Q2 2026 XP Inc Earnings Call Transcript
Key Points
- Client assets reached BRL2.2 trillion, up 17% year-over-year, with net new money of BRL28 billion in Q2 2026.
- Adjusted EBT grew 15% year-over-year to BRL1.6 billion, with EBT margin expanding to 32%.
- Corporate segment revenues surged 117% year-over-year, driven by cross-selling of derivatives, FX, and credit.
- ROE improved 80 basis points sequentially to 22.5%, and EPS grew 9% year-over-year, outpacing net income growth.
- Capital management remains strong with a Basel ratio of 20.3%, and the company announced cancellation of 11.8 million treasury shares.
- Market volatility and widening credit spreads negatively impacted results, reducing primary DCM offerings and causing mark-to-market losses of over BRL400 million in H1 2026.
- Retail revenue growth was only 8% year-over-year, with a significant shift in fixed income mix toward low-margin daily liquidity products (70% of sales).
- Issuer Services segment revenues declined due to a sharp decrease in new fixed income offerings, particularly tax-exempt instruments.
- Net income growth was modest at 5% year-over-year, with net margin down 100 basis points year-over-year.
- The company expects continued softness in DCM volumes in Q3 2026, with a slower recovery than prior years.
Good evening, everyone. I'm Andre Parize, Investor Relations Officer at XP Inc. Welcome and thank you for joining us for our second quarter '26 earnings call. Today's presentation will be delivered by our CEO, Thiago Maffra; and our CFO, Gustavo Alejo. Right after the presentation, they will be both available for the Q&A session. (Event Instructions)
Before we begin, please take a moment to reveal the legal disclaimer on page 2 of today's presentation, which addresses forward-looking statements. The full presentation is available for download on our investor relations website, and you'll find additional materials in the SEC filings section of our IR website.
Now I hand it over to Thiago Maffra. Good evening, Maffra.
Thank you, Andre. Good evening, everyone, and thank you for joining our second quarter 2026 earnings call. I would like to begin by welcome Gustavo Alejo, our new CFO. He joins us at an exciting time
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