ITSA4

Itaúsa S.A. is a publicly traded investment holding company whose shares trade on B3 under the tickers ITSA3 and ITSA4, and which in 2025 will complete 50 years of existence as a company. Its origins go back to a long entrepreneurial trajectory that began in the 1930s, linked to names such as Alfredo Egydio de Souza Aranha, Eudoro Villela and Olavo Setubal, who were involved in the creation and expansion of businesses such as Companhia Seguradora Brasileira de Seguros Gerais (later Itaú Seguros), Banco Central de Crédito (later Banco Itaú), Artefatos Deca Ltda. and Duratex Indústria e Comércio. Following the creation of Banco Federal Itaú de Investimentos, Bankinvest, in 1966, and subsequent corporate reorganizations, the investment bank gave rise to the current holding structure, which began to centralize the interests in Banco Itaú, Duratex and Itaú Seguros in 1975, then under the name Investimentos Itaú S.A., later cementing the Itaúsa brand.

Throughout its history, Itaúsa has established itself as one of Brazil’s leading publicly traded holding companies, with operations based on the active management of a diversified portfolio of companies. The Company states that its operating revenue is basically derived from equity income, calculated from the net income of its investees, complemented by income from investments in financial assets and from the sale of assets. As a non-operating holding company, Itaúsa does not directly sell products or services and has no own customers, so its economic and financial performance stems fundamentally from its shareholdings in companies in different sectors, grouped internally into two major blocks: the financial sector and the non-financial sector.

In the financial sector, the main investment is the stake in Itaú Unibanco Holding S.A., a holding company that owns domestic and international financial institutions, as well as companies related to insurance and the capital markets. Itaú Unibanco offers a wide range of banking and non-banking products and services, organized into Retail Business, Wholesale Business, and Activities with the Market and Corporation, serving individuals and micro-enterprises through to large corporations and high-net-worth clients. Itaú Unibanco’s common and preferred shares are traded on B3, and its preferred shares are also listed on the NYSE in the form of American Depositary Shares. This investment gives Itaúsa significant exposure to the Brazilian and Latin American financial systems, with an international presence in several regions.

In the non-financial block, Itaúsa holds interests in companies in various sectors of the real economy. Dexco S.A., controlled by Itaúsa, operates in wood and construction finishing materials, organized into two major businesses: Wood, which covers forestry operations and the manufacture of reconstituted wood panels, laminate flooring, and soluble pulp (via the LD Celulose joint venture), and Construction Finishes, which includes metal fittings, sanitary ware, and ceramic and cementitious coverings under brands such as Deca, Hydra, Duratex, Durafloor, Portinari, Ceusa and Castelatto. Alpargatas S.A., co-controlled by Itaúsa, is a global consumer goods company, owner of the Havaianas brand and active in more than 130 countries, in addition to a 49% stake in Rothy’s, focused on sustainable footwear, and in Ioasys, an innovation and technology company. Thus, through Dexco and Alpargatas, Itaúsa is exposed to the construction materials, forestry, lifestyle and footwear segments.

Itaúsa also has significant investments in infrastructure, sanitation and energy. Motiva Infraestrutura de Mobilidade S.A. (formerly Grupo CCR) is a private transportation concessions group that operates highway, urban mobility and airport concessions in Brazil and abroad, with toll roads in several states, subway operations and a network of 20 airports, 17 in Brazil and 3 in countries such as Ecuador, Costa Rica and Curaçao. In the sanitation sector, Itaúsa is a shareholder of Aegea Saneamento e Participações S.A., a private operator that manages concessions and public-private partnerships for water supply and sewage services in more than 700 municipalities in 15 states, serving more than 33 million people, in addition to holding a stake in Águas do Rio Investimentos S.A. Still in energy infrastructure, the Company invests in Copa Energia S.A., which operates in bottling, distribution and marketing of LPG throughout the country, and in Nova Transportadora do Sudeste S.A. – NTS, a natural gas pipeline operator with more than 2,000 km of gas pipelines in the Southeast, whose transportation contracts are mainly signed with Petrobras under the ship-or-pay model.

Itaúsa’s business model is based on a strategy of efficient capital allocation, business longevity and a shared culture with its investees. The Company states that it seeks opportunities in companies with the capacity to generate sustainable long-term value, maintaining an active role in the governance and strategy-setting of its investees. This influence is exercised mainly through the presence of representatives on boards of directors and advisory committees; at the end of 2024, the holding company had a presence in 30 governance bodies, occupying 53 seats on boards and committees. Itaúsa conducts an ongoing process of analyzing new investments while simultaneously divesting assets deemed non-strategic or with lower value creation potential, as demonstrated by the exit from businesses such as Itaú Seguros, Elekeiroz, Itautec and, more recently, XP Inc.

From a regulatory standpoint, Itaúsa emphasizes that, as a holding company, it does not need specific government authorizations to carry out its activities, beyond complying with the legislation and regulations applicable to publicly traded companies with securities listed on B3. Acquisitions of new investees may, however, be subject to approval by the Administrative Council for Economic Defense (CADE) and by sectoral or international regulatory agencies. The Company reports that it does not have material environmental and social obligations directly associated with its holding company activity, although its investees are subject to the specific rules of each sector, including agencies such as ANP in the case of Copa Energia and NTS. Itaúsa also highlights its ownership of the “ITAÚSA” brand, even though its operations do not critically depend on this intangible asset.

As it reaches half a century of operations, Itaúsa highlights a rebranding process conducted in 2024, with a new brand and visual identity aligned with its stated purpose of “investing in actions that transform Brazil.” For individual investors who follow ITSA3 and ITSA4 shares on B3, the Company presents itself as a platform for access to a diversified set of listed and private companies in the financial, construction and materials, consumer goods, infrastructure, sanitation, natural gas transportation and LPG distribution segments. Value creation for shareholders, therefore, stems from the combination of the operating performance of these investees, the holding company’s capital allocation and recycling decisions, and its ability to influence the governance and long-term strategy of the portfolio companies.