Itaúsa (ITSA4) Q1 2026 earnings summary

Executive summary

• Recurring net income reached R$4.5 billion in 1Q26, up 17% year-over-year, driven by strong performance from both financial and non-financial investees and disciplined capital allocation.

• Recurring ROE rose to 20.1% (up 2.7 p.p.), with robust results from Itaú Unibanco (+11%) and non-financial investees (+76%), and total shareholder return (TSR) for ITSA4 was 68% over the last year, outperforming the Ibovespa.

• Dividend yield for the last 12 months was 8.8%, with R$1.3 billion in dividends declared in 1Q26, a 39% increase year-over-year.

• Capital increase in Aegea (R$418.1 million) raised equity interest to 13.27%.

• Share buyback program for up to five million preferred shares approved in May 2026.

Financial highlights

• Net income: R$4,410 million in 1Q26 vs. R$3,876 million in 1Q25 (+14%).

• Recurring net income per share: R$0.40058 (+15% YoY).

• Shareholders' equity: R$90,196 million (+5% YoY).

• Net debt: R$1,010 million, up mainly due to capital contributions and cash burn over 2025.

• Portfolio market value (NAV): R$194.5 billion (+44% YoY); Itaúsa market value: R$156.7 billion (+53% YoY); holding discount: 19.4%.

Outlook and guidance

• Management remains confident in value creation, emphasizing discipline, long-term vision, and sustainability despite global uncertainty.

• Ongoing focus on capital allocation, governance, and risk management, especially in light of global and domestic uncertainties.

• Commitment to transparency and sustainable value creation for shareholders and society.