftermath of Banco Master, right, episode, both for XP internally and for your client base. So trying to break this down in 2 parts. First, for you, any way -- any changes in the way you filter your products to distribute? I mean how did that episode was discussed in your Board of Directors? So are -- is it -- got to the point that you discussed like are we going to distribute these types of products again? So how is the filter that you want to do after it or if there is any that you want to put additionally? And to your client behavior such as the ones that were involved probably, you mentioned, I think it was in the past presentation, about clients going to more risk-averse CDs. Kind of 50% of your marginal allocation in fixed income was little more to high liquidity products and less yields. So I want to try to understand like what has changed into the third quarter so far to the fourth quarter so far in terms of investment decisions by your clients and mainly on the aftermath of the episode of Banco Master.

It's important to remember that our clients, they -- 99.9% of them, they're like under the FGC, the FGIC -- Brazilian FGIC coverage. So our clients, they didn't lose any money. On the opposite, they made an investment that had a good return. Okay? So our clients, they didn't lose any money. We don't recommend Banco Master over FGC, as we don't recommend for any bank below a certain threshold of our internal rating. Okay? So of course, every time that something like that happened, we look for our internal controls, our credit analysis to see what we can improve, and we are improving. Okay? It's part of the journey. But remember that we have more than 50% of market share of all middle-sized and small-sized banks in Brazil, so -- because remember that the traditional incumbent banks, they don't rebuild third-party CDs. So it's basically only the independent investment platforms. And we are the largest one in the market. So for -- and remember that, in some other cases, [ Gicaza ], [ Bejica ], we didn't distribute the Portocred. We didn't have the products on our platform. Okay? So our credit analysis was good in some events in the past. When you have frauds or the kind of events that everyone is raging on the news right now, it's almost impossible. Otherwise, no one would lose money on credit. No one would have lost money on Lojas Americanas or Eike Batista companies or other frauds. Okay? So when you have this type of problems, it's hard to get. But of course, we have to look inside, see what we have to improve in our controls. But again, we have only distributed products that we believe they are suitable for our clients on the right risks for the right customer profile. We have internal controls today that we cannot allocate more of any type of fixed income products with credit risk above the threshold for that rating for that type of client. Okay? So we are very strict on controlling that. And again, our clients, they didn't lose any money here on Master. Okay? So that's important. About the changing mix after the event, we don't see any big change, okay, to be honest. We don't see -- of course, you have one other name that we're involved on the same problem. For those names, they are not even on our platform for a few months or even years. Okay? So -- but besides that, we don't see big change for other type of small or mid-sized banks.

Okay. Our earnings call is coming to an end. Thank you for your time. We see that there are more people who want to make questions, so IR team will be more than happy to attend to you. Just contact us, and see you soon. Thank you very much.