EN
Itaúsa (B3: ITSA4), the largest publicly-held investment holding company in Brazil, recorded recurring net income of R$ 4,5 billion in the first quarter of 2026, up 17% on a year-over-year basis, and recurring ROE of 20,1%, a 2,7 p.p. increase, evidencing the strong performance of investees and the discipline in capital allocation strategy, even amid a scenario of greater uncertainty in global markets.
In the period, the company kept on a consistent value creation journey, notably driven by Itaú Unibanco’s performance and the growth of its non-financial investees. Return to shareholders totaled R$1,3 billion, up 39% on a year-over-year basis, reaffirming Itaúsa’s commitment to dividend distribution and long-term value creation.
According to Itaúsa’s CEO and Investor Relations Officer Alfredo Setubal, earnings for the quarter have corroborated the company’s strength.
“Even amid a scenario of higher volatility and economic cycle transition, we keep on delivering consistent results. The double-digit recurring profit growth and a 20% ROE reflect the quality of our portfolio, financial discipline, and the strategic monitoring of investees focused on creating sustainable value”.
Recurring result of investees, as recorded in Itaúsa's results for the first quarter of 2026, totaled R$ 4,8 billion, up 16% on a year-over-year basis, mainly driven by the improved performance of Itaú Unibanco (+11%) and the growth of non-financial investees, which increased 76% in the period.
Itaú Unibanco posted robust results, with growth in the loan portfolio in Brazil and Latin America, maintenance of healthy NPL ratios, and increase in Insurance and Pension Plans. The bank also recorded higher operational efficiency, with an efficiency ratio of 37,1% in consolidated figures and 34,9% in Brazil, in addition to robust capital, with a Tier 1 Capital Ratio of 13,4%, above the regulatory minimum required.
The significant progress posted by non-financial investees is the result of the quality and resilience of the holding company's investment portfolio.
Dexco’s performance was driven by the Wood and Metals and Sanitary Ware divisions, partially offsetting by the challenges still faced in the Ceramic Tiles division and the decline in LD Celulose’s results, as well as the company’s continuing progress in its deleveraging process. Alpargatas posted higher revenue, EBITDA, and profit, driven by higher volume, a better product mix, and the strong performance from international operations. Motiva’s results were driven by tariff adjustments, increased traffic across all transportation modes, and the addition of new assets to the portfolio.
Copa Energia, in turn, recorded higher EBITDA and profit, driven by higher volume of sales, better margins and lower net debt. Aegea, despite operational result growth, reported lower results due to higher financial expenses. The result reflected in Itaúsa was positive arising from the effect of the capitalization in the quarter. Finally, Itaúsa's result was also positively impacted by the change in the fair value of NTS.
In the quarter, Itaúsa kept on a strong financial structure, with a comfortable cash position and appropriate debt profile. As part of its capital allocation strategy, the company completed a capitalization of R$ 418,1 million in March, thus increasing its equity interest in Aegea's total capital to 13,27%.
The holding company closed the period with high liquidity levels and a debt profile characterized by longer terms and lower average cost, as a result of the financial management initiatives implemented in recent years.
Return to Shareholders and Value Creation
In the last 12 months ended March 2026, Itaúsa kept on a consistent shareholder return policy, with dividend yield of 8,8%, one of the highest on the B3 stock exchange. In this period, total return to shareholders (TSR) reached 67,6%, outperforming main market indicators.
The company remains focused on financial discipline, strong governance, and strategic monitoring of its investees, with a focus on sustainable value creation.