Itaúsa (ITSA4) Q1 2025 earnings summary

Executive summary

• Recurring net income reached R$3.9 billion in 1Q25, up 8% year-over-year, driven by strong results from Itaú Unibanco and non-financial investees.

• Total net income also R$3.9 billion, up 13% year-over-year, with recurring ROE at 17.6% p.a.

• Portfolio market value (NAV) was R$135.2 billion, a 2% decrease, outperforming the IBOV's 4% drop.

• Itaúsa completed a R$1 billion share subscription, with 93% uptake, strengthening cash flow and reducing debt.

• Recognized for sustainability, included in Dow Jones and B3 indices, and published a new integrated report.

Financial highlights

• Recurring net income: R$3,876 million in 1Q25 vs. R$3,585 million in 1Q24 (+8.2%).

• Net debt fell to R$352 million from R$916 million (-62% year-over-year).

• Shareholders' equity increased 7% to R$85,939 million.

• Dividend yield for the last 12 months was 9.6%, with R$9.9 billion declared.

• Total shareholder return (TSR) for the year was 4.3%, above Ibovespa's 1.7%.

Outlook and guidance

• Management remains confident in the business model and capital allocation, focusing on value creation and sustainability.

• Ongoing liability management to further reduce debt costs and extend maturities.