XP Inc Results Presentation Deck

SG&A Expenses Total SG&A Expenses¹ (in R$ mn) 5,602 EBT Margin 4,730 2021 31.6% 2022 25.8% 2023E Note 1 - Excludes Revenue from incentives from Tesouro Direto, B3 and Others 26-32% 5,500 5,000 Highlights ■ SG&A¹ expenses estimated between R$5.0 billion and R$5.5 billion in 2023, versus R$5.6 billion in 2022. People Non-People 1,377 425 952 4Q21 34.4% 0% 1,377 485 892 4022 23.2% XP Inc. Highlights ▪ SG&A¹ expenses were flat YoY and fell 8% QOQ reflecting the ongoing adjustment of our cost structure. 15

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