Itaúsa (ITSA4) Q3 2025 earnings summary

Executive summary

• Recurring net income in 3Q25 reached R$4.1 billion, up 6% year-over-year, with 9M25 at R$12.0 billion, up 8%.

• Net income for 3Q25 was R$4.2 billion, a 10% increase over 3Q24, driven by improved results from investees, especially Itaú Unibanco.

• Dividend distribution in 9M25 totaled R$3.0 billion, up 12% year-over-year, with a dividend yield of 8.9%.

• Total shareholder return over the last 12 months was 21.1%, outperforming key benchmarks.

Financial highlights

• Portfolio market value (NAV) reached R$168.1 billion, up 18% year-over-year.

• Net debt decreased 26% year-over-year to R$697 million; shareholders' equity rose 7% to R$92.4 billion.

• Recurring ROE for 3Q25 was 18.1% p.a.; net income per share for 9M25 was R$1.15867, up 8%.

• Administrative expenses in 3Q25 rose 3% but remained below inflation; tax expenses increased 4%.

Outlook and guidance

• Management expects continued focus on efficient capital allocation and long-term value creation.

• The liability management strategy will continue, aiming to further reduce debt costs and extend maturities.