By Brazil Stock Guide – XP Inc. (Nasdaq: XP) announced Thursday that CEO Thiago Maffra and wholesale banking head José Berenguer now hold voting interests in XP Control LLC. The decision elevates the firm’s top day-to-day leaders into “ControlCo,” the ultimate controlling entity of the São Paulo-based financial giant. The move follows a planned transition that removes three veteran partners from the direct command structure.
The entry of Maffra and Berenguer into ControlCo bolsters corporate governance by aligning executive leadership with the controlling partnership. They join founder Guilherme Benchimol and partners Fabrício Almeida and Guilherme Sant’Anna at the top of the corporate pyramid. Meanwhile, XP reduced the holding company’s economic stake to 18% after share conversions. However, the group maintains strategic dominance by preserving at least 69% of the total voting power.
This organizational evolution will further strengthen our governance, increase the stability of our control structure, and support the long-term sustainability of the company.
The corporate redesign marks the exit of Bruno Constantino, Bernardo Amaral, and Gabriel Leal from the holding’s voting partnership. Constantino departs the partnership immediately, while the other two remain as non-voting members. XP will fund the veterans’ exit through a mix of cash and Class A common shares. The adjustment reflects the rising influence of the management team that took senior roles starting in 2020.
Executive Ascent
Promoting Maffra and Berenguer to the top of ControlCo signals operational stability to Wall Street investors. XP seeks to professionalize its control structure and ensure that key decision-makers have significant skin in the game. Guilherme Benchimol remains the majority unitholder of the entity, ensuring continuity for the vision that built the firm into a market powerhouse.
The partners stepping down from direct control are not abandoning the company entirely. Constantino, Amaral, and Leal will retain their seats on the Board of Directors of XP Inc. The company bets that this new configuration shields operations from internal friction and creates a solid foundation for value generation. Markets are now watching how this new composition will dictate growth targets over the coming fiscal year.
Results
XP Inc. also reported adjusted net income of R$ 1.331 billion (approximately $266 million) in 4Q25, up 10% year over year, with diluted EPS of R$ 2.56, a 15% increase. Gross revenue rose 12% to R$ 5.279 billion, while net revenue advanced 10% to R$ 4.951 billion. Return on average equity (ROAE) reached 22.8% in the quarter, slightly below last year but still at a strong level.
Client assets totaled R$ 1.491 trillion (around $298 billion), up 16% from a year earlier, supported by R$ 32 billion in quarterly net inflows. Retail revenue increased 8% year over year to R$ 3.862 billion. Meanwhile, the Corporate & Capital Markets segment jumped 49% to R$ 895 million, driven by stronger debt capital markets activity. The expanded credit portfolio grew 27% to R$ 78 billion, and card transaction volume rose 11% to R$ 14.6 billion.
For full-year 2025, adjusted net income reached a record R$ 5.218 billion (about $1.04 billion), up 15%, with adjusted ROAE of 23.9%. The retail take rate declined to 1.25%, reflecting a more conservative asset mix. XP ended the year with a Basel ratio of 20.4% and CET1 of 17.3%, while executing R$ 1.899 billion in share buybacks and paying R$ 500 million in dividends.
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