• XP average ebitda margin for 2023 was 33.86%, a 4.38% increase from 2022.
• XP average ebitda margin for 2022 was 32.44%, a 5.59% increase from 2021.
• XP average ebitda margin for 2021 was 34.36%, a 4.22% decline from 2020.

Ebitda margin can be defined as earnings before interest, taxes, depreciation and amortization as a portion of total revenue.