Itaúsa (ITSA4) Investor update summary

Shareholder engagement

• Annual investor event marked its 26th year; more than 970,000 individual shareholders represent roughly one-third of the capital base.

• Individual shareholders were reported across 90% of Brazilian cities, with one in six investors holding shares.

• APIMEC Brasil presented the Assiduidade Esmeralda Seal for transparency and regular engagement with shareholders.

Portfolio strategy and governance

• Strategy has shifted from a traditional holding model to active portfolio management across infrastructure and goods-producing businesses, balancing resilient demand with greater economic cyclicality.

• Board has eight members, four independent; independent directors lead committees, and at least 50% of board meeting time is dedicated to strategy.

• Investment reviews weigh risk and return, including portfolio-level impacts; analysis can favor increasing an existing holding over making a new investment.

• Sustainability is integrated into investment analysis and portfolio dialogue; monthly thematic meetings share expertise and practices across invested businesses.

• Capital allocation remains flexible; investments in Aegea and Alpargatas increased stakes in familiar businesses, while new opportunities are mapped for a more favorable scenario.

Financial performance and allocation

• Reported results grew at a double-digit YoY rate; return on net assets was 19%, with dividend yield of ~15% at close and 10% in H1.

• New portfolio businesses contributed BRL 1bn in dividends last year; the portfolio discount narrowed from 26% to 17%-18%.

• Investment returns were cited at ~16% over the year; disciplined allocation and portfolio management were credited with improving value extraction.