# Itaúsa lifts profit, trims debt as capital discipline pays off

*Brazil’s Setubal family holding posts record R$4.2bn profit in 3Q25 and cuts net debt by 26%, backed by Itaú Unibanco’s strength and gains in sanitation and infrastructure.*

- Published: 2025-11-10
- Section: Insights
- Tags: holding, Itausa
- URL: https://brazilstockguide.com/insights/itausa-profit-3q25-debt-cut/

**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.”

---

Source: Brazil Stock Guide, https://brazilstockguide.com/insights/itausa-profit-3q25-debt-cut/