XP Inc (XP) 2026 Q2 法說會逐字稿

Good evening, everyone. I'm Andre Parize, Investor Relations Officer at XP Inc. Welcome and thank you for joining us for our second quarter '26 earnings call. Today's presentation will be delivered by our CEO, Thiago Maffra; and our CFO, Gustavo Alejo. Right after the presentation, they will be both available for the Q&A session. (Event Instructions)

各位晚安。我是 XP Inc. 投資人關係主管 Andre Parize。歡迎並感謝各位參加我們 2026 年第二季財報電話會議。今天的簡報將由我們的執行長 Thiago Maffra 以及財務長 Gustavo Alejo 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 take a moment to reveal the legal disclaimer on page 2 of today's presentation, which addresses forward-looking statements. The full presentation is available for download on our investor relations website, and you'll find additional materials in the SEC filings section of our IR website.

在開始之前，請花一點時間查看今日簡報第 2 頁的法律免責聲明，其中涵蓋前瞻性陳述。完整簡報可於我們的投資人關係網站下載，您也可在我們 IR 網站的 SEC 申報文件區找到其他補充資料。

Now I hand it over to Thiago Maffra. Good evening, Maffra.

現在把時間交給 Thiago Maffra。晚安，Maffra。

Thank you, Andre. Good evening, everyone, and thank you for joining our second quarter 2026 earnings call. I would like to begin by welcome Gustavo Alejo, our new CFO. He joins us at an exciting time just after the biggest Expert in our history and even that showed how far we have come and how much further we aim to go. Now let's dive into our second quarter 2026 numbers.

謝謝你，Andre。各位晚安，感謝各位參加我們 2026 年第二季財報電話會議。我想先歡迎我們的新任財務長 Gustavo Alejo。他在一個令人振奮的時點加入我們，就在我們史上規模最大的 Expert 活動之後，而該活動也展現了我們已走了多遠，以及我們希望再走得更遠的企圖。現在讓我們進入 2026 年第二季的數字。

Beginning with the key highlights of the quarter. Client assets combining AUM and AUA reached BRL2.2 trillion representing a 17% year-over-year growth. We ended the period with 18,400 advisers, up 1% year-over-year, while our active client base totaled 4.8 million, a 1% increase year-over-year. Gross revenues amounted to BRL5.1 billion this quarter, up 8% from the same period last year. EBT advanced 15% to BRL1.6 billion, while net income came to BRL1.4 billion, rising 5% year-over-year.

先從本季重點摘要開始。客戶資產（AUM 與 AUA 合計）達到 2.2 兆巴西雷亞爾（BRL），年增 17%。期末共有 18,400 名理財顧問，年增 1%；活躍客戶數合計 480 萬，年增 1%。本季總營收為 51 億巴西雷亞爾，較去年同期成長 8%。稅前利潤（EBT）成長 15% 至 16 億巴西雷亞爾；淨利為 14 億巴西雷亞爾，年增 5%。

In terms of profitability, our ROE increased 80 bps sequentially to 22.5%. Our capital ratio stood at a comfortable 20.3%, reflecting our ability to grow while maintaining disciplined capital and risk management. Also, our EPS grew 9% year-over-year, stronger than our net income growth, thanks to our capital management and payout strategy.

在獲利能力方面，我們的 ROE 季增 80 個基點至 22.5%。資本比率維持在穩健的 20.3%，反映我們在維持嚴謹資本與風險管理的同時，仍具備成長能力。此外，在資本管理與配息策略的帶動下，我們的 EPS 年增 9%，高於淨利成長幅度。

The second quarter of 2026 was again marked by ongoing global geopolitical tensions and residual market volatility. While these headwinds materialize with less intensity than in the previous quarter, they still impacted our results, particularly through the widening of credit spreads and a reduction in primary DCM offerings.

2026 年第二季仍受到持續的全球地緣政治緊張與殘餘市場波動所影響。雖然這些逆風的強度較前一季減弱，但仍對我們的業績造成影響，特別是信用利差擴大，以及初級債務資本市場（DCM）發行量下降。

Without these effects, we would have achieved double-digit revenue growth with a low teens expansion year-over-year. This demonstrates that despite the market volatility we faced in the first half of the year, our core businesses continued to perform well with resilient underlying momentum. Towards the end of the quarter, we began to see signs of normalization across markets, along with a gradual recovery in the fixed income pipeline. We expect this pipeline to materialize into primary offerings over the coming quarters, depending on the market dynamics.

若排除上述影響，我們本可達成雙位數營收成長，年增幅度可達低十位數區間。這顯示即使上半年面臨市場波動，我們的核心業務仍維持良好表現，基本動能具韌性。接近季末時，我們開始看到市場各面向出現正常化跡象，固定收益承銷管線也逐步回溫。我們預期該管線將在未來幾季轉化為初級市場發行，具體仍取決於市場動態。

That said, depending on how these dynamics evolve, we continue to target double-digit growth throughout 2026, supported by stronger execution across key verticals and a more diversified revenue base. This quarter, we continued to launch products for both individuals and businesses, and our ecosystem is becoming more complete every day.

也就是說，視這些動態如何演變，我們仍以 2026 年全年維持雙位數成長為目標，並將由關鍵垂直領域更強的執行力與更為多元化的營收結構所支撐。本季我們持續為個人與企業推出新產品，我們的生態系也日益完整。

We have a clear ambition to be the investment leader in Brazil by 2033 but that leadership will come hand-in-hand with increasing completeness in everything we offer to clients, this next growth phase is built on personalized service with a focus on financial, tax, and succession planning. Our goal is simple, to be our clients' CFO covering their full spectrum of financial service needs.

我們有明確的企圖：在 2033 年成為巴西的投資領導者；而這份領導地位將與我們對客戶所提供的一切之「完整性」提升相輔相成。下一階段的成長將建立在個人化服務之上，聚焦於財務、稅務與傳承規劃。我們的目標很簡單：成為客戶的 CFO，涵蓋其全方位的金融服務需求。

Moving on to the next slide. Let's take a look at client assets. During the second 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 approximately BRL2.2 trillion, representing 17% growth year-over-year.

接著看下一張投影片。我們來看客戶資產。在 2026 年第二季，我們的客戶資產總額（包含資產管理業務的管理資產 AUM，以及基金行政管理業務的 AUA）約為 2.2 兆巴西雷亞爾，年增 17%。

On the right side of the slide, you can see how net new money has evolved. In the second quarter of 2026, we again met our soft target of BRL20 billion retail net new money, while corporate and institutional inflows came in at BRL8 billion. Altogether, net new money amounted to BRL28 billion for the period. While we posted positive results and met our soft guidance, we continue to navigate a challenging environment in 2026. We are constantly improving our investment platform. And as we have mentioned, enhancing the client experience through numerous initiatives.

在投影片右側，您可以看到淨新增資金的變化趨勢。2026 年第二季，我們再次達成零售淨新增資金 200 億巴西雷亞爾的「軟目標」，企業與機構資金流入為 80 億巴西雷亞爾。合計本期淨新增資金為 280 億巴西雷亞爾。儘管我們繳出正向成果並達成軟性指引，2026 年我們仍在充滿挑戰的環境中前行。我們持續精進投資平台。並如我們先前所提，透過多項措施提升客戶體驗。

This combination reinforces our confidence in achieving our ambition of roughly BRL20 billion in retail net new money per quarter on average. Related to that, it's worth mentioning that our NPS ended the second quarter at 66 points. As mentioned in our previous earnings call, we are on a consistent recovery path from the one-off events that impact us in former quarters. This demonstrates the strength of our brand and the trust clients place in our platform and it gives us an indication that we will return to historical levels over the next quarters.

上述組合進一步強化我們的信心：我們有能力達成「零售淨新增資金平均每季約 200 億巴西雷亞爾」的企圖。與此相關，值得一提的是，我們第二季的 NPS 為 66 分。如同我們在上一季財報電話會議所提，我們正沿著穩定的復原軌道前進，逐步走出前幾季一次性事件對我們造成的影響。這展現了我們品牌的實力與客戶對平台的信任，也讓我們有理由相信，未來幾季將回到歷史水準。

With that, let's now take a deeper dive into the strategic drivers that are shaping our next growth phase. Our comprehensive financial ecosystem is built around long-term relationships. We provide service and personalized advice with excellence across every aspect of our clients' financial lives from investments to banking solutions.

接下來，我們更深入探討正在塑造下一階段成長的策略驅動因素。我們的全方位金融生態系建立在長期關係之上。我們在客戶財務生活的每個面向——從投資到銀行解決方案——都以卓越服務與個人化建議提供支援。

Many of our clients have needs well beyond investments, and our mission is to provide them with complete solutions. Under this model, the focus shifts from product distribution to building a personalized financial strategy for each investor. Looking ahead, we see the role of the investment adviser at XP undergoing a profound transformation. The professional is no longer just an intermediary of financial products but it's taking on a role closer to that of a wealth consultant broadly accompanying clients throughout their financial journey.

許多客戶的需求遠不止於投資，而我們的使命是為他們提供完整解決方案。在此模式下，重心將從產品分銷轉向為每位投資人打造個人化的財務策略。展望未來，我們看到 XP 的投資顧問角色正經歷深刻轉型。這個專業角色不再只是金融產品的中介，而是更接近財富顧問，廣泛陪伴客戶走過其財務旅程。

Given this context, it's crucial to understand personal and family goals such as retirement and long-term wealth building. The same client-centricity logic that guides us on offerings from individuals also extends to our corporate clients. We have recently launched new initiatives targeting the business segment, always focused on delivering financial management solutions. We already have a very robust corporate segment, and now we are expanding our offering, particularly for a small- and medium-sized enterprise.

在此背景下，理解個人與家庭目標（例如退休與長期累積財富）至關重要。同樣以客戶為中心的邏輯，不僅指引我們對個人客戶的產品與服務，也延伸至企業客戶。我們近期推出多項鎖定企業客群的新計畫，始終聚焦於提供財務管理解決方案。我們原本就擁有非常穩健的企業業務版圖，現在正擴大產品與服務，特別是針對中小企業（SME）。

As we have said over the past few quarters, XP is uniquely positioned for this new market environment. We have the largest and most qualified adviser network in Brazil, along with a trusted brand and an innovative DNA, a combination that enables our tech lead scaling and keeps us ahead of the market.

如同我們過去幾季所說，XP 在這個新的市場環境中具備獨特優勢。我們擁有巴西規模最大且最具專業素質的理財顧問網絡，加上值得信賴的品牌與創新 DNA；這樣的組合使我們能以科技領先推動規模化成長，並持續領先市場。

On the next slide, we share further details on our strategy. Across every client segment we serve, our ambition is to deepen relationships, enhance the completeness of our product offering and fully meet all of our clients' financial needs. On the individual side, our focus remains on investments.

在下一張投影片，我們將分享更多策略細節。在我們服務的每一個客戶分群中，我們的企圖是深化關係、提升產品供給的完整性，並全面滿足客戶所有金融需求。在個人客戶端，我們的重點仍然是投資。

We continue to deepen our segmentation, offering a specific value proposition for each client layer. We were the first to address a latent market demand and offer a truly model agnostic approach. Today, we have evolved this concept to a comprehensive wealth planning model, one that allow us to cover our clients across all their financial needs from investment allocation to estate planning, succession, and beyond.

我們持續深化分層經營，為每一個客戶層級提供明確的價值主張。我們是第一個洞察到潛在市場需求，並提供真正「模型中立」（model agnostic）方法的業者。如今，我們已將此概念演進為完整的財富規劃模式，使我們能在客戶的各項金融需求上提供全面覆蓋——從投資配置到遺產規劃、傳承安排等，乃至更多面向。

Under this model, the charging structure naturally aligns as a fee based which continues to gain traction. We already have slightly more than 26% of our clients' assets under this framework. On top of that, we are expanding our offshore investment capabilities, and making continued progress on new product launch, including ETFs and managed portfolios, all fully aligned with our way of serving clients.

在此模式下，收費結構自然地與以費用為基礎的模式相一致，而此模式持續獲得市場採用。目前在此架構下的客戶資產占比已略高於26%。此外，我們正擴展離岸投資能力，並在新產品推出方面持續取得進展，包括ETF與受管理投資組合，且皆完全符合我們服務客戶的方式。

At the same time, we are adding credit to a solution shelf that has already expanded meaningfully over the past few years, during which we introduced numerous innovations in banking and insurance. I would like to emphasize that this expansion is the continuation of a well-planned strategy, one that has been consistently executed over the years with the addition of services and solutions.

同時，我們也在過去幾年已顯著擴充的解決方案貨架上新增信貸產品；在此期間，我們在銀行與保險領域推出了多項創新。我想強調，這次擴張是延續一項周密規劃的策略，多年來我們透過持續增加服務與解決方案，一直穩健地執行該策略。

For businesses, the same logic holds true, and this is where we see the greatest opportunity since these companies and their founders have long been underserved by traditional players. We plan to change that by delivering a complete, modern, and scalable offering. Just as we transform the investment landscape for individuals, we are now about to do the same for businesses.

對企業而言，同樣的邏輯也成立；而這正是我們看到最大機會之處，因為這些公司及其創辦人長期以來未能獲得傳統業者充分服務。我們計畫透過提供完整、現代且可擴展的產品與服務來改變這一點。正如我們正在改變個人的投資版圖，我們現在也即將為企業做到同樣的事。

We introduced a new standard of high-quality advice, supported by technology and a complete range of products and service designed to tackle the real pain points of a market that has never been fully served. By advising these entrepreneurs with the same depth we bring to individuals, we can help them manage and allocate their cash flow more effectively to grow their businesses.

我們引入了高品質建議的新標準，並以科技與完整的產品與服務範圍作為支撐，旨在解決一個從未被充分服務市場的真實痛點。透過以我們對個人客戶同等的深度來為這些企業家提供建議，我們能協助他們更有效地管理與配置現金流，以推動企業成長。

We are now expanding and upgrading our commercial coverage while launching new features for businesses. We recently announced partnership for a POS device and a credit card geared towards small- and medium-sized enterprise. These are natural extensions of our franchise and a continuation of our strategy that has been underway since 2019 when we obtained our banking license.

我們目前正在擴大並升級商業端覆蓋，同時為企業推出新功能。我們近期宣布與合作夥伴推出面向中小企業的POS裝置與信用卡。這些都是我們業務版圖的自然延伸，也是我們自2019年取得銀行牌照以來持續推進之策略的延續。

Finally, I want to emphasize that we'll execute this strategy with the utmost discipline, ensuring that every step we take remains firmly aligned with our capital ratios and conservative risk approach.

最後，我想強調，我們將以最高紀律執行此策略，確保我們每一步行動都與資本比率及保守的風險取向保持一致。

With that, I will now hand the call over to Alejo to cover the financial section of the presentation.

接下來，我將把電話會議交給Alejo，由他說明簡報中的財務部分。

Thank you, Maffra. It's a pleasure to be here with all of you today. I would like to begin by expressing my sincere appreciation for the warm welcome since joining XP. I'm thrilled to be part of this journey, and I'm looking forward to contributing to our next chapter of growth.

謝謝你，Maffra。很高興今天能與各位在此相聚。我想先對加入XP以來所受到的熱情歡迎表達誠摯的感謝。我很興奮能成為這段旅程的一部分，並期待為我們下一階段的成長篇章做出貢獻。

Now let me walk you through our financial performance for the quarter. Total gross revenue in the second quarter 2026 reached BRL5.1 billion, up 8% year-over-year and 3% quarter-over-quarter. Retail growth in the quarter was driven by equities, funds platform, new verticals and other retail, which expanded at a rapid pace year-over-year.

現在我將帶各位回顧本季的財務表現。2026年第二季總毛收入達51億巴西雷亞爾（BRL），年增8%、季增3%。本季零售端成長主要由股票、基金平台、新垂直業務及其他零售帶動，年比呈現快速擴張。

The Wholesale Bank division also delivered consistent growth, led by solid performance of our Corporate segment. Now let's move on to Retail revenue. Retail revenue totaled BRL3.9 billion in the quarter, representing an 8% growth year-over-year and a 3% growth quarter-on-quarter, reflecting the impact of fixed income, corporate credit in Brazil already explained. Excluding this mark-to-market effect, Retail revenues would have grown 15% in the first half of 2026 when compared to the same period last year, showing a resilient underlying momentum.

批發銀行事業部亦持續穩健成長，主要受惠於企業（Corporate）業務的良好表現。接下來我們看零售收入。本季零售收入合計39億巴西雷亞爾，年增8%、季增3%，反映先前已說明之巴西固定收益與企業信貸的影響。若排除這項按市價評價（mark-to-market）影響，2026年上半年零售收入相較去年同期將成長15%，顯示基本動能具韌性。

Even with the lower ADTV of equities and futures in second quarter, equities revenue increased 11% when compared to the same period of last year, reaching almost BRL1.1 billion. Sequentially, Equities revenue dropped 2%, while ADTV fell approximately 8% in the same period. Funds platform also posted a strong performance this quarter, growing 23% year-over-year and 7% sequentially, due to the booking of management and performance fees this quarter. Also, retail annual performance benefited from stronger contributions from new verticals, and different revenue lines included in other retail, like floats, international platform, and FX.

即使第二季股票與期貨的日均交易額（ADTV）較低，股票收入仍較去年同期成長11%，接近11億巴西雷亞爾。按季來看，股票收入下降2%，同期間ADTV約下降8%。基金平台本季亦表現強勁，年增23%、季增7%，主要因本季認列管理費與績效費。此外，零售端的年度表現亦受惠於新垂直業務更強的貢獻，以及其他零售中不同收入線的帶動，例如浮存金（floats）、國際平台與外匯（FX）。

Now let's move on to the next slide, where we'll cover how our Wholesale Bank is evolving. Our Wholesale segment, including Corporate, Issuer Services, and Institutional revenues grew 32% year-over-year and 3% sequentially. The market deterioration that began in March and prevailed through April, combined with the lower risk appetite from investors, led to a sharp decrease in the number of new fixed income offerings, particularly tax-exempt fixed income instruments. The reduction in fixed income offerings weighed directly on our Issuer Services segment, resulting in lower revenues versus both prior year and the previous quarter.

接下來請看下一頁，我們將說明批發銀行的演進。我們的批發業務（包含企業、發行人服務（Issuer Services）與機構（Institutional）收入）年增32%、季增3%。自3月開始並延續至4月的市場惡化，加上投資人風險偏好降低，導致新的固定收益發行數量大幅下降，尤其是免稅固定收益工具。固定收益發行減少直接拖累我們的發行人服務業務，使收入較去年同期與前一季均下降。

Despite this reduced number of offerings, the Corporate segment posted another strong result, with revenues growing 117% year-over-year and 22% sequentially. Our ability to cross-sell and deliver a broader set of solutions to our Corporate clients, such as derivatives, FX, and credit continued to support our revenue growth.

儘管發行數量減少，企業（Corporate）業務仍再度繳出強勁成績，收入年增117%、季增22%。我們持續透過交叉銷售並向企業客戶提供更廣泛的解決方案（如衍生性商品、外匯（FX）與信貸），支撐收入成長。

Finally, our Institutional business grew year-over-year and was relatively flat sequentially. Like retail equities, the segment reflects lower trading volumes during the quarter.

最後，我們的機構業務年比成長，季比則大致持平。與零售股票類似，該業務反映本季交易量較低。

Now let's shift our focus to SG&A and efficiency ratios. Our SG&A totaled BRL1.6 billion in the second quarter, increasing 5% year-over-year and 2% quarter-over-quarter. On the right-hand side of the slide, our last 12 months efficiency ratio stood at 34.3%, an increase of 30 basis points year-over-year and a decline of approximately 30 basis points sequentially. This quarter, we delivered a good efficiency ratio against a more challenging revenue backdrop.

現在把焦點轉向銷售、一般及行政費用（SG&A）與效率比率。第二季SG&A合計16億巴西雷亞爾，年增5%、季增2%。在投影片右側，我們過去12個月的效率比率為34.3%，年比上升30個基點，季比下降約30個基點。在較具挑戰的收入環境下，本季我們仍交出不錯的效率比率。

As we move into the second half of the year, we expect the typical effects that lift both revenues and expenses, such as bonus provisions and the Expert event. Despite these effects, we continue to closely monitor the pace of our investments, and we still target to deliver a flattish efficiency ratio on a year-over-year basis for full year.

進入下半年，我們預期將出現一些通常會同時推升收入與費用的典型因素，例如獎金提列與Expert活動。儘管如此，我們仍會密切監控投資節奏，並且全年仍以年比效率比率大致持平為目標。

Moving to earnings before taxes now, our adjusted earnings before taxes totaled BRL1.6 billion in the second quarter 2026, up 15% year-over-year and 10% quarter-over-quarter. We delivered 32% adjusted EBT margin expanding on both a quarterly and a yearly basis. Lower mark-to-market impacts, positive performance across several of our segments, and controlled expenses all contributed to operating leverage which resulted in a higher EBT and EBT margin this quarter.

接著看稅前盈餘，我們2026年第二季調整後稅前盈餘（EBT）為16億巴西雷亞爾，年增15%、季增10%。我們交出32%的調整後EBT利潤率，無論按季或按年皆擴張。較低的按市價評價影響、數個業務分部的正向表現，以及費用控管，共同帶來營運槓桿，使本季EBT與EBT利潤率提高。

On the next slide, we present our net income. Adjusted net income reached BRL1.4 billion in the second quarter representing a 5% increase compared with both the prior year and the prior quarter periods. Net margin was 28.3% in the second quarter 2026 up around 50 basis points sequentially and down around 100 basis points year-over-year. And our tax rate for the quarter was sequentially higher due to the mix of results, stronger performance results from the Corporate line, and less negative mark-to-market impacts from the warehousing book.

下一頁我們呈現淨利。第二季調整後淨利達14億巴西雷亞爾，較去年同期與前一季均成長5%。2026年第二季淨利率為28.3%，季比上升約50個基點，年比下降約100個基點。本季稅率較前一季提高，主要因成果組合所致：企業（Corporate）線表現更強，以及庫存持有（warehousing）投資組合的按市價評價負面影響減少。

Now let's move on to the next slide to talk about our earnings per shares and returns. Our adjusted diluted earnings per shares increased by approximately 9% year-over-year at a faster pace than our net income growth, reflecting the execution of our share buyback program. On the right-hand side of the slide, you can see our adjusted annualized return on tangible equity and return on equity. Given our lower Basel ratio, sequentially, both metrics are higher this quarter when compared to the previous one.

接下來我們談每股盈餘與報酬。我們的調整後稀釋每股盈餘（EPS）年增約9%，增速快於淨利成長，反映我們執行庫藏股回購計畫。在投影片右側，您可看到我們調整後年化有形股東權益報酬率（ROTE）與股東權益報酬率（ROE）。由於我們的巴塞爾比率較低，按季來看，這兩項指標在本季相較上一季均更高。

With that, I move on to the next slide to talk about our capital management strategy. During the second quarter, we continued executing our share buyback program. As of the end of June, we have executed BRL1 billion and close the previous buyback program. We still have another open program of BRL1 billion, which we continue to execute strategically. Combining the two buyback programs and approximately BRL500 million in dividends distributed in June, we reached nearly BRL2.5 billion in capital distribution already announced in 2026.

接下來，我將進入下一張投影片，談談我們的資本管理策略。在第二季，我們持續執行庫藏股回購計畫。截至6月底，我們已執行回購金額達10億巴西雷亞爾，並結束上一期回購計畫。我們仍有另一項10億巴西雷亞爾的回購計畫在進行中，並將持續以策略性方式執行。合併兩項回購計畫，以及6月發放約5億巴西雷亞爾的股利，我們在2026年已宣布的資本回饋總額已接近25億巴西雷亞爾。

Additionally, I would also like to announce that we will be canceling approximately 11.8 million treasuries shares, represent roughly 2.3% of our total outstanding shares, further reinforcing our commitment to disciplined capital allocation and returning value to our shareholders.

此外，我也想宣布，我們將註銷約1,180萬股庫藏股，約占我們已發行在外股份總數的2.3%，進一步強化我們對嚴謹資本配置與為股東創造回報的承諾。

Now let's move on to the second part of our capital management strategy on the next slide. I'd like to turn to our capital ratio and risk-weighted assets. We closed the quarter with a Basel ratio of 20.3% and a CET1 ratio of 17.1%. As mentioned in our previous earnings calls, throughout 2026, we will operate the business with a high Basel ratio. However, we are comfortable bringing it down to our target range of 16% to 19%, while still maintaining a comfortable capital buffer.

現在我們進入下一張投影片，談資本管理策略的第二部分。我想說明我們的資本比率與風險加權資產。本季結束時，我們的巴塞爾資本適足率為20.3%，CET1比率為17.1%。如同我們在先前的法說會所提到的，2026年全年我們將以較高的巴塞爾比率來營運。不過，我們也有信心將其降至16%至19%的目標區間，同時仍維持充足的資本緩衝。

On the right-hand side of the slide, we show our RWA. The main growth driver was credit RWA, mostly associated with our Corporate business. It's worth noting that while total RWAs grew around 26% year-over-year, our corporate revenues expanded 117% over the same period. This shows that we will continue to evaluate and seize growth opportunities as they arise while maintaining our focus on risk return criteria.

在投影片右側，我們展示了RWA（風險加權資產）。主要成長動能來自信用RWA，且多數與我們的企業業務相關。值得注意的是，雖然總RWA年增約26%，但我們的企業營收在同期間成長了117%。這顯示我們將在維持風險報酬標準的同時，持續評估並把握出現的成長機會。

And with that, we can move on to the Q&A section. Thank you.

接下來，我們進入問答環節。謝謝。

Daniel, please go on.

Daniel，請繼續。

Hi guys, good night and Maffra, Alejo and Parize, thanks for taking my question. Alejo, welcome aboard. I hope you the most success in XP. I'd like to hear a little bit more about volatility and I guess, we're heading into an election period, and I'll be curious to hear what your expectations for the volatility and your revenues, mostly if you could break down into the Retail revenues and also for the Corporate cost.

各位晚上好，Maffra、Alejo 和 Parize，謝謝你們回答我的問題。Alejo，歡迎加入。祝你在XP一切順利、取得最大的成功。我想再多了解一些關於波動性的看法。我想我們正要進入選舉期間，我也很想聽聽你們對波動性與營收的預期，尤其是如果可以拆分說明零售端營收，以及企業端成本的話。

Corporate, we are seeing a very strong first half. You delivered close to BRL1.1 billion. So trying to understand whether that's a level on the Corporate side that could even go higher compared to the first half of the year as you have more opportunities for maybe sell, hedging, derivatives effects and also protection for rates ahead of the October and November election period? And also, so breaking down in Retail and Corporate would be very good to hear about that. Thank you.

企業端方面，我們看到上半年表現非常強勁。你們交出了接近11億巴西雷亞爾的成績。因此我想了解，企業端的水準是否有機會在下半年甚至高於上半年，因為在10月與11月選舉前，可能會有更多機會進行銷售、避險、衍生品帶來的影響，以及利率保護等？另外，如果能拆分談談零售與企業端，會非常有幫助。謝謝。

Thank you for your question. This is Thiago. Yes, about volatility. It's important to mention that usually, when we have a high volatility, it's positive in terms of volumes and revenues for some businesses, especially when we look the Institutional desks or Retail trading clients, if volumes pick up, as we have for most of the markets between 30% and 50% market share. If volumes pick up, we make more money.

謝謝你的提問。我是Thiago。是的，關於波動性。需要強調的是，通常在高波動環境下，對某些業務的交易量與營收是正面的，特別是機構交易台或零售交易客戶；如果成交量上升——而我們在多數市場的市占率約在30%到50%之間——成交量上升，我們就能賺更多。

So yes, when you look -- especially just 2 business lines, Institutional and Retail traders, we expect higher revenues in the second semester. About Corporate revenues. I believe we have been investing on this business since 2021. So the business has been growing year-over-year on a very conservative way. So for example, we had this year a lot of credit events. We didn't have any exposure for these names.

所以是的，尤其就兩條業務線來看——機構與零售交易客戶——我們預期下半年營收會更高。至於企業端營收。我認為我們自2021年起就一直在投資這項業務。因此，這項業務一直以非常保守的方式逐年成長。例如，今年發生了許多信用事件。我們對這些標的沒有任何曝險。

So we have a very high-quality credit portfolio. The derivative business is growing, energy among FX and a lot of other business they are growing. So we believe this level of corporate business, it's a normal level for the future, okay? I know it was very strong, but we expect that Q3 also is strong for Corporate. So it's part of the business that's growing, okay? So it's a normal level looking forward.

因此我們的信用投資組合品質非常高。衍生品業務正在成長，能源、外匯以及許多其他業務也都在成長。所以我們認為，目前這個企業業務水準，未來是正常且可持續的水準，好嗎？我知道這次表現非常強，但我們預期第三季企業端也會很強。因此這是業務成長的一部分，好嗎？展望未來，這會是正常水準。

All right. Thank you.

好的。謝謝。

Eduardo Rosman, BTG Pactual.

Eduardo Rosman，BTG Pactual。

Hi, everyone. I have a couple of questions here about the Wholesale Banking business. If you can share with us your expectations on how relevant this business could become within XP as a whole, over the next few years. If you think you already have the right teams and all the alignment in place to expand the lending business, if not, what's still needed to get there?

各位好。我有幾個關於批發銀行（Wholesale Banking）業務的問題。如果可以的話，請與我們分享你們對這項業務在未來幾年內，於XP整體中可能變得多重要的看法。你們是否認為目前已具備合適的團隊與一致的內部協同來擴展放款業務？如果還沒有，還需要哪些條件才能達成？

And finally, if you could share your view about payout ratio medium-term, right? I think in the short-term, I think you mentioned you still expect to pay more than 50% in the form of dividends and buybacks. But given that you expect to use more of your balance sheet in the future? Should we expect any change in that? Thanks a lot.

最後，也請分享你們對中期股利支付率（payout ratio）的看法，好嗎？我想短期內，你們提到仍預期以股利與回購的形式支付超過50%。但考量你們預期未來會更多運用資產負債表？我們是否應該預期這方面會有任何改變？非常感謝。

Thank you for the question, Rosman. Taking the first question about the wholesale, we don't have any change in strategy, the strategy that we started four years, five years ago. So we will continue to grow step-by-step on the business. So we received a lot of questions. If Gustavo Ale, who was coming here, like to do -- because we are planning a shift on credit basis, but that's not the case.

謝謝你的問題，Rosman。先回答第一個關於批發業務的問題，我們的策略沒有任何改變，仍是我們在四、五年前開始的那套策略。因此我們會持續一步一步地擴張這項業務。我們收到很多問題。大家在問Gustavo Ale來到這裡後，是否會想做——因為外界以為我們計畫在信用面上做轉向——但並不是這樣。

Of course, he has a great background on different areas of banking, including the wholesale but also retail, as you can see, all the, I would say, banking business for both individuals and companies, they are growing in the past years, insurance as well. So the strategy is to complete the ecosystem and to serve our clients as a whole, and we will continue to do that. So you guys probably saw that we announced that we are launching a platform for SMBs. It's going live in September 1, okay, with cards acquiring credit with collateral and so on, a lot of different products.

當然，他在銀行業不同領域都有很強的背景，包括批發業務，也包括零售；如你們所見，無論是個人或企業端的各項銀行業務，過去幾年都在成長，保險也是如此。我們的策略是完善生態系，並以整體方式服務客戶，我們會持續這麼做。各位可能也看到我們宣布將推出一個面向中小企業（SMBs）的平台。該平台將於9月1日正式上線，好嗎？包含卡片收單、以擔保品為基礎的授信等多種不同產品。

So it's part of the evolution of the business. So there is no big shift in strategy. There is no big shift on credit. We are not going to start to grow the credit portfolio in a very different pace. So it's I would say more of the same. Of course, when we compare ourselves with the other banks, we still have a lot of room like to build new business lines to grow, but it's going to be step-by-step, always being cautious on credit, always being cautious on risk.

這是業務演進的一部分。因此策略上沒有重大轉向。在信用方面也沒有重大轉向。我們不會以截然不同的速度去擴張信用投資組合。所以我會說基本上是延續既有方向。當然，若與其他銀行相比，我們仍有很大空間去建立新的業務線並成長，但會一步一步來，始終對信用保持謹慎，始終對風險保持謹慎。

So -- and about people, I would say that we have most of the people that we need most of the capabilities. Of course, as you know very well the company, we were born as a broker-dealer focus on individuals, focus on investments, so it took us, I would say, four, five years to get to this point where we are comfortable on building new business lines.

至於人員方面，我會說我們已擁有大多數所需的人才與能力。當然，如你非常了解這家公司，我們起家是以個人客戶為主的券商／交易商，聚焦投資，因此我們花了大概四、五年才走到現在這個階段，讓我們有信心去建立新的業務線。

We always can bring, and we are always looking to bring people that complement our capabilities and our skills. It's always going to be part of the business. And Gustavo Alejo, who is one of this example, for sure, he will help us not only on the wholesale, but also on the individual part, on investments, and on everything.

我們一直都能引進人才，而且我們也一直在尋找能夠補足我們能力與技能的人才。這永遠都會是業務的一部分。而Gustavo Alejo就是其中一個例子，毫無疑問，他不僅會在批發業務上協助我們，也會在個人端、投資以及各個面向提供幫助。

So yes, I believe we are ready to grow and to execute the strategy that we have been executing in the past years. Not sure, if you want to share something, Alejo, I'm saying that today, he's here listening but next time he will be up to speed. And it has been two weeks with us, and it has been great, a lot of like good discussions already. So I'm happy to have you here.

所以是的，我相信我們已準備好成長，並執行我們過去幾年一直在執行的策略。不確定你是否想分享些什麼，Alejo；我想說的是，他今天在這裡聽，但下次他就會完全跟上進度。他加入我們才兩週，感覺非常好，已經有很多很好的討論。所以我很高興你在這裡。

Hi, I hope you're doing well. It's a real pleasure to reconnect with you. Well, I'm entering my third week, so -- in this great company. So I'm energized and genuinely pleased to be part of such remarkable growth story. So the strategy is written. We are not changing the strategy and just -- will be part of this growth story, so part of the team. I saw a very strong team focusing, and very strong metrics in terms of credit, so we have all set to keep growing at a good pace and with good profitability. Very good to talk to you again.

嗨，希望你一切都好。很高興能再次與你聯繫。我現在進入第三週了——在這家很棒的公司。所以我充滿幹勁，也真心很高興能成為這個卓越成長故事的一部分。策略已經寫好了。我們不會改變策略，而我也將——成為這個成長故事的一部分，成為團隊的一員。我看到一個非常強的團隊在專注執行，而且在信貸指標方面也非常強勁，所以我們已經具備所有條件，能以良好速度並以良好獲利能力持續成長。很高興再次和你交談。

And take your second question about payout. As we mentioned, we have guidance to get our BIS ratio between 16% and 19%. Today, we are above 20%, meaning that we will have like to distribute more capital throughout the year. We already executed BRL1 billion buyback. We have another BRL1 billion open that we are executing at these levels. We already executed BRL500 million in dividends.

再回答你第二個關於配發（payout） 的問題。如我們提到的，我們的指引是將BIS比率維持在16%到19%之間。目前我們在20%以上，這表示我們今年會需要把更多資本分配出去。我們已經執行了10億巴西雷亞爾的庫藏股回購。另外還有10億巴西雷亞爾的回購額度在執行中，且我們正以目前這些水準進行。我們也已經發放了5億巴西雷亞爾的股利。

So totaling and assuming that we execute the BRL1 billion that's open, BRL2.5 billion, I believe this year, we are going to be higher than 50% for sure. Otherwise, we don't get below 19%. So you can expect more buybacks or more dividends throughout the year, depending on the price that we have during the year. At this price, of course, we lean towards buybacks, more than dividends So that's the idea today.

因此合計起來，並假設我們把尚未完成的10億巴西雷亞爾回購也執行完，總額將達25億巴西雷亞爾；我相信今年我們的配發率肯定會高於50%。否則我們就無法把比率降到19%以下。所以你可以預期今年內會有更多回購或更多股利，取決於我們今年的股價水準。以目前這個價格來看，當然我們會更偏向回購而不是發股利。這就是目前的想法。

Thank you both. Thanks a lot.

謝謝你們兩位。非常感謝。

Mario Pierry, BofA Global Research.

Mario Pierry，BofA Global Research。

Hey guys, good evening. Thanks for taking my question. Alejo welcome. Good luck to you. It's nice to be talking to you again. Let me ask you a question on what you talked about. The Retail revenues would have increased 15%, excluding the impact of the mark-to-market, so we are estimating that's about BRL420 million impact on revenue in the first half of the year. Is that correct? Because I think we had discussed that the impact of close to BRL400 million in the first quarter. So are we -- is it fair to assume that the impact in the second quarter was very, very marginal?

各位晚上好。謝謝讓我提問。Alejo，歡迎加入。祝你順利。很高興再次和你們對話。我想問一個關於你們剛才提到的內容。若排除按市價評價（mark-to-market）的影響，零售收入應該會成長15%，因此我們估算上半年對收入的影響約為4.2億巴西雷亞爾。這樣對嗎？因為我記得我們曾討論第一季的影響接近4億巴西雷亞爾。所以我們——是否可以合理假設第二季的影響非常、非常小？

It's Thiago here. I will take the question. So yes, your math is right. It was around BRL420 million. I would say it was below BRL300 million on the first quarter and the other part on the second. So I would say, BRL100 million, BRL150 million, BRL160 million on the second quarter, okay? So those are the numbers.

我是Thiago。我來回答這個問題。是的，你的計算是對的。大約是4.2億巴西雷亞爾。我會說第一季低於3億巴西雷亞爾，其餘部分在第二季。所以第二季大概是1億、1.5億、1.6億巴西雷亞爾左右，好嗎？這些就是數字。

That's clear. So Maffra, then when we look -- I would imagine, right, this is this was an impact on your fixed income revenues. So when I look at your fixed income fees. I get an average of about 89 basis points first half of '26 down from 99 basis points first half of last year. So is this primarily -- this drop is primarily because of a changing mix?

了解。那麼Maffra，當我們看——我想像這是對你們固定收益收入的影響。所以當我看你們的固定收益手續費。我算出2026年上半年平均約89個基點，低於去年上半年99個基點。所以這主要——這個下降主要是因為組合改變嗎？

Yes, there are 2 effects there, okay. The first one, what you mentioned, mix. We have never seen a mix so much concentrated on SELIC post-fixed instruments and with very short term duration, mostly on daily liquid products. So that's one of the biggest problems with fixed income revenues today. But there is also when we say that we lost more than BRL400 million on mark-to-market. It's mainly on the book from our investment banking, okay?

是的，這裡有兩個影響因素，好嗎。第一個就是你提到的：組合（mix）。我們從未見過組合如此集中在SELIC後固定利率（post-fixed）工具上，而且存續期間非常短，主要是每日流動性產品。所以這是目前固定收益收入最大的問題之一。但另外，當我們說按市價評價損失超過4億巴西雷亞爾時。那主要是在我們投資銀行的部位（book）上，好嗎？

And if you take into consideration that there was almost no market for DCM, for debt capital market, on second quarter, there was also a huge impact on the primary market fees. So the impact on the second quarter was almost the same of the same quarter if you consider the revenue we lost on primary market and the mark-to-markets on the secondary market. So it was a very low volume. We have done less in a quarter than we do in a month, okay, when you compare Q2 with Q1 okay? So it was a huge drop on primary market.

而且如果你考慮到第二季幾乎沒有DCM（債務資本市場）的市場，也對初級市場手續費造成了很大影響。所以如果你把初級市場少掉的收入，以及次級市場的按市價評價影響一起考慮，第二季的影響幾乎與——同一季度的影響差不多。所以成交量非常低。與第一季相比，好嗎？我們第二季一季做的量，比我們平常一個月做的還少。所以初級市場出現了大幅下滑。

We're seeing that stabilizing again on Q3 on a lower level than in the past, but better than Q2, okay? So those are the impacts when you look, because remember, there is revenue split between primary market on retail and investment banking, and that's why the mark-to-market is there. So there are 2 impacts here.

我們看到第三季又開始穩定下來，水準比過去低，但比第二季好，好嗎？所以當你看這些時，這些就是影響因素；因為請記得，初級市場的收入在零售與投資銀行之間有拆分，這也是為什麼會有按市價評價的影響。所以這裡有兩個影響。

Okay. And just clarification on this daily liquidity product, what percentage does it represent of your assets to your fixed income assets, roughly?

好的。再釐清一下，這個每日流動性產品，大概占你們固定收益資產中的多少比例？

Yeah. We don't open the mix by type of product, but today, out of everything that we sell on the fixed income platform, I would say that almost 70%, it's on daily liquidity products, 70%, okay, 7-0. So that number was 30%, I would say, three quarters, four quarters ago, okay? So that's the -- it's a huge change on mix.

是的。我們不會按產品類型揭露組合，但就目前我們在固定收益平台上銷售的所有產品來看，我會說將近70%是每日流動性產品，70%，好嗎，7-0。而這個數字在三到四個季度前大概是30%，好嗎？所以——這是組合上的巨大變化。

And remember that when we sell a daily liquid CD or this kind of products, we get a daily accrual on a very low take rate. So you have two effects here. When you sell a corporate bond, you make duration times spread upfront, when you sell daily liquidity product, you get a daily accrual on a lower level. So it's a double impact here.

而且請記得，當我們賣每日流動性的CD（存款憑證）或這類產品時，我們是以很低的費率逐日計提（daily accrual）。所以這裡有兩個效果。當你賣公司債時，你可以一次性賺到「存續期間乘以利差」的收益；但當你賣每日流動性產品時，你只能以較低水準逐日計提。所以這裡是雙重影響。

Okay. And you're not seeing any changes in the mix in the short-term?

好的。那你們短期內沒有看到組合有任何變化嗎？

Not yet, if you look at the fund platform, we start to see more stable level. And it's early to say an improvement but we are seeing improvement on funds. But I believe we are close to the turning point here but early to say that we are already there.

目前還沒有；如果你看基金平台，我們開始看到水準更穩定。現在說改善還太早，但我們確實看到基金方面有改善。不過我相信我們已接近轉折點，但要說我們已經到了那個點，仍然言之過早。

Okay. Thank you very much.

好的。非常感謝。

Tito Labarta, Goldman Sachs.

Tito Labarta，高盛。

Okay, thanks. Good evening. Maffra. Alejo, also welcome.

好的，謝謝。晚安。Maffra。Alejo，也歡迎。

Good to see you here. A couple of questions also. I guess following up on Mario's question on the mark-to-market. Great, I mean do you expect any more impact going forward? Do you think we're at a point that we can see Retail revenues growing around that 15% level going forward? Or could there still be more impact, right? Just to understand like what is the real like underlying growth of the Retail revenues that we can kind of factor in going forward?

很高興在這裡見到你。我也有幾個問題。我想延續 Mario 關於按市價計價（mark-to-market）的問題。很好，我的意思是，你們預期未來還會有更多影響嗎？你認為我們是否已經到了可以看到零售收入未來大致以 15% 左右水準成長的階段？還是仍可能有更多影響，對吧？只是想了解一下，我們未來可以納入考量的零售收入真正的內生成長大概是什麼樣子？

And then second question, just -- there was a bit of a jump on the JV and associates, it was like about BRL30 million, BRL32 million higher than last quarter. Just was there anything significant there to highlight just to understand that jump? Thank you.

第二個問題是——合資企業與聯營公司（JV and associates）那一行有點跳升，較上季大約高出 3,000 萬雷亞爾、3,200 萬雷亞爾。想請問那裡是否有什麼重要事項值得特別說明，以便理解這個跳升？謝謝。

Thanks for the question, Tito. About your first question, we have reduced a lot our books because, remember, it's mainly from the primary book from investment banking and also from the -- what we call facilitation, the secondary trading flow book for retail clients, institutional clients.

謝謝你的提問，Tito。關於第一個問題，我們已大幅縮減部位，因為請記得，這主要來自投資銀行的初級市場部位，另外也來自——我們所稱的 facilitation，也就是面向零售客戶、機構客戶的次級交易流量部位。

So we have reduced a lot the book during the first half of the year. But it's part of the business. We still have a big book. Remember, we have 30% to 40% market share here on this kind of instrument. So we always keep a book, if we see another credit spread widening, the same size as happened in the past.

所以我們在上半年大幅縮減了部位。但這是業務的一部分。我們仍然有很大的部位。請記得，我們在這類工具上有 30% 到 40% 的市占率。因此我們總是會保有部位；如果我們看到信用利差再次擴大，幅度跟過去發生的一樣。

We are going to lose less than we lost in the first half because the book is smaller today, but we are going to lose something. We are not seeing the spreads there at the same level for, I would say, 2 months. It opens and close 5 bps, 10 bps. So that's not much, okay? But we -- you're seeing a stable level right now. Let's see if there is no big change. You should expect no mark-to-market provisions in the future. But again, the book is smaller, but it's part of the business. So I cannot guarantee that we are not going to lose or make money in the future, okay.

我們的損失會比上半年少，因為現在部位更小，但仍會有一些損失。我們看到利差大概有兩個月沒有回到同樣水準。它開開合合 5 個基點、10 個基點。所以不算多，好嗎？但你現在看到的是相對穩定的水準。如果沒有重大變化，你應該可以預期未來不會有按市價計價的提列。但再說一次，部位雖然更小，但這是業務的一部分。所以我無法保證未來不會虧損或賺錢，好嗎。

Your second question was?

你的第二個問題是？

And the share of profit from JV and associates had like a BRL32 million direct jump quarter-over-quarter.

合資企業與聯營公司的獲利分攤（share of profit）季對季大約直接跳升了 3,200 萬雷亞爾。

Yeah. Remember that -- we have invested a lot of money on IFAs, on asset managers, and some other businesses in the past. Most of these businesses, they are growing. So you should expect this line to grow year-over-year. And there is a seasonality because remember, a part of this business, they are asset managers. Usually, you have performance fees at the end of the semesters. So that's what explains most of the increase there. But again, we put a lot of money on this business. They should grow over the years, okay.

是的。請記得——我們過去在 IFA（獨立理財顧問）、資產管理公司，以及其他一些業務上投入了很多資金。這些業務大多都在成長。所以你應該預期這一行會年對年成長。而且有季節性，因為請記得，其中一部分業務是資產管理。通常在每個半年度末會有績效費（performance fees）。這就是那裡大部分增幅的原因。但再說一次，我們在這些業務上投入了很多資金。它們應該會隨著年份成長，好嗎。

Great. Thank you, Maffra. That's quick.

很好。謝謝你，Maffra。回答很快。

Neha Agarwala, HSBC.

Neha Agarwala，匯豐。

Hi, thank you for taking my question. Just a quick clarification on the cost side. You've shown very good control over costs, both in COGS and OpEx. Can we just dig a bit deeper to understand what are the key levers that you're using? And -- what can we expect in '27, where do you see additional room for optimization, if any? Or it will be more revenue play in '27? Thank you.

嗨，謝謝讓我提問。我想就成本端做個快速釐清。你們在成本控制上做得很好，不論是銷貨成本（COGS）或營運費用（OpEx）。我們能否再深入一點，了解你們使用的關鍵槓桿是什麼？另外——對於 2027 年，我們可以期待什麼？你們認為是否還有額外的優化空間（如果有的話）？或者 2027 年會更偏向收入端的推動？謝謝。

Thank you for your question, Neha. When we think about the -- our SG&A for the future, remember that at the beginning of the year, we said that you should expect flattish efficiency ratios, compensation ratios for the year. That's the case so far. Remember that there is a seasonality historically on our on our revenues.

謝謝你的問題，Neha。當我們思考未來的銷管費（SG&A）時，請記得年初我們說過，你們應該預期今年的效率比率、薪酬比率大致持平。到目前為止確實如此。也請記得，我們的收入在歷史上有季節性。

And second half of the year is usually stronger than the first half, meaning that if we keep the same efficiency ratios, you should expect SG&A to grow nominally on -- in nominal terms on the second half of the year, okay? So on top of that, on Q3 we have Expert. So it's a big cost for us. So you should expect costs to pick up a little bit on second half. But again, you can expect flattish efficiency ratios and compensation ratios.

而下半年通常比上半年更強，這表示如果我們維持相同的效率比率，你應該預期下半年銷管費在名目金額上會成長，好嗎？此外，第三季我們有 Expert。這對我們來說是一筆很大的成本。所以你應該預期下半年成本會小幅上升。但再說一次，你可以預期效率比率與薪酬比率大致持平。

And how should we think about '27 in terms of further room for cost optimization, should cost efficiency continue to remain flattish going into '27? Or do you see room for it to come down?

那我們該如何看待 2027 年在成本優化方面是否還有進一步空間？成本效率在進入 2027 年時應該會繼續大致持平嗎？還是你認為有空間下降？

I would say flattish is a good assumption but remember that we are building a lot of new business lines, new channels growing, so it's not a commitment that we will gain efficiency or be flat, but I would say flattish is a good assumption.

我會說「大致持平」是個不錯的假設，但請記得我們正在建立很多新的業務線、也有新的通路在成長，所以這不是我們承諾一定會提升效率或維持持平；但我會說「大致持平」是個合理的假設。

Thank you so much.

非常感謝。

Marcelo Mizrahi, Bradesco BBI.

Marcelo Mizrahi，Bradesco BBI。

Hello, everyone. Congratulations for the results. So my question is regarding the margin -- the gross margins also to understand. So the dynamic has been changing. So gaining margin on the fees, on the rebates, which is a dynamic of the channels. But we are seeing the gross margins pretty stable. So this quarter was pretty strong. Can we expect going forward, these gross margins going up in the next quarters with the dynamics of the mix that we -- probably the company will have in the next quarters. Thank you.

大家好。恭喜這次的業績。我的問題是關於毛利率——也想更了解一下。目前的動態正在改變。在手續費、返佣（rebates）上取得更高的利潤率，這是通路動態所帶來的。但我們看到毛利率相當穩定。這一季表現很強。展望未來，隨著未來幾季公司可能出現的組合（mix）動態，我們是否可以期待毛利率在接下來幾季上升？謝謝。

Yeah. We have a lot of operational leverage when we think about the business, and it's the same case when we think about the channels, okay? So when we look on the long run, you could expect gross margins to improve but remember that the mark-to-market also impact this kind of ratios because when we have like more than BRL400 million on our top line that there is no correlation to our sales channels or to IFAs, it distorts a little bit the ratios, the company -- the commission ratios and so on. So that's the main explanation.

是的。當我們看這個業務時，我們有很大的營運槓桿；看通路時也是同樣的情況，好嗎？所以從長期來看，你可以預期毛利率會改善，但請記得按市價計價也會影響這類比率，因為當我們的營收端有超過 4 億雷亞爾，且與我們的銷售通路或 IFA 沒有相關性時，會稍微扭曲比率、公司的——佣金比率等等。這就是主要的解釋。

Pedro Leduc, Itau BBA.

Pedro Leduc，Itaú BBA。

Thanks, everyone. Congrats on navigating this challenging quarter. I want to go back a little bit to the SG&A side. I know you've been very clear about the seasonality in the second half. We can clearly see you investing here more behind people. But then I go back to a conversation we had earlier in the year that you are looking to revamp your tech-based, client facing, especially for massified or the base of the clients and where you were maybe losing a little bit of traction.

謝謝各位。恭喜你們在這個具挑戰性的季度中順利應對。我想稍微回到銷管費（SG&A）這一塊。我知道你們對下半年的季節性已經講得很清楚。我們也清楚看到你們在人才方面加大投入。但我回想起我們今年稍早的一次對話，你們提到正在尋求重塑以科技為基礎、面向客戶的體驗，特別是針對大眾化或客戶基礎層，在那裡你們可能有點失去動能。

And when I think about this flat efficiency and you're paying out for more people, but you also have to boost the tech/AI-investment deck. So question is, are you being able to accommodate both here in these figures that you're talking about? And where are you in this upgrade that you meant to do in the base channel or service facing technology? Thank you.

當我想到這種效率持平、而你們又要為更多人員支出，同時還必須加大科技／AI 投資配置。所以問題是，在你剛才談到的這些數字裡，你們是否能同時兼顧兩者？另外，你們在你提到要做的基礎通路或面向服務的技術升級方面，目前進度到哪裡了？謝謝。

Yeah. Great question. When you look -- especially when you look at the first half of the semester, you see non-people SG&A growing a little bit more. And it's mainly technology, okay? So technology is growing a lot. And it's mainly concentrated on AI, on servers, cloud and so on. So we have been able to manage -- investing on these new technologies while maintaining the efficiency ratios.

是的。很好的問題。當你看——尤其是看上半年時，你會看到非人員的 SG&A 稍微成長得多一些。而主要就是科技，好嗎？所以科技支出成長很多。而且主要集中在 AI、伺服器、雲端等等。因此我們一直能夠在投資這些新技術的同時，維持效率比率。

And about the segment that you mentioned, we always talk about our -- when we simplify in three segments, the digital retail segment, the affluent clients, and the private bank clients. And you are right, we have been creating a value proposition for this retail digital clients in the past, I would say, more than a year.

至於你提到的那個分群，我們一直在談——當我們簡化為三個分群時：數位零售分群、富裕客戶，以及私人銀行客戶。你說得對，我們過去我想超過一年，一直在為這些零售數位客戶打造價值主張。

We are about to launch an AI adviser I would say, this month, or beginning of next month because today, as we have a more complete shelf of products, including banking, and insurance and so on, we are able to provide a good service and have a good unit economics which is a smaller ticket size clients. So you can expect, especially in 2027, the number of clients coming from this segment to accelerate. So I would say 2027, it's a good year to take a look on this segment.

我們即將推出一個 AI 顧問，我想是在這個月或下個月初，因為目前我們有更完整的產品貨架，包括銀行、保險等等，我們就能提供良好的服務，並且在單位經濟上表現良好，因為這是一群單筆金額較小的客戶。所以你可以預期，尤其在 2027 年，來自這個分群的客戶數將會加速成長。所以我會說 2027 年是觀察這個分群的好年份。

Amazing. Thank you for the update and talk soon.

太棒了。謝謝你的更新，之後再聊。

Arnon Shirazi, Citi.

Arnon Shirazi，花旗。

Hi, all. Good evening. My question is still on expenses. When analyzing people expenses, I can see that salary has been increasing 23% year-over-year, while the headcount 13%, there's any change in compensation recently. Also, we see a lower magnitude of share-based compensation. Just trying to see the moving pieces here. Thank you.

各位好。晚安。我的問題還是關於費用。在分析人員費用時，我看到薪資年增 23%，而人數年增 13%，最近薪酬是否有任何變動？另外，我們也看到以股份為基礎的薪酬幅度較低。只是想了解這裡面變動的因素。謝謝。

It's hard to segregate salaries from bonds and total compensation and so on. So I would say the best way of looking is the compensation ratio because the mix of people is very different that we are hiring and so on. So look at the total compensation, I would say it's the best way of analyzing people costs, including also the RSUs and so on.

很難把薪資與獎金以及總薪酬等項目清楚拆分。所以我會說，最好的看法是看薪酬比率，因為我們正在招募的人員組合差異很大等等。因此看總薪酬，我會說這是分析人員成本的最佳方式，也包括 RSU 等等。

Okay, got it. Thanks.

好的，了解。謝謝。

Guilherme Grespan, JP Morgan.

Guilherme Grespan，摩根大通。

Thank you. Good evening, Maffra, Gustavo. Thank you for the presentation. Two quick follow-ups on our side, Maffra. First one, just confirming Issuer Services. I think you mentioned that our primary markets has rebounded a little bit versus the second quarter but still at very soft levels compared to last year. I just want to confirm that's kind of the message for the third Q?

謝謝。晚安，Maffra、Gustavo。謝謝你們的簡報。我們這邊有兩個快速追問，Maffra。第一個是確認一下發行人服務（Issuer Services）。我想你提到我們的初級市場相較第二季有些回升，但相較去年仍處於非常疲弱的水準。我只是想確認，這就是第三季的訊息嗎？

And then my -- my actual question is more a follow-up on the SME strategy going forward. You mentioned a little bit the credit card strategy. You have the POS partnership but specifically on the credit side of the business, what is going to be the strategy here? It's going to be credit plus working capital, the working capital, it's going to be with collateral or not? Do you plan to do government-related programs? Just want to understand the mindset for lending specifically. Thank you.

然後我——我真正的問題是關於未來中小企業（SME）策略的追問。你稍微提到信用卡策略。你們有 POS 的合作夥伴，但特別是在業務的授信端，這裡的策略會是什麼？會是授信加上營運資金嗎？營運資金會有擔保品還是沒有？你們是否計畫做政府相關方案？我想了解你們在放款方面的思維，特別是授信。謝謝。

Thank you for the question. About the first question, yes, you're right. Q3, when we think about -- again, we are talking about debt capital markets, DCM, okay? If you look funds and other products, they are performing well, okay? So -- but when we look DCM that's a big chunk of our Issuer Service. It's better than Q2 but softer than the recent past or especially when we compare to 2025 that the volumes were all-time high, so it's recovering, but at a softer level, okay?

謝謝你的問題。關於第一個問題，是的，你說得對。第三季，當我們在思考——再次強調，我們談的是債務資本市場 DCM，好嗎？如果你看基金和其他產品，它們表現良好，好嗎？但是當我們看 DCM，它是我們發行人服務中很大的一塊。它比第二季好，但比近期過去更疲弱，或特別是與 2025 年相比，當時量能創下歷史新高；所以它正在復甦，但是在較疲弱的水準上，好嗎？

The second part, SMBs, yes, the strategy when we go to credit here. Remember that we are not aggressive even on corporate clients. So as we are going down, it's -- we are going to be even more conservative, okay? So it's always with collateral, yes, we are joining some government programs, other credits with collateral from cards, from other receivables, so it's always going to have some collateral, okay?

第二部分，中小企業，是的，當我們在這裡談授信策略。請記得，我們即使對企業客戶也不激進。所以當我們往下延伸時——我們會更加保守，好嗎？所以一定是有擔保品；是的，我們會加入一些政府方案，以及其他以信用卡、其他應收款等作為擔保的授信，所以一定會有某種擔保品，好嗎？

Of course, we can have a very small revolving lines, but the main part here is with collateral and very low risk. So that's the strategy when we think about credit for these segments here. So not big risks, not clean. So we're going to go step by step here.

當然，我們可能會有非常小額的循環額度，但主要部分是有擔保品且風險非常低。所以這就是我們在思考這些分群授信時的策略。所以不承擔大風險，不做無擔保。所以我們會一步一步來。

That's clear. Thank you.

很清楚。謝謝。

Okay. Thank you, everyone. So here is the time that we're going to finish the call. Thank you for joining us today. We're going to keep in touch. Any further questions, the IR team is more than happy to address and see you next quarter. Thank you.

好的。謝謝各位。那麼現在我們要結束這通電話會議。謝謝大家今天參與。我們會保持聯繫。如有任何進一步問題，投資人關係（IR）團隊非常樂意回覆，我們下季再見。謝謝。