Itaúsa Hits Record R$16.5B Profit, Defying Economic Headwinds

SÃO PAULO, BR – March 17, 2026 – Itaúsa, Brazil's largest publicly-held investment holding company, has posted a record-setting performance for 2025, demonstrating remarkable resilience and strategic acumen in a challenging economic climate. The firm announced a recurring net income of R$16.5 billion, an 11% increase from the previous year, underscoring the strength of its diversified portfolio even as Brazil navigated a period of high interest rates.

The year was a triumph for the company's nearly one million shareholders, who saw a Total Shareholder Return (TSR) of 59.4%, a figure that significantly outpaced both the Ibovespa index's 34% gain and the 14.3% return on the Interbank Deposit Certificate (CDI). This performance was bolstered by a massive distribution of R$11.9 billion in earnings, representing a 76% payout ratio and one of the highest dividend yields on the Brazilian stock exchange.

In a statement, Itaúsa's CEO and Investor Relations Officer, Alfredo Setubal, framed the results as a validation of the company's long-term vision. "In the year in which we celebrated five decades' worth of history, we reported record results, consistently advanced in our role of a portfolio manager and delivered attractive return to shareholders," Setubal stated. "The combination of efficient capital allocation, financial discipline, strong governance and strategic monitoring of investees continues to be key to create sustainable value."

A Diversified Engine of Growth

Itaúsa’s success in 2025 is a textbook case for the power of strategic diversification. While the financial sector remains its bedrock, the company’s non-financial investments proved to be a powerful growth engine. The combined recurring result from its portfolio of investee companies grew by 12% to R$17.6 billion. Notably, the contribution from the non-financial sector skyrocketed by an impressive 42%.

This robust performance from its industrial, consumer goods, and infrastructure assets provided a crucial counterbalance and growth impetus, proving the holding company's strategy to look beyond banking is paying significant dividends. This diversification allowed the company to thrive even as high Selic rates created headwinds for many sectors of the Brazilian economy. The fourth quarter was particularly strong, with recurring net income climbing 21% year-over-year to R$4.4 billion, driven by both the financial anchor and this accelerating non-financial segment.

Spotlight on the Portfolio: Wins and Challenges

A closer look at the performance of Itaúsa's individual assets reveals a story of broad success with specific areas of exceptional growth and isolated challenges. The financial cornerstone, Itaú Unibanco, contributed R$16.7 billion to the results, a solid 10% increase year-over-year. The banking giant saw healthy credit portfolio expansion and achieved a historic low efficiency ratio of 36.9% in Brazil, showcasing its operational excellence.

However, the most dynamic story was within the non-financial portfolio. Alpargatas, the owner of Havaianas, staged a spectacular turnaround. Its recurring net income surged by an astonishing 285% to R$611 million, with its recurring EBITDA margin nearly doubling to 19%. This was driven by strong domestic sales, an improved product mix, and disciplined cost controls that more than compensated for weaker international volumes.

Other infrastructure and energy assets also posted strong gains. NTS, a natural gas transportation company, saw its contribution to Itaúsa’s results jump by 89.3%, while infrastructure firm Motiva advanced 25.5%. Energy distributor Copa Energia grew its result by 18.1%. The holding company also signaled its continued confidence in the sanitation sector, increasing its equity interest in Aegea to 13.27% in February 2026 with a R$418.1 million investment. The potential for a future Aegea IPO is viewed by analysts as a positive catalyst that could unlock further value.

Not all assets were immune to economic pressures. Dexco, the construction materials company, was a notable exception, recording nearly null recurring net income. The company's Finishing Division faced significant challenges, and its bottom line was squeezed by the high cost of debt in the prevailing interest-rate environment. This performance highlights the targeted impact of macroeconomic conditions and serves as a reminder that even within a successful portfolio, individual assets face unique market realities.

The Shareholder's Champion

For investors, Itaúsa’s 2025 performance was nothing short of spectacular. The 59.4% Total Shareholder Return was a market-leading figure, but the company’s commitment to direct remuneration solidified its reputation as a shareholder-friendly giant. The R$11.9 billion distribution translated into a dividend yield of 14.7% for the year, a figure that places it in the top echelon of B3-listed companies.

This commitment is ongoing, with the company recently approving R$1.1 billion in net interest on capital for 2026. Analysts also note that the historical valuation gap known as the 'holding discount,' which stood near 25% in mid-2025, has begun to narrow, reaching approximately 22.3%. Anticipated tax reforms could shrink this discount further, potentially making Itaúsa an even more attractive investment relative to its underlying assets.

Fortifying the Foundation

Underpinning the record profits and generous shareholder returns is a foundation of rigorous financial discipline. Throughout 2025, Itaúsa executed a sophisticated liability management strategy to strengthen its balance sheet. The company proactively prepaid R$1.5 billion in debt and refinanced another R$1 billion on more favorable terms.

These maneuvers successfully reduced the average cost of its debt from CDI+1.54% to a more manageable CDI+1.11% per year. Critically, the company also extended its average debt maturity to 7.1 years, a move that strategically eliminates any principal amortization payments until 2029. This enhanced financial flexibility and stability were key factors in major credit rating agencies reaffirming Itaúsa’s ‘AAA’ national scale rating, the highest possible, signaling exceptional creditworthiness and prudent management to the market.