By Brazil Stock Guide – Brazilian holding company Itaúsa SA (B3: ITSA4) posted recurring net income of 4.31 billion reais in the second quarter of 2026, up 7.1% from a year earlier, as stronger results at Itaú Unibanco offset weaker performance across some nonfinancial assets.
The holding company said the quarter also benefited from improving results at Motiva, Alpargatas and Copa Energia. Those gains were partly offset by weaker figures from NTS, Dexco and Aegea, as well as higher tax expenses at Itaúsa itself.
Itaú Drives Financial Result
The recurring contribution from the financial segment, composed solely of Itaú Unibanco Holding SA (B3: ITUB4), rose 8.5% from a year earlier to 4.47 billion reais.
The bank’s performance was the main driver of Itaúsa’s earnings growth and helped offset the weaker contribution from other companies in the portfolio.
Nonfinancial Holdings Lose Ground
Recurring income from Itaúsa’s nonfinancial holdings fell 26.7% year over year to 141 million reais.
Motiva SA (B3: MOTV3), formerly known as CCR, Alpargatas SA (B3: ALPA4) and Copa Energia recorded improving results. The performance was insufficient to fully counter weaker figures from NTS, Dexco SA (B3: DXCO3) and Aegea.
Alpargatas’ preferred shares trade under the ALPA4 ticker, while its common shares are listed as ALPA3.
Tax Expenses Jump 42%
At the holding-company level, administrative expenses increased 7% from a year earlier to 45 million reais.
Tax expenses climbed 42% to 163 million reais, reflecting higher PIS and Cofins charges on interest on equity declared by portfolio companies, particularly Itaú Unibanco.
Itaúsa also reported a negative financial result of 62 million reais, an 11.5% deterioration from the second quarter of 2025.
Net Debt Reaches 1.2 Billion Reais
Net debt ended June at 1.2 billion reais, compared with 1 billion reais at the end of March. The increase amounted to 200 million reais over the three-month period.
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