XP Inc (XP) 2026 Q1 法說會逐字稿

Good evening, everyone. I'm André Parize, Investor Relations Officer at XP, and thank you for joining us, and welcome to our first-quarter 2026 earnings call.

各位晚上好。我是 XP 投資人關係主管 André Parize，感謝各位參與，歡迎加入我們 2026 年第一季財報電話會議。

Today's presentation will be delivered by our CEO, Thiago Maffra; and our CFO, Victor Mansur. And right after the presentation, they will be both available for the Q&A session. (Event Instructions)

今天的簡報將由我們的執行長 Thiago Maffra 與財務長 Victor Mansur 進行。簡報結束後，他們兩位都將出席問答環節。(活動說明)

Before we begin, please see the legal disclaimer on page 2 of today's presentation for information regarding forward-looking statements. The presentation is available for download on our Investor Relations website with further details in the SEC filing section of our IR website.

在開始之前，請參閱今日簡報第 2 頁的法律聲明，以了解前瞻性陳述的相關資訊。簡報可於我們的投資人關係網站下載，更多細節請見 IR 網站的 SEC 申報專區。

To begin the presentation, I will now turn it over to Thiago Maffra. Good evening, Maffra.

接下來開始簡報，我將把時間交給 Thiago Maffra。晚上好，Maffra。

Thank you, André. Good evening, everyone, and thank you for joining us for the first-quarter 2026 earnings call. Let's begin by reviewing the key highlights of the quarter.

謝謝你，André。各位晚上好，感謝各位參與 2026 年第一季財報電話會議。我們先來回顧本季的重點摘要。

Client assets combined AUM and AUA reached BRL2.1 trillion, which represents a 21% year-over-year growth. We ended the period with 18,300 advisors, up 1% year over year, while our active client base totaled 4.8 million, a 2% year-over-year increase. This quarter, gross revenues came in at BRL4.9 billion, up 8% year over year. EBT also grew 8% to BRL1.4 billion, and net income reached BRL1.3 billion, rising 7% year over year.

客戶資產（合併 AUM 與 AUA）達到 2.1 兆巴西雷亞爾，年增 21%。期末共有 18,300 名理財顧問，年增 1%；活躍客戶數達 480 萬，年增 2%。本季總營收為 49 億巴西雷亞爾，年增 8%。稅前盈餘（EBT）亦成長 8% 至 14 億巴西雷亞爾，淨利達 13 億巴西雷亞爾，年增 7%。

On profitability, our ROE achieved 21.7% for the quarter. Our capital ratio remained at a comfortable 20.7%. More importantly, these results reflect our ability to grow our business while maintaining disciplined capital and risk management.

在獲利能力方面，本季 ROE 達 21.7%。資本比率維持在穩健的 20.7%。更重要的是，這些成果反映了我們在維持嚴謹的資本與風險管理下，仍能推動業務成長的能力。

I would also like to highlight that today, we are announcing a new buyback program of BRL1 billion. Once as of now, we have executed almost half of the currently BRL1 billion open-program. Additionally, we are also declaring BRL500 million in dividends to be paid in June. Victor will provide more details in his presentation.

我也想特別強調，我們今天宣布一項新的 10 億巴西雷亞爾庫藏股回購計畫。截至目前，我們已執行現行 10 億巴西雷亞爾未結回購計畫的近一半。此外，我們也宣布將於 6 月發放 5 億巴西雷亞爾股利。Victor 將在他的簡報中提供更多細節。

Now, moving to our diluted EPS, it grew 9% year over year, outpacing net income growth. We enter 2026 with solid momentum, largely driven by the global macroenvironment as weaker US dollar and a rotation toward non-US assets boosted emerging markets inflows, which helped improve Brazil market dynamics and enabled us to sustain the growth momentum built in the second half of last year.

接著看稀釋後每股盈餘（EPS），年增 9%，增幅高於淨利成長。我們以穩健動能進入 2026 年，主要受全球總體環境帶動：美元走弱以及資金輪動至非美資產推升新興市場資金流入，改善巴西市場動態，並使我們得以延續去年下半年建立的成長動能。

However, as you know, the environment changed in March. Increased global volatility pressured local market sentiment, while domestic credit spreads widened at the same time, driven by technical factors. These developments were external to our underlying performance. Excluding these external factors, we would have delivered even stronger results, achieving double-digit growth.

然而，如各位所知，環境在 3 月出現變化。全球波動加劇壓抑本地市場情緒，同時在技術性因素驅動下，國內信用利差也同步擴大。這些發展與我們的基本面表現無關。若排除這些外部因素，我們本可交出更強勁的成果，達成兩位數成長。

We saw this credit spread trend continue in April. However, we now see a better balance between buyers and sellers in the market, leading spreads into a more stable phase. Despite this widening in April, we do not expect an impact on the same magnitude as we saw in the first quarter. Said that, we still see our business growing double digits this year.

我們在 4 月也看到信用利差擴大的趨勢延續。不過，目前市場買賣雙方的力量更趨平衡，使利差進入較穩定的階段。儘管 4 月利差仍在擴大，我們預期其影響不會像第一季那樣顯著。即便如此，我們仍預期今年業務將維持兩位數成長。

Additionally, we are now seeing the early stage of an interest rate easing cycle. While the pace of easing is expected to be more gradual than previously anticipated, rates are still at high levels. And despite global uncertainties, there is still room for further cuts. This ongoing easy cycle, even if it's lower, supports our business momentum, as this positively impacts investors' risk appetite and turnover velocity.

此外，我們也正處於降息循環的早期階段。雖然降息步伐預期將較先前預估更為緩慢，但利率水準仍然偏高。即使在全球不確定性之下，仍有進一步降息的空間。這一輪持續的寬鬆循環，即便幅度較小，仍能支撐我們的業務動能，因其可正向影響投資人的風險偏好與交易周轉速度。

The short-term volatility we mentioned earlier may have briefly slowed our growth momentum towards the end of this quarter. Even so, we are confident we can return to double-digit growth, supported by stronger execution across key verticals and a more diversified revenue base.

我們先前提到的短期波動，可能在本季末短暫放緩了成長動能。即便如此，我們仍有信心重回兩位數成長，並將在關鍵垂直領域更強的執行力與更分散的營收結構支持下達成。

Our unique scale and differentiated retail investments platform provides a competitive edge unmatched by any other player in the market. In addition, we now operate within a much broader ecosystem, and our corporate segment has definitely reached new standards that extend beyond pure investment banking. Together, these strengths helped partially offset the impact of higher volatility referenced earlier, reinforcing retail investments and corporate as important drivers of growth and diversification.

我們獨特的規模與差異化的零售投資平台，提供了市場上任何其他參與者都無法匹敵的競爭優勢。此外，我們如今運作於更廣泛的生態系之中，而我們的企業業務也確實達到超越純投資銀行的新標準。綜合上述優勢，有助於部分抵消先前提及的較高波動影響，並強化零售投資與企業業務作為成長與多元化的重要驅動力。

Finally, the powerful combination of service excellence, strong client relationships, and financial performance, together with a sales force that has aligned incentives and robust capabilities, corroborates our conviction that disciplined execution, backed by governance and technology, will drive our performance. Ultimately, our ability to execute this strategy is what will enable us to achieve our long-term objectives in all our divisions, regardless of the current macroeconomic environment.

最後，卓越的服務、穩固的客戶關係與財務表現，再加上具備一致激勵與強大能力的銷售團隊，共同印證我們的信念：在治理與科技支撐下的紀律化執行，將推動我們的表現。歸根結底，我們執行此策略的能力，將使我們無論在何種總體經濟環境下，都能在各事業部門達成長期目標。

Now, moving to the next slide. In the first quarter of 2026, our total client assets, combined with assets under management from our asset management business and AUA from our fund administration business, totaled over $2.1 trillion, representing a 21% growth year over year. We are strategically positioned for our next growth phase and remain focused on our ambition to become Brazil's leader in investments by 2033.

接著看下一張投影片。在 2026 年第一季，我們的客戶資產總額，加上資產管理業務的管理資產（AUM）與基金行政管理業務的託管資產（AUA），合計超過 2.1 兆美元，年增 21%。我們已為下一階段成長做好策略布局，並持續聚焦於 2033 年成為巴西投資領導者的願景。

To achieve that goal, despite external uncertainties, we are executing a strategy built to consistently deliver double-digit growth. We are also constantly investing in our ecosystem and advisors in strengthening what is already Brazil's largest and most sophisticated investment platform.

為了達成該目標，儘管外部不確定性仍在，我們正執行一套旨在持續交付兩位數成長的策略。我們也持續投資於生態系與理財顧問，強化這個已是巴西最大且最成熟的投資平台。

We are the only player that can lead the democratization of access to first-class financial services, supporting clients with a holistic approach built on financial and wealth planning, delivered at scale and with strong governance. The market has recognized these capabilities as we were recently named for the eighth consecutive year the best financial advisory platform.

我們是唯一有能力引領一流金融服務普及化的業者，以整體性方法支援客戶：以財務與財富規劃為核心，並以規模化交付與強治理為基礎。市場也認可這些能力，我們近期連續第八年獲評為最佳財務顧問平台。

With that, let's move to the next slide. On the left-hand side of the slide, you can see how net new money related to client assets performed at the start of 2026. In Q1, we posted BRL19 billion of organic retail net new money, while corporate and institutional came in at negative BRL4 billion, bringing the total for the quarter to approximately BRL14 billion. So we once again reached our guidance of around BRL20 billion in retail net new money per quarter.

接著我們看下一張投影片。在投影片左側，各位可以看到 2026 年初與客戶資產相關的淨新增資金表現。第一季，我們零售端有機淨新增資金為 190 億巴西雷亞爾，而企業與機構端為負 40 億巴西雷亞爾，使本季合計約 140 億巴西雷亞爾。因此，我們再次達成指引：零售端每季約 200 億巴西雷亞爾的淨新增資金。

During the first quarter of the year, clients received FGC-related inflows. It's important to highlight that these payments were not included in the net new money calculation as the related adjustments were made exclusively to our client assets base.

在今年第一季期間，客戶收到與 FGC 相關的資金流入。需要強調的是，這些款項未納入淨新增資金的計算，因為相關調整僅反映在我們的客戶資產基礎中。

As you can see on the right-hand side of the slide, the high retention levels of roughly 80% following these FGC-related inflows reflect the consistent execution of our advisors and the strength of our brand. Related to that, and as we mentioned last quarter, our NPS was impacted by one-off effects related to credit events in Banco Master. They temporarily affected a specific group of clients and consequently our overall NPS.

如各位在投影片右側所見，這些與 FGC 相關的資金流入之後，約 80% 的高留存率反映了我們理財顧問一貫的執行力以及品牌實力。與此相關，且如我們上季所提到，我們的 NPS 受到 Banco Master 信用事件的一次性影響。該事件短暫影響了特定客群，進而影響我們整體的 NPS。

First quarter's NPS is still impacted by them due to a calculation methodology using moving averages. However, we are already on a consistent recovery path, and more recent indicators were positive with NPS coming around 70. We expect to return to historical levels by year end, demonstrating the strength of our brand and the trust clients place in our platform.

第一季的 NPS 仍因其影響而受到衝擊，原因在於採用移動平均的計算方法。然而，我們已經走在一致的復甦軌道上，且較近期的指標表現正面，NPS 約在 70 左右。我們預期在年底前回到歷史水準，展現我們品牌的實力，以及客戶對我們平台的信任。

Lastly, I would like to take a closer look at our retail strategy and share a bit more detail about this area of the business. Investments or core franchises remains solid, supported by healthy underlying trends and continue to serve as a key driver of our results. We are further strengthening what we view as the market's best and most comprehensive product platform while also improving advisor productivity. This progress is underpinned by excellence in relationship management and a more intelligent, disciplined allocation process.

最後，我想更深入檢視我們的零售策略，並就這項業務領域分享更多細節。投資業務或核心特許經營仍然穩健，在健康的基本趨勢支撐下，並持續作為我們業績的關鍵驅動力。我們進一步強化我們認為市場上最佳且最全面的產品平台，同時提升理財顧問的生產力。這項進展以卓越的關係管理為基礎，並由更智慧、更有紀律的配置流程所支撐。

Following our refined client segmentation, we develop tailored servicing models for each segment, ensuring our approach is aligned with distinct needs for each client group. In retail clients, we have developed a new value proposition grounded in goal-based investing and managed portfolios. With that, we are already seeing improvements in this segment, supported by margin-accretive dynamics.

在我們精細化的客戶分層之後，我們為各分層建立量身打造的服務模式，確保我們的方法能與各客群的不同需求一致。在零售客戶方面，我們建立了以目標導向投資與管理型投資組合為基礎的新價值主張。因此，我們已在此分層看到改善，並受益於有助於提升利潤率的動能。

Our strategy is to extend this approach to other client layers using technology, process, and governance as key enablers to scale in a profitable way. In high income, our core segment, we delivered a distinctive value proposition, having been true pioneers in democratizing access to financial and wealth planning in Brazil.

我們的策略是運用科技、流程與治理作為關鍵推動力，將此方法延伸至其他客戶層級，以可獲利的方式擴張規模。在高收入族群（我們的核心分層）方面，我們提供具差異化的價值主張，並且是巴西率先推動普及化金融與財富規劃服務的真正先行者。

In addition to our differentiated advisory model, we were the first player to offer a truly agnostic servicing model, enabling us to address the slated client demand. We also continue to expand our sales channels, invest in new products and services, and enhance the client journey by providing the best tools available in the market.

除了我們具差異化的顧問服務模式外，我們也是第一家提供真正中立（agnostic）的服務模式的業者，使我們能夠回應既定的客戶需求。我們也持續擴展銷售通路、投資新產品與服務，並透過提供市場上最佳工具來提升客戶旅程。

In private banking, we continue to gain market share by enhancing our offering and leveraging our broader ecosystem to address client needs more comprehensively. We have evolved into a full-service wealth manager, serving clients' both individual and corporate needs, supported by a robust product platform and a highly skilled team.

在私人銀行方面，我們透過強化產品與服務並運用更廣泛的生態系，更全面地滿足客戶需求，持續提升市占率。我們已演進為全方位的財富管理機構，同時服務客戶的個人與企業需求，並由強健的產品平台與高素質團隊提供支援。

As our private banking franchise matures, we are becoming increasingly well-positioned to compete with larger players in this segment. In addition, our private segment has become a fundamental part of our ecosystem, serving as an important source of cross-selling opportunities and referrals for other businesses.

隨著我們的私人銀行特許經營日益成熟，我們在此分層與更大型的同業競爭時，定位也愈發有利。此外，我們的私人客群已成為生態系的基礎組成，為其他業務帶來重要的交叉銷售機會與轉介來源。

Among the three growth drivers that directly impact our business, take rates are the only variable that we do not control 100%, as product mix and asset turnover are driven by investor segment and market momentum. On the other hand, our other growth drivers are fully within our control and support our long-term journey. We have also partially offset the stake rate effect through revenue diversification, growth in advisory, fee-based models, and expansion into new verticals.

在直接影響我們業務的三項成長驅動因素中，費率（take rates）是唯一我們無法 100% 掌控的變數，因為產品組合與資產周轉主要由投資人分層與市場動能所驅動。另一方面，我們其他的成長驅動因素完全在我們掌控之中，並支撐我們的長期發展旅程。我們也透過營收多元化、顧問業務成長、以費用為基礎的模式，以及拓展至新垂直領域，部分抵銷了費率影響。

Before I hand over to Victor, I want to quickly comment on the 6-K we just released. Today, we are announcing that Gustavo Alejo has been appointed as XP's new CFO. This is part of a thoughtful and well-planned transition, marking a new chapter for XP as the bank continues to grow within our ecosystem. Alejo is a seasoned executive with a remarkable track record, and his expertise will be instrumental to our expansion strategy. We are truly pleased to welcome him to our team.

在我把時間交給 Victor 之前，我想快速說明我們剛發布的 6-K。今天，我們宣布 Gustavo Alejo 已被任命為 XP 的新任財務長（CFO）。這是一次審慎且周密規劃的交接安排，為 XP 開啟新篇章，因為該銀行將在我們的生態系中持續成長。Alejo 是一位資深主管，擁有卓越的績效紀錄，他的專業將對我們的擴張策略至關重要。我們非常高興歡迎他加入團隊。

I also want to take this moment to express my gratitude to Victor. Over more than a decade, he has been a central figure in XP's journey. His dedication and contributions have been fundamental to the growth and development of this company. Victor will remain part of XP ecosystem, supporting us in new ventures ahead. I sincerely thank him for everything he has built here, and I wish him every success in what comes next.

我也想藉此機會向 Victor 表達感謝。在超過十年的時間裡，他一直是 XP 發展歷程中的核心人物。他的投入與貢獻對公司成長與發展至關重要。Victor 仍將是 XP 生態系的一部分，在未來的新事業上持續支持我們。我由衷感謝他在此所建立的一切，並祝福他在下一段旅程一切順利。

Thank you, Victor.

謝謝你，Victor。

I would like to thank Maffra, Benchimol, our partners and shareholders, for the trust they deposit in me throughout all those years. I have been at the company for almost 15 years, and time passed quickly when we are building something that matters. That's what we have done at XP, changing the way Brazilian invested and related to money.

我要感謝 Maffra、Benchimol，以及我們的合夥人與股東，多年來對我所寄予的信任。我在公司將近 15 年，當我們在打造一件重要的事時，時間總是過得很快。這正是我們在 XP 所做的事：改變巴西人投資以及與金錢互動的方式。

After almost 15 years, I decided to step down but will continue as a partner, member of Board of several of investments in our portfolio and contributing to XP ecosystem in new ways. This transition was carefully planned with XP long-term vision always guiding our decisions. I would also like to thank the people who made the journey possible, especially how the incredible team got to work very closely during my tenure as CFO. To each of you, thank you. It's been a genuine honor. I'm sure that the best is still ahead. Thanks.

在將近 15 年後，我決定卸任，但仍將以合夥人身分繼續參與，擔任我們投資組合中多項投資的董事會成員，並以新的方式為 XP 生態系做出貢獻。這次交接是在 XP 長期願景始終引導我們決策的前提下，經過審慎規劃。我也要感謝讓這段旅程成為可能的每一位，特別是我擔任 CFO 期間與我密切合作的優秀團隊。對各位而言，謝謝你們。能夠參與其中是我真誠的榮幸。我相信最好的仍在前方。謝謝。

And now let's review our financial performance. I would like to begin by noting that in this quarter, we are introducing our new mini Euro P&L, a new revenue breakdown that more currently reflects how we operate the company. Under this framework, we are organizing our business lines into two main segments, retail and wholesale. Along with this change, the institutional business has been incorporated into the wholesale division, aligning the reporting structure if the profile of clients we serve within this segment.

現在讓我們回顧財務表現。我想先指出，本季我們推出新的 mini Euro 損益表（P&L），這是一種新的營收拆分方式，更能即時反映我們的公司營運方式。在此架構下，我們將業務線分為兩大區塊：零售與批發。隨著這項變更，機構業務已併入批發事業部，使報導架構與我們在此分部所服務客戶的輪廓相一致。

Additionally, accompanying the final phase of restructuring, the other revenue line has become less relevant over the years and ceased to exist, being incorporated in the net interest margin across our business lines. With this, we'll provide a clearer and more consistent view of our operational structure and revenue generation.

此外，隨著重組進入最後階段，「其他營收」這一項目多年來的重要性已降低並已不再存在，改為併入各業務線的淨利息收益率（net interest margin）。藉此，我們將提供更清晰且更一致的營運架構與營收產生方式視圖。

As a part of the same process, our proprietary [funds] were transferred into the bank structuring. Consequently, we will no longer present the withhold tax adjustments. Instead, we now report our managerial results if other tax equivalent reclassifications consistent if the approach already adopted by other market players. This change improves the understanding of our results and aligns the market views more closely with the way we manage the company.

作為同一流程的一部分，我們的自營[基金]已轉入銀行架構之下。因此，我們將不再呈現預扣稅調整。取而代之的是，我們現在以管理口徑呈報結果，並進行其他稅務等值的重分類，與其他市場參與者已採用的方法一致。此變更有助於提升對我們業績的理解，並使市場觀點更貼近我們管理公司的方式。

Our figures show throughout presentation have been retrospectively adjusted to preserve comparability across periods. Finally, it's important to note that these new adjustments are IFRS-compliant, with no changes to our gross revenue, net income or capital metrics. Given that context, let's now move to the quarter results.

本簡報中所呈現的數據已追溯調整，以維持各期間的可比性。最後需要強調的是，這些新的調整符合 IFRS，且不會改變我們的總營收、淨利或資本指標。在此背景下，讓我們進入本季業績。

Total gross revenue in the first quarter reached BRL4.9 billion, up 8% year over year and down 7% quarter over quarter. The year-over-year growth was driven by equities, retail new verticals, and other retail with new ventures and floating expanding at a rapid pace. The Wholesale Bank division also delivered growth year over year.

第一季總毛營收達 49 億巴西雷亞爾（BRL），年增 8%，季減 7%。年增主要由股票業務、零售新垂直領域，以及其他零售（新事業與浮存金快速擴張）所帶動。批發銀行事業部亦實現年增成長。

Now let's move to retail revenue. Retail revenue totaled BRL3.8 billion in the quarter, representing a 10% growth year over year and a 2% decline quarter over quarter, reflecting the impact in corporate credit in Brazil already explained before. Building the market momentum that began in the second half of 2025, we saw increasing equity volumes driven by higher ADTV in equities and futures. Consequently, equity revenues increased 13% quarter over quarter and 22% when compared to the same period of last year, reaching almost BRL1.2 billion.

接著看零售營收。本季零售營收合計 38 億巴西雷亞爾，年增 10%，季減 2%，反映先前已說明的巴西企業信貸影響。延續 2025 年下半年開始的市場動能，我們看到股票交易量上升，主要由股票與期貨的 ADTV（平均每日交易量）提高所帶動。因此，股票相關營收季增 13%，較去年同期增長 22%，達到接近 12 億巴西雷亞爾。

As a result, actual revenue increased shares of total gross revenue breakdown, both year over year and versus the prior quarter, reaching 31% in the first quarter in 2026. Also, retail benefited from strong contributions from float and new verticals, which are reported in the other retail line and gaining representativeness during the quarter.

因此，實際收入在總毛收入拆分中的占比，無論同比或相較上一季皆有所提升，並於2026年第一季達到31%。此外，零售業務亦受惠於浮存金（float）及新垂直領域的強勁貢獻；這些貢獻列示於「其他零售」項下，並在本季提升了代表性。

Now let's move on to the next slide, where we'll talk through how our wholesale banking is evolving. As we mentioned earlier, we now include our institutional business in the wholesale segment. Taken together, these three business lines grew 26% year over year. This market figures showed a reduced volume on taxes and fixed income offers in the first quarter of '26. With that, issuer services revenues were down following the same rationale of retail fixed income.

現在我們進入下一張投影片，說明我們的批發銀行業務如何演進。如先前所提，我們現在將機構業務納入批發業務分部。合計而言，這三條業務線同比成長26%。市場數據顯示，26年第一季稅務與固定收益發行（offers）量有所下降。因此，發行人服務（issuer services）收入下滑，原因與零售固定收益相同。

On Corporate segment, we posted another solid result, reaching almost BRL500 million in revenues. Due to high volatility, we were able to serve our clients with more trading solutions, with derivatives and the ForEx boosting revenues. This reinforced the consolidation for franchise which developed meaningfully through the years, becoming an important factor for ecosystem and an important driver in terms of growth and diversification.

在企業（Corporate）分部，我們再度繳出穩健成績，收入接近5億巴西雷亞爾。由於波動性偏高，我們得以以更多交易解決方案服務客戶，衍生性商品與外匯（ForEx）帶動收入成長。這也強化了我們多年來持續深化的特許經營（franchise）整合成果，使其成為生態系的重要因素，以及推動成長與多元化的重要動能。

Finally, our institutional business grew both year over year and quarter over quarter. This segment, the same as retail actions, benefited from higher trading volumes during the quarter.

最後，我們的機構業務無論同比或環比皆成長。該分部與零售股票（actions）相同，受惠於本季較高的交易量。

Now let's keep our focus to SG&A and efficiency ratios. As mentioned earlier, we are introducing a new disclosure methodology, which is better aligned to market peers and increase our results comparability. We can find the reconciliation and additional details about the new methodology in the appendix.

接下來我們聚焦於SG&A與效率比率。如先前所述，我們正在導入新的揭露方法，與同業更一致，並提升我們結果的可比性。我們可在附錄中找到新方法的調節表與更多細節。

With that, our SG&A totaled BRL1.6 billion in this quarter, increased 14% year over year and declining 6% quarter over quarter. On the right-hand side of the slide, our last 12 months efficiency ratio was 34.6%, representing a year-over-year increase of 100 basis points. The short-term increase was caused by market events that temporarily impact our revenues in the first quarter, as previously explained.

在此之下，本季SG&A合計為16億巴西雷亞爾，同比增加14%，環比下降6%。在投影片右側，我們過去12個月的效率比率為34.6%，同比上升100個基點。短期上升主要由市場事件所致，該等事件在第一季對我們收入造成暫時性影響，如前所述。

As commented before, we expect to see a normalization of the ratios throughout the year, ending 2026 with a flattish number when compared to 2025.

如前所述，我們預期該等比率將在全年逐步正常化，並在2026年結束時，相較2025年大致持平。

Moving on to EBT now. Our adjusted EBT totaled BRL1.4 billion in the first quarter, up 8% year over year and down 14% quarter over quarter. The adjusted EBT margin was 30%, stable versus the prior year and lower quarter over quarter. As mentioned in the previous slide, market events impacted revenues and therefore our EBT and EBT margin in the first quarter of 2026.

接著談EBT。第一季調整後EBT合計為14億巴西雷亞爾，同比上升8%，環比下降14%。調整後EBT利潤率為30%，同比持平、環比下降。如前一張投影片所述，市場事件影響收入，進而影響我們2026年第一季的EBT與EBT利潤率。

On the next slide, we will see our adjusted net income. Adjusted net income in the first quarter totaled $1.3 billion, representing a 7% increase year over year and the remaining roughly stable sequentially. Net margins were 27.8% in 1Q '26, down 30 bps year over year and 122 bps higher sequentially.

在下一張投影片，我們將看到調整後淨利。第一季調整後淨利合計為13億美元，同比增加7%，環比大致持平。26年第一季淨利率為27.8%，同比下降30個基點，環比上升122個基點。

Let's move on to the next slide to talk about capital management. I will start by discussing capital returns. During the first quarter of the year, we continued execution of our share buyback program. And as of now, we have executed almost half of it.

接下來進入下一張投影片，討論資本管理。我先從資本回饋談起。在今年第一季，我們持續執行庫藏股回購計畫。截至目前，我們已執行接近一半。

As Maffra mentioned earlier, today, we announced a new buyback program of BRL1 billion and also the payment of BRL500 million in dividends to be paid on June 18. Combining the dividends and the two buyback programs, we get to almost BRL2.5 billion in capital distribution already announced in 2026.

如Maffra先前提到，今天我們宣布新的10億巴西雷亞爾回購計畫，並宣布發放5億巴西雷亞爾股利，將於6月18日支付。合併股利與兩項回購計畫，2026年已宣布的資本分配總額接近25億巴西雷亞爾。

Now let's move on the second part of our capital management strategy on the next slide. Our adjusted diluted EPS increased approximately 9% year over year, reflecting the execution of our share buyback program. This allows our EPS to expand at a faster pace than net income.

現在我們進入下一張投影片，談資本管理策略的第二部分。我們的調整後稀釋每股盈餘（EPS）同比增加約9%，反映了庫藏股回購計畫的執行。這使得我們的EPS得以以快於淨利的速度擴張。

On the right-hand side of the slide, you can see our adjusted annualized ROTE and ROAE. Given our higher BIS ratio than last quarter, both metrics are lower this quarter than the last quarter. If we were operating in the business with 17.5% BIS ratio, which is the midpoint of our guidance, our ROTE and ROAE would have been around 30% and 24%, respectively.

在投影片右側，您可看到我們調整後年化ROTE與ROAE。由於本季BIS比率高於上季，兩項指標本季均低於上季。若我們以17.5%的BIS比率（即我們指引區間的中點）營運，我們的ROTE與ROAE將分別約為30%與24%。

Let's move on to the next slide to give some additional details on our capital management. I would like to turn to our capital ratio under our risk-weight assets. Before going through the numbers, I want to highlight that even in a quarter marked by elevated volatility across both local and international markets, our disciplined risk management approach translated into a well-controlled risk profile, lower VaR, and flattish RWA.

接下來進入下一張投影片，補充更多資本管理細節。我想先談在風險加權資產（RWA）下的資本比率。在說明數字之前，我想強調，即便本季本地與國際市場波動性偏高，我們嚴謹的風險管理方法仍轉化為受控良好的風險輪廓、更低的VaR，以及大致持平的RWA。

Our VaR declined sequentially, closing the quarter at 14 basis points, 3 basis points lower than previous quarter. Our RWA ended the first quarter at BRL122 billion, up 3% quarter over quarter. Credit RWA remains essentially stable, market RWA grew just 2% in the quarter, both expand at a lower pace than our revenues. And the main figure of expansion of risk was the operational risk-weighted assets.

我們的VaR環比下降，季末為14個基點，較上季低3個基點。第一季末RWA為1,220億巴西雷亞爾，環比上升3%。信用RWA基本持平，市場RWA本季僅成長2%，兩者增速皆低於我們的收入增速。風險擴張的主要來源是作業風險加權資產。

Despite the market dynamics we mentioned, our risk is under control, our balance sheet is sound, and we expect that to remain the case throughout the year, consistent with what we have communicated to the market.

儘管如我們所述的市場動態，我們的風險仍在可控範圍內，資產負債表穩健，且我們預期全年將維持如此，與我們對市場的溝通一致。

Finally, we closed the quarter with BIS ratio of 20.7%, which is above our guidance of BIS ratio of 16% to 19% by the end of the year. As communicated last quarter, we entered 2026 with a comfortable capital position that gives us flexibility to navigate different scenarios and remain well positioned and potential volatility coming from internal or external markets throughout the year, even though we know this is a higher capitalization level than the company requires to operate, and we are committed to reach our guidance by the end of the year.

最後，本季我們的BIS比率為20.7%，高於我們對年底BIS比率16%至19%的指引。如上季所溝通，我們在2026年以充裕的資本水位起步，使我們能靈活因應不同情境，並在全年面對可能來自內外部市場的波動時仍保持良好定位；儘管我們知道這一資本化水準高於公司營運所需，我們仍承諾在年底達成指引。

And with that, we will now move to the Q&A session.

接下來，我們將進入問答環節。

Tito Labarta, Goldman Sachs.

Tito Labarta，高盛。

Victor, good luck on future endeavors. Thanks for the help over the last few years. So maybe a couple of questions. Maybe just one, I guess, can you give a little bit more color, Victor, Maffra, on the decision to step down and the new incoming CFO just to understand a little bit more some of the rationale behind that?

Victor，祝你未來一切順利。感謝你過去幾年提供的協助。我這邊可能有幾個問題。也許先問一個：Victor、Maffra，你們能否再多分享一些背景，關於你決定卸任以及新任CFO即將上任的決策，讓我們更了解背後的一些考量？

And then second question, you talked a little bit about the widening of the credit spreads. But just to understand, do you expect that to recover maybe completely in 2Q? Would that take a little bit longer? Just to think about how that can impact your revenues for not just 2Q, but also for the rest of the year?

第二個問題，你提到信用利差擴大。但想了解的是，你是否預期在第二季可能會完全修復？還是需要更長時間？也想請你談談這可能如何影響你們不僅是第二季、也包括今年其餘時間的收入？

Thank you for the question, Tito. The first question about why -- what's the reason behind the move of Victor. It's a transition that we have been discussing for, I would say, a few months or like a half year to do this transition to find someone with more background in banking and the banking products that we have been developing for both individuals and capital markets on the wholesale bank.

謝謝你的提問，Tito。第一個問題是關於為什麼——也就是 Victor 這次調整背後的原因。這是一項我們已經討論了好幾個月、我會說大概半年左右的交接安排，目的是在批發銀行端，為我們正在為個人與資本市場開發的銀行業務與銀行產品，找到一位具備更深銀行背景的人選。

So it was a well-planned transition, and you guys know the change that happened at Santander and there was an opportunity to bring Gustav Alejo, who has more than 30 years of background in corporate, in credit, on credit [range video] as a CFO, so it was an opportunity to bring someone with the background that we were looking for. So Victor is an important partner of the company. He has been with us for 15 years. He will continue to be partner of the company and will help us on new ventures on the company in the future.

所以這是一個規劃完善的交接，你們也知道 Santander 發生的變動，而這帶來了一個機會，讓我們能延攬 Gustav Alejo；他在企業金融、信貸等領域有超過 30 年的背景，也曾擔任 CFO，因此這是一次引進我們所尋找之背景人才的機會。因此 Victor 仍是公司重要的夥伴。他已經和我們一起 15 年。他將繼續作為公司的合夥人，並在未來協助我們推動公司的新事業。

About the second question, if we didn't have any credit loss because it's mainly tradable fixed income that we have market to market on the positions, you guys know very well what happened on the credit market since the beginning of the war. In March, there was a widening of the credit spreads, even for AAA names, AA names. So we lost some money on mark-to-market.

關於第二個問題，我們沒有出現任何信用損失，因為主要是可交易的固定收益部位，我們對持倉採用按市價評價（mark-to-market）。你們也很清楚自戰爭開始以來信用市場發生了什麼。在 3 月，即使是 AAA、AA 等級的標的，信用利差也出現擴大。因此我們在按市價評價上有一些損失。

As you mentioned, we didn't realize most of this loss. We don't expect the market to recover on Q2 because if you take a look on what happened in April, there was also widening on the spreads, much smaller than March, than the first quarter. We do not expect any impact on Q2 because our ecosystem and the other business line will compensate even more than what we lost in April.

如你所提到的，我們並未實現大部分這些損失。我們不預期市場會在第二季回復，因為如果你看看 4 月的情況，利差也有擴大，只是幅度比 3 月、也就是第一季小得多。我們不預期第二季會有任何影響，因為我們的生態系與其他業務線將會補償，甚至超過我們在 4 月所損失的部分。

In May, we saw the credit spreads stabilizing, but we don't expect them to start closing this quarter. But let's see what happened.

在 5 月，我們看到信用利差趨於穩定，但不預期本季就會開始收斂。不過我們再看看後續發展。

But for the year, we don't expect any further impacts on top-line growth. That's why we are confident that we can deliver a double-digit growth for the year. And if you take a look on what happened just one-off on widening of spreads on Q1, if we take that off, we would probably be at low teens, very close to what we have planned because all the business lines besides the credit spread, the widening on credit spreads and the primary market on GCM besides these two business lines, all the business there, like in line with what we have planned for the year. So we are confident that we can resume higher growth on Q2.

但就全年而言，我們不預期在營收成長（top-line growth）上會再出現額外衝擊。這也是為什麼我們有信心全年可以達成雙位數成長。而如果你把第一季一次性的利差擴大影響扣除，我們的成長大概會落在低十位數，會非常接近我們原先的規劃；因為除了信用利差擴大，以及 GCM 的一級市場這兩條業務線之外，其餘各條業務線的表現都與我們對全年規劃一致。因此我們有信心在第二季恢復較高的成長。

If I can, just one quick follow-up on the management transition, I guess. And I know you've been talking more about capital ratios and you have excess capital to return you the banking license. But I think investors still view you a little bit more of an investment platform.

如果可以的話，我想就管理層交接再追問一個很快的問題。我知道你們一直在談資本比率，而且你們有多餘資本可以回饋股東、也拿到了銀行牌照。但我認為投資人仍然把你們視為比較偏投資平台。

I mean, should we begin to think of you more as a bank? Does this indicate any major change in strategy that we should kind of take into account? Or is it just you kind of need some money given the capital requirements and things like that? Just to understand a little bit how that equates into the strategy to some extent.

我的意思是，我們是否應該開始把你們更多地視為一家銀行？這是否代表策略上有任何重大改變，是我們需要納入考量的？還是說只是因為資本要求等因素，你們需要更多資金？想更了解這在某種程度上如何對應到你們的策略。

We don't have any change on our strategy. So it's the same thing we have been talking for the past three years. So no major change, no big change. It's more of the same looking forward. So no change on this strategy.

我們的策略沒有任何改變。所以這和我們過去三年一直在談的是同一件事。沒有重大改變，沒有大的變化。展望未來也只是延續既有方向。因此策略不變。

Thiago Batista, UBS.

Thiago Batista，瑞銀（UBS）。

Victor, thanks for all the help in the last few years. I have two questions, to be honest. The first one, when I look for the capital distribution, historically, you've paid half in dividends and half as buyback. So how do you think -- on the future distribution, how do you think between these two types of distribution, buyback and dividends?

Victor，謝謝你過去幾年的協助。老實說我有兩個問題。第一個，當我看你們的資本分配，歷史上你們一半以股利發放、一半以庫藏股回購。那麼對於未來的分配，你們如何看待這兩種方式——回購與股利——之間的比例？

And the second one, on the DCM side, I know that there's a lot of moving parts here. So yield curve increased a lot, spreads are higher than the average. But we also are seeing inflows in the fixed income funds.

第二個是在 DCM（債務資本市場）方面，我知道這裡有很多變動因素。殖利率曲線上升很多，利差也高於平均。但我們也看到固定收益基金有資金流入。

So how do you think about the same business? I know that is a very tough view, very tough to estimate the performance of this business. But how do you guys are seeing the DCM business until the end of the year?

那你們如何看待同一項業務？我知道這個觀點很難、也很難去估算這項業務的表現。但你們怎麼看 DCM 業務到今年年底的走勢？

Hi, Batista. I'm going to take the first one here and the second, Maffra. First in capital distribution, I think we are in the middle of the year. We all can do the math on how much cash we need to devote to shareholders should be inside our guidance. I think for now, more than half than what's announced, actually, BRL2 billion will be -- is buybacks and BRL500 million are dividends. I think for our mix of shareholders and the price of the stock now, that's the best mix, and we are going to keep this pace over the year to get the end of the guidance.

嗨，Batista。我先回答第一個問題，第二個由 Maffra 來回答。先談資本分配，我認為我們現在在年中。大家都可以計算，我們需要回饋給股東的現金金額應該會落在我們的指引範圍內。就目前而言，已宣布的金額中，實際上超過一半——20 億巴西雷亞爾（BRL2 billion）將會／已經是回購，5 億巴西雷亞爾（BRL500 million）是股利。以我們股東結構以及目前股價來看，這是最佳組合，我們會在全年維持這個節奏，以達到指引的年底目標。

And exactly what to be the combination between one and the other, depending on the stock level and the market environment, and then we go. But for now, more than 75% is buybacks.

至於兩者之間最終要如何搭配，會取決於股價水準與市場環境，然後我們再做調整。但就目前而言，超過 75% 是回購。

Yeah. On the second part of your question, as you mentioned, there are a lot of moving parts here. But as I already mentioned, we saw the widening in credit spreads continuing in April in a smaller size than March. In May, we start to see a more stable market, okay? So we start to see some buyers in the market.

是的。關於你第二個問題，正如你提到的，這裡有很多變動因素。但如我先前所說，我們看到信用利差在 4 月仍持續擴大，只是幅度比 3 月小。在 5 月，我們開始看到市場更穩定，好嗎？所以我們開始看到市場上出現一些買盤。

But if you look at the net flow of the credit funds, there's still redemption, so they're still negative. But on the other side, they are all-time high in cash, okay? So we believe if the global market stabilized, we believe we will see the beginning -- maybe the beginning of the spread compression on the next months. So that's the view we have right now looking at the numbers and the flows, okay? We are starting to see retail clients buy corporate bonds, that's something that didn't happen since, I would say, January or February.

但如果你看信用基金的淨流量，仍然有贖回，所以仍是負值。但另一方面，它們的現金水位處於歷史高點，好嗎？因此我們相信，如果全球市場趨於穩定，我們可能會在接下來幾個月看到——也許會開始出現利差收斂。這就是我們目前根據數據與資金流向所形成的看法，好嗎？我們開始看到零售客戶買進公司債，這是自我會說 1 月或 2 月以來未曾發生的情況。

So we have early signs of more stable market, but too early to say if we will see compression, I don't expect compression in Q2, okay? So it's more for Q3 or Q4.

所以我們看到一些市場更穩定的早期跡象，但現在說是否會出現收斂還太早；我不預期第二季會收斂，好嗎？所以更可能是在第三季或第四季。

Eduardo Rosman, BTG.

Eduardo Rosman，BTG。

Two questions here. The first is on -- it's a follow-up on the top line, right? I think Maffra mentioned that you guys are still confident about growing double digits. But in case, things are a little bit slower, can you do anything else on the cost side to compensate? So that would be question number one.

這裡有兩個問題。第一個是——關於營收（top line）的追問，對吧？我想 Maffra 提到你們仍然有信心達成雙位數成長。但如果情況稍微放緩，你們能否在成本端做些其他事情來補償？這是第一個問題。

And question number two, can you give us an update on the movement to the fixed base fee? How is that evolving? How FAs are reacting and embracing the change? Thanks.

第二個問題，能否請您更新一下轉向固定基礎費用（fixed base fee）的進展？目前演變得如何？財務顧問（FAs）對此變革的反應與接受度如何？謝謝。

I'll take the first one here. The compression in efficiency ratio in the first quarter was due to softness in revenues that Maffra commenting the fixed income and issued services. I felt that would be flattish year-over-year. I think over the year, if the scenarios start deteriorating, we are committed to not lose efficiency because of costs. So there is margin. Of course, the initial plan is to keep our investments. But if needed, we are committing to deliver a flattish efficiency ratio over the year and keep the pace of the revenue.

我先回答第一個問題。第一季效率比率的壓縮，主要是因為收入偏弱；Maffra 已提到固定收益與發行服務方面。我原本預期這部分年對年會大致持平。我認為在今年內，如果情境開始惡化，我們承諾不會因成本而犧牲效率。因此仍有調整空間。當然，初始計畫是維持我們的投資。但如有需要，我們承諾全年交付大致持平的效率比率，並維持收入成長的步伐。

Yeah. On your second question, for sure, you have seen that we are doing advertisement, marketing campaigns about the multiple models that we have today. So we are basically the only house to offer to our customers all different models to serve our clients and the way they pay for that, okay? So today, I would say about 25% of our total individual AUC, it's under flat fees or fee-based model.

是的。關於你的第二個問題，確實，你已看到我們正在針對目前擁有的多種模式做廣告與行銷活動。所以基本上，我們是唯一一家能向客戶提供所有不同模式的機構，用以服務客戶以及他們為此付費的方式，好嗎？以今天來看，我會說我們個人客戶總 AUC 約有 25% 是採固定費用或以費為本（fee-based）模式。

So it's growing. We believe in three, four years, it's probably be half of the AUC when you look at consulting model or fee-based model. So these models, they're growing, and we expect them like to reach 50%, I would say, in the next three, four, five years.

所以它正在成長。我們相信三到四年後，若看諮詢模式或以費為本模式，AUC 可能會有一半落在這些模式之下。因此這些模式正在成長，我們預期在未來三、四、五年內可達到 50% 左右。

Eric Ito, Bradesco BBI.

Eric Ito，Bradesco BBI。

Victor, thank you for the partnership, and wish you all the best for the future. I have two on my side as well.

Victor，感謝這段合作關係，也祝你未來一切順利。我這邊也有兩個問題。

First is a follow-up on the impact from the yield curve. So if you could give us -- just to quantify in the quarter, how much was the impact here? And if you could also give us some color on any potential one-off impacts from the FTC payments or allocation on this product. And if you could also help us understand which products are the clients putting money into with the reimbursement from FTC. Just help us understand what we can expect for the fixed income take rate going forward.

第一個是追問殖利率曲線的影響。所以如果可以的話，請你幫我們量化一下本季的影響有多少？另外也請你補充一下，FTC 付款或該產品的分攤是否有任何一次性影響。以及若你也能協助我們了解，客戶拿到 FTC 的補償後把資金投入到哪些產品。請幫助我們理解，未來固定收益的 take rate（抽成率／費率）可以期待什麼。

And then my second one is on the warehouse strategy here. If you could give us some color and recall what's the average duration that the credit says in your warehouse. How should we think about distribution versus retention going forward? Any update or change to the strategy here? Thank you.

第二個問題是關於這裡的倉儲（warehouse）策略。如果可以的話，請你補充一些資訊並回顧一下，信貸資產在你們倉儲中停留的平均期間大概多久？未來我們應如何看待分銷（distribution）與留存（retention）之間的取捨？策略上有任何更新或改變嗎？謝謝。

First of all, about the interest rate level. I think despite the business impact in terms of macro tailwind and product allocation, when you look at the facts in the company, it's actually better for several business lines that are floating return on our own capital and then you go as we comment floating inside the retail other revenues was one of the drivers of growth inside of retail.

首先，關於利率水準。我認為儘管在宏觀順風與產品配置上對業務有影響，但當你看公司實際情況時，對於若干業務線反而更有利，因為我們自有資本有浮動回報；而且如我們所提到的，零售其他收入中的浮動部分是推動零售內部成長的因素之一。

About the allocation of GC premiums, you're going to see that in the prepayments inside of our balance sheet. And just important to remember that there is no P&L effect in that.

關於 GC 保費的分攤，你會在我們資產負債表中的預付款項（prepayments）裡看到。另外重要的是要記住，這不會對損益表（P&L）產生影響。

And the last part about the -- where the clients are allocating money, [particularly] the beginning of the year, we talked a lot about the positive tailwind we had in Brazil and overall markets. And I think if the war and the easing cycle coming from 300 to 70 basis points, clients move back to fixed income and short-term fixed income. So I think we're basically at the same case, we were in the second semester of 2025, almost all of the cash goes to short-term fixed income.

最後一部分，關於客戶把資金配置到哪裡，[特別是]年初時，我們談了很多巴西及整體市場的正向順風。我認為隨著戰爭以及寬鬆循環、利差從 300 降到 70 個基點，客戶又回到固定收益，尤其是短期固定收益。所以我認為我們基本上回到與 2025 年下半年相同的情況：幾乎所有現金都流向短期固定收益。

The ratio of the warehouse portfolio, I think that was the last question, it's the same, hopefully between three to six months. Of course, this widening in the credit spread may change a little bit the dynamics. But that is our base case, and we should keep this way over the year.

倉儲投資組合的週轉期間，我想那是最後一個問題，仍然一樣，目標大約在三到六個月之間。當然，信貸利差的擴大可能會稍微改變一些動態。但這是我們的基本情境，我們今年會維持這樣的做法。

Arnon Shirazi, Citi.

Arnon Shirazi，花旗（Citi）。

Last quarter, a quick question regarding the NPS, with all that it was low in the 4Q, now decreasing in this first quarter. We now that's tracking the last six months, but it's still low at 61. I want to get a view on this on the recent trend and if you expect to be better in the next months or quarters. Thank you.

上一季有個簡短問題，關於 NPS：在第四季已經偏低，而現在第一季又在下降。我們知道這是追蹤過去六個月的數據，但仍偏低在 61。我想了解你對近期趨勢的看法，以及你是否預期未來幾個月或幾季會改善。謝謝。

Yeah, that's a good question. As we use moving average here, the lowest number was in December and early January. So Q1 was the worst moving average. On Q2, you see the number improving.

是的，這是個好問題。由於我們這裡使用移動平均，最低點是在 12 月與 1 月初。所以第一季是最差的移動平均值。到了第二季，你會看到數字正在改善。

And if we look at the number that we are, right now, it's already at 70, okay? So 70. So we are almost back on the current view. But again, as we report a moving average, you see Q2 higher than Q1, but not at 70 yet. So probably on Q3, you see 70-plus and back to normal levels.

如果看我們目前的數字，現在已經到 70 了，好嗎？所以是 70。我們幾乎已回到目前的正常水準。但再次強調，因為我們報告的是移動平均，你會看到第二季高於第一季，但還沒到 70。所以可能到第三季，你會看到 70 以上並回到正常水準。

It has come to an end. It'd be more than a pleasure to answer any further questions. Just look for -- or contact the IR team, and see you in the next quarter. Thank you so much for your participation. Bye.

今天就到這裡。我們非常樂意回答任何進一步的問題。請找—或聯絡投資人關係（IR）團隊，我們下季見。非常感謝各位的參與。再見。