Itaúsa (ITSA4) Q1 2026 earnings summary

Executive summary

• Recurring net income reached R$4.5 billion in 1Q26, up 17% year-over-year, driven by strong performance from both financial and non-financial investees and disciplined capital allocation.

• Recurring ROE rose to 20.1% (up 2.7 p.p.), with total shareholder return (TSR) of 68% over the last 12 months, outperforming the Ibovespa.

• Dividend yield for the last 12 months was 8.8%, with R$1.3 billion in dividends declared in 1Q26, a 39% increase year-over-year.

• Market value as of March 2026 was R$156.7 billion, with a portfolio NAV of R$194.5 billion and a holding discount of 19.4%.

• Capital increase in Aegea (R$418.1 million) raised equity interest to 13.27%.

Financial highlights

• Net income for 1Q26 was R$4.41 billion, up 14% year-over-year; recurring net income per share increased 15%.

• Shareholders’ equity grew 5% to R$90.2 billion.

• Net debt increased to R$1.0 billion, mainly due to capital contributions and cash burn over 2025.

• Interest coverage ratio reached 21.0x, reflecting a strong capital structure.

• Average debt term extended to 6.9 years, with average cost at CDI + 1.11%.

Outlook and guidance

• Management remains confident in value creation despite global uncertainty, with a focus on disciplined capital allocation and sustainability.

• Ongoing commitment to transparency, governance, and sustainable value creation for shareholders and society.