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 765 ■ 2Q20 33.2% +18% 900 2Q21 29.8% Headcount Evolution (2) See appendix for a reconciliation of Adjusted EBITDA. 3 2001 19 years 2,091 3Q19 (IPO) 1.5 years 4,489 Highlights Despite growing our headcount by 53% year-over-year, continuously investing in technology and new verticals, and deploying new products, we increased efficiency, reducing expenses as a percentage of net revenue by 340 bps. 2Q21 Adjusted EBITDA² (in R$ mn) % Adj EBITDA Margin 704 2Q20 36.3% +77% 1,245 2Q21 41.3% XP Inc. Highlights ▪ Result of a scalable business model, with significant cross-sell and operating leverage opportunities ▪ Main drivers were (1) top line increase, mainly coming from Retail; (2) higher gross margins, and (3) operating leverage in SG&A. 13

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