#1XP nc. 4Q21 Earnings Presentation#2XP Inc. Important Disclosure IN REVIEWING THE INFORMATION CONTAINED IN THIS PRESENTATION, YOU ARE AGREEING TO ABIDE BY THE TERMS OF THIS DISCLAIMER. THIS INFORMATION IS BEING MADE AVAILABLE TO EACH RECIPIENT SOLELY FOR ITS INFORMATION AND IS SUBJECT TO AMENDMENT. This presentation is prepared by XP Inc. (the "Company," "we" or "our"), is solely for informational purposes. This presentation does not constitute a prospectus and does not constitute an offer to sell or the solicitation of an offer to buy any securities. In addition, this document and any materials distributed in connection with this presentation are not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction. This presentation was prepared by the Company. Neither the Company nor any of its affiliates, officers, employees or agents, make any representation or warranty, express or implied, in relation to the fairness, reasonableness, adequacy, accuracy or completeness of the information, statements or opinions, whichever their source, contained in this presentation or any oral information provided in connection herewith, or any data it generates and accept no responsibility, obligation or liability (whether direct or indirect, in contract, tort or otherwise) in relation to any of such information. The information and opinions contained in this presentation are provided as at the date of this presentation, are subject to change without notice and do not purport to contain all information that may be required to evaluate the Company. The information in this presentation is in draft form and has not been independently verified. The Company and its affiliates, officers, employees and agents expressly disclaim any and all liability which may be based on this presentation and any errors therein or omissions therefrom. Neither the Company nor any of its affiliates, officers, employees or agents makes any representation or warranty, express or implied, as to the achievement or reasonableness of future projections, management targets, estimates, prospects or returns, if any. The information contained in this presentation does not purport to be comprehensive and has not been subject to any independent audit or review. Certain of the financial information as of and for the periods ended December 31, 2019, 2018 and 2017 has been derived from audited financial statements and all other financial information has been derived from unaudited interim financial statements. A significant portion of the information contained in this presentation is based on estimates or expectations of the Company, and there can be no assurance that these estimates or expectations are or will prove to be accurate. The Company's internal estimates have not been verified by an external expert, and the Company cannot guarantee that a third party using different methods to assemble, analyze or compute market information and data would obtain or generate the same results. Statements in the presentation, including those regarding the possible or assumed future or other performance of the Company or its industry or other trend projections, constitute forward-looking statements. These statements are generally identified by the use of words such as "anticipate," "believe," "could," "expect," "should," "plan," "intend," "estimate" and "potential," among others. By their nature, forward-looking statements are necessarily subject to a high degree of uncertainty and involve known and unknown risks, uncertainties, assumptions and other factors because they relate to events and depend on circumstances that will occur in the future whether or not outside the control of the Company. Such factors may cause actual results, performance or developments to differ materially from those expressed or implied by such forward-looking statements and there can be no assurance that such forward-looking statements will prove to be correct. These risks and uncertainties include factors relating to: (1) general economic, financial, political, demographic and business conditions in Brazil, as well as any other countries we may serve in the future and their impact on our business; (2) fluctuations in interest, inflation and exchange rates in Brazil and any other countries we may serve in the future; (3) competition in the financial services industry; (4) our ability to implement our business strategy; (5) our ability to adapt to the rapid pace of technological changes in the financial services industry; (6) the reliability, performance, functionality and quality of our products and services and the investment performance of investment funds managed by third parties or by our asset managers; (7) the availability of government authorizations on terms and conditions and within periods acceptable to us; (8) our ability to continue attracting and retaining new appropriately-skilled employees; (9) our capitalization and level of indebtedness; (10) the interests of our controlling shareholders; (11) changes in government regulations applicable to the financial services industry in Brazil and elsewhere; (12) our ability to compete and conduct our business in the future; (13) the success of operating initiatives, including advertising and promotional efforts and new product, service and concept development by us and our competitors; (14) changes in consumer demands regarding financial products, customer experience related to investments and technological advances, and our ability to innovate to respond to such changes; (15) changes in labor, distribution and other operating costs; (16) our compliance with, and changes to, government laws, regulations and tax matters that currently apply to us; (17) the negative impacts of the COVID-19 pandemic on global, regional and national economies and the related market volatility and protracted economic downturn; and (18) other factors that may affect our financial condition, liquidity and results of operations. Accordingly, you should not place undue reliance on forward-looking statements. The forward-looking statements included herein speak only as at the date of this presentation and the Company does not undertake any obligation to update these forward-looking statements. Past performance does not guarantee or predict future performance. Moreover, the Company and its affiliates, officers, employees and agents do not undertake any obligation to review, update or confirm expectations or estimates or to release any revisions to any forward-looking statements to reflect events that occur or circumstances that arise in relation to the content of the presentation. You are cautioned not to unduly rely on such forward-looking statements when evaluating the information presented and we do not intend to update any of these forward-looking statements. Market data and industry information used throughout this presentation are based on management's knowledge of the industry and the good faith estimates of management. The Company also relied, to the extent available, upon management's review of industry surveys and publications and other publicly available information prepared by a number of third party sources. All of the market data and industry information used in this presentation involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. Although the Company believes that these sources are reliable, there can be no assurance as to the accuracy or completeness of this information, and the Company has not independently verified this information. The contents hereof should not be construed as investment, legal, tax or other advice and you should consult your own advisers as to legal, business, tax and other related matters concerning an investment in the Company. The Company is not acting on your behalf and does not regard you as a customer or a client. It will not be responsible to you for providing protections afforded to clients or for advising you on the relevant transaction. This presentation also includes certain non-GAAP financial information. We believe that such information is meaningful and useful in understanding the activities and business metrics of the Company's operations. We also believe that these non-GAAP financial measures reflect an additional way of viewing aspects of the Company's business that, when viewed with our International Financial Reporting Standards ("IFRS") results, as issued by the International Accounting Standards Board, provide a more complete understanding of factors and trends affecting the Company's business. Further, investors regularly rely on non-GAAP financial measures to assess operating performance and such measures may highlight trends in the Company's business that may not otherwise be apparent when relying on financial measures calculated in accordance with IFRS. We also believe that certain non-GAAP financial measures are frequently used by securities analysts, investors and other interested parties in the evaluation of public companies in the Company's industry, many of which present these measures when reporting their results. The non-GAAP financial information is presented for informational purposes and to enhance understanding of the IFRS financial statements. The non-GAAP measures should be considered in addition to results prepared in accordance with IFRS, but not as a substitute for, or superior to, IFRS results. As other companies may determine or calculate this non-GAAP financial information differently, the usefulness of these measures for comparative purposes is limited. A reconciliation of such non-GAAP financial measures to the nearest GAAP measure is included in this presentation. For purposes of this presentation: "Active Clients" means the total number of retail clients served through our XP Investimentos, Rico, Clear, XP Investments and XP Private (Europe) brands, with an AUC above R$100.00 or that have transacted at least once in the last thirty days. For purposes of calculating this metric, if a client holds an account in more than one of the aforementioned entities, such client will be counted as one "active client" for each such account. For example, if a client holds an account in each of XP Investimentos and Rico, such client will count as two "active clients" for purposes of this metric. "Assets Under Custody (AUC)" means the market value of all client assets invested through XP's platform, including equities, fixed income securities, mutual funds (including those managed by XP Gestão de Recursos Ltda., XP Advisory Gestão Recursos Ltda. and XP Vista Asset Management Ltda., as well as by third-party asset managers), pension funds (including those from XP Vida e Previdência S.A., as well as by third-party insurance companies), exchange traded funds, COES (Structured Notes), REITs, and uninvested cash balances (Floating Balances), among others. 2#3Index 01 2021 Recap 02 4021 KPIs and Financials 03 Q&A#41 2021 Recap#5Two years since IPO-2021 Recap Top-line growth Top-line guidance 5.5 2019 35% CAGR 52% CAGR 10.5 2021E @IPO Gross Revenues (in R$ bn) (1) Assuming 22% Adj. Net margin-top of the range of the first Guidance 12.8 2021 Actual 1.1 2019 ~4x 2.1 2021E @IPO¹ Adj. Net Income (in R$ bn) XP nc. 4.0 2021 Actual 5#6Recent Developments XP's Digital Account 11:16 S CONY 63% ~150k digital account users Fully integrated experience Day-to-day bill payments Transfers between XP accounts Pix Automatic debit Payroll portability Deposits with QR Codes Completion 67% XP nc. 6#7Recent Developments XP's Life Insurance Launch 18:45 Seguro de Vida XP Por que é importante ter um seguro de vida? Muitos imprevistos acontecem ao longo de nossas vidas, como acidentes ou doenças, e, por isso, é importante ter segurança financeira para proteger quem mais importa para você. O nosso produto de vida S 88 Preço acessível Queremos tornar o seguro de vida uma proteção cada vez mais acessível para os brasileiros porque sabemos da importância dessa segurança financeira. Beneficiários Você pode escolher livremente qualquer pessoa física como seu beneficiário, podendo ser um familiar ou não. Monte seu seguro Personalize seu seguro de vida com as diversas proteções diferentes. Seja um dos clientes beta Iremos disponibilizar a contratação primeiro para os clientes interessados que clicarem no botão "tenho interesse" TENHO INTERESSE Simple, fully digital hiring Transparency: no hidden costs Official launch within 4 months, from interviews with clients to app offering GS Seguro de Vida XP solicitado com sucesso O Seguros de Vida XP O O número do protocolo está sendo processado. Solicitação realizada Iremos analisar o seu perfil e a sua proposta de Seguro de Vida XP. tº pagamento Após a aprovação da solicitação, o primeiro pagamento será realizado até o próximo dia Seguro de vida ativado Será ativado somente após o tº pagamento Atenção Fique atento ao saldo em sua conta nos XP nc. 7#82 4021 KPIs and Financials#94Q21 Highlights and Main KPIs Gross Revenue R$3.4 Bn Adjusted EBITDA¹ R$1.4 Bn Highlights +34% YoY +56% YoY Gross Profit R$2.4 Bn +52% YoY Adjusted Net Income¹ 1.1 Bn 33.3% Adjusted Net Margin +51% YoY +322 bps YoY Investment AuC R$815 Bn Pension AuC R$48 Bn +23% YoY KPIs +51% YoY Credit Portfolio² R$10.2 Bn Notes: (1) See Company fillings for a reconciliation of Adjusted Net Income and Adjusted EBITDA; (2) This portfolio does not include Intercompany and Credit Card related loans and receivables. Credit Card TPV R$4.4 Bn NPS 76 XP Inc. +164% YoY +35% QOQ 9#10Total Revenues and Retail Revenues Total Gross Revenues (in R$ mn) 2,570 4Q20 +34% 3,368 3Q21 3,447 4Q21 Highlights ▪ Driven by strong Retail revenue, with growing contribution from new verticals and fixed income products; ▪ New initiatives Pension, Credit Cards, Credit, and Insurance - already representing 6% of total gross revenue $ RETAIL 79% ISSUER SERVICES 8% —M INSTITUTIONAL 9% XP Inc. of 4021 Total Gross Revenue Other Revenue represented 4% of Total Gross Revenues 10#11Fixed Income & Floating / Equities & Futures Update on Macroeconomic Impacts on Retail 2,0x 1,8x 1,6x 1,4x 1,2x 1,0x 0,8x 0,6x 0,4x 0,2x 0,0x 1Q15 4Q15 Source: Brazilian Central Bank, XP Inc. -Fixed Income & Floating / Equities & Futures 3Q16 2Q17 1Q18 -Selic Rate 4Q18 LTM Retail Revenue 3Q19 2Q20 1Q21 XP Inc. 31x revenue growth 4Q21 20% 18% 16% 14% 12% 10% 8% 6% 4% 2% 0% SELIC 11#12Retail Revenue and New Verticals Retail Revenue (in R$ mn) 1,844 4Q20 +48% 2,599 3Q21 2,725 4Q21 Highlights ▪ Stable take rate at 1.3% ¹, proving the resilience of our platform ▪ On 4Q21, Retail related revenues represented 88% of consolidated Net Income from Financial Instruments. Revenues from New Verticals (in R$ mn) % of total Revenue Pension Funds ■ 46 15 19 4Q20 1.8% 12 Credit Cards +387% 154 14 28 58 54 Credit 3Q21 4.6% (1) LTM Take Rate (LTM Retail Revenue / Average AUC). Average AUC = (Sum of AUC from the beginning of period and each quarter-end in a given year, being 5 data points in one year)/5 Insurance 7 224 18 46 74 86 4Q21 6.5% Highlights Exponential growth of 387% in one year, driven mainly by Pension Funds and Credit Cards XP Inc. 12#13New Verticals Update Private Pension¹ (NNM market share %) 6.4% 2019 8x 21.5% Source: Susep, ABECS. (1) Considers only funds managed by XPV&P. 2020 Highlights ▪ From 5th in NNM Ranking in 2019 to #1 in 2021 52.7% 2021 ▪ We still have a long way to go, with only 3% market share in AUM in December 2021 Credit Cards (TPV market share %) 0.1% 1Q21 5x 0.3% 2Q21 0.5% 3Q21 Highlights ▪ From zero to over R$10 billion in total TPV in 2021 XP Inc. ▪ In December 2021, we lowered the threshold for credit card eligibility to R$5,000 in XP brand 13#14New Verticals Update Credit (% of AUC) ■ 0.6% Source: XP Inc. 2020 +66bps 1.3% Highlights ▪ Consistent growth while maintaining zero NPL Margin loan and real estate mortgages soft launch 2021 Insurance Revenue (in R$ mn) 43 2020 +39% Highlights ▪ Launch of XP's Life Insurance 60 2021 XP Inc. ▪ We still have a long way to go, with less than 0.1% market share 14#15Adjusted EBITDA and Margin Operational Leverage despite investments in technology, client experience and product offering Operating Expenses (in R$ mn) SG&A¹ % of Net Revenue 717 4Q20 29.9% +38% 1,116 3Q21 35.2% 989 4Q21 30.3% Highlights ▪ The increase YoY was mainly due to investments in technology and people to support our new initiatives. QoQ decrease was mainly due to a net positive line of Other Expenses, reflecting incentives received from third parties, mainly due to the joint development of retail products. Adjusted EBITDA² (in R$ mn) % Adj EBITDA Margin 891 4Q20 37.2% +56% 1,170 3Q21 36.9% 1,390 Excluding Share Based Compensation 85 See appendix for a reconciliation of Adjusted EBITDA. 4Q21 42.7% XP Inc. Highlights ▪ Main drivers were (1) top line increase, mainly coming from Retail; (2) higher gross margins, partially offset by investments in new initiatives. 15#16Adjusted Net Income Adjusted Net Income¹ (in R$ mn) % Adj Net Margin 721 4Q20 30.1% +51% 1,039 3Q21 32.8% 1,086 (1) See appendix for a reconciliation of Adjusted Net Income. 4Q21 33.3% Highlights Adjusted Net Income grew 51% vs. 4Q20, explained by (1) strong growth in Retail Revenue, (2) operating leverage in SG&A and (3) a lower effective tax rate. 2,270 FY20 27.8% +76% 4,003 FY21 33.1% XP Inc. ▪ Record R$4 billion Adjusted Net Income for 2021, roughly 4x Adjusted Net Income for 2019 16#17Non-GAAP Financial Information Normalized Effective Tax Rate reconciliation (in R$ mn) Managerial Income Statement Total Gross Revenue Net Revenue COGS SG&A Share Based Compensation¹ Adjusted EBITDA Adjusted EBITDA Margin D&A Interest expense on debt Share of profit or (loss) in joint ventures and associates Taxable equivalent adjustments² EBT (Taxable equivalent) Tax expense (Normalized) Effective tax rate (Normalized) Adjusted Net Income Adjusted Net Margin 4Q21 3,447 3,260 (896) (989) (133) 1,390 42.7% (52) (57) (11) 157 1,278 (287) (22.5%) 1,086 33.3% 4Q20 2,570 2,395 (836) (717) (136) 891 37.2% (37) (6) 1 163 826 (224) (27.1%) 721 30.1% YoY 34% 36% 7% 38% -2% 56% 5.5 p.p 40% 809% -879% -4% 55% 28% 4.6 p.p 51% 3.2 p.p A portion of total Share-Based Compensation is related to IFAs and allocated in COGS. (2) Tax adjustments are related to tax withholding expenses that are recognized net in our gross revenue. 3Q21 3,368 3,171 (894) (1,116) (156) 1,170 36.9% (51) (49) 4 179 1,087 (150) (13.8%) 1,039 32.8% QoQ 2% 3% 0% -11% -15% 19% 5.8 p.p 2% 16% -336% -12% 18% 91% -8.6 p.p 5% 0.6 p.p FY21 12,799 12,077 (3,523) (3,770) (594) 4,848 40.1% (232) (136) (8) 567 4,382 (789) (18.0%) 4,003 33.1% FY20 8,711 8,152 (2,701) (2,585) (250) 2,918 35.8% (143) (53) 1 336 2,757 (676) (24.5%) 2,270 27.8% YoY 47% 48% 30% 46% 138% 66% 4.3 p.p 62% 158% -994% 69% 59% 17% 6.5 p.p 76% 5.3 p.p XP Inc. PART OF OUR REVENUE IS RECOGNIZED NET OF TAXES. 17#18Q&A#19Investor Relations [email protected] https://investors.xpinc.com/ XP Inc.#20Appendix#21Non-GAAP Financial Information Floating and Adjusted Gross Financial Assets Floating Balance (in R$ mn) Floating Balance (=net uninvested clients' deposits) Assets (-) Securities trading and intermediation Liabilities (+) Securities trading and intermediation (=) Floating Balance 4021 (1,406) (1,406) 15,598 15,598 14,192 4Q20 (1,052) (1,052) 20,303 20,303 19,252 YoY 34% 34% -23% -23% -26% 3Q21 (1,065) (1,065) 19,635 19,635 18,570 QoQ 32% 32% -21% -21% -24% Adjusted Gross Financial Assets (in R$ mn) Adjusted Gross Financial Assets 4Q21 YoY Assets (+) Cash 128,226 2,486 58,180 (+) Securities - Fair value through profit or loss (+) Securities - Fair value through other comprehensive 32,332 (+) Securities - Evaluated at amortized cost 2,239 (+) Derivative financial instruments 10,944 (+) Securities purchased under agreements to resell (+) Loans and credit card operations (+) Foreign exchange portfolio Liabilities (-) Securities (-) Derivative financial instruments (-) Securities sold under repurchase agreements (-) Private Pension Liabilities (-) Deposits (-) Structured Operations (-) Financial Bills (-) Foreign exchange portfolio (-) Credit card operations (-) Floating Balance (=) Adjusted Gross Financial Assets 8,895 4Q20 12,820 90,573 1,955 49,590 19,039 1,829 7,559 6,627 3,918 42% 55 27% 17% 70% 22% 45% 15,471 7,871 10,535 (31,921) 332 1,039 (95,847) (60,622) (85,459) (2,665) (2,237) (2,082) (11,908) (7,819) (14,506) (26,281) (31,839) (24,234) (13,388) (26,711) (3,022) (6,867) (2,178) 251% (5,699) 15690% (2,343) 506% (1,150) (1,867) (18,570) 16,566 (9,899) (7,636) (2,588) (425) (2,523) (16) (70) (51) (19,252) 10,699 (14,192) 18,188 34% 227% 505% 58% 19% 52% -17% 138% 228% 4873% -26% 3Q21 120,595 2,823 70% 53,432 28,566 858 XP Inc. QoQ 6% -12% 9% 13% 161% -29% 13% 22% -68% 12% 28% -18% 8% 20% 44% 34% 10% -63% 35% -24% 10% 21#22Non-GAAP Financial Information Adjusted Assets (from the factors listed below) reflects our business more realistically Simplified Balance Sheet (in R$ mn) [B] Pension Funds Assets Total Securities - Fair Value through P&L Securities - Repos Securities - Fair Value through OCI Securities - Trading & Intermediation Other Financial Instruments Other Assets Liabilities + Equity Total Securities - Repos Other Finan. Liab. Pension Funds Securities - Trading & Intermediation Other Liabilities & Equity [A] 139,340 58,180 8,895 32,332 1,406 13,183 25,345 [A] 139,340 26,281 14,573 31,921 15,598 50,967 31,921 31,921 [B] Pension Funds 31,921 31,921 [A-B] 107,419 26,259 8,895 32,332 1,406 13,183 25,345 [A-B] 107,419 26,281 14,573 15,598 50,967 [C] Floating 15,598 14,192 1,406 [C] Floating 15,598 15,598 [A-B-C] 91,821 26,259 8,895 18,140 13,183 25,345 [A-B-C] 91,821 26,281 14,573 50,967 [D] Client Liquidity & Sov. Bonds Arb. 37,225 -754 8,895 18,140 10,944 [D] Client Liquidity & Sov. Bonds Arb. 37,225 26,281 10,944 Adjusted Assets [A-B-C-D] 54,596 27,012 2,239 25,345 Adjusted Liabilities & Equity [A-B-C-D] 54,596 3,630 50,967 Key factors inflating our balance sheet XP Inc. [B] Pension Funds ▪ AUM from XP Vida & Previdência is accounted in both assets and liabilities [C] Floating ▪ Uninvested cash from clients allocated in sovereign bonds [D] Client Liquidity & Sovereign Bonds Arbitrage Providing liquidity to clients with derivatives ▪ Money market funding (repos mostly) allocated into sovereign bonds targeting arbitrage ■ opportunities 22#23Non-GAAP Financial Information Adjusted EBITDA and Adjusted Net Income Adjusted EBITDA (in R$ mn) EBITDA (+) Share Based Compensation (+) Offering expenses Adj. EBITDA Adjusted Net Income (in R$ mn) Net Income (+) Share Based Compensation (+) Offering expenses (+/-) Taxes Adj. Net Income 4Q21 1,241 149 1,390 4Q21 991 149 (54) 1,086 4Q20 705 180 6 891 4Q20 602 180 6 (68) 721 YoY 76% -17% -100% 56% YoY 64% -17% -100% -20% 51% 3Q21 1,005 165 1,170 3Q21 936 165 (62) 1,039 QoQ 24% -10% n.a. 19% QoQ 6% -10% n.a. -13% 5% FY21 4,190 658 4,848 FY21 3,592 658 (247) 4,003 FY20 2,616 293 8 2,918 FY20 2,081 293 8 (113) 2,270 XP Inc. YoY 60% 124% -100% 66% YoY 73% 124% -100% 119% 76% 23#24Institutional and Issuer Services Institutional Revenue (in R$ mn) 307 ■ 4Q20 +6% 281 3Q21 326 4Q21 Highlights Mostly driven by strong volumes in offshore desks Issuer Services Revenue (in R$ mn) 323 4Q20 -16% 284 3Q21 270 4Q21 XP Inc. Highlights ▪ Strong performance from DCM division, coupled with weaker ECM activity in Brazil, and a growing contribution from M&A. 24