Itaú Unibanco (ITUB4) Q4 2025 earnings summary

Executive summary

• Consolidated net income reached BRL 46.8 billion in 2025, up 13.1% from 2024, with recurring managerial result of BRL 12.3 billion in 4Q25, and value creation doubling to BRL 18.5 billion since 2021.

• ROE was 24.4% consolidated in 4Q25 (27.3% in Brazil), with a full-year consolidated ROE of 23.4%; payout ratio was 72% with BRL 33.7 billion distributed in dividends and interest on equity.

• Efficiency ratio improved to 38.9% consolidated and 36.9% in Brazil, reflecting strong cost discipline and operational scalability.

• Record client satisfaction with all-time high NPS and eNPS scores, and leadership in key market surveys.

• Nonperforming loans (NPL 90) remained stable at 1.9% consolidated and 2.0% in Brazil.

Financial highlights

• Loan portfolio reached BRL 1,490.8 billion, growing 6.3% quarter-over-quarter and 6% year-over-year; excluding FX, annual growth was 7.3%.

• Operating revenues for 2025 totaled BRL 184.4 billion, up 9.1% year-over-year.

• Financial margin with clients grew 1.5% quarter-over-quarter and 12.1% year-over-year to BRL 121.1 billion in 2025.

• Commissions, fees, and insurance results totaled BRL 15.6 billion in 4Q25, up 5.9% quarter-over-quarter and 9.1% year-over-year; full-year commissions and fees reached BRL 46.9 billion.

• Asset management AUM reached BRL 4.1 trillion, with record net inflows of BRL 156 billion, up 49% year-over-year.

• Insurance, pension, and premium bonds results grew 1.9% quarter-over-quarter and 17% year-over-year; recurring earnings up 130% since 2021.

• Credit costs were BRL 9.4 billion for the quarter (2.6% of portfolio), and BRL 36.6 billion for 2025, up 6.1% year-over-year.

Outlook and guidance

• 2026 guidance: total credit portfolio growth of 5.5%-9.5% (Brazil: 6.5%-10.5%), NII with clients up 5%-9%, cost of credit BRL 38.5-43.5 billion, commissions/fees/insurance up 5%-9%, non-interest expenses up 1.5%-5.5%, and effective tax rate 29.5%-32.5%.

• Macroeconomic assumptions: GDP growth 1.9%, Selic at 12.75% by year-end, inflation near 4%, and slight uptick in unemployment.

• Management remains cautious due to election-year volatility but is prepared to adjust guidance as conditions evolve.