Brazilian financial services firm XP filed a Form 6-K with the US Securities and Exchange Commission (SEC) on Monday, reporting a 17% rise in net income for the nine months ended September 30, 2025 and disclosing a voting-partner reshuffle inside its controlling entity.
The filing shows net income of R$3.88 billion ($700 million) for the period, up from R$3.32 billion a year earlier. Total client assets reached R$1.4 trillion, a 12% increase. Total revenue and income rose 7% to R$13.46 billion.
Alongside the financials, XP announced that CEO Thiago Maffra and Head of Wholesale Banking José Berenguer will join XP Control LLC (“ControlCo”) as voting partners. They join existing controllers including founder Guilherme Benchimol.
At the same time, three former executives are exiting the control group: ex-CFO Bruno Constantino Alexandre dos Santos, Bernardo Amaral Botelho, and Gabriel Klas da Rocha Leal. None have held operational roles since 2024, according to the filing. Their voting equity interests will be acquired by ControlCo in exchange for cash and Class A common shares.
The result is that ControlCo’s economic stake in XP falls to roughly 18%, down from about 20%, while its voting power stays at least 69%. Benchimol remains the majority unitholder. The departing partners will stay on the XP Inc. board of directors.
“XP remains confident that this organizational evolution will further strengthen its governance and support the company’s long-term sustainability,” the company said in an exhibit attached to the filing.
Beneath the headline profit growth, the 6-K reveals several cost pressures. Selling expenses nearly doubled to R$214 million as the firm pushed brand investment and customer acquisition, yet active clients grew only 2% to 4.75 million. Expected credit losses rose 75% to R$326 million, outpacing the 24% expansion of the loan book to R$34 billion.
A sharp fall in the effective tax rate, from roughly 9.5% to around 1%, was a material driver of the net income improvement.
XP has also placed its UK subsidiaries into liquidation and surrendered its licenses there, signalling a full withdrawal from that market. Looking ahead, management has projected 2026 gross revenue between R$22.8 billion and R$26.8 billion and plans to launch a dollar-backed stablecoin and relaunch crypto services in the first half of this year.
“We still face a challenging environment for 2026,” Maffra said on the company’s fourth-quarter earnings call.
