XP Inc (XP) 2025 Q1 法說會逐字稿

Good evening, everyone. I'm Andre Parize, Investor Relations Officer at XP. It's a pleasure to be here with you today.

大家晚上好。我是 XP 的投資者關係長 Andre Parize。我很高興今天能和大家在一起。

On behalf of the company, I would like to thank you, all, for your interest and welcome you to our first-quarter 2025 earnings call.

我謹代表公司感謝大家的關注，並歡迎大家參加我們的 2025 年第一季財報電話會議。

Today, the presentation will be led by our CEO, Thiago Maffra; and our CFO, Victor Mansur, who will both be available for the Q&A session, right after the presentation.

今天的演講將由我們的執行長 Thiago Maffra 和財務長 Victor Mansur 主持，他們都將在演講結束後參加問答環節。

(Operator Instructions)

（操作員指示）

Before we begin, please refer to our legal disclaimers on page 2, where we provide additional information regarding forward-looking statements. You can also find more information in the SEC filings section on our IR website.

在開始之前，請參閱第 2 頁的法律免責聲明，其中我們提供了有關前瞻性陳述的更多資訊。您也可以在我們的 IR 網站的 SEC 文件部分找到更多資訊。

Now, I'll turn it over to Thiago Maffra. Good evening, Maffra.

現在，我將把發言權交給蒂亞戈·馬夫拉 (Thiago Maffra)。晚上好，馬夫拉。

Thank you, Andre. Good evening, everyone.

謝謝你，安德烈。大家晚上好。

I appreciate you all joining us today for our first-quarter 2025 earnings call.

感謝大家今天參加我們的 2025 年第一季財報電話會議。

Let's begin by reviewing the key highlights for the quarter. It is important to mention that we continue to execute our strategy initiatives: delivering high results, consistently.

讓我們先回顧一下本季的主要亮點。值得一提的是，我們將繼續執行我們的策略性舉措：始終如一地提供高成果。

Starting with client assets plus AUM and AUA that we are now disclosing: that achieved BRL1.8 trillion, posting a 13% growth year over year. We accounted 18,100 advisers, representing 2% growth year over year. And active client base posted $4.7 million, with 2% growth year over year.

從我們現在揭露的客戶資產加上 AUM 和 AUA 開始：達到了 1.8 兆巴西雷亞爾，年成長 13%。我們擁有 18,100 名顧問，年增 2%。活躍客戶群價值 470 萬美元，較去年同期成長 2%。

In the quarter, gross revenues posted BRL4.6 billion, with 7% growth year over year. We delivered solid EBT growth of 16% year over year, reaching BRL1.3 billion. And, once again, happy to announce that we achieved the all-time high quarterly net income in our history, posting BRL1.236 million. It represents a 20% year-over-year growth.

本季度，總營收達到 46 億巴西雷亞爾，年增 7%。我們的息稅前利潤 (EBT) 年增 16%，達到 13 億巴西雷亞爾。我們再次高興地宣布，我們實現了歷史上最高的季度淨收入，達到 123.6 萬巴西雷亞爾。這代表著年增20%。

On profitability, we achieved 21% ROE during the quarter, with 340 bps expansion versus first-quarter '24. On capital ratio, we market a comfortable level, at 19%. It represented an increase of 130 bps quarter over quarter. What's important here is our capacity to grow our business, while keeping our capital discipline. Victor will provide further details on this topic, related to new regulation implemented during the quarter.

在獲利能力方面，本季我們的 ROE 達到了 21%，與 2024 年第一季相比成長了 340 個基點。就資本比率而言，我們將其定為一個舒適的水平，即 19%。與上一季相比，這一數字增加了 130 個基點。重要的是我們在保持資本紀律的同時發展業務的能力。Victor 將提供有關該主題的更多詳細信息，涉及本季度實施的新法規。

Regarding diluted EPS, we posted 24% growth year over year, which corresponds to a faster growth than net income.

就稀釋每股盈餘而言，我們實現了年成長 24%，這比淨收入的成長更快。

As we mentioned last quarter, we should take this dynamic into consideration since we are executing our share buyback program strategy. On this topic, I would like to reinforce that we have ended previous program of BRL1 billion and have canceled the treasury shares. Today, we also have announced a new share buyback program of another BRL1 billion. It's part of our capital distribution plan, aligned with our guidance target of this ratio: to operate the business between 16% and 19%.

正如我們在上個季度提到的那樣，由於我們正在執行股票回購計劃策略，因此我們應該考慮到這種動態。關於這個主題，我想強調的是，我們已經結束了之前的 10 億巴西雷亞爾計劃，並取消了庫存股。今天，我們也宣布了另外一項 10 億巴西雷亞爾的新股票回購計畫。這是我們資本分配計畫的一部分，與我們的指導目標一致：將業務營運率控制在 16% 至 19% 之間。

Now, let's see more details on the next slide.

現在，讓我們看看下一張幻燈片上的更多細節。

This quarter, we are sharing new info to provide a better understanding of our ecosystem. Basically, we added institutional client assets in total client assets and provided the complete [review], including assets under management from our Asset Management business and AUA from our Fund Administration business.

本季度，我們將分享新的訊息，以便更好地了解我們的生態系統。基本上，我們在總客戶資產中加入了機構客戶資產，並提供了完整的[審查]，包括來自資產管理業務的管理資產和來自基金管理業務的 AUA。

Said that, our total client assets, AUM, and AUA comprehends almost BRL1.8 trillion, which represents a 13% growth year over year.

據稱，我們的客戶資產總額 (AUM) 和 AUA 接近 1.8 兆巴西雷亞爾，年增 13%。

On the right hand of the slide, we see how net new money evolves. This net new money is only related to client assets, not AUM or AUA. This quarter, we marked BRL24 billion in net new money, representing 79% growth year over year. Even considering the (inaudible) events we faced during this year, we were able to keep growing.

在投影片的右側，我們看到了淨新資金是如何演變的。這筆淨新增資金僅與客戶資產有關，與 AUM 或 AUA 無關。本季度，我們的淨新增資金為 240 億巴西雷亞爾，年增 79%。即使考慮到我們今年面臨的（聽不清楚）事件，我們仍然能夠繼續成長。

As we said many times before, our target for retail net new money is around BRL20 billion per quarter. This quarter, we delivered our commitment and it posted 54% growth year over year, corroborating to our understanding that our two differentials set us apart from peers and will contribute to our continuous growth for the next years.

正如我們之前多次說過的，我們零售淨新增資金的目標是每季約 200 億巴西雷亞爾。本季度，我們兌現了承諾，實現了同比增長 54%，這證實了我們的理解，即我們的兩個差異使我們有別於同行，並將促進我們未來幾年的持續增長。

On the next slide, let's delve into our retail strategy. Here, we will explore our differentials and results of recent implemented initiatives.

在下一張投影片中，讓我們深入探討我們的零售策略。在這裡，我們將探討我們最近實施的措施的差異和成果。

Looking to our product platform, we have not only the most complete and sophisticated in the country but, also, the largest. If we look to our credentials in equities, futures, FX, options, and ETF, we represent roughly 50% of the market, including fixed income in the analysis.

從產品平台來看，我們的產品平台不僅是國內最全、最完善的，也是國內最大的。如果我們看看我們在股票、期貨、外匯、選擇權和 ETF 方面的資歷，我們佔據了約 50% 的市場份額，包括分析中的固定收益。

We are also the largest player in corporate credit traded volumes, number of trades, and midsized banks time deposit distribution, among other indicators. This advantage places XP ahead of any player in the country.

我們在企業信貸交易量、交易數量以及中型銀行定期存款分配等指標方面也位居第一。這一優勢使得 XP 領先該國任何玩家。

Regarding investments: being top of mind is an important lever to capture any market share opportunity. Based on this rationale, we are confident that we can navigate in different weathers, grow our business, while benefiting from our operational leverage.

關於投資：成為首要考慮因素是抓住任何市場份額機會的重要槓桿。基於這個原理，我們有信心能夠在不同的天氣條件下航行，發展我們的業務，同時受益於我們的營運槓桿。

Now, on our multichannel distribution. I would like to remind you that since we have implemented our proprietary tools, providing more intelligence to support internal advisers with the electives, we had increased the daily activities by 11 times.

現在，談談我們的多通路分銷。我想提醒您，自從我們實施了專有工具，為內部顧問提供選修課支援提供了更多智能，我們已將日常活動增加了 11 倍。

[Rolling] this out to all of our advisors, we have seen the standardized model providing higher productivity and client satisfaction across the board. Results of that are clear: the standardization of the way of work resulted in 19% lower year-over-year client churn; and 14% higher year over year, in adherence to recommended allocation.

將此模式推廣至我們所有的顧問後，我們看到標準化模式全面提高了生產力和客戶滿意度。其結果顯而易見：工作方式的標準化使客戶流失率年減 19%；按照建議的分配方式，客戶流失率較去年同期上升 14%。

In parallel, we keep focusing on quality. We have increased our top-tier advisors by 21% year over year. The latter shows that the most productive profile is increasing faster. We should capture this benefit during the next years by providing a better level of service to our clients, more intelligence to our advisors, and recommended allocation process, along the financial planning initiative -- we are seeing encouraging results. This powerful combination resulted in 10 points higher NPS and a lift in net new money of more than 50% for clients that went through the financial planning process.

同時，我們繼續注重品質。我們的頂級顧問數量年增了 21%。後者表明，最俱生產力的群體正在更快地成長。我們應該在未來幾年內抓住這一優勢，透過為客戶提供更好的服務、為我們的顧問提供更多的情報、以及推薦的分配流程，並實施財務規劃計劃——我們已經看到了令人鼓舞的成果。這種強大的組合使經歷財務規劃流程的客戶的 NPS 提高了 10 個百分點，淨新資金增加了 50% 以上。

Besides that, our standardized model includes IFAs and provides not only scale but, also, balance returns to clients with different risk profiles. In other words, we see clients become even more satisfied with (inaudible), while they have returns aligned with their profiles on all channels.

除此之外，我們的標準化模型包括 IFA，不僅提供規模，還提供對不同風險狀況的客戶的平衡回報。換句話說，我們看到客戶對（聽不清楚）更加滿意，同時他們在所有管道上獲得的回報都與他們的個人資料一致。

Finally, we were, once again, awarded as the Best Financial Advisory Platform in Brazil, something we are very proud of. This shows how we keep innovating and getting ahead of competition through different strategies throughout the years. But all those strategies have in common -- our client satisfaction -- is the priority.

最後，我們再次榮獲巴西最佳金融諮詢平台稱號，對此我們感到非常自豪。這表明我們多年來如何透過不同的策略不斷創新並在競爭中取得領先地位。但所有這些策略都有一個共同點——客戶滿意度是首要任務。

Now, let's move to the next slide and see retail cross-sell figures. As we already mentioned during recent quarters, we launched many initiatives to provide better quality service to our clients. And, as a consequence, they are increasing their engagement with XP.

現在，讓我們翻到下一張投影片，看看零售交叉銷售數據。正如我們在最近幾季所提到的，我們推出了許多舉措，為客戶提供更優質的服務。因此，他們正在增加對 XP 的參與。

Now, let's see more details on our cross-sell. The first one is credit card. It grew 7% year over year, marking BRL12.1 billion in TPV during the first quarter. Despite the seasonality quarter over quarter, we expect to accelerate our Credit Card business with the new launch we will have by June.

現在，讓我們了解交叉銷售的更多細節。第一個是信用卡。第一季度，TPV 年成長 7%，達到 121 億巴西雷亞爾。儘管季度間存在季節性變化，但我們預計隨著 6 月新信用卡業務的推出，我們的信用卡業務將加速發展。

We will offer two new products focused on (inaudible) and Private Bank segments. The new offering will comprehend an attractive package of benefits that will accelerate our penetration pace.

我們將推出兩款新產品，重點在於（聽不清楚）和私人銀行領域。新產品將包含一系列極具吸引力的福利，這將加快我們的滲透速度。

Life insurance written premium presented 40% growth year over year in first-quarter '25. As we said before, our Insurance business is another growth avenue for the next years, since our penetration is still in early stage. We'll keep evolving on a quarterly basis.

2025 年第一季人壽保險承保保費年增 40%。正如我們之前所說，我們的保險業務是未來幾年的另一個成長途徑，因為我們的滲透率仍處於早期階段。我們將按季度不斷發展。

It's important to recap that we are starting to reap the benefits from our own insurance company, since it takes three years, on average, to see more positive results flowing through the P&L. This dynamic is because the first two years are more concentrated with paid commissions and provisions.

需要重申的是，我們開始從自己的保險公司獲得收益，因為平均需要三年才能看到損益表中出現更多正面成果。出現這種動態是因為前兩年更專注於支付佣金和撥備。

On retirement plans. Our client assets keep growing double digit, posting 15% year-over-year growth; and market, BRL83 billion. XP has only 5% market share and there is a lot of room to grow.

關於退休計劃。我們的客戶資產維持兩位數成長，年增 15%；市場規模達 830 億巴西雷亞爾。 XP僅佔5%的市場份額，還有很大的成長空間。

As I said in recent quarters, we implemented new initiatives as cashback and salesforce expansion to keep gaining relevance in our offering during the next years.

正如我在最近幾季所說的那樣，我們實施了現金回饋和銷售團隊擴張等新舉措，以在未來幾年內繼續提高我們產品的相關性。

Retail credit NII posted 48% growth year over year, marking BRL82 million in revenues in the quarter. Our lending process is based on client investments as collateral. We have a lower than 1% ECL.

零售信貸 NII 年成長 48%，本季營收達 8,200 萬巴西雷亞爾。我們的貸款流程以客戶投資作為抵押。我們的 ECL 低於 1%。

On other new products, compounded by FX, global investments, digital account, and consortium, they presented [90%, 90%] growth year over year, with revenues marking BRL205 million this quarter. It [corroborates] with our plan to explore other opportunities to cross-sell in our retail client base, with innovative and attractive offerings, targeting to achieve BRL1 billion per year, this year.

其他新產品，包括外匯、全球投資、數位帳戶和財團，較去年同期成長 [90%、90%]，本季營收達到 2.05 億巴西雷亞爾。它[證實]了我們的計劃，即探索在我們的零售客戶群中進行交叉銷售的其他機會，提供創新和有吸引力的產品，目標是今年實現每年 10 億巴西雷亞爾的銷售額。

Moving to the next slide, we will address our Wholesale Bank evolution. Starting with GCM, as we had anticipated last quarter, the industry presented much lower volumes at the beginning of the year. We, also, were impacted.

進入下一張投影片，我們將討論批發銀行的發展。從 GCM 開始，正如我們上個季度所預期的那樣，該行業在年初的交易量要低得多。我們也受到了影響。

On the flip side, as we had also anticipated and expected, it was possible to gain market share and keep our credentials of top-ranked in GCM agribusiness credit notes and real estate funds. While the GCM industry reduced by 19% year over year, XP had an impact of 8% year over year.

另一方面，正如我們預期和期望的那樣，我們有可能獲得市場份額並保持在 GCM 農業綜合企業信用票據和房地產基金中的領先地位。雖然 GCM 產業年減了 19%，但 XP 的影響卻較去年同期下降了 8%。

During the last years, we built the largest investment platform in Brazil, with relevance in secondary trading. This is a true differential to compete in this arena today and in the future.

在過去的幾年裡，我們建立了巴西最大的投資平台，與二級交易有關。這對於當今和未來在這個領域的競爭來說是一個真正的優勢。

Regarding XP Institutional Broker Dealer, it's another quarter that we gained market share. In the end of 2024, XP posted 16% market share. Now, we are at 17%, competing head-to-head with the leader.

對於 XP Institutional Broker Dealer 而言，這是我們另一個季度獲得市場份額。到 2024 年底，XP 的市佔率為 16%。現在，我們的市佔率為 17%，與領先者展開正面競爭。

In recent quarters, we have (inaudible) our Corporate Securities growth engine. First, our capacity to originate warehouse and distribute corporate credit -- it's way better than it was a few years ago. And, second, how we are strategically warehousing assets under different market conditions -- XP became a relevant player and, more important than that, is to show how we have created a unique loop to recycle our corporate securities book to retail and institutional channels.

最近幾個季度，我們（聽不清楚）擁有公司證券成長引擎。首先，我們發起倉儲和分配公司信貸的能力比幾年前好得多。其次，我們如何在不同的市場條件下策略性地倉儲資產——XP 成為了一個相關參與者，更重要的是，展示了我們如何創建一個獨特的循環，將我們的公司證券帳簿回收到零售和機構管道。

In the quarter, we have sold a good portion of our book from the end of 2024. We have warehoused more than that, achieving BRL34 billion, a net increase of BRL2 billion quarter over quarter. The rationale was backed by our understanding that GCM is still with mild volumes in second-quarter '25. And we want to keep our competitiveness in the fixed income arena to our retail clients.

本季度，我們已售出 2024 年底的大部分書籍。我們的倉儲量超過了這個數字，達到 340 億雷亞爾，環比淨增加 20 億雷亞爾。我們理解這一理由，認為 GCM 在 2025 年第二季的交易量仍然溫和。我們希望在固定收益領域保持對零售客戶的競爭力。

To conclude my presentation, I would like to reinforce that we are starting to reap the benefits of the cross-sell and wholesale strategy we have been implementing in the last years. Despite not having, yet, a positive investment cycle, we are delivering solid results, capturing operating leverage with margin and ROE expansion.

在結束我的演講之前，我想強調的是，我們開始從過去幾年實施的交叉銷售和批發策略中獲益。儘管我們尚未進入積極的投資週期，但我們仍取得了穩健的業績，透過利潤率和 ROE 擴張獲得了經營槓桿。

We believe we are still at the beginning of this process. And we are already projecting to close the year with ROE expansion, which is also a trend we expect to continue in the coming years.

我們相信我們仍處於這一進程的開始階段。我們已經預計今年年底 ROE 將擴大，我們預計這一趨勢將在未來幾年持續下去。

Now, I will hand it over to Victor, who will provide a deeper look into our financial performance this quarter.

現在，我將把時間交給 Victor，他將深入了解我們本季的財務表現。

Thank you, Maffra. Good evening, everyone.

謝謝你，馬夫拉。大家晚上好。

It's a pleasure to be here with you to discuss the financial performance for the first quarter of 2025. Let's begin with the financial highlights for the quarter.

很高興在這裡與大家討論2025年第一季的財務表現。讓我們先來看看本季的財務亮點。

Total gross revenues for the quarter reached BRL4.6 billion, representing a 7% increase year over year and a 4% decrease quarter over quarter. It's important to bear in mind the seasonality of the first quarter due to holidays and summer time.

本季總營收達 46 億巴西雷亞爾，年增 7%，季減 4%。由於假期和夏季，記住第一季的季節性很重要。

We must pay attention that Retail grew 10% year over year; Corporate & Insurance Services, 11% year over year; and Other posted minus 24% year over year. Considering other revenue concept, it's important to understand the (inaudible) [conglomerate] restructuring effects.

值得注意的是，零售業年增10%；企業及保險服務業較去年同期成長11%；其他產業較去年同期成長-24%。考慮到其他收入概念，了解（聽不清楚）[企業集團]重組效應非常重要。

Just to recap, before the restructuring, the financial results generated from cash position invested from the issued debt used to be allocated in other revenue and the cost of corporate debt was allocated interest expense on debt.

回顧一下，在重組之前，已發行債務投資的現金頭寸產生的財務結果過去被分配到其他收入中，而公司債務成本則被分配到債務利息費用中。

Now, if the XP Bank -- on the top of the local conglomerate, both concepts are allocated as the bank net interest margin. If it wasn't for this effect, other revenue would have been flat year over year. Therefore, it's fair to calculate the operational revenues growth, excluding other.

現在，如果 XP Bank —— 位於本地企業集團的頂端，那麼這兩個概念都被分配為銀行淨利差。如果不是因為這個影響，其他收入將與去年同期持平。因此，計算不包括其他因素的營業收入成長是公平的。

In this case, total growth was 9% year over year, sustaining that our business are responding to our plan for the year and accelerating for the second half of 2025.

在這種情況下，整體成長率為 9%，表明我們的業務正在響應今年的計劃，並在 2025 年下半年加速發展。

The key drivers behind this growth for the year where retail fixed income, retail new verticals, and other retail with our new ventures growing at a fast pace.

今年成長的主要驅動力是零售固定收益、零售新垂直行業以及其他零售業務，我們的新業務正在快速成長。

On the Wholesale Bank, corporate also posted positive growth of 23% year over year. As just mentioned, retail revenues grew 10% year over year and minus 4% quarter over quarter. Retail revenue posted BRL3.4 billion in the quarter, a 10% growth year over year and a 4% decrease quarter over quarter, due to the seasonality.

批發銀行方面，企業也實現了 23% 的年成長。如剛才所提到的，零售收入年增10％，環比下降4％。本季零售收入為 34 億巴西雷亞爾，由於季節性原因，年增 10%，季減 4%。

As expected, fixed income was the main driver in the quarter, achieving BRL1.15 billion, with 4%, 5% growth year over year and posting 3% growth quarter over quarter. For the first time in our history, fixed income was the largest revenue in retail. Fixed income results are completely connected for distribution capacity, warehouse strategy, and the relevance in secondary trading.

如預期，固定收益是本季的主要推動力，達到 11.5 億巴西雷亞爾，年成長 4%、5%，季增 3%。在我們的歷史上，固定收益首次成為零售業最大的收入。固定收益結果與分銷能力、倉庫策略以及二級交易的相關性完全相關。

I also would like to highlight that other retail posted 19% growth in the year, mainly supported by FX, global account, and digital account.

我還想強調的是，其他零售業今年實現了 19% 的成長，主要得益於外匯、全球帳戶和數位帳戶。

Let's move next to the slide of Corporate & Issuer Services. Corporate & Issuer Services revenue increased 11% year over year, marking BRL562 million, and minus 6% quarter over quarter.

接下來我們來看「公司與發行人服務」投影片。企業與發行人服務收入年增 11%，達到 5.62 億巴西雷亞爾，季減 6%。

Even in a scenario of lower volumes from local industry, we're gaining market share in DCM arena. As a result, Issuer Services delivered flattish revenues year over year, marking BRL282 million and a decrease of 16% quarter over quarter.

即使在當地產業產量較低的情況下，我們的 DCM 領域的市佔率仍在不斷增加。因此，發行服務部的營收與去年同期持平，為 2.82 億巴西雷亞爾，季減 16%。

It was a strong quarter for our Corporate division, capturing cross-selling opportunities, mainly in derivatives and energy. Corporate posted BRL280 million in the quarter, with 23% growth year over year and 7% growth quarter over quarter.

對於我們的企業部門來說，這是一個強勁的季度，抓住了交叉銷售機會，主要在衍生性商品和能源領域。本季企業營業收入為 2.8 億雷亞爾，年增 23%，季增 7%。

Moving on to the next slide, we will explore our SG&A and efficiency ratios. Our SG&A expenses totaled BRL1.4 billion in the quarter, flat year over year and 10% lower quarter over quarter. We still focus on our expense control discipline, such as new hirings of internal advisors.

進入下一張投影片，我們將探討銷售、一般及行政費用 (SG&A) 和效率比率。本季我們的銷售、一般及行政費用總計 14 億巴西雷亞爾，與去年同期持平，與上一季相比下降 10%。我們仍然注重費用控制紀律，例如新聘內部顧問。

Once again, we improved our efficiency ratio. This time, it was lower in 204 basis points, reaching 34.1% in the first quarter. It is the lowest in our history.

我們再次提高了效率比率。此次則下降了204個基點，第一季達到34.1%。這是我們歷史上的最低水準。

As revenue growth outpaced expense growth, we expected continued gains in operating leverage as we scale our business, even considering new investments to enhance our platform, such as improvement in our banking (inaudible) offering and the more intelligent segmentation.

由於收入成長超過支出成長，我們預期隨著業務規模的擴大，經營槓桿將繼續成長，甚至考慮進行新的投資來增強我們的平台，例如改善我們的銀行（聽不清楚）服務和更聰明的細分。

Moving to the next slide. As a consequence of our assertive strategy to provide and complete our sophisticated investment platform to our clients, our EBT margin expanded 220 basis points year over year, reaching 29.1%. It also represents an expansion of 4 basis points quarter over quarter.

移至下一張投影片。由於我們採取了積極的策略，為客戶提供並完善了先進的投資平台，我們的 EBT 利潤率同比增長 220 個基點，達到 29.1%。這也意味著環比增長了 4 個基點。

Total EBT for the quarter was BRL1.3 billion, a 16% increase year over year and minus 2% quarter over quarter.

本季息稅前利潤總額為 13 億巴西雷亞爾，年增 16%，季減 2%。

As I said last quarter, during 2025, our efforts will be concentrated on expanding our ecosystem and capturing the benefits of our larger business, targeting our commitment to 2026: deliver EBT margin between 30% and [therefore].

正如我上個季度所說，2025 年，我們的努力將集中在擴大我們的生態系統和獲取更大業務的利益，以實現我們對 2026 年的承諾：實現 30% 至[所以]。

On the next slide, we see the net income. Net income achieved BRL1.2 billion, a 20% growth year over year and a 2% growth quarter over quarter. As Maffra mentioned, a record high net income for the quarter.

在下一張投影片中，我們看到淨收入。淨收入達12億巴西雷亞爾，年增20%，季增2%。正如馬夫拉所提到的，本季淨收入創下歷史新高。

More importantly, EPS grew 24% year over year. We will explore this better in the next slide.

更重要的是，每股盈餘較去年同期成長24%。我們將在下一張投影片中進一步探討這一點。

We have been more vocal on our share buyback programs lately. Our diluted EPS achieved BRL2.29 per share. As a consequence of executing the program and canceling the shares, its growth base is faster than our net income.

我們最近更加積極地談論我們的股票回購計劃。我們的稀釋每股盈餘達到每股 2.29 巴西雷亞爾。由於執行該計劃並取消股份，其成長基數比我們的淨收入更快。

During the first quarter of '25, our diluted EPS posted 24% growth, while the net income grew 20%, both on a year-over-year basis.

25 年第一季度，我們的稀釋每股收益年增 24%，淨收入年增 20%。

In the quarter, ROTE marked 3.2% for 174 basis points higher year over year. ROAE achieved 24.1%, if 304 basis points higher than the last year. When compared on a quarter-over-quarter basis, ROTE increased 101 basis points and ROAE increased 68 basis points, respectively.

本季度，ROTE 達 3.2%，比去年同期高出 174 個基點。淨資產收益率達24.1%，較前一年提高304個基點。與上一季相比，ROTE 增加了 101 個基點，ROAE 增加了 68 個基點。

Now, moving to capital management. As we demonstrated last quarter, XP has distributed closer to BRL10 billion in dividends and buybacks during the last years. During this year, we also have executed our last buyback program.

現在，轉向資本管理。正如我們上個季度所展示的，XP 在過去幾年中已派發了近 100 億巴西雷亞爾的股息和回購款項。今年我們也執行了最後一次回購計畫。

And, today, we announced a new one of BRL1 billion. The new program can be executed until December '26, in spite of our plan to return more than 50% of our net income in both 2025 and '26.

今天，我們宣布了一項新的 10 億巴西雷亞爾的撥款。儘管我們計劃在 2025 年和 2026 年返還 50% 以上的淨收入，但新計劃可以執行到 2026 年 12 月。

Moving to the second part of capital management, on the next slide. To conclude my presentation: as anticipated last quarter, we had a new effect from the 4966 resolution, which contributed positively to our capital ratio, returning our BIS ratio to 19% in the quarter.

下一張投影片是資本管理的第二部分。總結我的演講：正如上個季度所預期的那樣，4966 決議給我們帶來了新的影響，這對我們的資本比率產生了積極的影響，使我們的 BIS 比率在本季度恢復到 19%。

This new resolution changed the operational RWA calculation. The new methodology introduces some additional factors, such as the 10-year operational loss base. This combination of factors made operational RWA model more risk-sensitive, resulting in a reduction in XP required capital.

這項新決議改變了營運 RWA 計算。新方法引入了一些額外的因素，例如 10 年營運虧損基數。這些因素的結合使得營運 RWA 模型對風險更加敏感，從而減少了 XP 所需的資本。

On the right-hand side of the slide, we can see that the total-RWA-to-total-assets reduced by 2 percentage points year over year; and total RWA reduced by 4% sequentially, when compared to the last quarter.

在投影片的右側，我們可以看到總 RWA 與總資產的比率同比下降了 2 個百分點；與上一季相比，總 RWA 環比下降了 4%。

As I said before, our RWA will grow at a moderate pace, more aligned with net income and delivering some leverage throughout the year.

正如我之前所說，我們的 RWA 將以適度的速度成長，與淨收入更加一致，並在全年提供一定的槓桿作用。

It's important to highlight that our VaR stood stable at 16 basis points of our equity or BRL33 million, demonstrating our risk discipline.

值得強調的是，我們的 VaR 穩定在股權的 16 個基點或 3,300 萬巴西雷亞爾，這反映了我們的風險紀律。

We continue to maintain our conservative capital position, with a CET1 is standing at 17.3%. CET1 alone is already in our guidance for total BIS ratio and well above our peers, which provide us the flexibility to execute our strategy, include further investments in technology, our business expansion, and also enable us to return capital, targeting our ratio guidance.

我們繼續保持保守的資本狀況，CET1 為 17.3%。僅 CET1 一項就已經符合我們對總體 BIS 比率的指導，並且遠高於我們的同行，這為我們執行戰略提供了靈活性，包括進一步投資於技術、擴展業務，也使我們能夠返還資本，以實現我們的比率指導。

Now, me and Maffra will be available to the Q&A section.

現在，我和 Maffra 將進入問答環節。

Now, we're going to start our Q&A session.

現在，我們將開始問答環節。

Eduardo Rosman, BTG.

愛德華多·羅斯曼，BTG。

Congrats on the numbers. Two things, here.

恭喜你取得這些成績。這裡有兩件事。

First, on your ROE. Do you think you can continue to increase your ROE towards the 30% level, as we can see on your return on tangible equity? That's the question number 1.

首先，關於你的 ROE。您是否認為您可以繼續將您的 ROE 提高至 30% 的水平，正如我們在有形資產回報率中看到的那樣？這是第一個問題。

And, naturally, I think it's linked to the second question, which is regarding your payout. I think you mentioned in the last conference call that you could sustain more than 50% payout in the coming years. But you are generating a lot of capital, right? Even though you are doing buybacks and growing the results, you generated more capital? So don't you think that 50% or close to that is conservative for the next couple of years?

當然，我認為這與第二個問題有關，即關於您的支出。我想您在上次電話會議中提到過，未來幾年您可以維持 50% 以上的支出。但你正在產生大量資本，對嗎？即使您正在進行回購並增加業績，您是否也產生了更多的資本？那麼，您不認為未來幾年 50% 或接近這個數字是保守的嗎？

These would be my two questions.

這是我的兩個問題。

Rosman, thank you for the question.

羅斯曼，謝謝你的提問。

First, about the ROE. We said last quarter that we should see, over 2025, the risk-weighted assets growing at a slower pace than net income. The consequence is slightly higher ROE over this year and next year.

首先，關於ROE。我們在上個季度曾表示，到 2025 年，風險加權資產的成長速度將低於淨收入的成長速度。結果是今年和明年的 ROE 會略有上升。

As you say, the ROTE is higher than 30%. And, over time, we should close this gap between both of them.

正如你所說，ROTE 高於 30%。而且，隨著時間的推移，我們應該縮小兩者之間的差距。

Also, talking about capital returns.: our BIS ratio improved quarter over quarter, as we said. This number -- of 50% of payout (inaudible) seen as conservative. In this [base], should be higher as the same as the last year's.

另外，談到資本回報：正如我們所說，我們的 BIS 比率逐季度都有所改善。這個數字——50% 的賠付（聽不清楚）被視為保守的。在這個基礎上，應該和去年一樣高。

Pedro Leduc, Itaú BBA.

Pedro Leduc，義大利 BBA。

All right. Two quick ones.

好的。兩個簡單的。

First, on take rates. Of course, they were down, seasonally, Q-on-Q. But you're also undergoing a change in the way remuneration goes, fixed variable commissions, et cetera. If you can put that into context, as well, to help us also see how we should see the next quarters evolve on take rates? That's the first.

首先，關於接受率。當然，從季節性來看，環比來看，它們是下降的。但你也正在經歷薪酬方式的改變，固定浮動佣金等等。如果您能將其放在上下文中，是否也能幫助我們了解下個季度的接受率將如何變化？這是第一個。

And then, the second: on the SG&A side. Great job there on the total figures. When we look at that (inaudible) personal and variable was a big component there -- if there's some seasonality here? Or is this really a tighter ship?

然後，第二個方面：銷售、一般及行政費用 (SG&A) 方面。整體數字表現很好。當我們看到（聽不清楚）個人和變數是其中的一個重要組成部分時——這裡有一些季節性嗎？或者這確實是一條更嚴格的規則？

Just to make sure that we see this line more sustained for these levels throughout the year.

只是為了確保我們看到這條線在全年的這些水平上更加持續。

Thank you for the question. Beginning with SG&A; then, we move to take rate.

謝謝你的提問。從銷售、一般及行政費用 (SG&A) 開始；然後，我們轉向利率。

First, we are a performance-based on the company and in the beginning of the year, some business there are more seasonal as Investment Banking, Institutional Broker Dealer performance of those business was weaker than in the 4Q. And, as they have a compensation that is more volatile, the compensation provisions is lower.

首先，我們是一家以業績為導向的公司，在年初，一些業務的季節性更強，例如投資銀行、機構經紀交易商等業務的業績比第四季度要弱。而且，由於他們的薪酬波動較大，因此賠償金額較低。

But over the year, as those business improve, we may see this number getting a bit higher, the same as 2024. But we are committed to deliver some efficiency in terms of efficiency ratio and bonus ratio, even though -- talking about take rate, it was slightly lower than the 4Q.

但隨著時間的推移，隨著這些業務的改善，我們可能會看到這個數字變得更高一些，與 2024 年相同。但我們致力於在效率率和獎金率方面提高一些效率，儘管談到接受率，它略低於第四季。

Remembering that 4Q have some business lines, as actions a bit higher than in the first quarter due the average traded volume in (inaudible); and, also, offered primary offerings of public of listed funds. So we expected the average number for our take rate to follow the same pace as the last year's and should cover a bit over the year but not as high as the 4Q.

記得第四季有一些業務線，由於平均交易量（聽不清楚），行動比第一季略高；並且還提供了上市基金的首次公開發行。因此，我們預計我們的平均接受率將與去年保持相同的速度，並且全年應該會有所覆蓋，但不會像第四季度那麼高。

I can take the second part of your question about the different -- it's Thiago here.

我可以回答你問題的第二部分，關於不同之處——我是蒂亞戈。

About the different models that you mentioned, the flat fee against the transactional model, we have seen the fee-based model growing in the past years. It was almost zero, two years ago. We closed last year, I would say, around BRL40 billion.

關於您提到的不同模式，固定費用與交易模式，我們看到收費模式在過去幾年中不斷發展。兩年前，這數字幾乎是零。我想說，我們去年的銷售額約為 400 億巴西雷亞爾。

I'm taking out here what we call WMC, Wealth Management and Consulting business, because, of course, they are 100% flat fee.

我在這裡討論的是所謂的 WMC，即財富管理和諮詢業務，因為它們當然是 100% 固定費用。

But on the total AUC, excluding this channel, it was BRL40 billion, out of almost BRL 1 trillion last year. We expect this number to grow to, I would say, around BRL100 billion this year, okay?

但就 AUC 總額而言，不包括該管道，其為 400 億巴西雷亞爾，而去年的總 AUC 總額接近 1 兆巴西雷亞爾。我們預計今年這個數字將成長到約 1,000 億巴西雷亞爾，好嗎？

And what we see, in terms of take rate: the take rate goes down a little bit there away, when you compare the two models. But the share of wallet increased a lot, okay?

就接受率而言，我們發現：當你比較這兩種模式時，接受率會稍微下降。但是錢包的份額增加了很多，好嗎？

So in terms of revenue, I would say it's almost zero; if not 0 zero, very close to. But we can bring a lot more money. And we have been investing a lot on flat fee, the fee-based model; and, also, on the consulting model, here, that we can consolidate cause it's outside of XP.

因此就收入而言，我會說它幾乎是零；如果不是零，那就是非常接近零。但我們可以帶來更多的錢。我們在固定費用、收費模式以及諮詢模式上投入了大量資金，我們可以將其整合，因為它不在 XP 範圍內。

We have implemented the area on the B2C channel, I would say, two, three months ago. It's growing really fast. Of course, the base zero was but it's growing.

我想說，兩三個月前，我們就已經在 B2C 頻道上實施了這個區域。它增長得非常快。當然，基數是零，但它正在增長。

So you can expect the consulting model and the fee-based model to grow this year and in the next years.

因此，你可以預期諮商模式和收費模式今年和未來幾年將會成長。

Yuri Fernandes, J.P. Morgan.

尤里‧費爾南德斯，摩根大通。

First one on fixed income. This was the first quarter that fixed income is above equities, right? It has been a drag on your retail revenues.

第一個是關於固定收益的。這是固定收益首次超過股票的季度，對嗎？這對您的零售收入造成了拖累。

So just trying to think ahead, maybe, better equity market in Brazil; not sure if it's too soon to discuss lower rates. But when should we see the equity side of your business start to stabilize?

所以只是試著提前思考，也許巴西的股票市場會更好；不確定現在討論降低利率是否為時過早。但是我們什麼時候才能看到您企業的股權方面開始穩定下來呢？

And how do you see the fixed income? Because I was taking, here, the historical and equity used to be 3 times, 4 times bigger to fixed income. And, now, fixed income has surpassed.

您如何看待固定收益？因為據我了解，歷史上股票投資比固定收益投資高出 3 倍、4 倍。現在，固定收益已經超越了。

So just trying to understand when we should see maybe -- I know they are some kind of natural hedges for each other but when should we see, like, a better momentum on those two engines for you?

所以只是想了解我們什麼時候應該看到——我知道它們是彼此之間的某種自然對沖，但是我們什麼時候應該看到這兩個引擎有更好的發展勢頭？

And then, just a more specific question on your expected credit losses. When we go to your accounting, we did see an increase on ECL for you this quarter. Just checking if this is related to, I don't know, more warehousing of securities that you need to build more ECL or if you are seeing some kind of marginal worsening on expected credit losses on any [credit] portfolio?

然後，關於您預期的信用損失，我有一個更具體的問題。當我們查看您的會計帳目時，我們確實發現本季您的預期信用損失有所增加。只是想檢查這是否與您為建立更多預期信用損失而需要存儲的更多證券有關，或者您是否看到任何[信貸]投資組合的預期信用損失出現某種邊際惡化？

Thank you for the question, Yuri. Taking the first part here.

謝謝你的提問，尤里。這裡討論第一部分。

First of all, when you look at actual revenues, the important part is that the markets need to pick up; not only in performance but, also, in traded volume. If you compare quarter against quarter, the average trade volume was lower, that impacted us, negatively, over the quarter.

首先，當你查看實際收入時，重要的是市場需要回升；不僅在業績方面，而且在交易量方面。如果進行季度比較，平均交易量較低，這對我們本季產生了負面影響。

And, also, inside of this line, there is primary offering of listed funds; some as real estate funds and other kind of products. So we need to see the markets improving to see this line growing again.

此外，在這一系列中，主要提供上市基金；有些是房地產基金和其他類型的產品。因此，我們需要看到市場改善才能看到這條線路再次成長。

Also, it's important to mention that we have a lot of operational leverage inside of the actual lines. And we have dominance in several products, as Maffra showed in his presentation.

此外，值得一提的是，我們在實際生產線內部擁有很大的營運槓桿。正如馬夫拉在演講中所展示的，我們在多種產品上佔據主導地位。

So actions, futures, options, BGI, and then, you go -- so if markets improve here in Brazil, we should see this line coming rising again.

因此，行動、期貨、選擇權、BGI，然後，你會看到——如果巴西的市場改善，我們應該會看到這條線再次上升。

But when you compare fixed income now and fixed income one year or two years ago in XP, I don't think it will return at the same level or decrease over time. Even if you have the interest rates starting to fall a little bit, we still are going to have high interest rates in Brazil -- a lot of opportunity in fixed income.

但是，當你將現在的固定收益與 XP 中一年或兩年前的固定收益進行比較時，我認為它不會恢復到相同的水平或隨著時間的推移而減少。即使利率開始略有下降，巴西的利率仍然會很高——固定收益領域仍有許多機會。

And, also, the DC market in Brazil is growing at a fast pace. This year, we may have lower smaller market than last year but the trend is very poised for this kind of product.

此外，巴西的直流市場也正在快速成長。今年，我們的小型市場可能比去年有所下降，但這種產品的趨勢非常穩定。

Just to complement Victor here. The way I like to think about take rate and the mix of revenues between the products, it's basically 3 points.

只是為了補充一下 Victor。我喜歡思考產品之間的接受率和收入組合，基本上是 3 點。

We have volume that Victor already mentioned. We are probably at the very close to the bottom of volumes in Brazil. Of course, if they pick up, we will have more revenues.

我們有 Victor 已經提到的數量。我們的銷量可能已經接近巴西的最低水準。當然，如果他們接受的話，我們就會有更多的收入。

The second one is price. The price didn't change much. We didn't make any money in equities in commissions and so on. So we didn't see any price pressure in any of the types of products in the past years.

第二個是價格。價格沒有太大變動。我們沒有從股票佣金等方面賺到任何錢。因此，過去幾年我們並未看到任何類型的產品面臨價格壓力。

So what left us to the main point here is mix, okay? In the past two years, everything shifted from alternatives, REITs, and so on, which is to fixed income.

所以這裡留給我們的重點是混合，好嗎？在過去的兩年裡，一切都從另類投資、房地產投資信託基金等轉向了固定收益。

Fixed income for reasons you know very well. They have the lowest ROE, ROA possible. So once we start to have a reshuffle in the mix, the take rate should go up, okay? But, again, as we mentioned in the past earnings calls, we are not taking that into consideration for guidance.

固定收入的原因您非常清楚。他們的 ROE 和 ROA 盡可能低。因此，一旦我們開始進行重組，接受率就會上升，好嗎？但是，正如我們在過去的收益電話會議上提到的那樣，我們不會將其考慮在內。

But, for sure, that's a possible upside if we start to have a better cycle here. Going to your second question about ECL. It was a one-off event with one credit and you should normalize that for the next quarters to around BRL100 million. That's a good proxy for the next quarters.

但可以肯定的是，如果我們開始有一個更好的循環，那將是一個潛在的好處。回到你關於 ECL 的第二個問題。這是一次性事件，只產生一筆貸款，你應該在接下來的幾季將其正常化到 1 億巴西雷亞爾左右。這是未來幾個季度的一個很好的代表。

Super clear, Maffra. And just triple-checking here: your ROE message of ROTE moving up doesn't imply any material change on your current revenue mix, right?

非常清楚，馬夫拉。這裡再確認一下：您的 ROE 資訊（ROTE 上升）並不代表您目前的收入組合會發生任何重大變化，對嗎？

No.

不。

Gustavo Schroden, Citi.

花旗銀行的古斯塔沃‧施羅登 (Gustavo Schroden)。

Congrats on the decent results. I have two questions, as well.

恭喜你取得了不錯的成績。我也有兩個問題。

The first one is still on revenue. Sorry to insist on that. But taking your guidance for the year that you provided last quarter, you mentioned that revenues should grow at least 10%. In this quarter, it grew 7%.

第一個還是收入。抱歉，我堅持這麼做。但是根據您上個季度提供的年度指導，您提到收入應該至少成長 10%。本季成長了7%。

Although we saw a strong or a decent growth in the Retail of 10% year-on-year, the gross or the consolidated revenue is still growing below the guidance range.

儘管我們看到零售額年增 10% 強勁或可觀，但總收入或綜合收入仍低於指導範圍。

I believe that as you didn't change our guidance, I believe that you're still believing that. So if you could share with us which line should improve -- give us more color of what should we expect, in terms of gross revenue growth.

我相信，既然您沒有改變我們的指導，我相信您仍然相信這一點。因此，如果您可以與我們分享哪條線路應該改進——請給我們更多關於我們應該期待什麼的信息，就總收入增長而言。

Again, you mentioned that -- I would say that you are more conservative, in terms of a take rate, especially considering the mix. But, as you said, the pie is still growing. So any color on gross revenue growth would be very helpful.

再次，您提到——我想說，就接受率而言，您更加保守，尤其是考慮到組合。但正如你所說，蛋糕仍在不斷變大。因此，任何有關總收入成長的顏色都會非常有幫助。

And my second question is regarding your, let's say, consolidated tax rate. If I'm not wrong, you paid, like, a 14.6% this quarter versus 18% last quarter. So what would explain this lower, let's say, consolidated tax rate?

我的第二個問題是關於您的綜合稅率。如果我沒記錯的話，本季您支付的費用為 14.6%，而上個季度為 18%。那麼如何解釋這種較低的綜合稅率呢？

I will take the first one, Schroden. Thank you very much for your question.

我選第一個，施羅登。非常感謝您的提問。

Yes. We didn't change the guidance of at least 10% growth in revenues for '25. We already knew that the first half of the year, Q1 and Q2, we would face tough comps because of many reasons because capital markets was very strong last year. We knew that that would go down.

是的。我們沒有改變25年營收至少成長10%的預期。我們已經知道，由於去年資本市場非常強勁，由於多種原因，今年上半年（第一季和第二季）我們將面臨艱難的競爭。我們知道這會發生。

And, this year, we are going to grow more on the Retail than what we have been delivering on Issuer Services & Corporate. So it was on our budget to have a lower than 10% growth on the first two quarters.

今年，我們在零售業務上的成長將超過我們在發行人和企業服務上的成長。因此，我們的預算是前兩季的成長率低於 10%。

To be honest, we are 1% higher than the budget for Q1, okay? So we are very on track. That was a (inaudible) plan.

說實話，我們比第一季的預算高出 1%，好嗎？所以我們一切進展順利。那是一個（聽不清楚）計劃。

The second important point, here, is to have in mind that the first quarter is always the lowest quarter of the year, in terms of revenue, in terms of net income -- all the metrics. So you should see all the metrics improving in the next quarters.

這裡的第二個重點是要記住，就收入、淨收入等所有指標而言，第一季始終是一年中最低的季度。因此，您應該會看到下個季度所有指標都會改善。

We have planned, in our budget, higher growth on the second half of the year. So that's why we are comfortable and confident that we can deliver at least 10% growth in revenues.

我們在預算中計劃在今年下半年實現更高的成長。因此，我們有信心實現至少 10% 的收入成長。

To give you some more color: again, this year, different from last year, most of the growth in revenue will come from Retail, okay? Especially because of Issuer Services -- that's not going to grow this year.

再給你一些說明：再說一次，今年與去年不同，大部分收入成長將來自零售，好嗎？尤其是由於發行人服務——今年它不會成長。

The first main point on retail to have in mind is fixed income. We believe that fixed income, as you already saw, was, for the first time, the highest revenue among all the products -- for the first time ever. And we believe that should continue to happen because the mix will not change that fast, at least not this year, in our view.

關於零售，首先要考慮的要點是固定收益。我們相信，正如您所看到的，固定收益首次成為所有產品中收入最高的產品——這是有史以​​來的第一次。我們相信這種情況應該會繼續發生，因為我們認為這種組合不會改變得那麼快，至少今年不會。

And our capacity to originate warehouse and distribute products, especially structured notes, corporate bonds, and midsized bank time deposits -- it's a big competitor advantage in our view and will continue to grow.

我們發起倉儲和分銷產品的能力，特別是結構性票據、公司債和中型銀行定期存款——在我們看來，這是一個巨大的競爭優勢，並且將繼續成長。

The second one is new verticals. We have many levers here.

第二個是新的垂直領域。我們這裡有很多槓桿。

One of them is credit cards. If you see, that was the lowest growth on the first quarter. If I'm not mistaken, 7%, 7%-something, 8% on the first quarter year over year.

其中之一就是信用卡。如果你看一下，你會發現這是第一季的最低成長。如果我沒記錯的話，第一季的年成長率為 7%，7% 左右，8%。

We are going to launch a new family of cards in June, this year. Top-rated cards for affluent and private bank clients. And we are very confident that we are going to accelerate the growth for cards on the second half.

我們將於今年 6 月推出一系列新卡。為富裕和私人銀行客戶提供的頂級信用卡。我們非常有信心，下半年我們將加速卡片業務的成長。

The second thing on new verticals is insurance. We are very confident that we are going to keep the pace of 40% year over year for the year. And, as the base is growing in nominal terms, this year is going to be much bigger than last year.

新垂直領域的第二件事是保險。我們非常有信心，今年我們將維持年增40%的速度。而且，由於名目基數正在成長，今年的基數將比去年大得多。

Another point: consortium that we released last year, the revenue was almost zero. It's going to be, I would say, more than [100] this year; global accounts, digital accounts -- all of them, they are growing at a really fast pace.

另外一點：我們去年發布的聯盟，收益幾乎是零。我想說，今年將會超過 [100] 個；全球帳戶、數位帳戶 —— 所有這些都在以非常快的速度成長。

If you see the numbers, it was 99% year over year. And we believe we can go close to that number this year, okay?

如果你看一下數字，你會發現年比成長率達到了 99%。我們相信今年我們可以接近這個數字，好嗎？

The last part is Corporate will continue to grow this year. But it will be partially offset by Issuer Services. But Corporate itself will grow this year. So that's how we get there and how we grow.

最後一部分是企業今年將持續成長。但它將被發行服務部分抵消。但今年企業本身將會成長。這就是我們到達那裡並成長的方式。

Taking the second part of the question, here, about tax: basically, the explanation is business mix, revenue mix. In the 4Q, we had a stronger Investment Banking Issuer Services line and do seasonality.

討論問題的第二部分，即有關稅收：基本上，解釋是業務組合、收入組合。在第四季度，我們的投資銀行發行人服務線更加強大，並且具有季節性。

And as expected for everyone else in the market, the Issuer Services business in this quarter was not as strong as the last one. And we supplemented that if the secondary market and warehousing strategy -- that pay lower taxes than the investment banking business.

正如市場上其他人所預期的那樣，本季的發行人服務業務不如上一季強勁。我們補充稱，如果採用二級市場和倉儲策略，那麼繳納的稅款將比投資銀行業務更低。

And, basically, over the year, if this scenario is the same, we should have a slightly lower, average-adjusted tax rate over 2025 against 2024.

基本上，如果全年情況相同，那麼 2025 年的平均調整稅率應該會比 2024 年略低。

Mario Pierry, Bank of America.

美國銀行的馬裡奧·皮埃里 (Mario Pierry)。

I wanted to focus a little bit more on the Retail inflows of BRL20 billion. Because we have seen increased activity (inaudible). We're seeing volumes picking up. Are you seeing any signs of improving inflows?

我想多關註一下 200 億巴西雷亞爾的零售流入。因為我們看到活動增加（聽不清楚）。我們看到交易量正在回升。您是否看到資金流入改善的跡象？

If you can discuss a little bit about the inflows that you saw throughout the quarter and what you're seeing at the beginning of the second quarter, I think that will be helpful. Because, right, you've said many times, in the past, that you're working to improve productivity of the advisors but it feels like inflows are growing less than or a slower pace than advisors.

如果您可以稍微討論一下整個季度看到的資金流入情況以及第二季度初看到的情況，我認為這將會有所幫助。因為，對的，您過去曾多次說過，您正在努力提高顧問的工作效率，但感覺流入資金的成長速度低於或低於顧問。

So just trying to get a better sense from you. Are you seeing increased productivity that are really happening now? And if you're seeing better markets leading to higher inflows?

所以只是想從你那裡得到更好的理解。您是否看到現在確實發生的生產力提升？如果您發現市場改善將帶來更多資金流入呢？

Second question, also related to -- you discussed, in the past, of drawing to the affluent wealth market? Do you have any data to share with us on that segment?

第二個問題也與您過去討論過吸引富裕財富市場有關嗎？您有關於該部分的任何數據可以與我們分享嗎？

Thank you, Mario, for your question. What happened is -- I would say that we are still at the same BRL20 billion level, okay? We didn't see -- of course, the number was BRL20 billion. And we have been talking that's a fair number for now and will be the same thing for Q2. I cannot say about Q3 and Q4. But that's a good proxy for next quarter.

謝謝馬裡奧的提問。實際情況是——我想說我們仍然處於 200 億巴西雷亞爾的水平，好嗎？我們沒有看到——當然，這個數字是 200 億巴西雷亞爾。我們一直在說，就目前而言這是一個相當不錯的數字，對於第二季來說也將是相同的數字。我無法談論 Q3 和 Q4。但這是下個季度的一個很好的指標。

We didn't see an improvement, yet, on the level of net new money. Again, interest rates: they are at peak, right now.

然而，我們尚未看到淨新增資金水準有所改善。再次，利率：目前正處於高峰。

It will take some time for investors to start moving money from the CDs from the banks to the platforms. We didn't see that accelerating yet. So that's the color we have, right now.

投資者需要一些時間才能將銀行存單中的資金轉移到平台。我們尚未看到這種加速。這就是我們現在的顏色。

You mentioned the number of IFAs: if you see, it has been flattish, I would say, for the past quarters, especially on the B2B channel.

您提到了 IFA 的數量：如果您看到的話，我想說，在過去的幾個季度裡，它一直持平，尤其是在 B2B 頻道。

Why? Because we have been focusing a lot on the quality of the IFA advisors. So we have been reducing a little bit the number of IFAs, okay? It's increasing on the B2C channel. It's increasing on the consulting. But it increased on the B2B channel on the last quarters.

為什麼？因為我們一直非常關注 IFA 顧問的素質。所以我們一直在減少 IFA 的數量，好嗎？它在 B2C 頻道上正在成長。諮詢業務正在增加。但在上個季度，B2B 通路的銷售額有所成長。

We have been focused on expansion on the B2B channel, again. So we expect the number of IFAs on the B2B channel to start growing again.

我們再次專注於 B2B 通路的擴展。因此，我們預計 B2B 頻道上的 IFA 數量將再次開始成長。

We have seen a lot of improvement on the B2C channel. Our challenge here: on the productivity side that you mentioned. But our challenge here is how to roll-out (inaudible) the B2B channel.

我們看到B2C通路有了很大的改善。我們面臨的挑戰是：您所提到的生產力面。但我們面臨的挑戰是如何推出（聽不清楚） B2B 頻道。

We have been implementing a lot of tools, training, and so on. And we are confident that we are going to capture that in the future.

我們已經實施了很多工具、培訓等等。我們有信心在未來實現這一目標。

But to be honest with you: they're not captured yet, okay? So that's why you're seeing -- we mentioned that 60% came from the new channels; meaning, 40% came from the B2B channel.

但說實話：他們還沒有被抓住，好嗎？所以這就是你看到的原因——我們提到 60% 來自新頻道；也就是說，40% 來自 B2B 頻道。

So we didn't see the improvement there yet. But we are really focused on that. And we expect that we will capture the benefits in the near future.

所以我們還沒有看到那裡的改善。但我們確實專注於此。我們期望不久的將來就能獲得利益。

Okay. That's clear. And the strategy of the affluent wealth market?

好的。這很清楚。以及富裕財富市場的策略？

Yeah. That's a good question. As you saw in the past, we have been investing a lot on the -- especially on the Private Bank business here.

是的。這是個好問題。正如您過去所看到的，我們一直在投入大量資金——尤其是在私人銀行業務上。

We hired a new CEO for the Private Bank: Cesar, who had a lot of experience running the Citibank-Private Banking in the US, for US clients. He brought a lot of new guys, new leaders for the business.

我們為私人銀行聘請了一位新的執行長：Cesar，他擁有為美國客戶服務、管理美國花旗銀行私人銀行業務的豐富經驗。他為公司帶來了許多新人、新領導。

We had, in the past years, zero or negative inflow on that business. Last year was a little bit slightly positive. And this year is going to be much better.

過去幾年，我們該業務的流入為零或為負。去年的情況稍微樂觀一點。今年的情況將會好得多。

So it's going but it's a long process because when you talk about Private Bank business, it's about building a franchisee. It's a long-term investment and a long-term business.

所以這是一個漫長的過程，因為當你談論私人銀行業務時，它是關於建立特許經營商。這是一項長期投資，也是一項長期業務。

We are looking very carefully and investing a lot. But it will take some time to bring results from the Private Bank. But we are confident.

我們正在非常仔細地觀察並投入大量資金。但私人銀行要取得成果還需要一些時間。但我們有信心。

Olavo Arthuzo, UBS.

瑞銀的 Olavo Arthuzo。

I have, basically, two questions.

我主要有兩個問題。

My first one is very, very straightforward because you started to provide the breakdown of total assets. So very quick here: I was just wondering how much the Fund Service represents of the total assets that you, guys, disclosed for this quarter?

我的第一個問題非常非常直接，因為你開始提供總資產的細目分類。所以這裡很快：我只是想知道基金服務佔你們本季揭露的總資產的多少？

And my second question is regarding your growth strategy because after launching the banking initiative, a couple of years ago, of the checking accounts and then, the credit cards, I think one of the main current ones is the consortium of technologies that Maffra mentioned.

我的第二個問題是關於你們的成長策略，因為在幾年前推出銀行計畫（包括支票帳戶和信用卡）之後，我認為目前的主要計畫之一就是馬夫拉提到的技術聯盟。

And the numbers, if you take into consideration the whole industry for the construction, had been impressive, so far, in terms of profitability. So if you could just elaborate a little bit more on the consortium front, especially thinking about the main goals, numbers, like the penetration of the product, the ticket.

如果你考慮整個建築業，那麼到目前為止，盈利能力的數字是令人印象深刻的。因此，如果您可以更詳細地闡述聯盟方面的情況，特別是考慮主要目標、數字，例如產品的滲透率、票務量。

I think your slide number 10, that constructs, within those, BRL205 this quarter, if I'm not wrong. How much does the consortium represent on that number for the quarter? So, net-net, any more detailed color on this would be very helpful.

如果我沒記錯的話，我認為您的第 10 張投影片中構建了本季的 BRL205。該財團在本季佔該數字的多少？因此，總體而言，對此任何更詳細的說明都會非常有幫助。

Thank you, Olavo. I didn't get your first question. So I will start for the second one. And then, you repeat your first question.

謝謝你，奧拉沃。我沒有明白你的第一個問題。因此我將開始第二個。然後，你重複你的第一個問題。

About consortium, it represents a very small revenue, yet, because the way we recognize the revenues -- basically, the upfront fee, it goes to pay commission. So we make zero when we sell consortium.

關於財團，它代表著非常小的收入，但是，由於我們確認收入的方式 - 基本上是預付費用，它用於支付佣金。因此，當我們出售財團時，我們的利潤為零。

Then, we have an agreement with the administrators. And we receive a fee monthly by monthly because we have a revenue share with them. So it's more like a recurring revenue, during the term of the consortium.

然後，我們與管理員達成協議。由於我們與他們有收入分成，因此我們每月都會收到一筆費用。因此，在財團存續期間，它更像是一種經常性收入。

So it's a business that we have to build the portfolio to then, capture the revenues. We started building the portfolio last year; I would say: half of last year. For some of the months, we already produced more than BRL1 billion per month, okay? So it's growing fast.

因此，我們必須建立投資組合來獲取收入。我們去年就開始建立投資組合了；我想說：去年有一半的時間了。有些月份，我們每個月的產值已經超過 10 億巴西雷亞爾，好嗎？所以它成長很快。

And the way we work the product -- to be honest, before knowing the product, you don't like the product because of everything you heard. But once you start working with consortium, as a, I would say, structured credit, then it's a good approach.

我們生產產品的方式——說實話，在了解產品之前，你聽到的所有東西都不會讓你喜歡上它。但一旦你開始與財團合作，作為一種結構化信貸，那麼這是一個很好的方法。

We don't sell consortium as investments, for sure, of course. But as a structured credit, it can be very accretive to our clients.

當然，我們絕對不會將財團當作投資來出售。但作為一種結構化信貸，它可以為我們的客戶帶來很大的價值。

We have been doing a lot for Private Bank clients, even for owners of big companies and so on. Because you have very cheap interest rates implied when you do the structured way of doing consortium.

我們為私人銀行客戶做了很多服務，甚至為大公司所有者等等做了很多服務。因為當你以結構化的方式進行財團合作時，你會獲得非常便宜的利率。

That's why it's growing really fast. Again, this year is going to be above BRL100 million. It can go to double of that in revenues. So it's growing really fast.

這就是它發展如此之快的原因。再一次，今年的金額將超過 1 億巴西雷亞爾。其收入可能會增加一倍。所以它成長得非常快。

It's going to be a very important revenue stream for the new verticals in the next years.

未來幾年，這將成為新興垂直產業非常重要的收入來源。

And if you can repeat your first question?

您能重複一下您的第一個問題嗎？

Yes, of course, definitely. It's related to the assets that you, guys, started to disclose this quarter, which you mentioned the [BRL 1.8 million]. How much does Fund Services represents of the total assets? Because I understand that the take rate of this type of assets provides a low yield.

是的，當然。這與你們本季開始披露的資產有關，你們提到了[180萬巴西雷亞爾]。基金服務佔總資產的多少？因為我知道這種資產的報酬率很低。

So just to understand the breakdown of that assets under [management] that you have?

那麼，您只是想了解一下您所管理的資產的細目嗎？

Yeah, for sure. Yeah. The most important part of the strategy of having the Fund Administration business is to provide a full ecosystem to our customers, especially the Institutional clients and Private Bank clients, because that's part of the investments we have been doing to grow on the Private Bank business.

是的，當然。是的。基金管理業務策略中最重要的部分是為我們的客戶，特別是機構客戶和私人銀行客戶提供一個完整的生態系統，因為這是我們為發展私人銀行業務而進行的投資的一部分。

Why? Because imagine that you have an exclusive fund -- discretionary fund -- here and XP has to rely on providers to give us the NAV and all the portfolio metrics and so on. Every day, we had problems with that -- with the SOA and with the accuracy of the information and so on.

為什麼？因為想像你有一個專屬基金——全權委託基金——而 XP 必須依靠提供者為我們提供資產淨值和所有投資組合指標等等。我們每天都會遇到這樣的問題——SOA 問題、資訊準確性問題等等。

So it's really hard to build the Private Bank business and Institutional business without having Fund Administration. So that's the main reason why we built the business.

因此，如果沒有基金管理，建立私人銀行業務和機構業務真的非常困難。這就是我們創建這家企業的主要原因。

As we mentioned, Fund Administration can go from 5 bps to 20 bps, 30 bps; for alternative funds, maybe 70 bps. That's a low ROAE. But the most important part here is to provide a full service to our customers.

正如我們所提到的，基金管理可以從 5 個基點增加到 20 個基點、30 個基點；對於另類基金，可能是 70 個基點。這是一個較低的 ROAE。但這裡最重要的部分是為我們的客戶提供全方位的服務。

And the number -- we opened the number on the slide -- if you check there, the number was BRL248 billion in AUA. That's the Fund Administration part.

我們在幻燈片上顯示了這個數字，如果你去那裡查看的話，這個數字是 AUA 中的 2480 億巴西雷亞爾。這是基金管理部分。

Tito Labarta, Goldman Sachs.

高盛的 Tito Labarta。

A follow-up question, just on the inflows. As you mentioned on the slide, right, you distribute around 50% to 60% of mid-sized banks' funding -- is distributed through XP. And just given some of the new flow with some of the mid-sized banks, I guess, [Banco Master] in particular -- but has that had any impact on your inflows or you are able to replace one bank with another bank's funding, just to make sure that that's not having any impact on inflows for you, for now?

後續問題是關於資金流入的。正如您在幻燈片中提到的那樣，您分配的中型銀行資金的大約 50% 到 60% 是透過 XP 分配的。考慮到一些中型銀行的新資金流入，我想，特別是 [Banco Master] - 這對你們的資金流入有影響嗎？或者你們能否用另一家銀行的資金取代一家銀行的資金，只是為了確保這不會對你們目前的資金流入產生任何影響？

And then, my second question: following up a little bit on revenues, particularly equity revenues. What should be the most important driver? Is it just the equity market is doing better? We have seen good performance this year. Is it B3 volumes picking up? Is it more just focused on volatility? Or is it the rates coming down, right?

然後，我的第二個問題是：稍微跟進一下收入，特別是股權收入。最重要的驅動因素是什麼？僅僅是股票市場表現更好嗎？今年我們看到了良好的表現。B3 銷量有回升嗎？它是否更關注波動性？或者利率正在下降，對嗎？

Just to get a sense of what should we be looking for, in terms of, like, what can boost those equity revenues at some point in the future?

只是想了解我們應該尋找什麼，例如，什麼可以在未來的某個時候增加這些股權收入？

Yeah. If I got your first question, your concern was about if Banco Master was representative on the net new money. It was not. Not even in revenues. As we mentioned in the last calls, it was less than 1% of the total revenues. So it was not relevant. We will see no impact on revenues or on net new money. So no impact.

是的。如果我了解您的第一個問題，那麼您關心的是 Banco Master 是否代表了淨新資金。但事實並非如此。甚至收入也沒有。正如我們在上次電話會議中提到的，這還不到總收入的 1%。所以這並不相關。我們不會看到收入或淨新資金受到任何影響。所以沒有影響。

Tito, talking about (inaudible) revenues, I think the conjunctional factors -- you need to see volumes picking up. And, probably, you're going to see volumes pick up, if the performance of that has improved over the years. So I think those things come hand-in-hand.

蒂托，談到（聽不清楚）收入，我認為結合因素——你需要看到交易量的回升。而且，如果這些年來業績有所改善，那麼你可能會看到交易量回升。所以我認為這些事情是相輔相成的。

And the second is (inaudible) offering from listed funds as REITs, real estate funds. That's also important factor inside of the actual lines. And you're going to need to see the market improving a little bit. And those funds is trading above issuing value.

第二個是（聽不清楚）上市基金作為房地產投資信託基金（REITs）提供的房地產基金。這也是實際線路中的重要因素。你需要看到市場稍微好轉。這些基金的交易價格高於發行價值。

I think that is it.

我認為就是這樣。

Okay. Thank you for participating over our earnings call.

好的。感謝您參加我們的收益電話會議。

We are in an hour now. I'm going to end the call.

現在已經過了一小時。我要結束通話了。

So we'll be available to answer further questions. Just look for us from the IR team.

因此我們將隨時回答進一步的問題。只需從 IR 團隊尋找我們。

Thank you so much. We keep in touch, until the next quarter.

太感謝了。我們保持聯繫，直到下個季度。