XP Inc Results Presentation Deck

Adjusted 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

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