EN
Alfredo Setubal, Itaúsa’s CEO and IRO
RECURRING NET
INCOME 2025¹
+11%
DIVIDENDS 2025
+24%
DIVIDEND YIELD³
(LTM 12.31.2024))
ITAÚSA MARKET VALUE⁵
+68% vs. 54% IBOV
RECURRING ROE 2025²
+1,0 P.P.
PAYOUT
+8 P.P.
TOTAL SHAREHOLDER RETURN
(TSR ITSA4)⁴
+59% vs. 34% IBOV
PORTFOLIO MARKET
VALUE (NAV)⁶
+66% vs. 54% IBOV
(1) A ributable to controlling shareholders.
(2) ROE (Return on Equity) including annualized Net Income.
(3) According to market convention, Dividend Yield refers to the last 12 months and is calculated on gross adjusted dividends to share subscription and bonus.
(4) Calculated based on the closing price of Itaúsa’s preferred shares (ITSA4) on 12.31.2025 and 12.31.2024 (adjusted for dividends), and does not consider treasury shares.
(5) Calculated based on the closing price of Itaúsa's preferred shares (ITSA4) on 02.27.2026 and 02.28.2025 (without adjustment for dividends), and does not consider treasury shares.
(6) It considers the closing prices on 02.27.2026 and 02.28.2025 of the most liquid shares of Itaú Unibanco (ITUB4), Dexco (DXCO3), Alpargatas (ALPA4) and Motiva (MOTV3) (without adjustment for dividends), and does not consider treasury shares, the investment value of Copa Energia, the fair value of NTS, in addition to the other assets and liabilities recorded in Itaúsa's individual balance sheet, referring to 12.31.2025 and 12.31.2024. Regarding Aegea Saneamento, for 02.27.2026, the estimated market value based on the capital increase transaction carried out in February 2026 was considered, and for 02.28.2025, the investment value on 12.31.2024 was considered.
In the latest edition of Itaúsa Cast, Itaúsa’s CEO and Investor Relations O cer Alfredo Setubal and Head of Corporate Communications Viviane Perino o discuss our record earnings for 2025, as well as por olio highlights, return to shareholders, and the long-term value creation strategy. This episode also addresses how Itaúsa puts its values into action to turn earnings into a positive impact for Brazil.
Itaú Unibanco
Setor Financeiro
R$ 45,4 BN
RECURRING NET INCOME
+10%
21,8%
RECURRING ROE
+0,7 P.P.
Dexco
Construction and Finishing Materials Sector
R$ 1,9 BN
RECURRING AND ADJUSTED EBITDA²
+19%
R$ 46 MN
RECURRING NET INCOME²
-77%
Alpargatas
Consumer Goods Sector
R$ 866 MN
RECURRING EBITDA
+146%
R$ 611 MN
RECURRING NET INCOME
+285%
Motiva
Infrastructure and Mobility Sector
R$ 10,2 BN
RECURRING AND ADJUSTED EBITDA
+15%
R$ 2,2 BN
RECURRING NET INCOME
+25%
Aegea
Basic Sanitation Sector
9M25 vs. 9M24³
R$ 6,4 BN
CONSOLIDATED EBITDA⁴
+39%
R$ 1,7 BN
CONSOLIDATED NET INCOME⁴
+18%
R$ 1,2 BN
CONTROLLING NET INCOME⁴
+163%
Copa Energia
LPG Distribution Sector
R$ 1,3 BN
RECURRING EBITDA
+16%
R$ 705 MN
RECURRING NET INCOME
+18%
NTS
Natural Gas Transportation Sector
R$ 7,2 BN
EBITDA
+10%
R$ 3,6 BN
NET INCOME
+8%
(1) A ributable to controlling shareholders. (2) Considers 49% of LD Celulose’s net income. (3) Aegea’s earnings for 4Q25 and for the full year 2025 were still in the process of being finalized as of the date of our disclosure; therefore, only the cumulative nine-month period of 2025 was reflected in Itaúsa’s financial statements. (4) Excludes R$591 million related to the PIS/COFINS tax credit.
(1) A ributable to controlling shareholders. (2) Considers 49% of LD Celulose’s net income. (3) Aegea’s earnings for 4Q25 and for the full year 2025 were still in the process of being finalized as of the date of our disclosure; therefore, only the cumulative nine-month period of 2025 was reflected in Itaúsa’s financial statements. (4) Excludes R$591 million related to the PIS/COFINS tax credit.
Our Board of Directors approved the payment of interest on capital in the gross amount of R$1.3 billion (R$0.116 per share), corresponding to a net amount of R$1.1 billion (R$0.0957 per share), already considering the 17.5% income tax withheld at source.
SHAREHOLDING POSITION:
MARCH 19, 2026
TO BE PAID:
BY AUGUST 31, 2026
Want to learn more about our compensation policy, payment schedule, and track record of dividends?
The "Earnings in Focus" live streaming event was another opportunity to dialogue with the market, when we unveiled Itaúsa's and the por olio companies' 2025 earnings and shared our long-term vision and the pillars guiding our decision-making. We also addressed our liability management strategy, aimed at reducing debt, extending maturities and lowering the cost of debt, while preserving proper liquidity levels.
Our CFO Priscila Grecco was a guest at CNN Money and unveiled our holding company’s record earnings for 2025. In the interview, she commented on our por olio companies’ performance and underpinned the strength of the financial sector and the strategic evolution of our non-financial companies.
2025 was a year of consolidation and implementation for Instituto Itaúsa. Outstanding figures showcased more than R$52 million invested, 44 partners and 55 projects supported, not even mentioning the strategic advancements in the Productivity & Sustainability agenda. This is how we keep on contributing to make the Brazilian economy more productive, resilient and ready for the future.
| ITAÚSA | 2026-02-27 | 2026-01-30 | CHANGE |
|---|---|---|---|
| Number of shares (in millions)¹ | 11.211 | 11.211 | 0,0% |
| Common share closing price (ITSA3) - R$² | 14,30 | 13,77 | 3,8% |
| Preferred share closing price (ITSA4) - R$² | 14,25 | 13,64 | 4,5% |
| Market value (in R$ million)³ | 159.986 | 153.147 | 4,5% |
| Holding discount⁴ | 23,8% | 25,1% | -1,3 p.p. |
| Ibovespa Index closing (points) | 188.787 | 181.364 | 4,1% |
1. It includes the sum of preferred and common shares, but excludes treasury shares.
2. It considers the share price adjusted for dividends distributed.
3. It considers the price of the highest liquid share (ITSA4) not adjusted for dividends.
4. Holding discount is the result of the di erence between Itaúsa's market value and the total value of its assets (NAV).