Itaúsa (ITSA4) Q3 2026 earnings summary

Executive summary

• 3Q26 recurring net income reached R$5.062bn, up 25% YoY; recurring ROE was 21.1%, up 3.3 p.p., reflecting Itaú Unibanco and stronger non-financial investee contributions.

• 9M26 recurring net income rose 16% to R$13.859bn; reported net income was R$14.609bn, up 21%.

• Portfolio market value was R$199.2bn and market value was R$163.6bn at Sep. 30; holding discount was 17.9%.

Financial highlights

• 3Q26 reported net income was R$4.955bn, up 20% YoY; recurring investee results totaled R$5.241bn, up 21.7%.

• 3Q26 financial result improved to negative R$57m from negative R$110m, mainly on lower debt costs; 9M26 was negative R$196m, improving 15% YoY.

• 3Q26 non-recurring items reduced net income by R$107m; 9M26 non-recurring items added R$750m, primarily from Itautec proceedings and Motiva gains.

• Cash was R$2.178bn at quarter-end; investee earnings received contributed R$5.564bn to 9M cash flow.

Outlook and guidance

• Management emphasized financial discipline, operational excellence and strategic capital allocation amid restrictive Brazilian financial conditions and uncertainty around 2027 and global growth.

• Tax reform is expected to eliminate PIS/COFINS on interest on capital received from Jan. 2027, ending a structural tax inefficiency that totaled R$530m in 9M26.

• Aegea targets R$580m of cost reductions in 2026 and R$500m of annual investment reductions in 2026–27 while preserving service-expansion projects.

• NTS suspended new investments and is reviewing approved, unimplemented projects, except those needed for asset safety and integrity, pending regulatory uncertainty.