Itaúsa (ITSA4) posted recurring net income of R$ 5.1 billion (R$ 5,062 million) in 3Q26, up 25% from 3Q25. Recurring ROE (return on equity) was 21.1%, an increase of 3.3 p.p. The result was driven by Itaú Unibanco (+15%) and by its non-financial investees (+122%). Reported net income was R$ 4,955 million, up 20% from R$ 4,145 million in 3Q25.
The recurring result of the investees totaled R$ 5.2 billion (R$ 5,241 million), up 22%. Itaú Unibanco contributed R$ 4,693 million. Among the non-financial investees, NTS had R$ 213 million (+153%), reflecting the change in the fair value of the asset. Aegea totaled R$ 158 million, versus a loss of R$ 11 million, with a positive effect of R$ 182 million from the capital increase. Motiva had R$ 78 million (+10%), Copa Energia R$ 96 million (+8%) and Alpargatas R$ 55 million (+9%). Dexco posted a loss of R$ 10 million, versus a loss of R$ 17 million.
Non-recurring items had a negative effect of R$ 107 million in the quarter. The main drags were an accounting adjustment of R$ 224 million at Motiva related to the write-off of the airports operation, extraordinary provisions of R$ 120 million at Itaú Unibanco and R$ 52 million for the closing of Dexco plants. Motiva had a gain of R$ 278 million from the sale of airports. In 9M26, recurring income was R$ 13,859 million (+16%) and net income was R$ 14,609 million (+21%).
Net debt closed 3Q26 at R$ 901 million, up 29% from 3Q25. Cash stood at R$ 2,178 million, the average debt maturity was 6.4 years, and the average cost was CDI+1.11%. The market value of the portfolio (NAV) was R$ 199.2 billion, and that of Itaúsa was R$ 163.6 billion, at a holding discount of 17.9%.
In 9M26, Itaúsa declared R$ 3,469 million in net dividends and interest on equity to shareholders, up 18%. In the last 12 months through 09.30.2026, gross distributions were R$ 1.1039 per share, resulting in a dividend yield (return in distributions) of 7.7%. In August, Itaúsa contributed R$ 732 million to Aegea, raising its stake from 13.3% to 14.0%.
