#Brazil #São Paulo #Financial Growth #Itaúsa

Itaúsa's Q1 2026 Financial Performance

Itaúsa, recognized as Brazil's largest publicly-held investment holding company, has disclosed impressive financial results for the first quarter of 2026, marked by a recurring net income of R$ 4.5 billion. This figure represents a substantial year-over-year increase of 17%, underscoring the company's robust performance in a challenging global economic landscape.

The growth in net income is accompanied by a notable recurring Return on Equity (ROE) of 20.1%, reflecting an increase of 2.7 percentage points. This performance highlights Itaúsa's disciplined capital allocation strategy and the strong results from its investees, including Itaú Unibanco.

Performance Highlights

During this quarter, Itaúsa continued to forge a path of value creation, evidenced by a return to shareholders that soared to R$ 1.3 billion, representing a 39% rise compared to the same period last year. The CEO, Alfredo Setubal, attributed this success to the company's focused strategy and the quality of its investment portfolio. He stated, "Even amid a scenario of higher volatility and economic cycle transition, we keep on delivering consistent results. The double-digit recurring profit growth and a 20% ROE reflect the quality of our portfolio, financial discipline, and the strategic monitoring of investees focused on creating sustainable value."

The recurring results recorded from the company's investees, totaling R$ 4.8 billion, also saw a year-on-year increase of 16%. This growth was primarily fueled by Itaú Unibanco's performance which grew by 11%, alongside a remarkable 76% rise in the performance of non-financial investees.

Itaú Unibanco's Strong Results

Itaú Unibanco's robust performance significantly contributed to Itaúsa's overall financial success. The bank experienced notable growth in its loan portfolio across Brazil and Latin America while maintaining healthy non-performing loan (NPL) ratios. Additionally, Itaú Unibanco's operational efficiency improved, evident in an efficiency ratio of 37.1% (consolidated) and 34.9% in Brazil alone. With a Tier 1 Capital Ratio standing at 13.4%, the bank surpasses the regulatory minimum, showcasing its financial strength despite global headwinds.

Non-Financial Investees Thrive

The performance of non-financial investees further emphasizes the resilience of Itaúsa's holdings. For instance, Dexco saw advancements in its Wood, Metals, and Sanitary Ware divisions, although challenges persisted in the Ceramic Tiles division. Meanwhile, Alpargatas benefited from higher revenue and profit due to improved volume and product mix, resulting in a positive impact from its international operations. Similarly, Motiva's results were bolstered by tariff adjustments and expanded transportation operations.

Copa Energia demonstrated a substantial increase in EBITDA and profits, aided by higher sales volumes and improved margins. Aegea, despite facing increased financial expenses, reported good operational growth, and Itaúsa's results were positively influenced by the capitalization measures implemented during the quarter.

Strong Financial Structure

Throughout the quarter, Itaúsa maintained a strong financial framework characterized by a healthy cash position and a well-structured debt profile. With a focused capital allocation strategy, the company successfully completed a capitalization of R$ 418.1 million in March, elevating its equity interest in Aegea to 13.27%. This move solidified the holding company's long-term investments in key sectors.

Itaúsa's commitment to enhancing shareholder returns is apparent through its consistent dividend policy, boasting an impressive yield of 8.8%—among the highest in the B3 stock exchange—culminating in a total return to shareholders (TSR) of 67.6% over the past 12 months.

Conclusion

Itaúsa continues to demonstrate resilience and strategic insight in its operations and investments. The company remains dedicated to delivering sustainable value while maintaining strict financial discipline and strong governance. As Itaúsa moves forward, it aims to further solidify its impact on Brazilian society, its investees, and its shareholders.