By Brazil Stock Guide – Itaúsa (B3: ITSA4) reported a R$4.21 billion ($770 million) net profit in the third quarter of 2025, up 10% from a year earlier, supported by robust results from Itaú Unibanco (B3: ITUB4) and expanding returns from its non-financial assets. The recurring ROE held at 18.1%, while the portfolio’s market value climbed 18% to R$168.1 billion, narrowing the holding discount to 25%. The results underscore Itaúsa’s balance-sheet strength and its disciplined approach to value creation amid a high-rate environment.
The holding cut net debt by 26% to R$697 million through early bond repayments and refinancing that extended its average maturity to 7.4 years. The liability-management program, launched in 2022, reduced the average cost of debt to CDI +1.11% from CDI +1.54%. Rating agencies S&P, Fitch, and Moody’s reaffirmed Itaúsa’s “AAA” grade, citing its solid liquidity and governance. With R$2.4 billion in cash, the company distributed R$3 billion in dividends in the first nine months of the year — up 12% from 2024 — delivering a dividend yield of 8.9%, one of the highest on B3.
“Financial discipline turned into sustainable growth”
“In a period of global adjustment, we continue to deliver record results and turn financial discipline and efficient capital allocation into sustainable growth,” said CEO and head of investor relations Alfredo Setubal. Marking Itaúsa’s 50th anniversary, Setubal highlighted the group’s long-term focus on liquidity, governance, and shareholder value.
Recurring profit from investees rose 7.2% to R$4.37 billion, led by Itaú Unibanco’s solid loan growth and stable credit costs, alongside higher contributions from Aegea Saneamento (+160%), Alpargatas (+152%), Motiva, and NTS. The non-financial portfolio expanded 4% overall, with sanitation, mobility, and infrastructure driving performance, while Dexco lagged amid weaker ceramic tile demand and maintenance downtime at LD Celulose.
Governance and valuation outlook
Itaúsa argues that its 25% holding discount overstates structural inefficiencies, which should narrow after Brazil’s 2025 tax reform removes taxation on interest on equity from 2027 onward. The company delivered a 21% total shareholder return (TSR) over the past 12 months, outperforming the Ibovespa (+11%) and the S&P 500 (+16%). “Consistency and a long-term view are what sustain our results,” Setubal said. “We remain committed to creating sustainable value for more than 900,000 shareholders.”
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