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.

• ROE rose to 20.1% (up 2.7 p.p.), with robust results from Itaú Unibanco and non-financial investees; total shareholder return (TSR) was 68% over the last 12 months.

• 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%.

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

• Capital increase in Aegea (R$418 million) raised equity interest to 13.27%.

Financial highlights

• Consolidated net income attributable to shareholders was R$4.41 billion, up 14% year-over-year; recurring net income per share increased 15%.

• Shareholders’ equity grew 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 was 21.0x, and average debt maturity reached 6.9 years, with average cost at CDI + 1.11%.

• Total assets reached R$114.5 billion at quarter-end.

Outlook and guidance

• Management expects continued value generation, supported by portfolio diversification, disciplined capital allocation, and sustainability.

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

• Dividend payout policy remains to distribute all dividends received from Itaú Unibanco.

• Ongoing focus on sustainability, governance, and risk management.