Jérémy Caspar

Jérémy Caspar asked about the sustainability of the strong performance in corporate solutions and insurance services into early 2026. He also questioned if XP is significantly benefiting from the current market environment, characterized by good risk asset performance primarily driven by foreign investors rather than local dynamics.

Answer

CFO Victor Mansur affirmed the sustainability of the corporate business's strong performance in 2026 due to its evolved platform and cross-sell capabilities. Regarding risk assets, Mansur noted it's too early to see a reflection in take rates, as retail client volumes in fixed income and equities are not increasing, with foreign clients being the main drivers. He suggested that sustained market performance and Central Bank interest rate cuts would be needed to see a positive impact on XP's revenues from individual trading activity and fixed income duration decompression.