Itaúsa (ITSA4) Q3 2025 earnings summary

Executive summary

• Net income reached R$4.2 billion in 3Q25 (+10% YoY) and R$12.2 billion in 9M25 (+10% YoY); recurring net income was R$4.1 billion in 3Q25 (+6% YoY) and R$12.0 billion in 9M25 (+8% YoY).

• Portfolio market value (NAV) rose 18% YoY to R$168.1 billion, with a 25% holding discount.

• Dividend yield reached 8.9%, with R$3.0 billion distributed in 9M25 (+12% YoY).

• Total shareholder return (TSR) was 21.1% over 12 months, outperforming benchmarks.

• Robust performance from both financial and non-financial segments, with key investees like Itaú Unibanco, Aegea, Alpargatas, and Motiva driving growth.

Financial highlights

• Consolidated net income: R$4.2 billion in 3Q25 (+10% YoY), R$12.2 billion in 9M25 (+10% YoY).

• Recurring net income: R$4.1 billion in 3Q25 (+6% YoY), R$12.0 billion in 9M25 (+8% YoY).

• ROE: 18.5% in 3Q25, 18.1% in 9M25, both up 0.5 p.p. YoY; recurring ROE at 18.1% in 3Q25, stable YoY.

• Net equity: R$92.4 billion (+7% YoY); net debt: R$697 million (-26% YoY).

• Administrative expenses rose 3% YoY, below inflation; tax expenses increased 4%; non-recurring items added R$88 million to net income in 3Q25.

Outlook and guidance

• Management expects continued robust performance, focusing on capital allocation efficiency, sustainable value creation, and maintaining strong liquidity and capital structure.

• Ongoing liability management to further reduce debt cost and extend maturities.

• Positive market environment with moderate growth, controlled inflation, and favorable monetary policy for emerging markets.

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