XP Inc.

This annual report on Form 20-F contains statements that constitute forward-looking statements. Many of the forward-looking statements contained in this annual report can be identified by the use of forward-looking words such as “anticipate,” “believe,” “could,” “expect,” “should,” “plan,” “intend,” “estimate” and “potential,” among others.

•general economic, financial, political, demographic and business conditions in Brazil, as well as any other countries we may serve in the future and their impact on our business;

•fluctuations in interest, inflation and exchange rates in Brazil and any other countries we may serve in the future and the imposition of tariffs by Brazil or other governments;

•the economic, financial, political and health effects of pandemics (such as the coronavirus pandemic, or COVID-19), epidemics and similar crises, and governmental responses thereto, particularly as such factors impact Brazil and consumer behavior and continue to cause severe, ongoing, negative macroeconomic effects, which could intensify the impacts of other risks described under “Item 3. Key Information—D. Risk Factors”;

•general economic, financial, political, demographic and business conditions, such as the conflict between Russia and Ukraine, or between Israel and Hamas, tension along the Israeli borders or with other countries in the region, including Iran, which may result in, among other things, global security issues that may adversely affect international business and economic conditions, and economic sanctions which may impact the global economy;

•competition in the financial services industry;

•our ability to implement our business strategy;

•our ability to adapt to the rapid pace of technological changes in the financial services industry;

•the reliability, performance, functionality and quality of our products and services, the investment performance of investment funds managed by third parties or by our asset managers and the quality, reliability and performance of our suitability, risk management and business continuity policies and processes;

•the availability of government authorizations on terms and conditions and within periods acceptable to us;

•our ability to continue attracting and retaining new appropriately skilled employees;

•our capitalization and level of indebtedness;

•the interests of our controlling shareholders;

•changes in government regulations applicable to the financial services industry in Brazil and elsewhere;

•our ability to compete and conduct our business in the future;

•the success of our operating initiatives, including advertising and promotional efforts and new product, service and concept development by us and our competitors;

•changes in consumer demands regarding financial products, customer experiences related to investments and technological advances, and our ability to innovate to respond to such changes;

•changes in labor, distribution and other operating costs;

•our compliance with, and changes to, government laws, regulations and tax matters that currently apply to us;

•other factors that may affect our financial condition, liquidity and results of operations; and