Slides
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earnings in focus ITAŪSA 1H26
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AGENDA FINAL REMARKS 01 BUSINESS ENVIRONMENT 03 LIQUIDITY MANAGEMENT 04 DIVIDENDS 02 1H26 EARNINGS 06 07 Q&A SESSION CAPITAL ALLOCATION 05
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BUSINESS ENVIRONMENT 01
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MACROECONOMIC SCENARIO 01 (1) IBGE. (2) Itaú BBA projections (Jul/2026). 2025 Brazilian GDP¹ Selic¹ 2.3% 15.00% p.y. 4.3% (▲2.75 p.p. vs. 2024)(▼1.1 p.p. vs. 2024) Brazilian Inflation¹ 2026e² 1.9% 13.75% p.y. 5.1% (▲ 0.8 p.p. vs. 2025)(▼1.25 p.p. vs. 2025)(▼0.4 p.p. vs. 2025) (▼0.5 p.p. vs. 2024)Last update: 08.04.2026 2027e² 1.5% (▼0.4 p.p. vs. 2026e) 12.50% p.y. (▼1.25 p.p. vs. 2026e) 4.4% (▼ 0.7 p.p. vs. 2026e)
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Net Income R$ 9.6 bn ▲ 22% vs. 1H25 ROE 21.2% p.y. ▲ 3.3 p.p. vs. 1H25 RECORD RESULTS 1H26 (1) Positively impacted by non-recurring events totaling R$ 857 million in 1H26. (2) Sum of the market value as of 06.30.2026 of the interests held in listed companies, the investment value (Copa Energia), the estimated market value (Aegea) and the fair value (NTS), in addition to other assets and liabilities recorded in the Balance Sheet as of 06.30.2026. 01 Recurring Net Income1 R$ 8.8 bn ▲ 12% vs. 1H25 Recurring ROE 19.3% p.y. ▲ 1.5 p.p. vs. 1H25 Net Debt Shareholders' Equity R$93.8 bn ▲ 5% vs. 1H25 Total Shareholder Return (LTM Jun/26) Portfolio Market Value2 (Jun/26) R$189.4 bn ▲19% vs. 06.30.2025 39% vs. 24% IBOV R$ 1.2 bn ▲ 99% vs. 06.30.2025
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SHARE PERFORMANCE ITSA4 OUTPERFORMS BENCHMARKS 01 (1) Adjusted for dividends. (2) Closing price as of 08.10.2026. (3) Closing price as of 06.30.2026. Source: Economática. ITSA4¹ IBOVESPA 12 months³ 5 years³ 10 years³ CDI 2026 YTD2 39.2% 437.1%135.9% 23.9% 35.7% 233.9% 14.8% 77.4% 144.5% 15.4% 7.3% 8.4% US Dollar 9.4% 0.9% 56.7%6.2%
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ITAÚSA AND PORTFOLIO BREAKDOWN OF THE HOLDING DISCOUNT (1) Data as of 07.31.2026 (2) Includes Itaúsa's other assets and liabilities. (3) Copa Energia considered at book value and NTS at fair value (as of 06.30.2026) 01 Portfolio market value (Jul/26)¹ R$ 191 bn R$ 17 7 bn R$ 16 bn 3 R$ 155 bn 19.5% Current discount
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HOLDING DISCOUNT POTENTIAL TO GENERATE EVEN MORE VALUE 01 Implied discount1 of 15.6% upside (~4 p.p. vs. current) (1) Same discount calculation methodology, using the target prices set by market analysts for Itaúsa and its investees. 26.2% 19.5% Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Jul-26 ~7 p.p. reduction in the discount YTD
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FUNDAMENTALS THAT REINFORCE THE UPSIDE IN ITSA4 In 2025, the inefficiency totaled R$ 859 million in tax expenses (Itaúsa and IUPAR). As from January 2027, it will be fully eliminated, representing a ~6 p.p. reduction in the discount. In 2025 they reached ~R$ 1 bn, showing the strength of the non-financial portfolio. Currently, these dividends are allocated to the holding company's costs. 01 End of tax inefficiency in 2027 02 Growing dividends from the non-financial sector 03 Value unlocking from non-listed assets The elimination of tax expenses, combined with growing dividends from the non-financial sector, points to potential excess cash in the future, which may be distributed to shareholders or allocated to investments.Non-listed interests still recognized at book or estimated value, with potential for portfolio repricing. 01
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RESULTS 1H26 02
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1H26 vs. 1H25 INVESTEES' RECURRING RESULT1 02 (1) Attributable to controlling shareholders. (2) Considers 49% of LD Celulose's Net Income. Adjusted and Recurring EBITDA2 R$ 1.1 bn ▲ 13% Recurring Net Income2 R$ 59 mn ▼ 37% IFRS Recurring Net Income R$ 24.0 bn ▲ 10% ROE IFRS Recurring 22.8% ▲ 0.8 p.p. Adjusted and Recurring EBITDA R$ 4.7 bn ▲ 18% Recurring Net Income R$ 1.3 bn ▲ 38% Recurring EBITDA R$ 586 mn ▲ 47% Recurring Net Income R$ 354 mn ▲ 60% Recurring EBITDA R$ 659 mn ▲ 16% Recurring Net Income R$ 358 mn ▲ 21% EBITDA R$ 3.1 bn ▼ 14% Net Income R$ 1.5 bn ▼ 16% Consolidated EBITDA R$ 4.3 bn ▲ 48% Consolidated Net Income R$ 43 mn ▲ 80% Net Loss (Controlling) R$ -274 mn ▲ 11%
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9.361 -140 -1 8.797 857 -424 9.654 02 Investees' Result Holding Result Financial Result IT/SC Recurring Net Income 1H26 8,851 602 1H26 Non-financial Sector Non-recurring items2 Net Income 1H26 BREAKDOWN OF 1H26 NET INCOME (R$ million) -R$ 425 1H25 (0%) R$ 8,404 1H25 (▲11%) R$ 2 1H25 (n.a.) -R$ 120 1H25 (▲17%) R$ 7,862 1H25 (▲12%) R$ 7,929 1H25 (▲22%) -R$ 65 1H25 (n.a.) ▲ 10% (92) Others¹ (1) Refers to Itautec's recurring result and to the amortization of the capital gains allocated in the PPAs (purchase price allocation) of the investments in Motiva, Aegea Saneamento, Alpargatas, Copa Energia and Itaú Unibanco. (2) Refers mainly to income related to the favorable outcome of judicial and administrative proceedings. ▲ 34% Financial Sector 851 Itautec 6 Others 9,361 8,797 9,654
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175 134 89 75 22 -928,851 107 9,361 02 Others² Investees' Result 1H26 BREAKDOWN OF INVESTEES' RESULT (R$ million) (1) In addition to the non-financial sector, it considers R$ 7 million related to other companies. (2) Refers to Itautec's recurring result and to the amortization of the capital gains allocated in the PPAs (purchase price allocation) of the investments in Motiva, Aegea Saneamento, Alpargatas, Copa Energia and Itaú Unibanco. Total: Non-financial Sector R$ 602 mn¹ ▲ 34%
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1H26 vs. 1H25 HOLDING RESULT EVOLUTION 02 (R$ million) (-) Administrative Expenses R$ 89 million (-) Tax Expenses R$ 318 million 1H25 ∆ Administrative Expenses ∆ Tax Expenses (PIS/COFINS) ∆ Donations to Instituto Itaúsa ∆ Other Expenses (Income) 1H26 (-) Donations to Instituto Itaúsa R$ 12 million Holding Result 1H26 -R$ 424 million, as follows: ▼ R$1 (-) Other Expenses (Income) R$ 5 million (425) (424)(7) 14 (1) (7)
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1H26 vs. 1H25 FINANCIAL RESULT EVOLUTION 02 (in R$ million) 1H25 ∆ Cash Profitability ∆ Interest Expenses ∆ Others 1H26 Financial Result 1H26 -R$ 140 million, as follows: (120) (140) (117) 1 96 (+) Cash Profitability R$ 129 million (-) Interest Expenses R$ 235 million (-) Others R$ 34 million ▲17% ▲ R$ 20
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LIQUIDITY MANAGEMENT 03
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Results since 20221 Interest Coverage 23.1x No amortization until 2028 Rating AAA (reaffirmed by S&P Global in May/26) Debt Service 2 ▼54% vs. 09.30.22 (1) The comparison date of 09.30.2022 was chosen because it was the period of Itaúsa's highest leverage (Gross Debt of R$ 8.4 billion). (2) Considers the average cost of 3Q22 (CDI+1.43% p.y.) and 2Q26 (CDI+1.11% p.y.) multiplied by the Gross Debt balance at the end of those quarters. Net Debt R$ 1.2 bn ▼80% vs. 09.30.22 Average Term 6.7 years ▲2.4 years vs. 09.30.22 Average Cost CDI + 1.11% ▼0.32 p.p. vs. 09.30.22 Gross Debt R$ 3.4 bn ▼60%. vs. 09.30.22 03 LIABILITY MANAGEMENT STRATEGY
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03 (1) Does not consider the possible payment of recorded tax liabilities. (2) Pro forma. After the prepayment of the 4th debenture issue. (3) Financial Debt. Amortization schedule1 Leverage (Net Debt2,3/NAV) Indebtedness (Gross Debt2/Dividends) Interest Coverage (Dividends/Interest Expenses)0.3x 0.6% 23.1x (in R$ billion) Net Debt2 (▲ 99% vs. 06.30.25) Average Cost2 (▼ 0.26 p.p. vs. 06.30.25) Average Term2 (▲ 0.2 years in 06.30.25) CDI+ 1.1% p.y.R$ 1.2 bn 6.7 years 06.30.2026 2.2 0 0 0 0.2 0.1 0.1 0.8 0.8 0.8 0.3 06.30.2026 Liquidity 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 6 years with no amortization or with immaterial amortization LIABILITY MANAGEMENT STRATEGY
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DIVIDENDS 04
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8.0% 9.8% 0% 2% 4% 6% 8% 10% 12% 68% 76% 30% 2,726 (R$ 0.25/share)¹ 2,798 (R$ 0.25/share)¹ - 1.000 2.000 3.000 4.000 5.000 6.000 1H25 1H26 9,597 (R$ 0.88/share)¹ 11,858 (R$ 1.06/share)¹ 10.8% 14.7% -10%-500 1.500 3.500 5.500 7.500 9.500 11.500 13.500 15.500 17.500 19.500 2024 2025 Dividends Dividend Yield² (1) Considers dividends adjusted for corporate events. (2) In line with market convention, the Dividend Yield was calculated based on gross dividends per share adjusted for corporate e vents (bonus shares and subscription). (3) Payout = Dividends (net) paid and payable (accrual basis) / Net Income less the 5% legal reserve. 1,000Capital Increase (100% take-up) 24% (NET) 3% Among the highest dividend yields on B3 2 Payout³ 04 ANNOUNCEMENT OF R$ 2.8 BN IN DIVIDENDS IN 1H26 (R$ million)
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Declared on March 16, 2026 and June 15, 2026 Shareholding Position 03.19.2026 and 06.18.2026 04 PAYMENT INTEREST ON CAPITAL R$ 2.3 billion R$ 0.20955/ share (net) Payment 08.28.2026
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GROWING DIVIDENDS FROM THE NON-FINANCIAL SECTOR¹ 515 702 1,158 2,027 2023 2024 2025 2026 LTM (1) Considers the cash view of net dividends received (IOC and dividends), in addition to capital reduction and disposal of shares. 04 (R$ million) CAGR (ex-Itautec) 27% 973 Itautec
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CAPITAL ALLOCATION 05
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05 INVESTMENTS REACH ~R$12 BN IN THE NEW PORTFOLIO 1,1 1,2 2,6 2,9 10,6 0,1 11,8 2,7 1,2 2017 2017¹ 2020 2021 2022 Total 2026² 2026 Total (1) Alpargatas: The amount considers the initial investment (R$ 1.7 billion) and the subsequent increases in equity interest carried out in 2019 (R$ 154 million), 2020 (R$ 41 million) and 2022 (R$ 799 million in the follow -on). (2) Alpargatas: The amount considers the investment made in 4Q25 (R$ 39 million) and in 2026 (R$ 58 million). (3) Considers the 2026 consensus target prices for MOTV3 and ALPA4, NTS at fair value, Copa Energia valued using market multiples , and Aegea based on the implied value of the February 2026 transaction. R$ 1.3 billion (R$ billion) Portfolio Annual IRR3 (Since Apr/2017) ~16% 11% IBOV | 9% CDI 1.1 2.7 1.2 2.6 2.9 10.6 0.1 11.81.2
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▪ Operational excellence ▪ High growth ▪ Growth already contracted ▪ Attractive return with positive impact 05 Investment Thesis Capital increases of R$1.2 billion (YTD) CAPITAL INCREASE IN AEGEA 1Q26 3Q26 Contribution R$ 418 mn R$ 732 mn Interest 12.8% ► 13.3% ► 14.0% Impacts • no relevant effect • funding with own cash Agreement return protection mechanism (IPCA + 15% p.y.) and interest adjustment
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▪ Brand strength ▪ Financial and operational discipline ▪ Strong cash generation ▪ Brazil: continued growth ▪ Internationalization 05 Investment Thesis Investment of R$ 97 million ACQUISITION OF ALPARGATAS SHARES 4Q25 1H26 Contribution R$ 39 mn R$ 58 mn Interest 29.4% ► 29.9% ► 30.6% Impacts • no relevant effect • funding with own cash Average price • R$ 10.8 ► TSR of 20.4% 1 (1) Share adjusted for dividends, considering the closing price of 08.07.2026
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FINAL REMARKS 06
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FINAL REMARKS 1H26 Successful liability management strategy Growth in dividends, payout and attractive dividend yield 06 Solid balance sheet and record results ITSA4 share consistently outperforming benchmarks ITSA4 share with upside Resilient portfolio with growing results
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QUESTIONS AND ANSWERS 07
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2026 Itaúsa Panorama OCTOBER 6 | 10 A.M. (BRT) SAVE THE DATE
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INVESTOR RELATIONS (11) 3543-4177 ri@itausa.com.br ALFREDO SETUBAL CEO and IRO PRISCILA GRECCO CFO Ícone Descrição gerada automaticamente Logotipo Descrição gerada automaticamente Texto branco sobre fundo preto Descrição gerada automaticamente com confiança média Scan the QR Code beside and share your feedback on our earnings live stream.