Itaúsa (ITSA4) Q4 2025 earnings summary

Executive summary

• Recurring net income reached R$16.5 billion in 2025, up 11% year-over-year, marking a record high, driven by strong investee performance and disciplined capital allocation.

• Dividends distributed totaled R$11.9 billion, a 24% increase, with a 76% payout and a 14.7% dividend yield, among the highest on B3.

• Total shareholder return was 59.4% in 2025, significantly outperforming the Ibovespa and other benchmarks.

• Portfolio market value (NAV) rose 66% to R$209.9 billion, with a holding discount of 23.8%.

• Bonus shares (2%) were granted and a capital increase was executed to support liability management.

Financial highlights

• Net income for 2025 was R$16.5 billion, up 12% year-over-year; recurring net income per share rose 10%.

• Recurring ROE reached 18.4%, up 1.0 p.p. from 2024; shareholders' equity at R$88.8 billion.

• Net debt decreased by over 30% due to prepayment and refinancing, with average debt cost reduced to CDI + 1.11% and maturity extended to 7.1 years.

• Financial sector investees contributed R$16.7 billion to net income, up 10% year-over-year; non-financial sector contributed R$1.1 billion, up 42%.

• Administrative expenses remained flat year-over-year, despite inflation above 4%.

Outlook and guidance

• Continued focus on disciplined capital allocation, operational efficiency, and sustainable value creation.

• Ongoing integration of sustainability into portfolio management and risk frameworks.

• Anticipated elimination of tax inefficiency on interest on capital from 2027 due to tax reform.

• Management expects continued resilience and growth in 2026, despite ongoing macroeconomic uncertainties, high interest rates, and political risks.

• Ready for a new investment cycle if macroeconomic conditions improve, with flexibility to leverage or disinvest as opportunities arise.