• XP average ebitda margin for 2023 was 33.2%, a 0.3% increase from 2022.
• XP average ebitda margin for 2022 was 33.1%, a 2.76% increase from 2021.
• XP average ebitda margin for 2021 was 34.04%, a 3.91% decline from 2020.

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