Itaúsa (ITSA4) Q3 2025 earnings summary

Executive summary

• Recurring net income in 3Q25 reached R$4.1 billion, up 6% year-over-year, with net income at R$4.2 billion, up 10% year-over-year.

• Portfolio market value (NAV) reached R$168.1 billion, up 18% year-over-year, outperforming the IBOV index.

• Dividend distribution in 9M25 totaled R$3.0 billion, up 12% year-over-year, with a dividend yield of 8.9%.

• Total shareholder return over the last 12 months was 21.1%, significantly above market benchmarks.

Financial highlights

• Net debt decreased 26% year-over-year to R$697 million; shareholders' equity rose 7% to R$92.4 billion.

• Recurring ROE for 3Q25 was 18.1% p.a.; net income per share for 9M25 was R$1.15867, up 8%.

• Administrative expenses in 3Q25 rose 3% but remained below inflation; tax expenses increased 4%.

• Non-recurring items contributed a positive R$88 million to net income in 3Q25.

Outlook and guidance

• Management expects continued focus on efficient capital allocation, long-term value creation, and maintaining a strong liquidity and capital structure.

• The company expects to continue outperforming market benchmarks and delivering sustainable value.

• The liability management strategy will continue, aiming to further reduce debt costs and extend maturities.