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 19.3%).

• Recurring net income reached R$4.3 billion in 2Q26, up 7% YoY, with robust portfolio performance, especially from Itaú Unibanco, Motiva, Alpargatas, and Copa Energia.

• Portfolio market value (NAV) reached R$189.4 billion (+19% YoY), with shares and TSR outperforming IBOVESPA and CDI over multiple timeframes.

• Dividend yield for the last 12 months was 9.8%, with R$2.8 billion declared in 1H26, and total shareholder return at 39%.

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

Financial highlights

• Net debt stood at R$1.2 billion, up over 99% YoY, mainly due to capital allocation and contributions; gross debt reduced by 60% since 2022.

• Dividend and JCP payments totaled R$2.8 billion in 1H26 (+3% YoY), with a payout ratio of 76%.

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

• Cash position at R$2.2 billion, with robust liquidity and no significant amortizations until 2028.

• Portfolio market value at R$189.4 billion; holding discount narrowed to 19.5%-20.8%.

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.

• Inflation projected at 4.3% in 2025, 5.1% in 2026, and 4.4% in 2027.

• Focus on strengthening positions in core assets, ongoing investment in growth sectors, and further deleveraging.

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