ITSA4 Itaúsa

Itaúsa S.A. is a publicly traded investment holding company, with shares traded on B3 under the tickers ITSA3 and ITSA4, which in 2025 will mark 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 took part 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. With 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 interests in Banco Itaú, Duratex and Itaú Seguros in 1975, then under the name Investimentos Itaú S.A., later establishing the Itaúsa brand.

Throughout its history, Itaúsa has consolidated its position as one of Brazil’s leading publicly traded holdings, operating based on active management of a diversified portfolio of companies. The Company states that its operating revenue basically derives from equity income, calculated from the net income of its investees, complemented by gains from investments in financial assets and from the disposal 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 fundamentally results from its interests in companies from different sectors, internally grouped into two major blocks: financial sector and non-financial sector.

In the financial sector, the main investment is its 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 capital markets. Itaú Unibanco offers a wide range of banking and non-banking products and services, organized into Retail Businesses, Wholesale Businesses and Activities with the Market and Corporation, serving individuals and microenterprises 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 international presence in several regions.

In the non-financial block, Itaúsa holds interests in companies operating 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 dissolving pulp (via the LD Celulose joint venture), and Construction Finishing, which includes metals, sanitary wares and ceramic and cement 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 that owns the Havaianas brand and operates 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 transport 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 an interest in Águas do Rio Investimentos S.A. In energy infrastructure, the Company invests in Copa Energia S.A., which operates in the bottling, distribution and sale 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 entered into mainly 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 culture shared 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 held seats on 30 governance bodies, occupying 53 positions on boards and committees. Itaúsa conducts an ongoing process of analyzing new investments and, at the same time, divesting assets deemed non-strategic or with lower value-creation potential, as demonstrated by its 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 require specific government authorizations to carry out its activities, beyond compliance with the laws 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 has no material environmental and social obligations directly associated with its holding 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 ownership of the “ITAÚSA” brand, even though its operations do not critically depend on this intangible asset.

As it completes half a century of operations, Itaúsa highlights a rebranding process carried out 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 providing access to a diversified set of listed and unlisted companies in the financial, construction and materials, consumer goods, infrastructure, sanitation, natural gas transportation and LPG distribution segments. Value creation for shareholders therefore results from a 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.