Itaúsa closes 2025 with record recurring net income of R$16.5 billion, up 11%
Consistent portfolio performance, advancements in liability management and attractive return to shareholders have marked the year
SÃO PAULO, March 17, 2026 /PRNewswire/ -- Itaúsa (B3: ITSA4), Brazil's largest publicly-held investment holding company, closed 2025 with record recurring net income of R$16.5 billion, a 11% increase on a year-over-year basis, and Recurring ROE of 18.4%, evidencing the consistent performance of investees and capital allocation discipline, even amid a macroeconomic scenario marked by high interest rates.
In the fourth quarter, recurring net income totaled R$ 4.4 billion, up 21% year-over-year, mainly driven by Itaú Unibanco's performance and the significant evolution in non-financial investees.
In 2025, Itaúsa combined increase in results, advancements in liability and liquidity management and the distribution of R$11.9 billion in earnings, reaching a payout of 76% and one of the highest dividend yields in the Brazilian stock exchange. As a result, total shareholder return (TSR) was 59% in the period, outperforming top market indicators.
According to Alfredo Setubal, Itaúsa's CEO and Investor Relations Officer, these results strengthen the company's long-term strategy.
"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. The combination of efficient capital allocation, financial discipline, strong governance and strategic monitoring of investees continues to be key to create sustainable value", states the executive.
Investees
Investee's recurring result totaled R$17.6 billion in 2025, up 12% on a year-over-year basis, with positive contribution from both the financial (+10%) and non-financial sectors (+42%).
Itaú Unibanco, the main asset of the portfolio, recorded growth across all segments of the loan portfolio in Brazil, with healthy non-performing loan (NPL) levels, cost of credit under control and evolving operational efficiency, with the efficiency ratio reaching the lowest level in the historical series.
Among non-financial investees, the performance was once again marked by significant growth. Aegea* and Motiva posted increased revenue and higher operational result driven by tariff adjustments, higher volume and new concessions, even faced with higher financial expenses due to the rise in the average Selic rate in the period. Copa Energia recorded growing result and Alpargatas posted major breakthroughs, as a result of the better mix of products and strict cost control. Meanwhile, in spite of the growing result in the Wood Division and Dissolving Wood Pulp Division, Dexco still faces challenges in the Finishing Division, which adds up to lower financial result. Finally, Itaúsa's result was also positively impacted by higher earnings received from investee NTS in the period.
Financial management and strength
Throughout 2025, Itaúsa made significant headway in its liability management strategy, through debt prepayment and reprofiling. These initiatives resulted in lower gross debt and average cost, in addition to extended maturity terms and better repayment profile. As a result, Itaúsa's risk rating assigned by the rating agencies was reaffirmed at 'AAA' in national scale, evidencing the holding company's financial discipline and strong balance sheet.
Efficient capital allocation
As part of its efficient capital allocation strategy, in February 2026, Itaúsa announced the increase in equity interest in Aegea in the amount of R$418.1 million, increasing its interest in the company's total capital to 13.27%.
*Aegea's 4Q25 and fiscal year 2025 results were being finalized at the time of our disclosure, and only the nine-month period of 2025 figures were included in Itaúsa's financial statements. This effect is considered immaterial for Itaúsa's 2025 results.
About Itaúsa
Itaúsa (B3: ITSA4) is the largest Brazilian publicly-held investment holding company, with 50 years' worth of history, and holds equity interests in leading companies in the following segments: financial (Itaú Unibanco), construction material (Dexco), consumer goods (Alpargatas), infrastructure (Motiva and NTS), sanitation (Aegea), and energy (Copa Energia). With nearly one million shareholders, Itaúsa invests in companies and sectors that transform Brazil, generating positive impact on society, investees and shareholders.
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