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Itaúsa's Financial Performance in 2026

In a significant financial milestone, Itaúsa (B3: ITSA4), known as Brazil's largest publicly traded investment holding company, recorded an impressive recurring net income of R$8.8 billion for the first half of 2026. This achievement represents a 12% increase compared to the same period in the previous year, with the recurring Return on Equity (ROE) resting at 19.3%—an uptick of 1.5 percentage points.

Reflecting on Success

The growth in Itaúsa's income illustrates not only the robustness of their investment portfolio but also their commitment to managing finances effectively. The driving forces behind this success are attributed to the solid performance of its investees, prudent financial strategies, and a strategic focus on capital allocation. During this period, the company also greenlighted a new capital infusion into Aegea, emphasizing long-term growth and adding shareholder value.

Itaúsa's CEO, Alfredo Setubal, expressed confidence in their strategy, stating, "The semester's results reflect the consistency of our strategic approach and the quality of our portfolio, along with our disciplined capital allocation. We continuously monitor the performance of our investees and contribute to implementing best practices that emphasize sustainable value creation for our shareholders."

Investee Performance

The total recurring results from Itaúsa's investees culminated in R$9.4 billion, climbing 11% year-over-year. The robust performance can be primarily linked to Itaú Unibanco, which exhibited an increase of 10%. Additionally, non-financial investees reported an impressive 32% rise in growth during this period.

Itaú Unibanco's sustainable growth in its loan portfolio, paired with historically low Non-Performing Loan (NPL) ratios, illustrated the success of the bank's careful credit strategy. Concurrently, gains in revenue and services, particularly in insurance and pension plans, further contributed to the bank’s solid position. The institution finished this period with a 37.4% efficiency ratio and a Tier I capital ratio of 13.8%, comfortably above the minimum regulatory requirement of 9.6%.

Non-Financial Sector Insights

The growth surge in the non-financial sector reaffirmed the strength and resilience of Itaúsa’s diverse investment portfolio. For instance, Dexco, a key investee, reported notable growth in its Wood and Metals divisions, although faced challenges from reduced prices in dissolving wood pulp and difficulties within the Ceramic Tiles segment. Alpargatas also saw an increase in revenue, EBITDA, and net income driven by better product mixes and increased sales volume both domestically and internationally.

Motiva's results soared on the back of operational performance improvements and new asset activations, while Copa Energia benefitted from a successfully implemented commercial strategy. An interesting note is that despite Aegea's operational improvements, higher financial expenses limited net earnings, although a recent capital increase positively affected its performance. Lastly, the results from NTS faced a downturn due to adverse fair value changes compared to last year.

Financial Health and Capital Management

As of June 2026, Itaúsa reported a cash position of R$2.2 billion with net debt at R$1.2 billion, reflecting a robust liquidity state and a commendable debt repayment schedule with no principal debt maturing until 2028.

In July, Itaúsa accelerated its efforts in Aegea with a newly approved capital increase totaling R$2.1 billion, in which the company invested R$732 million, now holding a 14.01% stake in Aegea's total capital. Their commitment to enhancing equity positions extended to Alpargatas, with R$97 million invested since the last quarter, resulting in a 30.62% interest in the investee.

The financial management measures implemented have significantly mitigated Itaúsa's financial burdens while maintaining a favorable debt profile, evidenced by a commendable average debt term of 6.7 years and a cost of CDI + 1.11%. In addition, S&P Global recently reaffirmed Itaúsa's AAA rating with a stable outlook, underlining their strong financial situation.

Commitment to Ethics and People

In the second quarter, Itaúsa celebrated its sixth consecutive Great Place To Work certification alongside being acknowledged again as a Pró-Ética Company, underscoring its staunch dedication to governance, ethics, and integrity practices.

Shareholder Value Creation

Shareholder remuneration plays a vital role in Itaúsa's capital allocation framework. An upcoming payment of R$2.3 billion (R$0.20955 per share) is scheduled for distribution as interest on capital on August 28, 2026. Between June 2025 and June 2026, Itaúsa's total shareholder return (TSR) reached an impressive 39.2%, exceeding the Ibovespa's return of 23.9% during the same period, showcasing their effectiveness in generating consistent value for their shareholders.

About Itaúsa

Founded over 50 years ago, Itaúsa (B3 ITSA4) stands as Brazil's largest publicly traded investment holding firm. With substantial equity interests in premier companies operating across sectors such as finance, construction materials, consumer goods, infrastructure, and energy, Itaúsa engages nearly one million shareholders and plays a pivotal role in driving transformative change within Brazil, delivering positive societal impacts through its diverse portfolio and strategic investments.