XP Inc Results Presentation Deck

Gross Revenue Q4 seasonality in annual revenue Average. 29.8% 2018 33.0% 2019 29.5% 2020 26.9% 2021 23.8% 2022 ■ 4Q usually benefits from performance fees and a more active capital market; ▪ In 2022, polarized Brazilian elections and the World Cup broke this historical pattern Gross Revenue Bridge QoQ (in R$mn) Business Days 3,811 3022 65 380 80% of revenue decrease Institutional / Issuer Services & Corporate 94 Less Business Days Retail 3,337 4Q22 61

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