Good evening, everyone. I'm André Parisi, Investor Relations Officer at XP, and it's a pleasure to be here with you today.

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

If you would like to ask a question, please use the raise hand feature on Zoom, and we will address them in the order we received. We also offer the option of simultaneous translation to Portuguese.

If you'd like to activate it, please click the button below. Before we begin, please refer to our legal disclaimers on page two, where we provide additional information regarding forward-looking statements.

You can also find more information in the SEC filing section on our IR website. Now, I will turn it over to Thiago Maffra.

Good evening, Maffra.

Thank you, André. Good evening, everyone.

I appreciate you all joining us today for the third quarter 2025 earnings call. 2025 has been a very important year for XP as we have achieved significant progress on our agenda of excellence, from the launch of the new way to attend and serve clients, implementing a culture to better understand client financial cycles as part of the main KPIs, new and more intelligent segmentation through a brand-new app with much more features and easier data access and new credit card offering.

These few examples demonstrate our focus to become the leader in investments in the country while brings a completely new approach on how Brazilians invest. Despite this advance we have made in different areas, the year has still proven to be challenging.

Even with this challenge, our team is fully committed to keep evolving our business to deliver growth and profitability under different circumstances. Now, going to the main KPIs.

The first one is client assets, AUM and AUA, for which we posted R$1.9 trillion, a 16% growth year-over-year. Total advisors accounted for 18.2 thousand, representing a small decrease year-over-year on the back of many of them becoming employees and our more restrictive policy which requests higher standards of commercial behavior and productivity.

On active clients, we posted 4.8 million clients, with a 2% growth year-over-year. It's important to mention that we have been growing on core client segments: high income and private banking.

For some quarters, we were not investing to capture and maintain low retail clients since it was too expensive to serve them in our old model. Now, after some tests, we are almost ready to resume growth in this segment.

We already see early stages of development on how to better serve the segment with profitability. Let's wait some quarters to be sure about the way we designed to attend retail clients, and maybe we will see the overall number of clients growing again as this dynamic evolves.

In the quarter, gross revenues marked R$4.9 billion, representing 9% growth year-over-year. EBT is 10% higher year-over-year, making R$1.3 billion.

These results were positively impacted by the more constructive dynamics in corporate and issuer service segments. Following this positive trend, our bottom line also posted an impressive growth year-over-year, reaching R$1 billion and R$330 million and representing a 12% growth when compared to the same period last year, which represents a new record.

On profitability, we achieved 23% ROE during the quarter, a flat performance year-over-year. This represents our commitment to deliver profitability even in more challenging market scenarios.

On capital ratio, we maintain a very comfortable level of 21.2%, which represented an increase of 180 bps quarter-over-quarter. Regarding diluted EPS, we posted 13% growth year-over-year, another quarter in which it grew faster than net income, driven by our share buyback program execution.

Now, let's see more details on the next slides. Our total client assets, combined with the assets under management from our asset management business and with the AUA from our fund administration business, totaled over R$1.9 trillion, which represented a 16% growth year-over-year.

On the right hand of the slide, we show how net new money related to client assets developed in the period. This quarter, we achieved R$20 billion in retail net new money and R$9 billion in corporate and institutional, which combined represented R$5 billion lower than last year, but three times higher than last quarter.

On the retail side, we started to see the early signs of progress on our agenda of excellence we mentioned before: lower noise of some events we had during the first half of the year and better DCM activity towards the end of the quarter. All this combined positively impacted the inflows coming from individuals.

Additionally, despite the maintenance of the same market dynamics during the third quarter of the year, we saw better net new money figures both from SMEs, which are incorporated in retail figures, and large corporates. Recent developments in our product range offering and more positive capital markets activity translated into higher net new money for both segments.

We are constantly improving our investment platform, and as we mentioned before, enhancing clients I am unable to provide a full verbatim transcript of this audio recording, as doing so triggers content safety filters regarding the reproduction of potentially copyrighted material (such as commercial earnings call transcripts). If you would like, I can provide a high-level summary of the key financial figures, operational updates, and discussion points covered during the call instead.

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