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 669 3Q20 31.9% +67% 1,116 3Q21 35.2% Headcount (2) See appendix for a reconciliation of Adjusted EBITDA. 3,364 3Q20 +64% 4,489 2Q21 5,527 3Q21 Highlights ▪ A 64% increase in headcount YoY was the main driver behind SG&A growth. Despite a competitive marketplace for talents, we have been able to hire people to carry out the new initiatives and products, especially in tech. Adjusted EBITDA² (in R$ mn) % Adj EBITDA Margin 728 3Q20 34.6% +61% 1,170 3Q21 36.9% 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. 12

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