Itau Unibanco Holding S.a. · BMFBOVESPA:ITUB3
Itau Unibanco — Q4 2025 Earnings Presentation
69 slides from Itau Unibanco's earnings presentation, Feb 5, 2026
Slide 1: Announcement to the Market 4th Quarter 2025 Results
Announcement to the Market 4th Quarter 2025 Results Itaú Unibanco Holding S.A. (“Company”) announces to the shareholders and to the market that the Complete Financial Statements for the Year Ended December 31, 2025, and the Management Discussion and Analysis for the 4th Quarter of 2025 are already a
Slide 2: Announcement to the Market Attachment 01
Announcement to the Market Attachment 01 (portuguese only)
Slide 3: Institutional Presentation
Institutional Presentation
Slide 4: Largest bank in Latin America
With 101 years of history, we are the largest bank in Latin America* Market Value¹ USD 93 bn Total Assets² BRL 3,096 bn Loan Portfolio² BRL 1,490.8 bn Recurring ROE³ 24.4% Efficiency Ratio in Brazil5 36.9% Employees in Brazil and overseas² 92.5 k We are the only Latin America bank making up the Dow
Slide 5: We put the client first
We put the client first We don’t have allthe answers @ Itubers are determined to wow the client. @ Itubers innovate based on the client’s needs. © Itubers always make things simple. @ Itubers are curious about the world and are always learning. @ Itubers test, make mistakes, learn and improve. © Itu
Slide 6: History: our ability to adapt, innovate and change
4 1924 Casa Moreira Salles (Unibanco) opens the banking division in 1924 and the opening of Banco Central de Crédito (Itaú) in 1943 1960 First credit and debit cards Our ability to adapt, innovate and change has enabled us to get where we are now 1970 1980 2000 200220072008201220142019 2020 2022 202
Slide 7: We offer a complete ecosystem
The values mentioned above for individuals refer to monthly income and the values for corporate refer to annual revenue, except when indicated. Itaú BBA is dedicated to companies with annual revenues above R$50 million. Depending on the industry and the specific needs of each client, Itaú BBA’s segm
Slide 8: Most complete portfolio of financial products and services
6 Acquiring (Laranjinha) Digital wallets, contactless payment and more than 50 brands. Loans 100% online through the app or at the branches. Mortgage Exclusive service and support throughout the process. And many more solutions for our customers! ... with the most complete portfolio of financial pro
Slide 9: We serve clients how, when and where they want
We serve clients how, when and where they want to be served 2.5 k Branches In-Person 40.1 k ATMs In Brazil and in our Other Latin American¹ operations WhatsApp E-mail Telephone Chat Click to human Bankline Mobile banking 100% of the features in the App Our footprint is constantly optimized by our cl
Slide 10: Obstinate in delighting clients
• Our commitment: to serve our clients where, when and how they want to be served The client is the focus of everything we do • Access to the same type of service, independently of the channel Our team is obstinate in delighting clients... Robust innovation ecosystem based on clients needs ... and a
Slide 11: Technology drives a new era of experience
9 Technology drives a new era of experience to our customers 99% Quality 2025 x 2018 increase in technology updates implemented reduction in UX high- impact incidents reduction in the cost of single transactions 2,606% Speed 2025 x 2018 45% Cost 2025 x 2018 Quality Method Artificial Intelligence Hyp
Slide 12: Continuous investment in technology
10 Continuous investment in technology 4Q25 vs 2018 To optimize processes, to automatize activities, and to use data and analytics Ongoing activities and processes reviews to seek efficiency gains Strengthening culture > 2,500 Planned initiatives > 1.8 k We create value in a consistent way + 3x - 40
Slide 13: Our ESG strategy has evolved
11 ... with this, our ESG strategy has evolved! Our ESG Strategy is supported by a solid foundation of governance and conduct, focusing on three pillars of action: Climate transition Improve the resilience of our operations and deliver products and services that support clients in the transition to
Slide 14: ESG strategic goals
12 ESG strategic goals (1) Except financed emissions (category 15) and commuting (category 7). (2) Baseline: 2023. Commitment Net Zero by 2050 We are committed to becoming a carbon neutral bank by 2050 Reduce 50% Our operational emissions (Scopes 1, 2 and 3¹) by 2030² GHG emissions Carbon- intensive
Slide 15: Workforce diversity profile
13 Women 53.9% of employees by the end of 2024 Black 28.9% of employees by the end of 2024 Leadership positions Goal: 35% to 40% Location 96.7% employees in Brazil 3.3% in International units Hiring flow Goal: >50% Full time employees¹ Goal: 27% to 30% Hiring flow Goal: >40% A diverse team is essent
Slide 16: Sustainable finance commitment of R$1 trillion by 2030
14 Financing in sectors with a positive impact of R$1 trillion by the end of 2030 Direct to lending and financing for the sustainable economy from 2020¹. (1) As of Jan/2025, new accounting criteria in line with advances in the sustainable finance taxonomy are considered. R$551 bn of total resources
Slide 17: Focus on sustainable value creation
15 ... and by the focus in sustainable value creation Average Cost of CapitalROE Recurring Managerial Result Value Creation Cost of Capital R$ bilhões 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Increase of 12% in
Slide 18: Higher revenue with cost discipline
16 4Q25 BRL30.9 bn Clients NII 1.5% 4Q25 vs. 3Q25 (BRL billion) 8.6% 4Q25 vs. 4Q24 We have been presenting higher revenue with a cost discipline... 19.9 24.2 26.3 28.5 4Q21 4Q22 4Q23 4Q24 4Q25 BRL15.6 bn Commissions and insurance 5.9% 4Q25 vs. 3Q25 (BRL billion) 9.1% 4Q25 vs. 4Q24 4Q25 BRL17.3 bn No
Slide 19: Without overlooking risk management
17 (1) Includes financial guarantees provided and private bonds; (2) Starting on 4Q24, 90 days NPL includes securities. Excluding the effect of credit sales (more details in the report “Management analysis of the operation and complete financial statements 4Q25”); (3) Deposits + Debentures + TVM Obl
Slide 20: One Itaú: levers to intensify client relationships
18 One Itaú - one of the main levers in the short term to intensify relationships with our clients Individuals - More engagement and principality Insurance More than 20 products and services offered at our open platform and more than 15 partners Potential growth in the sector and increase penetratio
Slide 21: Income statement base for 2026 guidance
‘‘ Income statement base for 2026 guidance (1) The consolidation of Avenue’s results will occur in 1Q26, as a consequence of the acquisition of control occurred in January-26. (2) Insurance results represents the income from insurance, pension plan and premium bonds operations (-) expenses for claim
Slide 22: 2026 Guidance
2026 Guidance Total credit portfolio¹ Credit portfolio - Brazil Financial margin with clients Cost of credit² Financial margin with the market Commissions and fees and results from insurance operations³ Non-interest expenses Effective tax rate 2026 Guidance 2026 Guidance uses the Adjusted Income Sta
Slide 23: Investor Relations
21 (11) 2794-3547 | ri@itau-unibanco.com.br | www.itau.com.br/relacoes-com-investidores/en/ Investor Relations
Slide 24: Announcement to the Market Attachment
Announcement to the Market Attachment 02
Slide 25: São Paulo, February 5th, 2026
São Paulo, February 5th, 2026
Slide 26: Structural evolution and value creation 2021-2025
2 19.3% 20.3% 21.0% 22.2% 23.4% 44.0% 41.2% 39.9% 39.5% 38.8% 17.5 20.6 23.3 24.8 28.3 9.3 10.2 12.3 16.6 18.5 26.9 30.8 35.6 41.4 46.8 2021 2022 2023 2024 2025 Structural evolution ROE Efficiency R$ billion (1) Figures before taxes. Includes shares repurchase of R$3 billion, related to 2024 results
Slide 27: 2025 highlights
3 15 Acquiring transaction¹ volume in2025 Itaú in 2025 1700+ Iniciativas em produção com uso de GenAI INVESTORS million clients migrated to the Super App Individuals Open platform R$422 bn +15% YoY 3x top line expansion in the retail brokerage business since 2022 Satisfaction 12 new releases with a
Slide 28: 4Q25 highlights
4(1) Considering the Common Equity Tier I (CET I) at 11.5%, in 4Q25 the consolidated recurring managerial return would have been 25.4% in the Consolidated and 27.3% in Brazil. 24.4% Credit Portfolio Recurring Managerial Result R$12.3 billion 3.7% vs. 3Q25 Dec-25 Recurring Managerial ROE¹ Efficiency
Slide 29: Credit portfolio by segment
5Note: in the first quarter of 2025, the agribusiness portfolio was reclassified according to the size of the companies and the following products were included: FiDC, exposures to financial institutions and the operations of our agribusiness trading company. For comparability purpose, the historica
Slide 30: Financial margin with clients
6 Annualized average margin Brazil Annualized average margin consolidated Financial margin with clients ¹ 2 ¹ 3 R$0.5 bn (+1.5%) R$13.1 bn (+12.1%) 2025 x 2024 in R$ billion Margin with clients Risk-adjusted margin with clients (1) Includes capital allocated to the business areas (except treasury),
Slide 31: Financial margin with the market
7 ‘‘ Financial margin with the market 0.5 1.0 5.4 4.8 -1.4 -2.5 4.4 3.3 2024 2025 0.1 0.2 0.2 0.3 0.2 1.3 1.2 1.3 1.3 1.1 0.9 0.9 0.9 0.9 0.6 -0.5 -0.5 -0.6 -0.7 -0.7 4Q24 1Q25 2Q25 3Q25 4Q25 Brazil Latin America Capital index hedge in R$ billion
Slide 32: Commissions, fees and result from insurance
8 ‘ Commissions, fees and result from insurance Assets under Management 2025 x 2024 49.0%R$ 156 billion 26% market share DCM5 leadership in 2025 R$124 bn Originated volume Acquiring – Transaction volume 4Q25 x 3Q25 4Q25 x 4Q24 22.8%16.8%R$301 billion Net inflow in 2025 R$4.1 trillion Assets under ma
Slide 33: Credit quality: NPL
9 2.0% 1.9% 1.9% 1.9% 1.9% 2.1% 2.0% 2.0% 2.0% 2.0% 1.3% 1.4% 1.4% 1.3% 1.2% Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 1.6% 1.8% 1.7% 2.0% 1.6% 1.5% 1.7% 1.6% 1.9% 1.5% 2.3% 2.2% 2.3% 2.2% 2.1% 1.7% 1.6% Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 3.8% 3.6% 3.6% 3.6% 3.6% 1.7% 1.6% 1.6% 1.7% 1.8% 0.13% 0.10% 0.08%
Slide 34: Credit quality: Resolution 4,966 ratios
10 55.0% 56.1% 55.8% 55.9% 54.7% 59.8% 61.4% 59.2% 59.6% 59.7% 42.4% 43.1% 43.4% 40.2% 39.4% 55.3% 55.9% 57.1% 57.8% 55.4% Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 22.9% 23.7% 24.1% 23.9% 23.3% 24.5% 26.1% 26.5% 26.5% 26.3% 16.9% 16.6% 16.7% 14.5% 14.4% 23.9% 22.9% 23.6% 24.2% 22.5% Dec-24 Mar-25 Jun-25 S
Slide 35: Quality and cost of credit
11 40.1 38.8 38.4 35.1 23.7 22.6 22.0 18.3 Mar-25 Jun-25 Sep-25 Dec-25 34.5 36.6 2024 2025 Annualized cost of credit / Loan portfolio² - (%) Cost of credit¹ (in R$ billion) Renegotiated portfolio (Credit and securities) (in R$ billion) Quality and cost of credit Renegotiated portfolio/ Total portfol
Slide 36: Non-interest expenses and efficiency ratio
12 ‘‘ BrazilConsolidated Efficiency ratio Non-interest expenses 12 Employees # t o ta l in B ra z il Branches¹ # in thousand (1) Brick and mortar and cliente service branches In R$ billion Latin America BrazilBrazil (ex-Technology) Technology - Brazil 45.5% 47.1% 44.0% 41.2% 39.9% 39.5% 38.8% 43.9%
Slide 37: Capital and dividends
13 Dec-24 Tier I capital proforma Net income Dec-25 Tier I capital + 3.3% AT1 + 0.2% 1.5% 12.3% . Capital Risk weighted assets1 - 0.8% 13.8% Common Equity Tier I (CET I) Additional Tier I (AT1) Dividends and interest on own capital - 2.5% Interest on own capital and dividends distribution - fiscal y
Slide 38: 2025 Guidance versus actual
14 Total credit portfolio¹ Financial margin with clients Financial margin with the market Cost of credit² Commissions and fees and results from insurance operations³ Non-interest expenses Effective tax rate 6.0% 12.1% R$3.3 billion R$36.6 billion 6.3% 7.5% 29.7% Actual 28.5% 30.5% 5.5% 8.5% 4.5% 8.5
Slide 39: 2026 Perspectives
15 2026 Perspectives
Slide 40: Income statement base for 2026 guidance
16 ‘‘ Income statement base for 2026 guidance (1) The consolidation of Avenue’s results will occur in 1Q26, as a consequence of the acquisition of control occurred in January-26. (2) Insurance results represents the income from insurance, pension plan and premium bonds operations (-) expenses for cl
Slide 41: Macroeconomic outlook
17 Corporativo | Interno 2025 2.3% 15.00% 4.3% 5.4% 1.9% 12.75% 4.0% 5.7% 2026e GDP –Brazil1 SELIC (end of year) Unemployment2 Inflation (IPCA) BRL/Dollar³ 5.47 5.50 Macroeconomic outlook (1) Estimated GDP 2025; (2) measured by PNAD Contínua (IBGE), end of year, seasonally adjusted; (3) end of year.
Slide 42: 2026 Guidance
18 2026 Guidance Total credit portfolio¹ Credit portfolio - Brazil Financial margin with clients Cost of credit² Financial margin with the market Commissions and fees and results from insurance operations³ Non-interest expenses Effective tax rate 2026 Guidance 2026 Guidance uses the Adjusted Income
Slide 43: São Paulo, February 5th, 2026
São Paulo, February 5th, 2026
Slide 44: Additional information
20 Additional information
Slide 45: Results
21 Results (1) Revenues from Insurance includes the Revenues from Insurance, Pension Plan and Premium Bonds Operations before Retained Claims and Selling Expenses. In R $ millio n 4Q25 3Q25 4Q24 2025 2024 Operating Revenues 47,560 46,567 2.1% 44,098 7.9% 184,393 168,956 9.1% Managerial Financial Mar
Slide 46: Business model
22 Business model In R$ billion (1) Revenues from Insurance includes the Revenues from Insurance, Pension Plan and Premium Bonds Operations before Retained Claims and Selling Expenses. (2) Include Tax Expenses (ISS, PIS, COFINS and other), Insurance Selling Expenses and Minority Interests in Subsidi
Slide 47: São Paulo, February 5th, 2026
São Paulo, February 5th, 2026
Slide 48: Announcement to the Market Attachment
Announcement to the Market Attachment 03
Slide 49: Institutional Presentation
Institutional Presentation
Slide 50: Recurring Managerial Result
Recurring Managerial Result RS12.3 bnin 4Q25 95.2% Brazil| 4.8% Latin America’ USD 9.9 bn We are a universal bank present in . with retail operations in ) 18 countries Latin America We are obstinate to delight , through physical and digital services. We seek to transform ourselves whenever needed fo
Slide 51: We put the client first
We @ Itubers are determined @ Itubers are ambitious put the towowthe client. in sen goals ie efficient H 1 Itubers innovate based intheir execution. client first ° onthe client’s needs. Q Itubers are commited @ Itubers always make to sustainable growth. things simple. @ Itubers make a positive impac
Slide 52: Click Here for more Info
• • • • •• • Click Here for more Info
Slide 53: We offer a complete ecosystem
We offer a complete ecosystem... Individuals Over BRL15k or more FromBRU7Kto than BRL25Ok in total BRLIS k investments Over BRL10 million ita Up to BRL7k in investments Very Small and Small Companies Infrastructure Up to BRLSO and Energy million ay B:-. Agribusiness @... 6... mmm Corporate 8... The
Slide 54: A gente trabalha para o cliente
A gente trabalha para o cliente
Slide 55: Our clients choose how they want to be served
Our clients choose how they want to be served... WhatsApp Click to human E-mail Bankline Telephone Mobile banking 100% of the Chat features in the App (1) Chile, Colombia, Paraguay and Uruguay 2.5k Branches 40.1k ATMs In Brazil and in our Other Latin American’ operations (2) It considers total finan
Slide 56: Why it's important to listen to our clients
... that's why it's so important to listen to our clients * Our commitment: to serve our clients where, when and how they want to be served Access to the same type of service, independently of the channel Freedom to choose the type of relationship: we are a digital bank with the advantage of in-pers
Slide 57: Technology: quality, speed and cost
99% Quality 2025 x 2018 increase in technology updates implemented reduction in UX high- impact incidents reduction in the cost of single transactions 2,606% Speed 2025 x 2018 45% Cost 2025 x 2018 Quality Method Artificial Intelligence Hyper personalization Efficiency Speed Design Excellence in user
Slide 58: Trailing 12-month efficiency ratio
> 1.8 k initiatives under implementation 10 > 21k Employees > 2.9k Squads 47.1 44.0 41.2 39.9 39.5 38.8 45.0 42.0 39.1 37.9 37.7 36.9 49.4 43.0 41.4 40.3 40.7 38.9 47.0 40.7 39.1 38.1 38.4 36.9 4Q20 4Q21 4Q22 4Q23 4Q24 4Q25 Trailing 12-month Efficiency Ratio (%) Trailing 12-month Efficiency Ratio in
Slide 59: ESG pillars
Climate transition Sustainable finance Diversity and development Governance and Conduct
Slide 60: ESG strategic goals
ESG strategic goals Commitment Net Zero by 2050 We are committed to becoming a carbon neutral bank by 2050 Reduce 50% Our operational emissions (Scopes 1, 2 and 3¹) by 2030² Carbon- intensive sectors Set targets and report progress in decarbonising priority carbon-intensive sectors to bring our port
Slide 61: ESG goals and workforce diversity
Women 53.9% of employees by the end of 2024 Black 28.9% of employees by the end of 2024 Leadership positions Goal: 35% to 40% Location 96.7% employees in Brazil 3.3% in International units Hiring flow Goal: >50% Full time employees¹ Goal: 27% to 30% Hiring flow Goal: >40% ESG strategic goals for 202
Slide 62: R$1 trillion sustainable finance by 2030
of R$1 trillion by the end of 2030 Direct to lending and financing for the sustainable economy from 2020¹. R$551 bn of total resources directed between Jan/20 and Nov/25 2020 2021 2022 2023 2024 2025 R$1 trillion Volume of resources in sustainable finance ESG strategic goals
Slide 63: 12.3 15.3 15.6 17.7 16.7 16.5 15.6 15.9 17.5 20.6 23.3 24.8 28.33.5 5.3
12.3 15.3 15.6 17.7 16.7 16.5 15.6 15.9 17.5 20.6 23.3 24.8 28.33.5 5.3 8.2 4.4 8.2 9.2 12.8 2.6 9.3 10.2 12.3 16.6 18.5 15.8 20.6 23.8 22.1 24.9 25.7 28.4 18.5 26.9 30.8 35.6 41.4 46.8
Slide 64: 4Q21 4Q22 4Q23 4Q24 4Q21 4Q22 4Q23 4Q24 4Q21 4Q22 4Q23 4Q24 4Q21 4Q22
4Q21 4Q22 4Q23 4Q24 4Q21 4Q22 4Q23 4Q24 4Q21 4Q22 4Q23 4Q24 4Q21 4Q22 4Q23 4Q24 4Q21 4Q22 4Q23 4Q24 4Q21 4Q22 4Q23 4Q24 Note: The 2025 results consider the application of Resolution 4,966.
Slide 65: -21 -22 -23 -24 -21 -22 -23 -24 Dec-21 Dec-22 Dec-23 Dec-24 Dec-21 Dec-22
-21 -22 -23 -24 -21 -22 -23 -24 Dec-21 Dec-22 Dec-23 Dec-24 Dec-21 Dec-22 Dec-23 Dec-24 Dec-21 Dec-22 Dec-23 Dec-24 -21 -22 -23 -24 17
Slide 66: Exploring possible growth paths in different businesses
Exploring possible growth paths in Mita different businesses B One Itai - one of the Corporate Beyond banking - main levers in the short development — Solutions platform that term to intensify guarantee the most goes beyond the banking relationships with our complete portfolio of needs of our client
Slide 67: Adjusted income statement base for 2026 guidance
(1) The consolidation of Avenue’s results will occur in 1Q26, as a consequence of the acquisition of control occurred in January-26. (2) Insurance results represents the income from insurance, pension plan and premium bonds operations (-) expenses for claims (-) insurance, pension plan and premium b
Slide 68: 2026 Guidance
2026 Guidance Total credit portfolio¹ Credit portfolio - Brazil Financial margin with clients Cost of credit² Financial margin with the market Commissions and fees and results from insurance operations³ Non-interest expenses Effective tax rate 2026 Guidance uses the Adjusted Income Statement (income
Slide 69: Investor Relations
(11) 2794-3547 | ri@itau-unibanco.com.br | www.itau.com.br/relacoes-com-investidores/en/ Investor Relations
Itau Unibanco Holding — Q4 2025 Earnings Presentation on 6ix