
XP Inc. delivered a solid Q2 with 8% revenue and 15% EBT growth, maintaining a robust 22.5% ROE. XP is evolving its ecosystem, expanding fee-based services to 26% of customers, and accelerating net new money inflows, especially from retail. Despite improvements, XP faces persistent competition and macroeconomic risks, making its 8x earnings valuation reasonable but not compelling versus peers.










