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v3.26.1

Securities | 12 Months Ended
--- | ---
Dec. 31, 2025
Subclassifications of assets, liabilities and equities [abstract] |
Securities | 7 Securities
a) Securities classified at fair value through profit and loss are presented in the following table:
| 2025 |  | 2024
| Gross carrying amount |  | Fair value |  | Group portfolio |  | Retirement plan assets (i) |  | Gross carrying amount |  | Fair value |  | Group portfolio |  | Retirement plan assets (i)
Financial assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
At fair value through profit or loss |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Brazilian sovereign bonds | 55,596,263 |  |  | 56,313,856 |  |  | 51,911,967 |  |  | 4,401,889 |  |  | 48,446,247 |  |  | 46,736,162 |  |  | 43,953,459 |  |  | 2,782,703 |
Foreign sovereign bonds | 1,814,964 |  |  | 1,818,020 |  |  | 1,818,020 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Real estate–backed instruments | 4,389,266 |  |  | 4,276,576 |  |  | 4,276,495 |  |  | 81 |  |  | 4,846,140 |  |  | 4,753,274 |  |  | 4,750,468 |  |  | 2,806 |
Agribusiness–backed instruments | 4,842,682 |  |  | 4,830,980 |  |  | 4,822,577 |  |  | 8,403 |  |  | 1,441,364 |  |  | 1,394,074 |  |  | 1,384,557 |  |  | 9,517 |
Corporate debt – local | 17,090,433 |  |  | 17,178,981 |  |  | 16,035,155 |  |  | 1,143,826 |  |  | 13,342,497 |  |  | 13,012,139 |  |  | 12,412,639 |  |  | 599,500 |
Corporate debt – foreign | 8,245,936 |  |  | 7,987,265 |  |  | 7,987,265 |  |  | — |  |  | 8,414,822 |  |  | 8,219,727 |  |  | 8,219,727 |  |  | — |
Bank funding instruments (CDB) | 455,242 |  |  | 463,133 |  |  | 366,143 |  |  | 96,990 |  |  | 648,781 |  |  | 661,664 |  |  | 481,083 |  |  | 180,581 |
Bank funding instruments (Others) | 1,411,719 |  |  | 1,515,827 |  |  | 89,224 |  |  | 1,426,603 |  |  | 534,961 |  |  | 583,840 |  |  | 32,865 |  |  | 550,975 |
Structured notes | 42,161 |  |  | 50,076 |  |  | 50,076 |  |  | — |  |  | 15,940 |  |  | 20,546 |  |  | 20,546 |  |  | — |
Investment funds | 96,353,891 |  |  | 96,353,891 |  |  | 11,300,338 |  |  | 85,053,553 |  |  | 65,840,498 |  |  | 65,840,498 |  |  | 4,347,570 |  |  | 61,492,928 |
Equity securities | 7,613,050 |  |  | 7,613,050 |  |  | 7,170,531 |  |  | 442,519 |  |  | 2,495,570 |  |  | 2,495,570 |  |  | 2,183,047 |  |  | 312,523 |
Others (iii) | 430,697 |  |  | 432,405 |  |  | 422,864 |  |  | 9,541 |  |  | 6,305,237 |  |  | 6,267,920 |  |  | 6,135,507 |  |  | 132,413 |
Total | 198,286,304 |  |  | 198,834,060 |  |  | 106,250,655 |  |  | 92,583,405 |  |  | 152,332,057 |  |  | 149,985,414 |  |  | 83,921,468 |  |  | 66,063,946 |
(i)Most of those financial products represent retirement plans contracts and do not transfer substantial insurance risk to the Group. Therefore, contributions received from participants are accounted for as liabilities and an asset of the participant in the linked Specially Constituted Investment Fund (“FIE”). In addition to the assets presented segregated above, as retirement plan assets, the Group has proprietary assets to guarantee the solvency of our insurance and pension plan operations, under the terms of CNSP Resolution No. 432/2021, presented as Group portfolio, within the investment funds line. As of December 31, 2025, those assets represent R$ 123,761 (December 31, 2024 - R$ 84,334). (ii)Bank funding instruments (CDB) include R$90,443 (December 31, 2024 – R$ 69,224) presented as cash equivalents in the statements of cash flows. (iii)Mainly related to bonds issued and traded overseas and other securities. b) Securities at fair value through other comprehensive income are presented in the following table:
| 2025 |  | 2024
| Gross carrying amount |  | Fair value adjustments through OCI |  | Fair value |  | Gross carrying amount |  | Fair value adjustments through OCI |  | Fair value
Financial assets |  |  |  |  |  |  |  |  |  |  |
At fair value through other comprehensive income |  |  |  |  |  |  |  |  |  |  |
Brazilian sovereign bonds | 39,785,892 |  |  | (742,177) |  |  | 39,043,715 |  |  | 49,357,469 |  |  | (2,376,462) |  |  | 46,981,007 |
Foreign sovereign bonds | 3,179,468 |  |  | 165 |  |  | 3,179,634 |  |  | 3,893,441 |  |  | 5,533 |  |  | 3,898,974 |
Total | 42,965,360 |  |  | (742,012) |  |  | 42,223,349 |  |  | 53,250,910 |  |  | (2,370,929) |  |  | 50,879,981 |
The amount reclassified upon derecognition from accumulated OCI to the Group’s consolidated statement of income, in “Net income/(loss) from financial instruments at fair value through profit or loss”, for the period was R$ 65,250 (December 31, 2024 - R$ 229,599). c) Securities evaluated at amortized cost are presented in the following table:
| 2025 |  | 2024
| Gross carrying amount |  | Expected credit loss (i) |  | Book value |  | Gross carrying amount |  | Expected credit loss (i) |  | Book value
Financial assets |  |  |  |  |  |  |  |  |  |  |
At amortized cost |  |  |  |  |  |  |  |  |  |  |
Brazilian sovereign bonds | 2,221,521 |  |  | — |  |  | 2,221,521 |  |  | — |  |  | — |  |  | — |
Foreign sovereign bonds | 282,696 |  |  | (3) |  |  | 282,693 |  |  | — |  |  | — |  |  | — |
Agribusiness–backed instruments | 476,312 |  |  | (2,191) |  |  | 474,121 |  |  | 212,102 |  |  | (547) |  |  | 211,555 |
Corporate debt – local | 4,455,395 |  |  | (26,798) |  |  | 4,428,597 |  |  | 2,638,006 |  |  | (13,415) |  |  | 2,624,591 |
Total | 7,435,924 |  |  | (28,992) |  |  | 7,406,932 |  |  | 2,850,108 |  |  | (13,962) |  |  | 2,836,146 |
(i)The reconciliation of gross carrying amount and the expected credit losses segregated by stages are presented in the Note 13. d) Securities on the financial liabilities classified at fair value through profit or loss are presented in the following table:
| 2025 |  | 2024
| Gross carrying amount |  | Fair value |  | Gross carrying amount |  | Fair value
Financial liabilities |  |  |  |  |  |  |
At fair value through profit or loss |  |  |  |  |  |  |
Securities (i) | 20,388,644 |  |  | 20,388,644 |  |  | 14,830,405 |  |  | 14,830,405 |
(i)Mainly related to stock loan operations carried out through the Group's proprietary funds. e) Debentures designated at fair value through profit or loss are presented in the following table: On May 6, 2021, XP Investimentos, issued non-convertible debentures, in the aggregate amount of R$500,018, and designated this instrument as fair value through profit or loss in order to align it with the Group’s risk management and investment strategy. The principal amount is due on April 10, 2036. The accrued interest is payable every month from the issuance date and is calculated based on the IPCA (Brazilian inflation index) plus 5% p.a.
| 2025 |  | 2024
| Gross carrying amount |  | Fair value |  | Gross carrying amount |  | Fair value
Financial liabilities |  |  |  |  |  |  |
At fair value through profit or loss | 650,975 |  |  | 654,815 |  |  | 623,619 |  |  | 422,971 |
Corporate debt - local | 650,975 |  |  | 654,815 |  |  | 623,619 |  |  | 422,971 |
Unrealized gains/(losses) due to own credit risk for liabilities for which the fair value option has been elected are recorded in other comprehensive income. The debenture’s own credit risk is calculated as the difference between its yield and its benchmark rate for similar Brazilian federal securities. Gain/(losses) due to own credit risk were not material for the period ended December 31, 2025. f) Securities classified by maturity:
| Assets |  | Liabilities
| 2025 |  | 2024 |  | 2025 |  | 2024
Financial assets |  |  |  |  |  |  |
At fair value through PL and at OCI |  |  |  |  |  |  |
Current | 129,999,761 |  |  | 100,930,547 |  |  | 20,388,644 |  |  | 14,830,405 |
Non-stated maturity | 103,966,940 |  |  | 68,336,068 |  |  | 20,388,644 |  |  | 14,830,405 |
Up to 3 months | 16,750,622 |  |  | 7,800,480 |  |  | — |  |  | — |
From 4 to 12 months | 9,282,199 |  |  | 24,793,999 |  |  | — |  |  | — |
Non-Current | 111,057,648 |  |  | 99,934,848 |  |  | 654,815 |  |  | 422,971 |
After one year | 111,057,648 |  |  | 99,934,848 |  |  | 654,815 |  |  | 422,971 |
Evaluated at amortized cost |  |  |  |  |  |  |
Current | 2,696,669 |  |  | 87,633 |  |  | — |  |  | — |
Up to 3 months | 1,930,685 |  |  | 9,457 |  |  | — |  |  | — |
From 4 to 12 months | 765,984 |  |  | 78,176 |  |  | — |  |  | — |
Non-Current | 4,710,263 |  |  | 2,748,513 |  |  | — |  |  | — |
After one year | 4,710,263 |  |  | 2,748,513 |  |  | — |  |  | — |
Total | 248,464,341 |  |  | 203,701,541 |  |  | 21,043,459 |  |  | 15,253,376 |
The reconciliation of expected loss to financial assets at amortized cost segregated by stage is demonstrated in Note 13.

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