SÃO PAULO, Nov. 11, 2026 /PRNewswire/ -- Itaúsa (B3: ITSA4), Brazil's largest publicly traded investment holding company, reported record recurring net income of R$5.1 billion in the third quarter of 2026, up 25% compared to 3Q25, and recurring ROE of 21.1%, an increase of 3.3 percentage points. In the first nine months of the year, recurring net income totaled R$13.9 billion, up 16%.
According to Alfredo Setubal, Itaúsa's Chief Executive Officer and Investor Relations Officer, the quarter confirms the consistency of the Company's strategy.
"Even amid heightened uncertainty, the strength of our portfolio and our disciplined approach to capital allocation continued to support our value-creation capacity. The result reflects Itaú Unibanco's solid performance and the strong progress of our non-financial portfolio companies. We remain committed to combining financial discipline, operational excellence across our portfolio companies and strategic decisions focused on efficient capital allocation, with the objective of continuing to create sustainable value for our shareholders and for society."
Portfolio Companies' Performance
Recurring results from portfolio companies, as reflected in Itaúsa's results for the third quarter of 2026, totaled R$5.2 billion, up 22% vs. 3Q25, driven by Itaú Unibanco (+15%) and the non-financial portfolio companies, whose results increased by 122% in the period.
Itaú Unibanco maintained sustainable growth in its loan portfolio, which expanded by 10.2%, while its NPL ratio remained at historically low levels, reflecting the bank's prudent credit strategy.
Among the non-financial portfolio companies, the quarter's highlights were Alpargatas, Motiva, Copa Energia and NTS.
Alpargatas posted growth in net revenue, EBITDA and net income, supported by higher sales volumes, an improved product mix and the recovery of profitability in its international operations. Motiva benefited from the addition of new assets, tariff adjustments and resilient traffic, and completed the sale of its airports platform. Copa Energia increased EBITDA and net income, supported by the successful execution of its commercial strategy. NTS, in turn, made a positive contribution through the change in the asset's fair value.
At Dexco, the Wood Division and margin recovery in Metals and Sanitary Ware supported improved operating performance and lower leverage, while net income remained pressured by the financial cost of debt. Aegea maintained solid operating performance, although its results continued to be pressured by financial expenses; the result recognized by Itaúsa was positively affected by the capitalization completed during the period.
Financial Position and Capital
Itaúsa ended September with a cash position of R$2.2 billion and net debt of R$0.9 billion. Liability management initiatives implemented in recent years reduced the holding company's debt expenses by 41% and virtually eliminated principal maturities through 2031.
In August, Itaúsa invested R$732 million in Aegea's capital and increased its equity interest to 14.01%. The transaction includes a mechanism designed to protect the return on the investment.
In September and October, Moody's and Fitch reaffirmed Itaúsa's AAA rating, with a stable outlook, reflecting the Company's strong liquidity, low leverage and the growing contribution of the non-financial portfolio companies to dividend income.
Shareholder Remuneration and Value Creation
In the first nine months of 2026, Itaúsa declared R$3.5 billion in net distributions to shareholders, up 18% from the same period of 2025. Over the 12 months ended September, dividend yield was 7.7%.
In the 12 months ended September, total shareholder return (TSR) was 42.5%, outperforming the Ibovespa, which returned 27.4%, while Itaúsa's market value reached R$164.0 billion.
With a robust capital structure, Itaúsa remains well positioned to navigate different scenarios and attentive to long-term value-creation opportunities.
About Itaúsa
Itaúsa (B3: ITSA4) is Brazil's largest publicly traded investment holding company, with a track record spanning more than 50 years and equity interests in leading companies across the financial services (Itaú Unibanco), building materials (Dexco), consumer goods (Alpargatas), infrastructure (Motiva and NTS), water and sanitation (Aegea), and energy (Copa Energia) sectors. With more than 980,000 shareholders, Itaúsa invests in companies and sectors that transform Brazil, creating a positive impact for society, its portfolio companies and its shareholders.
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SOURCE Itaúsa
