#Brazil #São Paulo #Itaúsa #Aegea #Unibanco

Itaúsa's Remarkable Financial Performance

In an impressive display of financial strength, Itaúsa (B3: ITSA4), Brazil’s largest publicly traded investment holding company, has announced a record recurring net income of R$5.1 billion for the third quarter of 2026, reflecting a notable increase of 25% compared to the same period in 2025. The company has also reported a recurring return on equity (ROE) of 21.1%, which is a 3.3 percentage point rise.

In the first nine months of 2026, Itaúsa’s recurring net income totaled R$13.9 billion, representing a year-over-year increase of 16%. These results are being hailed as a clear indication of the soundness and sustainability of Itaúsa’s business strategy, especially in a climate filled with economic uncertainties. CEO Alfredo Setubal highlighted that the company’s strong portfolio and disciplined approach to capital allocation are key to its ongoing value creation efforts. He stated, "Even amid heightened uncertainty, the strength of our portfolio and our disciplined approach to capital allocation continued to support our value-creation capacity."

Performance Highlights of Portfolio Companies

The strong third-quarter performance can be attributed to solid results from Itaúsa's portfolio companies. The recurring contributions from these companies amounted to R$5.2 billion, marking a 22% rise from Q3 2025. A major contributor was Itaú Unibanco, whose results saw a healthy growth of 15%, while the non-financial portfolio companies surged by an extraordinary 122% during the same period.

Itaú Unibanco, known for its prudent credit strategies, maintained sustainable growth in its loan portfolio with a 10.2% expansion, while preserving a historically low non-performing loans (NPL) ratio. The non-financial segments showcased remarkable performances as well, with companies like Alpargatas, Motiva, Copa Energia, and NTS standing out.

• - Alpargatas enjoyed increased net revenue and net income, driven by higher sales volumes and improvements in its product mix, especially in international markets.
• - Motiva benefited significantly from the integration of new assets, tariff adjustments, and robust traffic, in addition to completing the sale of its airport platform.
• - Copa Energia reported increased EBITDA and net income, underpinned by effective execution of its commercial strategies.
• - NTS contributed positively through favorable changes in asset fair value.

Financial Position and Future Outlook

Itaúsa concluded September with an impressive cash position of R$2.2 billion and a manageable net debt of R$0.9 billion. The holding company’s proactive liability management efforts in recent years have reduced debt expenses by 41% and have ensured that there are virtually no principal maturities until 2031.

In a move to bolster its portfolio, Itaúsa made a significant investment of R$732 million in Aegea, increasing its equity stake to 14.01%. This investment includes a mechanism designed to safeguard returns.

In terms of creditworthiness, both Moody's and Fitch reaffirmed Itaúsa's AAA rating with a stable outlook, which reflects the company’s strong liquidity and low leverage in addition to the expanding contribution of its non-financial companies to its dividend income.

Shareholder Returns

The first nine months of 2026 witnessed Itaúsa declaring R$3.5 billion in net distributions to shareholders, marking an 18% increase compared to the same period last year. The company boasts a dividend yield of 7.7% over the last twelve months. When assessing total shareholder return (TSR), Itaúsa reported an impressive 42.5%, surpassing the Ibovespa’s return of 27.4%. As of now, Itaúsa's market value stands at R$164.0 billion.

Itaúsa's robust capital structure positions it well to adapt and thrive in various economic scenarios while maintaining a focus on creating long-term sustainable value for its shareholders and societal impact. The strategic combination of financial discipline and operational excellence ensures that Itaúsa remains a formidable player in Brazil’s investment landscape.

About Itaúsa

Founded over 50 years ago, Itaúsa (B3 ITSA4) stands as Brazil's largest publicly traded investment holding company, boasting equity interests in prominent firms across various sectors including financial services with Itaú Unibanco, building materials with Dexco, consumer goods through Alpargatas, and infrastructure with companies like Motiva and NTS. Today, Itaúsa serves over 980,000 shareholders, committed to investing in enterprises that foster transformational impacts within Brazil, benefiting both society and its stakeholders.