Morning, everyone. Welcome to another edition of Results in Focus.

I'm Priscila Grecco and I'm the CFO of Itaúsa, and it's a pleasure to be with you to present our results of 2025, share the business perspectives for '26, and all, of course, answering your questions. To run this live along with me, on my side, we have Alfredo Setubal, CEO and investor relations director of Itaúsa.

Welcome, Alfredo. Good morning, Priscila.

Good morning to our shareholders, our investors. We are delighted to have you.

We're going to have a great event. We have good news, good results, and let's move forward.

Before we start to go through the agenda of the event, we have simultaneous translation into English. If you need, just click in the platform the English channel.

You can and you should take part of our event submitting your questions, comments, or suggestions. Please click in the box of messages in the platform, on YouTube via comment, and X using the hashtag #ResultadosItaúsa.

From this edition, we are transmitting this event through LinkedIn, and you can also submit the questions via the comment. Now let's see the agenda.

We're going to start by the business environment of Alfredo, seeing the perspectives of 2026. We're going to go through the results of Itaúsa and our portfolio of 2025.

Liquidity management, we are going to talk about this. We're going to talk about covenants or this is awaited, and then we're going to talk about the Q&A session.

Once again, to start, as usual, we have our talk and we want to get your two cents on the business environment. 2025 is a very challenging year with high interest rates.

How is this scenario impacted our portfolio? What can we have as an outlook for 2026?

Yes, Priscila. Last year, we didn't have a big expectation on the performance of the economy, the international factors that affect Brazil, and the scenario is confirmed.

We had an increase throughout the year of the interest rates. We have the economic growth of Brazil that is smaller.

We had an external, very difficult start abroad internationally. In general, our scenario was relatively favorable.

It's a good performance bank with risks very good, delinquency controlled. The portfolio of credit is growing.

The bank had done fairly well. The companies, in general, are growing above what is expected.

All of this stems from cautious, difficult scenarios and challenging scenarios through the last years that we've done. We have built a resilient portfolio for scenarios that are more difficult.

These are companies that are for utilities, infrastructure, natural gas. We have a portfolio that has fended off very well through the challenges.

We are very optimistic so that this year we can continue to have this good performance due to the solidity of the portfolio, regardless of being in a challenging environment. Interest rate is high, economy should grow very little.

We have an international scenario that is confusing, two wars taking place, elections in October in Brazil. That is a component of uncertainty.

Who will win? What is the policy adopted?

It's an environment that demands cautious for our portfolios and our investments.

Very well. Let's see how this scenario that Alfredo has narrated has reflected in our results.

We had a year of record results. It reflected the capacity of creating value in the macroeconomic context that is very challenging, showing the resilience and quality of our portfolio.

We reported the recurrent net revenue of R$16.5 billion, a growth of 11% in regards to the previous years, which has the return over the net assets with a growth of 1 percentage point in regards to 2024. Our net debt reducing 67% in the period, getting to R$0.3 billion, the lowest threshold in the last 3 years.

Our net assets, a slight reduction due to the proceeds that we declared during the FY. Market value of Itaúsa getting to R$160 billion, valuation of 68% in regards to the last year and much higher than the Ibovespa Index, which has a performance of 54%.

In the same way, the market value of our portfolio with a valuation that is 66% in the period, getting to R$210 billion, also much higher than Ibovespa Index. How is this reflected in the valuation of our share?

We see through several periods, different time periods, our share performing much higher than the market benchmarks. 10 years, it's valuing 474% in comparison to 271% of Ibovespa.

This differentiated performance is repeated in a very consistent way in the short term and mid term. I think it's a differentiated performance with another component for the creation of value for our shareholders.

Even with this, there is still a lot of upside for the shareholder to capture. The market value of our portfolio, R$207 billion, out of those, R$183 billion is referring to our participation at Itaú Unibanco and our portfolio of the non-financial sector getting to R$13 billion in the market value.

Let's remember, we have non-listed assets still being considered with the books: Aegea and Copa Energia. Which leads us to the market value of R$160 billion, it leads us to a discount on the share of the holding of 22.6%.

You followed recently an increase of capital in this year, in March, still with Aegea, which leads us to having a new fair value for this company. We also did an update on the fair value of our portfolio, incrementing the fair value in R$3.2 billion, reflecting the new realities of values for this asset.

This leads our value of portfolio getting to R$210 billion and it generates an increment of our discount of 1.2 percentage points, and the discount is almost 24%. From this date onwards, we're using the new fair value of Aegea to show you and do the follow-up of how our discount is evolving.

Alfredo, we had a good reduction of discount in this year. It was 4 percentage points since the beginning of the year of reduction, but still there is a threshold that is very high considering what is justifiable of cost of holding, still very high threshold.

Certainly, Priscila. The discount is reducing.

We had a discount in the last months of 2025, 25%, now with a comparable base of 21%, 21.5%, looking at the quotes of the last year of the last days. As you showed, if you place the share of Aegea in the same valuation of the last subscription of the shareholders of the company, this discount goes back to 23%, 24%.

We've read the research of the analysts showing this exaggeration. This discount tends to, once again, go into 21%, taking into consideration the new valuation of Aegea in our portfolio.

Added to that, the discount is being reduced by the higher conviction of the shareholders and analysts that our fiscal inefficiency will be reduced over the last years, over the next years. As we're going to have a tax expense that is lower than R$850 million per year, which is a lot, due to the end of the PIS and COFINS tax that we pay because of the interest over capital that we receive our from our invested companies, I think our public will understand this number better.

All of that has taken to a discount much lower, and I believe that there will be the discount, there will be reduced as the value that is hidden, to speak, in our portfolio, such as Aegea, will appear that Itaúsa has been capable of doing good investments with high returns, much some even higher than Itaú Unibanco.

Let's remember that in this market value, we still consider the Copa Energia at the book value. We know that since the investment, the reference of value has changed.

We still understand that the implicit discount in our share is much higher than what we are showing. The market should be following up.

There are important assets that should lead to the reduction in the discount over the next few months and years. Let's go over our next issue, which are the results.

Let's give a panorama of how it was the performance of our invested companies, starting by Itaú Unibanco. We had the results that were very solid, very robust, of the portfolio of credit, delinquency under control, and efficiency levels that are ever better, reporting the net income of IFRS of R$45.4 billion, 10% growth in regards to the previous year, and an ROE 21.8%.

Dexco has an important performance of growth in the segment of the performance of the education of cellulose, soluble, and still with difficulties in the finishing sector and ceramics. Reported EBITDA growth of 19%, getting to R$1.9 billion.

Net income, R$46 million, a drop of the previous years because of the factors that I commented, but also as a reflection of higher financial expenses and also lesser impact for the re-evaluation of the biological asset. Alpargatas, a very positive year for Alpargatas after the turnaround process.

A growth of volume with an improved provement of net margins, better mix of products, geographies, and also an improvement of the business, international business, that has led the company to do a report of results, EBITDA of R$866 million, a growth of one very expressive in regards to the previous years. The net recurring revenue, R$611 million.

The growth in CCR results is due to the demand growth in all the modals that the company operates and also a growth via readjustments of tariffs and also reflection of better operational efficiency, and a reflection of all the work of optimization of portfolio that the company has done over the last years, reporting an EBITDA of R$10.2 billion and net income recurrent, R$2.2 billion. Motiva, Copa Energia, positive year.

Growth in volumes in the businesses that the company operates, and also an impact in the higher spreads of the business. The EBITDA, R$1.3 billion, a growth of double digits.

Net income getting to R$705 million in the period. NTS, also with the growth of results with a reflection of the IGP-M, the contracts, getting to the EBITDA of R$7.2 billion, net revenue of R$3.6 billion.

Aegea still hasn't concluded the results. We are presenting the numbers accumulated till 9 months: growing numbers, the economies, and reflecting the tariff adjustments and new concessions that got into the period.

Even though there is a reflection of higher financial expenses, the company still has an important growth in its revenue of 18%, getting to R$1.7 billion. Alfredo, I wanted your overview.

I think it was a positive year with the growing results, showing resilience in a macroeconomic scenario that is challenging.

Yes. These are strong results.

Our main asset, which is Itaú Unibanco, has performed very good in terms of results, in terms of growth, in a competitive environment with the incumbent and the fin techs that are growing and occupying their space in the financial sector. The bank has had the capacity to deliver results, to deliver products, technologies, new technologies to the product.

Two highlights, not to take too much time of our shareholder and investors. First, Alpargatas.

I think that Alpargatas, we had in 2022 difficult years. The company lost market share, operational issues, and the results were negative.

We had good results and over the last years, '24 had a recovery and '25, we see solid results for the company. Recovering its rhythm of growth, the market traction, the recovery in the international market, Rothy's, which is the subsidiary of Alpargatas in the United States, the production of shoes, also a growth of sales, opening new stores, generating cash.

Alpargatas, they paid proceeds.

Yes, last year, they proposed a capital reduction of Alpargatas R$850 million that was distributed to our investors. Alpargatas has recovered its normal, natural rhythm of growth: Havaianas, strong in Brazil and abroad, it's moving along.

The negative highlight is Dexco, still facing many difficulties in the ceramic parts. The wooden panels doing well, Deca is recovering, metals and the ceramics, once again, we have had difficulties in the ceramic tiles that we have a competitive market, a lot of offering, reduced margins.

Our expectation for 2025 was that 20 2025 is the bottom of the performance of the ceramics and we should from this year onwards have a recovery, but we've seen in the results the results are very small with the cost of capital and the minimum return. We're selling some assets to reduce the high leverage of the standard of our companies.

3.3, about that, we want to reduce that to 2.5, 2.7. We're selling some assets, Dexco is getting into a scenario that is better from this year onwards.

Okay. Let's go to the composition of the net income.

We closed the year with R$16.5 billion recurring, and we didn't have recurring events in the period. A great deal of our results comes from the invested companies, Itaú Unibanco, the biggest contributor for this result, a growth of 10%.

Here it's worth highlighting that our portfolio non-financial has contributed with over a billion for our results. Another point to highlight is that this contribution has grown through the year, 42%.

It's a rhythm that is much more faster than Itaú Unibanco, which is obviously a more mature asset. An important highlight in regards to the growth and the performance that is stronger in the non-financial.

We have a worsening in this period with the higher expenses, tax expenses. The financial result is stable for the period, we're going to talk about that, and the ICS is an accounting reflection in the period and no big highlight.

The contribution of our invested companies, R$17.5 billion, it was the contribution, and the financial sector, R$16.7 billion, and the non-financial with a contribution of R$1.1 billion, a growth of 41%, with a highlight for Copa Energia, Motiva, and Aegea, but all are bringing contributions that are important for the period, which is important. The other ones are an accounting amortization that were allocated at the acquisition, but it's an accounting effect.

Now, going to the result, there was a worsening of 21%. Here essentially because of the higher tax expenses, we had the receiving of the higher interest rates over Itaú Unibanco, we have an impact of higher expenses of PIS and COFINS.

In a year, the expenses paid by Itaúsa, R$600 million of PIS and COFINS, and we paid via IUPAR, the sub-holding, another R$250 million of PIS and COFINS taxes, totally the R$850 million of expenses that Alfredo commented at the beginning of the presentation. This is the last year of PIS/COFINS, this is the last year that we should have an impact of that expense, which is very expressive of our cost of holding.

That's why we expect that during this discount this will have a less tax expense that will be very representative next year. Another important highlight, our administrative expenses hasn't grown year on year, it was stable, even with an inflation above 24%—above 4% and with the impact with the payroll.

Now we have had a reflection of efficiency programs that we implemented in the company, and we could have a delivery of administrative expenses of flex year on year, which is another important highlight to do. Let's talk about the financial results.

Our financial result is stable, even with the Selic rate growing and impacting the expenses with the debentures. Now, as a reflection of all the liability management that we've done over the last years and we've done in this year, I'm going to comment up ahead, we did the payment, the refinancing.

We saw our interest expenses dropping in a year. Our profitability in the cash flow increasing because of the higher Selic rate, and this was compensated with the higher fees when we prepay anticipatedly the debentures.

This is a specific fee that will compensate for the reduction of the expenses of interest rates, but with a positive scenario that generates and brings positive perspectives for the year for the reduction of the interest rate expenses because of all the initiatives that we are implementing. This is a positive scenario.

Now the next topic, which is liquidity management. Let's remember a series of initiatives that we've implemented since 2022.

Let's remember that 2022 is when we got to the highest debt threshold, 8.5, of gross debt after the acquisition of the old CCR, which is Motiva. We did the prepayment, improving our debt profile, and since 2022, we reduced our net debt in 62% because we had a net debt of R$3.2 billion, our net debt has reduced for 94% since 2022, at the threshold of R$0.3 billion.

Also as a reflection, we've had the service of debt and payment of interest rates in this period. We have a level of coverage of interest rates very healthy due to the proceeds, and also a profile of debt which is about 7.1.

It's important that we increased the average deadline of our debt in 3 years, and at the same time, we had a reduction of the average cost of our debt now at the threshold of spread of 1%, which is the threshold that is very healthy. We don't have any amortization, which gives us a lot of tranquility.

I'm going to show you the agenda, and the rating agencies that evaluate our risk contribute to give the AAA rating for the quality of risk of Itaúsa. Going to our amortization schedule, the refinancing and the prepayment of debt that occurred in 2025, this has led us to a schedule of amortization that is very healthy, as I told you, without any payment until 2028.

We removed the concentration of amortization that we had in 2029, '30, '31, and increased the amortization on the long term, leaving this profile for the schedule of amortization much more aligned with the cash generation expectation of this sector, non-finance, of the portfolio as a whole. Here, all the leverage indicators and the profile of debt, very healthy, reflecting the solidity and the liquidity of our threshold.

We've done an important reduction of debt, and this has given us a very positive liquidity position of balance as well.

Certainly, Priscila. We've done a correct reading of the scenario at the end of '22 when we did our last investment, acquiring shares of Motiva.

What is the scenario that we are going to have? It's a scenario that is less growth, higher interest rate, with more difficulties of finding good options of investments for the portfolio.

From that moment onwards, with this scenario that we pinpointed at that time, we had the process of reduction of the debt and increasing the debt. It was the correct vision.

We reduced substantially the debt, a reduction that is very significant. We continue to analyze investments.

We haven't seen anything in this period of investments that would justify the capital allocation in new companies, taking into consideration that the interest rate, the level of return that is expected that would justify the investment of Itaúsa. We didn't find anything that would justify taking the risk with the difficult scenario.

We did well. The strategy worked.

In this period, we saw the companies that we invested consolidating in terms of results, strategies, growing, the companies of infrastructure buying other concessions and other companies so we could grow our subsidiaries. This with a lot of surety, governance, control of risk.

I believe that it was a journey of consolidation of the portfolio that we started in 2017 that was very good, very safe. The companies are growing.

The participation of the non-financial companies in the portfolio showing a certain relevance. Itaú Unibanco is so big and our participation is so high that it's very difficult with the performance that the bank has with this portfolio to have a diversification that is very relevant in our whole.

Nonetheless, it shows results that are solid, a participation of almost 10% of the result. The companies paying proceeds, that's helping our expenses, and I believe that this is a great moment.

2026 is still challenging, but the portfolio in the way that it's assembled, it's very resilient for difficult environments and we will benefit in a favorable environment of dropping interest rates and an economy that is more dynamic. I think we did well.

You highlighted an important point. We controlled the operational expenses of Itaúsa.

Practically no growth of expenses, several contracts with providers, technology, services, we kept the expenses of the holding under control. That's important.

It's important that we do this to show that we do a management that is very diligent of the expenses of the holding. The ratings speak for themselves.

All the companies of rating are giving us AAA. This is reflected in the possibility we issued debentures of 10 years, which is very very rare, and at very convenient rates.

We did 0.6% above CDI with a 10-year deadline, and this shows the trust of the market and the capacity of Itaúsa. It shows the capacity of Itaúsa of seeing difficult scenarios.

Now I want to talk about proceeds. It's awaited by the audience.

We've had a very positive year for the payment of proceeds. R$11 billion, over R$11.8 billion, the highest threshold of payments, 24% of increase in regards to the previous year.

This led us to a payout of 76% and a dividend yield of 14.7%. This if we disconsider that the part of the dividends are anticipated, the dividend yield would be 9.5%.

Lots of assets and the third highest dividend yield in the B3 in the period. We had movements of payments.

Since 2025, we've done payouts in to our shareholders, and we've done over the last years with the attributed cost of R$11.3 per share, and it helps the shareholder to capture a tax benefit when they do this investment. It's positive news, and we should highlight the growth that we've had of the proceeds in the non-financial sector.

We've seen over the last years an expressive growth that is very much aligned to what Alfredo said, a growing performance, more of the financial portfolio. We've had a threshold of 1.

1.2 billion in proceeds, and 50% in the average of growth year on year. This has a positive perspective.

Remember that these proceeds, we've retained them in the company, facing the costs of holding and administrative and the service of debt and tax expenses, but it shows a perspective that is very positive. Next year, we're going to have the reduction of the tax expenses that is very relevant, R$850 million less.

It's a positive perspective.

We're going to be able to pay that. The Itaúsa expenses, the tax expense, and we are going to have this per year, which next year we're going we're not going to have anymore.

This makes us feel at ease because, as you've seen on the screen, the amortization of our debt, we're discussing about these values of R$250 million of amortization of the debt per year, so that gives us a lot of tranquility that we can possibly wouldn't need to do any capital facing the amortization of this debt, just the cash flow of the company. This is enough for this amortization.

If the interest rates drop, then we're going to have some resources. These resources can be invested in new investments if the context is favorable, or we can distribute to our shares shareholders an additional of dividends.

We distribute usually what we receive from Itaú Unibanco, we could, depending on the context, we can do additional dividend distribution from the dividends that we receive from Itaú Unibanco. We are well-positioned in terms of results, in terms of cash flow, reduction of tax expenses due to the approved tax reform that was approved, a positive moment.

Very good. Yesterday, there is some news: the approval by the board of the anticipated statement for the FY of '26 of interest over capital, our own capital, of 1.6 R$1.1 billion in net revenue to shareholders that will have right.

They have a position at the March 19th this year, and the payment will be defined, but it will occur until August 31st. Another positive news.

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Just capture this QR code or click on the button below the transmission screen. We showed a good result panorama, remuneration that is growing, very attractive performance of action that is overcoming the benchmarks and it was very positive, where we had recognitions, several ones of the practice of governance, sustainability, transparency, and people management.

We had the GPTW recognizing our practice of people management. We continue to participate through several years through the main sustainability indices, recognizing our practices of governance and transparency.

Through the consecutive years, we are at the Dow Jones, the Sustainability of Governance Index. We were recognized by the relationship with the investors, the Investor Day, our transparency, and the board was recognized and awarded by Excel, the old Institutional Investor.

It's an award that fills us with pride. Alfredo, positive year in regards to results and also recognition, and a year that we complete 50 years of trajectory, very important for us.

Certainly. It was a very special year of our holding at B3.

Itaúsa has a very solid, very beautiful governance in terms of investments. It's been a journey that reflects all the importance for the market, for the transparency in events such as this.

We are showing our performance, our values, what guides the day of the company: governance, sustainability, ethics, transparency. We try to be sincere with our comments with the good things and the bad things with such a diversified portfolio.

It's a year that is good, a lot of celebrations, a lot of recognition. Certainly, it's a reason of pride and joy for all of us that work with Itaúsa, the controlling families, this story of success.

Remember, Priscila, that we have 900 903,000 individuals that are part of the shareholders in all the regions, and practically all the cities of Brazil have a shareholder of Itaúsa. This being a recognition, it brings more responsibility because we are influencing the lives directly of over a million people that trust our strategy, trust our values.

This is very nice, and it brings that additional responsibility of allocating the capital of the shareholders in a responsible way without losing the ball in the size of Itaúsa: sustainability, environment, education, and several aspects that our companies, our foundations and institutes work throughout Brazil. It's a very nice year.

We have a lot of challenges and opportunities.

Alfredo, it's about time that we are going to the Q&A. I wanted to give the floor so you can do the final considerations.

I wanted you to close the event.

We've gone through several themes. The most important is to highlight our tranquility of doing investments or not.

We are a private equity company, an investment fund. We are mandated to do investments.

We have the freedom to do it, and we've done this with a lot of success over the last 8 years. We did an investment program that is very solid with a resilient focus.

We've performed our shares above the benchmarks of the capital markets and the financial benchmarks. We see the results of 10 years and we overcome even the CDI index, which is a difficult one to beat because the real interest rates in Brazil are very high.

We've performed well, we had good performance, we still have hidden book assets in our portfolio which the companies will be listed, increasing the proceeds, we're going to have a portfolio that is very robust. There's a portfolio that without Itaú, it's about R$20 billion in Brazil in a portfolio.

That's higher than most companies that are listed in the stock exchange. Even though it's small in the portfolio of Itaúsa, it's very relevant when we see what the companies are, the portfolio as a whole, and we see that Itaúsa takes part on the Brazilian economy in a very interesting way through leading companies that have very well-known brands from the public.

This gives us a lot of energy so we can continue the work. It was a good year.

Even though we had the internal difficulties, we are well-positioned, we are very good, and now we're going to answer the questions of our investors and shareholders.

Alfredo, it's time to answer the doubts of our guests. Let's start with this block with the questions of the market and analysts that we've invited.

They can ask their questions live in our event. Meanwhile, you can ask your question using the message box of the platform via YouTube and LinkedIn or through the comments, or using X via the hashtag #ResultadosItaúsa.

Take part. Our next invitee that will take part with us is Daniel Gasparete from Safra.

Daniel, welcome to the event.

Thank you, guys. Thank you for the opportunity of taking part in this panel.

I wanted to talk about Aegea. Recently, we talked about the magnitude of value because of the date of valuation and the IPO.

Aegea has taking concrete steps in the direction of the IPO. We saw the conversion of registry at CVM, the hiring of this possibility of offering, but the expectation of the first quarter of '26 with the volatility, it seems that it closes the window through a determined time.

I wanted to know how you and the group of controlling shareholders are thinking about this offering and the timing. The intention is to be ready as the window opens.

Second question, follow-up: do you convert the preferentiable shares that you have in an IPO in the ones that are right to vote and

Daniel. Certainly, Aegea is scheduling to do an IPO.

They announced that. This first window, as you've stated, it was more difficult due to the war and all the impacts that that has brought to the market.

It's a window that the company itself wouldn't be able to exercise, as we're still closing the balance sheets and they haven't done their quarterly review. This IPO should occur at the end of May, beginning of June.

There might be a favorable moment and using the information that is available from the first quarter of the company. The project IPO for Aegea is still ongoing, being worked at all speed.

The banks are hired. We have done the sounding in road shows in Brazil and abroad with potential investors.

During this IPO, it will be an IPO that maybe one of the biggest ones that we've seen. The company is big.

It needs a capital structure that is more comfortable to face new investments, new opportunities that it has, at the same time, deleveraging the results and its debt. We continue with the project IPO.

The PNs? I don't see the conversion.

Might be possible that at this moment, the company itself will reduce its debt, and all of that, eventually there might be a repurchasing of the PN shares, which is the capital. At the same time, it can be considered a debt, but still is very premature to discuss.

What are the impacts of Itaúsa with this IPO? The probable impact is that it will unlock more value of our investment, which has been very profitable.

A part of that has been unlocked with the capital of the shareholders. It showed a valuation that is much higher than the one that we got in with the capital of the company 5 years ago, and the IPO will show an unlocking of this investment, showing that this was a positive investment for Itaúsa.

The company has a lot of potential of growth. We will continue to be shareholders of Aegea, seeing this potential of growth that it has in Brazil with new bids and all that.

Perfect. Our next guest is Yuri Fernandes from JPMorgan.

Yuri, welcome. Thank you for your participation.

Thank you, Alfredo. Thank you, Priscila.

I wanted to go back to the point of Aegea. We need to see the IPO of Aegea to see the cost of market, or the increase of capital could lead to a rebranding of these assets?

It's at a book value, could there be an unlocking of value, or well, given that the increase of capital was done at the value of the book. That's the first question.

The question about the discount and the tax reform: well, I wanted you to reinforce this message. How much do you believe that there should be a discount of this tax expenses should make the investors realize that from '27 a great deal of the discount should stop existing?

Once again, to reinforce this message for this story.

Thank you, Yuri. Good questions.

About Aegea, since we had significant influence in the company, we account this investment via patrimonial equivalence. It's not allowed that we re-evaluate this asset and we bring it to fair value to our books.

Accounting-wise, even after IPO and after this increase of capital that we did already, we cannot bring all the investment to fair value. Accounting, nothing changes, but of course, we start, as Alfredo said, we are going to unlock value, we start to consider the new reference value for the calculation of the discount, we start to have a vision that is clearer for the market of the real value of the asset, what was the return that we've obtained with this investment.

In regards to this, we're going to have more clarity about the created value with the investment that we've done. In regards to the discount that I can comment, we've seen the movement since last year when we closed the year with a threshold of 25%, even higher.

We closed the discount that was reduced at the beginning of the year already getting to because of the old methodology, and 21%. We realize that with the entry of a lot of foreigners with a base of shareholders of Itaúsa, we realize the market being assimilated and trying to capture this lack of efficiency.

Of course, the discount is very high. We've done a great initiative with the reference of investors.

The foreign investors, they don't know the tax reality of Brazil. They don't have a lot of details of our tax reform.

We are going to see this more active with the foreign investors. The perspective is that as time goes by, as we see the fiscal efficiency improving, the market will see this in our shares.

This is what I wanted to say. You want to complement?

No. Okay.

We're going to call here our next guest, who is Eduardo Nishio from Genial. Welcome.

Thank you for the opportunity. I wanted to do a follow-up on the discount.

If you can tell us, in your opinion, what would be the fair discount of the holding in regards to the sum-of-the-parts? The vision of the management, we can close those triggers.

Aegea has increased the discount, 2.6%, as Alfredo has mentioned in a comparable base. This is 21% the discount if it was in Aegea.

I wanted to confirm if we priced the PNs of Aegea, if the discount in our vision would it be 23%, a little bit above 23%, there is a discount that is higher. In this part of discount, Priscila mentioned the unlocking of value that you are expecting.

Besides the potential of IPO of Aegea, do you see other interesting triggers, such as what you did with Aegea now and relevance of Copa Energia in your portfolio, of course? Do you see any similar movements to this?

Thank you.

Thank you, Nishio. Let's comment.

The calculation of the discount, we see important triggers: the end of the fiscal inefficiency, there is the IPO of Aegea, and it will be clearer the issue of value with this investment. I think that we can have the realization of our portfolio, and I think that that is an important trigger over the last years over the next years for the discount, reducing, well, the capture of the value created of this investment.

Another trigger that is important that we clearly showed is the evolution of the proceeds of the non-financial sector. Last year, we had a receive- receiving R$1.1 billion of these proceeds.

We are still keeping these proceeds in the company, facing the cost of holding, but as Alfredo said, we have a perspective that is very positive of these proceeds growing more because of the solidity and resilience of our portfolio. Consequently, our cost of holding will be reduced with the end of inefficiency in such a way that maybe at some point we can go over we can pass on part of these proceeds to our shareholders.

The market tends to price this with our share. Of course, this depends on the scenario, the opportunities, but it's an opportunity to be considered.

Fair value vision: when we do the calculation of what would be justifiable, and considering the end of the fiscal inefficiency from next year onwards, we get to a discount of 3 percentage points. Of course, we don't see throughout the world holdings operating with a level of discount that is so low.

We don't see that Itaúsa will have such a significant reduction to the point that it will represent just the present value in our cost of holding, which will be essentially the administrative costs that we have and part of the service of the debt that is left in the balance. Yes, we understand that there is a perspective of reducing because of all the triggers that we see to unlock value of our shares, but not to the point to get into the justifiable 3 percentage points by the class of Itaúsa.

This is a technical justification. In Brazil, there is holding, but there are others that are discounted.

Itaúsa is a specific holding because 90% of our investment is Itaú Unibanco, it wouldn't justify higher discounts in our vision. The other investments that we've done are very good with interest rates that are very high, some even higher than the return rate of Itaú Unibanco.

We see that this discount, because of the reasons of tax inefficiency, the proceeds that are received by the non-financial companies are growing at higher thresholds, we understand that this discount is much higher than what it should be. It's up to the market to do the justifications.

I think that where we have unlocking, Nishio, is Copa Energia. We do not see Copa Energia is generating a lot of cash.

It has an EBITDA below 1% in debtness, we do not see at this moment no such thing that could do a marking of the investment above the book value. The company is very stable, very resilient in terms of revenue, which generates an EBITDA annual of 1.

R$1 billion. We can use a multiple that is not very high and you will see that in a simple math, the value that we have there that can be unlocked is very relevant.

A

complement of the PNs of Aegea: we have the value that we updated, we considered the update just for the ONs. This was the difference of the price in this capitalization, but the PNs are still with the accounting value in such a way that we have a delta with the participation of Aegea via PNs.

Here the next invitee, which is Tiago Binsfeld of Goldman Sachs. You can ask your question.

Thank you for taking my question. I wanted to know about the administrative expenses.

As you move along to the end of the tax inefficiencies, the expenses will be the main financial factor for justifying the discount. Looking at the performance of this line, we have this ability in 2025.

I wanted to understand what kind of efficiency do you still seek internally and what is the best way of thinking about administrative expenses of the holding? Or do you think that there are more efficiencies to capture internally?

Thank you for the question, Tiago. We've done a very important work optimizing big contracts of the company in consulting and technology over the last years, and we managed to do an important reduction of the administrative expenses.

We kept the year without a lot of growth in the expenses. We did a reduction of expenses in terms of contracts that is very adequate for the reality, the context, and the challenges of the company.

We see how the expenses are evolving. It's in a more organized standard and inflation, and we are always paying attention to the opportunities of looking for efficiencies.

We have a journey of investments in artificial intelligence that might bring some important results over the next years, but for this FY, we see the expenses increasing aligned with the inflation because of the investments that we've done in technology. The next guest, Eric Ito, Bradesco BBI.

Eric, welcome.

Thank you, Priscila, Alfredo. Thank you for the opportunity of asking questions.

I have two quick follow-ups. You commented with the response of Nishio and also the comment of follow-up of the portfolio turnovers and maybe selling the assets, you're talking about Dexco, but thinking about the holding, we've heard some potential conversations about NTS.

What can you share of turnover? The follow-up is, what would you do with the allocation of this money that could come?

Would you increase the participation or would it be really just an extraordinary dividend? Second question: the dividend of the non-financial, it increased the participation in this year.

What can we think about unlocking the value, increasing the dividend because of the participation of the non-financial? What can you give us in terms of timing in regards to this, or maybe a little bit longer?

Thank you, Eric.

We've done a portfolio management of the participations that we have. I think that part of this investment that we've done that we've generated, potential reduction of our tax expenses of the end of the PIS/COFINS, we have the cash that can be used to be amortizing the investment and to increase the dividend, the proceeds that we pay above what we receive with Itaú Unibanco.

From next year onwards, I think it's possible to have an increase of dividends above what we pay for the bank, what we receive of the bank, and possibly one of the usage of the excess of capital and cash that we have. We've increased the participation with Aegea.

We have this increase with the increase of participation. There might be an increase of participation in other companies in the portfolio, but at this time, we are more cautious.

Let's see what's up ahead. I think it's possible, depending of having more investment capabilities, the increase of investments with the proceeds for the next year.

Next guest, Lorenzo Giglioli of Santander. Welcome.

Morning, Alfredo. Morning, Priscila.

Mine is more of a follow-up. You did a great liability management.

We want to know if this is over, there might be an efficiency, refinancing with the prepayment, or did you get to this point of the capital? Have you got to this optimum point of capital?

Are you going to focus this extraordinary dividend, as Alfredo said, or giving the macroeconomic scenario, will you just have the money in the cash? I wanted to get the macro scenario and we want to understand this scenario.

In terms of liability management, I think that at this moment, we are very comfortable with the average deadline that we have and the average cost that we have. We do not see the movements that we do, they're justifiable with the higher debt, even paying the premium for those that have debentures.

It wouldn't justify to increase the deadline with a higher deadline and a lower cost. At this moment, we don't see that the cost of debt, taking into consideration debentures that are in the market, we don't see a gain that justifies paying a premium for the investors for repurchasing this debt and buying a new debt.

In thesis, we have this movement that it is practically closed at this moment of liability management. Another question, what was?

I forgot. The macro, when you see the uncertainties.

I think that there's nothing too different from what is from the market. We work with an interest rate reduction through this year, depending on the continuity of the war in the Middle East and the impacts in inflation.

Eventually, this movement will be smaller than what is expected at the beginning of the year. We see a scenario that is better of the hypothesis because the average interest rate of Selic in this year is about the same one as last year.

We started last year with an interest rate growing and it's stable. We see interest rates very similar.

From then on, we're going to depend on the economic scenario, the result of the elections, the impacts of the geopolitics. There are many uncertainties to do specific affirmations in regards to the scenario of the interest rates.

Brazil is at a reasonable position in regards to other movements. We can have important impacts, and the idea is to continue with this threshold of economic growth of about 2%.

It's not brilliant, but it's possible that it's kept. In the scenario that everything works out in terms of international geopolitics, the economic scenario in Brazil and political scenario, that is clearer, we can continue to have a growth that is higher in the 3% range through the next years.

At this moment, it's better to work with interest rate '26 still at a threshold of 25% on average and low growth. This is a scenario that we are working.

For us, it's not a bad scenario for our portfolio. It's a scenario that allows for growth of the companies and it allows for a control of cost of credit of the bank that is very good.

We see a positive scenario for this portfolio, even not being a brilliant scenario if we consider the potential of the Brazilian economy.

Alfredo, we have another guest, Pedro Batista, Jefferies. The floor is yours.

Good morning, Priscila, Alfredo. Just a follow-up on the capital allocation theme with the lower interest rates, leverage concluded, the end of the fiscal inefficiency, and the increase of dividends in Itaú, the return of 6%, is there a difference of the dividends with the buyback?

The expectation is to keep a strategy for the next years.

Thank you, Pedro. We are very disciplined in the capital allocation.

We are still studying. The teams of M&A are studying alternatives through these years, but we have this context of higher interest rates and high interest rates because of the public debt.

We didn't do any investment in these years, and we opted for the reduction of the debt of the holding and it was the correct decision. New investments are possible in a lower interest rates, real interest rates, a scenario that we have a higher confidence in the growth of the Brazilian economy with more robust threshold.

As we say, we are not a company of private equity, we don't have the obligation of investment and we don't have a deadline for this investment. We're going to continue to look at opportunities.

It's possible that we're going to have more opportunities in a more benign scenario, and we will study and finance this investment, whether if it's by a cash generation that will increase with the end of the tax inefficiency, or if the market is open, we can go back to leveraging the company and increasing the proceeds distribution. This is very premature.

It's very difficult to see how the scenario is going to be for next year, what are the opportunities of investment and the disinvestment itself. We can disinvest totally or partially in one of our invested companies.

We can, as I commented, grow the participation in some of the investments that we've done. With Aegea, we've done an additional investment, and I think that the idea is the increase of the investment in the portfolio, taking into consideration the cost of opportunity and a allocation of capital in a and a bonus, our cost of capital is 14%.

There's another risk, and these are numbers that you have to look with a lot of ease, and it may have to make sense for our investors.

Alfredo, I think that we've seen all the questions of our invited guests. We have some questions of the audience.

I'm going to select a few. The main theme is proceeds.

We had the participation of João dos Anjos, José Tavares, Bernardette Sampaio asking, the policy of the distribution of dividends for Itaúsa that will be kept for '26, is there any provision for increasing the proceeds, and is there any possible change given the taxation of the interest of the proceeds?

We're going to continue to distribute the dividends that we receive from Itaú Unibanco in a gross matter, disconsidering the interest and the tax over the interest of the capital. This will be the biggest distribution, and they are taxed the aliquot from 15% to 17.5%.

We're going to continue with this practice of distributing the gross dividends that we receive from Itaú Unibanco. The additional dividends this year is not likely because we have the tax cost of the holding.

As a policy, at the end of the year, we'll see if Itaú Unibanco will distribute dividends, additional dividends, as we've done over the last years, distributing what we call the capital excess that the bank has with our management. If we have, we will have additional dividends and Itaúsa will distribute additional dividends as well.

Proceeds, well, these will be distributed by Itaúsa. It can be in a way of dividend, it can be in repurchasing of shares, it can be by a capital reduction that wouldn't have the taxation.

This is a theme that we will analyze up ahead due to the real understanding over the changes that happened with the tax reform and the new law of dividends. The way that these proceeds that will be distributed, we will discuss them more towards the end of this year.

I don't know if we're going to do and it's a discussion and it's a doubt, tax doubt, is if we're going to do the incorporation of the reserves with the payout. There is some doubt if that distribution of payout would be taxed also with the 2% or not.

For that, we will have to have a better understanding of the lawyers, the jurisprudence, and the understanding of the tax authority to see if that's within that additional aliquot of 10%. The incorporation of reserves is something that we will also analyze in the context of the understanding of the new law that taxes the income above R$50,000.

Perfect.

Repurchasing of shares, there is a question of Carlos Eduardo Meirelles and Marco Antonio da Silva, José Louca about the perspective of new subscription of shares, calling capital.

Over the last years, we had two capital calls to help with the decrease, the reduction of the indebtness, that policy of reducing the indebtness. With the tax reform, the end of the fiscal inefficiency, that will generate Itaúsa R$450 million per year of excess cash flow.

This excess cash flow is enough to face the current schedule that Priscila showed in one of the slides of the amortization of the interest rates of our debt. Taking that into consideration, I think it's very unlikely that we're going to have the need to do they're going to have to call capital over the next years.

If necessary, we will do so, but I think it's very unlikely. A lot of the shareholders love it because we did this capital calls in recent years in a private way, giving discount to purchasing shares, and we had over 90% of the shareholders repurchasing or purchasing shares in this distribution.

It's not a scenario that is probable for the next years that we have a need to do an increase of the capital in the holding.

Alfredo, we also had several questions about discount. Santiago Santos wanted to understand about the increase of the results of Itaúsa that are expected with the tax reform.

We've discussed that our tax expenses were R$850 million, and if we continue that this expense will be kept with the PIS and COFINS, next year having the end of this fiscal inefficiency, we should see an increase in the same proportion of our results. Here is a liability management question.

Marcelo is asking, other holdings decided to close their leverage. Is it the case of Itaúsa?

They want to zero the leverage.

It's not our objective to zero in the leverage because I agree that a few holdings, and I agree in the general thesis that holdings per pure cannot have a high level of leverage. We have 8.5 of indebtness, we reduced to R$3 billion, and we understand that if it is favorable, we can go back to R$8 billion because we have a flow of resources, proceeds that are received, that is very solid, very resilient, and they stem from Itaú Unibanco and now to non-financial companies.

We have the practice of distributing the dividends and proceeds received by Itaú Unibanco, and we retain the proceeds of the companies that are non-finance. With the proceeds growing, and the end of the tax reform, we generate a capacity of re-leveraging the holding if we have good opportunities and if leverage is the good path to do an indebtness with Itaúsa.

Last but not least, we can do a deleverage calling capital, as we've done in two opportunities over the last years. I think it's possible that we will re-leverage if we have good opportunities.

If the flow is not enough, then we can call capital, giving this discount with the subscription and so on. I think that differently from other holdings, we have a flow of proceeds that are recurring, that is very solid, that we trust that they will continue to be received by the holding.

It's a position that is very comfortable in regards to our cash flow and how can we use this cash flow to amortize the debt.

Questions about Alpargatas: Silvio Cioffi and Caio Henrique da Silva, they want to know what are the plans of Itaúsa for Alpargatas, if we pretend to continue participating in the capital or doing a sale or even increasing the participation.

We had a difficult moment at Alpargatas, we commented over the last years. Management standpoint, we had a few problems.

We've had good results in '26. Our expectation is that the company generates a high cash flow this year in the national market and the international market.

Last year, the company reduced the capital, distributing proceeds of R$250 million for the shareholders, and Itaúsa received about a third of that value. Once again, we're very trusting in the performance of the company.

Our investments at Rothy's, which at the beginning was negative and we did a write-off of part of this investment, now the company has generated cash flow, has grown, has opened stores, we see the performance of Alpargatas in a positive way for the next years. We are sure that we've went back to the usual performance of the company.

We've purchased something at the stock exchange, there is a limit that the new legislation of the Brazilian SEC open over the next months, we've done specific buying of shares. There is still some to execute of this new limit over the next months.

We've executed with a lot of carefulness and within prices that we consider reasonable, this increase in the participation of Alpargatas within this new limit. It's not very big, and we've increased our participation in the capital of the company.

A question about Itaú: Luiza Araújo, Thiago de Souza, they wanted to know how Itaúsa sees the evolution of the market with the digital banks and how Itaú will be competitive in this scenario.

The bank had some time 10, 8 years ago that we suffered with the sudden growth, to speak, of the fin techs and many that occupied the market, they wanted to get the clients. I think that we turned the game around with enormous investment in technology.

Just so those of you that follow Itaú now, Itaú has in Brazil 85,000 employees and out of those, 18,000 are connected to the technology area. With this big investment, we've recovered, we've worked with the apps, we transferred our legacy systems to the cloud with more ease of creating the products and apps.

Over the next 5, 7 years, we come with a journey of reduction of the technological gap in regards to the pure fin techs. I think that the results have shown that, and I think that this investment in technology will still be kept for some reasonable time in such a way that we can continue to be competitive with these new banks, these new fin techs.

The banks have had, besides the growth of investment in technology, a strong use of artificial intelligence. This is very relevant.

We've used it in credit, a great deal of our models of service are based on models that we will evidently improve with the use of artificial intelligence. There is an important project of efficiency and reduction of costs through artificial intelligence through a better activity and the apps.

We see the bank very competitive with this new scenario of competition of the entry of our clients. We removed a big gap in regards to these fin techs after all these next 4, 5 years.

There's still gaps, of course. It's very difficult to manage all of them because Itaú is a multiple bank, we are leaders of all the segments where we work with.

Our demand of technology is much higher than the fin techs that work with specific niches. I see the bank very well-positioned, a winner, let's say, in this scenario of the competition between the new banks.

We are very well-positioned, and this is one of the big characteristics of Itaú Unibanco. We have to know how to be present and not be fearful of facing the challenges of technology.

The bank has an enormous capacity with its culture and the group of executives to face the challenges. We are not fearful of the new technologies, we are always an early adopter of the technologies.

The bank for us is still a great investment, very well-positioned, and we will continue from the standpoint of our portfolio, this will be the big lever for the portfolio of Itaúsa.

To finish, there are many questions, but we already went over time. Perspectives for 2026: so Daniel Silva, Beatrice Duran, João Mendes ask, what is the focus of management in 2026 and the business perspectives of growth for the company for 2026, 2027?

I think we discussed this a lot. We got the strategy right between 2020, 2017 with the first investment of NTS, in '22 when we did the last one at CCR.

It was a cycle of investment that was very well-received. We found good opportunities, we've grown a very resilient portfolio, the leaders in the sector brands, resilience, and we went through this recent cycle with higher interest rates.

We fared very well with this cycle. Over the last years, we did the deleverage.

We didn't stop to look at other opportunities, but with the risk of Brazil, high interest rates, we didn't find anything that is interesting. The future cycles, it remains to be seen how the economy will do, how the policy in Brazil will do, how the geopolitics will fare, the wars, tensions in many places that is reflected in the Brazilian economy.

We're ready for a new investment cycle for some of the investments that we've done that are more mature to do investments in other sectors and companies, and this will depend on the opportunities that will arise. We are very much deleveraged, we can leverage once again if we have good opportunities.

As I told you, we're not a company of private equity that will have the obligation of investing in its capital and the shareholders in new opportunities. We don't have the obligation neither of investment or disinvestment.

I think that the investments are still good and they're safe, companies are growing, okay. Not necessarily we will disinvest, and we can leverage once again with a virtual cycle if the international conditions will generate this opportunity.

Let's see the scenario. We do good analyses of the scenario.

We've read the internal and external context. Let's try and bring these investments in a safe way that generate value.

Whatever we have, we're going to distribute to the shareholders. Nobody will complain.

Alfredo, I think that we answered most questions. If your question hasn't been answered, you can get in contact with our team and through our social networks or just send an email to our team.

We also want to know your opinion on Resultados em Foco. Capture the QR code or click in the button below the transmission window so you can have access to the satisfaction questionnaire.

Thank you, Alfredo, for your participation. I think it was great as a contribution, and I think it was a nice conversation with a lot of participation and interaction with our public.

Yes, Priscila. Thank you for commanding once again our event.

I would like to invite all of you for August, August is almost there, and let's see how we're doing in terms of scenario, international scenarios, local. We're going to have a better overview of the year, how our companies are performing.

I'm very optimistic that with this portfolio, once again, we're going to have growing results and a performance of our share that is very favorable for our investors.

Thank you to all of you that followed us, and see you on the next Resultados em Foco. Thank you.