Itaúsa (ITSA4) investor relations material

Executive summary

• Achieved record net income of R$9.6 billion in 1H26, up 22% year-over-year, with recurring net income at R$8.8 billion, up 12%, and ROE at 21.2% (recurring ROE at 19.3%).

• Portfolio market value reached R$189.4 billion (+19% YoY), with a market cap of R$150 billion and a holding discount of 19.5–20.8%.

• Dividend yield was 9.8–10%, with total shareholder return at 39%, consistently outperforming IBOVESPA and CDI.

• Share buyback program completed (5 million shares), and extraordinary dividends received from Itautec following favorable legal outcomes.

• S&P Global reaffirmed AAA rating, citing robust liquidity and improved debt profile.

Financial highlights

• Net debt stood at R$1.2 billion, up over 99% YoY, mainly due to capital allocation and debt amortization; net debt reduced by 80% since 2022.

• Dividend and JCP payments totaled R$2.8 billion in 1H26, up 3% YoY; payout ratio at 76%.

• Interest coverage ratio at 23.1x; average debt maturity 6.7 years; cost at CDI + 1.11%.

• Net assets at nearly R$94 billion; leverage (net debt/NAV) at 0.6%.

• Non-recurring gain of R$900 million from Itautec legal and administrative proceedings.

Outlook and guidance

• Management expects continued value creation through disciplined capital allocation and active portfolio management amid global volatility and restrictive financial conditions.

• Macroeconomic projections: Brazil GDP growth of 2.3% in 2025, 1.9% in 2026, and 1.5% in 2027; Selic rate to decrease from 15.00% in 2025 to 12.50% in 2027.

• Fiscal inefficiency (PIS/COFINS tax) to end in 2027, freeing up R$860 million annually for reinvestment or higher dividends.

• No major changes in dividend policy expected before 2028; focus remains on reinvesting in portfolio companies.

• Ongoing investment in growth sectors (sanitation, infrastructure, consumer goods) and further deleveraging expected.