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Group structure | 12 Months Ended
--- | ---
Dec. 31, 2025
Disclosure of subsidiaries [abstract] |
Group structure | 5 Group structure
(i) Subsidiaries The following are the direct and indirect interests of Company in its subsidiaries for the purposes of these consolidated financial statements:
|  |  |  |  |  | % of Group’s interest (i)
Entity name |  | Country of incorporation |  | Principal activities |  | 2025 |  | 2024 |  | 2023
Directly controlled |  |  |  |  |  |  |  |  |  |
XPAC Sponsor LLC |  | Cayman |  | Special Purpose Acquisition (SPAC) Sponsor |  | 100.00 | % |  | 100.00 | % |  | 100.00 | %
XProject LTD |  | Cayman |  | Holding |  | 100.00 | % |  | 100.00 | % |  | 100.00 | %
XP Holding International LLC |  | USA |  | International financial holding |  | 100.00 | % |  | 100.00 | % |  | 100.00 | %
XP Advisory US |  | USA |  | Investment advisor |  | 100.00 | % |  | 100.00 | % |  | 100.00 | %
XP Holding UK Ltd |  | UK |  | International financial holding |  | 100.00 | % |  | 100.00 | % |  | 100.00 | %
XP Finance Holding S.A. (vi) |  | Brazil |  | Financial holding |  | 100.00 | % |  | 100.00 | % |  | 100.00 | %
Indirectly controlled |  |  |  |  |  |  |  |  |  |
XP Investimentos S.A. |  | Brazil |  | Holding |  | 100.00 | % |  | 100.00 | % |  | 100.00 | %
XP Investimentos Corretora de Câmbio, Títulos e Valores Mobiliários S.A. |  | Brazil |  | Broker-dealer |  | 100.00 | % |  | 100.00 | % |  | 100.00 | %
XP Vida e Previdência S.A. (ii) |  | Brazil |  | Retirement plans and insurance |  | 100.00 | % |  | 100.00 | % |  | 100.00 | %
Banco XP S.A. |  | Brazil |  | Multipurpose bank |  | 100.00 | % |  | 100.00 | % |  | 100.00 | %
XPE Infomoney Educação Assessoria Empresarial e Participações Ltda. |  | Brazil |  | Digital content services |  | 100.00 | % |  | 100.00 | % |  | 100.00 | %
Tecfinance Informática e Projetos de Sistemas Ltda. |  | Brazil |  | Rendering of IT services |  | 99.70 | % |  | 99.70 | % |  | 99.70 | %
XP Corretora de Seguros Ltda. |  | Brazil |  | Insurance broker |  | 99.99 | % |  | 99.99 | % |  | 99.99 | %
XP Gestão de Recursos Ltda. |  | Brazil |  | Asset management |  | 95.76 | % |  | 95.80 | % |  | 95.50 | %
XP Finanças Assessoria Financeira Ltda. |  | Brazil |  | Investment consulting services |  | 99.99 | % |  | 99.99 | % |  | 99.99 | %
Infostocks Informações e Sistemas Ltda. |  | Brazil |  | Mediation of information systems |  | 100.00 | % |  | 100.00 | % |  | 100.00 | %
XP Advisory Gestão Recursos Ltda. |  | Brazil |  | Asset management |  | 95.55 | % |  | 99.53 | % |  | 99.53 | %
XP Vista Asset Management Ltda. |  | Brazil |  | Asset management |  | 99.99 | % |  | 99.99 | % |  | 99.99 | %
XP Controle 4 Participações S.A. |  | Brazil |  | Insurance holding |  | 100.00 | % |  | 100.00 | % |  | 100.00 | %
XP Investments UK LLP |  | UK |  | Inter-dealer broker and Organized Trading Facility (OTF) |  | 100.00 | % |  | 100.00 | % |  | 100.00 | %
XP Private Holding UK Ltd |  | UK |  | Investment Advisor |  | — | % |  | 100.00 | % |  | 100.00 | %
XP Investments US, LLC |  | US |  | Broker-dealer |  | 100.00 | % |  | 100.00 | % |  | 100.00 | %
XP PE Gestão de Recursos Ltda. |  | Brazil |  | Asset management |  | 98.00 | % |  | 97.90 | % |  | 98.10 | %
XP Allocation Asset Management Ltda. |  | Brazil |  | Asset management |  | 99.96 | % |  | 99.97 | % |  | 99.97 | %
XP Eventos Ltda. |  | Brazil |  | Media and events |  | 100.00 | % |  | 100.00 | % |  | 100.00 | %
DM10 Corretora de Seguros Ltda. |  | Brazil |  | Insurance broker |  | — | % |  | — | % |  | 100.00 | %
XP Comercializadora de Energia Ltda. |  | Brazil |  | Energy trading |  | 100.00 | % |  | 100.00 | % |  | 100.00 | %
XP Distribuidora de Títulos e Valores Mobiliários |  | Brazil |  | Securities dealer |  | 100.00 | % |  | 100.00 | % |  | 100.00 | %
|  |  |  |  |  | % of Group’s interest (i)
Entity name |  | Country of incorporation |  | Principal activities |  | 2025 |  | 2024 |  | 2023
Instituto de Gestão e Tecnologia da Informação Ltda. |  | Brazil |  | Educational content services |  | 100.00 | % |  | 100.00 | % |  | 100.00 | %
Xtage Intermediação S.A. |  | Brazil |  | Digital assets |  | 100.00 | % |  | 100.00 | % |  | 100.00 | %
XP Administradora de Benefícios Ltda. |  | Brazil |  | Individual health plan intermediation |  | 100.00 | % |  | 100.00 | % |  | 100.00 | %
XP Corretora de Seguros Riscos |  | Brazil |  | Retirement plans and insurance |  | 100.00 | % |  | 100.00 | % |  | 100.00 | %
XP Representação Seguros Ltda. |  | Brazil |  | Insurance broker |  | 100.00 | % |  | 100.00 | % |  | 100.00 | %
Banco Modal S.A. (iii) |  | Brazil |  | Multipurpose bank |  | — | % |  | 100.00 | % |  | 100.00 | %
Modal Assessoria Financeira Ltda. |  | Brazil |  | Investment consulting services |  | 100.00 | % |  | 100.00 | % |  | 100.00 | %
XP Serviços Financeiros DTVM Ltda. (v) |  | Brazil |  | Securities dealer |  | 100.00 | % |  | 100.00 | % |  | 100.00 | %
Modalmais Treinamento e Desenvolvimento Ltda. |  | Brazil |  | Professional training services |  | — | % |  | — | % |  | 100.00 | %
XP Holding Participações |  | Brazil |  | Insurance broker |  | — | % |  | 100.00 | % |  | 100.00 | %
Eleven Serviços de Consultoria e Análise S.A. (iii) |  | Brazil |  | Investment consulting services |  | — | % |  | 100.00 | % |  | 100.00 | %
Banking and Trading Desenvolvimento de Sistemas Ltda. (“Carteira Global”) |  | Brazil |  | Softwares development services |  | — | % |  | — | % |  | 100.00 | %
Refinaria de Dados – Análise de Dados Ltda. |  | Brazil |  | Digital content services |  | — | % |  | — | % |  | 100.00 | %
Hum Bilhão Educação Financeira Ltda. |  | Brazil |  | Digital content services |  | — | % |  | — | % |  | 100.00 | %
Vaivoa Educação Financeira Ltda. |  | Brazil |  | Digital content services |  | — | % |  | — | % |  | 100.00 | %
Modal As a Service S.A. |  | Brazil |  | Financial services |  | — | % |  | — | % |  | 100.00 | %
Galapos Consultoria e Participações Ltda. |  | Brazil |  | Consulting services |  | 100.00 | % |  | 100.00 | % |  | 100.00 | %
W2D Tecnologia e Soluções Ltda. |  | Brazil |  | Rendering of IT services |  | — | % |  | — | % |  | 100.00 | %
XP Controle 5 Participações Ltda. |  | Brazil |  | Holding |  | 100.00 | % |  | 100.00 | % |  | 100.00 | %
XP Sports Asset Management Ltda. |  | Brazil |  | Asset management |  | 100.00 | % |  | 100.00 | % |  | 100.00 | %
Consolidated investments funds |  |  |  |  |  |  |  |  |  |
Aetos Energia Fundo de Investimento em Direitos Creditórios |  | Brazil |  | Investment fund |  | 100.00 | % |  | 100.00 | % |  | 100.00 | %
Araca Fim Cred Priv (iii) |  | Brazil |  | Investment fund |  | — | % |  | 100.00 | % |  | — | %
Aurea Extrema Logística Fundo de Investimento Imobiliário |  | Brazil |  | Investment fund |  | 67.35 | % |  | 100.00 | % |  | — | %
Correspondente Banqueiro Consignados INSS Fundo de Investimento em Direitos Creditórios – Resp Ltda |  | Brazil |  | Investment fund |  | 100.00 | % |  | 100.00 | % |  | — | %
Cactos Fundo de Investimento em Participações Multiestratégia Responsabilidade Limitada |  | Brazil |  | Investment fund |  | 100.00 | % |  | 100.00 | % |  | — | %
Consignado Público XP Fundo de Investimento em Direitos Creditórios |  | Brazil |  | Investment fund |  | 100.00 | % |  | 100.00 | % |  | 100.00 | %
Credit Restructuring Fundo de Investimento em Direitos Creditórios |  | Brazil |  | Investment fund |  | 100.00 | % |  | 100.00 | % |  | — | %
Credit Restructuring II Fundo de Investimento em Direitos Creditórios Responsabilidade Limitada |  | Brazil |  | Investment fund |  | 100.00 | % |  | 100.00 | % |  | — | %
Falx Fundo de Investimento Multimercado Crédito Privado Investimento no Exterior |  | Brazil |  | Investment fund |  | 100.00 | % |  | 100.00 | % |  | 100.00 | %
Fundo de Investimento em Cotas Multimercado Solar |  | Brazil |  | Investment fund |  | 95.65 | % |  | 100.00 | % |  | — | %
Fundo de Investimento em Participações Novo Hotel Botafogo Empresas Emergentes |  | Brazil |  | Investment fund |  | 100.00 | % |  | 100.00 | % |  | — | %
Gladius Fundo de Investimento Multimercado Investimento no Exterior |  | Brazil |  | Investment fund |  | 100.00 | % |  | 100.00 | % |  | 100.00 | %
Scorpio Debentures Incentivadas Fundo de Investimento Multimercado Crédito Privado |  | Brazil |  | Investment fund |  | 100.00 | % |  | 100.00 | % |  | 100.00 | %
SMF Fundo de Investimento Multimercado Crédito Privado |  | Brazil |  | Investment fund |  | 100.00 | % |  | 100.00 | % |  | 100.00 | %
Javelin Fundo de Investimento Multimercado Crédito Privado Investimento no Exterior |  | Brazil |  | Investment fund |  | 100.00 | % |  | 100.00 | % |  | 100.00 | %
Frade Fundo de Investimento em Cotas de Fundos de Investimento em Direitos Creditórios NP |  | Brazil |  | Investment fund |  | 100.00 | % |  | 100.00 | % |  | 100.00 | %
Frade III Fundo de Investimento em Cotas de Fundo de Investimento Multimercado Crédito Privado |  | Brazil |  | Investment fund |  | 100.00 | % |  | 100.00 | % |  | 100.00 | %
Coliseu Fundo de Investimento Multimercado Crédito Privado Investimento no Exterior |  | Brazil |  | Investment fund |  | 100.00 | % |  | 100.00 | % |  | 100.00 | %
Makhaira Fundo de Investimento Multimercado Crédito Privado Longo Prazo (iii) |  | Brazil |  | Investment fund |  | — | % |  | 100.00 | % |  | — | %
|  |  |  |  |  | % of Group’s interest (i)
Entity name |  | Country of incorporation |  | Principal activities |  | 2025 |  | 2024 |  | 2023
NIMROD Fundo de Investimento Multimercado Crédito Privado Investimento no Exterior |  | Brazil |  | Investment fund |  | 100.00 | % |  | 100.00 | % |  | 100.00 | %
XP High Yield Fund SP |  | Cayman |  | Investment fund |  | — | % |  | — | % |  | 100.00 | %
XP International Fund SPC - XP Multistrategy Fund SP |  | Cayman |  | Investment fund |  | 100.00 | % |  | 100.00 | % |  | 100.00 | %
XP Plêiades Fundo de Investimento em Participações Multiestratégia (iv) |  | Brazil |  | Investment fund |  | 100.00 | % |  | 100.00 | % |  | 100.00 | %
XP Alesia Fund SP CL Shares - Brazil Internacional Fund SPC. |  | Cayman |  | Investment fund |  | 100.00 | % |  | 100.00 | % |  | 100.00 | %
Newave Fundo de Investimento em Participações Multiestratégia |  | Brazil |  | Investment fund |  | — | % |  | — | % |  | — | %
Endor Fundo de Investimento em Participações Multiestratégia Investimento no Exterior |  | Brazil |  | Investment fund |  | 100.00 | % |  | 100.00 | % |  | 100.00 | %
XP Phalanx CT Fund (iii) |  | Cayman |  | Investment fund |  | — | % |  | 100.00 | % |  | 100.00 | %
MM Macadâmia FIM CP IE |  | Brazil |  | Investment fund |  | 100.00 | % |  | 100.00 | % |  | 100.00 | %
MM Hedge Icon |  | Nassau |  | Investment fund |  | 100.00 | % |  | 99.37 | % |  | 99.37 | %
Fundo de Investimento Imobiliário Desenvolvimento 1 Modalmais |  | Brazil |  | Investment fund |  | 98.71 | % |  | 100.00 | % |  | 100.00 | %
Fundo de Investimento em Participações Chardonnay Capital Semente |  | Brazil |  | Investment fund |  | 100.00 | % |  | 100.00 | % |  | 100.00 | %
KSM Realty - Fundo de Investimento em Participações Multiestratégia |  | Brazil |  | Investment fund |  | 100.00 | % |  | 100.00 | % |  | 100.00 | %
Suécia I Fundo de Investimento Multimercado |  | Brazil |  | Investment fund |  | 100.00 | % |  | 100.00 | % |  | 100.00 | %
Suécia II Fundo de Investimento Multimercado |  | Brazil |  | Investment fund |  | 100.00 | % |  | 100.00 | % |  | 100.00 | %
Kopis Fundo de Investimento Multimercado Crédito Privado Longo Prazo (ii) |  | Brazil |  | Investment fund |  | 100.00 | % |  | — | % |  | — | %
Home Equity Fundo de Investimento em Direitos Creditórios (ii) |  | Brazil |  | Investment fund |  | 100.00 | % |  | — | % |  | — | %
XP Nix Fundo de Investimento em Infraestrutura (ii) |  | Brazil |  | Investment fund |  | 100.00 | % |  | — | % |  | — | %
Energia Fundo de Investimento em Direitos Creditórios (ii) |  | Brazil |  | Investment fund |  | 100.00 | % |  | — | % |  | — | %
Bari Capital Renda Fundo de Investimento Imobiliário (ii) |  | Brazil |  | Investment fund |  | 100.00 | % |  | — | % |  | — | %
Aspis Fundo de Investimento Multimercado Crédito Privado (ii) |  | Brazil |  | Investment fund |  | 100.00 | % |  | — | % |  | — | %
Fundo de Investimento em Direitos Creditórios FGTS Vision (ii) |  | Brazil |  | Investment fund |  | 100.00 | % |  | — | % |  | — | %
Beta Fundo de Investimento em Cotas de Direitos Creditórios (ii) |  | Brazil |  | Investment fund |  | 100.00 | % |  | — | % |  | — | %
Dao Crédito High Grade Fundo de Investimento em Renda Fixa Crédito Privado (ii) |  | Brazil |  | Investment fund |  | 100.00 | % |  | — | % |  | — | %
Giant Zarathustra Classic FIC Multimercado (ii) |  | Brazil |  | Investment fund |  | 100.00 | % |  | — | % |  | — | %
Giant Zarathustra IV FIC Multimercado (ii) |  | Brazil |  | Investment fund |  | 100.00 | % |  | — | % |  | — | %
(i)The percentage of participation represents the Group’s interest in total capital and voting capital of its subsidiaries. (ii)New subsidiaries and investment funds incorporated in the year. (iii)Subsidiaries and investment funds closed or consolidated by other funds/companies during the year. (iv)XP Managers Fundo de Investimento em Participações Multiestratégia changed its l egal name to XP Plêiades Fundo de Investimento em Participações Multiestratégia. (v)Modal Distribuidora de Títulos e Valores Mobiliários Ltda. changed its legal name to XP Serviços Financeiros DTVM Ltda. (vi)XP Controle 3 Participações S.A. changed its legal name to XP Finance Holding S.A. (ii) Business combinations, acquisition of associates and other developments (a) Minority stake acquisitions During the year ended December 31, 2023, XP Inc. entered in agreements through its subsidiary XP Controle 5 Participações Ltda. to acquire minority stakes in Monte Bravo Holding JV S.A. (“Monte Bravo”), Blue3 S.A. (“Blue3”) and Ável Participações Ltda. (“Ável”). These companies were part of XP Inc’s IFAs network. The total fair value consideration recorded for those acquisitions is R$784,743, including the goodwill in a total amount of R$487,671 (Note 14). As of December 31, 2025, from the total fair value consideration: (i) R$45,000 was paid during 2023, (ii) R$669,521 was paid during 2024 (including monetary correction on this amount), (iii) R$35,518 was paid during 2025 (including monetary correction on this amount) and (iv) there is a remaining amount of R$42,220 recorded through accounts payable (including monetary correction on this amount), which was paid in January 2026. See note 37(ii)(iii). During the year ended December 31, 2024, XP Inc. entered in agreements through its subsidiary XP Controle 5 Participações Ltda. to acquire minority stakes in other three IFAs. The total fair value consideration recorded for those acquisitions is R$416,281, including the goodwill in a total amount of R$200,752 (Note 14). As of December 31, 2025, from the total fair value consideration: (i) R$225,766 was paid in cash during 2024, (ii) R$106,412 was settled through the private issuance of XP Inc Class A shares (see note 24a), (iii) there is an amount equal to R$17,227 recorded through contingent consideration (Note 19(b)), (iv) R$46,442 was paid in cash during 2025 (including monetary correction on this amount) and (v) there is a remaining amount of R$16,932 recorded through accounts payable (including monetary correction on this amount). See note 37(ii)(iii). During the year ended December 31, 2025, XP Inc., through its subsidiary XP Controle 5 Participações Ltda., acquired minority stakes in other IFAs of its IFAs network. The total fair value consideration recorded for those acquisitions is R$325,502, including the preliminary goodwill in a total amount of R$155,835. The total fair value consideration of R$325,502 was paid in cash during 2025. The goodwill recognized in those transactions is mainly attributable to expected synergies arising from the investments. Preliminary goodwill presented refers to acquisitions completed less than one year since the acquisition date, in which the Group is obtaining the information necessary to measure the goodwill arising from these acquisitions. (b) Other developments (i) Presentation improvements for foreign exchange portfolios The Group has changed the presentation of foreign exchange transactions, which are accounted for under “Other financial assets and liabilities”, applying the offsetting of asset and liability positions that meet the requirements of item 42 of IAS 32. (ii) Completion of Banco Modal’s incorporation process On September 1, 2025, the Brazilian Central Bank approved the incorporation of Banco Modal’s assets and liabilities into Banco XP. As a result, Banco Modal was extinguished. This transaction has no impact on the Group’s financial position or results of operations. (iii) Termination of Group’s operations in the UK On December 23, 2025, the Group submitted a request to the United Kingdom Companies House to place its subsidiaries, XP Holding UK and XP Investments UK, into liquidation. As of December 31, 2025, these entities no longer have licenses to run operations in the UK, as well as do not have any assets, liabilities or employees registered. The group is awaiting approval from Companies House for the liquidation processes of these entities, which is expected to occur in 2026 with retroactive effects to the date of requesting.

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