Itaú Unibanco (ITUB4) investor relations material

Executive summary

• Recurring managerial result reached R$12.3 billion in 1Q26, up 10.4% year-over-year, with ROE at 24.8% and efficiency ratio at record lows.

• Credit portfolio grew between 7.2% and 9% year-over-year, with Brazil up 7.8% and Latin America up 4.2%.

• Operating revenues totaled R$46.8 billion, up 4.5% year-over-year.

• Results reflect consistent execution, portfolio quality, and revenue diversification, supported by technology investments.

• Early dividend distribution at end of 2025 impacted Q1 2026 margin and net income comparability.

Financial highlights

• Financial margin with clients was R$31.5 billion, up 4.5% year-over-year, but down 0.7% sequentially due to early dividend payment and calendar effects.

• Non-interest expenses increased 4.8% year-over-year to R$16.2 billion, but declined 5% sequentially.

• Services, commissions, and insurance revenues rose 5.3% year-over-year, with insurance up 17%.

• Cost of credit was R$10.0 billion, up 4.5% year-over-year, with annualized cost at 2.7% of the loan portfolio.

• Market capitalization rose 49.3% year-over-year to R$475.7 billion.

Outlook and guidance

• 2026 guidance reaffirmed: total credit portfolio growth between 5.5% and 9.5%, Brazil portfolio 6.5% to 10.5%.

• Financial margin with clients expected to grow 5.0% to 9.0%.

• Cost of credit projected between R$38.5 billion and R$43.5 billion.

• Non-interest expenses to grow 1.5% to 5.5%; effective tax rate expected between 29.5% and 32.5%.

• Management remains comfortable with guidance despite macroeconomic headwinds.