XP's financial report highlights growth in wholesale and challenges in retail.

XP Inc. demonstrated a solid but evolving operation in its earnings report released Thursday night, February 12th. In the fourth quarter of 2025, gross revenue reached R$ 5.3 billion, a 12% increase year-over-year, and adjusted net income reached R$ 1.33 billion, a 10% growth over the same period.

The standout performer of the quarter was the Wholesale Bank, which grew 49% in 12 months and reached revenue of R$ 895 million, driven by strong activity in DCM, the debt issuance area. Retail banking, on the other hand, had a more modest performance, with revenue of R$ 3.86 billion and growth of 8%, supported by funds, fixed income, and the verticals of insurance, cards, and pension plans.

The total customer asset base reached R$ 2.08 trillion in the last quarter of 2025, a 22% expansion in 12 months. Net inflows totaled R$ 32 billion, with R$ 20 billion coming from retail. Assets under custody on the platform closed with R$ 1.49 trillion (a 16% expansion year-on-year).

Shares opened flat on Nasdaq on Friday, February 13th. BTG Pactual assessed that the numbers came in line with expectations, with a positive surprise in EBIT (of R$ 1.5 billion), attributed to the strong performance of the wholesale segment. The bank reiterated its buy recommendation for the stock.

According to Itaú BBA 's assessment, the stock maintains a neutral recommendation, with a target price of US$21. The bank analyzes that adjusted profit came in line with expectations and the higher-than-expected EBT was due to stronger revenues and operational improvements.

In a press conference, CFO Victor Andreu Mansur Farinassi made it clear that XP's strategy has changed. The focus is now less on aggressively acquiring new clients and more on retaining and increasing productivity with the existing client base. However, he admitted that results vary depending on the client profile.

There was an outflow of R$3 billion from small and medium-sized enterprises, a movement that Farinassi attributes to a difficult year for this segment, which migrated to banks with credit offers and transferred reciprocal investments. In the low retail segment (clients with less than R$300,000), XP lost 200 basis points of market share in the last 24 months.

"It was a client for whom we couldn't provide good service. We stopped acquiring and retaining this type of client 18 months ago," said Mansur, revealing that the accumulated loss is between R$ 40 billion and R$ 48 billion in net new money over two years.

The solution to win back this audience is under development: an automated platform called "Intelligent Portfolio," inspired by the American Charles Schwab model. It functions as a robo-advisor that allows for better service at a lower cost.

"Scaling up, we should see net new money and customer acquisition again in this segment," he stated. The platform is currently in the testing phase.

At the top of the pyramid, private banking is still undergoing restructuring. Customer churn has been halted, but margins remain negative. The expectation is that acquisitions will return to positive territory throughout 2026, but only in 2027 or 2028 will the segment be prepared to compete on equal footing with the private banking services of large banks.

Billing transition, not model transition.

Farinassi attempted to frame 2026 as a year of transition more in terms of billing mechanics than the "creation" of the fee-based model. According to him, fee-based billing is already a reality on the platform, with 23% of clients being advised in this way, which brings more stability and a better perception of impartiality.

XP has changed the way it charges for its platform, and this effect should become apparent throughout the year. "For the client, nothing changes. But a change in the way professionals are charged for investments was expected. We encouraged its creation, so it's natural that the company should be compensated for the service it provides," said the CFO.

XP entered 2026 attempting to balance two contradictory narratives: retaining expiring assets on the platform — including those linked to Mastercard — while explaining the drop in the Net Promoter Score (NPS) during the quarter.

Farinassi stated that the reinvestment of fixed-income securities is "close to 80%" within the platform, above the 65-70% that the company usually sees in large maturities such as NTN-Bs. He did not reveal how much of the approximately R$ 40 billion from the FGC to Master was in the company, nor how much is being retained.

The executive took the opportunity to illustrate how the client is reallocating resources with the change in the yield curve. "We are already seeing the client extending the duration a little more. If before 50% of the investments were in short-term assets, now that has dropped to 30%, showing diversification."

The NPS fell from 74 to 65 points this year. Farinassi attributed the drop to "exogenous events" such as Ambipar, Braskem, and Master, which impacted a specific group of clients. He stated that the NPS of the client he advises, which is not disclosed, remains "good," and that the overall indicator has already improved this year—but will remain under pressure as it is a six-month moving average.

Following the release of the results, XP announced in a separate document a reorganization of its controlling block. XP Control LLC (ControlCo), which holds the company's voting rights, will now include Thiago Maffra and José Berenguer as voting partners.

Meanwhile, Bruno Constantino Alexandre dos Santos, Bernardo Amaral Botelho, and Gabriel Klas da Rocha Leal will cease to be voting shareholders, with their stakes being acquired by ControlCo itself in a transaction involving cash and shares. Constantino leaves immediately; the other two remain as non-voting shareholders.

ControlCo will retain at least 69% of the voting power, with Guilherme Benchimol as the main shareholder, in addition to Fabrício Cunha de Almeida and Guilherme Sant'Anna.