XP Inc Results Presentation Deck

COGS and SG&A Gross margin expansion and efficiency gains despite investments in the platform COGS (in R$ mn) Gross Margin 579 1Q20 66.6% +45% 841 1Q21 68.0% Highlights ▪ Year-over-year gross margin expansion, despite the impact of long-term incentives with the IFA network, as costs were abnormally high in the same period of last year due to the beginning of the pandemic. Operating Expenses (in R$ mn) Excluding Share-Based Compensation % of Net Revenue 561 1Q20 32.3% +36% 765 1Q21 29.1% XP nc. Highlights ▪ Despite growing our headcount by 64% 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 321 bps. 19

View entire presentation