SÃO PAULO, Aug. 11, 2026 /PRNewswire/ -- Itaúsa (B3: ITSA4), Brazil's largest publicly traded investment holding company, recorded recurring net income of R$8.8 billion in the first half of 2026, up 12% compared to the same period of the previous year, with recurring ROE of 19.3% (up 1.5 p.p.).
The result reflects the evolution of the investees, the resilience of the portfolio and Itaúsa's discipline in financial management and capital allocation. During the period, the company approved a new capitalization in Aegea, reinforcing its long-term growth and shareholder value creation strategy.
According to Alfredo Setubal, CEO and IRO of Itaúsa, the semester's performance reinforces the company's solidity.
"The semester's results reflect the consistency of our strategy, the quality of our portfolio and our discipline in capital allocation. We continue to closely monitor the evolution of our investees and contribute to the adoption of best practices, always focused on sustainable value creation for shareholders."
Performance of Investees
The recurring result from investees, reflected in Itaúsa's performance in the first half of 2026, totaled R$9.4 billion, up 11% compared to the same period of the previous year. Performance was supported mainly by Itaú Unibanco (+10%) and by the evolution of investees in the non-financial sector, which advanced 32% in the period.
Itaú Unibanco posted sustainable growth in the loan portfolio, while NPL ratios remained at the best historical levels, reflecting the bank's prudent credit strategy. Growth in service and insurance revenues was driven by the insurance, pension plan and premium bonds business. The bank ended the period with an efficiency ratio of 37.4% in consolidated figures and 35.5% in Brazil, reflecting productivity gains and the ongoing capture of efficiencies arising from technology investments made in recent years. The Tier I capital ratio reached 13.8%, above the 9.6% regulatory minimum, supported by organic capital generation and a prudent resource management policy.
The progress observed in non-financial investees reflects the quality and resilience of the holding company's investment portfolio.
Dexco maintained the evolution of its Wood and Metals and Sanitary Ware Divisions and advanced in its deleveraging process, although it was impacted by LD Celulose due to the drop in dissolving wood pulp prices in the period and by challenges in Ceramic Tiles. Alpargatas recorded growth in revenue, EBITDA and net income, supported by higher volume and a better product mix in Brazil, in addition to improved performance of international operations. At Motiva, results were driven by the start of operation of new assets in the portfolio, tariff adjustments and solid operational performance, with traffic growth in highway and rail platforms.
Copa Energia's result was positively impacted by better operational performance and the effectiveness of its commercial strategy. Aegea posted an improvement in the result of operations, although its net income remained pressured by higher financial expenses. The result of this investee reflected in Itaúsa in the first half was positive due to the effect of the capital increase carried out in the first quarter of this year. Finally, the result from NTS reflected in Itaúsa was impacted by the negative change in the fair value of the asset compared to the same period of the previous year.
Financial Structure and Capital
Itaúsa ended June 2026 with a cash position of R$2.2 billion and net debt of R$1.2 billion, maintaining a comfortable liquidity position and a healthy debt repayment schedule. The company has no principal debt maturity until 2028.
,In July, a new capital increase in Aegea was approved in the total amount of R$2.1 billion, with Itaúsa's investment amounting to R$732 million, raising its equity interest to 14.01% of the company's total capital.
During the period, Itaúsa continued to increase its equity interest in Alpargatas, with a total investment of R$97 million since the fourth quarter of last year, reaching a 30.62% interest in the investee.
The financial management initiatives implemented in recent years contributed to reducing the holding company's financial expenses and preserving an adequate debt profile. At the end of the quarter, Itaúsa had an average debt term of 6.7 years and an average cost of CDI + 1.11%.
During the period, S&P Global reaffirmed Itaúsa's AAA rating, with a stable outlook.
People, Ethics and Integrity
In the second quarter, Itaúsa also obtained the Great Place To Work (GPTW) certification for the sixth consecutive year and was again recognized as a Pró-Ética ("Pro-Ethics") Company in the 2025-2026 cycle, reaffirming its commitment to valuing people and to the best governance, ethics and integrity practices.
Shareholder Remuneration and Value Creation
Shareholder remuneration remained a relevant part of the company's capital allocation policy.
On August 28, 2026, R$2.3 billion, net (R$0.20955 per share), will be paid as Interest on Capital, based on the declarations made on 03.16.2026 and 06.15.2026.
Between June 2025 and June 2026, Itaúsa's total shareholder return (TSR) reached 39.2%, outperforming the Ibovespa in the same period (23.9%).
With a solid financial position and discipline in capital allocation, Itaúsa remains focused on consistently creating value for its shareholders over the long term.
About Itaúsa
Itaúsa (B3: ITSA4) is Brazil's largest publicly traded investment holding company, with a history of more than 50 years and equity interests in leading companies in the financial (Itaú Unibanco), construction materials (Dexco), consumer goods (Alpargatas), infrastructure (Motiva and NTS) and energy (Copa Energia) segments. With nearly one million shareholders, Itaúsa invests in companies and sectors that transform Brazil, generating positive impact for society, its investees and its shareholders.
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SOURCE Itaúsa
