Reference Form - 2025 (V4)

We have as our purpose (i) the banking activity in all its authorized forms, including foreign exchange transactions; (ii) the issuance and management of credit cards, and the implementation of client loyalty programs by virtue of relationships with the Company; (iii) the implementation and management of payment arrangements; (iv) the implementation of client loyalty programs by virtue of relationships with other companies; (v) the development of partnerships to promote products and/or services by providing a marketplace on digital platforms, marketing materials and outlets; and (vi) all other activities required and/or complementary to achieve its purposes.

We hold equity interests in the capital of national and international financial institutions that, in turn, were incorporated for the purpose of developing all authorized types of banking activities. Additionally, we also hold equity interests in companies that carry out insurance and capital market-related activities.

1. marketed products and services

   Business Overview Operations Overview

   We provide a diverse range of banking and non-banking financial services and products to a diverse client base that includes individuals and corporate clients in three business segments: (i) Retail Business, (ii) Wholesale Business, and (iii) Activities with the Market and Corporation.

   The Retail Business segment consists of products and services offered to both account holders and non-account holders, including: personal loans, mortgage loans, payroll loans, credit cards, acquiring services, vehicle financings, investments, insurance and pension plans and premium bond products, among others. Current account holders are segmented into: (i) Retail; (ii) Uniclass;

   (iii) Personnalité; and (iv) Very Small and Small Companies.

   The Wholesale Business comprises: i) the activities of Itaú BBA, the unit responsible for commercial operations with large companies and for investment banking services; ii) the activities of our units abroad; iii) the products and services offered to high-net-worth clients (Private Banking), in addition to middle market companies and institutional clients.

   The Activities with the Market and Corporations Business includes: (i) results of the capital surplus, excess subordinated debt and the net balance of tax assets and liabilities; (ii) financial margin with the market; (iii) costs of treasury operations; and (iv) equity pickup from companies not linked to our Retail or Wholesale businesses.

   The following table sets forth the breakdown of our net operating revenue for each of our business segments:

   For the year ended December 31,

   2025		2024	2023
   ( In millions of R$)
   Retail Business	112,204	101,057	96,595
   Wholesale Business	62,620	58,014	54,631
   Activities with the Market and Corporations	9,569	9,887	5,572

   Moreover, we carry out a wide range of operations outside of Brazil with units strategically located in the Americas and Europe. Our international presence generates synergies in foreign trade finance, placement of Eurobonds and offering of more sophisticated financial transactions to our clients.

   Retail Business

   The Retail Business division represents a cornerstone of our business, providing a specialized service framework to clients across Brazil, . We boast a comprehensive and varied array of products and services designed to meet our clients' diverse needs, encompassing personal loans, mortgage loans, payroll loans, credit cards, acquiring services, vehicle financing, investment, insurance, pension plans and premium bond products and a suite of additional banking products and services.

   This division has been a significant contributor to our annual revenue, representing 61% of our credit portfolio in 2025, 60% in 2024, and 62% in 2023.

   The Retail Business is divided into two business units: (i) one that encompasses a suite of services tailored for individual clients, and (ii) another that specializes in meeting the diverse needs of small and medium enterprises. Both offer various banking products and services that match the needs of each of our clients.

   Retail Business for Individual Clients

   Based on the customer profile, we have strategically divided our Retail Business for Individual Clients, into three segments, so we can better understand our clients and help them with their financial needs. Those segments are: Retail, which serves mass clients, Uniclass, for mass-affluent customers, and Personnalité, our segment for affluent customers.

   Itaú Retail Business and Itaú Uniclass (banking services and products for mass clients and mass-affluent clients)

   The Itaú Retail Business segment serves individuals with a monthly income of up to R$7,000 and the Itaú Uniclass segment is focused on clients with a monthly income between R$7,000 and R$15,000.

   The Itaú Retail Business segment offers complete portfolio of financial products and services, with accessible solutions to meet clients' daily financial needs.

   The main services include checking account, credit and debit cards, personal loans, vehicle financing and mortgages, payroll loans, consortium, insurance, premium bonds, in addition to investments that are compatible with the investor profile. Clients also have access to Itaú Shop, which allows them to purchase goods with exclusive advantages, and through different service channels, such as the Itaú app and brick and mortar branches.

   Itaú Uniclass clients are provided with a set of specialized services, including investment and insurance advisory services, access to customized credit solutions, and benefit from the Minhas Vantagens (My Advantages) relationship program and from the expertise of dedicated relationship managers certified by ANBIMA. Additionally, Itaú Uniclass provides a "digital branch" platform, where relationship managers provide remote services through several communication channels (telephone, email, SMS, videoconference, chat and WhatsApp) from 9:00 a.m. to 6:00 p.m. on business days, at no additional cost.

   Our focus is to improve the customer experience and keep the value proposition of our business updated according to our client's needs. We believe that, to sustain this competitive edge, we have to foster our "Phygital" approach, which means the ability to serve our clients using their preferred channel, and our "Omnichannel" approach, which translates into a higher integration level among our channels, enabling us to offer better services and products to our clients.

   Our clients already recognized these improvements, as evidenced by our satisfaction rates, Net Promoter Score ("NPS"). Itaú Uniclass achieved 76 NPS points on December 31, 2025, when compared to 74 points in 2024.

   Itaú Personnalité: Premier Banking Services for Affluent Clients

   Itaú Personnalité is dedicated to serving clients with a monthly income above R$15,000 or investments exceeding R$250,000. These clients benefit from a wide range of exclusive and personalized services.

   Our clients receive dedicated attention from highly trained relationship managers, who hold market-recognized certifications. With support from 246 branches across all Brazilian capitals and major cities, as well as digital branches for remote service, we offer a comprehensive portfolio that includes investment, insurance, foreign exchange, and credit advisory services.

   We have undertaken initiatives to reposition our high-income segment as part of our digital transformation strategy. These initiatives include updates to our client engagement program (Minhas Vantagens), the launch of "The One" credit card, the opening of Investment Centers, enhancements to our digital investment and banking platforms, a partnership with Avenue to provide access to international accounts, and the expansion of travel-related benefits. These efforts have contributed to accelerated results growth and improved client satisfaction.

   Market Share - Retail Business

   According to the Central Bank, our market share of individuals loans as of December 31, 2025 was 10.7%, and we are ranked the largest privately-owned bank in this segment in Brazil. Also, according to the Central Bank and publicly available information, our main competitors are Caixa Econômica Federal, Banco do Brasil, Banco Bradesco and Banco Santander (Brasil).

   Itaú Empresas (Small and Medium Enterprises)

   Itaú Empresas serves small and medium-sized enterprises in Brazil with annual revenues of up to R$50 million. This market comprises approximately nine million companies, with financial needs that vary by company size, industry, and stage of business maturity.

   We operate in this market serving over 1.6 million customers.

   Itaú Empresas has shown a combination of growth and profitability. We have achieved double-digit growth in our key indicators (credit portfolio, revenue, and profit) over the past six years and we have been market leaders for the past four years.

   We offer service models tailored to different client profiles - from fully digital journeys like Itaú Emps to specialized formats that blend human interaction with data-driven advice. Our strategy is to move toward a more digital, personalized, and scalable model powered by AI, improving efficiency and enhancing the SMEs client experience.

   Products and Services

   Our main products and services in the Retail Business segment are: (i) credit cards; (ii) personal loans; (iii) payroll loans; (iv) mortgages; (v) acquiring business; (vi) private pension plans; (vii) vehicle financing; (viii) insurance; (ix) premium bonds; (x) consórcios products; and (xi) microcredit.

   Credit Cards

   We are the leader in the Brazilian credit card segment with a market share in terms of purchase volume of 24% in the fourth quarter of 2025, according to ABECS. Revenues from our credit card operations are mostly generated through the interest rate we charge on revolving and financing transactions and also interchange fees and other service fees.

   The relationship with our clients is carried out through our proprietary segments and partnerships with major retailers, tech companies and airlines established in Brazil. Our credit card operations are divided into three main business segmentations: Account Holders, Non-Account Holders and Retail Partnerships. We offer a range of credit and debit cards to account and non-account holders. Our purpose is to provide the best experience to our customers and customer satisfaction is one of our top priorities.

   We expanded our portfolio with the launch of additional products and enhancements to existing features. These included improvements to the limit transfer functionality, allowing clients to transfer limits between cards and other products, and the launch of a collateral-backed credit limit increase model, under which credit limits may be increased upon the allocation of eligible investments.

   Account Holder Credit Cards

   The account holders segment of our credit card operations (which relates to cardholders who have checking accounts at Itaú) was the focus of our portfolio growth. We grew 16% in terms of the transaction volume in 2025 when compared to 2024.

   Non-Account Holder Credit Cards

   In the Non-Account Holder segment, we advanced our strategy to increase the share of higher-income and lower-risk clients in our credit card portfolio. Within this portfolio, the airline co-branded card recorded a 25% increase in purchase volume in 2025 compared to 2024. For higher-income clients - holders of Platinum, Black and Infinite cards - purchase volume grew 29% over the same period.

   Retail Partnerships Credit Cards

   We maintain partnerships with major national retail companies such as Magazine Luiza, Ponto Frio, Pão de Açúcar, and Assaí. In connection with these partnerships, we entered into agreements to acquire the remaining equity interests held by GPA, Assaí and Grupo Casas Bahia in FIC and Banco Investcred S.A. For more information, see "Item 4A. History and Development of the Company-Our Material Acquisitions-FIC and Investcred."

   In our partnership with Magazine Luiza, we focused on increasing the participation of lower-risk clients in our credit card portfolio. For new clients, the average spending increased 39% when compared to 2024 while the payment default decreased by 40 basis points in the same period. Although the partnership has shown improvements in portfolio credit quality and client activity levels, portfolio growth has been lower than in the Account Holder segment, consistent with our strategy of prioritizing clients who maintain their primary banking relationship with us.

   Total Credit Card market share

   According to the Central Bank, we are the leaders in terms of credit card balance in Brazil (which include balances from transactions paid in full, installment plans and revolving credit), with a 21.4% market share in the fourth quarter of 2025, a decrease of 1.9% compared to December 31, 2024. Our traditional competitors in the credit card segment are Banco Bradesco, Banco Santander (Brasil), Banco do Brasil and Caixa Econômica Federal. However, in recent years, a growing number of digital competitors have intensified competition in this market, most notably Nubank, Mercado Pago and Banco Inter.

   Personal Loans

   Personal loan is a product that mainly consists of overdraft and installment payment plans. The overdraft is a credit line that is available for checking account clients for unexpected expenses and for a short period. According to regulations, the maximum interest rate is 8% per month, and we notify the customer each time the limit is reached. The installment payment plan is a flexible credit line that caters to various customers with any type of financial need, with payment terms of up to 72 months. Additionally, there is a credit modality available with the customer's investments as collateral, providing lower interest rates. Both products can be contracted at physical and digital branches and through the Itaú App (mobile).

   As of December 31, 2025, we achieved a market share of 10.4% of personal loans in Brazil, according to the Central Bank. It is a decrease of 0.8% compared to December 31, 2024.

   Payroll Loans

   In Brazil, payroll loans are a specific type of loan entered into by employees who receive wages from private and public companies or pensioners benefiting from the Brazilian social security system, as borrowers, and banks, as lenders.

   Such loans require fixed monthly installments to be deducted directly from the borrower's payroll or pension, as the case may be, for the repayment of the amount owed to the lender.

   There is also a category of loan based on the FGTS. Since 2020, workers can annually withdraw a portion of funds deposited in this account (as opposed to only under special circumstances, such as unemployment), creating a market for the early withdrawal of the funds. We turned the early withdrawal into a new type of loan, which has nearly zero default rates, advancing employees' receivables and contributing to the diversification of our payroll loan portfolio.

   On March 12, 2025, the Brazilian Government issued Provisional Measure No. 1,292, which proposes significant changes to the payroll loan market, which aims to expand payroll lending. The main changes include (i) the creation of a public online platform for digitalizing the payroll loan contracting process, which became operational on March 21, 2025; (ii) the obligation of private employers to provide information on payroll, deductions, and terminations to the platform, as well as to manage the withholding of loan installments from employees' salaries; and (iii) the right of employees to transfer their payroll loans between banks, subject to a lower interest rate than the original one.

   We mainly offer payroll loans in Brazil through two sales channels: (i) our branch network and digital channels, which focus on account holders, and (ii) the network of acquisition partners, which focuses on non-account holders. This strategy enables us to expand our business activities with historically lower credit risk and achieve a competitive position in the offer, distribution, and sale of payroll loans in Brazil. Moreover, it improves the risk profile of our loan portfolio for individual borrowers.

   According to the Central Bank, as of December 31, 2025, our market share in terms of payroll loans represented 10.2%, the fourth largest company in this segment in Brazil. Our main competitors in this business are Banco do Brasil, Caixa Econômica Federal, Banco Bradesco and Banco Santander (Brasil).

   Mortgage Loans

   Real estate financing products, such as mortgage loans, allow us to create long-lasting relationships with our clients. As of December 31, 2025, we had R$141,580 million in outstanding mortgage to individuals. We have been the market leaders among Brazilian private banks in mortgage loans to individuals in terms of the total value of our portfolio for the past four years. We offer mortgage products through the following sales channels: (i) our branch network and digital channels, (ii) construction and real estate companies, which are authorized to offer our products,

   (iii) mortgage agencies, and (iv) strategic partnerships with specialized mortgage companies such as CrediPronto, Loft, Quinto Andar and others. Our real estate financing services are tailored to our clients' needs, and we also provide a specialized mortgage financing advisor to support them during the process. We believe that our process, which may also be carried out online, is expeditious and efficient. We are able to respond to our clients in less than one hour for mortgages up to R$3.0 million. Moreover, our mortgage simulator is included in the websites of partner real

   estate development companies and real estate agencies, placing our brand closer to clients when they are looking to acquire a property. In 2025, we entered into 70,600 mortgage agreements with individuals, in an aggregate amount of R$32.7 billion during the year. Also in 2025, our mortgage portfolio had an average loan-to-value, or LTV, which is calculated as the loan balance amount divided by the real property appraised value, of 39.3%, compared to 42.4% in 2024. With respect to commercial loans, which are debt-based funding arrangements between a business and a financial institution such as us, we financed 106 new real estate units during 2025 in an aggregate amount of R$10.1. billion.

   According to the Brazilian Association of Real Estate Financing Providers (Associação Brasileira das Entidades de Crédito Imobiliário e Poupança) ("ABECIP"), from January 1 to December 31, 2025, we were the second largest Brazilian bank in terms of amount of new loans to individuals, representing a 26.3% market share. Our main competitors in this segment are Caixa Econômica Federal, Banco Bradesco, Banco Santander (Brasil), and Banco do Brasil.

   Acquiring Business

   We, through our subsidiary Redecard Instituição de Pagamento S.A. ("Redecard"), also act in the merchant acquiring business. We are one of the leading companies in the electronic payment solutions industry in Brazil. Redecard's activities include merchant acquiring, capturing, transmission, processing and settlement of credit and debit card transactions, prepayment of receivables to merchants (resulting from credit card transactions), rental of point-of-sale terminals, e-commerce solutions, e-wallet and check verification through points of sale terminals. Revenue from our merchant acquirer operations mostly consists of merchant discount rates charged to merchants based on the value of the transactions processed and costs related to these activities, such as equipment maintenance and processing handling, among others.

   In 2025, we processed credit and debit card transactions in the aggregate amount of R$1,025.4 billion, representing an increase of 11.7% compared to 2024. Credit card transactions reached R$

   727.7 billion, representing a year-over-year growth of 16.4%, while debit card transactions totaled R$ 297.6 billion, a 1.8% increase over the previous year. We are one of the leading companies in the Brazilian market in volume of credit and debit cards transacted.

   According to ABECS, in the twelve-month period ended December 31, 2025, we were the largest player in the merchant acquisition business in Brazil in terms of total credit and debit card transactions volume generated by the acquiring services, representing a market share of 22.7%. Our traditional competitors in this business are Cielo and GetNet. In recent years, changes in legislation made by the Central Bank combined with the growing number of fintechs, contributed to an increase in competition in the segment. Among these players, we highlight PagSeguro and Stone.

   Private Pension Plans

   We offer private pension plans to our clients for wealth and inheritance planning purposes. These plans are also beneficial to our clients for income tax purposes as these products are tax-deferred. We provide our clients with a solution to ensure the maintenance of their quality of life through long-term investments, as a supplement to government general social security system plans. Revenue from our private pension plans operations is mostly generated by management fees.

   Product innovation has been important for the sustainable growth of our private sector pension operations. For instance, we offer specialized advice and develop customized solutions to our corporate clients and establish long-term partnerships with them, as well as a close relationship

   with their human resources departments. We also adopt an internal communication strategy focused on our employee's financial education.

   According to FENAPREVI, contributions to our private pension plans (considering portability) reached R$30.6 billion in 2025, a decrease of R$3.5 billion, compared to 2024.

   Still according to FENAPREVI, as of December 2025, our balance of provisions represented 19.9% of the market share for private pension plans, positioning us as the third largest pension provider in Brazil.

   Considering individual plans, our market share reached 19.4%, positioning us as the second largest private bank in terms of balance of provisions.

   Our main competitors in private pension plan products are Banco BTG Pactual, XP, Banco Bradesco and Banco do Brasil.

   Vehicle Financing

   We offer our customers who are individuals and car dealers' different products through sales channels in vehicle financing. Revenue from our vehicle financing operations is mostly generated by interest rates from consumer credit arrangements.

   We provide 100% digital vehicle financing through Credline, which is a tool that retailers use to submit proposals to Itaú Unibanco, protected by facial biometric assessment and electronic signatures, which enables customers to easily submit paperwork for vehicle financing and to pay interest on financing agreements in less than one minute in almost 75% of the cases.

   The Credline tool allows both our individual and corporate account holders to finance their vehicles in both our physical and digital branches through a simple and fast process that does not require any physical documentation or bureaucracy.

   In 2025, our end-to-end digital process in the Itaú super App continued to increase its relevance, becoming more representative than Itaú physical branches at the end of the year. Our vehicle financing platform ended the year more modernized, with emphasis on the implementation of new credit, pricing and fraud prevention engines.

   As of December 31, 2025, our individual and corporate vehicle financing portfolio (without taking into account vehicles financed by FINAME, a BNDES program) totaled R$51.8 billion, a 4.7% decrease as compared to December 31, 2024. In 2025, our new individual and corporate vehicle financing operations reached R$28.4 billion, a 16.0% decrease, compared to 2024. The average vehicle financing term in 2025 was 45 months.

   According to the Central Bank, as of December 31, 2025, we were the fourth largest Brazilian bank in vehicle financing to individuals, representing a market share of 9.1%. Our main bank competitors in this business are Banco Santander (Brasil), Banco BV and Banco Bradesco, besides manufacturer-owned banks (such as Volkswagen, Stellantis, GM, Honda and Toyota).

   Insurance

   We provide a wide range of insurance products, including life and personal accident insurance, property insurance, credit life insurance and travel insurance through our subsidiaries Itaú Seguros S.A., Itaú Vida e Previdência S.A., and Itaú Corretora de Seguros S.A.. In addition, our subsidiary Itauseg Saúde S.A. offered a health insurance plan which is no longer available to our customers. We also have a 30.7% stake in Porto Seguro S.A, one of the largest insurance companies in Brazil. Revenue from our insurance operations is mostly generated by premiums paid by

   customers, commissions received for distributing insurance from partner insurers and financial income.

   Our insurance products are offered in synergy with the Retail Business and the Wholesale Business segments. These products have important characteristics such as a low combined ratio, low volatility in results and less use of capital, making them strategic and increasingly relevant in the diversification of our revenues.

   We have been improving our insurance products in terms of coverage and assistance. As a result, we sell our insurance products through our own physical and digital distribution channels, and we also act as insurance brokers and provide third-party insurance policies to our clients through a platform where customers have the possibility to contract the insurance that best suits them, either from Itaú Unibanco or from a partner insurance company. Sales of insurance products by value increased by 7.5% in 2025 compared to 2024.

   According to SUSEP, which is the Brazilian insurance regulator, taking into account our 30.7% equity interest in Porto Seguro S.A., in 2025, we were the fourth largest insurance provider in Brazil in terms of premium amounts received, representing a market share of 8.5%, excluding VGBL (an insurance structured as a pension plan). Considering only our recurring insurance activities, our market share reached 11.1% in 2025. Our main competitors are controlled by or have partnerships with large commercial banks, such as Banco Bradesco, Banco Santander (Brasil) and Banco do Brasil which, like us, take advantage of their branch network access clients. Despite the high concentration of Brazilian banks in the insurance market, the growing number of insurtechs (startup companies focused on insurance) has facilitated customer access to insurance companies, making this market even more competitive.

   Premium Bonds (títulos de capitalização, or capitalization plans)

   Premium bonds, or capitalization plans, are products that generally require a client to make a one-time deposit or monthly fixed deposits that will be returned at the end of a designated term, with accrued interest. Ownership of premium bonds automatically qualifies a customer to participate in periodic drawings, each time with the opportunity to win a significant cash prize. Revenue from our premium bonds operations is mostly generated by customer deposits less provisions made, and financial income.

   Through our subsidiary Cia. Itaú de Capitalização S.A., we currently market our premium bonds products portfolio through our branch network, digital channels, and ATMs. Customer deposits increased by 7.8% in 2025 when compared to 2024.

   According to SUSEP, as of December 31, 2025, we were the fourth largest provider of premium bonds in Brazil in terms of revenue from sale of these products, representing a market share of 11.1%. Our main competitors in premium bonds are controlled by or have partnerships with large commercial banks, such as Banco Bradesco, Banco do Brasil and Banco Santander (Brasil) which, like us, take advantage of their branch network to gain access to the retail market.

   Consórcio Products

   Consórcio is a collaborative finance product, where a group of individuals and/or legal entities participate in a group, formed with the purpose of allowing the members of the group to, on equal terms, acquire certain assets, such as vehicles, properties, or services through self-financing.

   Payments made by group members are applied to a common fund, used by one or more consórcio members at a time, to acquire the assets elected by the members when the product was contracted.

   Participants receive the assets during the term of the contract through random drawing and bid offers. There are three different types of bids that may be combined: (i) bid offer to be funded with the individual's or the entity's own resources; (ii) bid offer to be partially funded with a letter of credit; and (iii) bid offer to be funded with FGTS funds (only for real estate consórcio groups).

   Revenue from consórcio operations is primarily generated through management fees, which remain fixed for each consórcio share. These fees cover the resource management, financial health oversight of the groups, administration of bid offers and credit allocation for the acquisition of vehicles, properties, or services. As administrators, Itaú Administradora and Itaú Unibanco Veículos Administradora de Consorcio ensure that all participants within a consórcio group will have the right to acquire the selected assets before the group concludes.

   As the resources used by a participant in the acquisition of assets are their own, the management of a consórcio, carried out by Itaú Administradora, does not generate a risk of default or regulatory capital requirements for us.

   For the year ended December 31, 2025, we reached a total of R$37 billions of sales during the year, focusing on journey improvements, communication, new features for sales, business-to-business-to-consumer onboarding and new product launch (Reduced Installment).

   According to the Central Bank, in 2025, we had a market share of 7.4% in total consórcios services fees. Taking only banks into account, we are the third largest provider of consórcios products in Brazil, in terms of fees collected. Our main competitors in the Brazilian consórcios market from the banking sector are Bradesco Consórcios and BB Consórcios. Within the non-bank segment, our main competitors are Ademicon and Embracon.

   Microcredit

   Our microcredit operations are conducted under the National Program for Productive and Oriented Microcredit ("Programa Nacional de Microcrédito Produtivo Orientado ", or, PNMPO), a Brazilian government program designed to support and finance productive activities carried out by micro-entrepreneurs. Under this program, we provide credit to entrepreneurs with annual revenues of up to R$360 thousand. Our microcredit activities are primarily concentrated in the Northeast region of Brazil.

   In 2025, our microcredit portfolio amounted to R$1.5 billion, reaching more than 324.4 thousand active clients and 380.3 thousand outstanding contracts. Women represented 64.4% of our microcredit client base at the same period.

   Wholesale Business

   Our Wholesale Business segment offers a wide range of products and services to middle-market, agribusiness, infrastructure, utilities, and large corporates, with annual revenues equal to or greater than R$50 million through (i) investment banking (Itaú BBA), (ii) asset management (mostly by Itaú Asset Management), (iii) investment services, (iv) private banking, through Itaú Private Bank, and

   (v) securities brokerage services (Itaú Corretora de Valores S.A).

   Our Wholesale Business segment offers a wide range of products and services to the largest economic groups of Brazil. Our activities in this business segment range from typical operations of a commercial bank to capital markets operations and advisory services for mergers and acquisitions.

   Our Wholesale Business segment accounted for 35%, 35%, and 37% of our revenue for the years ended December 31, 2023, 2024 and 2025, respectively. Revenue from our Wholesale Business

   segment is mostly generated by banking services and bank charges, such as credit financing, cash management, investment banking, foreign exchange and derivatives.

   One of the main strategies of our Wholesale Business segment is to improve operational efficiency by reducing costs and increasing revenues. This strategy is supported by a diversified and balanced approach, with specialized portfolios focused on middle-market, agribusiness, infrastructure and utilities companies.

   Investment Banking

   Our investment banking business is carried out by our subsidiary Itaú BBA and assists companies to raise capital through fixed income and equity instruments and provides advisory services in mergers and acquisitions operations. Through a highly qualified team we support most of the largest companies in Brazil, and our Investment Banking team is also present in Latin America and in the Northern Hemisphere, providing support and advisory services to many conglomerates worldwide.

   Revenue from our investment banking operations is mostly generated by banking fees on large and complex financial transactions, such as M&A advisory fees, and structuring and distributing fees from debt capital markets ("DCM"), and equity capital markets ("ECM") deals.

   According to Dealogic Ltd. ("Dealogic") and ANBIMA, as of December 31, 2025, Itaú BBA was the second largest investment bank in equity deals and the first in advisory of mergers and acquisitions in Brazil, based on the number of transactions. Itaú BBA ranked first in origination and in distribution in DCM transactions in the Brazilian market. In the investment banking division, Itau BBA's main competitors include Bradesco BBI, BTG Pactual S.A., Santander, XP, UBS BB, Credit Suisse (Brazil) S.A., Merrill Lynch S.A. (Brazil), Morgan Stanley S.A. (Brazil) and JP Morgan S.A. (Brazil).

   Asset Management

   We offer asset management services through our subsidiary Itaú Asset Management, which has more than 60 years of experience in investment management, and through Kinea Investimentos Ltda. ("Kinea"), an alternative investments management company controlled by us. Revenue from our asset management operations is mostly generated by administration fees and performance fees of our products.

   According to ANBIMA, as of December 31, 2025, Itaú Asset Management had R$1,236 billion in assets under management, representing a market share of 11.5%, considering that the asset management industry in Brazil held assets totaling R$10,753 billion. Additionally, according to the same institution, Itaú Asset Management had the second highest net new money in 2025, with R$33.7 billion.

   As of December 31, 2025, Itaú Asset Management was the largest privately-owned bank asset manager in Brazil in terms of assets under management, according to ANBIMA. Our main competitors are Banco do Brasil, Bradesco, BTG Pactual, and Santander.

   As of December 31, 2025, Kinea held R$162 billion in assets under management, compared to R$146 billion as of December 31, 2024, according to ANBIMA.

   Investment Services

   In our investment services division, we provide (i) custody and fiduciary services for investment funds, (ii) custody and representation services for non-resident investors, and (iii) corporate solutions where we act as transfer agent and stockholder servicer for Brazilian companies issuing

   equity, corporate bonds, promissory and bank credit notes in the Brazilian market. We also work as guarantor on project financings, and agent on escrow accounts and financing agreements. Revenue from our investment services division is mostly generated by basis points fees on our assets under service and banking fees on corporate solutions.

   We provide the technological tools to each service on a daily basis and rely on compliance and contingency procedures to ensure a safe and reliable service to our clients, so they can direct the focus on their business management. Nevertheless, we continue to improve our technological platform and tools regarding securities services and invest in new solutions for our clients.

   Our primary clients in our investment services division are pension funds, insurance companies, asset managers, international global custodians and equity and debt issuers, representing over 1,000 corporate groups.

   According to ANBIMA, as of December 31, 2025, Itaú Unibanco (including Intrag Distribuidora de Títulos e Valores Mobiliários Ltda. ("Intrag"), which offers investment services to third party asset management firms) was the leader in the Brazilian fiduciary services business in terms of total assets under administration, with R$1.8 trillion, representing a market share of 17.2%.The same source also indicates that, as of December 31, 2025, we were the second largest player in the custody market in terms of total assets under custody with R$2.5 trillion, representing a market share of 18.4%. As of December 31, 2025, we were the leader in the corporate solutions business, acting as agent and register provider to 189 companies listed on B3, which represents 53.8% of companies listed on that stock exchange. Moreover, we were the leader in transfer agent, with 152 debentures offerings in the Brazilian market, representing 23.9% of the debentures market in Brazil.

   Itaú Private Bank

   Itaú Private Bank offers tailored banking, investment, and wealth management services to high and ultra- high net worth individuals. With a full global wealth management platform, we are recognized as a leading private bank in Brazil and one of the main private bank players in Latin America. Our multidisciplinary team, supported by experienced investment advisors and product experts, provides comprehensive financial solutions aligned with each client's needs, . Our services are provided from understanding and addressing their needs from 14 offices in Brazil and international offices located in the United States of America, Portugal, Switzerland, the Bahamas and Uruguay. Revenue from our private banking operations is mostly generated through asset and fund management fees, pension funds fees, performance fees, foreign exchange operations and brokerage services.

   In addition to the complete portfolio of products and services that Itaú Private Bank offers, our clients also have access to a wide-open platform from third party providers with alternative products.

   Our main competitors are Bradesco, Santander and BTG, for the Brazilian market, and UBS, JP Morgan and Citibank, for the offshore market.

   As of December 31, 2025, we achieved a market share of 31.1% of private banking operations in Brazil, according to ANBIMA, an increase of 2.1% compared to December 31, 2024.

   Itaú Corretora de Valores (Securities Brokerage)

   Itaú Corretora de Valores S.A. ("Itaú Corretora de Valores") has been providing securities brokerage services since 1965. We provide retail brokerage services in Brazil to over 661,000 clients with positions in the equity and fixed income markets, accounting for R$246.8 billion in

   trading volume in 2025. The brokerage services are also provided to international clients through Avenue, our digital securities brokerage based in the U.S.

   According to DATAWISE, a system affiliated with the B3, we were the third provider of retail brokerage services in terms of equity trading volume in 2025. Our main competitors in this division are XP Investimentos, BTG Pactual Corretora de Títulos e Valores Mobiliários S.A., Ágora Corretora de Títulos e Valores Mobiliários S.A., Genial Investimentos Corretora de Valores Mobiliários S.A. , Santander Corretora de Câmbio e Valores Mobiliários S.A. and Safra Corretora de Títulos e Valores Mobiliários S.A.

   International Operations

   Through our internationalization strategy, we seek to understand different markets, businesses, products and services and to identify opportunities to integrate our units . Our goal is to achieve the same management quality and level of results we have in Brazil in the other countries where we operate.

   The table below shows some of our operations in Latin America, excluding Brazil, as of December 31, 2025:

   Countries	Branches & CSBs	ATMs	Employees
   Chile	130	134	4,670
   Colombia (1)	60	116	1,899
   Paraguay	29	276	1,354
   Uruguay (2)	21	65	1,277
   (i) Includes employees in Panama. (ii) Does not include the 29 points of sale of OCA S.A., our credit card operator in Uruguay.

   Overview

   Latin America is a priority in our international expansion due to the geographic and cultural proximity to Brazil. Our goal is to be recognized as the "Latin American Bank," becoming a reference in the region for all financial services provided to individuals and companies.

   Over the past years, we consolidated our presence in Chile, Paraguay and Uruguay. In these countries, we operate in the retail, small and middle-market companies, corporate and treasury segments, with commercial banking as our main focus. As a result of the merger between Banco Itaú Chile and CorpBanca, which reinforced our presence in Colombia and Panama, we expanded our operations in the region even further. In Mexico, we are present through an office dedicated to equity research activities. In August 2023, we announced the sale of all our shares held in Banco Itaú Argentina S.A. Nonetheless, we continue to serve Argentine corporate clients and individuals in wealth and private banking through our foreign units.

   As of December 31, 2025 we had a network of 240 brick-and-mortar branches, 17 digital branches, and client service branches in Latin America (excluding Brazil). In Paraguay, we had 71 non-bank correspondent locations, which are points of service with a simplified structure, strategically located in supermarkets to provide services to our clients in that country. As of December 31, 2025, we also had 29 points of service through OCA S.A., ours and the largest credit card operator in Uruguay. For further information on our distribution network in Latin America, see "Distribution Channels."

   Banco Itaú Chile

   In April 2016, we closed the merger between Banco Itaú Chile with CorpBanca and, as a result, acquired control of the resulting entity: formerly Itaú Corpbanca. Over the years, we increased our ownership interest, primarily through: (a) the exercise of put options by Corp Group Banking S.A., the former controlling shareholder of CorpBanca in 2021; (b) shares received through affiliates in connection with the debt restructuring of the Corp Group's companies, as approved by the court-supervised reorganization proceeding in the United State (Chapter 11) in 2022; and (c) the settlement of a voluntary tender offer made in 2023. We currently hold 67.42% of Banco Itaú Chile's total capital stock.

   Banco Itaú Chile (formerly named Itaú CorpBanca) provides a comprehensive range of wholesale and retail banking services in Chile and Colombia. Through its subsidiaries, Banco Itaú Chile also offers financial advisory services, mutual funds management, insurance brokerage and securities brokerage services. In addition, it provides banking services through its New York branch.

   Operations are organized into two primary geographic segments: Chile and Colombia. Chile also includes the activities of the New York branch and a representative office in Peru, while Colombia includes the operations of Itaú Panamá S.A.

   Business segments in Chile have been aligned with both customer needs and its strategy. Banco Itaú Chile's business segment is organized in three areas: (1) Wholesale Banking (a. Corporate and Investment Banking, b. Large Corporate and c. Multinational and Institutional Banking, Real Estate Banking and Private Banking); (2) Retail Banking (including Itaú Personal Bank, Itaú Branches and Itaú Retail Companies and SMEs; and (3) Treasury. Itaú Colombia also provides a broad range of commercial and retail banking services to its customers in Colombia.

   According to the Comisión para el Mercado Financiero, as of December 31, 2025, our market share was 11.5% based on total outstanding loan balance in Chilean pesos, positioning us as the fifth largest private bank in Chile (includes privately-owned banks only). Our main competitors are Banco Santander-Chile, Banco de Chile, Scotiabank Chile and Banco de Crédito e Inversiones.

   Banco Itaú Paraguay

   Our operations in Paraguay began in 1978 under the brand "Interbanco," which became part of Unibanco in 1995. After the merger between Itaú and Unibanco, Interbanco became Itaú Paraguay.

   Banco Itaú Paraguay operates through two commercial banking units - individuals and companies -which it serves its customers by providing credit products, insurance, payment services and cash management solutions. Banco Itaú Paraguay also provides in-person services through 25 full-service branches, six personal bank offices, 11 customer service centers and 66 Itaú Express (in-store banking service points) correspondent locations. Through this network, our Paraguayan branch operates in 29 cities nationwide.

   Banco Itaú Paraguay provides 24-hour banking services through its website, mobile applications, telephone channels and self-service areas in branches. In 2019 Banco Itaú Paraguay opened its first digital branch enhancing its presence in Paraguay's financial market.

   According to the Central Bank of Paraguay, as of December 31, 2025, we were the third largest private bank in Paraguay in terms of total outstanding loan balance in guaranis, representing a market share of 16.0%. Our main competitors in Paraguay are Banco Continental, Sudameris and GNB Paraguay.

   Banco Itaú Uruguay

   Our banking operations in Uruguay include Banco Itaú Uruguay, OCA (the largest credit card issuer in Uruguay, according to data from the Central Bank of Uruguay) and the pension fund management company Unión Capital. Our strategy in Uruguay is to serve a broad range of clients through customized banking solutions.

   Our retail business is focused on individuals and small companies. Retail products and services focus on the middle and upper-income segments, and also include current and savings accounts, payroll payment, self-service areas and ATMs in all branches, and phone and internet banking. The wholesale business division is focused on multinational companies, financial institutions, large and middle market companies and the public sector, providing lending, cash management, treasury, trade and investment services.

   In 2019 Banco Itaú Uruguay opened its first digital branch enhancing its presence in Uruguay's financial market.

   In 2022, Itaú Unibanco further advanced in the Uruguayan market by acquiring (i) 56% of Resonance Uruguay, a merchant acquirer as part of our expansion in the payments solutions industry; (ii) 30% of Grupo Prex and Grupo Paigo, fintechs that are leaders in the market to improve the expansion in the digital banking market; and (iii) 100% of AFISA, a Uruguayan Asset Management company.

   We subsequently acquired the remaining 44% interest in Resonet (a merchant acquirer), a 40% interest in Handy, a fintech focused on collection and payment solutions for small businesses and independent workers, and 100% of Plexo in 2025, a payment facilitator of digital transactions. In December 2025, we announced an additional investment in Handy, which was closed in March 20th, and increased our ownership interest from 40% to 75%.

   According to the Central Bank of Uruguay, as of December 31, 2025, we were the second largest private bank in Uruguay in terms of total outstanding loans in Uruguayan pesos, representing a market share of 29.6%. Our main competitors in Uruguay are Banco Santander Uruguay, BBVA Uruguay and Scotiabank Uruguay.

   Itau BBA International

   Our banking activities carried out under the corporate structure of Itau BBA International are mainly focused on two business lines:

   • Corporate and Investment Banking: through Itau BBA International, headquartered in the United Kingdom, and its subsidiary Itaú Europe, headquartered in Portugal, with a branch in Luxembourg and business platforms in Madrid, Spain, and Paris, France, this segment supports the financial needs of companies with international presence and operations, focusing on transactions related to financing and investment relationships between companies in Latin America and the Northern Hemisphere. The services offered include the origination of structured financing, hedging, trade financing and advisory to Latin American and U.S. companies undertaking business in the Northern Hemisphere and large economic groups investing into Latin America.

   • Private Banking: under the corporate structure of Itau BBA International, we manage private banking activities in Miami, U.S., and Zurich, Switzerland, offering specialized financial and asset management services for Latin American clients with high net worth by providing a diversified and specialized basis of investment funds, trading and managing on their account securities and other financial instruments, as well as by managing trusts and investment companies on behalf of customers.

     Other International Operations

     We have other international operations in the U.S., Cayman Islands, and the Bahamas, which have the following objectives:

   • Support our clients in cross-border financial transactions and services, providing our clients with a variety of financial products, such as trade financing, loans from multilateral credit agencies, off-shore loans, international cash management services, foreign exchange, letters of credit, guarantees required in international bidding processes, derivatives for hedging or proprietary trading purposes, structured transactions, and international capital markets offerings. Our international units offer a variety of financial products through their branches.

   • Manage proprietary portfolios and raise funds through the issuance of securities in the international market. Fundraising through the issuance of securities, certificates of deposit, commercial paper and trade notes can be conducted by our branches located in the Cayman Islands, the Bahamas, and the United States, as well as through Itaú Bank Ltd., a banking subsidiary incorporated in the Cayman Islands. Our proprietary portfolios are mainly held by Itaú Bank and our Nassau and Cayman Islands branches. These offices also enhance our ability to manage our international liquidity.

   Through our international operations, we establish and monitor trade-related lines of credit from foreign banks, maintain correspondent banking relationships with money centers and regional banks throughout the world and oversee our other foreign currency-raising activities.

   Distribution Channels

   We provide a wide range of financial services and products to our clients, from commercial banking to asset management and investment banking services. Those products are distributed through two main channels: traditional and digital channels.

   The traditional channels are composed of brick-and-mortar branches - which could be either full-service branches or in-house corporate service centers - and ATMs. The digital channels are operated remotely via the internet or mobile phones.

   Our network of 2,277 branches and CSBs as of December 31, 2025, distributes all of our products and services in Brazil.

   We also have our own ATMs and an additional 14,196 machines via partnership with Technologia Bancaria S.A. ("Tecban"), (as of December 31, 2025), which are a very convenient and efficient way of serving clients, due to their low operating costs, 24/7 availability and very complete services offering.

   	2024	2023		2024	2023
   	2,668	2,969		15,823	16,356
   	260	281		614	627
   Total Brazil and -	2,928	3,250	-	16,437	16,983

   Abroad

   Digital Channels (Internet and Mobile Banking)

   Digital channels continue to play a pivotal role in Itaú's ongoing transformation and digitalization journey. In 2025, more than 4.6 million accounts were opened through digital channels-nearly three million more than in 2024-accounting for 68% of all new accounts.

   Among our current account holders, we observed growth in the number of customers using our digital platforms (a 12% increase when comparing to 2024) while maintaining engagement levels, representing a 10% increase in total accesses to our digital platforms in comparison to 2024.

   Growth in total accesses to our super-app is even more significant-with a 15% increase-particularly when factoring in "credit card holders" and "iti" customers who migrated to the super-app as part of our "One Itaú" strategy, which aims to unify the user experience through a single app offering comprehensive banking services.

   Moreover, digitalization continues to play a dominant role in daily transactions, with over 99% of all transfers and payments at Itaú carried out via digital channels.

   We remain committed to improving the user experience by reinforcing our design principles, leveraging data analytics, and advancing technical modernization initiatives. These efforts have driven a notable increase in our super-app NPS across all customer segments - with gains of five points in the low-income segment and 8-9 points in the middle- and high-income segments over the past two years - maintaining levels in the "excellence zone."

   Additionally, in 2025 we had 33% more deploys than previous year, allowing us to rapidly introduce new features and deliver enhanced services-all while upholding the highest quality standards.

2. revenues by segment and their share in the issuer's net revenues

   Our segment information is based on reports used by senior management to assess the financial performance of our segments and to make decisions regarding the allocation of funds for investment and other purposes. Segment information is prepared according with accounting practices adopted in Brazil (BRGAAP) but includes the following pro forma adjustments: (i) the recognition of the impact related to allocated capital by using a proprietary model; (ii) the use of funding and cost of capital, according to market prices, by using certain managerial criteria; (iii) the exclusion of non-recurring events from our results; (iv) the reclassification of the tax effects from hedging transactions we enter into for investments abroad; and (v) IFRS adjustments.

   The table below presents our revenues per segment for the years ended December 31, 2025, 2024 and 2023.

   (In R$ million)

   Year ended December 31

   	2025	2024	2023
   Retail Banking	112.204	101.057	96.595
   Financial margin	70.383	61.956	59.099
   Revenues from banking services	29.798	28.559	28.016
   Income from insurance, private pension and capitalization operations before claim and selling expenses	12.023	10.542	9.480
   Wholesale Banking	62.620	58.014	54.631
   Financial margin	45.248	41.259	39.980
   Revenues from banking services	16.639	16.176	14.274
   Income from insurance, private pension and capitalization operations before claim and selling expenses	733	579	377
   Activities with the Market and Corporation	9.569	9.887	5.572
   Financial margin	8.778	9.232	5.019
   Revenues from banking services	454	375	309
   Income from insurance, private pension and capitalization operations before claim and selling expenses	337	280	244
   IFRS adjustments	(16.613)	(908)	1.827
   Total (1)	167.780	168.050	154.971
   Financial margin	112.724	103.848	97.712
   Revenues from banking services	46.997	47.071	45.731
   Income from insurance, private pension and capitalization operations before claim and selling expenses	8.731	6.982	6.613
   Other revenues	(672)	10.149	4.915

   1) The IFRS Consolidated figures do not represent the sum of the parties because there are intercompany transactions that were eliminated only in the consolidated statements. Segments are assessed by top management, net of income and expenses between related parties.

   Revenues from Operations in Brazil and Abroad

   We conduct most of our business activities in Brazil, but we do not break down our revenues by geographic markets within Brazil. Our interest income from loans and leases, banking service fees and income from insurance, private pension plans and premium bonds transactions are divided between revenues earned in Brazil and outside of Brazil.

   The following table sets forth the consolidated statement of income with respect to our revenues from operations in Brazil and abroad for the years ended December 31, 2025, 2024 and 2023. The following information is presented in IFRS Accounting Standard as issued by the IASB, after eliminations on consolidation.

   Revenues from operations in Brazil and abroad

   For the Year Ended December

   31, Variation

   2025 2024 2023 2025 - 2024 2024 - 2023

   (In millions of R$, except percentages)

   Income related to interest and similar (1,2,3)	332,062	271,126	255,962	60,936	22.5%	15,164	5.9%
   Brazil	278,006	219,281	221,534	58,725	26.8%	(2,253)	(1.0)%
   Abroad	54,056	51,845	34,428	2,211	4.3%	17,417	50.6%
   Commissions and Banking Fees (3)	46,997	47,071	45,731	(74)	(0.2)%	1,340	2.9%
   Brazil	41,062	41,888	41,147	(826)	(2.0)%	741	1.8%
   Abroad	5,935	5,183	4,584	752	14.5%	599	13.1%
   Income from insurance contracts and private pension (3)	8,731	6,982	6,613	1,749	25.1%	369	5.6%
   Brazil	8,731	6,982	6,613	1,749	25.1%	369	5.6%
   Abroad	-	-	-	-		-

   1. Includes Interest and similar Income, of Financial Assets and Liabilities at Fair Value through Profit or Loss and Foreign exchange results and exchange variations in foreign transactions.

   2. Itaú Unibanco Holding does not have customers representing 10% or higher of its revenues.

   3. In "Brazil" geographic region the companies headquartered in the country and "Abroad" are considered; the other companies, the amounts consider the already eliminated values

3. income or loss arising from the segment and its share in the issuer's net income

The following is a summary of the results of our operating segments, where the total may not represent the sum of the parts because inter-segment transactions have been eliminated only in the consolidated.

In Million of R$

1. The IFRS Consolidated figures do not represent the sum of the parties because there are intercompany transactions that were eliminated only in the consolidated statements. Segments are assessed by top management, net of income and expenses between related parties.

In Million of R$

1. The IFRS Consolidated figures do not represent the sum of the parties because there are intercompany transactions that were eliminated only in the consolidated statements. Segments are assessed bytop management, net of income and expenses between related parties.

2. For better presentation and comparability, comparative balances have been reclassified according to current criteria.

In Million of R$

1. The IFRS Consolidated figures do not represent the sum of the parties because there are intercompany transactions that were eliminated only in the consolidated statements. Segments are assessed by top management, net of income and expenses between related parties.

1. the characteristics of the production process

   There is not.

2. the characteristics of the distribution process

   There is not.

3. the characteristics of the markets in which it operates, in particular:

   1. share in each of the markets

      Title	Product/ Service	Market Position	Additional Information and Main Competitors	Source
      Retail Business	Retail Banking (including Itaú Personnalité)	As of December 31, 2025, our market share of individuals loans as of December 31, 2025 was 10.7%, and we are ranked the largest privately-owned bank in this segment in Brazil.	Our main competitors are Caixa Econômica Federal, Banco do Brasil, Banco Bradesco and Banco Santander (Brasil).	Central Bank,
      Credit Cards	Credit Cards	We are the leaders in	Our traditional	ABECS.
      		terms of credit card	competitors in the credit
      		balance in Brazil (which	card segment are Banco
      		include balances from	Bradesco, Banco
      		transactions paid in full,	Santander (Brasil),
      		installment plans and	Banco do Brasil and
      		revolving credit), with a	Caixa Econômica
      		21.4% market share in	Federal. However, in
      		the fourth quarter of	recent years, a growing
      		2025, a decrease of 1.9%	number of digital
      		compared to	competitors have
      		December 31, 2024	intensified competition
      			in this market, most
      			notably Nubank,
      			Mercado Pago and
      			Banco Inter.
      Personal	Personal Loans	As of December 31,		Central Bank
      Loans		2025, we achieved a
      		market share of 10.4% of
      		personal loans in Brazil,
      		according to the Central
      		Bank. It is a decrease of
      		0.8% compared to
      		December 31, 2024.

      Payroll Loans	Payroll Loans	As of December 31, 2025, our market share in terms of payroll loans represented 10.2%, the fourth largest company in this segment in Brazil.	Our main competitors in this business are Banco do Brasil, Caixa Econômica Federal, Banco Bradesco and Banco Santander (Brasil)	Central Bank
      Mortgage Loans	Mortgage Loans	From January 1 to December 31, 2025, we were the second largest Brazilian bank in terms of amount of new loans to individuals, representing a 26.3% market share.	Our main competitors in this segment are Caixa Econômica Federal, Banco Bradesco, Banco Santander (Brasil), and Banco do Brasil.	Itaú Unibanco Holding and ABECIP (Associação Brasileira das Entidades de Crédito) Imobiliário e Poupança).
      Acquiring	Acquiring	In the twelve-month	Our traditional competitors in this business are Cielo and GetNet. In recent years, changes in legislation made by the Central Bank combined with the growing number of fintechs, contributed to an increase in competition in the segment. Among these players, we highlight PagSeguro and Stone..	Itaú Unibanco Holding and ABECS (Associação Brasileira das Empresas de Cartões de Crédito e Serviços).
      Business	Business	period ended
      		December 31, 2025, we
      		were the largest player in
      		the merchant acquisition
      		business in Brazil in
      		terms of total credit and
      		debit card transactions
      		volume generated by the
      		acquiring services,
      		representing a market
      		share of 22.7%.
      Private Pension Plans	Private Pension Plans	As of December 2025, our balance of provisions represented 19.9% of the market share for private pension plans, positioning us as the third largest	Our main competitors in private pension plan products are Banco BTG Pactual, XP, Banco Bradesco and Banco do Brasil.	FENAPREVI (Federação Nacional de Previdência Privada e Vida.)
      		pension provider in Brazil.
      		Considering individual
      		plans, our market share
      		reached 19.4%, positioning
      		us as the second largest
      		private bank in terms of
      		balance of provisions.
      Vehicles Financing	Vehicles Financing	As of December 31, 2025, we were the fourth largest Brazilian bank in	Our main bank competitors in this business are Banco Santander (Brasil), Banco BV and Banco Bradesco, besides manufacturer-owned banks (such as Volkswagen, Stellantis, GM, Honda and Toyota).	Itaú Unibanco Holding and Central Bank
      		vehicle financing to
      		individuals, representing
      		a market share of 9.1%.

      Insurance	Insurance	taking into account our	Our main competitors are controlled by or have partnerships with large commercial banks, such as Banco Bradesco, Banco Santander (Brasil) and Banco do Brasil which, like us, take advantage of their branch network access clients. Despite the high concentration of Brazilian banks in the insurance market, the growing number of insurtechs (startup companies focused on insurance) has facilitated customer access to insurance companies, making this market even more competitive.	SUSEP.
      		30.7% equity interest in
      		Porto Seguro S.A., in
      		2025, we were the fourth
      		largest insurance
      		provider in Brazil in terms
      		of premium amounts
      		received, representing a
      		market share of 8.5%,
      		excluding VGBL (an
      		insurance structured as a
      		pension plan).
      		Considering only our
      		recurring insurance
      		activities, our market
      		share reached 11.1% in
      		2025.
      Premium Bonds (títulos de capitalização, or capitalization plans)	Capitalization	As of December 31, 2025, we were the fourth largest provider of premium bonds in Brazil in terms of revenue from sale of these products, representing a market share of 11.1%.	Our main competitors in premium bonds are controlled by or have partnerships with large commercial banks, such as Banco Bradesco, Banco do Brasil and Banco Santander (Brasil) which, like us, take advantage of their branch network to gain access to the retail market.	SUSEP.
      Consórcio Products	Revenues from consórcios services	in 2025, we had a market share of 7.4% in total consórcios services fees.	Our main competitors in the Brazilian consórcios market from the banking	Banco Central.
      		Taking only banks into	sector are Bradesco
      		account, we are the third	Consórcios and BB
      		largest provider of consórcios products in Brazil, in terms of fees	Consórcios. Within the non-bank segment, our main competitors are
      		collected.	Ademicon and
      			Embracon.
      Investment Banking	Investment Banking	As of December 31, 2025, Itaú BBA was the second largest	In the investment banking division, Itau BBA's main competitors include Bradesco BBI, BTG Pactual S.A., Santander, XP, UBS BB, Credit Suisse (Brazil) S.A., Merrill Lynch S.A. (Brazil), Morgan Stanley S.A. (Brazil) and JP Morgan S.A. (Brazil).	Dealogic Ltd. (Dealogic) and ANBIMA
      		investment bank in equity
      		deals and the first in
      		advisory of mergers and
      		acquisitions in Brazil,
      		based on the number of
      		transactions. Itaú BBA
      		ranked first in origination
      		and in distribution in
      		DCM transactions in the
      		Brazilian market.

      Asset Management	Asset Management	Itaú Asset Management had R$1,236 billion in	As of December 31, 2025, Itaú Asset Management was the largest privately-owned bank asset manager in Brazil in terms of assets under management, according to ANBIMA. Our main competitors are Banco do Brasil, Bradesco, BTG Pactual, and Santander.	ANBIMA.
      		assets under
      		management,
      		representing a market
      		share of 11.5%,
      		considering that the asset
      		management industry in
      		Brazil held assets totaling
      		R$10,753 billion.
      		Additionally, according to
      		the same institution, Itaú
      		Asset Management had
      		the second highest net
      		new money in 2025, with
      		R$33.7 billion.
      Investment Services	Local Custody	As of December 31, 2025, Itaú Unibanco (including Intrag Distribuidora de Títulos e Valores	Our main competitors are Banco Bradesco S.A. and Banco do Brasil S.A.	Itaú Unibanco Holding, ANBIMA and B3.
      		Mobiliários Ltda. ("Intrag"),
      		which offers investment
      		services to third party asset
      		management firms) was
      		the leader in the Brazilian
      		fiduciary services business
      		in terms of total assets
      		under administration, with
      		R$1.8 trillion, representing
      		a market share of
      		17.2%.The same source
      		also indicates that, as of
      		December 31, 2025, we
      		were the second largest
      		player in the custody
      		market in terms of total
      		assets under custody with
      		R$2.5 trillion, representing
      		a market share of 18.4%.
      		As of December 31, 2025,
      		we were the leader in the
      		corporate solutions
      		business, acting as agent
      		and register provider to 189
      		companies listed on B3,
      		which represents 53.8% of
      		companies listed on that
      		stock exchange. Moreover,
      		we were the leader in
      		transfer agent, with 152
      		debentures offerings in the
      		Brazilian market,
      		representing 23.9% of the
      		debentures market in Brazil

      Itaú Corretora (Securities Brokerage)	Retail Brokerage Services	we were the third provider of retail brokerage services in terms of equity trading volume in 2025.	Our main competitors in this division are XP Investimentos, BTG Pactual Corretora de Títulos e Valores Mobiliários S.A., Ágora Corretora de Títulos e Valores Mobiliários S.A., Genial Investimentos Corretora de Valores Mobiliários S.A. , Santander Corretora de Câmbio e Valores Mobiliários S.A. and Safra Corretora de Títulos e Valores Mobiliários S.A.	DATAWISE, a system provided by B3.
      Banco Itaú Chile (formerly named Itaú CorpBanca)	Total credit portfolio (includes only private banks)	As of December 31, 2025, our market share was 11.5% based on total outstanding loan balance in Chilean pesos, positioning us as the fifth largest private bank in Chile (includes privately- owned banks only).	Our main competitors are Banco Santander-Chile, Banco de Chile, Scotiabank Chile and Banco de Crédito e Inversiones.	Comissão do Mercado Financeiro do Chile (CMF).
      Banco Itaú Paraguay	Total credit portfolio (includes only private banks)	According to the Central Bank of Paraguay, as of December 31, 2025, we were the third largest private bank in Paraguay in terms of total outstanding loan balance in guaranis, representing	Our main competitors in Paraguay are Banco Continental, Sudameris and GNB Paraguay.	Central Bank of Paraguay.
      Banco Itaú Uruguay	Total credit portfolio (includes only private banks)	As of December 31, 2025, we were the second largest private bank in Uruguay in terms of total outstanding loans in Uruguayan pesos, representing a market share of 29.6%.	Our main competitors in Uruguay are Banco Santander Uruguay, BBVA Uruguay and Scotiabank Uruguay.	Central Bank of Uruguay.

   2. state of competition in the markets Competition

      The last several years have been characterized by increased competition and consolidation in the financial services industry in Brazil. According to the Central Bank, as of December 31, 2025, there were 222 conglomerates, commercial banks and multiple-service banks, development banks, non-bank credit, payment and capital markets institutions, and Caixa Econômica Federal, among a total of 1,466 institutions in Brazil.

      We, together with Banco Bradesco S.A. and Banco Santander Brasil S.A., are the leaders in the privately-owned multiple-services banking sector. As of December 31, 2025, these three banks accounted for 32.5% of the Brazilian banking sector's total assets, according to the Central Bank. We also face competition from state-owned banks. According to the Central Bank, as of December 31, 2025, Banco do Brasil S.A., Caixa Econômica Federal, and BNDES accounted for 30.7% of the banking system's total assets.

      The following table sets for the total assets of the ten main banks in Brazil, classified according to their interest in the total assets of the Brazilian banking sector:

      			(In billions	of	R$)
      Position	Banks of total assets (1)	Control Type	2025	% of Total
      1st	Itaú	privately- owned	2,742	15.0

      2nd Banco do Brasil state-owned 2,454 13.4

      3rd	Caixa Econômica Federal	state-owned	2,203	12.0
      4th	Bradesco	privately- owned	1,940	10.6
      5th	Santander	privately- owned	1,281	7.0
      6th	BNDES	state-owned	963	5.3
      7th	BTG Pactual	privately- owned	770	4.2
      8th	XP	privately- owned	305	1.7
      9th	Safra	privately- owned	286	1.6
      10th	Nubank	privately- owned	253	1.4
      n.a.	Others	n.a	5,134	27.8
      	Total		18,331	100.0
      i) Source:	Central Bank (IF.data)

      In general, technology-driven competitors have traditionally concentrated their activities in specific business lines, such as credit cards, unsecured lending and payroll loans (e.g., Nubank), investment, wealth management and investment banking services (e.g., XP Investimentos and BTG Pactual), and acquiring services and loans (e.g., Mercado Pago), among others. Over time, however, these competitors have expanded beyond their initial areas of activity, increasingly offer a broader suite of financial products and services.

      The awareness that even companies outside of the financial industry could develop advanced technologies to provide financial services, keeps larger institutions in a state of constant alert to disrupt businesses. As technology advances rapidly and clients' preferences and expectations change, boosted by innovations introduced by the new competition, traditional competitors are also changing and redesigning their products, distribution, and communication channels.

4. possible seasonality

   Our business is not significantly affected by seasonality.

5. main inputs and raw materials, stating:

   1. description of relationships with suppliers, including whether they are subject to government control or regulation, indicating bodies and applicable legislation

      The procurement of goods and services in our supply chain is carried out in a centralized way by the Procurement department, with the involvement of the procuring and legal and other back-office departments. However, there are categories where commercial and contractual negotiation stages are assigned to their technical managers. The other contracting stages are carried out in a centralized manner by the Procurement department, ensuring the administrative assessment of the supplier and the registration of the contracts signed in the management system.

      We have a structured supplier assessment process aimed at mitigating risks in our supply chain. This process starts with the supplier accessing the website https://www.itau.com.br/fornecedores to register in the institutional system where the Code of Ethics, Supplier Relationship Code, Sustainability Policy and Minimum Information Security Requirements are published for awareness and acknowledgment purposes. After registering in our system, the supplier goes under an administrative approval process, consisting of an analysis of the supplier's adherence to environmental and social responsibility practices, as well as compliance with business obligations and compliance with fiscal, tax and labor legislations.

      This process is based on three pillars of risk analysis and includes a specific view based on the risks of the category of the products or services supplied.

      Reputational/Regulatory: analysis of the image risks and compliance with current legislation; Financial: analysis of risks associated with the supplier's financial health; and

      Labor: analysis of risks associated with the suppliers' compliance with labor obligations.

      In addition to this administrative assessment, in accordance with established internal criteria, suppliers go under a technical approval stage aimed at reviewing the technical information of the supplier and its products and services, identifying whether what they offer is in line with the institution's needs and requirements. For suppliers that support the bank's critical operations, the procurement of products and services is assessed and addressed separately.

      Suppliers will be eligible to take part in procurement processes if first approved in the aforementioned analyses.

      After being engaged, the relationship with suppliers must be efficient, ethical and respectful over the term of the contract. For this purpose, Itaú Unibanco has its business relations formalized in accordance with internal procedures and legal requirements. While the contract is in force, the parties must comply with and ensure adherence to contractual clauses, performance and quality of the services engaged.

      Approved suppliers are periodically monitored for the same risks reviewed in the approval process so that we can check the initial condition assessed. In the event we identify any material facts at any time, such supplier may be barred from new contracts and ultimately have their contracts terminated.

      As a member of the National Financial System, our operations are regulated and follow the guidelines issued by regulation, self-regulation and inspection bodies, such as the Central Bank of

      Brazil (BACEN), National Monetary Council (CMN), Brazilian Securities and Exchange Commission (CVM), Superintendency of Private Insurance (SUSEP), and the Ministry of Labor.

   2. any dependence on a few suppliers

      The search for suppliers to the Bank should be an ongoing and regular activity, seeking to strengthen the supplier base, ensure competition, better prices and opportunities, and overcome critical supply issues. The persons in charge of procuring or contracting out services in the Bank should always encourage free competition and carry out procurement processes involving at least two suppliers, whenever possible. Possible dependence may arise as a result of a supplier providing services on an exclusive basis.

   3. any volatility in the prices of suppliers

Price volatility related to supplier agreements is affected by macroeconomic parameters such as interest and foreign exchange rates, equities, commodities, and indexes (e.g., inflation).

1. total amount of revenues arising from the client

   No clients account for more than 10% of the Issuer's revenue.

2. operating segments affected by the revenue arising from the client

The table below shows the concentration of loan and lease operations:

Describe the material effects of state regulation on the issuer's activities, specifically commenting on: