XP Inc Results Presentation Deck

Adjusted EBITDA and Margin Operational Leverage despite investments in technology, client experience and product offering Adjusted EBITDA (in R$ mn) 595 ■ 1Q20 +75% 1,043 1Q21 Highlights Adjusted EBITDA grew 75%, from R$595 million to R$1,043 million. The growth was driven by (1) increases in the top line, mainly coming from Retail; (2) better COGS as a percentage of Net Revenues, and consequently higher gross margins and (3) operating leverage in SG&A. Note: See appendix for a reconciliation of Adjusted EBITDA. Adjusted EBITDA Margin 34.3% ■ 1Q20 39.7% 1Q21 XP nc. Highlights Despite investments in technology, product development, and new hires headcount increased by 64% during the last 12 months the margin expansion was attributable to our highly scalable business model. 14

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