Derivative financial instruments (Tables)

12 Months Ended

Dec. 31, 2025

Subclassifications of assets, liabilities and equities [abstract]

Summary of derivative financial instruments by maturity

Below is the composition of the derivative financial instruments portfolio (assets and liabilities) by type of instrument, stated fair value and by maturity as of December 31, 2025 and 2024:


		2025
	Notional	Fair value	%		Up to 3 months	From 3 to 12 months	From 1 to 5 years	Above 5 years

Assets
Option contracts	3,055,103,887	13,520,972	33	%	2,631,248	6,012,043	4,877,594	87
Swap contracts	914,003,115	20,361,017	50	%	3,906,979	1,149,103	11,540,141	3,764,794
Forward contracts	131,460,114	1,071,790	3	%	937,529	14,282	57,942	62,037
Future contracts	209,334,260	5,966,802	14	%	15,143	1,532,495	4,108,917	310,247
Total	4,309,901,376	40,920,581	100	%	7,490,899	8,707,923	20,584,594	4,137,165

Liabilities
Option contracts	2,923,722,965	17,264,242	46	%	1,303,303	7,100,530	5,280,495	3,579,914
Swap contracts	862,383,442	14,937,416	40	%	1,857,900	1,393,812	10,515,355	1,170,349
Forward contracts	144,316,614	1,681,224	4	%	1,084,705	366,860	192,055	37,604
Future contracts	304,575,581	3,664,058	10	%	26,793	1,044,120	2,360,069	233,076

Total	4,234,998,602	37,546,940	100	%	4,272,701	9,905,322	18,347,974	5,020,943


		2024
	Notional	Fair value	%		Up to 3 months	From 3 to 12 months	From 1 to 5 years	Above 5 years

Assets
Option contracts	2,538,687,746	18,760,746	41	%	5,326,134	12,239,761	1,194,830	21
Swap contracts	758,053,043	21,743,021	47	%	2,296,009	606,502	14,206,015	4,634,495
Forward contracts	24,701,643	2,692,354	6	%	2,058,810	605,517	13,535	14,492
Future contracts	22,759,253	3,003,675	6	%	134,803	1,269,006	1,487,548	112,318
Total	3,344,201,685	46,199,796	100	%	9,815,756	14,720,786	16,901,928	4,761,326

Liabilities
Option contracts	2,441,605,116	22,034,604	55	%	5,905,967	8,037,327	4,822,139	3,269,171
Swap contracts	825,780,642	14,000,255	35	%	2,501,045	1,106,887	6,082,330	4,309,993
Forward contracts	28,290,772	2,083,292	5	%	2,008,234	72,285	2,319	454
Future contracts	397,042,853	1,929,536	5	%	97,829	917,878	831,693	82,136

Total	3,692,719,383	40,047,687	100	%	10,513,075	10,134,377	11,738,481	7,661,754

Summary of derivative financial instruments by index


	2025	2024
	Notional (i)		Fair value	Notional (i)	Fair value

Swap contracts
Assets
Commodities	2,244,350		95,115	70,637	7,486
Foreign exchange	60,549,711		3,583,555	48,173,431	2,336,907
Interest	821,149,048		14,657,464	708,886,668	19,137,399
Share	30,060,006		2,024,883	922,307	261,229
Liabilities
Commodities	1,952,740		(48,201)	1,928,902	(204,422)
Foreign exchange	34,241,157		(1,574,705)	48,091,014	(2,332,909)
Interest	789,512,985		(12,134,315)	762,360,740	(7,667,588)
Share	36,676,560		(1,180,195)	13,399,986	(3,795,336)
Forward contracts
Assets
Commodities	4,791,603		60,659	—	—
Foreign exchange	124,996,692		420,217	14,082,204	2,233,794
Share	681,240		581,240	—	—
Interest	990,579		9,674	10,619,439	458,560
Liabilities
Commodities	4,621,730		(72,952)	—	—
Foreign exchange	136,860,587		(309,570)	17,671,333	(1,624,732)
Interest	1,759,346		(1,284,289)	10,619,439	(458,560)
Share	1,074,951		(14,413)	—	—
Future contracts
Assets
Commodities	18,811,916		8,655	8,457,954	1,000,458
Foreign exchange	22,610,678		171,319	433,824	1,264
Interest	167,526,834		5,786,166	9,856,454	1,456,514
Share	384,832		662	4,011,021	545,439
Liabilities
Commodities	28,191,142		(15,874)	86,833,282	(430,031)
Foreign exchange	16,866,362		(50,492)	17,679,727	(50,786)
Interest	259,471,046		(3,597,542)	91,070,059	(451,014)
Share	47,031		(150)	201,459,785	(997,705)
Option contracts
Assets
Commodities	20,592,062		310,526	1,542	163
Foreign exchange	72,853,018		3,315,588	9,565,942	714,593
Interest	2,831,484,361		3,165,811	2,528,806,657	17,978,224
Share	130,174,446		6,729,047	313,605	67,766
Liabilities
Commodities	200,509,247		(504,494)	3,492	(25)
Foreign exchange	74,802,937		(4,438,639)	175,548	(526,549)
Interest	2,586,274,296		(932,898)	2,440,966,741	(15,167,264)
Share	62,136,485		(11,388,211)	459,335	(6,340,766)




Assets			40,920,581		46,199,796
Liabilities			(37,546,940)		(40,047,687)
Net			3,373,641		6,152,109

(i)Notional amounts represent the sum of gross long and short derivative contracts and provide an indication of the volume of the Group’s derivative activity. They do not represent anticipated losses or actual exposure. For most derivative contracts, the notional amount is not exchanged and it serves solely as a reference amount used to calculate payments between the parties.

Summary of derivative financial instruments by cash flow hedges

The Group applies cash flow hedge in order to neutralize the impacts of XP share price variation on highly probable labor tax payments related to share-based compensation plans using SWAP-TRS contracts. Labor tax payments are due upon delivery of shares to employees under share-based compensation plans and are directly related to share price at that time.

The table below summarizes notional amounts and changes in both the hedged item and the hedging instruments used to calculate hedge effectiveness of all the Group’s hedge accounting relationships:


	Hedged item			Hedge instrument
	Book Value		Variation in value recognized in income or other comprehensive income (i)	Notional value	Variation in the amounts used to calculate hedge ineffectiveness	Hedge ineffectiveness recognized in income (ii)
	Assets	Liabilities
2025
Net investment hedge
Foreign exchange risk
Hedge of net investment in foreign operations	684,297		(70,908)	677,325	77,912	7,004
Total net investment hedge	684,297	—	(70,908)	677,325	77,912	7,004

Fair value hedge
Interest rate risk
Structured notes	—	20,428,519	(819,917)	21,599,440	840,227	20,310
Issued bonds	—	2,317,198	159,648	2,353,595	(189,556)	(29,908)
Brazilian sovereign bonds	16,710,279	—	160,659	16,262,973	(166,510)	(5,851)
Payroll loans	1,934,158	—	68,977	1,788,141	(48,484)	20,493
Loan operations	3,664,357	—	74,226	3,720,117	(35,235)	38,991
Total interest rate risk	22,308,794	22,745,717	(356,407)	45,724,266	400,442	44,035
Foreign exchange risk
Issued bonds	—	43,441	7,544	43,496	(7,609)	(65)
Total foreign exchange risk	—	43,441	7,544	43,496	(7,609)	(65)
Total fair value hedge	22,308,794	22,789,158	(348,863)	45,767,762	392,833	43,970

Cash flow hedge
Market price risk
Long term incentive plan taxes	—	185,923	(62,240)	226,601	49,199	(13,041)
Total cash flow hedge	—	185,923	(62,240)	226,601	49,199	(13,041)
Total	22,993,091	22,975,081	(482,011)	46,671,688	519,944	37,933


2024

Net investment hedge
Foreign exchange risk
Hedge of net investment in foreign operations	675,168	—	136,598	708,102	(138,777)	(2,179)
Total net investment hedge	675,168	—	136,598	708,102	(138,777)	(2,179)


	Hedged item			Hedge instrument
	Book Value		Variation in value recognized in income or other comprehensive income (i)	Notional value	Variation in the amounts used to calculate hedge ineffectiveness	Hedge ineffectiveness recognized in income (ii)
	Assets	Liabilities
Fair value hedge
Interest rate risk
Structured notes	—	17,671,952	2,727,761	18,273,237	(2,817,265)	(89,504)
Issued bonds	—	2,478,683	(725,223)	2,410,196	808,415	83,192
Brazilian sovereign bonds	24,728,299	—	(384,453)	24,624,210	372,940	(11,513)
Payroll loans	842,210	—	(31,328)	850,579	29,466	(1,862)
Loan operations	2,381,358	—	(17,669)	2,377,504	16,600	(1,069)
Total interest rate risk	27,951,867	20,150,635	1,569,088	48,535,726	(1,589,844)	(20,756)
Foreign exchange risk
Issued bonds	—	133,470	(54,096)	134,802	52,953	(1,143)
Total foreign exchange risk	—	133,470	(54,096)	134,802	52,953	(1,143)
Total fair value hedge	27,951,867	20,284,105	1,514,992	48,670,528	(1,536,891)	(21,899)

Cash flow hedge
Market price risk
Long term incentive plan taxes	—	234,310	205,701	206,068	(198,386)	7,315
Total cash flow hedge	—	234,310	205,701	206,068	(198,386)	7,315
Total	28,627,035	20,518,415	1,857,291	96,419,266	(1,874,054)	(16,763)


2023
Net investment hedge
Foreign exchange risk
Hedge of net investment in foreign operations	450,853	—	(34,603)	446,442	41,235	6,632
Total net investment hedge	450,853	—	(34,603)	446,442	41,235	6,632

Fair value hedge
Interest rate risk
Structured notes	—	16,593,439	(816,142)	16,702,984	849,160	33,018
Issued bonds	—	3,302,787	121,301	3,156,234	(147,125)	(25,824)
Total interest rate risk	—	19,896,226	(694,841)	19,859,218	702,035	7,194
Foreign exchange risk
Issued bonds	—	237,472	9,881	223,565	(15,064)	(5,183)
Total foreign exchange risk	—	237,472	9,881	223,565	(15,064)	(5,183)
Total fair value hedge	—	20,133,698	(684,960)	20,082,783	686,971	2,011

Cash flow hedge
Market price risk
Long term incentive plan taxes	—	414,315	(59,517)	438,765	70,906	11,389
Total cash flow hedge	—	414,315	(59,517)	438,765	70,906	11,389
Total	450,853	20,548,013	(779,080)	20,967,990	799,112	20,032

(i)For net investment hedges and cash flow hedges, the effective portion of changes in fair value is recognized in Other Comprehensive Income (OCI), while for fair value hedges, changes in fair value are recognized in profit or loss.

(ii)Hedge ineffectiveness is recognized in “Net income/(loss) from financial instruments at fair value through profit or loss” in the Group’s consolidated income statement.