Aug 17, 2026 earnings call — Asset growth and revenue mix amid volatility
Client assets reached $2.2 trillion, a 17% year-over-year increase.
Revenue $0.9B (est $0.9B) · EPS $0.53 (est $0.50)
Key quotes
"In the second quarter of 2026, we again met our soft target of $20 billion in retail net new money, while corporate and institutional inflows came in at $8 billion Altogether, net new money amounted to $28 billion for the period."
"Particularly through the widening of credit spreads and a reduction in primary GCM offerings."
"With revenues growing 117% year-over-year, and 22% sequentially."
Analyst Q&A 10
Election volatility effect on retail and corporate
Q (Daniel Vaz): He asked about expected volatility around the election and how it would affect revenues. He requested a split of retail revenues and corporate revenues, noting corporate delivered close to BRL 1.1 billion in H1.
A: Management did not provide a direct answer to this question in the transcript.
Follow-up / thank you
Q (Daniel Vaz): He thanked the team and welcomed Alejo Viviani. No new substantive question was asked.
A: Thiago thanked the analyst but did not provide further substantive information in this exchange.
"Alright. Thank you. Okay." — Thiago Maffra
Wholesale strategy and payout policy
Q (Eduardo Rosman · BTG): How important can wholesale banking become for XP over the next years, do you have the right teams to expand lending, and will using the balance sheet more change the medium-term payout ratio?
A: They said there is no change in strategy: they will keep growing wholesale step by step and remain cautious on credit, building the ecosystem to serve clients. On payout, they expect BIS ratio guidance between 16 and 19 and said they will distribute more capital this year via buybacks or dividends, likely staying above 50% payout if current buybacks execute.
"The strategy is to complete the ecosystem and to serve our clients as a whole, and we will continue to do that." — Thiago Maffra
Mark-to-market impact and fixed income mix
Q (Mario Pierry · BofA): He asked to confirm the BRL 420 million impact on revenues and whether Q2 impact was marginal, and why fixed income fees fell to about 89 bps.
A: They confirmed the BRL 420 million impact, split as below BRL 300 million in Q1 and BRL 150-160 million in Q2. They said the drop in fixed income revenue is driven by mix shift toward short-duration daily liquidity products (about 70% now) and by over BRL 400 million of mark-to-market losses mainly on the investment banking book plus a weak primary market in Q2; Q3 is stabilizing at a low level.
"So that is 1 of the biggest problems with fixed income revenues today. But there is also when we say that we lost more than BRL 400 million on mark to market. it is mainly on the book from our investment banking." — Thiago Maffra
Future mark-to-market and JV jump
Q (Tito Labarta · Goldman Sachs): He asked if more mark-to-market impacts are expected and whether retail revenues can grow ~15% going forward. He also asked about a ~BRL 30 million jump in JV and associates.
A: Management did not provide a direct answer to these specific questions in the transcript.
Cost controls and levers for 2027
Q (Neha Agarwala · HSBC): She asked which cost levers the company uses and where there is room to optimize further for 2027 versus relying on revenue growth.
A: Management did not provide a direct answer to this specific question in the transcript.
Gross margin outlook with mix changes
Q (Marcelo Mizrahi · Bradesco): He asked whether gross margins will improve in coming quarters given changing channel dynamics and fee/rebate shifts.
A: They said there is operational leverage and, over the long run, gross margins could improve. They also noted mark-to-market items distort the current ratios when large top-line amounts are unrelated to sales channels or IFAs.
"We have a lot of operational leverage when we think about the business, and it is the same case when we think about the channels." — Thiago Maffra
Tech and AI investment vs people spending
Q (Pedro Leduc · Itau): He asked if they can fund both higher people costs and planned tech/AI investments, and for an update on client-facing tech for the mass-affluent segment.
A: They said non-people SG&A rose mainly due to technology, concentrated on AI, servers and cloud, and they have managed to invest while keeping efficiency ratios. They also said an AI adviser for digital retail clients is about to launch this month or next, and 2027 should see acceleration in clients from that segment.
"technology is growing a lot, and it is mainly concentrated on AI, on servers, cloud, and so on." — Thiago Maffra
People expense drivers and compensation mix
Q (Arnon Shirazi · Citi): He asked why salaries rose 23% while headcount rose 13%, and whether there were changes in compensation structure, noting lower share-based comp.
A: They said it is hard to separate salaries from bonuses and total compensation and recommended looking at the total compensation ratio because the mix of people being hired is different; include RSUs when analyzing people cost.
"I would say the best way of looking is the compensation ratio because the mix of people is very different." — Thiago Maffra
Issuer services and SME credit strategy
Q (Guilherme Grespan · JPMorgan): He asked if primary markets are rebounding in Q3 versus Q2 and what the SME credit strategy will be — unsecured, collateralized, working capital, or government programs.
A: They said issuer services (debt capital markets) are better than Q2 but softer than recent past and 2025. For SMB credit, they will be conservative and focus on collateralized lending, joining some government programs and using cards and receivables; only small revolving lines may be unsecured.
"So it is always going to have some collateral." — Thiago Maffra