ITSA4: quote, dividends and indicators for Itaúsa

Itaúsa S.A. is a publicly traded investment holding company with more than five decades of operations as a corporation and business roots that date back to the 1930s and 1940s in the Brazilian financial system and industry. Its origins are linked to the former Banco Federal Itaú de Investimentos, created in 1966, which went through different names until the corporate reorganization of 1974, when its transformation into a holding company was approved. In 1975, the then Investimentos Itaú S.A. began to concentrate investments in Banco Itaú, Duratex (now Dexco) and Itaú Seguros, consolidating its role as the group’s business coordination hub. Over the years, the company expanded and reshaped its portfolio, officially adopting the name Itaúsa – Investimentos Itaú in 1991, later simplified to Itaúsa S.A., and consolidating itself as one of Brazil’s main publicly traded holding companies, with shares traded on B3 under the tickers ITSA3 and ITSA4.

Itaúsa’s trajectory is marked by growth supported by mergers, acquisitions, partnerships and selective divestments. The company took part in significant movements such as industrial expansion through stakes in companies like Elekeiroz and Itautec, the partnership that created one of the largest wood panel manufacturers in the Southern Hemisphere in 2009 and, above all, the merger between Itaú and Unibanco in 2008, which resulted in the creation of Itaú Unibanco Holding S.A., one of the largest financial conglomerates in Latin America. From 2013 onward, the holding company strengthened its active portfolio management strategy, concentrating capital in businesses deemed more aligned with its investment thesis and disposing of stakes in assets classified as non-strategic, such as Elekeiroz, Itautec and, more recently, XP Inc. Between 2017 and 2022, it carried out a significant capital allocation cycle into new fronts, including energy, infrastructure and mobility, sanitation and consumer goods, reinforcing the diversified nature of its portfolio.

Itaúsa’s business model is that of a non-operating holding company, whose revenue basically comes from equity income from the profits of its investees, returns on financial assets and the sale of stakes. The company organizes its portfolio view into two major blocks: the financial sector, essentially concentrated in its stake in Itaú Unibanco, and the non-financial sector, which comprises investments in consumer goods, building materials, infrastructure, sanitation and energy. Its strategy combines efficient capital allocation, pursuit of business longevity and dissemination of a common corporate culture, with influence exercised mainly through the presence of representatives on the Boards of Directors and committees of its investees. At the end of 2025, Itaúsa held seats on 30 governance bodies of its investees, occupying 55 positions on boards and committees, which reinforces its role as an active and influential, albeit non-operating, shareholder.

In its financial portfolio, Itaúsa holds a significant stake in Itaú Unibanco Holding S.A., an institution that operates in multiple authorized banking activities, foreign exchange operations, credit cards, payment arrangements, loyalty programs and related services, as well as stakes in insurance and capital markets. Itaú Unibanco serves individuals and companies through retail, wholesale and market and corporate segments, and also operates internationally in the Americas and Europe. In the non-financial portfolio, Itaúsa has control or joint control of companies such as Dexco S.A., Alpargatas S.A., Motiva Infraestrutura de Mobilidade S.A., Aegea Saneamento e Participações S.A., Copa Energia S.A. and Nova Transportadora do Sudeste S.A. (NTS). Dexco operates in the wood and building finishing materials segments, with brands such as Deca, Hydra, Duratex, Durafloor, Portinari, Ceusa and Castelatto, combining forestry operations, wood panels, laminate and vinyl flooring, metals and sanitary ware, and ceramic and cementitious coatings, as well as a stake in soluble pulp through LD Celulose. Alpargatas, in turn, is a global consumer goods company that owns the Havaianas brand, present in more than 70 countries and operating in footwear and accessories, and it also has a stake in Rothy’s, a US footwear brand focused on recycled materials.

Sector diversification is broadened by its stake in Motiva, a private transportation infrastructure concessions group in Latin America, operating highways, urban roads, bridges, tunnels, railways and airports. The group’s concessionaires manage thousands of kilometers of highways in states such as São Paulo, Rio de Janeiro, Mato Grosso do Sul, Rio Grande do Sul, Santa Catarina and Paraná, as well as metro-rail and airport concessions in Brazil and abroad. The stake in Aegea places Itaúsa in the basic sanitation sector through a private operator that manages public concessions and public-private partnerships, covering water supply, sewage collection and treatment, and solid waste management services in hundreds of municipalities in different states, serving tens of millions of people. In energy, Copa Energia operates in the bottling, distribution and commercialization of bulk and bottled Liquefied Petroleum Gas (LPG), for both residential and corporate clients, with a nationwide reseller network and supply units regulated by the National Agency for Petroleum, Natural Gas and Biofuels (ANP). In the natural gas infrastructure segment, NTS operates a high-pressure gas transportation pipeline network that connects states in Southeast Brazil to important producing basins and LNG terminals, as well as interconnections with other transport operators.

From the standpoint of operating markets and revenue, Itaúsa concentrates its geographic exposure in Brazil, reflecting the profile of its main investees, although a significant part of the group’s operations is outward-looking. Itaú Unibanco maintains an international presence with units in different countries, operating in foreign trade finance, Eurobond issuance and sophisticated financial products. Dexco exports forestry products and building materials to around 30 countries and has industrial and forestry units in Colombia, with offices and distribution centers geared toward foreign markets. Alpargatas, through the Havaianas and Rothy’s brands, operates globally in more than 70 countries. Motiva manages airport assets outside Brazil, in cities such as Quito, San José and Curaçao. Aegea, Copa Energia and NTS, as providers of regulated infrastructure services, concentrate their revenue in Brazil, with operating structures calibrated to meet concession contracts, PPPs and sector-specific regulation.

In regulatory terms, as a publicly traded holding company with ITSA3 and ITSA4 shares listed on B3, Itaúsa is subject to the regulatory framework applicable to listed companies in Brazil, including transparency, corporate governance and market disclosure requirements. Itaúsa itself does not require specific licenses to carry out its activities, as it is not an operating company. However, the operations of its investees are embedded in highly regulated environments. Itaú Unibanco is supervised by the Central Bank of Brazil and other bodies of the national financial system; Copa Energia is regulated by the ANP in the LPG distribution segment; NTS provides natural gas transportation services, a monopoly activity of the Federal Government that is subject to concessions and regulated contracts. Aegea operates under the legal frameworks for sanitation and public concessions, in ongoing interaction with municipal and state entities and local regulatory agencies. Processes involving the acquisition or increase of stakes in regulated companies may require approval from the Administrative Council for Economic Defense (CADE) and sector regulators, both in Brazil and abroad.

In terms of corporate governance and long-term vision, Itaúsa has built its identity as a reference investor, with a focus on capital discipline, business continuity and the dissemination of shared values across the group’s companies. Active portfolio management is accompanied by direct participation on the boards and committees of investees, where it contributes to defining strategies, priorities and management guidelines, including matters related to sustainability, risk and compliance. A significant portion of the portfolio companies is listed on B3, such as Itaú Unibanco, Dexco, Alpargatas and Motiva, and is subject to governance practices associated with the exchange’s special listing segments, which tends to reinforce standards of transparency, protection of minority shareholders and the structuring of boards of directors. In this context, Itaúsa acts as a facilitator of synergies across different sectors, while maintaining its focus on long-term investments aligned with sustainable value creation criteria.