XP Inc (XP) 2024 Q3 法說會逐字稿

Good evening, everyone. I'm Andre Parize, investor Relations Officer at XP Inc. It's a pleasure to be here with you today. On behalf of the company, I would like to thank you all for the interest and welcome you to our 2024 third-quarter earnings call. This quarter, the results will be presented by our CEO, Thiago Maffra and our CFO, Victor Mansur, who will both be available for the Q&A session right after the presentation. (Operator Instructions)

大家晚上好。我是 XP Inc. 的投資者關係長 Andre Parize。我謹代表公司感謝大家的關注，並歡迎大家參加我們 2024 年第三季財報電話會議。本季度，我們的執行長 Thiago Maffra 和財務長 Victor Mansur 將展示業績，他們都將在展示結束後參加問答環節。（操作員指令）

And before we begin our presentation, please refer to our legal disclaimers on page 2 on which we clarify forward-looking statements and for additional information on forward-looking statements can also be found on the SEC filings section on our IR website. So now I'll turn it over to Thiago Maffra. Good evening, Maffra.

在我們開始簡報之前，請參閱第 2 頁的法律免責聲明，我們在其中澄清了前瞻性陳述，有關前瞻性陳述的其他資訊也可在我們 IR 網站的 SEC 文件部分找到。現在我將把發言權交給蒂亞戈·馬夫拉 (Thiago Maffra)。晚上好，馬弗拉。

Thank you, Andre. Good evening to all. I appreciate everyone joining us for our third-quarter 2024 earnings call. It's a pleasure to be here tonight. Let's explore and discuss our quarterly results as well as our strategy in place to accomplish our goals.

謝謝你，安德烈。大家晚上好。感謝大家參加我們的 2024 年第三季財報電話會議。我很高興今晚能來到這裡。讓我們探討和討論我們的季度業績以及實現目標的策略。

This is another positive quarter for XP. Our strategy has been executed as planned and it's translating in solid results. Let me share with you the highlights, starting with client assets, which have achieved BRL1.21 trillion posting, a 12% increase year over year.

對於 XP 來說，這是另一個積極的季度。我們的策略已按計劃實施，並取得了實質的成果。讓我與大家分享一些亮點，首先是客戶資產，已實現 1.21 兆雷亞爾，年增 12%。

As we will see during the presentation, it's important to mention that it was another consistent quarter regarding net inflows, aligned with our levers and our capacity to adapt becoming more relevant in fixed income in the current scenario. We also increased our total number of advisers, reaching 18,400, growing 9% year over year and continued to expand our achieved client base, marking 4.7 million, increasing 6% year over year.

正如我們將在演示中看到的那樣，值得一提的是，這又是一個淨流入量一致的季度，與我們的槓桿和適應能力相一致，在當前情況下，固定收益變得更加重要。我們的顧問總數也增加了，達到 18,400 名，年增 9%，客戶群繼續擴大，達到 470 萬，年增 6%。

During the nine months 2024, gross revenues grew 17% year over year, reaching BRL13.3 billion. Our EBT posted 25% growth year over year, delivering BRL3.7 billion. Our net income reached BRL3.3 billion, expanding 17% year over year, and it was the highest in our history in the quarter at almost BRL1.2 billion with 27.5% margin. The set of results indicate that we are at the right pace to meet the 2026 guidance released in the last year's Investor Day. We will go into more details on the financials later on.

2024 年前九個月，總營收年增 17%，達到 133 億巴西雷亞爾。我們的息稅前利潤年增 25%，達到 37 億巴西雷亞爾。我們的淨收入達到 33 億雷亞爾，比去年同期成長 17%，本季創下歷史新高，接近 12 億雷亞爾，利潤率為 27.5%。這一系列結果表明，我們正以正確的步伐實現去年投資者日發布的 2026 年指引。稍後我們將討論更多有關財務狀況的細節。

Going to balance sheet and profitability, we ended the quarter with an ROTE of 28.4%, an increase of 258 bps year over year. Our managerial BIS ratio was 21.5%. And the EPS was BRL2.18 per share, the all-time high in our history.

從資產負債表和獲利能力來看，本季末我們的 ROTE 為 28.4%，較去年同期成長 258 個基點。我們的管理層 BIS 比率為 21.5%。每股收益為 2.18 巴西雷亞爾，創歷史新高。

On the right, you can see that EPS, since the IPO, grew almost 4 times, reaching BRL7.93 in the last 12 months. Today, we also announced an extra payout of BRL3 billion, contemplating dividends and a new share buyback program. Recently, recommended that we are targeting to deliver more than 50% payout until 2026.

在右側，您可以看到，自 IPO 以來，每股收益增長了近 4 倍，在過去 12 個月內達到了 7.93 巴西雷亞爾。今天，我們也宣布額外發放 30 億雷亞爾，考慮發放股利和實施新的股票回購計畫。最近，我們建議我們的目標是到 2026 年實現超過 50% 的支出。

This year, it's well above it. All in all, we keep our targets to 2026 to reach a BIS ratio between 16% and 19%, with more than 50% payout in the next couple of years. Our capital discipline in how we operate our business considers an efficient capital allocation and capital return to shareholders.

今年則遠高於這水準。總而言之，我們的目標是到 2026 年實現 BIS 比率在 16％ 至 19％ 之間，並在未來幾年內實現超過 50％ 的派息。我們在經營業務時遵循的資本紀律考慮了有效的資本配置和對股東的資本回報。

As I commented recently, we were already expecting to deliver better results in second half '24 based in our growth levers, cost discipline, and capital allocation. Third quarter '24 results reaffirm that our execution plan is on track and enhances our confidence in delivering the guidance.

正如我最近評論的那樣，我們已經預計在2024年下半年根據我們的成長槓桿、成本紀律和資本配置取得更好的業績。24年第三季的業績再次證明，我們的執行計畫正在順利進行，增強了我們實現預期目標的信心。

Moving on to the next slide, we see our strategy tracker, which presents how our business evolve in time. We will analyze each pillar during the presentation.

進入下一張投影片，我們看到了我們的策略追蹤器，它展示了我們的業務如何隨著時間的推移而發展。我們將在演示過程中分析每個支柱。

Our gross revenue in third quarter '24, last 12 months, marked BRL17.6 billion, posting a 20% growth. Hypothetically, if we target to reach the top of the guidance, it will be necessary a 20% CAGR until fourth quarter '26. Regarding our LTM EBIT margin, we have reached 28.1%, 183 bps expansion compared to third quarter '23 LTM figures, demonstrating that we are in the right pace to reach the 30% to 34% target range in 2026.

去年第三季度，也就是去年同期，我們的總營收達到 176 億巴西雷亞爾，成長了 20%。假設我們的目標是達到指導的最高目標，那麼到 26 年第四季度，複合年增長率就需要達到 20%。關於我們的 LTM EBIT 利潤率，我們已經達到 28.1%，與 23 年第三季的 LTM 數據相比擴大了 183 個基點，表明我們正以正確的步伐實現 2026 年 30% 至 34% 的目標範圍。

In retail investments, we reinforce that our aim is to become leaders in investments, which is our core business. As highlighted in the beginning of this presentation, a strategic achievement was to keep consistency on net new money. We record BRL31 billion in net new money for the quarter, each represents 124% growth year over year, excluding model acquisition.

在散戶投資方面，我們強調我們的目標是成為投資領域的領導者，這是我們的核心業務。正如本次演講開頭所強調的那樣，一項戰略成就就是保持淨新資金的一致性。本季度，我們記錄了 310 億雷亞爾的淨新增資金，不包括模型收購，年增 124%。

It's important to highlight that out of the BRL31 billion, BRL25 billion is from retail. Important to remind you that around BRL20 billion in retail net new money, it's a good level for the current scenario. This achievement was possible due to improvement to several factors, and I would like to remind you of our main levers.

值得強調的是，在 310 億雷亞爾中，有 250 億雷亞爾來自零售業。需要提醒您的是，零售淨新資金約為 200 億巴西雷亞爾，這對於目前的情況來說是一個好的水平。這項成就的取得得益於多種因素的改善，我想提醒大家注意我們的主要槓桿。

Number one, product platform, the most complete investment platform in the country, positioning us ahead of peers. As an example, during the quarter, our fixed income platform posted solid results once again with innovative and competitive products and sophisticated instruments. Second, our multichannel distribution keeps evolving and as we mentioned in the recent past, IFA's internal advisers, and RIAs work synchronized to increase our client base and grow AUC.

第一，產品平台，全國最齊全的投資平台，領先同業。例如，在本季度，我們的固定收益平台憑藉著創新且具競爭力的產品和先進的工具再次取得了穩健的業績。其次，我們的多通路分銷不斷發展，正如我們最近提到的，IFA 的內部顧問和 RIA 同步工作以增加我們的客戶群並增加 AUC。

In this quarter, we reached 18,400 total advisers, which 2,700 are our internal sales force. When compared net inflows, internal advisers already represents, in many months, a higher net inflow than the IFA network. Third, for the past few years, we have implemented more intelligence in our offering with the right value proposition for each segment from private to retail.

本季度，我們的顧問總數達到 18,400 名，其中 2,700 名是內部銷售人員。與淨流入量相比，內部顧問在許多個月內已經代表了比 IFA 網路更高的淨流入量。第三，過去幾年來，我們在產品和解決方案中融入了更多智慧元素，為從私人到零售的每個細分市場提供了正確的價值主張。

For example, pricing adjustments for each product and serves with a better understanding on economics, providing private clients a more active portfolio management while providing retail clients an objective based approach to run their portfolios.

例如，根據對經濟學的更好理解對每種產品和服務進行價格調整，為私人客戶提供更積極的投資組合管理，同時為零售客戶提供基於客觀的方法來管理他們的投資組合。

Additionally, during the year in private bank, we hired many seasoned professionals including the CEO for the segment that will pay off in the next years. This change in the way of doing business translate into a potential faster growth in private banking and retail, since we are already very competitive in the affluent segment. Lastly, transitioning from a product distribution firm to a service provider is key to differentiate ourselves from other players for the next decade.

此外，在私人銀行業務開展期間，我們聘請了許多經驗豐富的專業人士，包括該部門的首席執行官，這些人員將在未來幾年獲得回報。這種經營方式的改變意味著私人銀行和零售業務可能實現更快的成長，因為我們在富裕階層已經非常有競爭力。最後，從產品分銷公司轉型為服務提供者是我們在未來十年內與其他參與者脫穎而出的關鍵。

While competitors render financial planning to ultra high private bank clients, we are offering to clients with $300,000 and above, which is only possible because of our tech-enabled platform. No other player in Brazil can do it in the same scale we are doing.

雖然競爭對手為超高端私人銀行客戶提供財務規劃，但我們為 300,000 美元及以上的客戶提供服務，這只有透過我們的技術支援平台才有可能。巴西沒有其他球員能夠達到我們這樣的規模。

We continuously keep improving our service and product offering and the combination of these levers are translating to a consistent retail net inflow, higher productivity, higher quality from client perspective and more profitability for the company. Note worth that we received many questions regarding retail take rate direction. As we said recently, for the midterm, we do not expect big change. In this quarter, it increased 4 bps, marking 1.33%.

我們持續改進我們的服務和產品，這些手段的結合將轉化為持續的零售淨流入、更高的生產力、從客戶角度而言更高的品質以及更高的公司獲利能力。值得注意的是，我們收到了許多關於零售接受率方向的問題。正如我們最近所說，對於中期選舉，我們預計不會有重大的變化。本季增加4個基點，增幅1.33%。

Now let's move to our cross-selling initiatives. We are continuously implementing new initiatives and products to attend and excel our clients' financial needs. When a client decides to enhance the relationship with XP, acquiring other service or product, we see the cross-sell results materially lifting revenues.

現在讓我們討論交叉銷售計劃。我們不斷實施新措施和新產品來滿足和滿足客戶的財務需求。當客戶決定加強與 XP 的關係、購買其他服務或產品時，我們會看到交叉銷售結果顯著提升收入。

On the left side of the slide, we can see how retail cross-sell is evolving. Credit card grew 12% year over year, achieving BRL12 billion in TPV in third quarter '24 and gained market share during the year. It still has roughly 29% penetration, while we estimate incumbent banks present around 50% penetration. Life insurance keeps a fast pace, posting 46% growth year over year in written premiums, reaching BRL362 million in the quarter.

在投影片的左側，我們可以看到零售交叉銷售是如何發展的。信用卡年增 12%，24 年第三季 TPV 達到 120 億雷亞爾，並在年內獲得了市場份額。其滲透率仍約為 29%，而我們估計現有銀行的滲透率約為 50%。人壽保險維持快速發展勢頭，承保保費年增 46%，本季達到 3.62 億雷亞爾。

Penetration is around 2%. And when we compare to other players, we believe there is a lot of room to increase our penetration on our client base since market presents average of 17% penetration. From a revenue perspective, it still has a lagging effect since sales from our marketplace impact revenues positively during the first three years. Sales from our own insurance company takes three years to present revenues positive impact. This effect relies on the high commissions and provisions in the beginning of the terms.

滲透率約2%。當我們與其他參與者進行比較時，我們相信我們在客戶群中的滲透率還有很大的提升空間，因為目前市場平均滲透率為 17%。從收入角度來看，它仍然具有滯後效應，因為我們市場銷售在前三年對收入產生了積極影響。我們自己的保險公司的銷售需要三年時間才能對收入產生正面影響。這種效果依賴於條款開始時的高額佣金和規定。

On retirement plans, our client assets grew by 15% year over year, reaching BRL78 billion. XP has 5% market share and the market leader has 28%. We are addressing new efforts to keep growing our share. Initiatives as cash back and sales force expansion are resulting in faster growth pace. We are confident that we will gain much more relevance during the next years.

在退休計畫方面，我們的客戶資產年增 15%，達到 780 億巴西雷亞爾。經驗值擁有5％的市場份額，市場領導者擁有28％的市場份額。我們正在做出新的努力來繼續擴大我們的份額。現金返還和銷售團隊擴張等措施正在加快成長速度。我們堅信，在未來幾年我們將獲得更大的關注。

Retail credit presented 51% growth year over year, marking BRL75 million in revenues in the quarter. Our objective is not to grant money through clean credit lines, but with client investments as collateral. We have the best client base from a credit risk perspective. And as a consequence, our ECL to loans is one of the lowest in the local market.

零售信貸年增 51%，本季營收達 7,500 萬巴西雷亞爾。我們的目標不是透過乾淨的信用額度來提供資金，而是以客戶投資作為抵押。從信用風險角度來看，我們擁有最好的客戶群。因此，我們的貸款預期信用損失是當地市場上最低的之一。

In this new vertical concept, we have other products as FX, global investments, digital account, and consortium, which grew 92% year over year with revenues reaching BRL201 million this quarter. This is a clear example of our capacity to launch new features and reap the benefit rapidly.

在這個新的垂直概念中，我們還有其他產品，如外匯、全球投資、數位帳戶和財團，這些產品年增 92%，本季營收達到 2.01 億巴西雷亞爾。這是我們推出新功能並迅速獲得收益的能力的明顯例子。

If you remember a few years ago, we had 0 revenues on this product. On the right side of the slide, to illustrate the relevance of cross-sell, we can see revenues per client among different segments. On this example, we are using 100 base chart.

如果你還記得的話，幾年前，我們這款產品的收入是零。在投影片的右側，為了說明交叉銷售的相關性，我們可以看到不同細分市場中每個客戶的收入。在此範例中，我們使用 100 個基數圖表。

On average, clients with more than two products present 38% more revenues, and clients with more than three products presents 2 times more revenue than a client with one product. Important to highlight that our retail offers include more than one project. Therefore, this is how we monetize clients with tickets lower than 100,000.

平均而言，擁有兩種以上產品的客戶帶來的收入比擁有一種產品的客戶高出 38%，而擁有三種以上產品的客戶帶來的收入比擁有一種產品的客戶高出 2 倍。需要強調的是，我們的零售優惠包含多個項目。因此，這就是我們如何透過票數低於 100,000 張的客戶賺錢。

With that in mind, we understand that there is a big opportunity in front of us. We have a complete product range with room to increase penetration and profitability while we keep launching new ones. And finally, the corporate and SMB.

考慮到這一點，我們明白，我們面前有一個巨大的機會。我們擁有完整的產品系列，在不斷推出新產品的同時，還有提升滲透率和獲利能力的空間。最後是企業和中小企業。

As we mentioned before, wholesale clients are crucial to our ecosystem. Each quarter, we have been able to innovate and to meet our corporate clients' needs while distributing these instruments to retail and institutional network. Now let's explore our wholesale business from origination, distribution, lending to derivatives, and FX treasury terms.

正如我們之前提到的，批發客戶對我們的生態系統至關重要。每個季度，我們都能夠創新並滿足企業客戶的需求，同時將這些工具分發給零售和機構網路。現在讓我們從發起、分銷、貸款到衍生性商品以及外匯資金條款來探索我們的批發業務。

During the last years, we have been improving our position in rankings and league tables in investment banking. We are number one in rich issuance in CRA, agricultural receivables certificates; and number two, in CRE, real estate receivable certificates.

在過去的幾年中，我們一直在提高投資銀行領域的排名和排行榜上的地位。我們在CRA、農業應收帳款證書發行方面排名第一；第二是CRE，即房地產應收帳款證書。

As a matter of fact, during third quarter '24, we reached 8.6 billion in DCM volume, positioning XP as the top 2 ranking year-to-date. Since we have the largest investor platform in the country, when we think about secondary trading, we are number one by far, with more than 50% market share.

事實上，24 年第三季度，我們的 DCM 交易量達到了 86 億，使得 XP 位居年初至今的前第二位。由於我們擁有全國最大的投資者平台，因此當我們考慮二級交易時，我們是遙遙領先的，擁有超過 50％ 的市場份額。

Institutional is another piece that benefits from our ecosystem. As a market leader in independent fund managers distribution, we are the fourth largest player in equity traded volume for quality in execution and strong relationships we keep gaining market share, and we understand the strength remains looking ahead, expansion beyond investment banking and brokerage.

機構是受益於我們的生態系統的另一個部分。作為獨立基金經理人分銷市場的領導者，我們是股票交易量的第四大參與者，憑藉優質的執行和牢固的關係，我們的市場份額不斷擴大，並且我們深知，展望未來，我們依然實力雄厚，業務範圍超越投資銀行和經紀業務。

Few years ago, we have started to develop new businesses such as corporate secured trading, which can be monitored by our capacity to originate and distribute our expanded loan book. Corporate securities achieved BRL23 billion, a 79% growth year over year.

幾年前，我們開始拓展企業擔保交易等新業務，這些業務可以透過我們發起和分配擴大的貸款帳簿的能力來進行監控。公司證券達230億雷亞爾，年增79％。

We are the largest broker for corporate credit in Brazil, and portion of this corporate securities is related to our flow book, which turns over around 3 times per quarter. Our unique recycling mode provides better NIM risk-adjusted aligned with our credit risk discipline.

我們是巴西最大的企業信貸經紀商，部分企業證券與我們的流動帳簿相關，每季週轉率約 3 次。我們獨特的回收模式提供了更好的NIM風險調整，與我們的信用風險紀律保持一致。

Another example, the derivatives. we keep evolving our offering while increasing penetration in OTC derivatives. And this quarter, we were ranked fourth position compared to10th two years ago. More than that, we became number one in interest rate swaps. This is another clear view of our powerful ecosystem.

另一個例子，衍生性商品。我們不斷改進產品線，同時提高場外衍生性商品的滲透率。本季度，我們的排名從兩年前的第十位上升至第四位。不僅如此，我們在利率互換領域仍處於領先地位。這是我們強大生態系統的另一個清晰的視圖。

On FX, a similar improvement, reaching 15th from first 41st four years ago when we started. Lastly, we have been developing and deploying more products and terms. For instance, last quarter, we launched the corporate digital account, and we will launch trade finance in the next months.

在 FX 方面，我們也取得了類似的進步，從四年前剛開始時的第 41 位上升至第 15 位。最後，我們一直在開發和部署更多的產品和條款。例如，上個季度我們推出了企業數位帳戶，並將在接下來的幾個月推出貿易融資。

We are also acting as the insurance broker for our corporate clients. As this business grew, we will bring additional disclosure regarding them. The new launch collaborate to increase cross-sell as its parts of our plan to gain profitable market share with lower risk.

我們也擔任我們企業客戶的保險經紀人。隨著業務的成長，我們將對其做出更多披露。新產品的推出將加強交叉銷售，這是我們以較低風險獲得可獲利市場份額計劃的一部分。

As a consequence, wholesale business printed a solid 36% revenue growth last 12 months. Victor will give more details about the revenue growth. Now we will hand it over to Victor so he can discuss this quarter financials. Thank you.

結果，批發業務的收入在過去 12 個月中實現了 36% 的穩定成長。Victor 將提供有關收入成長的更多細節。現在我們將它交給 Victor，以便他可以討論本季的財務狀況。謝謝。

Thanks, Maffra. Good evening, everyone. It's our pleasure to be here with you. And before we go to the results of the quarter, I would like to recall some ideas anticipated in the second quarter of 2024. First, in the second quarter, we explained that warehousing assets by underwriting more fixed income offerings would drive an increase in our wholesale revenues, particularly in the issuer services.

謝謝，馬弗拉。大家晚上好。我們很高興能和您在一起。在我們了解本季的業績之前，我想回顧一下對 2024 年第二季的一些預期。首先，在第二季度，我們解釋說，透過承銷更多固定收益產品來倉儲資產將推動我們的批發收入增加，特別是在發行人服務方面。

At the same time, we're anticipating a lagging impact on retail until the distribution phase of those offerings. As expected, when the distribution phase of those offerings took place this quarter, we observed a positive impact on retail fixed income revenues.

同時，我們預期這些產品進入分銷階段後，對零售業的影響將會出現滯後。正如預期的那樣，當本季度這些產品的分銷階段進行時，我們觀察到對零售固定收益收入的正面影響。

Second, for the reasons just mentioned, in the second quarter, we have increased our balance sheet, growing BRL10 billion in corporate securities, in a single quarter as part of warehousing business. And finally, we had also anticipated that revenue mix along -- if a few of the minor effects resulted in higher EBITDA margin and tax rate in second quarter. We emphasized that using a trading 12-month metric for both would serve as a more reliable guide for expectations in the coming quarters.

第二，由於剛才提到的原因，在第二季度，我們增加了資產負債表，作為倉儲業務的一部分，單一季度公司證券增加了 100 億雷亞爾。最後，我們也預期收入組合會有所變化——如果一些微小的影響導致第二季的 EBITDA 利潤率和稅率上升。我們強調，使用 12 個月的交易指標可以為未來幾季的預期提供更可靠的指導。

If that in mind, remember that the last quarter, we focused on discussing our last 12 months figures. We are evolving the right way to deliver our commitments in 2026, and the third quarter of 2024 was a positive quarter in the retail business on the spotlight.

如果考慮到這一點，請記住上個季度我們專注於討論過去 12 個月的數據。我們正在以正確的方式發展以兌現我們在 2026 年的承諾，2024 年第三季是零售業務備受關注的積極季度。

Total gross revenue grew 17% on nine months of 2024 and 4% year over year. Retail was a highlight during the quarter. Corporate and issue services posted solid results, and institutional revenue was flattish quarter-over-quarter. On the high hand side of the slide, we see our gross revenue breakdown and retail increased participation to 77% on total revenues on the back of another positive quarter for fixed income.

2024 年前 9 個月總營收成長 17%，年增 4%。零售是本季的一大亮點。企業及發行服務業績穩健，機構營收季平。在下滑的高端，我們看到我們的總收入細目和零售參與度在固定收益又一個積極的季度的推動下上升到總收入的 77%。

Let's move to the next slide with more details on retail. Retail revenue posted BRL3.494 billion, a 15% growth in nine months 2024 and 10% growth year over year. Fixed income was once again the highlight, if 56% growth nine months '24 against nine months '23 and 31% growth year over year.

讓我們進入下一張幻燈片，以了解有關零售的更多詳細資訊。零售收入為 34.94 億雷亞爾，2024 年九個月成長 15%，年成長 10%。固定收益再次成為亮點，2024 年前九個月較 2023 年前九個月成長 56%，年成長 31%。

That growth was supported by both our ability to keep launching new products, including corporate credit and restructuring notes being very competitive against taxes and notes from incumbent banks. And second, our relevance in secondary trading higher than 50% in terms of market share, which enables us to provide liquidity to our client base.

這一增長得益於我們不斷推出新產品的能力，包括企業信貸和重組票據，與現有銀行的稅收和票據相比極具競爭力。其次，我們在二級交易中的市場份額超過 50%，這使我們能夠為客戶群提供流動性。

Moving on to the next slide, we will talk about corporate and issuer services revenue. Corporate and issuer services continue to be an important driver to total revenues, posting BRL552 million in the quarter, which represents a 58% growth in the nine months '24 and 6% growth year over year.

在下一張投影片中，我們將討論企業和發行人服務收入。企業與發行人服務持續成為總營收的重要推動力，本季實現營收 5.52 億雷亞爾，較 24 年前九個月成長 58%，較去年同期成長 6%。

Issuer services delivered positive results on back on DCM activity, reaching BRL323 million in the quarter and 71% growth in the nine months '24 and flat year over year. Corporate results typically align with the issue services performance. If cross-selling opportunities arising from new fixed income issues, part (inaudible) it's derivatives. Corporate posed to BRL129 million in the quarter, a 43% growth in nine months '24 and 17% growth year over year.

發行人服務在 DCM 活動方面取得了積極成果，本季達到 3.23 億雷亞爾，24 年前九個月成長 71%，與去年同期持平。公司業績通常與發行服務績效一致。如果交叉銷售機會源自新的固定收益發行，部分（聽不清楚）就是衍生性商品。本季企業獲利達到 1.29 億雷亞爾，較 2024 年前九個月成長 43%，較去年同期成長 17%。

On the right-hand side of the slide, we like to present our ecosystem rationale, connecting our retail and corporate investment banking business in a profitable risk recycling mode. In the second quarter of 2024, we expanded BRL10 billion in new corporate securities warehouses in our balance sheet. And in Q3, we already distributed around two-third of that book share retail and institutional clients, as we said we would do.

在投影片的右側，我們喜歡展示我們的生態系統原理，以有利可圖的風險回收模式連接我們的零售和企業投資銀行業務。2024 年第二季度，我們在資產負債表中擴大了 100 億雷亞爾的新公司證券倉庫。正如我們所說的那樣，在第三季度，我們已經將約三分之二的圖書份額分發給了零售和機構客戶。

Moving on to the next slide, we will explore SG&A and efficiency ratios. SG&A incentives reached BRL1.5 billion in the third quarter, a decrease of 2% year over year and a 7% higher quarter over quarter. Since every third quarter, we have investments in our expert quarter over quarter comparison has a seasonality effect.

進入下一張投影片，我們將探討銷售、一般及行政費用和效率比率。第三季銷售、一般及行政支出達 15 億雷亞爾，年減 2%，較上季成長 7%。自每個第三季度起，我們都會對我們的專家進行季度間比較的投資，以發現季節性的影響。

As we said before, cost discipline and efficiency are part of our plan and DNA, since both position XP in a better competitive level. I'm happy to announce that this quarter, we marked another record, with 35% efficiency ratio, the lowest in our history since the IPO, printing 179 basis points lower year over year and 6 basis points lower quarter over quarter.

正如我們之前所說，成本紀律和效率是我們計劃和 DNA 的一部分，因為兩者都使 XP 處於更好的競爭水平。我很高興地宣布，本季度我們創下了另一項紀錄，效率比率為 35%，這是我們 IPO 以來的歷史最低水平，同比下降 179 個基點，環比下降 6 個基點。

Important to mention that we are confident to deliver goals for 2026 is a powerful combination, our innovative solutions to our clients, our new business and internal advisory expansion becoming each year more mature coupled with our cost discipline.

值得一提的是，我們有信心實現 2026 年的目標，這是一個強大的組合，我們為客戶提供的創新解決方案、我們的新業務和內部諮詢擴展每年都變得更加成熟，再加上我們的成本控制。

Moving on to EBT now. EBT achieved BRL1.2 billion in the quarter, a 5% growth year over year and BRL3.7 billion in nine months '24, a 25% growth. As I commented before, we emphasized that using trading 12 months naturally for both EBT margin and FX tax rate would serve as a more reliable guide for expectations in the coming quarters, which was already the case in this one.

現在轉到 EBT。本季息稅前利潤達到 12 億雷亞爾，比去年同期成長 5%，24 年前九個月息稅前利潤達到 37 億雷亞爾，比去年同期成長 25%。正如我之前所評論的那樣，我們強調，自然地使用 12 個月的交易時間來衡量 EBT 利潤率和外匯稅率，可以作為未來幾個季度預期的更可靠指南，而這在本季度已經是這種情況了。

In this quarter, our EBT margin in the last 12 months was 28.1%, flat year over year and also flat against the second quarter 2024, last 12 months EBITDA margin. We believe our EBT margin will keep growing on an annual basis reaching our goals for 2026.

本季度，我們過去 12 個月的 EBT 利潤率為 28.1%，年比持平，與 2024 年第二季度過去 12 個月的 EBITDA 利潤率持平。我們相信，我們的 EBT 利潤率將持續逐年成長，並實現我們的 2026 年目標。

Let's see our net income on the next slide. Even considering the different revenue mix, I'm happy to share with you that during the quarter, we set a new net income record, bringing BRL1.187 billion. It represents a 7% growth in the nine months '24 and the 9% growth year over year. Another important achievement was the increased net margin in 118 basis points, posting 27.5%.

讓我們在下一張投影片中看看我們的淨收入。即使考慮到不同的收入組合，我很高興地與大家分享，在本季度，我們創下了新的淨收入記錄，達到 11.87 億雷亞爾。這意味著 24 年前 9 個月的成長率為 7%，年成長率為 9%。另一項重要成就是淨利率增加了118個基點，達到27.5％。

Let's move on to the next slide to talk about capital management. As you might have seen, this quarter, we start to disclose our BIS ratio data, including risk-weighted assets breakdown with two years of historical data. We achieved 21.5% BIS ratio in the quarter, and one of our goals is to operate the business between 16% to 19%.

我們繼續下一張投影片來討論資本管理。您可能已經看到，本季我們開始揭露 BIS 比率數據，包括兩年歷史數據的風險加權資產細目。我們本季實現了21.5%的BIS比率，我們的目標之一是將業務營運比率控制在16%至19%之間。

So efficient capital management is key. Therefore, besides the BRL7.5 billion already distributed through dividends and share buybacks during the last years, we announced today an additional BRL3 billion to be distributed in dividends and share buyback.

因此，有效的資本管理是關鍵。因此，除了過去幾年透過股利和股票回購分配的 75 億雷亞爾之外，我們今天還宣布將另外分配 30 億雷亞爾作為股利和股票回購。

Considering this distribution and full execution of the buyback program, we would have a BIS ratio at 18.3%in line with our guidance. On the right side of this slide, we can observe that the RWA total assets ratio stands at 30% this quarter with the credit RWA accounting for 45% of our total risk.

考慮到這種分配和回購計劃的全面執行，我們的 BIS 比率將達到 18.3%，符合我們的指導方針。在這張投影片的右側，我們可以觀察到本季 RWA 總資產比率為 30%，其中信用 RWA 占我們總風險的 45%。

The shift in the mix between credit and market RWA compared to the previous quarter is primarily due to the implementation of new Central Bank resolution this quarter, the 313 resolution. According to this new resolution, the risk associated with securities and derivatives held in the trading book must now be classified as market RWA. We believe this regulatory adjustment provides a more great representation of a risk profile.

與上一季相比，信貸和市場 RWA 組合的變化主要是由於本季度實施了新的央行決議，即 313 決議。根據這項新決議，交易帳戶中持有的證券和衍生性商品相關的風險現在必須歸類為市場風險加權資產。我們相信，此次監管調整能更能反映風險狀況。

Given the majority of our credit exposure is tied to corporate bond credit spread, it aligns more closely with market risk. Taking that into consideration, our credit RWA is way lower than peers, which corroborates to our discipline in allocating capital across the ecosystem. Also important to consider that our business not only consume lower credit RWA, but also has a low average daily VaR at BRL22 million in third quarter or 10 basis points of our equity.

鑑於我們大部分的信貸風險敞口與公司債信用利差掛鉤，因此它與市場風險的關聯更為緊密。考慮到這一點，我們的信用 RWA 遠低於同行，這證實了我們在整個生態系統中分配資本的紀律。同樣重要的是要考慮到我們的業務不僅消耗較低的信貸 RWA，而且第三季的平均每日 VaR 也較低，僅為 2,200 萬巴西雷亞爾，或占我們股權的 10 個基點。

Our strategy is based on increased profitability and capital returns to shareholders while keeping a conservative BIS ratio when compared to the Brazilian financial industry? This slide summarize our capital distribution with more than BRL10.5 billion in dividends and buybacks in the last three years.

我們的策略是基於提高獲利能力和股東資本回報，同時與巴西金融業相比保持保守的 BIS 比率？這張投影片總結了我們的資本分配情況，過去三年我們的股利和回購總額超過 105 億巴西雷亞爾。

Last year, our total payout ratio was 114% with BRL4.5 billion capital return. And this year, with the new announcements, it indicates more than 9% payout ratio with more than BRL4.2 billion of capital return. As Maffra mentioned earlier, our goal should keep delivering higher than 50% payout ratio for the next two years, aiming to operate between 16% to 19% in BIS ratio.

去年，我們的總股息率為 114%，資本回報率為 45 億巴西雷亞爾。今年，根據新的公告，該公司的派息率超過 9%，資本回報超過 42 億巴西雷亞爾。正如 Maffra 先前提到的，我們的目標是在未來兩年內繼續實現高於 50% 的派息率，力爭將 BIS 比率控制在 16% 至 19% 之間。

Now let's see our EPS and ROTE numbers. Our earnings per share evolution continues to post solid growth and achieving BRL2.18, an 11% increase year over year and an 8% increase quarter over quarter. During the 3Q '24, XP posted 28.4% in ROTE with an increase of 258 basis points year over year and 140 basis points quarter over quarter. Now moving back to Maffra, so he can do his final remarks, and then we go to the Q&A.

現在讓我們看看我們的 EPS 和 ROTE 數字。我們的每股盈餘持續保持穩健成長，達到 2.18 巴西雷亞爾，年成長 11%，季增 8%。24 年第三季度，XP 的 ROTE 為 28.4%，較去年同期成長 258 個基點，較上季成長 140 個基點。現在回到馬夫拉，讓他做最後的發言，然後我們進入問答環節。

Thanks, Victor. So before we go to the Q&A, I would like to emphasize four things: first, we had another solid quarter, confirming that we are on track to deliver our 2026 guidance; second, as we presented, our levers are delivering positive results with BRL25 billion net new money this quarter and indicating that our target should deliver around BRL20 billion per quarter is feasible; third, we believe we are enhancing our moats by offering to our clients the most complete and sophisticated product platform in the country, expanding our best train sales force and evolving our value proposition properly to segment through better offering, objectives and higher level of service excellence; and lastly, our commitment to manage our company with capital discipline, efficiency and return to our shareholders.

謝謝，維克多。因此，在我們進入問答環節之前，我想強調四件事：首先，我們又度過了一個穩健的季度，這確認我們正在按計劃實現 2026 年的預期；第二，正如我們所介紹的，我們的槓桿正在產生積極的結果，本季淨新增資金 250 億雷亞爾，這表明我們實現每季度約 200 億雷亞爾的目標是可行的；第三，我們相信，透過向我們的客戶提供國內最完整、最先進的產品平台，擴大我們最優秀的培訓銷售隊伍，並適當發展我們的價值主張，透過更好的產品、目標和更高水平的卓越服務來實現細分化，我們正在增強我們的護城河；最後，我們承諾以資本紀律、效率和回報來管理我們的公司，為股東帶來回報。

Once executed, we will have returned more than BRL10.5 billion to shareholders throughout the last three years. Now Andre Parize will start the Q&A session.

一旦實施，我們將在過去三年內向股東返還超過105億雷亞爾。現在 Andre Parize 將開始問答環節。

Thiago Batista, UBS.

瑞銀的蒂亞戈·巴蒂斯塔。

Hello, guys. I have two questions. The first one, call the attention the increase the head of XP for about 400 new individuals. Is it relevant to the amount of those guys that went to the B2C adviser or not? And my second question, I know that you don't have a guidance for profitability or how or hold, but can you give to us a ballpark idea of what level of profitability that we believe XP will have in the long term? And by the way, you are looking more to (inaudible)?

大家好。我有兩個問題。第一個，注意增加大約400個新人的XP頭銜。這與去找 B2C 顧問的人數是否有關？我的第二個問題是，我知道您對盈利能力或如何保持盈利能力沒有指導，但您能否給我們一個大概的概念，即我們認為 XP 在長期內將具有的盈利水平是多少？順便說一句，你更希望（聽不清楚）？

Thanks, Thiago. Thank you for your question. It's a pleasure to be here. Good evening to you all. It's a pleasure to be here. I will take the first question, and Victor will answer the second one. Out of the -- there are about 400 employees, 300 to B2C, they are advisers.

謝謝，蒂亞戈。感謝您的提問。我很高興來到這裡。大家晚上好。我很高興來到這裡。我來回答第一個問題，維克多來回答第二個問題。其中約有 400 名員工，300 名是 B2C 顧問。

Why you don't see that increase on the total number of advisers because we had a change in regulation a few months back. And now the IFAs, they don't need the IFA partners. Imagine the managers, the people that work not as advisers on the IFAs, they don't need any more to be IFAs. So now they are under employee contract agreements and they are like leaving the IFA number.

為什麼你沒有看到顧問總數的增加，因為幾個月前我們的法規改變了。現在，IFA 不再需要 IFA 合作夥伴。想像那些經理，那些不擔任 IFA 顧問的人，他們不再需要擔任 IFA 了。所以現在他們簽訂了員工合約協議，就像離開了 IFA 號碼一樣。

So if you look at the total number, and maybe it's going down, okay? And it's not because people are leaving the profession of advisers because of these new changing regulation and they are becoming regular employees in Brazil, okay? So out of the 400 people that we hired internally, 300 is advisers, okay?

所以如果你看一下總數，也許它正在下降，好嗎？這並不是因為這些新的法規變化讓人們離開了顧問行業，而成為巴西的普通僱員，好嗎？所以，我們內部聘用的 400 人中，有 300 人是顧問，好嗎？

Perfect. I will take the second question about ROE. Looking at our ROTE number of 28%, you can say that our return on capital employed is around that. And after we deliver our guidance of base index, by the end of the guidance, you can expect ROE will be mid- to high-20s.

完美的。我將回答有關 ROE 的第二個問題。從我們的 ROTE 數字 28% 來看，您可以說我們的資本使用報酬率大約是這個數字。在我們發布基礎指數指引之後，到指引結束時，您可以預期 ROE 將達到 20% 左右。

No very clear math.

沒有非常清晰的數學知識。

Eduardo Rosman, BTG.

愛德華多·羅斯曼，BTG。

Hi, guys. Good evening. I want to talk more about capital allocation. And Victor, I think he -- he talked a lot about it. He came up with new information as well. So I wanted to get more details about the RWA. What could -- can we expect in terms of growth for next year, maybe in the midterm, if there is kind of gains of scale there on operational risk market risk. If you grow more, eventually, if there is room to improve efficiency there?

嗨，大家好。晚安.我想進一步談談資本配置。而維克多，我想他──他對此談了很多。他也得出了新的結論。所以我想了解有關 RWA 的更多詳細資訊。如果營運風險和市場風險出現規模成長，那麼我們可以預期明年或中期的成長如何？如果成長更多，最終是否還有效率提升的空間？

Now you also have the ability to issue Tier 1 and Tier 2, so if you see room to do that and eventually bring your core Tier 1 down. At the end of the day, I'm trying to understand what level of payout in the form of dividends and buybacks, we can probably work in the next two years, right? You paid out -- you have a very high payout in the last couple of years, right? So I wanted to have an idea if we can work with something of at least 50% for the next couple of years. Thanks.

現在您也可以發行 Tier 1 和 Tier 2，因此如果您看到有空間可以這樣做並最終降低您的核心 Tier 1。歸根結底，我想了解的是，在未來兩年內，我們可能能夠以股息和回購的形式實現什麼水平的支出，對嗎？您已經支付了——過去幾年您的支出很高，對嗎？所以我想知道我們是否可以在接下來的幾年將這個比例提高到至少 50%。謝謝。

Okay. Thank you for your question, Rosman. First, there is operational leverage in the RWA numbers. They can give you a color. If you look at our revenues in issuer services and corporate, which is basically a more capital-intensive business, the revenues grew 38% in the last 12 months and the RWA grew only 30%. So there is a gain between the relation in revenue on the RWA.

好的。謝謝你的提問，羅斯曼。首先，風險加權資產數字中包含著營運槓桿。它們可以給你一種色彩。如果你看看我們在發行人和企業方面的收入，這基本上是一個資本密集的業務，收入在過去 12 個月中增長了 38%，而 RWA 僅增長了 30%。因此，收入與 RWA 之間的關係是有增益的。

And when you go to market operational RWA, also our gains that we that we can make over the years using more efficient structures as they -- as now we can use the bank in his full capacity. Talking about payout, you can expect 50% or more of our net income paid in 2025, '26, that should be -- the levels to reach our guidance in terms of BIS ratio. And after that, we should stabilize near 30%.

當您進入市場運營 RWA 時，我們還可以透過使用更有效率的結構來獲得多年來的收益 — — 因為現在我們可以充分利用銀行的全部能力。談到支出，你可以預期我們在 2025 年、2026 年支付的淨收入將佔到 50% 或更多，這應該是 - 達到我們在 BIS 比率方面的指導水平。此後，我們應該會穩定在 30% 左右。

Awesome. Thanks a lot.

驚人的。多謝。

Yuri Fernandes, JPMorgan.

摩根大通的尤里費南德斯。

Thank you. Quick one just on Rosman's question. Just making sure the 21.5%, it still does not reflect the BRL2 billion, right? It should maybe drop to 19.5% without any capital generation for the next quarter. So very quickly this.

謝謝。我只想快速回答一下羅斯曼的問題。只是確定21.5%，仍然沒有反映出20億巴西雷亞爾，對嗎？在下一季不產生任何資本的情況下，該比率可能應該會下降至 19.5%。所以很快就這樣了。

And if I may, a second one, just on the order line, Parize, what happened with the others. It was about 40% decrease quarter over quarter. So if you can provide a little bit of explanation of what hurt that line this quarter. Thank you.

如果可以的話，我再問第二個問題，就在命令線上，帕里茲，其他人發生了什麼事。與上一季相比，下降了約 40%。因此，如果您可以稍微解釋一下本季該生產線受到什麼影響的話。謝謝。

Thank you for your question, Yuri. The BIS ratio in the end of the quarter was actually 21.5%. And after the dividend, it goes to 19% and considering the buyback then, it goes to 18.3%. As we said, you can expect that we will pay more 50% of our earnings in the next two years. And after that, our payout ratio should normalize between 30% and 50% of our net income.

謝謝你的提問，尤里。本季末的BIS比率實際為21.5%。扣除股息後，這一比例上升至 19%，如果考慮到回購，這一比例將上升至 18.3%。正如我們所說，你可以預期我們將在未來兩年內支付超過 50% 的收入。此後，我們的派息率應該會穩定在淨收入的30%到50%之間。

Going to the second question about other revenue, in this quarter, we had a one-off event. In the beginning of the quarter, we tender almost half of our outstanding 2026 notes and issue a new 2029 bond. Remember that those notes that we tender, they were head to Brazilian CDI and buy them back, we had to undo hedge accounting. And by undoing the hedge accounting, we just charged all the P&L and the net income.

關於其他收入的第二個問題，本季我們發生了一次一次性事件。在本季初，我們投標了近一半未償還的 2026 年債券，並發行了新的 2029 年債券。請記住，我們投標的那些票據，它們被運往巴西CDI並再回購，我們不得不撤銷套期會計。透過取消套期會計，我們只需扣除所有損益表和淨收入。

If you consider all the transaction, the carry of the new debt is cheaper than the one that we bought in CDI plus levels. So over time, the P&L of the transaction is positive. But in this quarter, we had this one-off events that reduced the other revenue line and you should expect that we will be back to average levels in the next quarter?

如果考慮所有交易，新債務的持有成本比我們在 CDI 以上水準購買的債務更便宜。因此隨著時間的推移，交易的損益是正的。但在本季度，我們遇到了一些一次性事件，導致其他收入減少，您是否預計下個季度我們會恢復到平均水平？

Super clear. Thank you for the explanation on this point.

非常清晰。感謝您對這一點的解釋。

Mario Pierry, Bank of America.

美國銀行的馬裡奧·皮埃里 (Mario Pierry)。

Hey guys, good evening. Let me ask you three quick questions, two of them a follow-up. First one, Maffra, you talked about you're using more internal salespeople, right? However, when I look at the commissions paid to IFAs, they are growing faster than retail revenues.

大家好，晚上好。讓我問您三個快速問題，其中兩個是後續問題。首先，馬弗拉，您說過您正在使用更多的內部銷售人員，對嗎？然而，當我看到支付給 IFA 的佣金時，它們的成長速度比零售收入更快。

So in fact, right, we calculated a ratio of 25.8% this quarter. Last year it was 24.6%, previous quarter, 25.7%. So when do we see the benefits of lower IFA commissions as you start to use your own internal salespeople. And as you mentioned, right, you had to add about 300 people this quarter. So I'm assuming we're going to see higher SG&A and they should be compensated by lower IFA commissions. So I was wondering why that did not happen.

事實上，我們計算出本季的比例是 25.8%。去年這一比例為 24.6%，上一季為 25.7%。那麼，當您開始使用自己的內部銷售人員時，我們何時才能看到降低 IFA 佣金的好處呢？正如您所說，本季度您必須增加約 300 人。因此我預計我們將看到更高的銷售、一般及行政費用 (SG&A)，而他們應該透過更低的 IFA 佣金來獲得補償。所以我想知道為什麼這沒有發生。

The second question is very quick. If you can just talk about the impact of the export event on revenues and on expenses, I think that they net out. But just to be clear, how much did you book in expenses and revenues this quarter. And then the third one really is when we were looking at the revenues from credit, we see your loan book is flat -- relatively flat year over year. However, your credit revenues went from $71 million to $113 million. Was there anything unusual on the credit revenues? Thank you.

第二個問題非常快。如果您能談談出口事件對收入和支出的影響，我認為它們是淨影響。但需要明確的是，本季您的費用和收入是多少？第三個實際上是當我們查看信貸收入時，我們發現您的貸款帳簿是持平的 - 與去年同期相比相對持平。然而，您的信貸收入從 7,100 萬美元增加到了 1.13 億美元。信貸收入有什麼異常嗎？謝謝。

Thank you, Mario. So the first question about the commission costs, it's really hard to see change in COGS quarter like the B2C channel making a change in COGS from a quarter to the next one. You have to see this trend in a longer period of time in a year or two because if we have a very small change in revenue mix, it can change everything, okay?

謝謝你，馬裡奧。因此，第一個問題是關於佣金成本的，很難看到 COGS 季度發生變化，就像 B2C 管道從一個季度到下一個季度對 COGS 進行更改一樣。你必須在一兩年內以更長的時間觀察這個趨勢，因為如果我們的收入組合發生很小的變化，它可能會改變一切，好嗎？

So remember what we said in Q2, we did a lot of revenues on investment banking, on credit issuance. And 3Q, we distribute a lot of this credit portfolio. And when we distribute, we make revenue on the retail and we pay commissions, okay? So it's a completely different COGS when you compare what you do on -- when you book the primary market from the environment banking to when you distribute on the secondary market, okay? When you pay commission, the other one you don't pay.

所以記住我們在第二季說過的話，我們在投資銀行和信貸發行方面獲得了很多收入。第三季度，我們分配了大量此類信貸組合。當我們分銷時，我們會從零售中獲得收入並支付佣金，好嗎？因此，當您比較在環境銀行的一級市場預訂與您在二級市場分銷時所做的事情時，其 COGS 是完全不同的，好嗎？當你支付佣金時，另外一筆你不必支付。

So it's basically revenue mix. That's why you're not seeing a big change. But if you have to look like a longer trend to see the effect, okay?

所以基本上就是收入組合。這就是你看不到大變化的原因。但如果你必須觀察更長的趨勢才能看到效果，好嗎？

About the second one, we don't open how much we spend on expert but it's not zero, okay? So for a few years, it was slightly negative last year. This year was zero, okay? So it's not even positive, but it's very important for us because it's one of the the largest financial, if not the largest one in the world about the investments. So it's really important for the brand, but it's net zero and some years it's slightly negative. Victor will take the last one.

關於第二個，我們不公開我們在專家身上花了多少錢，但不是零，好嗎？因此，過去幾年，去年的增幅略為負值。今年是零，好嗎？所以這甚至不是積極的，但對我們來說非常重要，因為它是最大的金融投資之一，如果不是世界上最大的投資的話。所以這對品牌來說確實很重要，但它的淨利潤為零，有些年份甚至略為負值。維克多將拿走最後一個。

Okay. Thank you for the question. About the credit, we had two explanations. The first is the beginning of margin loan operations in the broker-dealer, which are more profitable than conventional credit. And the second one, some loans from the COVID era with lower NII mature during this quarter, and they were renovated by new operations with this new normal of price with higher NII. Basically, that is the explanation. The book is almost flat, but we have two new products with higher NII item before.

好的。感謝您的提問。關於信用，我們有兩種解釋。首先是經紀商開始進行保證金貸款業務，這種業務比常規信貸的利潤更高。第二，一些來自 COVID 時代的、NII 較低的貸款在本季度到期，這些貸款透過新的業務在價格新常態和更高的 NII 下進行了翻新。基本上，這就是解釋。這本書幾乎持平，但我們之前有兩個新產品的NII項目更高。

Okay. That's clear. Maffra, let me just follow up here then on the gross profit and gross margin, right, because you provide guidance for EBT margin, I think 30% to 34%. You're running at 28% right now. The improvement in margin, does it come from the gross margin? Or where should we see the improvement coming from?

好的。這很清楚。Maffra，讓我跟進一下毛利和毛利率，對吧，因為你提供了 EBT 利潤率的指導，我認為是 30% 到 34%。您目前的運行速度為 28%。利潤率的提高是來自於毛利率嗎？或者我們應該從哪裡看到改進？

Okay. Thank you for your question. Talking about the guidance, we can give you some color about the improvement. First is operational leverage. You can see our efficiency ratio in the lowest level ever. And we expect that this ratio will keep improving over the next year. This is one factor. Another factor is a J-curve of the cross-sell verticals that we have.

好的。感謝您的提問。談到指導，我們可以為您提供一些有關改進的資訊。首先是營運槓桿。您會發現我們的效率比率處於歷史最低水平。我們預計這一比例明年將持續改善。這是一個因素。另一個因素是我們的交叉銷售垂直市場的 J 曲線。

We mentioned before that credit card, for example, they had losses in 2022. They also lose money '23. This is the first year that they will make positive margins and that grow over our guidance in the period. Other verticals as they -- our own internal sales force also lost money over 2022 and '23. This is the first year of positive margin. And as they grow, they start being accretive in terms of EBT. And basically, those three things together can explain the expansion in margins.

我們之前提到過，例如信用卡，他們在2022年就虧損了。他們也虧損了’23。這是他們第一年實現正利潤，並且利潤率超過了我們在此期間的預期。其他垂直產業——我們自己的內部銷售團隊在 2022 年和 2023 年也虧損了。這是利潤率首次出現正值的第一年。隨著他們的成長，他們的 EBT 也開始增加。基本上，這三件事結合起來可以解釋利潤率的擴大。

Great. Thank you very much.

偉大的。非常感謝。

Tito Labarta, Goldman Sachs.

高盛的 Tito Labarta。

Hi, good evening guys. Thanks for taking my question. Just a couple of questions on the revenues. Continued the performance on the fixed income retail revenues. How do you think that line sort of continues to evolve?

大家晚上好。感謝您回答我的問題。我只想問幾個關於收入的問題。固定收益零售收入持續表現良好。您認為這條路線將會如何持續演變？

I mean do you think you're benefiting from a higher rate environment? Is there room for that line to continue to grow in to year? Just to understand a little bit the growth dynamics there.

我的意思是，您是否認為自己會從更高的利率環境中受益？今年該生產線還有持續成長的空間嗎？只是想了解一點那裡的成長動態。

And then on the issuer services revenue line, right? I mean there's been a good year overall, tough comps in 2Q, down a bit in this quarter. Do you think that comes back in 4Q and into next year? Just help us think about sort of DCM activity and how you feel about the issuer services revenues. Thank you.

然後是發行人服務收入線，對嗎？我的意思是，今年總體來說是好的，第二季的年比業績並不理想，本季略有下降。您認為這種趨勢會在第四季和明年再次出現嗎？只需幫助我們思考 DCM 活動以及您對發行人服務收入的看法。謝謝。

Hi, Tito. Thank you for your question. I'll answer both of them together. DCM industry in Brazil is the new level. Our pipeline remains robust, and most likely, the same activity remains strong in the next quarters. As well, the demand for fixed income coming from our distribution channels, both retail and institutional, is very strong.

你好，蒂托。感謝您的提問。我將同時回答這兩個問題。巴西DCM產業邁上新階梯。我們的通路依然強勁，而且很有可能在接下來的幾個季度裡，同樣的活動仍將保持強勁。同樣，來自我們的零售和機構分銷管道的固定收益需求非常強勁。

So we believe that we'll see both lines, DCM and fixed income line is strong over the next quarter and next year? And also, you need to take into consideration the impact of our corporate restructuring. If the bank, a more competitive level, we can originate more deals in the same. We can warehouse more fixed income, and that includes competitively in both of those lines. So we are optimists for both in the next year and next quarter.

所以我們相信，我們將看到 DCM 和固定收益兩條線路在下個季度和明年都表現強勁？此外，您還需要考慮我們公司重組的影響。如果銀行的競爭程度更高，我們就能進行更多的交易。我們可以儲存更多的固定收益，並且在這兩條線路上都具有競爭力。因此，我們對明年和下個季度都持樂觀態度。

Okay. Perfect. That's clear. One quick clarification. Just on the BIS ratio, is that a fully loaded for Tier 1 ratio just to make sure is anything else in the BIS ratio.

好的。完美的。這很清楚。快速澄清一下。僅在 BIS 比率上，這是否是完全符合 Tier 1 比率的，只是為了確保 BIS 比率中還有其他內容。

Yes, that is it. It's fully loaded.

是的，就是這樣。已滿載。

Okay, perfect. Great. Thanks so much.

好的，完美。偉大的。非常感謝。

Neha Agarwala, HSBC.

Neha Agarwala，匯豐銀行。

Thank you for taking my questions. Just a quick one on the credit growth. Our credit book was flat year-on-year. What should we expect going forward? Why do we see a more strong growth on the credit side? Thank you so much.

感謝您回答我的問題。我只想簡單談談信貸成長。我們的信用帳簿與去年同期持平。我們對未來應該抱持怎樣的期望？為什麼我們看到信貸方面成長更加強勁？太感謝了。

So one important thing when we think about credit for XP, one main point for us, we don't want to pile up credit. So you cannot expect us like coming back here one year ahead and saying that now we have like BRL 100 billion, BRL 200 billion in corporate credit. So we don't have this strategy. We don't have the business to pile up credit.

因此，當我們考慮 XP 信用時，重要的一點，對我們來說的一個要點是，我們不想累積信用。因此，你不能指望我們提前一年回到這裡，並說現在我們有 1000 億雷亞爾、2000 億雷亞爾的企業信貸。所以我們沒有這個策略。我們沒有累積信貸的業務。

Of course, as the wholesale bank grows, we have to warehouse higher amount of volumes from investment banking for corporate bond flows and for other business lines, for example, credit risk from derivatives. So as the business grows, it will grow in nominal terms for sure, but not the same growth rate as the business grows, okay?

當然，隨著批發銀行的發展，我們必須儲存大量來自投資銀行的業務，用於企業債券流動和其他業務線，例如衍生性商品的信用風險。因此，隨著業務的成長，名義上肯定會成長，但成長率不會與業務成長相同，好嗎？

So the idea here is always to recycle capital and recycle fast. It's always to give credit with some collateral. And that's the strategy. So we don't have any strategy to pile up a big credit portfolio here, okay?

因此這裡的想法始終是回收資本並且快速回收。給予信貸總是需要一定的抵押品。這就是策略。所以我們沒有任何策略來在這裡累積大量的信用組合，好嗎？

Thank you so much.

太感謝了。

Daniel Vaz, Safra.

丹尼爾·瓦茲，薩夫拉。

So to our side, looking at your expenses, I was trying to see beyond XP Expert. So we see the other revenue, other income, and other expenses net line. So you have another quarter of incentives coming from (inaudible) B3and also a positive covers in reversal of provisions. Can you comment on that, please, so we can get a sense on what are these other operating income? Were way higher than a year ago?

因此，從我們這邊來看，考慮到您的開支，我試圖超越 XP Expert。因此我們看到其他收入、其他收益和其他支出淨線。因此，您還有另一個季度的激勵來自（聽不清楚）B3，並且還有撥備逆轉的積極覆蓋。您能否對此發表評論，以便我們了解這些其他營業收入是多少？比一年前高很多嗎？

And the second trying to see and get more color on your income? Or is your name in the release or share of profit on JVs and associates. So it went from BRL41 million to negative BRL3 million quarter over quarter. So any seasonality effects here, maybe associates pay higher cost to have a stand in XP Expert. So if you can get a color here that will be very helpful. Thank you.

第二，您想了解更多有關您的收入的資訊嗎？或您的名字是否出現在合資企業和聯營企業的利潤釋放或份額中。因此，季度環比成長從 4,100 萬巴西雷亞爾降至負 300 萬巴西雷亞爾。因此，這裡的任何季節性影響，也許員工要支付更高的成本才能在 XP Expert 中佔有一席之地。所以如果您能在這裡獲得一種顏色，那將會非常有幫助。謝謝。

Thank you for the question, Daniel. I will split the answer in three parts here. You first asked about the incentives, okay? So as we have built one of the largest distribution channels in Brazil -- we have today more than 18,000 advisers, every time that we launch a new product, we have some players in the industry that want to have access to our distribution.

謝謝你的提問，丹尼爾。我將在這裡把答案分成三個部分。您首先詢問的是激勵措施，好嗎？因此，我們已經建立了巴西最大的分銷管道之一——今天我們擁有超過 18,000 名顧問，每次我們推出新產品時，都會有一些業內參與者希望獲得我們的分銷管道。

And what happened, usually they pay some some fees, it can be upfront and can be based on performance. It depends on the product and on the partner, okay? But it's recurring, okay? There is not an amount that's recurring every month. but it's recurring to have this kind of one-offs, okay, from different partners from credit cards, from B3, from consortium, from other players, okay, from whole life insurance.

而通常他們會支付一些費用，可以是預付的，也可以根據績效支付。這取決於產品和合作夥伴，好嗎？但它總是重複發生，好嗎？不存在每月重複出現的金額。但這種一次性活動經常發生，來自不同合作夥伴，包括信用卡、B3、財團、其他參與者以及終身保險。

So you guys can expect this type of one-offs to be recurring, okay because it's part of giving access to these partners to our distribution.

所以你們可以期待這種一次性活動會重複發生，因為這是讓這些合作夥伴獲得我們分銷管道的一部分。

The second question that you asked, it was about the reversion in provisions, I imagine that it's the -- on the expected credit loss that you mentioned. We had a BRL42 million from the Aqua payment. There was a provision, and it was reverted.

您提出的第二個問題是關於撥備的回歸，我想這就是您提到的預期信用損失。我們從 Aqua 付款中獲得了 4,200 萬巴西雷亞爾。曾經有一項規定，後來被撤銷了。

So a good way of thinking about expected credit loss for regular quarters, it's 80 million. That's a good number, okay, around this number. It can be a little bit less, a little bit more because we have some credit on the wholesale book that is less stable, but that's a good proxy, okay?

因此，一個很好的思考常規季度預期信用損失的方法是 8000 萬。這是一個不錯的數字，好的，大約在這個數字左右。可能會少一點，也可能多一點，因為我們在批發帳簿上有一些不太穩定的信貸，但這是一個很好的代理，好嗎？

And the third one about my March interest that you as it was BRL41 million last quarter. It was almost zero this quarter. We have done some deals with players, with some asset management, with especially IFAs, and some of them there like going through some reorganizations.

第三個是關於我 3 月的利息，上個季度的利息是 4,100 萬巴西雷亞爾。本季這一數字幾乎為零。我們與球員、一些資產管理公司，特別是 IFA 做了一些交易，其中一些正在重組。

As I mentioned some of them, they are like going to employee agreements. Some of them, they are like in different states. But I would say that for next year, you can expect this line to be a little bit higher than this year, okay, and a little bit more stable than this year, okay? Because we have a lot of reorganizations this year and these investments that we have done in the past years in IFAs, assets and other business, they will start to pay off next year, okay? So it's going to be a little bit higher.

正如我所提到的，它們就像是員工協議。其中一些，就像處於不同的狀態。但我想說，對於明年來說，你可以預期這條線會比今年高一點，好嗎，而且比今年穩定一點，好嗎？因為我們今年有很多重組，而且我們過去幾年在 IFA、資產和其他業務方面所做的投資明年就會開始獲得回報，好嗎？所以它會稍微高一點。

Okay. Thank you for the detailed answer. Very helpful.

好的。感謝您的詳細回答。非常有幫助。

Henrique Navarro, Santander.

恩里克·納瓦羅，桑坦德銀行。

Andrew Garey, Morgan Stanley.

摩根士丹利的安德魯‧加里 (Andrew Garey)。

Hi, everyone. Congratulations on the results and thank you for the opportunity to ask questions. I just want to briefly touch on the take rate, which was certainly a highlight of the quarter, expanding on a sequential basis. It looks like a lot of the improvement kind of came from the fixed income retail take rate.

大家好。恭喜您所取得的成果，並感謝您提供的提問機會。我只想簡單談談接受率，這無疑是本季度的一個亮點，並且是連續擴大的。看起來很多改進都來自於固定收益零售接受率。

And so I just kind of wanted to ask, I know you had mentioned some new products on the fixed income side. Is there anything in particular that makes you believe that this like higher take rate on fixed income specifically is sustainable? Or is this again just kind of a quarter-to-quarter fluctuation? Thanks.

所以我只是想問一下，我知道您提到過固定收益方面的一些新產品。有什麼特別之處讓您相信這種固定收益的較高利率是可持續的嗎？還是這又只是一種季度間波動？謝謝。

Hi Andrew. Thank you for your question. Basically the highlight of the quarter in the retail line was fixed income and that what was drive to take a higher As we expect the retail revenue to keep growing in the pace of our guidance, you can expect the take rate to be stable or slightly higher than it is what it is today.

嗨，安德魯。感謝您的提問。基本上，零售業務本季的亮點是固定收益，而這推動了收入的提高。

Victor here. We have been mentioning that for a few quarters, I would say, when we think about take rate, when you look at our guidance, we didn't factor a better take rate into guidance. But if you ask our view at some point, the market will change, and we expect to see a change in the mix of products towards more higher ROAE product because most of the money flow to fixed income products with low ROAE in the past quarters or years at some point that we will revert and we can expect a higher take rate.

維克多在這裡。我們已經提到過，幾個季度以來，當我們考慮接受率時，當你看到我們的指導時，我們並沒有將更好的接受率納入指導。但如果你在某個時候詢問我們的觀點，市場將會發生變化，我們預計產品組合將向更高 ROAE 產品的方向變化，因為在過去的幾個季度或幾年裡，大部分資金都流向了 ROAE 較低的固定收益產品，在某個時候我們會恢復這種趨勢，我們可以預期會有更高的收益率。

So that's our view. But a higher take rate is not factored into our guidance for 2026. So you can consider that an upside if it starts to go up.

這是我們的觀點。但更高的接受率並未計入我們對 2026 年的預測。因此，如果它開始上升，你可以認為這是一個好處。

Okay. Got it. But you do think that at least over the coming quarters, take rate, as mentioned earlier, should be somewhat flat to slightly higher from here is a reasonable assumption?

好的。知道了。但您是否認為，至少在未來幾個季度，如前所述，利率應該會略有平穩或略有上升，這是一個合理的假設嗎？

Yeah.

是的。

Okay. Thank you.

好的。謝謝。

Breno Pavao, Autonomous.

布雷諾·帕沃，自治。

This is Renato Miloni from Autonomous. I think it was just a link issue. So I just wanted to deep dive on the fixed income take rate. That's a large expansion this quarter, right? So can you explain the breakdown here of how much was client activity? And how much was from the securities that you're having or mark-to-market securities that you're having in your balance sheet?

我是 Autonomous 的 Renato Miloni。我認為這只是一個連結問題。所以我只是想深入研究固定收益的利率。這是本季的一次大擴張，對嗎？那麼，您能解釋一下這裡客戶活動的細目嗎？那麼您資產負債表中的證券或以市價計價的證券有多少？

And then further down, just thinking here of the dynamics that we're seeing in market with spreads compressing and the cycle rates, how do you expect the fixed income take rate to behave in the next couple of quarters? Thank you.

然後再進一步，只是思考我們在市場上看到的利差壓縮和週期利率的動態，您預計未來幾季固定收益利率將如何表現？謝謝。

Thank you, Renato. We don't close this level of detail on the fixed income line. What we can say is that almost everything that we are housing the last quarter, we sold this one, and that was one of the drivers of the revenue.

謝謝你，雷納托。我們不會在固定收益線上關閉這一層次的細節。我們可以說的是，上個季度我們幾乎賣掉了所有庫存，這是收入的驅動因素之一。

About the credit spreads, we are seeing some inflection, but as we said before, the DCM pipeline is still very hot. And the demand for -- the client demand is still all-time high. So we don't expect any structural changes in the market.

關於信用利差，我們看到了一些變化，但正如我們之前所說，DCM 管道仍然非常熱門。而且客戶需求仍然處於高位。因此我們預期市場不會發生任何結構性變化。

Okay. So similar take rates in the two quarters?

好的。那麼兩個季度的接受率相似嗎？

It's better and bigger than ever before.

它比以前的都更好、更大。

I don't know if you could hear me. So similar take rates, fixed income take rates in the next quarter.

我不知道你是否聽得到我的聲音。因此，下一季的利率、固定收益利率也類似。

Yes, we believe so.

是的，我們相信如此。

Okay, thank you.

好的，謝謝。

Henrique.

恩里克。

My question is on competition. All the large banks have been advanced if they are all IFAs, high-financial advisers as well as improving the open investment platforms. The level of competition XP is facing was not there like maybe two or three years ago, and it has been increasing. How do you see this advancement of competition from the large banks affecting your business?

我的問題是關於競爭的。所有大型銀行都已經推進了IFA、高級財務顧問以及開放投資平台的完善。XP 面臨的競爭水平可能與兩三年前不同，而且一直在不斷提高。您認為大型銀行之間的競爭加劇對您的業務有何影響？

Thanks for the question, Navarro. I would say, of course, the incumbent banks, they are not sitting down, doing nothing, okay? So -- but for us, the most structural change in the last, I would say, two years, it's not that the banks. The incumbent banks they improved a lot in investments. And the main reason is the high interest rates, tax exempt products, and so on, okay?

謝謝你的提問，納瓦羅。我想說，當然，現有銀行不會坐視不管，無所事事，好嗎？所以 — — 但對我們來說，我想說，過去兩年中最結構性的變化不是銀行。現有銀行在投資方面取得了巨大進展。主要原因就是高利率，免稅產品等等，好嗎？

So if you look at some of these incumbent banks without giving any names, they didn't improve at all, okay, in investments. But when you look at the NPS from affluent clients from the same bank, the NPS went up like 40 bps. The main reason is the level of profitability that they can have with just tax-exempted products. So it's a little bit harder to compete with the incumbent banks with this environment.

因此，如果您看看這些現有銀行，不點名的話，你會發現，它們的投資狀況根本沒有改善。但當你查看同一家銀行富裕客戶的 NPS 時，會發現 NPS 上升了 40 個基點。主要原因是他們光是免稅產品就能獲得一定的獲利水準。因此，在這種環境下，與現有銀行競爭會更加困難。

But again, we are not like blaming the macro environment. We are not waiting the macro to get better, and our guidance doesn't depend on the macro environment. That's an upside, but for us, it's more the environment than the structural change in most of the incumbent banks.

但同樣，我們也不喜歡怪罪宏觀環境。我們不會等待宏觀經濟變得更好，我們的指導也不依賴宏觀環境。這是有利的一面，但對我們來說，這更多的是一種環境變化，而不是大多數現有銀行的結構變化。

Thank you very much. That was very clear.

非常感謝。那是非常清楚的。

Okay. This is -- that was the last question. So we thank you for your participation. And our team and the management are available for further questions. It will be a pleasure to answer anyone that you send to us. Thank you, and we'll talk soon.

好的。這是——這是最後一個問題。因此我們感謝您的參與。我們的團隊和管理層願意回答您的其他問題。我們將非常樂意為您發送給我們的任何人解答。謝謝，我們很快再聊。