Itaúsa (ITSA4) Q2 2025 earnings summary

Executive summary

• Achieved record recurrent net income of R$7.9 billion in 1H25, up 10% year-over-year, with net equity reaching R$89.6 billion, a 7% increase from last year.

• Portfolio market value rose 24% to R$159.3 billion, outperforming IBOV and S&P benchmarks.

• Share performance outpaced major benchmarks over multiple periods.

• Fully subscribed capital increase reinforced shareholder confidence.

• Dividend payout for the semester was R$2.3 billion, with a yield of 9.8% and payout ratio of 36%.

Financial highlights

• Itaú Unibanco contributed R$8.0 billion to results, up 10% year-over-year, with a recurrent ROE of 21%.

• Non-financial companies contributed R$503 million, a 23% increase, led by Copagaz, NTS, and Alpargatas.

• Alpargatas reported EBITDA of R$399 million (+122%) and net income of R$221 million (+250%).

• Copagaz achieved EBITDA of R$570 million (+19%), and NTS EBITDA reached R$3.7 billion (+12%).

• Dividend yield among the highest on B3, with a payout ratio of 36% for 1H25.

Outlook and guidance

• Management remains focused on liability management, portfolio efficiency, and profitability.

• Fiscal inefficiencies are set to end by 2027, improving cash flow and enabling higher dividend distributions.

• No major disinvestments planned; focus remains on current portfolio and exploring new sectors like agri-business.

• Ongoing monitoring of macroeconomic and geopolitical risks, with a positive outlook for Brazil's GDP growth.