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Itaรบ Unibanco
ITUB
#240
Rank
C$129.24 B
Marketcap
๐Ÿ‡ง๐Ÿ‡ท Brazil
Country
C$11.73
Share price
-0.63%
Change (1 day)
37.04%
Change (1 year)
๐Ÿฆ Banks๐Ÿ’ณ Financial services
Categories
  1. Itaรบ Unibanco
  2. Annual Reports (20-F)
  3. Submitted on 2026-04-30

Itaรบ Unibanco - 20-F annual report


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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________________
FORM 20-F
____________________________
☐REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2025
OR
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
☐SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number 001-15276
___________________________
Itaú Unibanco Holding S.A.
(Exact Name of Registrant as Specified in its Charter)
Itaú Unibanco Holding S.A.
(Translation of Registrant’s name into English)
THE FEDERATIVE REPUBLIC OF BRAZIL
(Jurisdiction of incorporation or organization)
________________________
Gustavo Lopes Rodrigues
Investor Relations Officer
Phone: +55 11 2794 3547
ri@itau-unibanco.com.br
Praça Alfredo Egydio de Souza Aranha, 100

04344-902 São Paulo, SP, Brazil
(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)
_____________________________________________________________________________
Securities registered or to be registered pursuant to Section 12(b) of the Act.
Title of each classTrading symbolName of each exchange on which registered
Preferred Shares, without par valueITUB
New York Stock Exchange*
American Depositary Shares (as evidenced by American Depositary Receipts), each representing one Preferred Share
______________
*Not for trading purposes, but only in connection with the listing on the New York Stock Exchange of American Depositary Shares representing those Preferred Shares.
____________________________
Securities registered or to be registered pursuant to Section 12(g) of the Act:
None
Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:
None
Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the period covered by the annual report:
5,617,742,977 Common Shares, no par value per share
5,408,781,553 Preferred Shares, no par value per share
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act
☒Yes ☐ No
If this annual report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.
☐ Yes ☒ No
Note—Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 from their obligations under those Sections.
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
☒ Yes ☐ No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
☒ Yes ☐ No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See definition of “large accelerated filer,” “accelerated filer,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
☒Large Accelerated filer☐Accelerated filer ☐ Non-accelerated filer☐Emerging growth company
If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act.☐
† The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐
Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:
☐ U.S. GAAP☒
International Financial Reporting Standards as issued by the International Accounting Standards Board
☐ Other
If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow:
Item 17 ☐ Item 18 ☐
If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
☐ Yes ☒ No
Audit Firm Id: 1351
Auditor Name: PricewaterhouseCoopers Auditores Independentes Ltda.
Auditor Location: São Paulo, Brasil

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TABLE OF CONTENTS
1
1
2
2
2
3
3
ITEM 1.
3
ITEM 2.
3
ITEM 3.
3
3A.
3
3B.
3
3C.
3
3D.
3
ITEM 4.
24
4A.
24
4B.
25
4C.
100
4D.
100
ITEM 4A.
101
ITEM 5.
101
5A.
101
5B.
124
5C.
132
5D.
132
5E.
132
ITEM 6.
132
6A.
132
6B.
150
6C.
153
6D.
159
6E.
160
6F.
160

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ITEM 7.
160
7A.
160
7B.
161
7C.
162
ITEM 8.
162
8A.
162
8B.
165
ITEM 9.
165
9A.
165
9B.
166
9C.
166
9D.
168
9E.
168
9F.
168
ITEM 10.
168
10A.
168
10B.
168
10C.
176
10D.
176
10E.
177
10F.
184
10G.
184
10H.
184
10I.
184
10J.
184
ITEM 11.
184
ITEM 12.
189
12A.
189
12B.
190
12C.
190
12D.
190
191
ITEM 13.
191
ITEM 14 .
191

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191
15A.
192
15B.
192
15C.
192
15D.
192
192
16A.
192
16B.
193
16C.
193
16D.
193
16E.
194
16F.
195
16G.
195
16H.
198
16I.
198
16J.
198
16K.
198
200
200
200
200
202

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INTRODUCTION
Certain Terms and Conventions
All references in this annual report to (i) “Itaú Unibanco Holding,” “Itaú Unibanco Group,” “we,” “us” or “our” are references to Itaú Unibanco Holding S.A. and its consolidated subsidiaries and affiliates, except where specified or differently required by the context; (ii) the “Brazilian Government” are references to the federal government of the Federative Republic of Brazil (“Brazil”); (iii) “preferred shares” are references to our authorized and outstanding preferred shares with no par value; and (iv) “common shares” are references to our authorized and outstanding common shares with no par value. All references to “ADSs” are to American Depositary Shares, each representing one preferred share, without par value. The ADSs are evidenced by American Depositary Receipts (“ADRs”) issued by JP Morgan. All references herein to the “real,” “reais” or “R$” are to the Brazilian real, the official currency of Brazil. All references to “U.S.$,” “dollars” or “U.S. dollars” are to United States dollars.
Additionally, unless specified or the context indicates otherwise, the following definitions apply throughout this annual report:
•“Itaú Unibanco” means Itaú Unibanco S.A., together with its consolidated subsidiaries;
•“Itaú BBA” means Banco Itaú BBA S.A., together with its consolidated subsidiaries;
•“Central Bank” means the Central Bank of Brazil;
•“CLP” means the Chilean peso, the official currency of Chile;
•“CMN” means the Brazilian National Monetary Council; and
•“CVM” means the Securities and Exchange Commission of Brazil.
Additionally, acronyms used repeatedly, defined and technical terms, specific market expressions and the full names of our main subsidiaries and other entities referenced in this annual report are explained or detailed in the section entitled “Glossary.”
FORWARD-LOOKING STATEMENTS
This annual report contains statements that are or may constitute forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”). We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends affecting our business. These forward-looking statements are subject to risks, uncertainties and assumptions including, among other risks:
•General economic and business conditions in Brazil and other markets in which we operate, including disruptions and volatility in global and local financial markets, as well as fluctuations in inflation indices, interest rates, foreign exchange rates and overall market performance;
•Political uncertainty in Brazil, including perceived or actual risks arising from government measures, macroeconomic policies and reforms, and changes thereto, which could adversely affect business conditions and growth prospects in the Brazilian economy as a whole;
•General business, economic and political conditions and geopolitical events, including geopolitical tensions, hostilities, and conflicts;
•Changes in global trade, including increased tariffs, non-tariff trade restrictions, the imposition (or threat) of sanctions and policy shifts affecting cross-border trade;
•Environmental damage, climate change and socio-environmental issues, including an increase in the frequency and severity of weather-related events and the adoption of new or more stringent regulations relating to these matters, that could adversely affect economic conditions and our business;
•Changes in laws or regulations, including tax laws, tax reforms or reviews of tax treatment, as well as requirements relating to compulsory deposits and reserve requirements, that could adversely affect our business, operations or profitability;
•Costs and availability of funding;
1
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•Failure or hacking of our security and operational infrastructure or systems;
•Our ability to protect personal data;
•Our level of capitalization;
•Increases in defaults by borrowers and other loan delinquencies, which result in increases in loan loss allowances;
•Competition in our industry;
•Changes in our loan portfolio and changes in the value of our securities and derivatives;
•Customer losses or losses of other sources of revenues;
•Our ability to execute our strategies and capital expenditure plans and to maintain and improve our operating performance;
•Our exposure to Brazilian public debt;
•Incorrect pricing methodologies for insurance, pension plan and premium bond products and inadequate reserves;
•The effectiveness of our risk management policies;
•Our ability to successfully integrate acquired or merged businesses;
•Adverse legal or regulatory disputes or proceedings; and
•Other risk factors as set forth under “Item 3D. Risk Factors.”
The words “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect” and similar words are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. We undertake no obligation to update publicly or revise any forward-looking statements because of new information, future events or otherwise. In light of these risks and uncertainties, the forward-looking information, events and circumstances discussed in this annual report might not occur. Our actual results and performance could differ substantially from those anticipated in such forward-looking statements. These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions, including risk factors as set forth under “Risk Factors” in this annual report, which may cause our actual results, performance or achievements, or industry results, to be materially different from those expressed or implied by these forward-looking statements. These forward-looking statements are based on numerous assumptions regarding our present and future business strategies and the environment in which we expect to operate in the future.
PRESENTATION OF FINANCIAL AND OTHER INFORMATION
The information found in this annual report is accurate only as of the date of such information or as of the date of this annual report, as applicable. Our activities, our financial position and assets, the results of transactions and our prospects may have changed since that date.
Information contained in or accessible through our website or any other websites referenced herein does not form part of this annual report unless we specifically state that it is incorporated by reference and forms part of this annual report. All references in this annual report to websites are inactive textual references and are for information only.
Effect of Rounding
Certain amounts and percentages included in this annual report, including in the section of this annual report entitled “Item 5. Operating and Financial Review and Prospects” has been rounded for ease of presentation. Percentage figures included in this annual report have not been calculated in all cases on the basis of the rounded figures but on the basis of the original amounts prior to rounding. For this reason, certain percentage amounts in this annual report may vary from those obtained by performing the same calculations using the figures in the consolidated financial statements. Certain other amounts that appear in this annual report may not sum due to rounding.
Market and Industry Data
This annual report contains information, including statistical data, about certain markets and our competitive position. Except as otherwise indicated, this information is taken or derived from external sources. We indicate the name of the external source in each case where industry data is presented in this annual report. We cannot guarantee and we have not
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independently verified the accuracy of information taken from external sources, or that, in respect of internal estimates, a third party using different methods would obtain the same estimates as the estimates we present in this annual report.
About our Financial Information
The reference date for the quantitative information for balances found in this annual report is as of December 31, 2025, and the reference date for results is the year ended December 31, 2025, except where otherwise indicated.
Our fiscal year ends on December 31 and, in this annual report, any reference to any specific fiscal year is to the twelve-month period ended on December 31 of that year.
The accounting principles and standards adopted in Brazil applicable to institutions authorized to operate by the Central Bank include those established under Brazilian Corporate Law, by the CPC, which started issuing standards in 2007, and by the CFC. In the case of companies subject to regulation by the Central Bank, such as us, the effectiveness of the accounting pronouncements issued by entities such as the CPC depends on approval of the pronouncement by the CMN, which also establishes the date of effectiveness of any pronouncements with respect to financial institutions. Additionally, CVM and other regulatory bodies, such as the SUSEP and the Central Bank, provide additional industry-specific guidelines.
The CMN establishes that financial institutions must present consolidated financial statements in accordance with the IFRS issued by the IASB (currently described as “IFRS Accounting Standards” by the IFRS Foundation).
Our consolidated financial statements, included elsewhere in this annual report, are prepared in accordance with IFRS Accounting Standards. Unless otherwise stated all consolidated financial information related to the years ended December 31, 2025, 2024 and 2023 included in this annual report was prepared in accordance with IFRS Accounting Standards as issued by the IASB.
Our books and records are maintained in Brazilian reais, the official currency in Brazil and we use BRGAAP for our reports to Brazilian stockholders and calculation of payments of dividends.
For further information about the main differences between our management reporting systems and the consolidated financial statements prepared in accordance with IFRS Accounting Standards as issued by the IASB see “Note 30 – Segment Information” to our consolidated financial statements.
Our consolidated financial statements as of December 31, 2025 and 2024 and for each of the years ended December 31, 2025, 2024 and 2023 were audited by PwC, independent registered public accounting firm, as stated in its audit report contained in this annual report.
PART I
ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISORS
Not applicable.
ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE
Not applicable.
ITEM 3. KEY INFORMATION
ITEM 3A. RESERVED
3B.Capitalization and Indebtedness
Not applicable.
3C.Reasons for the Offer and Use of Proceeds
Not applicable.
3D.Risk Factors
This section addresses the risks we consider material to: (i) our business and (ii) the decision of investing in our securities. Should any of the following risks actually occur, our business and financial condition, as well as the value of any investments made in our securities, will be adversely affected. Accordingly, investors should carefully assess the risk factors described below and the information disclosed in this annual report before making an investment decision. The
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risks described below are those that we currently believe may adversely affect us. Other risks that we do not presently consider material, emerging risks or risks not known to us on the date of this annual report may also adversely affect us.
Summary of Risk Factors
Macroeconomic and Geopolitical Risks
•Changes in macroeconomic and geopolitical conditions may adversely affect us.
•Developments and the perception of risk of other countries may adversely affect the Brazilian economy and the market price of Brazilian securities.
•The Brazilian Government has exercised, and continues to exercise, influence over the Brazilian economy. This influence, as well as Brazilian political and economic conditions, may adversely affect us.
•Inflation and fluctuation in interest rates could have a material adverse effect on our business, financial condition and results of operations.
•Political instability in Brazil may adversely affect us.
•Exchange rate instability may adversely affect the Brazilian economy and, as a result, us.
•Any downgrading of Brazil’s credit rating may adversely affect us.
Communicable Diseases
•The outbreak of communicable diseases around the world has led and may continue to lead to higher volatility in the global capital markets, adversely affecting the trading price of our securities, such as shares and ADSs.
Regulatory, Compliance and Legal
•We are subject to regulation on a consolidated basis and may be subject to liquidation or intervention on a consolidated basis.
•Changes in applicable law or regulations may have a material adverse effect on our business.
•Increases in compulsory deposit requirements may have a material adverse effect on us.
•Any changes in tax law, tax reforms or review of the tax treatment of our activities may adversely affect us.
•Our insurance operations are subject to oversight by regulatory agencies and we may be negatively affected by penalties imposed by them.
•We are subject to financial and reputational risks arising from legal and regulatory proceedings.
Market
•The value of our investment securities and derivative financial instruments is subject to market fluctuations due to changes in Brazilian or international economic conditions and , as a result, may subject us to material losses.
•Mismatches between our loan portfolio and our sources of funds regarding interest rates and maturities could adversely affect us and our ability to expand our loan portfolio.
Credit
•Our historical loan losses may not be indicative of future loan losses and changes in our business may adversely affect the quality of our loan portfolio.
•Defaults by other financial institutions may adversely affect the financial markets in general and us.
•Exposure to Brazilian Government debt could have a material adverse effect on us.
•We may incur losses associated with counterparty exposure risks.
Liquidity
•We face risks relating to liquidity of our capital resources.
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•Adverse developments affecting the financial services industry, such as current events or concerns involving liquidity, defaults, or nonperformance by financial institutions or transactional counterparties, could adversely affect our current and projected business operations, financial condition and results of operations.
•A downgrade of our credit ratings may adversely affect our access to funding or to the capital markets, increase our cost of funding or trigger additional collateral or funding requirements.
Business Operations
•A failure in, or breach of, our operational, security or IT systems could temporarily interrupt our businesses, increasing our costs and causing losses.
•As the regulatory framework for AI and machine learning technology evolves, our business, financial condition and results of operations may be adversely affected.
•Failure to protect personal data could adversely affect us.
•Failure to adequately protect ourselves against risks relating to cybersecurity could materially adversely affect us.
•The loss of senior management, or our inability to attract and maintain key personnel could have a material adverse effect on us.
•We are subject to anticorruption and anti-money laundering laws and regulations, and any errors, failures, or delays in complying with these laws and regulations could result in administrative and judicial sanctions, and have an adverse effect on us.
•We operate in international markets which subject us to risks associated with the legislative, judicial, accounting, regulatory, political and economic risks and conditions specific to such markets, which could adversely affect us or our foreign units.
•New lines of business, new products and services or strategic project initiatives subject us to new or additional risks, and the failure to implement these initiatives could adversely affect our reputation, business and results of operations.
Strategy
•The integration of acquired or merged businesses involves certain risks that may have a material adverse effect on us.
•Our controlling stockholder has the ability to direct our business.
Management and Financial Reporting
•Our policies, procedures and models related to risk control may be ineffective and our results may be adversely affected by unexpected losses.
•Inadequate pricing methodologies for insurance, pension plan and premium bond products may adversely affect us.
Competition
•The increasingly competitive environment in the Brazilian banking industry may have a material adverse effect on us.
•We are subject to Brazilian antitrust legislation and that of other countries which we operate or will possibly operate.
Reputational
•Damage to our reputation could harm our business and outlook.
Concentration Risk
•We face risks related to market concentration.
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Social, Environmental and Climate Change
•We may incur financial and reputational losses as result of environmental and social risks.
•Climate change may have adverse effects on our business and financial condition.
Risk Factors for ADS Holders
•Holders of our shares and securities, such as ADSs may not receive any dividends.
•The relative price volatility and limited liquidity of the Brazilian capital markets may significantly limit the ability of our investors to sell the preferred shares underlying our ADSs, at the price and time they desire.
•The preferred shares underlying our ADSs do not have voting rights, except in specific circumstances.
•Holders of ADSs may be unable to exercise preemptive rights with respect to our preferred shares.
•The surrender of ADSs may cause the loss of the ability to remit foreign currency abroad and of certain Brazilian tax advantages.
•The holders of ADSs have rights that differ from those of stockholders of companies organized under the laws of the U.S. or other countries.
Macroeconomic and Geopolitical Risks
Changes in macroeconomic and geopolitical conditions may adversely affect us.
Our businesses, results of operations, financial condition and value of our shares and securities, such as ADSs may be adversely affected by macroeconomic and geopolitical conditions globally, especially in Brazil and in other countries where we have operations.
In Brazil, the demand for credit and financial services and our clients’ ability to make payments when due are directly impacted by macroeconomic conditions domestically, such as economic growth, purchasing power, unemployment, inflation, and fluctuations in interest and foreign exchange rates, which may be affected by macroeconomic conditions globally.
Geopolitical tensions – including the conflicts in Ukraine and Iran, instability in the Middle East, frictions between the United States and China, disagreement between Europe and the United States over Greenland, and other disputes involving major economies – and the fragmentation of global economic relations resulting from the imposition of sanctions, import tariffs and other protectionist or trade-restrictive measures by the United States and other countries, have caused macroeconomic uncertainty and volatility in financial markets globally.
While U.S. import tariffs had become an established feature of the global trade environment, their legal and policy landscape shifted materially in early 2026, when the U.S. Supreme Court struck down a broad set of tariffs imposed under the International Emergency Economic Powers Act, finding that the statute does not authorize the president to impose tariffs unilaterally. In response, the administration announced a replacement global tariff under alternative legal authority, while sector-specific tariffs remain in effect. Despite this judicial intervention, significant trade policy uncertainty persists, as the administration has signaled its intention to pursue tariffs through other legal mechanisms and the ongoing U.S. Trade Representative’s investigation into Brazil’s trade practice. Such conditions may still disrupt global supply chains, increase production costs and contribute to higher consumer prices over time. Retaliatory actions by trading partners and the recalibration of trade relationships in response to the evolving U.S. posture also remain a source of risk for global economic activity, including in Brazil. Trade tensions and protectionist measures can reduce cross-border investment and lower demand for goods and services, leading to a broad-based slowdown in global economic activity.

More recently, the conflict between the United States, Israel and Iran, which involved a brief military escalation in June 2025 that was quickly resolved, re-emerged with significant intensity on February 28, 2026, representing a material source of geopolitical risk with broad global implications. The renewed hostilities have generated uncertainty over regional energy flows, given the area’s central role in global oil production and the strategic importance of the Strait of Hormuz as the main transit route for the region’s energy exports to the rest of the world. Disruptions to these flows have contributed to elevated oil prices and heightened volatility in global financial markets. Although Brazil's direct exposure to the conflict remains contained, the renewed hostilities have already contributed to higher long-term interest rates, reflecting expectations of increased inflationary pressures stemming from elevated energy prices. A further escalation could amplify these dynamics, tighten global financial conditions more broadly, and weigh on economic activity across multiple economies.
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In addition, sanctions, export controls and other restrictive measures administered or enforced by the United States may apply not only to foreign jurisdictions but also to persons or entities located in, or associated with, such jurisdictions, including through programs with extraterritorial reach, such as those adopted pursuant to the Global Magnitsky Human Rights Accountability Act and related executive orders involving certain Brazilian parties. Compliance with such measures may restrict or prohibit certain financial transactions, require changes to our business practices and increase regulatory, operational and compliance costs. Moreover, U.S. sanctions requirements may conflict with or differ from applicable Brazilian or other jurisdiction’s laws or governmental directives. Conflicting legal obligations between Brazilian, U.S. and other foreign laws and regulations could create significant uncertainty to the regulatory environment in which we operate and could materially and/or adversely affect our business, results of operations, financial condition, reputation, and the value of our shares and securities, such as ADSs.
We cannot predict future measures and policies that may be implemented by the U.S., European and other major economies. Continued or intensified geopolitical tensions and global trade restrictions may disrupt global supply chains, constrain the availability of commodities, prompt higher energy and food prices and broader inflationary pressures, cause volatility in exchange rates, interest rates and capital markets, reduce cross-border investments and global trade flows, weakening consumer and business spending and contributing to an economic slowdown. These factors could have a negative impact across multiple economies, including Brazil.
Increased uncertainty and market volatility may lead to a slowdown in credit markets and economic growth, higher unemployment rates and reduced purchasing power in Brazil, all of which could impair our clients’ ability to perform their obligations, increase overdue or non-performing loans and adversely affect our business, results of operations, financial condition and the value of our shares and securities, such as ADSs.
Developments and the perception of risk of other countries may adversely affect the Brazilian economy and the market price of Brazilian securities.
Foreign economic and market conditions, including the U.S., the European Union, and emerging market countries, may affect the market value of securities of Brazilian issuers, such as us. Although economic conditions in these countries may differ significantly from economic conditions in Brazil, investors’ reactions to foreign developments may have a material adverse effect on the market value of securities of Brazilian issuers. In addition, globalization of capital markets has increased countries’ vulnerability to adverse events, such as economic fluctuations and recessions in other parts of the world, which may negatively affect the availability of credit in Brazil and foreign investment in Brazil. Crises in the European Union, the U.S., and emerging market countries may diminish investor interest in securities of Brazilian issuers, including securities issued by us. This could materially and adversely affect the market price of our securities and could also make it more difficult for us to access the capital markets and finance our operations in the future on acceptable terms or at all.
Banks located in countries considered to be emerging markets, such as us, may be particularly susceptible to disruptions and reductions in the availability of credit or increases in financing costs, which could have a material adverse impact on our financial condition. In addition, the availability of credit to entities that operate within emerging markets is significantly influenced by levels of investor confidence in such markets as a whole, and any factor that impacts market confidence (for example, a decrease in credit ratings or state or central bank intervention in one market) could materially and adversely affect the price or availability of funding for entities within any of these markets.
The Brazilian Government has exercised, and continues to exercise, influence over the Brazilian economy. This influence, as well as Brazilian political and economic conditions, may adversely affect us.
The Brazilian Government from time to time intervenes in the Brazilian economy and makes changes in policies and regulations. The Brazilian Government’s actions have involved, in the past, among other measures, changes in interest rates, tax policies, price controls, monetary policies, restrictions on selected imports, and foreign exchange policies. We have no control over and cannot foresee the measures and policies that may be adopted in the future. Our business, financial condition, and results of operations may be materially and adversely affected by changes in policies or regulations involving or affecting factors, such as:
• fluctuations in exchange rates and interest rates;
• inflation;
• social and political instability;
• expansion or contraction of the Brazilian economy, as measured by GDP growth rates;
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• interest rates;
• reserve and capital requirements;
• liquidity of capital, financial and credit markets;
• general economic growth, inflation and currency fluctuations;
• tax and regulatory policies;
• restrictions on remittances abroad and other exchange controls;
• increase in unemployment rates, decreases in wage and income levels;
• other factors that influence our customers’ ability to meet their obligations with us; and
• other political, diplomatic, social and economic developments within and outside Brazil that affect the country.
Uncertainty over whether the Brazilian Government will implement changes in policies or regulations affecting these and other factors in the future may contribute to heightened volatility in the Brazilian securities markets and in the securities of Brazilian issuers, which in turn may have a material adverse effect on us and, as a consequence, on the market price of our securities.
Inflation and fluctuation in interest rates could have a material adverse effect on our business, financial condition and results of operations.
Inflation and interest rate volatility have in the past caused material adverse effects on the Brazilian economy. Sudden increases in prices and long periods of high inflation may cause, among other effects, loss of purchasing power and distortions in the allocation of resources in the economy.
Historically, Brazil has experienced high inflation rates. Inflation and certain actions taken by the Central Bank to limit inflation have had significant negative effects on the Brazilian GDP growth. Brazil’s IGP‑M recorded deflation of 1.1% in 2025, inflation of 6.5% in 2024 and deflation of 3.2% in 2023. Brazil’s IPCA recorded inflation of 4.3% in 2025, 4.8% in 2024 and 4.6% in 2023. Measures to combat high inflation rates include a tightening of monetary policies, with an increase in interest rates, resulting in restrictions on credit and short‑term liquidity.
In Brazil, the COPOM is responsible for setting the SELIC rate. COPOM frequently adjusts the official base interest rates in response to economic uncertainty to meet the economic goals established by the Brazilian Government. After reaching a historical low of 2.0% in August 2020, COPOM began gradually increasing interest rates in March 2021, until it reached 13.75% in August 2022. In August 2023, COPOM started to ease the interest rate cycle, reducing the SELIC rate by 50 basis points, to 13.25%. In May 2024, the SELIC rate was reduced to 10.50% and remained at this level until August of the same year. In September 2024, COPOM started increasing the SELIC rate, and, as a result, it reached 12.25% in December 2024. The SELIC rate was raised throughout the first half of 2025, reaching 15.00% in June 2025. From that point onward, COPOM maintained the SELIC at this level for the remainder of 2025, reflecting its assessment that a prolonged restrictive stance was necessary to ensure the convergence of inflation toward the target. In March 2026, the SELIC rate decreased to 14.75%.
The rise in inflation across several developed economies has led monetary authorities to reverse the strongly stimulative policies implemented during the COVID-19 pandemic. The Fed increased interest rates from 0.13% in 2021 to 4.4% in 2022 and to 5.4% in 2023. The monetary shock, combined with the resolution of supply bottlenecks and the fall in commodity prices in 2023, contributed to lower inflation rates for both goods and services. In 2024, the Fed began easing interest, reducing the rate to 4.4% and to 3.6% in 2025. Although the policy rate remains relatively low given the strength of economic activity and persistent inflation, under the new Fed Chair taking office in 2026 the Federal Reserve is expected to implement one or two rate cuts in the second half of the year.
Globally, inflation reached record highs in 2021 and 2022 before gradually declining. In the U.S., consumer inflation measured by the Consumer Price Index, or CPI, reached 6.4% in 2022, 3.3% in 2023, 2.9% in 2024 and 2.7% in 2025. However, the level of interest rates expected for 2026, in a context of resilient economic activity and a still‑tight labor market, could pose upside risks to inflation, potentially leading to some reacceleration over the course of the year. In Europe, consumer inflation measured by the Harmonised Index of Consumer Prices, or HICP, reached 9.2% in 2022, 2.9% in 2023, 2.4% in 2024, and 2.0% in 2025.
While U.S. import tariffs introduced since mid‑2025 have so far had a limited impact on U.S. domestic inflation, trade policy developments remain uncertain. Although a broad set of these measures was invalidated in February 2026 following
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a ruling by the U.S. Supreme Court, trade restrictions could be reintroduced or intensified through alternative legal or policy measures. Any such developments could disrupt global supply chains, increase production costs and contribute to sustained price pressures. In addition, they may prompt retaliatory actions, increasing trade uncertainty and potentially amplifying inflationary pressures across multiple economies, including Brazil.
Significant changes in inflation and interest rates may have a material effect on our net margins, since they impact our costs of funding and granting credit. In addition, increases in interest rates could reduce demand for credit and increase the costs of our reserves and the risk of default by our clients. Conversely, decreases in interest rates could reduce our gains from interest-bearing assets, as well as our net margins.
Political instability in Brazil may adversely affect us.
The Brazilian economy has been and continues to be affected by political events in Brazil, which have also affected the confidence of investors and the public in general, adversely affecting the performance of the Brazilian economy and heightening volatility of securities issued by Brazilian companies, including the trading price of our shares and securities, such as ADSs.
Brazilian markets have experienced heightened volatility due to uncertainties from investigations related to allegations of money laundering, corruption and misconduct by government officials and legal entities and individuals from the private sector carried out by the Brazilian Federal Police and the Office of the Brazilian Federal Prosecutor. Uncertainties derived from these events have adversely affected the Brazilian economy and political environment. We have no control over and cannot predict developments in these investigations nor whether future investigations or allegations will result in further political and economic instability, which could adversely affect the trading price of securities issued by Brazilian companies, including ours.
Brazil is expected to hold general elections in 2026, including elections for president, members of congress and state‑level offices. Electoral cycles in Brazil have been associated with heightened political debate and social polarization. Increased ideological polarization, marked by greater fragmentation of public discourse and reduced trust in institutions, may contribute to higher levels of political and social tension, potentially increasing volatility and sensitivity to socio‑political shocks.
For a financial institution with nationwide operations and diversified exposure to households, companies and productive sectors, this environment may amplify institutional and operational uncertainties. Heightened social polarization may undermine economic confidence, affect risk perception, and influence macroeconomic variables such as consumption, investment and employment. In adverse scenarios, it could also lead to greater sectoral volatility, deterioration in clients’ payment capacity, higher delinquency levels, reputational risks related to misinformation, and reduced predictability of the regulatory and business environment.
The Brazilian Government has the power to implement economic policies and adopt governmental measures that may affect the operations and financial performance of companies operating in Brazil, including us. We cannot predict the policies that may be adopted or modified, or whether any such changes will adversely affect us or the Brazilian economy.
Political uncertainty and potential changes in federal government policies, including with respect to fiscal discipline and public spending, may materially adversely affect Brazil’s macroeconomic environment and the operations and financial performance of businesses operating in Brazil, including ours. These uncertainties may increase the volatility of the Brazilian securities market, including the trading price of our shares and securities, such as ADSs.
We cannot predict the scope, timing or impact of any policy changes, reforms or reversals that the government may implement, or their effect on our business or the Brazilian economy. In addition, uncertainty regarding the government’s ability to implement monetary, fiscal or social security reforms may adversely affect our operations and financial condition. Any of the foregoing factors may increase political and economic uncertainty and could have a material adverse effect on our business, financial condition and results of operations.
Exchange rate instability may adversely affect the Brazilian economy and, as a result, us.
The real has suffered significant depreciations and appreciations in relation to the U.S. dollar and other strong foreign currencies in the last four decades. During this period, the Brazilian Government implemented several economic plans and exchange rate policies, including sudden devaluations, periodic mini- devaluations, exchange controls, dual exchange rate markets and a floating exchange rate system. In 2023, the real appreciated by 7.2% against the U.S. dollar. In 2024, the real depreciated against the U.S. dollar, with the exchange rate reaching R$6.1923 per U.S.$1.00. As of December 31, 2025, the real appreciated by approximately 11.1% against the U.S. dollar, with the exchange rate reaching R$5.5024 per U.S.$1.00. We cannot assure that the real will not significantly appreciate or depreciate in relation to the U.S. dollar or
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other major currencies and we have no control over and cannot predict the Brazilian foreign exchange policy. Depreciation of the real may create additional inflationary pressures in Brazil and cause increases in interest rates, which may negatively affect the overall Brazilian economy and, consequently, us, due to decreased consumption and increased costs.
Any downgrading of Brazil’s credit rating may adversely affect us.
Credit ratings affect investors’ perceptions of risk and, as a result, the yields required on debt issuances in the financial markets. Rating agencies regularly evaluate Brazil and its sovereign ratings, taking into account several factors including macroeconomic trends, fiscal and budgetary conditions, indebtedness, and the prospect of change in these factors. As of the date of this annual report, Brazil’s sovereign credit ratings were BB with a stable outlook, Ba1 with stable outlook and BB with stable outlook by S&P, Moody’s and Fitch, respectively, which is below investment grade. Any downgrading in Brazil’s sovereign credit ratings may increase the perception of risk of investors and, as a result, adversely affect the price of securities issued by Brazilian companies, including us, adversely affecting our rating.
Communicable Diseases
The outbreak of communicable diseases around the world has led and may continue to lead to higher volatility in the global capital markets, adversely affecting the trading price of our securities, such as shares and ADSs.
Outbreaks of communicable diseases, including epidemics and pandemics, whether recurring or novel, may adversely affect global and regional economic conditions, financial markets and the markets in which our securities are traded, including in Brazil. Public health emergencies have historically resulted in disruptions to economic activity, increased market volatility and constraints on the movement of people, goods and services, which could negatively affect our operations, financial condition, and results of operations. Communicable disease outbreaks may also contribute to heightened volatility in global and Brazilian financial markets, including fluctuations in equity prices, interest rates, exchange rates and credit availability.
Measures that may be taken by governmental authorities worldwide, including in Brazil, to stabilize markets and support economic growth in the case of an outbreak of an epidemic or pandemic may not be sufficient to control volatility or to prevent serious and prolonged reductions in economic activity. The extent to which any future epidemic or pandemic may affect our business will depend on various factors that are difficult to predict, including the geographic scope, severity and duration of the outbreak; the effectiveness and timing of containment and mitigation measures; behavioral responses by consumers and market participants; and the scale and consequences of governmental actions. These effects could exacerbate other risks described in this annual report and may have a material adverse effect on our business, financial condition, results of operations and the market price of our shares and our ADSs.
Regulatory, Compliance and Legal
We are subject to regulation on a consolidated basis and may be subject to liquidation or intervention on a consolidated basis.
We, through our subsidiaries, operate in several sectors related to the provision of credit and financial services. For purposes of regulation and supervision, the Central Bank deems Itaú Unibanco, its subsidiaries and certain affiliates to be a single financial institution. While our consolidated capital base provides financial strength and flexibility to our subsidiaries and affiliates, their individual activities could indirectly put our capital base at risk. Any investigation or intervention by the Central Bank in the affairs of any of our subsidiaries and affiliates could have a material adverse impact on our other subsidiaries and affiliates and ultimately on us. If we or any of our financial subsidiaries become insolvent, the Central Bank may carry out an intervention or liquidation process on a consolidated basis rather than conduct such procedures for each individual entity. In the event of an intervention or a liquidation process on a consolidated basis, our creditors would have direct claims on our assets and the assets of our consolidated financial subsidiaries. In this case, claims of creditors of the same nature held against us and our consolidated financial subsidiaries would rank equally in respect of payment. Conversely, if the Central Bank carries out a liquidation or intervention process with respect to us or any of our financial subsidiaries on an individual basis, our creditors would not have a direct claim on the assets of such financial subsidiaries, and the creditors of such financial subsidiaries would have priority in relation to our creditors in connection with such financial subsidiaries’ assets. In addition, the Central Bank also has the authority to carry out other corporate reorganizations or transfers of control under an intervention or liquidation process, which may adversely affect us.
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Changes in applicable law or regulations may have a material adverse effect on our business.
Brazilian banks, including us, are subject to extensive and continuous regulations and regulatory supervision by the Brazilian Government, principally by the Central Bank. Changes in the law or regulations applicable to financial institutions in Brazil may adversely affect our operations, especially regulations imposing:
•minimum capital requirements and Basel III operational risk;
•reserve and compulsory deposit requirements;
•insurance regulations;
•restrictions on credit card and payroll loans activities, among other products and services offered by us;
•minimum levels for federal housing and rural sector lending;
•funding restrictions;
•lending limits, earmarked lending and other credit restrictions;
•limits on investments in property, plant and equipment;
•environmental, social, and corporate governance requirements;
•restrictions on remittances abroad and other exchange controls;
•limitations on charging of commissions and fees by financial institutions for services to retail clients and the amount of interest financial institutions can charge;
•accounting and statistical requirements; and
•other requirements or limitations in the context of a global financial crisis.
The regulatory framework governing Brazilian financial institutions, including banks, broker-dealers and leasing companies, and Brazilian insurance companies is continuously evolving. Disruptions and volatility in the global financial markets resulting in liquidity problems at major international financial institutions could lead the Brazilian Government to change laws and regulations applicable to Brazilian financial institutions based on international developments. Any such changes or new laws and regulations could adversely affect us.
We also have operations outside of Brazil, including, but not limited to, Bahamas, The Cayman Islands, Chile, Colombia, Paraguay, Portugal, Switzerland, the United Kingdom, the U.S. and Uruguay. Changes in the laws or regulations applicable to our business in the countries where we operate, or the adoption of new laws, and related regulations, may have an adverse effect on us.
For more information on the regulations applicable to our business, see “Item 4B. Business Overview—Supervision and Regulation.”
Increases in compulsory deposit requirements may have a material adverse effect on us.
The Central Bank has periodically changed the level of reserves and compulsory deposits that financial institutions in Brazil are required to maintain with the Central Bank. The Central Bank may increase the reserve and compulsory deposits requirements or impose new requirements. Increases in reserve and compulsory deposit requirements reduce our liquidity to make loans and other investments and, as a result, may have a material adverse effect on business, financial condition and results of our operations.
Any changes in tax law, tax reforms or review of the tax treatment of our activities may adversely affect us.
The Brazilian Government regularly amends tax laws and regulations, that may create new taxes, modify tax rates and change the calculation basis, taking into account that some of the changes may be applicable solely to the banking industry. The effects of these possible changes and any other changes that may result from the enactment of tax reforms or changes in the tax policy cannot be quantified and there can be no assurance that any of these amendments will not have an adverse effect upon our business. Furthermore, some of these amendments, if issued, may lead to a possible increase, directly or indirectly, in our tax burden, which may adversely affect our business and operating results.
On December 20, 2023, the Tax Reform was approved and converted into Constitutional Amendment No. 132, effective as of December 21, 2023, and the new taxes to be implemented as from 2026 (as a testing period). Although, the new taxes
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have already been partially regulated under Complementary Law No. 214/2025 and Complementary Law No. 227/2026, several points are still pending to be regulated, therefore, we cannot assess the ultimate impact of the Tax Reform, the implementing legislation and regulations thereunder, or the effect that such changes may have on our business, financial condition or results of operations. For further information on the tax regulatory framework, see “Item 4B. Business Overview––Taxes on our operations — Brazil’s consumption Tax Reform is issued.” We note that the taxation of dividend distributions to Brazilian legal entities and the possible elimination of the deductibility of interest on capital remain subject to potential legislative and regulatory changes, although we cannot affirm whether the Brazilian Government will implement or not a further tax reform or other chances to applicable laws and regulations.
In addition, certain tax laws and regulations may be subject to controversial interpretations. As part of our ordinary course of business, we are subject to inspections by federal, municipal, and state tax authorities. If the tax authorities or courts interpret the tax laws inconsistently with our interpretation, we may be adversely affected, including the payment in full of taxes due, plus charges and penalties, which could adversely affect our results of operations.
Our insurance operations are subject to oversight by regulatory agencies and we may be negatively affected by penalties imposed by them.
We offer certain insurance products, including but not limited to health, life and car insurance. Insurance companies are subject to regulation and supervision from the SUSEP, including the possibility of intervention and/or liquidation in case of insufficient resources, technical reserves, or poor economic condition. In addition, insurance companies are subject to pecuniary penalties, warnings, suspension of authorization of activities and disqualification from engaging in business activities.
As we provide health insurance products, we are also subject to the regulations of the ANS. Health insurance companies facing financial distress or carrying out activities irregularly may be subject to penalties by ANS that range from warnings to the cancellation of the company’s authorization to operate and sale of its portfolio. In addition, ANS may also impose fiscal or technical direction regime or extrajudicial liquidation. Any changes in regulations imposed and penalties applied by SUSEP and ANS may adversely affect our insurance operations.
We are subject to financial and reputational risks arising from legal and regulatory proceedings.
As part of the ordinary course of our business, we face the risk of losses arising from legal and regulatory proceedings, including but not limited to civil, labor and tax proceedings, that could subject us to inspections, monetary judgments, regulatory enforcement actions, compensation for damages, fines and penalties. We cannot predict the outcome of pending proceedings, or the potential loss, fines and penalties related to each pending matter. Accordingly, lawsuits and regulatory enforcement actions have resulted and will likely continue to result in judgments, settlement orders, penalties and fines that could have a material adverse effect on us.
We are a defendant in lawsuits for the collection of understated inflation adjustment for savings resulting from the economic plans implemented in the 1980s and 1990s by the Brazilian Federal Government as a measure to combat inflation. For further information on risks arising from Government Monetary Stabilization Plans, see “Item 8A. Civil Litigation.”
We have already provisioned for the potential effects arising from the adherence to the agreement and the STF’s judgment.
In addition, we record reserves for probable losses that can be reasonably estimated or as otherwise required by Brazilian law. In case we are required to pay amounts for which we have no provisions, or that are higher than the provisions we made, we may be materially adversely affected.
Market
The value of our investment securities and derivative financial instruments is subject to market fluctuations due to changes in Brazilian or international economic conditions and, as a result, may subject us to material losses.
In the ordinary course of our business, we use derivative financial instruments to hedge against currency risks and risk of losses due to movements in financial market prices in each of our business units, but we cannot guarantee that such use of derivatives will be sufficient to protect us against the aforementioned risks.
These investment securities and derivative financial instruments may cause us to record gains and losses at the time of sale or when they are marked to market, as the case may be, and may fluctuate considerably from period to period due to Brazilian and international economic conditions, including risks associated with transactions subject to variations in foreign exchange rates, interest rates, price indices, equity and commodity prices.
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We cannot predict the amount of realized or unrealized gains or losses for any future period. Gains or losses on our investment securities and derivative financial instruments may not contribute to our net revenue in the future or may cease to contribute to our net revenue at levels consistent with more recent periods or at all. In addition, we may not successfully realize the appreciation or depreciation in our consolidated investment securities and derivative financial instruments or any portion thereof. Any of these factors may materially adversely affect our results of operations and financial condition.
Mismatches between our loan portfolio and our sources of funds regarding interest rates and maturities could adversely affect us and our ability to expand our loan portfolio.
We are exposed to certain mismatches regarding interest rates and maturities between our credit portfolio and our sources of funds. A portion of our credit portfolio consists of floating and fixed interest rate and the profitability of credit operations depends on our ability to balance the cost to obtain funds with the interest rates charged to our clients. An increase in market interest rates in Brazil may increase our borrowing cost, especially the cost of time deposits, reducing the spread on loans, thus adversely affecting our operations. Any mismatch between our loan operations and related sources of funding may materially adversely affect us.
An increase in the total cost of funding sources may result in an increase in the interest rates that we charge on the loans we grant and may consequently affect our ability to attract new customers. A decrease in the growth of our credit operations, as well as the illiquidity resulting from an inability to raise funds continuously, could adversely affect us.
Credit
Our historical loan losses may not be indicative of future loan losses and changes in our business may adversely affect the quality of our loan portfolio.
As of December 31, 2025, our loan portfolio without endorsements and guarantees was R$1,083.8 billion, compared to R$1,025.5 billion as of December 31, 2024. Our allowance for loan losses was R$48.3 billion, representing 4.5% of our total loan portfolio, as of December 31, 2025, compared to R$49.0 billion, representing 4.8% of our total loan portfolio, as of December 31, 2024. Our historical loan loss experience may not be indicative of our future loan losses. The quality of our loan portfolio is associated with the default risk of our clients and the sectors in which we operate. A default by or a significant downgrade in the credit ratings of a borrower or other counterparty, or a decline in the credit quality or value of any underlying collateral, exposes us to credit risk. Additionally, despite our target client strategy, various macroeconomic, geopolitical, market and other factors, among other things, can increase our credit risk and credit costs, particularly for vulnerable sectors or industries or countries.
Changes in the Brazilian economic and political conditions, an increase in market competition, changes in regulation and in the tax regimes applicable to the sectors in which we operate and other related changes in countries in which we operate and in the international economic conditions, may also adversely affect the quality of our loan portfolio. Adverse changes affecting any large clients or the sectors to which we have significant lending exposure may have a material adverse impact on our business and our results of operations.
For example, historically, when Brazilian banks increased their loan portfolio to consumers, particularly in the retail sector, there was increased demand for credit card financing, which led to a significant rise in the level of consumer indebtedness, and consequently, to high nonperforming loan rates.
Our results of operations and financial condition depend on our ability to evaluate losses associated with the risks to which we are exposed. We recognize an allowance for loan losses based on our current assessment and expectations regarding various factors that affect the quality of our loan portfolio. We cannot guarantee that our assessment will result in fully sufficient provisions for the risks we are exposed to.
In addition, our provisioning models depend on the veracity of the financial information available from the companies we grant loans to. Accordingly, any fraud or misstatement in this information may lead us to misrecord provisions or to not make provisions when we should have made them.
If we are unable to control or reduce the level of non-performing or low-quality loans, we may be adversely affected.
Defaults by other financial institutions may adversely affect the financial markets in general and us.
The safety and soundness of several financial institutions may be closely interrelated as a result of credit, negotiation, settlement or other transactions among financial institutions. Accordingly, concerns regarding the default of a financial institution could cause significant liquidity problems, losses and/or default by other financial institutions. This systemic risk may adversely affect financial intermediaries, including clearing agencies, clearing houses, banks, securities companies, and stock exchanges with which we interact daily, including us.
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If the Central Bank intervenes in any other relevant Brazilian financial institution, we, together with medium-sized and smaller financial institutions, may be subject to deposit withdrawals and decreases in investments, which could adversely affect us.
Exposure to Brazilian Government debt could have a material adverse effect on us.
Like most Brazilian banks, we also invest in debt securities issued by the Brazilian Government. As of December 31, 2025, 19.0% of all our assets and 53.6% of our securities portfolio were comprised of these public debt securities. Any failure by the Brazilian Government to make timely payments under the terms of these securities, or a significant decrease in their market value, could negatively affect our results directly, through portfolio losses, and indirectly, through instabilities that a default in public debt could cause to the banking system as a whole.
We may incur losses associated with counterparty exposure risks.
We routinely conduct transactions with counterparties in the financial services industry, including brokers and dealers, commercial banks, investment banks, mutual and hedge funds and other institutional clients. We may incur losses if any of our counterparties fail to honor their contractual obligations, including because of bankruptcy, lack of liquidity, operational failure or other reasons outside our control. This risk may arise, for example, from our entering into reinsurance agreements or credit agreements pursuant to which counterparties have obligations to make payments to us and are unable to do so, or from our carrying out transactions in the foreign currency market (or other markets) that fail to be settled at the specified time due to non-delivery by the counterparty, clearing house or other financial intermediary. Any failure by a counterparty to meet its contractual obligations may adversely affect our financial performance.
Liquidity
We face risks relating to liquidity of our capital resources.
Liquidity risk, as we understand it, is the risk that we will not have sufficient financial resources to meet our obligations by the respective maturity dates or that we will honor such obligations but at an excessive cost. This risk is inherent in the activities of any commercial or retail bank.
Our capacity and cost of funding, including the availability of retail deposits, may be impacted by several factors, such as changes in market conditions (e.g., in interest rates), credit supply, regulatory changes, systemic shocks in the banking sector, and changes in the market’s perception of us, among other factors. The occurrence of any of these factors could materially adversely affect our financial position and results of operations, including by increasing the amount of retail deposit withdrawals by our customers in a short period of time.
In scenarios where access to funding is scarce and/or becomes too expensive, and the access to capital markets is either not possible or is limited, we may have to increase the return rate paid to deposits made to attract more clients and/or to settle assets not compromised and/or potentially devalued so that we will be able to meet our obligations. If the market liquidity is reduced, the demand pressure may have a negative impact on prices, since natural buyers may not be immediately available. Should this happen, we may have a significant decrease in the value of the assets, which will impact our results and financial position. The persistence or worsening of such adverse market conditions or rises in basic interest rates may have a material adverse impact on our capacity to access capital markets and on our cost of funding, which may adversely affect our results of operations and financial condition.
Adverse developments affecting the financial services industry, such as current events or concerns involving liquidity, defaults, or nonperformance by financial institutions or transactional counterparties, could adversely affect our current and projected business operations, financial condition and results of operations.
Events involving reduced or limited liquidity, defaults, nonperformance or other adverse developments that affect financial institutions or other companies in the financial services industry or the financial services industry generally, or concerns or rumors about any events of these kinds, have in the past and may in the future lead to market-wide liquidity problems. For example, on March 10, 2023, Silicon Valley Bank, was closed by the California Department of Financial Protection and Innovation, which appointed the Federal Deposit Insurance Corporation as receiver. Similarly, on March 12, 2023, Signature Bank and Silvergate Capital Corp. were each swept into receivership. Similar events involving other financial institutions, including failures, insolvencies, resolutions, interventions or perceived financial weakness of banks or other financial institutions, have occurred and may occur in the future in Brazil and in other markets in which we operate, whether or not we have direct exposure to such institutions. These events increase investor concerns regarding local or international financial systems which can affect commercial financing terms, including higher interest rates or costs and tighter financial and operating covenants, or systemic limitations on access to credit and liquidity sources, thereby making it more difficult for us to acquire financing. Such developments may also contribute to broader market volatility, reduced
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liquidity and tighter credit conditions. If other banks and financial institutions enter receivership or become insolvent in the future in response to financial conditions affecting the banking system and financial markets, our ability to access our cash and cash equivalents and investments in marketable securities may be threatened. The failure, insolvency or resolution of a financial institution could result in, among other things, the loss of, or inability to access, cash deposits, investments, credit facilities or other financial assets; delays, suspensions or failures in payment, clearing, settlement or custody services; and increased counterparty credit risk. Any decline in available funding or access to our cash and liquidity resources could, among other risks, adversely impact our ability to meet our operating expenses, financial obligations or fulfill our other obligations, or result in breaches of our financial and/or contractual obligations. Any of these impacts, or any other impacts resulting from the factors described above or other related or similar factors not described above, could have material adverse impacts on our liquidity and our current and/or projected business operations and financial condition and results of operations.
In 2025, the liquidation of a Brazilian financial institution required the activation of the FGC. Stress events may occur in the Brazilian financial system, particularly during periods of tighter financial conditions or as a result of institution specific events. The resolution or liquidation of financial institutions may increase uncertainty and reduce market confidence, potentially resulting in liquidity pressures, changes in funding conditions and heightened risk aversion among depositors and investors, which could adversely affect our operations and liquidity management.
A downgrade in our credit ratings may adversely affect our access to funding or to the capital markets, increase our cost of funding or trigger additional collateral or funding requirements.
Our ability to raise capital and associated costs may be directly impacted by our credit ratings, as determined by independent rating agencies. Any downgrade or placement on ‘negative outlook’ could have an adverse impact on our liquidity, restrict access to credit and debt markets, and weaken our competitive position, particularly in transactions where counterparty creditworthiness is essential. Furthermore, a downgrade could trigger ‘ratings-based’ clauses in our financing and derivative agreements, resulting in the immediate need to deliver additional collateral or the acceleration of certain debt obligations. Such events would adversely affect our cash flow, interest margins, and overall results of operations.
Business Operations
A failure in, or breach of, our operational, security or IT systems could temporarily interrupt our businesses, increasing our costs and causing losses.
Due to the high volume of daily data processing, we are dependent on technology and management of information, which exposes us to the risk of unavailability of systems and infrastructure, such as power outages, breakdowns, interruption of telecommunication services, and generalized system failures, as well as internal and external events that may affect third parties with which we do business or that are crucial to our business activities (including stock exchanges, clearing houses, financial dealers or service providers) and events resulting from wider political or social issues, such as cyberattacks or unauthorized disclosures of personal information in our possession. Additionally, we operate in many geographic locations and are frequently subject to the occurrence of events beyond our control. The contingency plans we have in place may not be sufficient to prevent our ability to conduct business from being adversely impacted by failures in the infrastructure that supports our business. We are strongly dependent on technology and thus are vulnerable to viruses, worms and other malicious software, including “bugs” and other problems that could unexpectedly interfere with the operation of our systems and result in data leakage.
Operating failures, including those that result from human error or fraud, not only increase our costs and cause losses, but may also give rise to conflicts with our clients, lawsuits, punitive damage to third parties, regulatory fines, sanctions, interventions, and other indemnity costs, all of which may have a material adverse effect on our business, reputation and results of operations.
Additionally, we depend on certain third-party services for the proper functioning of our business and technology infrastructure, such as call centers, networks, internet and systems, among others, provided by external or outsourced companies, and rely to some extent on third-party data management providers. Interruptions in the provision of these services or data, caused by the lack of supply or the poor quality of the contracted services, among other factors, can affect the conduct of our business as well as our clients.

As the regulatory framework for AI and machine learning technology evolves, our business, financial condition and results of operations may be adversely affected.
The adoption of AI presents both significant opportunities and challenges.
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The potential for disruptive innovations through the use of AI is undeniable, as it can optimize operations, personalize customer services, and increase efficiency, bringing significant competitive advantages. On the other hand, public perception and acceptance of AI, along with potential impacts on reputation stemming from technology failures, highlight the importance of robust risk and data management and the adoption of ethical, transparent, and responsible AI practices. Compliance with personal data regulations and emerging AI-specific regulations is essential, as risks related to privacy, data security, and potential algorithmic biases are significant in these technologies
The regulatory framework for AI and machine learning technology is evolving and remains uncertain. It is possible that new laws and regulations will be implemented, or existing laws and regulations may be interpreted in new ways that would affect the operation of our platform and the way in which we use AI and machine learning technology, including with respect to fair lending laws.
Brazil is considering a new national framework to regulate the development and use of AI systems. In particular, , Bill No. 2,338/2023 is under discussion in the Brazilian Congress to establish a national regulatory framework covering the development, use, and governance of AI systems in Brazil. The text, which sets out obligations and requirements for AI agents, was approved by the National Senate in December 2024 and is currently under review by the House of Representatives and, if approved, will move on for presidential assent or veto. AI-related initiatives are also emerging at the state and municipal levels in Brazil. Given that we have AI systems in place, the cost of complying with such laws or regulations could be significant and increase our operating expenses, which would adversely affect our business, financial condition and results of operations.
Failure to protect personal data could adversely affect us.
We manage and hold confidential personal information of identified or identifiable individuals , including clients in the ordinary course of our business. Although we have procedures and controls to safeguard personal information in our possession, unauthorized disclosures, hacker attacks or security breaches could subject us to legal action and administrative sanctions, as well as damage that could materially adversely affect our operating results, reputation, financial condition and prospects.
Administrative sanctions include, but are not limited to, sanctions for non-compliance with foreign data protection laws, as applicable, and with the LGPD, which sets forth the scenarios in which personal data can be handled, either by physical or digital means, and protects the data subjects from improper use of their data.
In addition, pursuant to the LGPD, we may be required to comply with international transfer of personal data requirements and to report security incidents involving personal data issues, incidents where client information may be compromised, unauthorized access and other security breaches, to the relevant regulatory authority and to the subjects affected. Any material disruption or slowdown of our systems could cause information, including data related to client requests, to be lost or to be delivered to our clients with delays or errors, which could reduce demand for our services, and subject us to administrative sanctions. All of these factors could cause a material adverse effect on our reputation, business, results of operations and financial condition.
Failure to adequately protect ourselves against risks relating to cybersecurity could materially adversely affect us.
We are exposed to failures, deficiency or inadequacy of our internal processes, human error or misconduct and cyberattacks. Our information systems may be vulnerable to service interruptions and security breaches by hackers and cyberterrorists, which continue to evolve in scope and sophistication, causing us to incur significant costs in our ever-evolving efforts to enhance our protective measures against such attacks, or to investigate or remediate any vulnerability or resulting breach.
Risks related to cybersecurity incidents include but are not limited to: (i) penetration into our information technology systems and platforms, by ill-intentioned third parties with the object to fraud, (ii) infiltration of malware and viruses into our systems, (iii) contamination of our networks and systems by third parties with whom we exchange data, (iv) unauthorized access to confidential information by persons inside or outside Itaú Unibanco, (v) cyberattacks causing systems degradation or service unavailability that may result in business losses, and (vi) security weaknesses or control failures at financial institutions, payment processors and other third parties within the Brazilian National Financial System ecosystem, which may expose us to fraud attempts and increase operational and reputational risks.
In recent years computer systems of companies and organizations have increasingly been targeted not only by cybercriminals, but also by activists and rogue states. We are exposed to these risks throughout the entire lifecycle of information, from collection through processing, transmission, storage, analysis and destruction.

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A successful cyberattack may result in unavailability of our services used by our clients, leak of, or compromise of the integrity of information and could give rise to the loss of significant amounts of client data and other sensitive information, as well as damage to our reputation, directly affecting our clients and partner.
We are subject to various information security and cybersecurity regulations, including the LGPD, CVM Resolution No. 35/2021, CMN Resolution No. 4,893/2021, Central Bank Resolution No. 85/2021, SUSEP Circular No. 638/2021, and rules adopted by the SEC in 2023 on cybersecurity risk management, governance, strategy, and incident disclosure, among others. Compliance with these rules, as well as with any new or evolving regulations worldwide, requires significant investments in technology, processes, governance, and personnel, and may require changes to our products, services, or data practices. Failure to comply or to maintain timely and effective compliance could result in enforcement actions, fines or penalties, and could materially and adversely affect our business, financial condition, results of operations, competitiveness, and customer experience. For more information on cybersecurity regulation, see “Section 4B. Business Overview—General Laws and Regulations Affecting the Financial System––Cybersecurity Regulation.”
We are exposed to cyber risks, including potential failures in our cybersecurity systems and vulnerabilities in the technologies or services provided by third parties. Despite our monitoring and risk management efforts, we cannot guarantee that all cyber threats will be prevented or detected. Any successful cyberattack or breach could materially and adversely affect our operations, financial condition, and results of operations.
The loss of senior management, or our inability to attract and maintain key personnel could have a material adverse effect on us.
Our ability to maintain our competitive position and implement our strategy depends on our senior management and key personnel.
Competition for qualified personnel in the financial services industry is intense, particularly due to the entrance of emerging competitors, such as fintechs and start-ups. Our performance and success depend on highly skilled individuals, and on the technical skills of certain key personnel (such as data scientists, product managers, designers, IT personnel and others) who are difficult to be replaced. Moreover, we face the challenge to provide a new experience to employees, so that we are able to attract and retain qualified professionals who value a work environment offering equal, diverse and meritocratic opportunities and who wish to build up their careers in dynamic and cooperative workplaces.
In addition, the increased competition and the entry of technological companies in the financial sector have led us to invest not only in traditional career paths but also in career strands more aligned with newest and future generations and organizational needs.
The loss of some of the members of our senior management, including successors to crucial leadership positions, as well as their relationships with our clients, or our inability to attract, develop, motivate and retain qualified personnel, could have a material adverse effect on our operations, performance and our ability to implement our strategy.
We are subject to anticorruption and anti-money laundering laws and regulations, and any errors, failures, or delays in complying with these laws and regulations could result in administrative and judicial sanctions, and have an adverse effect on us.
We are subject to Brazilian anticorruption and anti-money laundering legislation, as well as similar legislation in other countries where we have branches and operations, in addition to other anticorruption and anti-money laundering laws and regulatory regimes with a transnational scope. These laws require the adoption of procedures to mitigate the risk that any person acting on our behalf may offer an improper advantage to a public agent in order to obtain benefits of any kind, or may be involved in transferring the proceeds of criminal activities. Applicable transnational legislation, such as the U.S. Foreign Corrupt Practices Act, the U.S. Currency and Foreign Transactions Reporting Act of 1970 and the U.K. Bribery Act, as well as the applicable Brazilian legislation, mainly the Brazilian Anti-Corruption Law and the Brazilian Anti-Money Laundering Law, require us, among other things, to have policies and procedures aimed at preventing any illegal or improper activities related to anti-money laundering or corruption involving government entities and officials in order to secure any business advantage, and require us to maintain accurate books and a system of internal controls to ensure the accuracy of our books and prevent illegal activities. We have policies and procedures designed to comply with anticorruption and anti-money laundering legal and regulatory requirements.
See “Item 4B. Business Overview—Supervision and Regulation” for further details. However, any errors, failures, or delays in complying with anticorruption and anti-money laundering laws and regulations, including unauthorized actions by our managers, officers, employees or third parties acting on our behalf in breach of our internal policies, could result in significant criminal, administrative and civil lawsuits, penalties, forfeiture of significant assets, or other enforcement actions, as well as reputational harm. The perception or allegations that we, our employees, our affiliates or other persons
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or entities associated with us have engaged in any such improper conduct, even if unsubstantiated, may cause significant reputational harm and other adverse effects.
We operate in international markets which subject us to risks associated with the legislative, judicial, accounting, regulatory, political and economic risks and conditions specific to such markets, which could adversely affect us or our foreign units.
We operate in various jurisdictions outside of Brazil through branches, subsidiaries and affiliates, and we expect to continue to expand our international presence.
We face, and expect to continue to face, additional risks in the case of our existing and future international operations, including:
•political instability, adverse changes in diplomatic relations and unfavorable economic and business conditions in the markets in which we currently have international operations or into which we may expand;
•more restrictive or inconsistent government and local central banks’ regulation of financial services, which could result in increased compliance costs and/or otherwise restrict the manner in which we provide our services; and
•difficulties in managing operations and adapting to cultural differences, including issues associated with (i) business practices and customs that are common in certain foreign countries but might be prohibited by Brazilian law and our internal policies and procedures and (ii) management and operational systems and infrastructures, including internal financial control and reporting systems and functions, staffing and managing of foreign operations, which we might not be able to do effectively or cost-efficiently
As we expand, these and additional markets risks could be more significant and have the potential to have an adverse impact on us.
New lines of business, new products and services or strategic project initiatives subject us to new or additional risks, and the failure to implement these initiatives could adversely affect our reputation, business and results of operations.
From time to time, we have launched new lines of business, offered new products and services within existing lines of business or undertaken strategic projects. There are substantial risks and uncertainties associated with these efforts, including with respect to projects that involve the adoption of new and evolving technologies, such as artificial intelligence, and asset classes, such as digital assets and carbon credits. We may invest significant time and resources in developing and marketing these new lines of business, products and services, which may not operate or perform as expected, nor generate the expected results. The initial timetables for the development and introduction of new lines of business or new products or services and price and profitability targets may not be met. Moreover, regulatory requirements can affect whether and how initiatives are able to be brought to market in a manner that is timely and attractive to our customers. There are new technologies and asset classes that are not only new for us but also relatively new to the financial markets more broadly and in most cases are not yet fully regulated. Therefore, any updates to the regulatory landscape, including accounting requirements and enforcement actions by regulators, may limit our ability to pursue strategic initiatives or result in significant costs. Especially when compared with our activities involving traditional assets, these new lines of businesses may introduce incremental or unique risks, particularly those associated with cybersecurity exposures and third-party dependencies, as well as reputational, technology, legal and regulatory risks.
Furthermore, our revenues and costs may fluctuate because new businesses or products and services generally require startup costs while revenues may take time to develop, which may adversely impact our results of operations. If management makes choices about these initiatives that prove to be incorrect, are based on incomplete, inaccurate or fraudulent information, fail to accurately assess the competitive landscape and industry trends or are unable to address the expectations of various stakeholders, then the value and growth prospects of our business may be affected. Further, these initiatives often place significant demands on management and a limited number of employees with subject matter expertise and may involve significant costs to implement, as well as increase operational risk as we develop and implement related controls, processes and procedures and employees learn to operate under new systems, controls, processes and procedures. The failure to successfully execute or monitor these initiatives could adversely impact our business, reputation and results of operations. Legal, operational, regulatory and reputational risks may also exist in connection with dealing with new products, technologies or markets, or clients and customers whose businesses focus on such products, technologies or markets, where there is regulatory uncertainty or different or conflicting regulations depending on the regulator or the jurisdiction. We may invest significant time and resources into the expansion of existing or creation of new
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compliance and risk management systems with respect to new products, technologies or markets, which may increase our costs and expenses, and adversely affect our results of operations.
Strategy
The integration of acquired or merged businesses involves certain risks that may have a material adverse effect on us.
As part of our growth strategy in the Brazilian and Latin American financial sectors, we have engaged in several mergers, acquisitions and partnerships with other companies and financial institutions in the past and may pursue further transactions in the future. Any such transactions involve risks, such as the possible incurrence of unanticipated costs as a result of difficulties in integrating finance and accounting systems and personnel platforms, failure in diligence or the occurrence of unanticipated liabilities and contingencies, as well as the breach of the transaction agreements by counterparties, among other risks.
Whenever we announce such transactions, our stock price may drop depending on the characteristics of the transaction and the companies involved.
In addition, we may not achieve the operating and financial synergies and other benefits that we expected from the transaction in a timely manner, on a cost-effective basis or at all. There is also a risk that antitrust and other regulatory authorities may impose restrictions or limitations on the transactions or on the businesses that arise therefrom or impose fines or sanctions due to the interpretation by the authorities of irregularities with respect to the transaction.
If we are unable to take advantage of business growth opportunities, cost savings, operating efficiencies, revenue synergies and other benefits we anticipate from mergers, acquisitions and partnerships, or if we incur greater integration costs than we have estimated, we may be adversely affected.
Our controlling stockholder has the ability to direct our business
As of December 31, 2025, IUPAR, our controlling stockholder, directly owned 51.71% of our common shares and 26.35% of our total share capital, giving it the power to appoint and remove our directors and officers and determine the outcome of any action requiring stockholder approval, including transactions with related parties, corporate reorganizations and the timing and payments of dividends.
In addition, IUPAR is jointly controlled by (i) Itaúsa, which, in turn, is controlled by the Egydio de Souza Aranha family (which comprises the Setubal and Villela families), and (ii) Cia. E. Johnston, which in turn is controlled by the Moreira Salles family. The interests of IUPAR, Itaúsa and the Egydio de Souza Aranha and Moreira Salles families may be different from the interests of our other stockholders.
Certain of our directors are affiliates of IUPAR and circumstances may arise in which the interests of IUPAR and its affiliates conflict with the interests of our other stockholders. While Brazilian Corporate Law requires that the controlling shareholders vote in the best interest of the company, to the extent that these and other conflicting interests exist, the protection of Itaú Unibanco’s and our other shareholders’ interests will depend on our directors duly exercising their fiduciary duties as members of our board of directors and abstaining from voting in cases of conflict of interest.
Management and Financial Reporting
Our policies, procedures and models related to risk control may be ineffective and our results may be adversely affected by unexpected losses.
Our methods, procedures, and policies for managing market, credit, and operational risks, including tools and statistical models for risk measurement - such as VaR for market risk and models that estimate default probabilities for credit risk or models of unusual customer behavior for fraud detection or identifying money laundering risk - may not be fully effective in mitigating our risk exposure in all economic environments or against all types of risks, including those that we cannot identify or predict. Some of our qualitative tools and metrics for managing risk are based on our observations of the historical market behavior. Furthermore, due to the limited information available in Brazil to assess customers’ creditworthiness, we rely largely on information from our own databases, certain publicly available consumer credit information, and other sources. We apply statistical tools, among others, to these observations and data to quantify our risk exposure. These tools and metrics may fail to predict all types of future risk exposures, which could arise, for example, from factors we did not anticipate or correctly evaluate in our statistical models. This would limit our ability to manage our risks. Our losses, therefore, could be significantly greater than indicated by historical measures. In addition, our quantitative modeling may not take all risks into account. Our qualitative approach to managing those risks could prove insufficient, exposing us to material unexpected losses. If existing or potential customers believe our risk management is inadequate, they may end their relationship with us, which could harm our reputation as well as our revenues and profits.
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Our operating results and financial position depend on our ability to evaluate losses associated with risks to which we are exposed and to incorporate these risks into our pricing policies. We establish provisions for loan losses aiming at ensuring an allowance level compatible with expected loss, in accordance with internal models for credit risk measurement. This calculation also involves significant judgment capabilities from our management. Such judgments may prove to be incorrect or change in the future, depending on information as it becomes available. These factors may adversely affect us.
Inadequate pricing methodologies for insurance, pension plan and premium bond products may adversely affect us.
Our insurance and pension plan business sets prices and establishes reserves based upon actuarial or statistical estimates. The pricing of our insurance and pension plan products is based on models that include assumptions and projections that may prove to be incorrect, since these assumptions and projections involve the exercise of judgment with respect to the levels and timing of receipt or payment of premiums, contributions, provisions, benefits, claims, expenses, interest, investment results, retirement, mortality, morbidity, and persistence. We could suffer losses due to events that are contrary to our expectations directly or indirectly based on incorrect biometric and economic assumptions or faulty actuarial bases used for contribution and provision calculations.
Although we annually review the pricing of our insurance and pension plan products and the adequacy of the associated reserves, we cannot accurately determine whether the assets supporting our policy liabilities, together with future premiums and contributions, will be sufficient for the payment of benefits, claims, and expenses. Significant deviations from our pricing assumptions could have an adverse effect on the profitability of our insurance and pension products. In addition, if we conclude that our reserves and future premiums are insufficient to cover future policy benefits and claims, we will be required to increase our reserves and record these effects in our financial statements, which may have a material adverse effect on us.
Competition
The increasingly competitive environment in the Brazilian banking industry may have a material adverse effect on us.
The Brazilian market for financial services is highly competitive. We face increasing and significant competition from other Brazilian and international banks, in addition to other non-financial companies competing in certain segments of the financial industry in which we operate. These latter competitors may not be subject to the same regulatory framework and capital requirements that we are and, therefore, may be able to operate with less stringent regulatory requirements.
Competition has increased among financial institutions in Brazil as a result of, among other things, recent regulations that (i) increase the ability of clients to switch business between financial institutions, (ii) with the client’s permission, grant access to financial and personal information in such institutions, and (iii) establish rules for an instant payment arrangement. Furthermore, the use of digital channels has risen steadily over the past few years and is changing the way that customers access financial services. In this context, new competitors are seeking to disrupt existing business models through technological alternatives to traditional financial services. If we are not able to successfully compete with these disruptive business models and markets (such as startups and fintechs), we may lose market share. The increased competition may also adversely affect us by, among other things, limiting our ability to retain or increase our current client base and to expand our operations, or by impacting the fees and rates we adopt, which could reduce our profit margins on financial and other services and products we offer.
We are subject to Brazilian antitrust legislation and that of other countries in which we operate or will possibly operate.
Brazilian Law No. 12,529/11 (the “Brazilian Antitrust Law”) requires that transactions resulting in economic concentration should be submitted to the Brazilian antitrust authority, CADE, for prior approval in the event these transactions meet a number of specific criteria. The closing of a transaction without CADE’s approval subjects the parties to fines ranging from R$60,000 to R$60 million, the nullity of the relevant transaction agreement, as well as potential administrative proceedings against the parties involved. In addition, the Central Bank regulations require that financial institutions submit certain transactions that may cause concentration between two or more financial institutions authorized to operate by the Central Bank to the Central Bank’s antitrust department for prior approval.
As we have a significant market share in the Brazilian banking market in case of allegations of anticompetitive conduct, we may be subject to penalties from CADE, especially administrative fines of 0.1% to 20% of our gross revenues and divestiture of assets. Additionally, we are subject to the antitrust legislation of the countries where we operate, such as the antitrust laws of the U.S. (Sherman Act and Clayton Antitrust Act) and of the European Union (Articles 101 and 102 of the Treaty on the Functioning of the European Union). Accordingly, we cannot assure you that Brazilian and foreign antitrust regulations, to the extent applicable to us, will not adversely affect our business and results of operations in the future.
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Our Antitrust Corporate Policy is available on our investors relations website and is not incorporated by reference into this annual report.
Reputational
Damage to our reputation could harm our business and outlook.
We are highly dependent on our image and credibility to generate business. Several factors may tarnish our reputation and generate a negative perception of the institution by our clients, counterparties, stockholders, investors, regulators, commercial partners and other stakeholders, such as noncompliance with legal obligations, making irregular sales to clients, dealing with suppliers with questionable ethics, unauthorized disclosure of client data, inappropriate behavior by our employees, and third-party failures in risk management, among others. We can also be subject to step-in risk, which occurs when financial institutions need to provide financial support or intervene in the operations of companies outside the Itaú Unibanco Group in times of financial distress to avoid legal, operational or reputation issues for the institution. This specific risk is monitored quarterly and reported to our regulators in Brazil. Moreover, we cannot assure you that members of management, employees and individuals acting on our behalf, will not associate themselves with political parties nor engage in political agendas. We also cannot assure you that members of management, employees and individuals acting on our behalf will comply at all times with our internal policies, such as was recently the case with certain former executives involving immaterial amounts, and that our internal procedures will effectively monitor and identify any and all misbehavior. Any failure to comply with our internal policies and behavioral deviations, such as inappropriate practices and improper use of information, may adversely affect our reputation.
In addition, certain significant actions taken by third parties, such as competitors or other market participants, may indirectly damage our reputation with customers, investors, and the market in general. If we are unable, or perceived as unable, to properly address these issues, we may be subject to penalties, fines, class actions, and regulatory investigations, among other sanctions and consequences.
Concentration
We face risks related to market concentration.
Concentration risk is the risk of loss associated with significant exposure to a particular counterparty, to counterparties operating in the same economic sector, to an industry, geographic region, business segment, credit products, risk mitigation instruments, index or currency, risks associated with climate, social and environmental matters, among other factors.
If we are unable to diversify transactions related to a specific risk component, our exposure and vulnerability to that component will increase, and any change or termination regarding these transactions could have a significant adverse effect on our results of operations and our financial condition.
For further information on the concentration of our loan portfolio, see “Note 10 – Loan and Lease Operations” to our consolidated financial statements prepared in accordance with IFRS.
Social, Environmental and Climate Change
We may incur financial and reputational losses as result of environmental and social risks.
We, as a financial institution, are subject to environmental and social risks, which may potentially affect our operations, our business activities and the revenues of our clients, especially in case of serious social and/or environmental incidents which may result in regulatory penalties or sanctions. Brazilian law provides that we can be indirectly liable (jointly or severally) for providing financial support to a project or company that causes environmental damage or, for example, is found to have engaged in activities that violate human rights (such as child labor, prostitution and modern slavery), which could also expose us to further reputational risks.
In addition, we may not only face increased compliance costs due to new regulatory initiatives related to ESG, but we can also face limitations to our ability to pursue certain business opportunities. In this respect, the Central Bank determines that banks must add social, environmental and climate aspects within the scope of an integrated risk management framework, pursuant to CMN Resolution No 4,557/17 as amended. Accordingly, we are required to identify, measure, evaluate, monitor, control, and mitigate social, environmental and climate risks that could represent potential losses to us, both financially and non-financially. Additionally, pursuant to CVM Resolution No. 193/23 and CMN Resolution No. 5,185/2024, we are required to prepare and publicly disclose a sustainability-related financial report in accordance with IFRS S1 and IFRS S2, with such requirements becoming effective as from fiscal year 2026. The preparation to implement these requirements has begun and is expected to increase our legal, accounting and compliance costs and require significant management time and resources. Moreover, any failure to comply with these requirements, or any deficiencies or
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inaccuracies in such disclosures, could subject us to regulatory scrutiny, adversely affecting investor confidence and exposing us to reputational harm. For further details on the requirements of IFRS S1 and S2, see “Item 4A. History and Development of the Company—New Accounting Criteria and Accounting Standards.”

Climate change may have adverse effects on our business and financial condition.
Climate change related risks have gained increasing social, regulatory, economic, and political relevance, both in Brazil and internationally. New regulations related to climate change may affect our operations and business strategy, leading us to incur financial costs resulting from physical and transition climate risks, as well as climate-related lawsuits.
Physical climate risks are those that arise from changes in climate and weather that can impact the economy. These risks can be chronic, such as the rise in global average temperatures leading to increases in sea levels, or acute climate risks, such as extreme weather events, including, but not limited to floods, wildfires and hurricanes. Such disasters could adversely affect our clients’ businesses as well as our own operations. We also face the risk of losses incurred because of physical damage to our branches, agencies, digital infrastructure and any potential business interruption caused by these events.
Physical risks could further cause market volatility and negatively affect the liquidity and credit worthiness, leading to higher nonperformance loans, write-offs, and impairment charges in our portfolios. Extreme climate events can weaken the ability of individuals and businesses in impacted areas to meet their financial obligations, resulting in higher default rates. Moreover, these disruptions may constrain the supply of goods and services, influencing inflation and, in turn, interest rates, which can further dampen economic activity. Collectively, these factors may negatively affect our results.
On the other hand, transition risks are those that arise from the transition to a low-carbon economy. We expect the market to face significant and rapid developments in terms of stakeholder expectations, new technologies, policymaking, as well as legal and regulatory demands capable of impacting our lending activities and the value of our financial assets. Further, we expect greater scrutiny of the business we conduct and the customers we transact with. As a result of practices and decisions related to climate change, our reputation and client relationships may be damaged, which may impact the demand for our products resulting in impairment changes.
Another potential risk arises from climate-related litigation, which is compelling governments and corporate actors to pursue action or better practices to adapt to changes in order to mitigate the impacts resulting from loss and damage due to climate change. As a financial institution, we are not only exposed to the risk of being sued in a climate-related lawsuit, but also be indirectly affected through our credit portfolio. Clients can be directly or indirectly held legally liable for a climate-related event or impact, which may result in associated repair costs, potential impact on the value of our client’s business, and even resulting in difficulty to recover after paying for damages. Litigation can also cause stranded assets mainly in the carbon-intensive industries, due to unanticipated, premature write-downs or devaluations caused by climate change.
Effects from both physical and transitional climate risks may also represent losses for our clients, affecting companies’ profitability as well as their ability to fulfill their obligations. Further, possible carbon pricing can affect companies’ costs and compromise their ability to generate cash flows. This could generate a wider deterioration of our clients’ creditworthiness, generating a greater credit loss. If we do not map the risks associated with climate change into our traditional risk framework, we could face a material adverse impact on our business growth rates, competitiveness, profitability, capital requirements, cost of funding, and financial condition.
The SEC has adopted climate-related disclosure rules that are currently stayed and subject to ongoing litigation and potential reconsideration. Although the SEC has withdrawn its defense of the rules in pending litigation, the ultimate scope, timing and applicability of these requirements remain uncertain. If implemented in their current or modified form, compliance could increase our costs and divert management resources, and may expose us to regulatory or litigation risk.
Risk Factors for ADS Holders
Holders of our shares and securities, such as ADSs may not receive any dividends.
According to our bylaws, we are required to pay our shareholders at least 25% of our annual adjusted net income calculated in accordance with BRGAAP, which may differ significantly from our net income calculated under IFRS Accounting Standards as issued by the IASB. This adjusted net income may be capitalized, used to absorb losses or otherwise retained as allowed by Brazilian Corporate Law. In addition, Brazilian Corporate Law allows us to suspend the mandatory distribution of dividends in any particular year if our board of directors informs our shareholders that such distribution would be incompatible with our financial condition.
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For further information, see “Item 8A. Consolidated Statements and Other Financial Information—Shareholders’ Payment” and “Item 4B. Business Overview - Capital Adequacy and Leverage - Basel III Framework - Implementation of Basel III in Brazil” and “Note 19 – Stockholders’ Equity” to our consolidated financial statements.
For further details about CMN’s capital requirements and dividends and interest on capital, see “Note 2(c) Accounting Policies, Critical Estimates and Material Judgments – XVII – Capital Compensation” and “Note 19 – Stockholders’ Equity” to our consolidated financial statements.
The relative price volatility and limited liquidity of the Brazilian capital markets may significantly limit the ability of our investors to sell the preferred shares underlying our ADSs, at the price and time they desire.
The investment in securities traded in emerging markets frequently involves a risk higher than an investment in securities of issuers from the U.S. or other developed countries, and these investments are generally considered more speculative. The Brazilian securities market is smaller, less liquid, more concentrated and can be more volatile than markets in the U.S. and other countries. Thus, an investor’s ability to sell preferred shares underlying ADSs at the price and time the investor desires may be substantially limited.
The preferred shares underlying our ADSs do not have voting rights, except in specific circumstances.
Pursuant to our bylaws, the holders of preferred shares and therefore of our ADSs are not entitled to vote in our general stockholders’ meetings, except in specific circumstances. Even in such circumstances, ADS holders may be subject to practical restrictions on their ability to exercise their voting rights due to additional operational steps involved in communicating with these stockholders, as mentioned below.
According to the provisions of the ADSs deposit agreement, in the event of a general stockholders’ meeting, we will provide notice to the depositary bank, which will, to the extent practicable, send such notice to ADS holders and instructions on how such holders can participate in such general stockholders’ meeting, and ADS holders should instruct the depositary bank on how to vote in order to exercise their voting rights. This additional step of instructing the ADS depositary bank may make the process for exercising voting rights longer for ADS holders.
Holders of ADSs may be unable to exercise preemptive rights with respect to our preferred shares.
We may not be able to offer the U.S. holders of our ADSs preemptive rights granted to holders of our preferred shares in the event of an increase of our share capital by issuing preferred shares unless a registration statement relating to such preemptive rights and our preferred shares is effective or an exemption from such registration requirements of the Securities Act is available. As we are not obligated to file a registration statement relating to preemptive rights with respect to our preferred shares, we cannot assure that preemptive rights will be offered to you. In the event such registration statement is not filed (or in case filed, not declared effective) or if the exemption from registration is not available, the U.S. holders of our ADSs may not receive any value from the granting of such preemptive rights and have their interests in us diluted.
The surrender of ADSs may cause the loss of the ability to remit foreign currency abroad and of certain Brazilian tax advantages.
While ADS holders are entitled to receive dividends and other distributions with respect to the preferred shares underlying the ADSs converted into foreign currency and remitted abroad by the depositary bank, legislative changes in Brazil have affected the applicable rules and procedures governing such conversions and remittances.
Foreign Direct Investments subject to Law No. 14,286/21 must be registered with the Central Bank through an electronic certificate of foreign capital registration, the SCE-IED. Therefore, if an ADS holder surrenders the ADSs and, consequently, receives preferred shares underlying the ADSs, we will have to report this investment in the preferred shares. This report is governed by Central Bank Resolution No. 278 and applies to any foreign direct investment in our preferred shares underlying the ADSs that exceeds U.S.$100,000 and must be carried out by us in up to 30 days as of the receipt of the preferred shares underlying the ADSs by the foreign investor. Our failure to do so may impact the ability of holders not residing in Brazil to dispose of their preferred shares or receive dividends.
The tax treatment for the remittance of distributions on, and the proceeds from any sale of, our preferred shares may be less favorable in case a holder of preferred shares classifies his/her investment as SCE-IED instead of a portfolio investment that meets the requirements of applicability for the more favorable regime. In addition, if a holder of preferred shares attempts to obtain a report under the SCE - IED, such holder may incur expenses or suffer delays in the application process, which could impact the investor’s ability to receive dividends or distributions relating to our preferred shares or the return of capital on a timely manner. For more information, see “Item 10D. Exchange Controls.”
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The holders of ADSs have rights that differ from those of stockholders of companies organized under the laws of the U.S. or other countries.
Our corporate affairs are governed by our bylaws and Brazilian Corporate Law, which may have legal principles that differ from those that would apply if we were incorporated in the U.S. or in another country. Under Brazilian Corporate Law, the holders of ADSs and the holders of our preferred shares may have different rights with respect to the protection of investor interests, including remedies available to investors in relation to any actions taken by our board of directors or the holders of our common shares, which may be different from what is provided in U.S. law or the law of another country.
ITEM 4. INFORMATION ON THE COMPANY
4A.History and Development of the Company
Our legal and commercial name is Itaú Unibanco Holding S.A. We were incorporated in Brazil on September 27, 1924. We are organized as a publicly held corporation for an indefinite term under the laws of Brazil. Our head offices are located at Praça Alfredo Egydio de Souza Aranha, 100, 04344-902, São Paulo, SP, Brazil and our telephone number is +55-11-2794-6545.
Investor information can be found on our website at https://www.itau.com.br/relacoes-com-investidores/en/. In addition, the SEC maintains a website at www.sec.gov that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC. Information contained on our website or on any website mentioned in this annual report or any website directly or indirectly linked to these websites is not incorporated by reference in, and shall not be considered a part of, this annual report and you should not be relied upon. Our agent for service of process in the U.S is the general manager of our Miami branch, which is located at 200 South Biscayne Boulevard, Floor 22, Miami, FL – 33131.
Our history began in 1924 when a retail company called Casa Moreira Salles, founded by João Moreira Salles in Poços de Caldas, state of Minas Gerais, Brazil, obtained a banking license from the Brazilian Government to operate in the banking sector as a correspondent bank (correspondente bancário) for the leading banks in the state of Minas Gerais. This entity later became União de Bancos Brasileiros – Unibanco, which operated as a retail, wholesale, insurance, and investment bank for over 70 years, with operations in Brazil and abroad.
Two decades later, in 1943, members of the Egydio de Souza Aranha family founded Banco Central de Crédito S.A., with its first branch in the city of São Paulo, which later became Banco Itaú S.A., which by the time of the merger with Unibanco, was the second-largest bank in Brazil in terms of total assets.
In 2008, Itaú and Unibanco became Itaú Unibanco Holding, as a result of the largest merger in Brazil’s history in terms of asset value. The partnership between Itaú and Unibanco meant the union of complementary mentalities, two groundbreaking banks in the use of technology and leaders of the sector in Brazil. This merger resulted in, at the time, the largest privately-owned financial conglomerate in the Southern Hemisphere and one of the 20 largest banks in the world as measured by total assets.
As part of its longstanding commitment to social transformation, Itaú Unibanco operates through Fundação Itaú, which develops initiatives in the areas of education, culture, and productive inclusion (initiatives designed to support access to skills development, productive resources, and sustainable income-generating opportunities) through Itaú Social, Itaú Educação e Trabalho, and Itaú Cultural.
During 2024, Itaú Social began to focus even more on two stages of education: pre-school and the final years of elementary school. Projects were developed throughout Brazil to improve learning and school trajectory, reducing educational inequalities of race/color, gender, disability, and socioeconomic level.
In 2025, Itaú Cultural welcomed nearly 470,000 visitors at its headquarters, through activities that included exhibitions, musical and theatrical performances, activities for children, as well as research initiatives, digital content development, and collaboration with Brazilian artists to promote art and culture. In addition, the Itaú Cultural Play’s streaming platform reached approximately 500,000 users.
Itaú Educação e Trabalho provided advisory services to state education departments in all regions of the country. The focus was on strengthening professional and technological education (“PTE”), to expand the availability of PTE programs, seeking to improve the quality of the PTE offer, and with a view to the productive inclusion of young graduates.
Our Material Acquisitions
Below is a description of our material acquisitions as of the date of this annual report.
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Avenue
On July 8, 2022, we announced that we entered into a share purchase and sale agreement with Avenue Controle Cayman Ltd, and certain other selling shareholders, for the acquisition of the controlling interest of Avenue Holding Cayman Ltd. (“Avenue”).
The transaction was consummated in two phases. In the first phase, which closed on November 30, 2023, we purchased 35% of Avenue’s total and voting capital stock, through a primary capital contribution and a secondary acquisition of shares totaling approximately R$540 million. In the second phase, which closed on January 30, 2026, also through a primary capital contribution and a secondary acquisition of shares totaling approximately R$735 million, we acquired control of Avenue and, as of the date of this annual report, hold 50.1% of its total and voting capital stock.
Five years after the closing date of the first phase, we will be entitled to exercise a call option to acquire the remaining interest held by the current shareholders of Avenue.
Ideal
On January 13, 2022, we announced that we entered into an agreement for the investment, purchase and sale of shares and other covenants with José Carlos Benfati, Vinicius Gonçalves Dalessandro, Gregorio Lara dos Santos Matai, Leandro Bolsoni, Lucas Namo Cury, among others (the “Sellers”) for the acquisition of the controlling interest in Ideal Holding Financeira S.A. and, indirectly, its wholly owned subsidiary, Ideal Corretora de Títulos e Valores Mobiliários S.A. (“Ideal”).
This transaction is being carried out in two phases over five years. In the first phase, closed on March 31, 2023, we purchased 50.1% of Ideal’s total voting capital stock, by means of a primary capital contribution and a secondary acquisition of shares totaling approximately R$650 million, (adjusted by CDI from signing to closing date), and as result became the controlling shareholder of Ideal. In the second phase, expected to occur five years after consummation of the first phase, we will be entitled to exercise the right to buy the remaining share (49.9%) of Ideal’s capital stock.
FIC and Investcred
On December 5, 2025, we entered into an agreement with Companhia Brasileira de Distribuição (“GPA”), Lake Niassa Empreendimentos e Participações Ltda. (“GCB”) and Sendas Distribuidora S.A. (“Assaí”), among others, pursuant to which we expect to acquire, for R$786 million, subject to customary contractual price adjustments: (i) the equity interests currently held, directly or indirectly, by GPA and GCB in Financeira Itaú CBD S.A. – Crédito, Financiamento e Investimento (“FIC”); (ii) the equity interests currently held, directly or indirectly, by GCB in Banco Investcred Unibanco S.A. (“Investcred”); and (iii) the equity interest indirectly held by Assaí in FIC, on the second anniversary of the closing date of the transaction. The transaction was approved by CADE on January 5, 2026, and the closing of the transaction is still subject to the approval by the Central Bank and other customary conditions precedent. Upon completion of all steps of the transaction, we intend to hold 100% of the total capital stock of each of FIC and Investcred.
Sale of Assets and Liabilities in Colombia
On December 12, 2025, we entered into an agreement with Banco de Bogotá S.A. and Banco de Bogotá (Panamá) S.A., pursuant to which we will assign and transfer certain assets and liabilities related to our retail operations in Colombia and Panama. The purchase price will be determined at closing based on the book value of such assets and liabilities, subject to customary contractual price adjustments. The closing of the transaction is subject to customary conditions precedent, including the receipt of all applicable regulatory approvals.
Capital Expenditures
For a description of our capital expenditures, see “Item 5. Operating and Financial Review and Prospects—5B. Liquidity and Capital Resources—Capital Expenditures.”
4B.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,
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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,
202520242023
( In millions of R$)
Retail Business112,204101,05796,595
Wholesale Business62,62058,01454,631
Activities with the Market and Corporations9,5699,8875,572
For further information on the revenues of each of our business segments, see “Note 30 – Segment Information” to our consolidated financial statements included elsewhere in this annual report.
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
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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.
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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.
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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.

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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).
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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.
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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).
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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.

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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:
CountriesBranches & CSBsATMsEmployees
Chile1301344,670
Colombia (1)
601161,899
Paraguay292761,354
Uruguay (2)
21651,277
(1)Includes employees in Panama.
(2)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
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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
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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.
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.
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For the Year Ended December 31,Variation
Revenues from operations in Brazil and abroad2025202420232025 - 20242024 - 2023
(In millions of R$, except percentages)
Income related to interest and similar (1,2,3)
332,062271,126255,96260,93622.5%15,1645.9%
Brazil278,006219,281221,53458,72526.8%(2,253)(1.0)%
Abroad54,05651,84534,4282,2114.3%17,41750.6%
Commissions and Banking Fees (3)
46,99747,07145,731(74)(0.2)%1,3402.9%
Brazil41,06241,88841,147(826)(2.0)%7411.8%
Abroad5,9355,1834,58475214.5%59913.1%
Income from insurance contracts and private pension (3)
8,7316,9826,6131,74925.1%3695.6%
Brazil8,7316,9826,6131,74925.1%3695.6%
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

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.
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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 Type2025% of Total
1st
Itaúprivately-owned2,74215.0
2nd
Banco do Brasilstate-owned2,45413.4
3rd
Caixa Econômica Federalstate-owned2,20312.0
4th
Bradescoprivately-owned1,94010.6
5th
Santanderprivately-owned1,2817.0
6th
BNDESstate-owned9635.3
7th
BTG Pactualprivately-owned7704.2
8th
XPprivately-owned3051.7
9th
Safraprivately-owned2861.6
10th
Nubankprivately-owned2531.4
n.a.Othersn.a5,13427.8
Total18,331100.0
1)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.
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.
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Standard channels
Branches & CSBs
ATMs
202520242023202520242023
Brazil2,2772,6682,96913,01415,82316,356
Latin America and IBBA
252260281591614627
Total Brazil and Abroad
2,5292,9283,25013,60516,43716,983
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.

Environmental, Social and Corporate Governance
Itaú Unibanco Group is committed to long-term ESG positive impacts, and those commitments are important drivers of our business and corporate strategy. In 2024, we announced our ESG strategy, which is focused on material issues and ensuring transparency in our accountability to the market and stakeholders. Underpinned by a solid base of governance, our ESG strategy focuses on three pillars:
•    Sustainable Finance: Our goal is to promote the integration of ESG factors into business strategies through research, advocacy and the development of sustainable products and services, and client engagement, with a focus on opportunities in the sustainable economy.
•    Climate Transition: We aim to improve the resilience of our operations and provide products and services that help customers transition to a low-carbon economy, with a focus on climate adaptation and mitigation.
•    Diversity and Development: Our goal is to promote diversity and inclusion, fostering social and economic development for individuals and businesses for a fairer and more prosperous country.
Our ESG strategy and key objectives have advanced from previous agendas to promote sustainable and inclusive economic development. We continue to monitor and measure our ongoing commitments and the indicators embedded in our strategy. In this section, we provide an overview of our ESG strategy. Our ESG Report 2025 and Integrated Annual Report 2025, collectively referred to as the “Reports,” are available on our website. Neither the website nor the content of the Reports is incorporated by reference into this annual report. Additionally, the statements contained in this section are not indicative of any future results.
We seek to continuously enhance our governance and management of material social, environmental, and climate-related risks and opportunities. We remain vigilant to challenges arising from new regulations and evolving stakeholders’ expectations.
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We formalize our commitment to sustainability by adhering to leading national and international voluntary initiatives. These initiatives seek to support the development of our ESG practices. Our key commitments include, but are not limited to, the UN Principles for Responsible Investment (PRI), the UN Principles for Responsible Banking (PRB), the Equator Principles, the UN Global Compact, the Carbon Disclosure Project (CDP), the Brazilian GHG Protocol Program, and the local Charter for Human Rights – Ethos. Our strategic objectives are aligned with global agendas, including the UN Sustainable Development Goals (SDGs) and the climate action targets of the Paris Agreement. Also, we participate in initiatives intended to support emissions reduction efforts, which is aligned with the latest climate science recommendations.
Environmental
In 2021, we committed to allocate R$400 billion in sustainable finance by 2025 through a variety of instruments, including corporate loans, credit for ESG retail products, green bonds, social bonds, sustainability bonds, and sustainability-linked bonds. As of December 31, 2024, we exceeded our initial target, reaching R$469 billion. During 2024, we expanded our commitment to R$1 trillion in sustainable finance to be achieved by 2030. As of December 31, 2025, we reached R$565 billion.
In November 2024, we were selected through a federal government auction to take part in the Eco Invest program, which offers subsidized credit supported by the Brazilian National Treasury. This blended finance initiative supports green economy projects and seeks to encourage private foreign investment to help reduce carbon emissions in the economy.
In January 2025, we revised the criteria applied to sustainable finance to reflect updates introduced in the local sustainable finance taxonomy. Additional information is available on our sustainability website.
Additionally, Itaú Asset Management, our asset management branch, remains committed to sustainable and responsible investing practices. As of December 31, 2025, Itaú Asset Management had R$1,236 billion under management, 99.7 % of its eligible portfolio (defined as total assets under management less currencies, commodities, derivatives, and ETFs) which underwent formal assessment via an ESG-integrated valuation framework. This model is designed to estimate the material financial implications of social and environmental issues, ensuring these factors are incorporated into the fundamental analysis of each investee.
Recognizing the relevance of financed emissions for the financial sector, we joined the TCFD implementation working group in 2017 and in 2021, we committed to become a Net Zero Carbon bank by 2050. Our strategy involves delivering tailored solutions to assist clients in transitioning to a low-carbon economy. Our GHG emissions data is subject to annual third-party assurance, and we remain committed to adopting standardized methodologies for calculating financed emissions. In 2025, our progress was recognized with an ‘A’ score from the CDP, underscoring our adherence to global ESG best practices.
Social
Our commitment to diversity and inclusion is reflected in our evolving metrics. As of December 31, 2025, women occupied 51.6 % of management positions in Brazil, while employees of color occupied 30.4% – an increase from 52.1% and 30.1% in 2024, respectively.
Pay equity remains a priority, and we continue to invest significant effort and time, especially in recent years. We conduct ongoing pay equity assessments and studies to ensure gender and racial pay equity across all departments and hierarchical levels, utilizing criteria established by Brazilian law, which mandates comparisons of employees performing the same jobs and possessing the same level of seniority, length of service, and workplace location. Our approach to monitor and report any wage gaps between its employees in terms of gender and race is fully based on Article 461 of the Brazilian Labor Law and Law No. 14,611/2023, which provides for equal pay and compensation criteria. In addition, we also disclose equity-related data in accordance with Law No. 15,177.
We are dedicated to fostering a culture of human rights awareness among our employees and maintaining a respectable and healthy work environment. Furthermore, we seek to maintain rigorous monitoring processes for any reported violations within Itaú Unibanco Group’s operations.
In 2025, we invested R$867.6 million in 1,850 projects focused on corporate social responsibility initiatives, related to the promotion of education, sports, culture, urban mobility, diversity, and innovation.
Corporate Governance
We have enhanced the accountability of our senior management by strengthening the transparency of our business and financial reports in line with best market practices. We publish annually the Reports based on international reporting standards, such as the Sustainability Accounting Standards Board, the TCFD and the Global Reporting Initiative standards.
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As such, we provide our stakeholders with access to important indicators and results of Itaú Unibanco Group pertaining to ESG. We continue to be part of several sustainability indices, including the Dow Jones Sustainability World Index (DJSI World), as well as the ISE and the Carbon Efficient Index (ICO2) of the B3 S.A. Furthermore, our ESG risk ratings were upgraded in 2025, achieving a “Low Risk” classification from Sustainalytics and an “AA” rating from MSCI.
Additionally, we have maintained a dedicated ESG Committee since 2020. Composed of senior management, the committee is responsible for institutionalizing ESG practices, monitoring key performance indicators, and driving our long-term strategy.
Dependence on Patents, Licenses, Contracts and Processes
We own, in Brazil and abroad, patents and patent applications related to methods for security code checking and a method that includes training of a machine learning engine for granting access to restricted area. Neither us nor our affiliates depend on such patents to perform our activities.
Risk Management
To undertake and manage risks is one of our activities and, to this end, we must have well-established risk management objectives. Our board of directors establishes our strategic direction and overall risk guidelines. Our risk appetite translates those strategies and guidelines into a structured framework that defines, limits and monitors the nature and level of risks we are prepared to assume. Our risk culture, in turn, guides the behaviors and attitudes necessary to manage those risks.
We invest in robust risk management processes and capital management across the whole institution and that are the basis for our strategic decisions to ensure business sustainability and to maximize value creation for shareholders.
Among our processes for proper risk and capital management are principally: the implementation of a continuous and integrated risk management structure; the risk appetite framework, which includes the risk appetite statement (“RAS”) approved by our board of directors, the risk appetite policy, and a the set of metrics to monitor key risks against established limits; the stress testing program; the organization of a risk committee; and the appointment of a CRO, with the Central Bank, including clearly defined roles, responsibilities, and independence requirements.
These processes are aligned with the guidelines of our board of directors and the executives who, through collegiate bodies, define the global objectives expressed as targets and limits for the risk management business units. Control and capital management units, in turn, support our management by monitoring and analyzing risk and capital processes.
The principles that determine our risk management and risk appetite foundations, as well as guidelines regarding actions taken by our employees in their daily routines are as follows:
•Sustainability and customer satisfaction: our vision is to be the leading bank in sustainable performance and customer satisfaction. Accordingly, we are focused on creating shared value for employees, customers, shareholders and society to ensure the longevity of our business.
•Risk Culture: Our risk culture is embedded in our organizational culture and it is supported by our Code of Ethics and Conduct, available on our Investors Relations website, which is not incorporated by reference to this annual report. This code emphasizes that ethical conduct and risk awareness are fundamental to sustainable results and that risk-taking should be conscious, discussed and managed responsibly. It also reinforces that every employee, individually and collectively, shares responsibility for managing risks, independent of role or hierarchy, and for acting in accordance with ethical standards and internal policies.
•Risk pricing: we operate and assume risks in businesses we know and understand and try to avoid those we do not know or for which we have no competitive advantages, and carefully assess risk-return ratios.
•Diversification: we have a low appetite for volatility in our results. For this reason, we operate with a diversified base of customers, products and businesses, seeking the diversification of risks, in addition to prioritizing less risky businesses.
•Operational excellence: we intend to provide agility, as well as a robust and stable infrastructure, to offer high quality services.
•Ethics and respect for regulations: for us ethics is non-negotiable. For this reason, we promote an institutional environment of integrity, educating all of our employees to cultivate ethical relationships and businesses, as well as respecting the norms, and therefore looking after our reputation.
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Our board of directors is the body responsible for establishing guidelines, policies and approval levels for risk and capital management. The CGRC, in turn, is responsible for supporting our board of directors in managing capital and risk. At the executive level, collegiate bodies, chaired by our chief executive officer, who are responsible for risks and capital management performing delegated duties on these topics and their decisions are monitored by the CGRC. To support this structure, our risk department has specialized officers to ensure, on an independent and centralized basis, that our risks and capital are managed in compliance with the established policies and procedures.
We are subject to applicable regulatory and supervisory standards in the jurisdictions in which we operate, including those issued by the Central Bank, the CVM, SUSEP, the BCBS, and the SEC. We also adhere to applicable international frameworks and guidelines, including FATCA, the Principles for Responsible Banking of the United Nations Environment Programme – Finance Initiative, the OECD Guidelines for Multinational Enterprises, IFRS, and globally recognized corporate governance best practices.
Furthermore, to effectively manage reputational risks, as detailed in Item 3D – Risk Factors - Reputational Risk - Damage to our reputation could harm our business and outlook, we diligently monitor and mitigate these risks through the following measures: (i) risk appetite metrics; (ii) process for the prevention and fight against unlawful acts; (iii) crisis management process and business continuity; (iv) processes and guidelines of the governmental and institutional relations; (v) corporate communication process; (vi) brand management process; (vii) ombudsman offices initiatives and commitment to customer satisfaction; and (viii) ethics guidelines and prevention of corruption.
Risk Management Overview
Risk appetite reflects our board of directors’ guidelines about strategy and risk taking, defining the nature and level of risks acceptable to our organization, and considering management capacity on an effective and prudent way, the strategic objectives, the conditions of competitiveness and the regulatory environment.
The risk appetite framework is composed of the RAS by the board of directors, the risk appetite policy, and the set of metrics for monitoring the main risks according to the limits established. Considering our strategic guidelines, our RAS is based on the following statement:
“We are a universal bank, operating predominantly in Latin America. Supported by our risk culture, we operate based on rigorous ethical and regulatory compliance standards, seeking high and growing results, with low volatility, by means of long-lasting relationship with clients, correct risk pricing, diversified sources of funding and proper use of capital.”
Our board of directors is responsible for establishing and approving risk appetite guidelines and limits, performing its activities with the support of the CGRC and the CRO. The governance of risk appetite is governed by internal policy, established, reviewed, and also approved by the board of directors.
The RAS is implemented through six categories of risks , each supported by metrics aligned with key risks and acceptable risk levels.
•Capitalization: reflects our level of protection against significant losses that could lead to regulatory non-compliance or insolvency. Establishes that we should have sufficient capital to protect us against a serious recession or stress events without the need to adjust our capital structure under adverse circumstances;
•Liquidity: reflects our level of protection against a long period of funding stress that could lead to illiquidity and possible bankruptcy;
•Breakdown of results: the purpose is to ensure the stability and sustainability of results, restricting excessive volatility and avoiding portfolio concentrations and significant deviations in pricing and provisions. Establishes that business will mainly focus on Latin America, where we will have a diversified range of customers and products, with low appetite for results volatility and high risk;
•Operational risk: addresses operating risks that may jeopardize our business and operation, focusing on controlling events that could have an adverse impact on our business strategy and operations;
•Reputation: deals with risks that could impact our brand value and reputation before our customers, employees, regulators, investors and the general public; and
•Clients: addresses risks that might compromise customers’ experience and satisfaction.
The metrics translate the RAS and dimensions into monitorable indicators, which capture the main risks we are subject to. They are periodically monitored and reported to our executive committee, the risk and capital management committee and
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the board of directors, which guides preventive measures to ensure exposure remain within established limits and aligned with our strategy.
image.jpg
Each of our international unit (“IU”) has its own RAS, approved by its own board of directors and reported monthly to our risk management department.
Governance and Organizational Structure
Our risk management organizational structure complies with Brazilian and applicable international regulations currently in place and is aligned with best market practices. There is a structure in place for coordination and consolidation of information and related processes, which are all subject to verification by independent validation, internal controls and audit areas.
Our risk management committees are structured as follows:
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Risk & Capital Management Committee (CGRC)
The CGRC supports our board of directors in performing its duties related to our risk and capital management. It meets at least four times per year and submits reports and recommendations to assist our board of directors with respect to the resolution of certain matters including:
•Decisions regarding our risk appetite in terms of capital, liquidity, composition of results, operational risk, reputation and customers, ensuring these aspects are aligned with our strategy, and including acceptable capital and liquidity levels and types of risks to which we may be exposed, as well as overall limits for each type of risk, tolerance for volatility of results and risk concentration, and general guidelines about tolerance for risks that may impact our brand;
•Supervision of our risk management and control activities to ensure their suitability to the risk levels assumed and to the complexity of the operations as well as compliance with regulatory requirements;
•Review and approval of policies and strategies for capital management, to establish mechanisms and procedures aimed at keeping capital consistent with the risks we incur;
•Establishing our minimum expected return on capital as a whole and for our lines of business, as well as monitoring performance;
•Supervision of our incentive structures, including compensation, aimed at ensuring its alignment with risk control and value creation goals; and
•Fostering improvement in our risk culture.
Superior Commission for Corporate Investment (CSIS)
The CSIS meets on demand and its purpose is to evaluate corporate investments under management of the Wholesale Business segment.
Superior Commission for Market Risk and Liquidity (CSRML)
The CSRML meets monthly and is responsible for setting guidelines and governance for investments, market risk, IRRBB and liquidity risks regarding our consolidated positions and business lines.
Superior Compliance & Operational Risk Commission (CSCOR)
The CSCOR meets quarterly and is responsible for understanding the risks associated with our business processes and support areas, defining guidelines for managing operational and regulatory risks and evaluating the outcomes resulting from the operation of our internal control system.
Superior Products Commission (CSP)
The CSP meets on demand and is responsible for evaluating products, operations and processes that are beyond the authority of our product risks committees that report to the CSP.
Superior Credit Commission (CSC)
The CSC meets on a weekly basis and is responsible for evaluating and deciding on credit proposals that are beyond the authority of the credit committees that report to the CSC. It is also responsible for analyzing proposals for which a decision have not been made due to a lack of consensus at the respective committee or in case these credit committees decide to voluntarily submit the proposal for the CSC’s review.
Superior Retail Credit and Collection Commission (CSCCV)
The CSCCV meets on a monthly basis or on demand and is responsible for approving credit policies and assessing the performance of Retail Business’ credit and collection portfolios and strategies.
Superior Wholesale Credit and Collection Commission (CSCCA)
The CSCCA meets on a quarterly basis and is responsible for approving credit policies and assessing the performance of Wholesale Business’ credit and collection portfolios and strategies.
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Superior Anti-Money Laundering Committee (CSPLD)
The CSPLD meets on demand and its purpose is to analyze and deliberate on claims involving the opening and/or maintenance of transfers and other services and operations (M&A, credit granting, foreign exchange, KYC validation, among others) to bidders with greater exposure to money laundering risk.
Asset Liability Capital Committee (ALCCO)
The ALCCO meets on a monthly basis or on demand and evaluates our portfolio in light of active capital and liquidity restrictions, through monitoring capital and liquidity metrics and projections in normal and adverse scenarios, in addition to reviewing the assessment of the materiality of the risks, the need for additional capital for material risks and the quantification methodologies for calculating capital needed for risks.
Superior ESG Commission (CSESG)
The CSESG meets at least quarterly, and is responsible for enhancing ethical and sustainable practices, deliberating on rules and improvements to the Code of Ethics and Conduct and integrity policies, as well as interpreting guidelines on ethics, dilemmas, and conflicts of interest. It oversees and proposes actions for the Integrity and Ethics Program, ensures compliance with our sustainability and ESG strategy, monitors key indicators and projects, approves resources for ESG demands, tracks our competitiveness, ensures the implementation of the social, environmental, and climate responsibility policy, guides the organization on sustainability trends, promotes the topic internally and with stakeholders, and evaluates decisions on social investments and donations.

Superior Social, Environmental and Climate Risk Committee (CRSAC Superior)
The CRSAC Superior meets on demand and deliberates on matters that, at the discretion of the CRSAC, must be submitted to this forum, or that propose amendments to previous decisions of this forum.
Additionally, we have sub-committees, chaired by our CRO, which are also responsible for risk and capital management. Any such sub-committee may report directly to the Risk and Capital Management Committee or to the sub-committees mentioned above.
International Units Risk Committee (CRUI-R)
The CRUI-R meets on a quarterly basis and presents and discusses major risks and mitigation strategies for the International Units, monitors their risk indicators and risk appetite, and deliberates on situations requiring joint actions between units and management areas in Brazil. Additionally, it assesses the evolution of governance and risk management maturity, ensuring alignment with our strategy.

Technical Commission for Model Evaluation (CTAM)
The CTAM meets every two months or on demand and is responsible for evaluating methodologies and model implementations based on independent opinions from Model Validation areas. Its main functions are to technically approve risk model opinions, decide on the use of disapproved models, recommend and monitor action plans for validated models, and deliberate on significant changes to models already in use. CTAM also monitors the performance of models over time, determining new developments if necessary.
Risk Governance at Foreign Subsidiaries
Our foreign subsidiaries follow the risk management and governance model established by Itaú Unibanco in its policies and guidelines, keeping an effective flow of information on risk levels between each subsidiary and alignment of strategies for maintaining such risks at an acceptable level.
Each of our subsidiaries maintains its own risk management framework, overseen by a local CRO, who monitors, controls, and aligns risk management practices with the directives set by Itaú Unibanco. These local CROs report both to their respective local CEOs and to the designated regional CRO, ensuring their actions are consistent with the overall risk management system. Regional CROs carry the responsibility for proactive and comprehensive risk oversight within their regions, guaranteeing the efficiency of processes and submitting reports to the Itaú Unibanco Holding CRO.
A monthly report containing key risk indicators is used to monitor the risk environment within our subsidiaries. This approach allows us to assess the risk profile of each subsidiary and supports key discussions and decisions to strengthen local control frameworks.
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By closely overseeing our subsidiaries, we gain deeper insights into the distinct characteristics of each country and region in which we operate. This approach allows us to swiftly respond to shifts in various regulatory, social, and economic conditions, including during periods of heightened stress.
Finally, advances in actions to strengthen the risk culture at our foreign subsidiaries have fostered individual and collective responsibilities of all our employees, empowering them to do the right thing, at the right time, and in the right way respecting the ethical and sustainable way of doing business.
Operational Risk
Overview
Operational risk is defined as the possibility of losses arising from failure, deficiency or inadequacy of internal processes, people or systems or from external events that affect the achievement of strategic, tactical or operational goals. It includes legal risk associated with inadequacy or deficiency in agreements to which we are a party, as well as penalties due to noncompliance with applicable laws and damages to third parties arising from the activities undertaken by us.
Internally, we classify these exposures to risk within the following categories:
•Internal fraud;
•External fraud;
•Labor claims and deficient security in the workplace;
•Inadequate practices related to clients, products and services;
•Damage to our own physical assets or assets in use;
•Interruption of our activities or the discontinuation of services provided, including payments;
•Failures in information technology systems; and
•Failures in the performance, compliance with deadlines and management of our activities, including those related to payment arrangements.
Governance
Our operational risk management unit is comprised of senior management individuals, and reports to our CRO, who in turn reports to the CEO. It has well-defined roles and responsibilities in order to segregate and ensure independence from the businesses seeing to achieve well-balanced risk management decisions. Accordingly, our operational risk management process is under the responsibility of all the different business areas using the risk management framework, established independently by the operational risk unit, which includes methodologies and procedures, training activities, risk assessments and monitoring of the control environment.
Procedures and Key Indicators
Our management uses corporate methods developed and made available by our compliance and operational risk unit. Among the methodologies, tools and controls used by our management are (i) the self-assessment and the mapping of our prioritized risks, (ii) testing of key controls by the second line, and (iii) the monitoring of key risk indicators and the database of operational losses, ensuring unity for our managing processes, systems, projects and new products and services. Reporting on risk monitoring, effectiveness of internal controls, remediation action plans and operational losses are regularly presented to the business area officers in specific forums.
Crisis Management
Overview
A crisis is an event of high impact and complexity that is rare and poses a threat to the organization’s strategy, objectives, reputation, or operations. It demands urgent measures to implement corrective actions. Being prepared to manage a crisis event is crucial and can be a game changer for an organization, demonstrating readiness for unforeseen events.
Crisis management is the organization’s capacity to be ready, anticipate, respond, and recover in the face of a high-impact event. Usually, crisis activities are not part of the daily routine of the company, but they should be consciously maintained and built through investments, research, and time.
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The Itaú Unibanco Crisis team is responsible for dealing with any type of crisis, including but not limited to technology gaps or failures, cyber-attacks, regulatory issues, government issues, financial problems, operational gaps or failures, and reputational events.
As a preventive practice, and to anticipate events, we take several actions in our routine, such as:
•Benchmarks
•Early detection of vulnerabilities
•Tabletop exercises
•Creating a knowledge database of events
Governance
Our procedures are managed by the crisis management team and frequently audited by the internal audit team. For every change, inclusion, or modification, there is an approval process that goes up to the risk director. We review our sensitive data, criteria, and main contacts every two months, and we conduct internal exercises to refine all procedures regarding crisis events. Additionally, we are responsible for the governance of the recovery runbooks for the main areas of the organization.
Procedures and Key Indicators
We use a crisis calculator that allows the team to classify any kind of event that demands action from the crisis team. The crisis calculator was developed to support the assessment of the criticality of events. This tool is used in Brazil by the Crisis Management team to classify and decide on actions to take in the event. The axes considered are recovery (resumption of operations) and impact (considering brand and customers), based on the scenario of the event and the impacted products.
We register all events in a database to analyze tendencies, main issues, and critical products and areas. This database is used to create our productivity indicators as well.
Business Continuity
Overview
Business continuity refers to an organization’s ability to maintain its essential operations during and after a significant disruption. This concept encompasses the preparation, response, and recovery from events that can negatively impact critical business processes. Business continuity management aims to ensure that the company can operate effectively, minimizing the impacts of crises and maintaining the trust of customers, shareholders, and strategic partners.
Governance
The governance of business continuity at Itaú Unibanco is managed by an independent area responsible for developing, implementing, and monitoring the BCP. This area is tasked with conducting BIA, identifying critical processes, establishing recovery and contingency plans, and ensuring that all procedures are aligned with best practices and applicable regulations. Additionally, governance includes conducting periodic tests, internal and external audits, and continuous review of continuity plans to ensure effectiveness and readiness in case of disruptions.
Procedures and Key Indicators
Itaú Unibanco’s Corporate Business Continuity Management Program follows a workflow based on ISO 22301 and BS 11200, best practice guides as the BCI, DRII and other regulatory requirements as determined by the local regulators of the various segments that we must follow (Central Bank, SUSEP, CVM, ANBIMA, etc.).
Itaú Unibanco’s BCP was developed to protect its customers and employees, ensure the continuity and data integrity of our critical processes at tolerable levels of impact, safeguard revenues and sustain both the stability of the markets in which we operate and the trust of our customers, stockholders and strategic partners.
As part of such programs, we apply a BIA, which is a process that assesses the potential effects of an interruption on critical business services, identifying the operations that are vital to our adequate functioning and estimating the impact of not being able to perform these functions during a specific period of time. This interruption may be caused by failures arising from human, natural, climatic, environmental, social, technological risks or due to data integrity failure.
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Based on the findings, business continuity solutions are established to address the requirements necessary to the recovery, continuity and resumption of the process and its added value chain. Our plans are developed in a modular way and, depending on the type of interruption, one or more modules can be activated. The BCP consists of the main plans below:
•Disaster Recovery Plan: Resilience strategies that, after technological failures or interruption of the main datacenter, resume and reestablish critical processes, activities and resources (e.g. technological infrastructure, telecommunications, systems, applications and data).
•Workplace Contingency Plan: Defined strategies so that critical processes and products/services continue to operate at an alternative workplace if the primary location becomes inoperative or inaccessible, according to internal procedure.
•Emergency Plan: Emergency procedures to ensure the safety of all affected people (e.g. employees, customers) in case of any emergency, provides instructions for evacuation, communication, etc.
•Business Workaround Plan: Activation of an alternative procedure due to application or procedure unavailability.
•External Events Contingency Plan: Activation of contingency procedure due to external events that affect the continuity of critical business processes, e.g., pandemic.
The modules within our BCP are independent, meaning they can be activated individually, yet they remain integrated to ensure seamless functionality. For example, workplace contingency sites are designed to connect both to our primary site and to our disaster recovery site, ensuring operational resilience in the event of disruptions.
Additionally, our BCP employs a communication tree structure, which facilitates the efficient dissemination of information to many employees, enhancing coordination during contingency events.
Besides the internal audits, our BCP is subject to regulatory assessments, external audits and corporate governance practices. The BCP has also been evaluated in the DJSI, the ISE of B3, by independent authorities and by the Central Bank.
The contingency plans are tested usually once a year or whenever a major change occurs (systems, market, regulations, etc.). In addition, our program is designed to assess potential crisis threats as well as ongoing ones that could impact us. This assessment enables the implementation of appropriate mitigation measures to reduce potential risks. The structure in place, as outlined above, provides a better performance in the face of a crisis, allows for an adequate response to significant events. Our framework further defines methodologies for identifying and classifying events with potential negative impacts. Based on this classification, it establishes response teams and action plans.
Cybersecurity Management and Processes
For information on our Cybersecurity and Management Process, see “Item 16K. Cybersecurity.” For further information on the adverse effects arising from cybersecurity risks, see “Item 3D. Risk Factors—Business Operations—Failure to adequately protect ourselves against risks relating to cybersecurity could materially adversely affect us.”
Regulatory or Compliance Risk
We consider regulatory or compliance risk as the risk of sanctions, financial losses or reputational damage resulting from non-compliance with: legal and regulatory requirements, failure to comply with local and international market standards, commitments to regulators, public commitments, self-regulatory codes and codes of conduct to which Itaú Unibanco subscribes.
Compliance risk is managed through a structured process aimed at identifying changes in the regulatory environment, evaluating the impact on Itaú Unibanco’s areas, and monitoring actions taken to comply with the regulatory requirements and other obligations mentioned in the previous paragraph.
This structured process includes the following actions: (i) to understand the changes in the regulatory environment; (ii) to monitor regulatory trends; (iii) to manage the relationship between us and the regulator, self-regulatory bodies and the representative entity; (iv) to monitor action plans on regulatory or self-regulatory compliance; (v) to coordinate a program to comply with significant norms, such as Integrity and Ethics; and (vi) to report regulatory issues in operational and compliance risk forums, according to the structure of committees as established by internal policies.
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The Adequacy of Operating Structure and Internal Controls to Verify the Effectiveness of the Policy Adopted
We believe that the structure adopted to monitor market risks in accordance with our policies and risk appetite statement is appropriate. The integrated management of operational risk, internal controls and compliance is organized under a three-lines-of-defense framework:
•First line - Represented by the business and support areas: it is directly responsible for identifying, measuring, assessing, understanding and managing the risks of their departments in order to maintain exposures within the established limits, as well as documenting and storing information related to the losses incurred in their activities. It must promptly report to the Risk Department any unexpected potential risks identified in the development of the control activities;
•Second Line - Represented by the risk department, its purpose is to ensure, in an independent and centralized manner, that our risks are managed in accordance with the established policies and procedures in order to define parameters for the risk management process and its supervision;
•Third Line - Represented by the Internal Audit Department, it is responsible for, among other things, verifying, in an independent and periodic manner, the adequacy of processes and procedures for the identification and management of risks.
Social and Environmental Risk Management
We understand social, environmental and climate risks to represent the possibility of losses arising from events of social, environmental or climate origin related to our activities, whether arising from our business with counterparties, our relationships with suppliers, or even from our own operations. We carry out social, environmental and climate risks mitigation actions through the mapping of processes, risks and controls.
Apart from dedicated teams in first, second and third lines of defense, we also have a dedicated social, environmental and climate risk committee, whose main role is to evaluate and deliberate on institutional and strategic matters, products, operations, services, among other related topics associated with social, environmental and climate risks, including climate change risks which also pose relevant risks for the whole financial industry.
As we consistently seek to improve our social, environmental and climate risks management, we are always attentive to challenges arising not only from new regulations, but also from an evolving stakeholders’ expectations.
For further details on our social, environmental and climate policies, procedures and practices, see “Item 4B. Business Overview—Environmental, Social and Corporate Governance” and our Public Access Report - Policy on Social, Environmental and Climate Risk, available at our Investor Relations website, which is not incorporated by reference in this annual report.
Country Risk
Country risk refers to potential losses arising from the inability of borrowers, issuers, counterparties, or guarantors to meet their obligations due to political, economic, or social events, as well as actions taken by the government of the country in which these entities are located.
We believe we maintain a comprehensive risk governance framework for managing and controlling country risk, with roles and responsibilities clearly defined in our internal policies. This framework includes: (i) assigning country’s ratings; (ii) establishing country exposure limits; and (iii) monitoring adherence to those limits. In addition, we conduct ongoing monitoring of sovereign ratings and exposure levels to ensure timely adjustments, as appropriate, in accordance with our risk management policies.
Reputational Risk
We understand reputational risk to be the risk arising from internal practices, risk events and external factors that may generate a negative perception of us among clients, counterparties, shareholders, investors, supervisors and commercial partners, among others, which could affect the value of our brand and our ability to maintain our existing and create new commercial relations and continue to have access to financing sources.
We believe that our reputation is extremely important for achieving our long-term goals. As a result, we strive to align our speech with ethical and transparent practices and work, which is essential to raise the confidence of our shareholders. Our reputation depends on our strategy (vision, culture and skills) and derives from our direct and indirect relationship between us and our shareholders.
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Since reputational risk directly or indirectly permeates all of our operations and processes, we have governance procedures that are structured in a way to ensure that potential reputational risks are identified, analyzed and managed in the initial phases of our operations and the analysis of new products.
The treatment given to reputational risk is structured by means of many processes and internal initiatives, which, in turn, are supported by our internal policies. Their main purpose is to provide mechanisms for the monitoring, management, control and mitigation of the main reputational risks. Among those processes and internal initiatives are (i) risk appetite statement; (ii) processes to prevent and remediate the use of Itaú Unibanco in unlawful acts; (iii) crisis management processes and business continuity procedures; (iv) processes and guidelines with respect to governmental and institutional relations; (v) corporate communication processes; (vi) brand management processes; (vii) ombudsman offices initiatives and commitment to customer satisfaction; and (viii) ethics and corruption prevention guidelines.
Money Laundering Prevention
Financial institutions play a key role in preventing and fighting illicit acts, which includes money laundering, terrorism financing and fraud. Itaú Unibanco became the first financial institution in Brazil to establish a board dedicated to Anti-Money Laundering.
The challenge faced by financial institutions is to identify and prevent increasingly sophisticated operations that seek to conceal the source, ownership and transfer of goods and assets, derived from illegal activities.
We have established a corporate policy to prevent our involvement in illicit activities, protecting our reputation and image among employees, customers, strategic partners, suppliers, service providers, regulators and the society. Our policy is based on a governance structure focused on transparency, strict compliance with the rules and regulations and cooperation with enforcement and judicial authorities. We also strive to conduct our business in accordance with the local and international best practices to prevent and fight illicit acts, through investments and training our employees on an ongoing basis.
In order to comply with our corporate policy, we have established a program to prevent and fight illicit acts, which includes pillars, such as policies and procedures; identification processes such as KYC, KYP, KYS and KYE procedures; evaluation of new products and services; sanctions compliance; monitoring, selection and analysis of suspicious operations or situations; reporting suspicious transactions to regulators and authorities; and training.
This program is applicable to us and our entities in Brazil and abroad. The oversight of prevention and detection of illegal activities is carried out by our board of directors, audit committee, compliance and operational risk committees, risks and capital management committee and the anti-money laundering committee.
For further information on money laundering regulation, see “Item 4B. Business Overview––General Laws and Regulations Affecting the Financial System—Anti-Money Laundering Regulation.”
Politically Exposed Persons (PEPs)
Our commitment to compliance with applicable law and to the adoption of the best practices for prevention and detection of money laundering activity is also reflected in the identification, assessment and monitoring of PEPs, whether as individuals or entities.
As per our policies, we conduct enhanced due diligence with respect to PEPs, in line with our risk-based approach. We require a higher level of approval prior to establishing any relationship with a PEP.
For further information about politically exposed persons, see “Item 4B. Business Overview––Risk Management––Money Laundering Prevention––Politically Exposed Persons (PEPs).”
Supervision and Regulation
We are subject to regulation by, and supervision of, several entities. We have branches and subsidiaries in Brazil and in several other jurisdictions, such as Luxembourg, the Bahamas, the Cayman Islands, Colombia, Chile, Uruguay, Paraguay, Panama, the United States, the United Kingdom, Portugal and Switzerland.
The Central Bank supervises Brazilian financial institutions, their foreign branches, corporate properties and, indirectly, its subsidiaries. In each jurisdiction in which we operate, we are subject to supervision by local authorities and, frequently, governmental approvals from local central banks and monetary authorities in foreign jurisdictions are needed before commencing business.
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Brazilian Financial System Regulatory Framework
We summarize below key rules and regulations that have been issued by the CMN and the Central Bank and other regulators, including those based on the BCBS and other international standards and guidance, and that have been consistently applied to Brazilian financial institutions and other institutions authorized to operate by the Central Bank throughout the years. We believe these rules and regulations are the base of the Brazilian financial system regulatory framework. This summary is qualified in its entirety by the full text of the rules and regulations that are publicly available, which is not incorporated by reference into this annual report.
The basic institutional framework of the Brazilian financial system was established in 1964 through Law No. 4,595 of December 31, 1964, (the “Banking Law”). The Banking Law sets forth monetary, banking and credit policies and created the CMN.
Main Banking Regulatory Entities in Brazil
CMN
The CMN, the highest authority of the Brazilian financial system, is the regulatory body responsible for establishing currency and credit policies to assure stability and social and economic development. Its main purpose is to disclose the general rules for the operation of the entire financial system. The CMN also oversees the activities of the Central Bank and the CVM.
Central Bank
The Central Bank is an autonomous authority responsible for implementing the policies of the CMN as they relate to monetary policy and exchange control matters, regulating and supervising Brazilian financial institutions of the public and private sectors, controlling and monitoring the flow of foreign currency to and from Brazil and overseeing the Brazilian financial markets.
The Central Bank supervises financial institutions by:
•setting minimum capital requirements, compulsory deposit requirements and operational limits;
•authorizing corporate documents, capital increases, acquisition or increases of interest in companies and the establishment or transfer of principal places of business;
•authorizing the establishment of subsidiaries, representative offices or branches, in Brazil or abroad (for further information, see “Item 4B. Business Overview––Capital Adequacy and Leverage––Regulation of Branches and Subsidiaries”);
•authorizing changes in shareholder control of financial institutions;
•requiring the submission of annual and semiannual audited financial statements, quarterly revised financial statements and monthly unaudited financial information; and
•requiring full disclosure of loans and advances and foreign exchange transactions, import and export transactions and other directly related economic activities.
The president and the officers of the Central Bank are appointed by the president of Brazil (with the Brazilian Senate’s approval of their names) for fixed mandates of four years, which only partially overlap with the mandate of the president of Brazil and its ministers. The resignation of the Central Bank’s president and officers only occurs in justified cases and may be subject to approval by an absolute majority of the Brazilian Senate.
In addition, the Central Bank is considered an independent government agency of a special nature (autarquia de natureza especial), characterized by the absence of any ties to a ministry, guardianship or hierarchical subordination, with technical, operational, administrative and financial autonomy.
CVM
The CVM is the authority responsible for overseeing, standardizing, regulating and developing the Brazilian securities market in accordance with the general regulatory framework determined by the CMN. The CVM also regulates companies whose securities are traded on the Brazilian securities markets, as well as investment funds, investors, financial agents, such as custodians of instruments and securities, asset managers, independent auditors, consultants, as well as instruments and securities analysts. The CVM is linked to the ministry of finance of Brazil (Ministério da Fazenda).
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Self-Regulatory Entities
The Brazilian financial and capital markets are also subject to self-regulation by certain entities, divided by field of activity. These self-regulatory entities include, among others, market associations such as ANBIMA, ABECS, FEBRABAN, ABRASCA, and the B3.
Main Insurance, Health and Pension Plan Regulatory Entities in Brazil
CNSP is an authority linked to the ministry of finance of Brazil (Ministério da Fazenda), responsible mainly for establishing the guidelines and directives for private insurance, premium bond, capitalization and reinsurance companies, and open private pension entities.
SUSEP is an authority linked to the ministry of finance of Brazil (Ministério da Fazenda), responsible for regulating and supervising the insurance, open private pension funds, capitalization and reinsurance markets in Brazil and their participants.
The ANS is an authority linked to the ministry of health of Brazil (Ministério da Saúde) responsible for regulating and supervising the health insurance market in Brazil and its participants.
Principal Limitations and Obligations of Brazilian Financial Institutions
In line with leading international standards of regulation, Brazilian financial institutions are subject to a series of limitations and obligations. In general, the limitations and obligations concern the offering of credit, the concentration of risk, investments, operational procedures, loans and other transactions in foreign currency, and the management of third-party funds and microcredit. Under the Banking Law, financial institutions may not:
•operate in Brazil without the prior approval of the Central Bank;
•hold direct or indirect equity interests in any company located in Brazil or abroad without prior approval of the Central Bank, unless (i) the equity interest is held through the investment banking unit of a universal bank or through an investment bank, (ii) the equity is from a company located in Brazil and is accounted for on a temporary nature, or (iii) the equity represents minority shares in financial organizations and institutions abroad exclusively held for purposes of accessing export financing instruments and foreign exchange. In cases where the acquisition of equity interest is subject to the prior approval of the Central Bank, the subsidiaries’ activities should be complementary or related to the financial institution’s own main activities;
•own real estate, except for properties it occupies and subject to certain limitations imposed by the CMN. When real estate is transferred to a financial institution in satisfaction of a debt, the property must be sold within one year, except if otherwise authorized by the Central Bank;
•grant credit transactions above the regulation limits to certain related individuals and legal entities;
•hold, on a consolidated basis, permanent assets, including investments in unconsolidated subsidiaries, real estate, equipment and intangible assets, exceeding 50.0% of its adjusted regulatory capital. For further information on the requirements, see “––Capital Adequacy and Leverage––Asset Composition and Exposure Requirements”;
•grant loans or advances, and guarantees, including derivative transactions, underwrite or hold in their investment portfolio, securities of any clients or group of affiliated clients that, in the aggregate, give rise to exposure to such client or group of affiliated clients that exceeds the threshold determined by the Central Bank. For further information on the requirements, see “––Capital Adequacy and Leverage––Asset Composition and Exposure Requirements”;
In addition, pursuant to the Banking Law, financial institutions are required, among others, to:
•deposit a portion of the deposits received from clients with the Central Bank (compulsory reserve requirements). For further information on compulsory reserve requirements, see “––Capital Adequacy and Leverage—Basel III Framework” and “––Capital Adequacy and Leverage—Basel III Framework––Implementation of Basel III in Brazil”;
•maintain enough capital reserves to absorb unexpected losses, pursuant to the rules proposed by BCBS and implemented by the Central Bank. For further information on the Basel requirements and their implementation in Brazil, see “––Capital Adequacy and Leverage—Basel III Framework” and “––Capital Adequacy and Leverage—Basel III Framework––Implementation of Basel III in Brazil”;
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•if a domestic systemically important financial institution, prepare and submit, by December 31, annual recovery plans that aim to re-establish adequate levels of capital and liquidity and to preserve the viability of the institution under stress scenarios. For further information on our recovery plan, refer to our Investor Relations website (see “Menu - Results and Reports - Regulatory Reports - Pillar 3 - Risk and Capital Management – Pillar 3”) which is not incorporated by reference into this annual report; and
•create, regarding financial guarantees, specific accounting procedures for the assessment and registration of passive provisions.
Capital Adequacy and Leverage
The Central Bank supervises the Brazilian banking system in accordance with the guidelines and other applicable regulations issued by the BCBS. For this purpose, banks provide the Central Bank with the information it deems useful to perform its supervisory functions, which includes supervising changes in solvency and capital adequacy of banks.
The main principle behind the directives of BCBS is that a bank’s own resources must cover its main risks, including credit, market and operational risks.
Brazilian financial institutions are subject to capital measurement and standards based on a risk-weighted asset ratio. The parameters of this methodology resemble the international framework for minimum capital measurements adopted by BCBS on the Basel III framework.
Basel III Framework
The Basel III framework, issued on December 16, 2010 and fully implemented by January 1, 2019, increased the minimum capital requirements, requiring banks to maintain minimum capital levels corresponding to the following percentages of risk-weighted assets: (i) a minimum common equity capital ratio of 4.5% composed of common shares; (ii) a minimum Tier 1 Capital ratio of 6.0%; and (iii) a minimum total capital ratio of 8.0%. In addition, Basel III requires a “capital conservation buffer” of 2.5% and each national regulator is given discretion to institute a “countercyclical buffer” if it perceives a greater system-wide risk to the banking system as the result of a build-up of excess credit growth in its jurisdiction. Further, Basel III introduced a new LR, defined as Tier 1 Capital divided by the bank’s total risk weighted exposure.
Additionally, Basel III implemented a LCR, which requires affected banks to maintain sufficient high-quality liquid assets to cover the net cash outflows that could occur under a potential liquidity disruption scenario over a thirty-day period; and implemented a NSFR, which establishes a minimum amount of stable sources of funding that banks will be required to maintain based on the liquidity profile of the banks’ assets, as well as the potential for contingent liquidity needs arising from off-balance sheet commitments over a one-year period.
Additional requirements apply to additional Common Equity Tier 1 Capital or Tier 2 Capital instruments issued by internationally active banks and to G-SIBs. The assessment of which financial institutions are G-SIBs is based on indicators that reflect size, interconnectedness, substitutability/financial infrastructure, cross-jurisdictional activity, and complexity. No Brazilian bank was included in the latest list of G-SIBs issued on November 26, 2024, by the Financial Stability Board (“FSB”).
BCBS has also issued a framework for the regulation of D-SIBs, which supplements the G-SIBs framework by focusing on the impact that the distress or failure of systemically important banks would have on the domestic economy of each country.
Implementation of Basel III in Brazil
Financial institutions based in Brazil are subject to capital measurement and standards based on a weighted risk-asset ratio, according to CMN Resolutions No. 4,955/2021 and No. 4,958/2021. Brazilian banks’ minimum total capital ratio is calculated as the sum of two components: regulatory capital (patrimônio de referência); and additional core capital (adicional de capital principal), both aligned to the guidelines of the Basel III framework.
Brazilian banks’ regulatory capital is comprised of Tier 1 Capital and Tier 2 Capital. Tier 1 Capital is divided into two elements: Common Equity Tier 1 Capital (capital principal), which represents common equity capital and profit reserves after adjustments and Additional Tier 1 Capital (capital complementar), which represents subordinated debt and equity instruments authorized by the Central Bank.
To qualify as Additional Tier 1 Capital or Tier 2 Capital, according to CMN Resolution No. 4,955/21, all instruments issued by a Brazilian bank must contain loss-absorbency provisions, including a requirement that such instruments be
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automatically written off or converted into equity upon a “trigger event.” A “trigger event” is the earlier of: (i) Common Equity Tier 1 Capital being less than 5.125% of the risk-weighted assets for Additional Tier 1 Capital instruments and 4.5% for Tier 2 Capital instruments; (ii) the execution of a firm irrevocable written agreement for the government to inject capital in the financial institution; (iii) the Central Bank declaring the beginning of a RAET or intervention in the financial institution; or (iv) a decision by the Central Bank, according to criteria established by the CMN, that the write-off or conversion of the instrument is necessary to maintain the bank as a viable financial institution and to mitigate relevant risks to the Brazilian financial system. Specific procedures and criteria for the conversion of shares and the write-off of outstanding debt related to funding instruments eligible to qualify as regulatory capital are established by CMN regulation. The legal framework applicable to financial bills (letras financeiras) was adapted to allow Brazilian financial institutions to issue Basel III-compliant debt instruments in the Brazilian market. For further information of our use of such instruments, see “5B. Liquidity and Capital Resources—Tier 2 Subordinated Financial Bills” and “5B. Liquidity and Capital Resources—Perpetual Subordinated Financial Bills Issuance.”
The additional core capital requirement is subdivided into three elements: the capital conservation buffer (adicional de conservação de capital principal), the countercyclical capital buffer (adicional contracíclico de capital principal) and the additional principal capital of systemic importance (adicional de capital principal sistêmico). The capital conservation buffer is aimed at increasing the loss absorption ability of financial institutions. The countercyclical capital buffer can be imposed within a range by the Central Bank if it judges that credit growth is increasing systematic risk. The additional principal capital of systemic importance seeks to address the impact that the distress or failure of Brazilian banks may have on the local economy. In the event of non-compliance with the additional core capital requirements, certain restrictions will apply, including the inability of the financial institution to: (i) pay officers and directors their share of variable compensation; (ii) distribute dividends and interest on capital to stockholders; (iii) pay the instrument’s interest and (iv) repurchase its own shares and effect reductions in its share capital. We are considered a domestic systemically important financial institution, hence having to fulfill the 1% additional core capital for additional principal capital of systemic importance (adicional de capital principal sistêmico). For further information on our regulatory capital (patrimônio de referência) and our additional core capital (adicional de capital principal), see “5A. Operating Results—Capital Adequacy.”
Also, since October 1, 2018, a minimum LCR in a standardized liquidity stress scenario requirement applies to banks with total assets that are equal or superior to 10% of the Brazilian GDP or to banks with relevant international activity (in such case, regardless of total assets). The calculation of the LCR follows the methodology set forth by the Central Bank which is aligned with the international guidelines. During periods of increased need for liquidity, banks may report a lower LCR than the minimum required ratio, provided that they also report to the Central Bank the causes for not meeting the minimum requirement, the contingent sources of liquidity it has available, and the measures it plans to adopt to be in compliance with the LCR requirement. Since April 1, 2016, banks must also publicly disclose their LCR on a quarterly basis. For further information on our LCR, see “5A. Operating Results—Liquidity Ratios” and “5A. Operating Results—Liquidity Ratios—Liquidity Coverage Ratio.”
The following table sets forth the minimum capital ratios and LCR requirements under Basel III implemented by the Central Bank, as applicable to us as of December 31, 2025. The figures presented below refer to the percentage of our risk-weighted assets:
Basel III Requirements
2025
Common Equity Tier I4.5%
Tier I6.0%
Total Capital8.0%
Additional Capital Buffers (ACB)
3.6%
Conservation2.5%
Countercyclical1
0.1%
Systemic1.0%
Coommon Equity Tier I + ACB
8.1%
Total Capital + ACB
11.6%
Prudential adjustments deductions100%
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(1)The Countercyclical capital buffer is set by the monetary authorities of the jurisdictions in which Banco Itaú has exposure, the most relevant being Brazil, in which the financial Stability (Comef) sets it at zero (BACEN Communication n* 42,457/24). and Chile, which is set at 0.5%
Limit to be observed
2025
Liquidity Coverage Ratio (LCR)100%
Since October 1, 2015, banks are required to prepare public disclosures of their LR on a quarterly basis. In November 2017, the CMN established the minimum limit for the NSFR and the LR to be observed by certain Brazilian financial institutions, including those classified as segment 1 (“S1”) pursuant to CMN regulation, such as us.
According to CMN regulations, financial institutions and groups are classified in segments and authorized to operate for proportional application of the prudential regulation, considering the size, international activity and risk profile of members of each segment. Out of the five possible segments, we are classified as S1, which is composed of universal banks, commercial banks, investment banks, foreign exchange banks and federal saving banks that (a) have a size equivalent or superior to 10% of the Brazilian GDP; or that (b) perform relevant international activities, independently from the magnitude of the institution.
The NSFR corresponds to the ratio between the ASF, and the RSF, of the financial institution. The minimum limit for the NSFR for Segment 1 financial institutions, such as us, is 100%. The LR consists of the ratio between the sum of the Common Equity Tier 1 Capital and the Additional Tier 1 Capital, and the total exposure of the financial institution ascertained as established by the applicable regulation. The LR rule determines the threshold of 3% as the minimum requirement for the LR for S1 financial institutions. For further information on our NSFR, see “5A. Operating Results—Liquidity Ratios—Net Stable Funding Ratio.”
CMN regulation also defines the entities that compose the regulatory conglomerate (conglomerado prudencial) of Brazilian financial institutions and establishes certain financial statement requirements that apply to them. For further information on the requirements, see “4B. Business Overview—Capital Adequacy and Leverage—Consolidated Enterprise Level (conglomerado prudencial).”
Brazilian financial institutions are also required to implement a capital management structure compatible with the nature of their transactions, the complexity of the products and services it offers, as well as with the extent of its exposure to risks. Disclosure and reporting of risk management matters, risk-weighted asset calculation, and adequate compliance with regulatory capital requirements are regulated by the Central Bank and reflect the so-called “Pillar 3” of regulatory capital recommended under Basel III, aimed at improving governance and disclosure.
Pillar 3 Report
Since January 1, 2020, the Central Bank requires certain financial institutions to furnish a Pillar 3 Report. On March 23, 2023, the Central Bank issued Resolution No. 306, altering several prudential rules. Among other changes, two new topic sections were included in the Pillar 3 report: (i) the comparison between the RWA, amounts calculated through the standard approach and through the internal ratings based (“IRB”) approaches, and (ii) the disclosure of information related to assets subject to any impediment or restriction of negotiation due to a legal, regulatory, statutory or contractual aspect.
We are required to publish this report on a consolidated basis covering the following topics:
•prudential indicators and risk management;
•comparison between accounting and prudential information;
•capital composition;
•macroprudential indicators;
•leverage ratio;
•liquidity indicators;
•credit risk;
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•counterparty credit risk (CCR);
•securitization exposures;
•market risk;
•risk of interest rate fluctuation in instruments classified in the banking book (IRRBB);
•remuneration of administrators;
•comparison between RWA calculated in the standardized approach and in the internal models approach;
•linked assets (assets subject to any impediment or restriction of negotiation due to a legal, regulatory, statutory or contractual aspect); and
•operational risks.
The Pillar 3 Report must be furnished on a quarterly, biannual or annual basis, according to the type of information being disclosed.
Risk Weighted Asset Calculation
The calculation of risk exposure is based on several factors set forth by the Central Bank regulations and impacts the capital requirements. The components take into consideration the type of risk and include the parameters and procedures for calculation of RWA to determine the capital requirements resulting from each risk exposure. The Central Bank has been frequently changing and updating the rules and regulations for the RWA calculation, with updated rules available at “www.bcb.gov.br/estabilidadefinanceira/regulacao_prudencial_normas” which is not incorporated by reference into this annual report. For further information, see “5A. Operating Results—Capital Management––Requirements and Capital Composition” and “5A. Operating Results—Capital Adequacy.”
Regulatory developments in Brazil continue to affect the calculation of risk-weighted assets and regulatory capital requirements. The Central Bank has adopted a revised framework for operational risk that replaces multiple existing methodologies with a single, more risk-sensitive approach, to be implemented on a phased basis through 2028. This framework is expected to change the way operational risk is reflected in risk-weighted assets and capital requirements and includes the incorporation of internal loss experience. In addition, Brazilian regulators have introduced new requirements for recovery and orderly resolution planning applicable to financial institutions under Central Bank supervision. These requirements, which will also be phased in through 2028, may affect capital planning, governance and risk management processes and are intended to enhance the resilience and stability of the Brazilian financial system. Regulators have also established a transition framework to mitigate the impact on regulatory capital arising from the adoption of a new expected credit loss provisioning model aligned with IFRS 9. This transition period, expected to occur from December 2025 to January 2028, is intended to partially offset potential reductions in regulatory capital resulting from higher provisioning requirements and is aligned with international banking regulatory standards. For recent developments regarding risk weighted asset calculation, see “Item 4B. Business Overview––Recent Developments in the Brazilian Financial and Payments Systems––Recent Developments on Prudential Regulation” and “Item 3D. Risk Factors—Regulatory, Compliance and Legal—We are subject to regulation on a consolidated basis and may be subject to liquidation or intervention on a consolidated basis.”
Asset Composition and Exposure Requirements
Permanent assets (defined as property and equipment other than commercial leasing operations, unconsolidated investments and deferred charges) of Brazilian financial institutions may not exceed 50% of their adjusted net equity, calculated in accordance with the criteria established by the Central Bank.
In addition, we are legally prevented from granting loans or advances and guarantees, including derivative transactions, and from underwriting or holding in our investment portfolio securities of (i) any clients or group of affiliated clients that, in the aggregate, exceed the threshold of 25% of our Tier 1 regulatory capital, and (ii) any concentrated individual clients or group of connected clients that, in the aggregate, exceed the threshold of 600% of our Tier 1 regulatory capital (a concentrated individual client means, for the purpose of the rule, any one client to which exposure is equal to or higher than 10% of our Tier 1 regulatory capital).
Banks must identify possible related counterparties, considering their economic interdependence in all cases where the sum of all exposures to one specific counterparty exceeds 5% of the eligible capital base. Two or more counterparties have an economic interdependence relationship whenever one is likely to be impacted financially if the other faces financial
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difficulties. Counterparties identified as economically interdependent must be treated as a single counterparty that is subject to the aforementioned requirements.
Repurchase transactions executed in Brazil are subject to operational capital limits based on the financial institution’s regulatory capital, as adjusted in accordance with Central Bank regulations. A financial institution may carry out repurchase transactions in an amount of up to 30 times its regulatory capital. Within that limit, repurchase transactions involving private securities may not exceed five times the regulatory capital. Exposures to receivables from public entities (precatórios) are also subject to specific prudential regulation issued by the Central Bank.
Regulation of Branches and Subsidiaries
The authorization to establish a branch abroad and/or to acquire and/or increase equity participation in companies incorporated in Brazil or abroad is regulated by CMN Resolution No. 5,043 of November 25, 2022 (which revoked the CMN Resolution No. 2,723).
These rules determine, among other standards, a prior authorization issued by the Central Bank for a Brazilian financial institution, such as us, (i) to be able to participate or increase its participation, directly or indirectly and in any amount, in the share capital of any financial or non-financial company in Brazil or abroad, and (ii) to establish a branch or representative office abroad, with the institution being required to comply with capital, activities and operating limits. Additionally, in order to allocate or to increase fund allocation in branches or representative offices established abroad, Brazilian financial institutions are required to communicate their intention to the Central Bank 90 days prior to the execution of the transaction.
The submission of a filling in order to seek for such prior approvals must comply with other regulatory requirements, such as the ones determined by the Central Bank Normative Ruling No. 342, of January 2, 2023, and Central Bank Circular No. 2,981, of April 28, 2000.
Treatment of Past Due Debts
Until 2024, Brazilian financial institutions classified credit transaction, including finance lease transactions and others characterized as credit advances, within risk levels ranging from AA to H, as defined by the Central Bank, with the purpose of recognizing credit loss provisions. The classification was based on the customer’s financial condition and credit profile, the terms and conditions of the transaction, and any past-due period on payments.
As of 2025, the expected credit loss provision associated with credit risk incorporates the use of forward-looking information and the classification of financial instruments into three stages:

•Stage 1 – expected credit losses over the next 12 months. Applicable to financial instruments that have not experienced a significant increase in credit risk.
•Stage 2 – expected credit losses over the lifetime of the financial instrument. Applicable to financial instruments that have experienced a significant increase in credit risk since initial recognition.
•Stage 3 – expected credit losses over the lifetime of the financial instrument. Applicable to assets with credit recovery issues (credit-impaired assets), evidenced by a delay of more than 90 days in the payment of principal or interest, or by an indication that the respective obligation will not be fully honored. At this stage, interest income is recognized on a cash basis. A financial instrument will migrate between stages as its credit risk increases or decreases.
The expected credit loss provision is based on our internally developed models, which calculate the allowance by multiplying the probability of default of the customer or counterparty by the potential recovery of defaulted credits for each transaction, as described in “Note 2(c) – Accounting Policies, Critical Estimates and Significant Judgments – IV – Financial Assets and Liabilities” and in “Note 32 – Risk and Capital Management” of our audited consolidated financial statements. Risk levels are classified as:
Lower risk: PD lower or equal than 4.44%
Medium: PD from 4.44% up to 25.95%
Higher risk: PD higher than 25.95%
Credit-Impaired: loans classified in Stage 3
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Bank Insolvency
The insolvency of financial institutions is handled pursuant to applicable laws and Central Bank regulations, and the Central Bank initiates and monitors all applicable administrative proceedings. There are three types of special regimens that may be imposed to either privately held financial institutions or state-owned (other than federal government-owned) financial institutions or similar institutions:
(i).Temporary special administration regime or RAET: a less severe special regime with limited duration which allows financial institutions to continue to operate – the whole management loses its office and is replaced by a steering committee appointed by the Central Bank with broad management powers, which will adopt measures aimed at the resumption of the financial institution’s regular activities. If resumption is not possible, this regime may be turned into an extrajudicial liquidation.
(ii).Intervention: a time-limited regime in which the Central Bank appoints an intervenor that takes charge of the financial institution's management, suspending its regular activities and dismissing the financial institution’s management, with the main purpose of preventing the continuation of certain irregularities and the aggravation of the institution’s financial condition, which can expose assets to risk and harm the financial institution’s creditors – it suspends all actions related to payment obligations of the financial institution, prevents the early settlement or maturity of its obligations and freezes pre-existing deposits.
(iii).Extrajudicial liquidation: a process of dissolution of the company in cases of unrecoverable insolvency or severe violations of the rules that regulate a financial institution’s activities. The extrajudicial liquidation aims at promoting the liquidation of the existing assets for the payment of creditors, with the return of any amounts left to stockholders. Controlling stockholders may be held responsible for remaining liabilities.
(iv).In the course of the special regimens described above, the steering committee, the intervenor, and the liquidator may, when authorized by the Central Bank: (i) dispose of assets and rights of the financial institution to third parties and (ii) proceed with corporate restructuring processes in the financial institution or its subsidiaries, among other possible measures of similar effect.
Deposit Insurance
In the event of intervention, extrajudicial liquidation or liquidation of a financial institution in a bankruptcy proceeding, the FGC provides deposit insurance for certain financial products. It guarantees the maximum amount of R$250,000 for certain deposits and credit instruments held by an individual, a company or another legal entity with a financial institution (or financial institutions of the same economic group). Such deposits and credit instruments contracted as of December 22, 2017, are subject to an additional limit: the total coverage of the referred guarantee is R$1,000,000 per investor regardless of the number of accounts held in different financial groups and such limit is valid for a period of four years. The resources of the FGC come primarily from mandatory contributions from all Brazilian financial institutions that receive deposits from clients, currently at a monthly rate of 0.01% of the amount of the balances of accounts corresponding to the financial instruments that are covered by the ordinary guarantee, even if the related credits are not fully covered by FGC, and certain special contributions. Deposits and funds raised abroad are not guaranteed by the FGC. Credits of financial institutions and other institutions authorized to operate by the Central Bank, complementary welfare entities, insurance companies, capitalization companies, investment clubs and investment funds, as well as those representing any interest in or financial instrument held by such entities, are not protected by the ordinary guarantee of FGC.
Payment of Creditors in Extrajudicial Liquidation
In the event of extrajudicial liquidation of a financial institution or liquidation of a financial institution in a bankruptcy proceeding, the salaries of employees and the related labor claims up to a certain amount, secured credits and tax charges have priority in any claims against the entity in liquidation, except for specific credits legally considered out of the liquidation. The payment of unsecured credits, including deposits from regular retail clients that are not guaranteed by the FGC, is subject to the prior payment of preferred credits. Additionally, upon the payment of the deposits guaranteed by the FGC, the FGC becomes an unsecured creditor of the estate in liquidation.
Law No. 14,112/20 replicates, with some adjustments, the provisions of the United Nations Commission on International Trade Law Model Law on Cross-Border Insolvency. It sets out rules on access of foreign representatives to courts in Brazil, the method and requirements for recognition of foreign main and ancillary proceedings, authorization for the debtor and his representatives to act in other countries, methods of communication and cooperation between foreign authorities and representatives and the Brazilian jurisdiction, and the processing of concurrent proceedings.
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Bank Secrecy
Brazilian financial institutions must maintain the secrecy of banking operations and services provided to their clients. Except as permitted under Brazilian legislation or by judicial order, a breach of bank secrecy is a criminal offense. The only circumstances under which information about clients, services or transactions by Brazilian financial institutions or credit card companies may be disclosed to third parties are the following:
•the disclosure of information with the express consent of the interested parties;
•the exchange of information between financial institutions for record purposes;
•the disclosure of information to credit reference agencies based on data from the records of subscribers of checks drawn on accounts without sufficient funds and defaulting debtors;
•the disclosure of information to the competent authorities relating to the actual or suspected occurrence of criminal acts or administrative wrongdoings, including the disclosure of information on transactions involving funds related to any unlawful activities;
•the disclosure of some information established by law to tax authorities; and
•the disclosure of information in compliance with a judicial order.
Complementary Law No. 105, of January 10, 2001, also allows the Central Bank or the CVM to exchange information with foreign governmental authorities, provided that a specific treaty has previously been executed.
The governments of Brazil and the United States executed an agreement on March 20, 2007, by means of which these governments established rules for the exchange of information (the “2007 Agreement”). Under the 2007 Agreement, the Brazilian tax authority would be able to send information it receives by virtue of Section 5 of the Bank Secrecy Law to the U.S. tax authority.
Proceedings for Administrative Sanctions in the Brazilian SFN, the SPB and Capital Markets
Legal violations under Brazilian banking, payments and/or securities laws may lead to administrative, civil and criminal liability. Offenders may be prosecuted under all three legal theories separately, before different courts and regulatory authorities, and face different sanctions with respect to the same legal offense.
Law No. 13,506, dated November 13, 2017, as supplemented by Central Bank Resolution No. 131/21 and CVM Resolution No. 45/21, provides for the administrative sanctioning procedures within the competence of the Central Bank and CVM and significantly amended the punitive instruments in the context of banking supervision, of the capital market, of the SPB and of the consortium system. Some of the key aspects of Law No. 13,506 are: (i) the caps of the fines provisioned by the Central Bank and CVM are capped at R$2 billion (or 0.5% of revenues from services and financial products in the year preceding the violation, whichever is higher) and R$50 million (or twice the value of the issuance or irregular transaction; or three times the economic advantage obtained or loss avoided as a result of the violation; or twice the damage caused to investors, whichever is higher), respectively; (ii) new types of violations that are subject to penalties were added; (iii) the maximum penalty with respect to disqualification was increased to a period of twenty years; (iv) the Central Bank may enter into cease-and-desist commitments; and (v) the Central Bank and the CVM may enter into administrative agreements similar to leniency agreements.
Leasing Regulation
Leasing transactions are transactions in which a “lessor” (the bank), delivers an asset is owns to a “lessee” (the client), to be used by the lessee until the end of the contract, when the lessee may opt to either acquire it or return it to the lessor or renew the contract for a new period. Although leasing transactions are not classified as credit transactions under Brazilian legislation, the Central Bank regulates and oversees them. The laws and regulations applicable to financial institutions, such as those related to reporting requirements, capital adequacy and leverage, assets composition limits and allowance for losses, are also generally applicable to leasing companies.
Insurance Regulation
The insurance business in Brazil is regulated by CNSP and SUSEP. Insurance companies require SUSEP approval to offer their products. Insurance companies in Brazil may offer all types of insurance (except for workers’ compensation insurance) directly to clients or through qualified brokers.
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Insurance companies must set aside reserves to be invested in specific types of securities. As a result, insurance companies are among the main investors in the Brazilian securities market and subject to CMN regulations regarding the investment of technical reserves.
In the event that an insurance company is declared bankrupt, the insurance company will be subject to a special procedure administered by SUSEP or by ANS. If an insurance company is declared bankrupt and (i) its assets are not sufficient to guarantee at least half of the unsecured credits or (ii) procedures relating to acts that may be considered bankruptcy-related crimes are in place, the insurance company will be subject to ordinary bankruptcy procedures.
There is currently no restriction on foreign investments in insurance companies in Brazil.
Brazilian legislation establishes that insurance companies must buy reinsurance to the extent their liabilities exceed their technical limits under CNSP and SUSEP rules, and reinsurance contracts may be entered into through a direct negotiation between the insurance and reinsurance companies or through a reinsurance broker authorized to operate in Brazil.
In December 2025, Law No. 15,040/2024 came into effect, establishing private insurance rules, repealing the previous provisions of the Brazilian Civil Code and amending Decree No. 73/1966. The new law aims at ensuring that insurers protect the legitimate interests of policyholders and beneficiaries against predetermined risks by paying a premium. The main points of the law include (i) strengthening transparency in contractual relationships; (ii) adjustments in claims regulation; and (iii) the need for prior authorization from SUSEP for the partial or total transfer of the insurance portfolio.
Asset Management Regulation
The Brazilian asset management regulation requires a previous registration with the CVM to perform the services of portfolio management and fund administration.
We provide several services in the capital markets and, in particular, we perform activities related to fund administration and portfolio management under CVM registration and in accordance with CVM regulation.
By providing these services, our entities engaged in the asset management business can be held civilly and administratively liable in certain circumstances for losses arising from either intentional acts or negligence in conducting their activities.
The CVM has regulatory powers to oversee these activities, including powers to impose fines and other sanctions on registered asset managers.
Compensation of Board of Directors and Board of Officers of Financial Institutions
According to CMN, Brazilian financial institutions are required to have a compensation policy. If variable compensation is to be paid to management, at least 50% of the total variable compensation should be paid in shares or share-based instruments and at least 40% of the total compensation should be deferred for future payment for at least three years. If the company or business area records a significant decrease in the realized recurring profit or a negative result during the deferral period, the deferred and unpaid portions of the compensation may be reduced or not paid (“Malus”) in order to minimize the loss incurred by the financial institutions and their stockholders, except when the reduction or negative result arises from extraordinary, unpredictable and external events to the Itaú Unibanco Group, which also affect other financial institutions and are not related to management actions or omissions. The compensation committee may decide to apply the Malus even in these cases.
Our compensation policy complies with CMN’s regulatory requirements and applies to the members of the board of directors and the board of officers in Brazil, which represent the majority of our management (“Compensation Policy”). Our compensation principles and practices worldwide comply with each local regulation and seek to increase alignment between the interests of our stockholders and our management.
Furthermore, we adopted the clawback policy which consists of the recovery of compensation granted or paid in excess in the event of restatement of financial results. For further information, see “Item 6B. Compensation.”
Regulation of Independent Auditors of Financial Institutions
In accordance with CMN regulations establishing the rules that govern external audit services provided to financial institutions, the financial statements and financial information of financial institutions must be audited by independent auditors who are (i) duly registered with the CVM; (ii) qualified as specialists in audit of banks by the CFC (or, in the case of publicly-held companies, by entities indicated by the CVM); and (iii) meet the requirements that ensure auditor independence.
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After issuing audit reports for five consecutive fiscal years, the responsible audit partner and audit team members with management responsibilities must rotate-off and cannot be part of the audit team of such financial institution for the following three consecutive fiscal years.
In addition to the audit report, the independent auditor must prepare the following reports, as required by CMN regulation:
•an internal control system quality and adequacy evaluation report, including regarding electronic data processing and risk management systems, evidencing any identified deficiencies;
•a legal and regulatory provisions non-compliance report, regarding those which have, or may have, material impacts on the financial statements or on the audited financial institution’s operations; and
•other reports required by the Central Bank and CVM.
These reports, as well as working papers, correspondence, service agreements and other documents related to the audit work must be retained and made available for consultation by the Central Bank for at least five years.
Independent auditors and the audit committee, individually or jointly, must formally notify the Central Bank of the existence or evidence of error or fraud, within three business days of the identification of the respective occurrence, including:
•non-compliance with legal rules and regulations that place the continuity of the audited entity at risk;
•frauds of any amount perpetrated by the management of the institution;
•material frauds perpetrated by the institution’s employees or third parties; and
•errors that result in major incorrectness in the financial statements of the audited entity.
The executive office of the financial institution must inform the independent auditor and the audit committee, if any of the above situations occur. Moreover, such situations must also be reported by the audit committee to the board of directors.
CVM regulations provide that the independent auditor must notify the CVM, in writing, of certain material irregularities (which encompasses existence or evidence of error or fraud) within twenty days as of the date such irregularity is identified.
Under Brazilian law, our financial statements must be prepared in accordance with the accounting practices adopted in Brazil applicable to institutions authorized to operate by the Central Bank. We also prepare financial statements in accordance with the IFRS as issued by the IASB. For further information, see “Presentation of Financial and Other Information—About our Financial Information.” Financial institutions must have their financial statements audited every six months. Quarterly financial statements filed with the CVM must be reviewed by independent auditors of the financial institutions. CVM rules require publicly held companies, including financial institutions, to disclose information related to non-audit services provided by independent auditors when they represent more than 5% of the fees for audit services. Such information should include the type of service, the amount paid and the percentage that they represent of the fees for the audit of financial statements. For further information on fees and services of the principal auditors, see “Item 16C. Principal Accountant Fees and Services.”
CMN regulation also requires financial institutions and certain other authorized entities to create a corporate body designated as the “audit committee,” if such entities are registered as publicly held companies; considered leaders of a regulatory conglomerate in the S1, S2 or S3 categories or considered S1, S2 or S3 companies. To obtain more information concerning our audit committee, see “Item 6C. Board Practices––Board of Directors Committees––Audit Committee.”
Investments by Non-Resident Holders
Brazilian law restricts foreign ownership of voting shares of financial institutions and requires prior authorization from the Central Bank. Such authorization has been obtained and foreign ownership of our voting share capital is currently limited to 30%. Foreign investments are subject to registration and other local regulatory requirements, although certain exemptions and simplified procedures apply to non-resident investors. For more information on investments by foreign investors, see “Item 10E. Taxation––Brazilian Tax Considerations––Non-Resident Holders Resident or Domiciled in Tax Haven Jurisdictions.”

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Recent Developments in the Brazilian Financial and Payments Systems
We summarize below rules and regulations that have been issued or modified by law or regulation of the CMN and the Central Bank and other authorities in recent years. We believe these laws and regulations are the most relevant and impactful to our business and the industry as a whole. This summary is qualified in its entirety by the full text of the rules and regulations that are publicly available, which is not incorporated by reference into this annual report.
New Accounting Criteria and Accounting Standards
In 2023, the CVM issued Resolution No. 193, which requires publicly listed companies in Brazil, such as us, as well as investment funds and securitization companies, to prepare and disclose sustainability- and climate-related financial information in accordance with IFRS S1 and IFRS S2, as issued by the International Sustainability Standards Board (“ISSB”). These standards establish a global baseline for sustainability disclosures: IFRS S1 requires the disclosure of material sustainability-related risks and opportunities that could reasonably be expected to affect enterprise value, while IFRS S2 focuses on climate-related disclosures, including governance, strategy, risk management and metrics and targets, aligned with the TCFD framework. For entities regulated by the CVM, mandatory disclosure under both standards begins in 2026. Subsequently, in 2024, the CMN issued Resolution No. 5,185, which requires financial institutions, including us, to prepare and disclose a sustainability-related financial report in accordance with IFRS S1 and IFRS S2, as locally approved under CBPS 01 and CBPS 02. To enhance the reliability of these disclosures, such reports are subject to reasonable assurance by an independent auditor. Although aligned with CVM Resolution No. 193 to mitigate information asymmetry, CMN Resolution No. 5,185 establishes a phased implementation schedule for financial institutions, under which IFRS S2 (climate-related disclosures) became mandatory beginning in 2026, while IFRS S1 (general sustainability-related disclosures) becomes mandatory beginning in 2027. For a discussion of the risks associated with these regulatory requirements, see “Item 3D.—Risk Factors—We may incur financial and reputational losses as result of environmental and social risks.”

On April 30, 2025, the Central Bank issued Resolution No. 470 and CMN issued Resolution No. 5,207, which reflect a standardized sensitivity-based approach for market risk, called RWASENS. This change is part of the third phase of Brazil’s adoption of the FRTB under Basel III. Institutions classified in Segments S1, such as us, S2, and S3 will replace several existing market risk components (RWAmpad) with RWASENS, while Segment S4 institutions will continue to use the previous components. The new methodology is intended to simplify and standardize the calculation of capital requirements for market risk, aligning Brazil’s prudential framework with international standards. Additionally, the rule revokes the internal model-based market risk component (RWAMINT), requiring institutions that previously used internal models to adopt the new standardized approach. The new rule also amends the risk management regulation to include credit spread variation as a market risk factor that must be monitored internally. The changes are expected to take effect on January 1, 2027.

On May 22, 2025, CMN issued Resolution No. 5,214, which defines the methodology for calculating the Regulatory Capital (Patrimônio de Referência, or PR), to address changes introduced by recent accounting standards. Since January 2025, accounting rules have required that variations in the fair value of derivative liabilities due to changes in an institution’s own credit risk, be recorded in equity accounts. While these adjustments affect our net worth, prudential regulation already neutralizes their impact on Regulatory Capital to prevent volatility in regulatory capital caused by short-term credit risk fluctuations. The new rule clarifies that these variations should not be combined with other equity valuation adjustments, avoiding double counting and ensuring consistency with the Basel Committee recommendations. The change explicitly states that gains and losses from own credit risk adjustments will only be considered under specific provisions already in place, rather than alongside other unrealized valuation adjustments. CMN Resolution No. 5,214 came into force on the date of its publication (May 26, 2025).

On August 28, 2025, the CMN issued Resolution No. 5,244. The resolution refines the criteria for classifying financial instruments as problematic assets, particularly those with payment intervals equal to or greater than three months, and allows reclassification only after at least 90 days of full and timely performance without reliance on guarantees or collateral. The new rules aim to reduce the disproportionate impact of prior standards on long-term credit instruments and align domestic regulation with Basel Committee recommendations. The resolution also establishes recognition criteria for financial assets renegotiated after being written off due to expected credit losses, which must continue to be fully provisioned while classified as problematic. CMN Resolution No. 5,244 came into force on September 1, 2025.

On November 4, 2025, the Central Bank issued the Public Consultation 127, proposing amendments to Resolution No. 139/2021 to expand and standardize the GRSAC Report. The proposal introduces a second phase of requirements focused on quantitative metrics and targets, while refining the qualitative tables adopted in 2021, and aligns disclosures with international standards, including IFRS S1 and S2 and the Basel Committee’s Pillar 3 framework for voluntary climate risk disclosures. The new framework structures the GRSAC Report into standardized qualitative and quantitative tables
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covering governance, strategy, risk management and climate risk (transition and physical), as well as sectoral exposures and emissions, agriculture by biome, power generation by source, physical risk metrics for drought and heavy rain, transition plans, and social and environmental risk exposures. Disclosure of business opportunities remains voluntary; disclosure of national and international voluntary commitments follows new standardized tables (COMP1 and COMP2). The consultation also clarifies the use of climate scenario analysis, with parameters for narratives, time horizons and scientific bases.

Implementation is phased. For S1 and S2 institutions, the new GRSAC format would take effect in January 2027, with the first publication in 2028 using a December 2027 reference date. S3 institutions become subject to all tables with the first required publication based on December 31, 2028; S4 institutions, previously limited to a qualitative governance table, must disclose standardized information on social, environmental or climate commitments via COMP1 and COMP2 on the same timeline as S3. S5 institutions remain exempt. The proposed rules preserve flexibility to add granularity or justify omissions where immaterial and allow complementing tables to meet the sustainability financial reporting requirements aligned with IFRS, subject to consolidation scope differences. The public consultation was open for comments until February 13, 2026. The Central Bank will now analyze all the comments received to decide if said comments will be incorporated into the final rules on the matter.

Instant Payments
In November 2020, pursuant to Central Bank Resolution No. 1/2020 (“Pix Regulation”), the Central Bank implemented the Instant Payment Arrangement (“Pix Arrangement”), an instant payment ecosystem which settlement is centralized at the Central Bank. In addition to increasing the speed at which payments or transfers are made and received, available 24 hours a day, seven days a week, all days of the year, the ecosystem increased market competitiveness and efficiency; lowered costs; and enhanced customer experience. Participation in the Pix Arrangement is mandatory for financial institutions and payment agents authorized to operate by the Central Bank that have more than 500,000 active customer accounts. Since then, the Central Bank continues to regulate the Pix Arrangement by also improving client protection measures, enhancing transaction security, expanding functionalities, and ensuring broader financial inclusion.
Open Finance
On May 4, 2020, the Central Bank and CMN published Joint Resolution No. 1/2020, amended by Joint Resolution No. 10 of July 4, 2024, setting out the framework for the implementation of open finance in Brazil. From that date on, CMN and the Central Bank have issued complementing regulations. The Brazilian open finance model comprises financial institutions, payment institutions and other entities authorized to operate by the Central Bank, making it possible to share, via integration of information systems and upon customer’s authorization, data on products and services, customer records and transactions. Open finance also includes, but is not limited to, the provision of initiation payment services and forwarding loan proposals through digital correspondent agents. Since May 2024, the Central Bank and the CMN continue to regulate the open finance, introducing new regulations aiming at enhancing payment transactions via the Pix Arrangement, simplifying payment initiation processes and facilitating contactless payments, providing for a new framework for governance (including the foundation of the Open Finance Association) and also making adjustments to mandatory participation requirements for institutions in the open finance ecosystem.
Foreign Exchange Transactions and Exposure
Transactions involving the sale and purchase of foreign currency in Brazil may only be conducted by institutions authorized to do so by the Central Bank, such as us. As of the date of this annual report, there are no limits for long or short positions in foreign currency for banks authorized to carry out transactions on the foreign exchange market and there is no compulsory deposit requirement rate on the foreign currency short position held by financial institutions.
In accordance with CMN regulation, financial institutions in Brazil may raise funds abroad, either through direct loans or through the issuance of debt securities. Funds raised accordingly may be freely invested, including but not limited to on-lending to Brazilian companies and financial institutions. Cross-border loans, in which one the borrower is in Brazil and the other party is abroad, require reports to the Central Bank. Financial institutions may also grant loans indexed to a foreign currency to their clients on limited situations established in law. For further information about tax on foreign exchange transactions, see “Item 10E. Taxation.”
In addition, Law No. 14,286/2021 sets forth that the total exposure in gold and other assets and liabilities indexed or linked to the foreign exchange rate variation undertaken by financial institutions (including their offshore branches), and their direct and indirect subsidiaries, on a consolidated basis, may not exceed 30% of their regulatory capital.
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Virtual Assets and Virtual Asset Service Providers
On November 10, 2025, the Central Bank issued Resolutions Nos. 519, 520 and 521, establishing a regulatory framework for the provision of virtual asset services in Brazil, including licensing requirements, operational standards and the treatment of certain virtual-asset transactions under foreign exchange regulations. Resolution No. 520 regulates virtual asset services and sets out the conditions under which Virtual Asset Service Providers (“VASPs”) may be incorporated and operate, subjecting such activities to requirements relating to governance, internal controls, customer due diligence, data protection and information disclosure. Certain virtual-asset services may also be provided by financial institutions authorized by the Central Bank, including commercial and multi-purpose banks, such as us, subject to applicable conditions and supervisory oversight. Resolution No. 519 establishes the authorization and approval processes applicable to VASPs, including requirements for authorization to operate and prior approval for certain corporate and control-related transactions. Resolution No. 521 addresses the foreign exchange treatment of specified virtual-asset transactions, including certain cross-border transfers and exchanges, and introduces data collection and periodic reporting obligations to the Central Bank in connection with such activities. The resolutions generally entered into force on February 2, 2026. Institutions already providing virtual asset services, such as us, will be required to seek authorization or notify the Central Bank, as applicable, within the transition periods established by the regulations, with certain reporting obligations becoming effective in May 2026.
Changes to Rules Applicable to Agribusiness Receivables Certificates, Real Estate Receivables Certificates and Other Incentivized Instruments
On May 22, 2025, CMN issued Resolution No. 5,215, to clarify existing rules regarding LCIs and LCAs. The resolution introduces clearer provisions on early repurchase for intermediation purposes, allowing issuing institutions to repurchase LCIs and LCAs before maturity exclusively for intermediation, while maintaining the prohibition on holding them in treasury for resale. The rule also establishes general rules for extending the maturity of LCIs and LCAs, requiring that any extension comply with the same conditions as a new issuance, including minimum maturity periods. Furthermore, the updated nominal value of LCIs and LCAs cannot exceed the gross book value of the underlying real estate or agribusiness credit rights, calculated according to the Central Bank’s accounting standards, and prohibits using credits written off as losses as collateral. CMN Resolution No. 5,215 came into effect on the date of its publication (May 26, 2025) regarding new minimum maturity periods of the LCIs and LCAs, while other changes came into force on August 1, 2025.

Anti-Fraud Measures for Account Opening and Maintenance

In 2025, the Central Bank and the CMN issued rules to strengthen controls for fraud prevention, anti-money laundering, and the integrity of banking, savings, and deposit accounts.
These new rules require financial and payment institutions to reject payment transactions involving accounts subject to well-founded suspicion of fraud and to close payment or deposit accounts where serious irregularities are identified in customers registration information, or when such accounts are used as pass-through accounts or to provide unauthorized financial or payment services.
These measures, implemented through Central Bank Resolutions No. 476, No. 501 and No. 518 and CMN Resolutions No. 5,218 and No. 5,261, expand institutions’ monitoring and compliance obligations and increase supervisory expectations regarding the detection of fraud, scams, and money laundering, account usage, and customer identification.

Real Estate as Collateral for Credit Operations
On October 10, 2025, the CMN issued Resolution No. 5,255, further amending Resolution No. 4,676 to redefine the rules for the allocation of savings and interbank real estate deposits to real estate credit operations. The new regulation progressively increases the mandatory allocation of these funds to up to 100%, introduces new eligibility and control criteria for credit operations, and allows greater flexibility and more efficient use of resources raised through savings deposits and alternative funding instruments, such as LCIs and LIGs, reducing reliance on savings deposits. Additionally, changes to the compulsory deposit regime enable deductions linked to the origination of new real estate loans, with phased implementation starting January 1, 2027 and a transition period of up to ten years, supporting market stability and predictability.
Payroll Loans Regulation
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
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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.
Provisional Measure No. 1,292 is effective as of its publication date, March 12, 2025
On July 24, 2025, Provisional Measure No. 1,292/25 was converted into Law No. 15,179/25, which came into effect on the date of its publication (July 27, 2025).
Regulation on Payment Agents and Payment Arrangements
The regulation issued by the Central Bank, determines, among other aspects: (i) consumer protection, anti-money laundering compliance and risk prevention systems that should be observed by payment agents and payment arrangers; (ii) the procedures for incorporation, organization, authorization and operation of payment agents, as well as transfer of shareholding control, subject to the Central Bank’s prior approval; (iii) capital requirements; (iv) definition of arrangements excluded from the SPB; and (v) rules related to payment accounts, which are divided into prepaid and postpaid accounts and require the allocation of the totality of their balance to a special account at the Central Bank or investment in government bonds.
CMN Resolution 522, published on October 10, 2025, reinforces the resilience of Brazil’s payment ecosystem by assigning card schemes ultimate responsibility for transaction settlement, ensuring security and trust even in the event of participant failures. The regulation introduces centralized risk management and continuous stress testing, by Card schemes, that raising transparency and governance standards across the industry. It also revises chargeback rules and mandates greater tariff disclosure, enhancing predictability for all stakeholders. Card schemes have 180 days from publication to submit updated regulatory frameworks to the Central Bank; until then, existing regulations remain in effect.
Regulations on ESG Requirements Applicable to Financial Institutions
Financial institutions are required by CMN regulation to have a Social, Environmental and Climatic Responsibility Policy (Política de Responsabilidade Social, Ambiental e Climática) (“PRSAC”), which must guide the institutions’ social, environmental and climate actions in conducting their businesses, activities and relationship with their customers, other users of their products and services, suppliers, investors, personnel, and any persons affected by the financial institution’s activities.
The relevant regulation provides for specific definitions of social, environmental and climate risks and deals with the identification and monitoring of such risks incurred by financial institutions, including activities performed by their counterparties, controlled entities, suppliers and outsourced service providers, and seeks to contemplate the recommendations of the TCFD at the national regulatory level. It also requires the preparation of an annual GRSAC Report by financial institutions classified in segments S1, such as us, S2, S3 and S4.
Authorized institutions classified in segments S1, such as us, S2, S3, and S4, must remit to the Central Bank information regarding social, environmental, and climate risks related to their exposures to credit and securities transactions, as well as those of the respective debtors under these transactions. CVM regulation also provides instructions and requirements regarding aspects of social, environmental and climate risk that must be observed by publicly traded companies in Brazil.
Further, SUSEP regulation provides for sustainability requirements to be observed by insurance companies, open pension plan entities, capitalization companies and local reinsurers. These entities must implement environmental, social and climate risk management, as well as sustainability policies and reports, in line with the resolutions published by the Central Bank, as highlighted above.
We are continuously improving our climate strategy. Our public reports are aligned with TCFD recommendations and seek to implement best practices on climate-related governance, strategy, risk management, metrics and targets. We are committed to achieving net zero GHG emissions across our operations and financing activities by 2050. As such, we disclose our financed emissions based on the PCAF. We report our direct emissions “Scope 1,” emissions from energy consumption “Scope 2,” and indirect emissions “Scope 3,” including those from our credit portfolio. Recognizing that financed emissions are the most significant for a bank, we acknowledge that reaching net zero depends on the decarbonization efforts of our clients and the broader real economy. To support this transition, we have published the decarbonization objectives for high GHG-emitting sectors we finance.
Additionally, by 2030, Itaú Unibanco aims at reducing its combined Scope 1 and 2 emissions by 50%, as well as achieve a 50% reduction in Scope 3 emissions (except for category 15), using 2023 as the baseline year.
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Recognizing that the innovation agenda is essential for our decarbonization and the transition of our clients, in 2022 we launched Cubo ESG, a platform for entrepreneurs who want to transform the environmental and social reality of Brazil and Latin America. In addition to positioning and communication, the hub aims at generating knowledge, innovation and connections for low-carbon solutions.
We continue to advance our commitment to achieve sustainable development. At the end of 2024, we set a new target to mobilize R$1 trillion in sustainable finance between January 2020 and December 2030. To achieve these objectives, we collaborate with the financial industry, through working groups such as the Brazilian Business Council for Sustainable Development and the United Nations Environment Program and through commitments such the Principles for Responsible Banking.
On November 21, 2024, the CMN issued Resolution No. 5,185, requiring larger financial institutions, such as us, to prepare and disclose a sustainability report along with their financial statements. The report must adhere to international standards (IFRS S1 and S2) and Brazilian sustainability pronouncements and we are working to adhere to such standards. Compliance with such standards will become mandatory as of the fiscal year beginning on January 1, 2026. We have assessed our compliance with the regulation in question, and created working groups involving various areas to ensure our compliance within the specified deadlines.
Portability of Credit Transactions
Portability of credit transactions refers to the transfer of a credit obligation from the original creditor to another institution, at the debtor´s request , maintaining the same outstanding balance and remaining term. The regulation establishes standardized procedures and deadlines for information exchange n and the mandatory use of an electronic system authorized by the Central Bank for the fund transfers between financial institutions, prohibiting any alternative procedures (Resolution No. 5,057, issued by the Central Bank and CMN).
On December 21, 2023, the Central Bank and CMN regulated the portability of outstanding balances on credit card invoices (revolving credit and installment plans) and other post-paid payment instruments through Resolution No. 5,112, which came into effect on July 1, 2024. Among other provisions, Resolution No. 5,112 requires that a portability proposal for credit card financing from a new institution be structured as a single, consolidated credit operation. If the original creditor makes a counterproposal, it must offer at least one comparable, consolidated operation matching the repayment term of the proposal, ensuring cost comparability for the client.
Additionally, on November 28, 2025, the Central Bank and CMN issued Resolution 5,265, allowing institutions to use the Open Finance Brazil infrastructure for information exchange related to this transactions. This procedure is aligned with the Open Finance Brazil regulatory framework.


Recent Developments on Prudential Regulation
On May 30, 2025, the Central Bank issued Resolution No. 478 and CMN issued Resolution No. 5,223, introducing a new regulatory framework for the Leverage Ratio and establishing an individualized requirement for institutions, alongside the possibility of excluding intragroup exposures within cooperative systems. The measure addresses the need for prudential regulation on a solo basis to complement consolidated supervision. The Leverage Ratio, calculated as the ratio between regulatory capital and total exposure without risk-weighting, will now apply individually or on a subconsolidated basis for certain institutions, ensuring sufficient resources in Brazil to meet local obligations and mitigate risks associated with cross-border resolution constraints. The minimum leverage ratio requirement for individual or subconsolidated bases will be set at 2.25%, lower than the consolidated requirement of 3%, and phased in between 2026 and 2028. Institutions opting for subconsolidated compliance must prepare specific financial statements and submit a Recovery and Organized Exit Plan. Central Bank Resolution No. 478 and CMN Resolution No. 5,223 come into force on July 1, 2026, with a gradual implementation schedule.
Moreover, in November 2025, the Central Bank issued Public Consultation 128, proposing amendments to RWACPAD regulations to refine recognition of credit risk mitigation instruments (financial collateral, bilateral netting, personal guarantees, credit derivatives, and credit insurance) and to revise the CEM for derivatives by aligning key parameters with SA-CCR (including a 1.4 multiplier and PFE floor). By means of the proposed new rules, the Central Bank intends to allow single netting sets across derivatives and securities financing transactions. The draft rule also introduces preferential risk weights for specified payroll-deducted retail exposures, clarifies eligibility and haircuts for recognized collateral. However, the expected impact on our current portfolio is limited, as we do not use the CEM approach, nor do we apply netting across asset classes, derivatives, and SFTs, and while the reduction in risk weights for private‑sector payroll loans may create
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opportunities for future expansion, our existing exposures are largely concentrated in public‑sector payroll loans. Additionally, credit insurance is not currently used as a credit risk mitigation instrument in our operations, so any effects in this regard would be prospective only. The Public Consultation was open for comments until February 3, 2026. The Central Bank will now analyze all the comments received to decide if said comments will be incorporated into the final rules on the matter.


General Laws and Regulations Affecting the Financial System
We summarize below other laws and regulations that generally affect the Brazilian financial system. This summary is qualified in its entirety by the full text of the rules and regulations that are publicly available, which is not incorporated by reference into this annual report.
Anti-Corruption Law
The Brazilian Anti-Corruption Law establishes that legal entities will have strict liability (that is, regardless of fault or willful misconduct) if they are involved in any form of bribery. The law also encompasses other injurious acts contrary to the Brazilian or foreign public administration, including bid rigging and obstruction of justice. The law provides for heavy penalties, both through administrative and judicial proceedings, including company dissolution, prohibition against obtaining financing from public entities and prohibition against participating in public biddings. A presidential decree also provides parameters for the application of the anti-corruption law, including with respect to penalties and compliance programs. Please refer:
•To our Investor Relations website (see – “Itaú Unibanco – Corporate Governance – Policies – Corporate Corruption Prevention Policy”) from which you can electronically access further details about our anti-corruption Corporate Policy.
•To our Investor Relations website (see – “Itaú Unibanco – Corporate Governance – Policies – Corporate Policy on Integrity, Ethics and Conduct”) from which you can electronically access further details about principles that guide the institution to act with integrity, ethics, and responsibility.
•To our Investor Relations website (see – “Itaú Unibanco – Integrity and Ethics”) from which you can electronically access further details about our Integrity and Ethics Program.
None of our Investor Relations website and the policies, programs and guidelines mentioned above are incorporated by reference into this annual report.
Anti-Money Laundering Regulation
Law No. 9,613, as amended, (“Brazilian Anti-Money Laundering Law”) establishes the basic framework to prevent and punish money laundering as a crime. It prohibits the concealment or dissimulation of origin, location, availability, handling or ownership of assets, rights or financial resources directly or indirectly originated from crimes, subjecting the agents of these illegal practices to imprisonment, temporary disqualification from managing enterprises for up to ten years and monetary fines.
The Brazilian Anti-Money Laundering Law also created the COAF, which is subordinated to the Central Bank and performs a key role in the Brazilian system of preventing and combating money laundering, financing of terrorism and the proliferation of weapons of mass destruction.
In compliance with the Brazilian Anti-Money Laundering Law and related regulations issued by the Central Bank, financial institutions in Brazil must establish internal control and procedures aiming at, among others:
•identifying and knowing their clients, which includes determining if they are PEPs, and also identifying UBOs;
•checking the origin of funds of a client, as well as the compatibility between the movement of its funds and its economic and financial capacity;
•keeping records of all transactions carried out or financial services provided on behalf of a certain client or for that client;
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•reporting to COAF, within one business day, any transaction deemed to be suspicious by the financial institution, as well as all transactions in cash equivalent to or higher than R$50,000, without informing the involved person or any third party;
•applying special attention to (i) unusual transactions or proposed transactions with no apparent economic or legal bases; (ii) transactions involving PEPs, (iii) indication of evading client identification and transaction registering procedures; (iv) clients and transactions for which the UBO cannot be identified; (v) transactions originated from or destined to countries that do not fully comply with the recommendations of the FATF; and (vi) situations in which it is not possible to keep the clients’ identification records duly updated;
•determining criteria for hiring personnel and offering anti-money laundering training for employees;
•monitoring transactions and situations which could be considered suspicious for anti-money laundering purposes;
•reporting to COAF the occurrence of suspicious transactions, as required under applicable regulations;
•maintaining specific records of all operations carried out, products and services contracted by financial institutions, including deposit, contribution, withdrawal, payments, receipts and transfers of funds; and
•unavailability, without delay, of goods, values and rights of possession or ownership and all other rights, real or personal, owned, directly or indirectly, of natural or legal persons subject to sanctions by the resolutions of the UNSC.
Non-compliance with any of the obligations above subjects the financial institution and its officers to penalties, including:
(i)formal notice,
(ii)variable pecuniary fine (of up to twenty million reais)
(iii)temporary ineligibility of executive officers to hold any management position in financial institutions (for up to ten years), and
(iv)cancellation or suspension of the financial institution’s license to operate.
Financial institutions, such as us, are also required to maintain Anti-Money Laundering Program (in compliance with regulatory standards) and conduct periodic Internal Risk Assessments.
Politically Exposed Persons
According to the Central Bank, PEPs are public agents who hold or have held a relevant public position, as well as their representatives, family members or other close associates. They are considered PEPs until five years after the end of their term of office. In Brazil or other countries, territories and foreign jurisdictions. It also includes their legal entities. Financial institutions must develop and implement internal procedures to identify PEPs and obtain higher level of approval than the person responsible for contracting, according to Risk-Based Approach, prior to establishing any relationship with those individuals. They should also adopt reinforced and continuous surveillance actions regarding transactions with PEPs and report all suspicious transactions to COAF. Such procedures must enable the identification of politically exposed persons, and the origin of the funds involved in the transactions of such customers.
Consumer Protection
The Brazilian Consumer Protection Code, which is applicable to financial institutions, sets forth consumer defense and protection rules applicable to relationships with suppliers of products or services. The basic consumer rights regarding financial institutions are, among others:

•reverse burden of proof in court;
•proportional reduction of interest charged in connection with personal credit and consumer-directed credit transactions in case of early payment of debts;

•in limited circumstances, amounts charged improperly may have to be returned in an amount equal to twice what was paid in excess of due amounts, except in cases of justifiable mistakes (e.g., systemic failure or operational error);

•the collection of credits cannot expose the client to embarrassment or be performed in a threatening manner; and

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•liability for any damages caused to consumers by misrepresentations in their publicity or information provided.

Law No. 14,181, known as the “over-indebtedness” law, which amended the Brazilian Consumer Protection Code and the Senior Citizens’ Statute (Law No. 10,741 of October 1, 2003), provides preventive rights and obligations against excessive consumer indebtedness reinforcing concepts and rules on transparency and security in credit contracting, including relevant provisions on indebtedness avoidance. Among other measures, Law No. 14,181 (i) implemented the concept of existential minimum (the minimum amount of income that a consumer should have for his subsistence), that cannot be compromised with the payment of credit contracts; and (ii) included a new chapter in the Brazilian Consumer Protection Code dedicated to the conciliation of individuals who are over-indebted, giving those individuals the opportunity for a judicial debt conciliation process, which would bring together all creditors in a single agreement.

On July 26, 2022, the Brazilian Government published Decree No. 11,150, which regulates Law No. 14,181 and establishes key consumer rights, including responsible credit practices, financial education and measures to prevent and address over-indebtedness. The decree also specifies that the existential minimum (mínimo existencial) represents the portion of income that must be preserved to cover a consumer’s basic needs. However, it excludes certain debts and credit limits from the existential minimum safeguard, such as debts not related to consumption, real estate financings and refinancings; arising from loans and financings with real-property collateral; and arising from credit agreements guaranteed by surety or with endorsements.

On June 20, 2023, Decree No. 11,567/2023 was published and entered into force introducing changes to Article 3 of Decree No. 11,150/2022. The amendment establishes a fixed existential minimum amount of R$600. It further revokes paragraph 2, which previously stated that annual adjustments to the minimum wage will not impact this amount.

On July 1, 2024, Law No. 14,905/2024 was published. This law introduces significant changes to the Brazilian Civil Code regarding monetary restatement and interest accrual in cases of default. It allows parties to freely set the monetary restatement index and interest rates in contracts, subject to legal limits, with the IPCA used as a default for restatement and the SELIC rate minus the applicable index for statutory interest. The law also mandates the Central Bank to provide a public tool to simulate statutory interest rates and clarifies that the Usury Law does not apply to certain obligations outside the SFN, such as transactions between legal entities, debt instruments, and those involving financial institutions. The provisions of the law came into force on August 30, 2024.

On November 4, 2025, Law No. 15,252/2025 was published, which established new rights for individuals in financial services, including: (i) automated salary portability; (ii) automatic debit on accounts between institutions; (iii) right to information; and (iv) access to a special type of loan with reduced fees. The Central Bank and CMN will issue detailed regulations within 180 days from November 4, 2025. [As of the date of this annual report, no such detailed regulation has been published by the Central Bank.]

Central Bank Rules on Consumer Relations
CMN Resolution No. 4,949 of September 30, 2021 provides the principles and procedures to be adopted in the relationship of financial institutions and other institutions authorized to operate by the Central Bank with their clients and users of financial products and services. On October 14, 2021, Central Bank Resolution No. 155 established almost identical principles and procedures to be adopted by payment institutions and consortium administrators.

The regulations set forth new rules mainly with the goal of ensuring fair and equitable treatment at all stages of the relationship with institutions providing financial and payments services, as well as a convergence of the interests of such institutions with those of their consumers. Additionally, they define that institutions authorized to operate by the Central Bank (i) shall prepare and implement an institutional policy for the relation with consumers and users; (ii) must indicate to the Central Bank the officer responsible for complying with the obligations provided under the new rules; and (iii) must comply with other obligations within the scope of the new rules.

On October 3, 2023, Law No. 14,690 was sanctioned, ratifying the emergency program for renegotiation of debts of individuals in default depending on the category the debtor is, which in turn depends on the amount of the debtor’s debt (Desenrola Brasil).The CMN and the Central Bank issued Resolution No. 5,112 and Resolution No. 365, respectively, establishing other measures to prevent debtor default and consumer over-indebtedness, including rules related to the portability of credit transactions granted in the context of post-paid payment instrument (such as credit cards) financings, among other issues.

Furthermore, on December 26, 2023, the CMN and the Central Bank published Joint Resolution No. 8, which requires, from July, 1, 2024, the institutions authorized to operate by the Central Bank to adopt financial literacy measures designed
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for their clients and natural person users, including individual entrepreneurs, by means of the publication of a financial literacy policy, the provision of financial literacy content and tools in an appropriate language, channel, and timing in order to suit them to the characteristics and needs of clients and users.

Data Protection Law
The LGPD has been in force since September 2020 (except for its administrative sanctions, which have been applicable since August 1, 2021, pursuant to Law No. 14,010/2020). The LGPD introduced significant changes to the legal framework applicable to the processing of personal data, including those governing activities such as the collection, processing, storage, use, transfer, sharing and erasure of information concerning identified or identifiable natural persons.
The LGPD also grants data subjects a number of rights (such as rights of access, correction and others) and imposes corresponding obligations on data controllers, including requirements to rely on an appropriate legal basis for processing and to adopt security measures.
The LGPD applies to any and all operations related to any form of processing of personal data, with exceptions provided by law, such as for exclusively private and non-economic purposes, or journalistic, artistic, or public security purposes, and it extends to individuals and public and private entities, regardless of the country where they are based or where the data is stored. The LGPD is also applicable whenever (i) data processing takes place in Brazil; (ii) the data processing activity is intended to offer or provide goods or services to or process data of individuals located in Brazil; or (iii) the data subjects are located in Brazil at the time their personal data are collected. The LGPD applies regardless of the industry or business sector when dealing with personal data and is not restricted to data processing activities carried out through digital media and/or on the internet.
Further, Law No. 13,853/2019 amended the LGPD to create and establish the ANPD which, among others, is responsible for guaranteeing the protection of personal data, interpreting the LGPD and supervising compliance.
In the event of non-compliance with the LGPD, administrative penalties may be imposed, depending on the nature and gravity of the offense, in accordance with criteria established by the ANPD through ANPD Resolution No. 4, of February 24, 2023), as amended from time to time, including (1) warnings; (2) a single fine of up to 2% (subject to an upper limit of R$50,000,000 per violation) of the gross revenues in the Brazil of the entity, group or conglomerate of companies in the preceding fiscal year, per violation; (3) a daily fine (subject to the same overall limits applicable to single fines); (4) public disclosure of the violation; (5) the restriction of access to the personal data to which the violation relates; (6) deletion of the personal data to which the violation relates; (7) partial suspension of the databases to which the violation relates for up to six months, extendable for an additional six months, until corrective measures are implemented; (8) suspension of the personal data processing activities to which the violation relates for up to six months, extendable for an additional six months; and (9) partial or full prohibition on personal data processing activities. These penalties may be applied individually or cumulatively.
Additionally, other authorities in Brazil can also rely on the LGPD and related data protection principles in administrative procedures or lawsuits within their respective areas of competence. For example, consumer protection authorities, the Public Prosecutor’s Office (Ministério Público), public defender’s offices and non-governmental associations, as well as individuals, can file complaints or bring lawsuits based on violations of the LGPD that have caused or may cause harm to individuals. In administrative proceedings, fines may be imposed in some cases, under applicable sectoral legislation, and in legal proceedings, in addition to the obligation to cease the allegedly unlawful activity or to perform a specific action, compensation for moral and material damages may be imposed, including in collective actions.
Cybersecurity Regulation
We seek to comply with the requirements of the LGPD, especially in relation to the security and protection of personal data, as well as CMN Resolution No. 4,893/2021 and of Central Bank Resolution No 85/2021, which require financial and payment institutions to institute a Cybersecurity Policy, as well as regulates the outsourcing of relevant data processing and storage and cloud computing services. We also comply with (i) CVM Resolution No. 35/2021, which sets forth the standards and procedures to be observed in security transactions carried out in regulated securities markets requiring the implementation of cybersecurity controls and data protection,(ii) SUSEP Circular No. 638/2021, which provides for cyber security requirements to be observed by insurance companies, EAPCs, capitalization and local reinsurers and (iii) the SEC’s cybersecurity disclosure rules for foreign issuers, focusing on Risk Management, Strategy, Governance and Cybersecurity Incident Disclosure.
Relevant service data location and processing may occur inside or outside of Brazil. In case of data location and processing, the relevant contract may not hinder Central Bank’s supervision and the financial institution must have a
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contingency plan in place in case of termination or impossibility of provision of the services and management of information security risk of the third parties. In addition, there must be an agreement for the exchange of information between the Central Bank and the supervisory authorities of the countries where the services may be provided (in case there is no such agreement, the Central Bank must approve in advance the engagement of the relevant foreign service provider by the financial institution).
For further information on cybersecurity, see “Item 16K. Cybersecurity.”
Taxes on our operations
We summarize below the main taxes levied on the transactions entered into by entities in the Itaú Unibanco Group in Brazil. This description does not represent a comprehensive analysis of all tax considerations applicable to the Itaú Unibanco Group. For a more in-depth analysis, we recommend that you consult with your own tax advisors. The main taxes we are subject to, with their respective nominal rates, are as follows:
TaxRateTax calculation basis
Corporate Income Tax (IRPJ)15.0% plus a 10.0% surtaxNet income with adjustments (exclusions, additions, and deductions)
Social Contribution on Net Income (CSLL)
20.0% (banking institutions) and 15.0% (other institutions authorized to operate by the Central Bank and insurance and capitalization companies). As of April, 2026, some companies are subject to a gradual increase of CSLL, see below.
Net income with adjustments (exclusions, additions, and deductions)
9.0% (other Itaú Unibanco Group companies). As of April, 2026, some companies are subject to a gradual increase of CSLL, see below.
COFINS4.0% (financial institutions, insurance companies, capitalization and similar entities) or 7.6% (other Itaú Unibanco Group companies)Gross revenue minus specific deductions
PIS0.65% (financial institutions, insurance companies, capitalization and similar entities) or 1.65% (other Itaú Unibanco Group companies)Gross revenue minus specific deductions
ISS2.0% to 5.0%Price of service rendered
IOFDepends on the type of the transaction, as described below.Transaction nominal value
Corporate Income Tax and Social Contribution on Net Income
In accordance with applicable legislation, IRPJ and CSLL are determined by the taxable income regime. Under this regime, our taxable income, on which IRPJ and CSLL will be levied, must be adjusted by additions, deductions, and exclusions, such as nondeductible expenses, operating costs and equity accounting, respectively.
The IRPJ is calculated at a rate of 15.0%, plus a surtax of 10.0% which is levied on profits exceeding R$240,000 per year, and the CSLL is calculated at (i) a rate of 20.0% for banks, (ii) a rate of 15.0% for other financial institutions except banks, and (iii) a rate of 9.0% for non-financial Brazilian legal entities, after adjustments determined by the tax legislation.
On December 26, 2025, the Complementary Law No. 224/2025 became effective, which, among other measures, increased some of the Social Contribution on Net Income (CSLL) tax rates applicable to the financial sector, effective as of April 1,2026: (i) for credit, financing and investment companies and capitalization companies: rate of 17.5% until December 31,2027 and 20.0% as of January, 2028 and (ii) for payment institutions, organized over-the-counter market administrators, stock exchanges, clearing and other entities regulated by the CMN: rate of 12.0% until December 31, 2027 and 15.0% as of January, 2028.
Our companies may offset the historical nominal amount of tax losses determined in prior years against results of subsequent years at any time (i.e., with no limitations with respect to time periods), provided that such offsetting does not exceed 30.0% of the annual taxable income of such future year. For purposes of IRPJ and CSLL taxation, companies should also consider their income abroad, rather than income solely from Brazilian operations. Therefore, profits, capital gains and other income earned abroad by Itaú Unibanco Group entities in Brazil, their branches, representations, affiliates or subsidiaries, will also be computed for determination of the entities’ taxable income. However, Brazilian legislation provides the possibility of deducting the amounts paid as corporate income tax abroad against the IRPJ and CSLL due in Brazil, provided certain limits are observed.
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Contribution on Social Integration Program and Social Security Financing Contribution
In addition to IRPJ and CSLL, Brazilian legal entities are subject to the following taxes on revenue: PIS and COFINS.
According to applicable legislation, financial institutions are subject to the cumulative regime for calculation of these taxes. Under the cumulative regime, financial institutions are required to pay PIS at a 0.65% rate and COFINS at a 4.0% rate. The cumulative regime provides for rates lower than those levied under the non-cumulative regime, and although it prevents the use of tax credits, some exclusions for financial institutions are allowed, such as those connected with financial intermediation.
Service Tax
The ISS is generally levied on the price of services rendered (e.g., banking services) and is charged by the municipality where our branch or office rendering the service is located. The tax rates vary from 2.0% up to the maximum rate of 5.0%, depending on the municipality in which the service is provided and its respective nature.
Tax on Financial Transactions
The IOF, is levied on credit, currency exchange and securities transactions and is imposed on specific rates according to the transaction in question. The tax rate may be changed directly by a decree from the Executive Branch, rather than by a law issued by the Brazilian Congress which may become effective as of its publication date.
Brazil committed to eliminate the IOF on foreign exchange (“IOF/FX”) transactions. In this regard, Decree No. 10,997/2022 and, later, Decree No. 11,153/2022 introduced a plan for a gradual yearly reduction of such tax, until the IOF/FX rate is reduced to 0% by 2029.Despite the previously established plan, in 2025 the Brazilian Government issued Decrees No. 12,466/2025, 12,467/2025 and 12,499/2025, which expanded IOF taxable events and increased the applicable rates. The Brazilian Congress, however, responded by issuing Legislative Decree No. 176/2025, suspending the effects of these measures. In response to the institutional impasse, the Executive and the Legislature brought the matter before the Supreme Federal Court through ADC No. 96 and ADIs No. 7,827 and No. 7,839, seeking a definitive assessment of the decrees’ compliance with constitutional requirements. STF granted an injunction suspending the IOF levy on advance payment transactions of receivables to suppliers (forfait or supplier risk), while upholding the increased rates established by Decree No. 12,499/2025.The table below summarizes the main IOF rates currently levied on our transactions and do not reflect an exhaustive list of transactions subject to IOF. Notwithstanding, we note that IOF is a very complex tax.
Therefore, we recommend that tax advisors be consulted for an in-depth analysis.
Type of transactionApplicable Rates
(Rates may be changed by a decree enacted by the Brazilian Government up to a maximum rate, as described below, which may become effective as of its publication date)
Foreign exchange transactions IOF/FX: zero to 3.50% (depending on the transaction). As a general rule, the rate is 0.38% for the inflow of funds, while a 3.5% applies to the outflow of funds.Maximum rate: 25%
Foreign exchange transactions – Credit and debit card transactions, money withdrawal abroad and travel cheques3.50%
Foreign exchange transactions –Acquisition of foreign currency3.50%
Foreign exchange transactions – Cross-border transfer of funds to bank accounts held by resident persons3.50% or 1.10%, if the remittance is intended for investment purposes
Foreign exchange transactions – Inbound loansForeign loans with a minimum average term of up to 364 days: 3,5%; in other cases, 0%
Insurance transactionsIOF/Insurance: zero to 7.38%
Maximum rate: 25%
Loans and credit transactions
IOF/Credit: 0.0082% per day, until it reaches 365 days, plus a flat 0.38% rate.
Maximum rate: 1.5% per day
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SecuritiesIOF/Securities: zero to 1.5% as a general rule
Primary acquisition of shares in FIDCs: 0.38%
Maximum rate: 1.5% per day
Securities – Derivatives
IOF/Securities – Derivatives: zero
Maximum rate: 25%
Brazil’s Consumption Tax Reform was issued
On December 20, 2023, the Tax Reform was approved and converted into Constitutional Amendment No. 132, effective as of December 21, 2023, and the new taxes will be implemented as from 2026. The Tax Reform provides for the replacement of five taxes by two new value-added taxes, the IBS and the CBS within a seven-year transition period. The current taxes on consumption that will be replaced by the IBS and CBS include (i) ICMS; (ii) ISS; (iii) IPI; (iv) PIS and COFINS. As of 2027, PIS and COFINS are expected to be fully replaced by CBS, and IPI rates are expected to be reduced to zero in most cases. The transition from ICMS and ISS to IBS will occur between 2029 and 2032, through a gradual replacement mechanism, whereby the share of revenues attributable to IBS will increase while ICMS and ISS will be proportionally reduced (10% in 2029, 20% in 2030, 30% in 2031 and 40% in 2032), with full implementation of IBS and extinction of ICMS and ISS as of 2033.The Constitutional Amendment stipulates that in relation to revenue from financial intermediation, there should be maintained the current tax burden applied to loan operations until the end of the fifth year after the regime comes into force (with no increase or decrease in the sector’s revenue).

In addition, the new system is based on a non-cumulative model, which generally allows taxpayers to recognize tax credits depending on the nature of the specific goods and services being acquired. Specific credit appropriation methods apply to services acquired from financial institutions, including distinctions between financial transactions and fees and commissions.
On January 16, 2025, the Brazilian Congress issued the Complementary Law No. 214/2025 providing general standards for the imposition of IBS and CBS, including the circumstances of incidence and calculation bases for these taxes. As a rule, for financial institutions, the CBS and the IBS shall be levied over the spread of financial transactions, although such tax base may vary depending on the specific services being rendered.

Complementary Law No. 227/2026, published on January 14, 2026, complements and implements Complementary Law No. 214/2025. It also provides regulations applicable to the ITCMD, see “Item 10E. Taxation — Other federal Brazilian taxes".
As the Tax Reform is subject to complementary regulations and even though these changes may or not lead to a possible increase in our tax burden, predicting the impacts on our gross margin is not possible at this time.
Tax Reform on Income
Law No. 15,270, published on November 27, 2025 and effective January 1, 2026, introduced significant changes to the taxation of profits and dividends in Brazil. Beginning in January 2026, profits and dividends paid by the same Brazilian legal entity to the same individual resident in Brazil in excess of R$50,000 per month are subject to a 10% withholding income tax (“IRRF”) on the total amount distributed. Profits and dividends relating to results accrued through 2025 that were approved for distribution by December 31, 2025 and are due under applicable law remain exempt from withholding tax, provided payment is made in accordance with the original approval terms.
Dividends paid to nonresident beneficiaries are subject to a 10% IRRF, regardless of the amount. Exemptions apply to: (i) profits and dividends relating to results accrued through 2025 that were approved for distribution by December 31, 2025 and are due under applicable law, provided payment, credit or delivery occurs in accordance with the original approval terms; (ii) payments to foreign governments, subject to reciprocity; (iii) payments to sovereign wealth funds; and (iv) payments to foreign entities whose principal activity is the administration of pension or retirement benefit plans. If the combined 10% IRRF and the effective Brazilian corporate income tax burden exceed the combined nominal rates of IRPJ and CSLL, the nonresident beneficiary may elect to claim a tax credit. The procedures for exercising this election and claiming the credit remain subject to further regulation.
In addition, Complementary Law No. 224, issued on December 26, 2025, increased the withholding income tax rate applicable to interest on shareholders’ equity from 15% to 17.5%, effective January 1, 2026.
For more information on the risks associated with these reforms, see “Item 3D. Risk Factors––Macroeconomic and Geopolitical Risks––Regulatory, Compliance and Legal––Any changes in tax law, tax reforms or review of the tax treatment of our activities may adversely affect us.”
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Brazil Adheres to Pillar 2 regulations
Brazil has implemented Pillar 2 regulations under the GloBE of the OECD. Law No. 15,079, published on December 30, 2024, created an additional social contribution on net profits, which is based on the QDMTT rule. This law is further regulated by Normative Ruling No 2,228, published on October 3, 2024.
The new rules came into effect on January 1, 2025, and taxpayers may apply transitional safe-harbor provisions in 2025 and 2026. Consistent with OECD’s model rules, if applicable, the additional CSLL rate is determined by the difference between the global minimum tax rate of 15% and the effective tax rate for GloBE profits of the taxpayer.
Taxpayers with an effective tax rate for GloBE profits below 15%, will be subject to an additional CSLL adjustment, which may increase their tax burden in accordance with the provisions of Law No. 15,079.
U.S. Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS)
FATCA attempts to minimize tax avoidance by U.S. persons investing in foreign assets both through their own accounts and through their investments in foreign entities. FATCA requires U.S. withholding agents such as us to provide information to the IRS regarding their U.S. account holders including substantial U.S. owners of certain non-financial foreign entities (“NFFEs”), and specified U.S. persons having an interest in certain professionally managed investment vehicles and trusts known as owner-documented FFIs.
To the extent a U.S. withholding agent is not able to properly document an account, it generally will be required to deduct 30% FATCA withholding on certain payments of U.S. source income.
U.S. federal income tax law has detailed rules for determining the source of income. Different rules apply for each type of income. Interest and dividends, two of the most common types of income for investors, are generally sourced by reference to the residence of the obligor. Specifically, dividends are generally treated as U.S. source income when paid by a U.S. corporation with respect to its stock, and interest is generally treated as U.S. source income when paid by a U.S. borrower of money.
The U.S. collaborated with other governments to develop IGAs, to implement FATCA. IGAs with partner jurisdictions facilitate the effective and efficient implementation of FATCA. The purpose of these agreements is essentially to remove domestic legal impediments to compliance with FATCA and sharing of information and to reduce burdens on FFIs located in partner jurisdictions.
More than 70 jurisdictions have signed an IGA, including Brazil (which came into effect in Brazil on August 24, 2015), the Cayman Islands, Switzerland and United Kingdom. In addition, approximately 30 other jurisdictions are deemed as having an IGA in effect. Some countries signed a reciprocal agreement, meaning that the country (such as Brazil) and the U.S. will automatically exchange annually, on a reciprocal basis, specific account holder information.
Furthermore, Normative Ruling No. 1,680, dated December 28, 2016, was issued to introduce the CRS in Brazil, which seeks to implement a system of reporting financial accounts in a manner similar to FATCA. CRS is the result of discussions on the necessity of exchanging information between tax authorities of many countries in the context of the Base Erosion and Profit Shifting (“BEPS Project”), coordinated by the OECD. In connection therewith, an ancillary obligation called “e-Financeira” provided by Normative Ruling No. 1,571, dated July 2, 2016, was created to be the mandatory report filed by financial institutions in order to fulfill FATCA and CRS obligations.
Moreover, on May 6, 2016, Brazilian tax authorities issued the Normative Ruling No. 1,634, effective as of January 1, 2017, that amended the regulation applicable to the CNPJ. This regulation introduced a new rule providing an ancillary obligation by which certain entities have to indicate the “Final Beneficiary” in each CNPJ, which is defined as the natural person who ultimately, directly or indirectly, owns, controls or significantly influences a particular entity or on whose behalf a transaction is conducted. Currently, this subject is regulated by Normative Ruling No. 2,119, dated December 6, 2022, and this framework has been subsequently updated, most recently by Normative Ruling No. 2,290, which currently governs the beneficial ownership obligations applicable to entities registered with the CNPJ.
In addition, Normative Ruling No. 1,681 was issued on December 28, 2016, providing the obligation to annually deliver the so-called Country-by-Country Statement, an ancillary obligation also arising from the discussions under the BEPS Project, before the Brazilian Federal Revenue Service (“RFB”), which in its turn is also expected to exchange such information with other countries’ tax authorities.
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Pursuant to FATCA and related U.S. Treasury guidance, the issuer, any other financial institution or other entities subject to FATCA disclosure requirements to or through which any payment with respect to the preferred shares or ADSs is made may be required, pursuant to the IGA-BR or under applicable law, to (i) request certain information from holders or beneficial owners of our preferred shares or ADSs, whose information may be provided to the IRS; and (ii) withhold U.S. federal tax at a 30.0% rate on some portion or all of the payments considered “foreign passthru payments” made two years or more after the date on which final Treasury Regulations defining foreign passthru payments are published, with respect to the preferred shares or ADSs to an account held by a “recalcitrant account holder” or to a “nonparticipating FFI” (as defined under FATCA). If the issuer or any other person is required to withhold amounts under or in connection with FATCA from any payments made in respect of the preferred shares or ADSs, holders and beneficial owners of the preferred shares or ADSs will not be entitled to receive any gross up or other additional amounts to compensate them for such withholding.
The above description is based on guidance issued to date by the U.S. Treasury Department, including the final U.S. Treasury regulations and IGA-BR. Future guidance may affect the application of FATCA to the preferred shares or ADSs.
Selected Statistical Information
The following information is included for analytical purposes and should be read together with our audited consolidated financial statements, included elsewhere in this annual report, and “Item 5. Operating and Financial Review and Prospects.”
The data included or referenced in this section are presented in accordance with IFRS, unless otherwise indicated.
Average Balance Sheet and Interest Rate Data
The following tables outline the average balances of our interest-earning assets and interest-bearing liabilities, other assets and liabilities accounts, the related interest income and expense amounts and the average real yield/rate for each period.The majority of our business is comprised of operations with individuals and corporate entities without significant fluctuations over short periods. Non-performing loans and leases are disclosed as a non-interest earning asset in the table below:
202520242023
AssetsAverage balanceInterestAverage yield/rateAverage balanceInterestAverage yield/rateAverage balanceInterestAverage yield/rate
(In millions of R$, except percentages)
Interest-earning assets (1)
2,658,246356,15613.4%2,468,652298,76812.1%2,226,124280,59612.6%
Interest-bearing deposits in other banks63,6571,8813.0%57,5044,4367.7%54,7134,1227.5%
Securities purchased under agreements to resell245,46637,07915.1%284,10336,17112.7%245,68333,89813.8%
Central Bank compulsory deposits152,28817,82011.7%139,62312,5059.0%123,12012,56910.2%
Financial Assets1,054,012143,02813.6%940,634105,48511.2%809,29698,80012.2%
Financial assets at fair value through profit or loss619,933101,36616.4%525,99656,51010.7%444,11558,21113.1%
Financial assets at fair value through other comprehensive income130,21715,64212.0%123,80336,93729.8%130,22627,46321.1%
Financial assets at amortized cost303,86226,0208.6%290,83512,0384.1%234,95513,1265.6%
Other Financial Assets150,4561,7221.1%132,8811,3901.0%119,8357450.6%
Loans and leases992,367154,62615.6%913,907138,78115.2%873,477130,46214.9%
Non-interest-earning assets257,529-237,742--221,302-
Cash and due from banks35,66234,77632,614
Central Bank compulsory deposits12,92313,03310,050
Derivatives83,24770,11074,559
Non-performing loans
29,49332,76135,483
Provisions for Expected Loss(54,318)(49,383)(54,262)
Premises and equipment, net11,7389,1727,816
Investments in unconsolidated companies10,4399,7228,289
Goodwill2,4722,3562,154
Intangible assets, net21,55521,32721,466
Tax assets76,59768,43762,426
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Assets held for sale902627393
Other assets26,81924,80420,314
Total2,915,7752,706,394--2,447,426
1)For the net yield on total average interest-earning assets, see "Net Interest Margin and Spread".

Liabilities202520242023
Average balanceInterestAverage yield/rateAverage balanceInterestAverage yield/rateAverage balanceInterestAverage yield/rate
(In millions of R$, except percentages)
Interest-bearing liabilities2,398,104261,48810.9%2,218,722190,9578.6%1,983,947186,8359.4%
Interest-bearing deposits918,26499,32210.8%876,69668,4897.8%798,37871,5089.0%
Savings deposits173,71611,1816.4%176,34712,0936.9%174,78611,8636.8%
Deposits from banks and time deposits744,54888,14111.8%700,34956,3968.1%623,59259,6459.6%
Securities sold under repurchase agreements410,75757,12713.9%394,34636,2629.2%328,63741,62412.7%
Interbank market debt and Institutional market debt524,23561,32811.7%475,11862,18113.1%438,86144,78210.2%
Interbank market debt376,12348,15812.8%342,64351,60015.1%316,59034,54310.9%
Institutional market debt148,11213,1708.9%132,47510,5818.0%122,27110,2398.4%
Reserves for insurance and private pension and Liabilities for capitalization plans335,37842,15012.6%293,34323,6798.1%254,22828,58511.2%
Other interest-bearing liabilities209,4701,5610.7%179,2193460.2%163,8433360.2%
Non-interest bearing liabilities299,611-282,320—275,243-
Non-interest bearing deposits125,246121,400—118,046
Other non-interest-bearing liabilities174,365160,920—157,197
Total stockholders’ equity attributed to the owners of the parent company208,626196,171—180,105
Non-controlling interests9,4349,181—8,131
Total2,915,7752,706,394—2,447,426
Changes in Interest Income and Expenses – Volume and Rate Analysis
The following table sets forth the allocation of the changes in our interest income and expense in terms of average volume and changes in the average yields/rates for the periods indicated below. Volume balance and rate variations have been calculated based on variations of average balances over the period and changes in average interest yield/rates on interest earning assets and interest-bearing liabilities from one period to the other.
Increase/(decrease) due to changes in:Increase/(decrease) due to changes in:
20252024
Volume (1)
Yield/rate (2)
Net change (3)
Volume (1)
Yield/rate (2)
Net change (3)
(In millions of R$, except percentages)
Interest-earning assets22,50534,88357,38824,095(5,923)18,172
Interest-bearing deposits in other banks431(2,986)(2,555)214100314
Securities purchased under agreements to resell(5,306)6,2149085,027(2,754)2,273
Central Bank compulsory deposits1,2144,1015,3151,577(1,641)(64)
Financial Assets13,81923,72437,54311,075(4,390)6,685
Financial assets at fair value through profit or loss11,43533,42144,8569,754(11,455)(1,701)
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Financial assets at fair value through other comprehensive income1,822(23,117)(21,295)(1,414)10,8889,474
Financial assets at amortized cost56213,42013,9822,735(3,823)(1,088)
Other Financial Assets19413833289556645
Loans and leases12,1533,69215,8456,1132,2068,319
Interest-bearing liabilities15,05955,47270,53122,153(18,032)4,121
Interest-bearing deposits3,57927,25430,8336,939(9,959)(3,020)
Saving deposits(178)(734)(912)106123229
Deposits from Banks and Time Deposits3,75727,98831,7456,833(10,082)(3,249)
Securities sold under repurchase agreements1,56719,29820,8657,360(12,722)(5,362)
Interbank market debt and Institutional market debt6,065(6,918)(853)3,86413,53517,399
Interbank market debt4,744(8,186)(3,442)3,03514,02217,057
Institutional market debt1,3211,2682,589829(487)342
Reserves for insurance and private pension and Liabilities for capitalization plans3,78014,69118,4713,960(8,866)(4,906)
Other Interest-bearing liabilities681,1471,21530(20)10
1)Volume change has been computed as the change in the average interest earning assets or interest-bearing liabilities from one period to the other multiplied by the average yield/rate in the earlier period.
2)Yield/rate change has been computed as the change in the yield/rate in the period multiplied by the average interest-bearing liabilities in the earlier period.
3)We allocated the net change from the combined effects of volume and yield/rate proportionately to volume change and yield/rate change, in absolute terms.

Net Interest Margin and Spread
The following table sets forth our average interest-earning assets, total average interest-bearing liabilities, net interest income and the comparative net interest margin and net interest spread for the periods indicated below:
202520242023
(in millions of R$, except percentages)
Total average interest-earning assets2,658,2462,468,6522,226,124
Total average interest-bearing liabilities2,398,1042,218,7221,983,947
Net Interest income (1)
94,668107,81193,761
Average yield on average interest-earning assets (2)
13.4%12.1%12.6%
Average rate on average interest-bearing liabilities (3)
10.9%8.6%9.4%
Net interest spread (4)
2.5%3.5%3.2%
Net interest margin (5)
3.6%4.4%4.2%
1)Is the sum of total interest-earning and similar income and total interest-bearing and similar expenses.
2)Total interest-earning and similar income divided by total average interest-earning assets.
3)Total interest-bearing and similar expenses divided by total average interest-bearing liabilities.
4)Difference between the average yield on interest-earning assets and the average rate on interest-bearing liabilities.
5)Net interest income divided by total average interest-earning assets.

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Assets
Portfolio of Securities and Derivative Financial Instruments
General Information
We present below our portfolio of financial assets at fair value through profit or loss – Securities, Financial Assets at Fair Value Through Other Comprehensive Income, Financial Assets at Amortized Cost and Derivative Financial Instruments as of December 31, 2025, 2024 and 2023.
The amounts exclude our investments in securities of unconsolidated companies. For further information on our investments in unconsolidated companies, see “Note 2(c) – Accounting Policies, Critical Estimates and Material Judgments – VI – Investments in Associates and Joint Ventures” to our audited consolidated financial statements. Financial assets held for trading and designated at fair value through profit or loss and financial assets at fair value through other comprehensive income are stated at fair value and financial assets at amortized cost - securities are stated at amortized cost. Please see “Note 2 – Material Accounting Policies” to our audited consolidated financial statements for further details.
As of December 31, 2025, we held securities issued by the Brazilian Government classified as “Government Securities – Domestic” with an aggregate book value and an aggregate market value of R$583,956 million and R$583,679 million, respectively, which represented 271.5% of our consolidated stockholders’ equity as of that date. As of December 31, 2024, we held securities issued by the Brazilian Government classified as “Government Securities – Domestic” with an aggregate book value and an aggregate market value of R$537,924 million and R$537,665 million, respectively, which represented 243.1% of our consolidated stockholders’ equity as of that date. As of December 31, 2023, we held securities issued by the Brazilian Government classified as “Government Securities – Domestic” with an aggregate book value and an aggregate market value of R$520,964 million and R$520,747 million, respectively, which represented 261.7% of our consolidated stockholders’ equity as of that date. As of December 31, 2025, we did not hold securities of any other issuer the book value of which in the aggregate represented more than 10.0% of our consolidated stockholders’ equity. This is due to our conservative asset and liabilities management and our liquidity in local currency maintained in securities issued by the Brazilian Government. Additionally, securities issued by the Brazilian Government are accepted as deposits in our operations in the market on B3.

Financial Assets at Fair Value Through Profit or Loss and Designated at Fair Value Through Profit or Loss - Securities
Listed below are the assets acquired and accrued which are either available for sale in the short term or are part of a portfolio of financial instruments that are managed as a whole and for which there is a recent history of sales in the short term. Please see “Note 5 – Securities at Fair Value Through Profit or Loss (FVPL)” to our audited consolidated financial statements for further details.
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Financial Assets at Fair Value Through Profit or LossAs of December 31,
2025
Fair value		2024
Fair value		2023
Fair value
(In millions of R$)
Investment funds39,845 37,103 26,570 
Brazilian government securities (1a)396,458 361,696 342,092 
Government securities – Latin America (1b)6,015 4,381 2,875 
Government securities – Other Countries (1c)
401 1,473 2,562 
Corporate securities (1d)
170,550 155,172 137,653 
Shares25,175 25,880 26,535 
Rural product note636 941 4,203 
Bank deposit certificates1,108 450 128 
Real estate receivables certificates2,046 1,654 1,591 
Debentures97,906 87,142 76,548 
Eurobonds and other3,098 1,991 2,464 
Financial bills37,345 33,071 22,552 
Promissory and commercial notes1,174 1,216 2,602 
Other2,062 2,827 1,030 
Total
613,269 559,825 511,752 
Government securities (Designated at FVPL)
15,505 318 — 
Total628,774 560,143 511,752 
1) The securities pledged as guarantee of funding transactions with financial institutions and customers and post-employment benefits (See “Note 26(b) – Risk Management” to our consolidated financial statements), are: a) Government securities - Brazil R$86,481 (R$108,595 at 12/31/2024 and R$118,798 at 12/31/2023), b) Government securities - Latin America R$313 (R$2,539 at 12/31/2024 and R$87 at 12/31/2023), c) Government securities - Other Countries R$0 (R$0 at 12/31/2024 and R$0 at 12/31/2023) and d) Corporate securities R$139 (R$11,775 at 12/31/2024 and R$11,788 at 12/31/2023), totaling R$86,933 (R$122,909 at 12/31/2024 and R$130,673 at 12/31/2023).

We note that Brazilian Government securities represented 63.1% of our portfolio of financial assets at fair value through profit or loss in 2025. Brazilian Government securities classified at fair value through profit or loss represented 12.9% of our total assets in the same period. Please see “Item 3D. Risk Factors––Credit––We may incur losses associated with counterparty exposure risks” for further details.
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Assets at Fair Value Through Other Comprehensive Income
Listed below are financial assets that, according to our management’s understanding, may be sold in response to, or before changes in, market conditions and are not classified as financial assets at fair value through profit or loss, loans and receivables or held to maturity. Please see “Note 8 – Securities at Fair Value Through Other Comprehensive Income (FVOCI)” to our audited consolidated financial statements for further details.
Financial Assets at Fair Value Through
Other Comprehensive Income		As of December 31,
202520242023
Fair valueFair valueFair value
(In millions of R$)
Brazilian government securities (1a)81,76364,37783,905
Government securities – Latin America (1b)25,14321,47023,872
Government securities – Other Countries (1c)
13,98413,0269,910
Corporate securities (1d)
11,5837,43012,352
Shares7805666,143
Rural product note—126—
Bank deposit certificates1678344
Real estate receivables certificates2225767
Debentures4,4131,4981,773
Eurobonds and others5,8714,8124,057
Financial bills553—
Other125235268
Total132,473106,303130,039
1) The securities pledged in guarantee of funding transactions of financial institutions and customers and Post-employment benefits (See “Note 26(b) – Risk Management” to our consolidated financial statements), are: a) Brazilian government securities R$ 29,581 (R$ 33,971 at 12/31/2024 and R$ 38,389 at 12/31/2023), b) Government securities - Latin America R$ 3,519 (R$ 3,050 at 12/31/2024 and R$ 2,932 at 12/31/2023), c) Government securities - Other Countries R$ 1,113 (R$ 0 at 12/31/2024 and R$ 0 at 12/31/2023) and d) Corporate securities R$ 3,125 (R$ 986 at 12/31/2024 and R$ 868 at 12/31/2023), totaling R$ 37,338 (R$ 38,007 at 12/31/2024 and R$ 42,189 at 12/31/2023).
Brazilian Government securities and corporate securities represented 61.7% and 8.7%, respectively, of our portfolio of assets at fair value through other comprehensive income in 2025. Brazilian Government securities and corporate securities classified as assets at fair value through other comprehensive income, which are used as a hedge for our subordinated debt portfolio, represented 2.7% and 0.4%, respectively, of our total assets in the same period.
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Financial Assets at Amortized Cost
Listed below are non-derivative financial assets that we have the intention and financial ability to held to maturity. Please see “Note 9 – Securities at Amortized Cost” to our consolidated financial statements for further details.
 As of December 31,
Financial Assets at Amortized Cost202520242023
Net Amortized CostNet Amortized CostNet Amortized Cost
(In millions of R$)
Brazilian government securities (1a)105,678 111,808 94,967 
Government securities – Latin America (1b)5,974 21,721 27,865 
Government securities – Other Countries15,035 25,123 22,708 
Corporate securities (1c)190,976 165,200 114,349 
Rural product note68,534 59,942 37,956 
Bank deposit certificates63 50 19 
Securitized real estate loans4,189 5,818 5,904 
Debentures78,051 74,243 56,813 
Eurobonds and others11,688 1,093 516 
Financial bills379 212 1,573 
Promissory and commercial notes21,272 16,280 10,230 
Other6,800 7,562 1,338 
Investment Funds9,810 — — 
Total327,473 323,852 259,889 
    
1) The securities pledged as collateral for funding transactions with financial institutions and customers and Post-employment benefits (See “Note 26(b) – Risk Management” to our consolidated financial statements), are: a) Brazilian government securities R$14,207 (R$39,289 at 12/31/2024 and R$ 16,738 at 12/31/2023) and b) Government securities – Latin America R$894 ( R$969 at 12/31/2024 and R$ 0 at 12/31/2023) and c) Corporate securities R$378 (R$29,964 at 12/31/2024 and R$ 20,114 at 12/31/2023), totaling R$15,479 (R$70,222 at 12/31/2024 and R$ 36,852 at 12/31/2023).
We note that Brazilian Government securities represented 32.3% of our portfolio of financial assets at amortized cost in 2025. Brazilian Government securities classified at amortized cost represented 3.4% of our total assets in the same period.
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Derivatives
Derivatives are classified on the date of their acquisition in accordance with our management’s intention to use them as a hedging instrument, as determined by Brazilian regulations. For further information see “Note 6 – Derivatives” to our consolidated financial statements. Our derivatives portfolio (assets and liabilities) is comprised of futures, forward, swaps, options and credit derivatives, as stated in the table below:
Derivative Financial InstrumentsForThe Year Ended December 31,
2025% of total2024% of total2023% of total
(In millions of R$, except percentages)
Assets
Options agreements11,726 16.021,170 22.97,718 14.0
Forwards4,607 6.31,739 1.93,274 5.9
Swaps – adjustment receivable47,184 64.355,428 60.037,957 68.7
Credit derivatives615 0.8633 0.7282 0.5
NDF - Non Deliverable Foward8,351 11.412,207 13.25,378 9.7
Others - derivative financial instruments901 1.21,262 1.4642 1.2
Total derivative financial instruments assets73,384 100.092,439 100.055,251 100.0
Derivative financial instruments as percentage of total assets2.4%3.2%2.2%
Liabilities
Options agreements(8,402)12.0(20,588)24.1(8,972)17.1
Forwards(4,381)6.3(1,450)1.7(2,982)5.7
Swaps – adjustment payable(45,453)65.2(51,394)60.2(35,741)68.1
Credit derivatives(367)0.5(795)0.9(149)0.3
NDF - Non Deliverable Foward(10,929)15.7(10,761)12.6(4,478)8.5
Others - derivative financial instruments(228)0.3(425)0.5(153)0.3
Total derivative financial instruments liabilities(69,760)100.0(85,413)100.0(52,475)100.0
Derivative financial instruments as percentage of total liabilities and stockholder's equity2.3%3.0%2.1%
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Distribution of our financial assets by maturityDecember 31, 2025
No stated maturityDue in 1 year or lessDue after 1 year to 5 yearsDue after 5 years to 10 yearsDue after 10 yearsTotal
R$
Weighted avarege yeld (%)
R$
Weighted avarege yeld (%)
R$
Weighted avarege yeld (%)
R$
Weighted avarege yeld (%)
R$
Weighted avarege yeld (%)
R$
Weighted avarege yeld (%)
(In millions of R$, except percentages)
At Fair Value Through Profit or Loss25,050 110,981 355,816 93,749 27,673 613,269 
Investment funds (1)
5,150 0.225,940 0.05,373 0.02,359 0.01,023 0.039,845 0.0
Brazilian government securities— 0.062,237 0.2271,181 0.748,284 0.714,756 0.0396,458 0.6
Government securities - Latin America— 0.02,269 0.32,500 0.51,121 2.0125 0.96,015 0.7
Government securities - Other Countries— 0.0400 0.7— 8.6— 0.01 2.3401 0.7
Corporate securities19,900 0.020,135 11.376,762 8.541,985 29.311,768 13.5170,550 
Shares19,900 5,275 — — — 25,175 
Bank deposit certificates— 0.01,025 0.183 0.6— 0.0— 0.01,108 0.1
Real estate receivables certificates— 0.091 0.11,155 0.3594 1.6206 1.52,046 0.8
Debentures— 0.03,059 0.349,642 3.235,756 5.39,449 8.597,906 4.4
Eurobonds and other— 0.079 0.42,367 1.5543 1.7109 0.93,098 1.5
Financial bills— 0.09,900 0.421,915 0.13,666 1.31,864 0.037,345 0.3
Promissory and commercial notes — 0.0332 1.8532 0.0310 15.0— 0.01,174 4.5
Rural product note— 0.0186 3.7277 1.2173 2.4— 1.6636 2.2
Other— 0.0188 4.5791 1.6943 2.0140 1.02,062 2.0
Financial assets held for trading and designated at fair value through— 
Brazilian government securities— 0.0— 0.02 0.09 0.046 0.057 0.0
Government securities - Latin America— 0.014,727 8.7721 11.5— 0.0— 0.015,448 8.9
Derivatives— 29,362 32,420 9,411 2,191 73,384 
At Fair Value Through Other Comprehensive Income616 41,982 66,208 15,155 8,512 132,473 
Brazilian government securities— 0.018,729 0.945,528 0.610,739 0.56,767 10.681,763 1.5
Government securities - Latin America— 0.016,232 1.27,236 3.01,600 2.275 0.825,143 1.8
Government securities - Other Countries— 0.05,328 0.58,491 0.8165 0.0— 0.013,984 0.7
Corporate securities616 1,693 4,953 2,651 1,670 11,583 
Shares616 36 — — 128 780 
Bank deposit certificates— 0.074 2.893 1.7— 0.0— 0.0167 2.2
Real estate receivables certificates— 0.0— 0.046 0.6176 0.4— 0.0222 0.5
Debentures— 0.012 7.21,071 6.12,094 4.91,236 7.14,413 5.8
Eurobonds and others— 0.01,542 0.63,642 1.4381 2.7306 31.65,871 2.9
Financial bills— 0.0— 0.05 0.0— 0.0— 0.05 0.0
Rural product note— 0.0— 0.0— 0.0— 0.0— 0.0— 0.0
Other— 0.029 0.096 0.3— 0.0— 0.0125 0.2
At Amortized Cost920 72,663 187,985 52,748 13,157 327,473 
Investment funds (1)
321 0.01,582 0.06,405 0.01,148 1.1355 0.09,811 0.1
Brazilian government securities— 0.016,399 1.080,416 0.94,928 6.43,934 3.8105,677 1.3
Government securities - Latin America— 0.02,649 3.43,087 8.8238 10.9— 0.05,974 6.5
Government securities - Other Countries— 0.015,617 1.49,905 1.0— 0.0— 0.025,522 1.2
Corporate securities599 36,416 88,172 46,434 8,868 180,489 
Rural product note599 0.023,798 4.537,007 2.77,087 2.445 0.068,536 3.3
Bank deposit certificates— 0.021 3.542 2.1— 0.0— 0.063 2.6
Real estate receivables certificates— 0.027 12.62,859 4.31,302 3.6— 0.04,188 4.1
Debentures— 0.05,616 10.833,615 8.029,997 9.38,823 52.578,051 13.7
Eurobonds and other— 0.096 0.0592 1.9514 2.1— 0.01,202 1.8
Financial bills— 0.0307 22.672 3.5— 0.0— 0.0379 19.0
Promissory and commercial notes— 0.05,660 8.710,845 2.54,766 3.9— 0.021,271 4.4
Other— 0.0891 20.13,140 2.72,768 3.4— 0.06,799 5.3


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Distribution of our financial assets by currencySecuritiesDerivatives
Amortized CostFair Value Through Profit or LossFair Value Through
other Comprehensive Income		Fair Value Through Profit or LossTotal
(In millions of R$)
December 31, 2025327,474 628,774 132,473 73,384 1,162,105 
Denominated in Brazilian currency306,820 603,439 61,368 59,333 1,030,960 
Denominated in foreign currency20,654 25,335 71,105 14,051 131,145 
December 31, 2024323,852 560,143 106,303 92,439 1,082,737 
Denominated in Brazilian currency298,953 533,887 31,313 22,466 886,619 
Denominated in foreign currency24,898 26,256 74,990 69,973 196,117 
December 31, 2023259,889 511,752 130,039 55,251 956,931 
Denominated in Brazilian currency226,384 497,042 53,173 15,676 792,275 
Denominated in foreign currency33,505 14,710 76,866 39,575 164,656 

For the purpose of analyzing the exposure of variations in foreign exchange rates, the table below presents the composition of our derivative financial instruments as of December 31, 2025 in Brazilian reais and in foreign currency, including the instruments denominated in foreign currencies. For the notional amount of derivative financial instruments, please see “Note 6 – Derivatives” to our audited consolidated financial statements.
Derivative financial instruments (notional amounts)For The Year Ended December 31, 2025,
Brazilian CurrencyDenominated in or linked to Foreign CurrencyTotal
(In millions of R$)
Swap contracts
Buy (Sale) commitments, net(134,124)(15,021)(149,145)
Forward contracts
Buy (Sale) commitments, net(2,170)(12,697)(14,867)
Future contracts
Buy (Sale) commitments, net(89,302)(7,910)(97,212)
Buy (Sale) commitments, net(109,006)(8,027)(117,033)
Others
Buy (Sale) commitments, net72,730(179)72,550
Reserve Requirements
Brazilian financial institutions are required to place reserves with the Central Bank. The reserve requirements are tools utilized by the Central Bank to control the liquidity of the Brazilian financial system, for both monetary policy and risk
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mitigation purposes. These requirements are applied to balances on demand deposits, saving account deposits and time deposits. The below table sets forth the required reserve for each type of deposit:
December 31,
Required reserve deposits
Regulation (1)
Yield202520242023
Demand Deposits (4)
CompulsoryResolution No. 189
'0%
21%21%21%
Rural (2)
Resolution No. 4903
'0%
31,5%30%30%
Microcredit (2)
Resolution No. 4861 / 4854
'0%
2%2%2%
Savings Accounts (3)
CompulsoryResolution No. 188
TR + 6.17% p.a.
20%20%20%
Real estate financing (2)
Resolution No. 4,676
80% (TR + 6.17% p.a.)
65%65%65%
Time and Interbank Deposits Received from Leasing Companies
CompulsoryResolution No. 145
Selic
20%20%20%
1)Most recent regulation on the matter.
2)This is a compulsory investment of resources that is made in eligible transactions, that is, the funds are granted to other economic entities.
3)Remuneration on funds in savings deposits: For deposits made until March 5, 2012, inclusive: TR + 6.17% per annum. For deposits made after March 5, 2012: (a) If the target of the Selic rate is higher than 8.5% per annum: TR + 6.17% per annum; (b) If the target of the Selic rate is lower than 8.5% per annum: TR + 70% of the target of the Selic rate per annum.
4)Don't include voluntary deposit balances in the amount of R$10,000 as of 12/31/2025.

Required reserve deposits202520242023
R$% of total required reserve depositsR$% of total required reserve depositsR$% of total required reserve deposits
(In millions of R$, except percentages)
Non-interest bearing deposits (1)
10,9927.015,1819.914,25810.5
Interest-bearing deposits (2)
146,28393.0138,51790.1121,14389.5
Total157,275100153,698100135,401100
1)Mainly related to demand deposits.
2)Mainly related to time and savings deposits.

Loan and Lease Operations
Most of our loans are granted to clients domiciled in Brazil, and are denominated in Brazilian reais. Additionally, as of December 31, 2025, 61.2% of our credit portfolio consists of transactions with fixed interest rates and 38.8% consists of transactions with variable interest rates.
Indexation
Most of our portfolio is denominated in Brazilian reais. However, a portion of our portfolio is indexed to foreign currencies, primarily the U.S. dollar. The foreign currency portion of our portfolio consists of loans and financing for foreign trade and on lending operations. Our loans abroad represented 24.2%, 30.9% and 27.7% of our loan portfolio as of December 31, 2025, 2024 and 2023, respectively. See “Note 32(b) – Risk Management – I.IV – Maximum Exposure of Financial Instruments to Credit Risk” to our audited consolidated financial statements for further details.
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Loan and Finance Lease by Type
The following table sets forth the distribution of our credit portfolio according to the type of loan and finance lease, as follows:
•The Individuals portfolio consists primarily of credit cards, personal loans (primarily including consumer finance and overdrafts), payroll loans, vehicle financing and residential mortgage loans;
•The corporate loan portfolio comprises loans and financing facilities extended to large corporate clients, as well as to small and medium-sized enterprises, and
•The Foreign Loans – Latin America portfolio consists of loans granted to individuals and companies by our operations in Chile, Colombia, Paraguay and Uruguay.
As of December 31,
Loan and Finance Lease, by type (1)
202520242023
Loan
Allowance (2)
Loan
Allowance (2)
Loan
Allowance (2)
(In millions of R$)
Individuals473,22630,177445,57429,909416,61629,051
Corporate380,28811,590357,63311,081307,64515,199
Foreign Loans Latin America (3)
230,2846,574222,2868,034186,3296,613
Total Loan and finance lease1,083,79848,3411,025,49349,024910,59050,863
1)Loans and finance lease classified as assets with credit recovery issues (problematic assets) have financial charges recognized on a cash basis. The contractual amount of credit operations classified as problematic assets amounted to R$47,837 million, R$55,131 million and R$60,237 million as of December 31, 2025, 2024 and 2023, respectively. The total amount of renegotiated credit operations included in the balance of credit operations classified as problematic assets amounted to R$19,398 million, R$26,657 million and R$30,137 million as of December 31, 2025, 2024 and 2023, respectively.
2)Comprises Provision for Expected Loss for Financial Guarantees Pledged R$1,295 million (R$988 and R$887 million as of December 31, 2024 and 2023) and Commitments to be Released R$498 million (R$3,940 million and R$3,311 million as of December 31, 2024 and 2023).
3)As of December 31, 2025 other than "Foreign Loans Latin America", 21% of Corporate correspond to cross-border outsanding.

Loan and Finance Lease by Maturity
The following table sets forth the distribution of our credit portfolio by maturity, including non-overdue and overdue installments, according to the type of loan and lease:
Non-Overdue InstallmentsAs of December 31, 2025
Type of loan and leaseOverdue in one year or lessOverdue in one year to five yearsOverdue in five to fifteen yearsOverdue after fifteen yearsTotal Non-Overdue Installments
(In millions of R$)
Individuals261,061 139,430 40,264 14,316 455,071 
Corporate225,631 140,816 9,176 177 375,800 
Foreign Loans Latin America121,154 58,830 15,951 30,280 226,215 
Total (1)
607,846 339,076 65,391 44,773 1,057,086 
1)Includes R$ 31,324 million related to non-overdue installments of assets whit credit recovery issues.

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Non-Overdue InstallmentsAs of December 31, 2024
Type of loan and leaseOverdue in one year or lessOverdue in one year to five yearsOverdue in five to fifteen yearsOverdue after fifteen yearsTotal Non-Overdue Installments
(In millions of R$)
Individuals225,122 135,223 55,700 13,358 429,403 
Corporate208,735 131,532 13,937 126 354,330 
Foreign Loans Latin America103,164 61,384 25,028 28,688 218,264 
Total (1)
537,021 328,139 94,665 42,172 1,001,997 
1)Includes R$37,366 million related to non-overdue installments of assets whit credit recovery issues.

Non-Overdue InstallmentsAs of December 31, 2023
Type of loan and leaseOverdue in one year or lessOverdue in one year to five yearsOverdue in five to fifteen yearsOverdue after fifteen yearsTotal Non-Overdue Installments
(In millions of R$)
Individuals207,973 126,675 50,333 12,846 397,827 
Corporate181,715 112,345 8,704 162 302,926 
Foreign Loans Latin America88,632 48,849 20,703 24,123 182,307 
Total (1)
478,320 287,869 79,740 37,131 883,060 
1)Includes R$41,066 million related to non-overdue installments of assets whit credit recovery issues.

Overdue Installments (1)
As of December 31, 2025
Type of loan and leaseOverdue in one year or lessOverdue in one year to five yearsOverdue in five to fifteen yearsOverdue after fifteen yearsTotal overdue installmentsTotal gross loansAllowance for loan lossesTotal net
(In millions of R$)
Individuals18,1487--18,155473,226(30,177)443,049
Corporate4,385103--4,488380,288(11,590)368,698
Foreign Loans Latin America4,02049--4,069230,284(6,574)223,710
Total (2)
26,553159--26,7121,083,798(48,341)1,035,457
1)Defined as loans and leases contractually past due as to payment of interest or principal.
2)Includes R$16,513 million related to overdue installments of assets whit credit recovery assues.


Overdue Installments (1)
As of December 31, 2024
Type of loan and leaseOverdue in one year or lessOverdue in one year to five yearsOverdue in five to fifteen yearsOverdue after fifteen yearsTotal overdue installmentsTotal gross loansAllowance for loan lossesTotal net
(In millions of R$)
Individuals14,6761,495--16,171445,574(29,909)415,665
Corporate3,107196--3,303357,633(11,081)346,552
Foreign Loans Latin America3,911111--4,022222,286(8,034)214,252
Total (2)
21,6941,802--23,4961,025,493(49,024)976,469
1)Defined as loans and leases contractually past due as to payment of interest or principal.
2)Includes R$17,765 million related to overdue installments of assets whit credit recovery assues.

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Overdue Installments (1)
As of December 31, 2023
Type of loan and leaseOverdue in one year or lessOverdue in one year to five yearsOverdue in five to fifteen yearsOverdue after fifteen yearsTotal overdue installmentsTotal gross loansAllowance for loan lossesTotal net
(In millions of R$)
Individuals17,3221,467--18,789416,616(29,051)387,565
Corporate4,546173--4,719307,645(15,199)292,446
Foreign Loans Latin America3,793229--4,022186,329(6,613)179,716
Total (2)
25,6611,869--27,530910,590(50,863)859,727
1)Defined as loans and leases contractually past due as to payment of interest or principal.
2)Includes R$19,171 million related to overdue installments of assets whit credit recovery issues.

Loan and Finance Lease by Interest Rate
The following table sets forth the classification of our credit portfolio into fixed and variable rates, including non-overdue and overdue installments:
Non-Overdue InstallmentsAs of December 31, 2025
Overdue in one year or lessOverdue in one year to five yearsOverdue in five to fifteen yearsOverdue after fifteen yearsTotal Non-Overdue Installments
(In millions of R$)
Interest rate of loans to customers by maturity
Variable rates175,798143,66052,86544,773417,096
Individuals75,50259,07432,55114,316181,443
Corporate65,25659,6617,418177132,512
Foreign Loans Latin America35,04024,92512,89630,280103,141
Fixed rates432,048195,41612,526-639,990
Individuals185,55980,3567,713-273,628
Corporate160,37681,1551,758-243,289
Foreign Loans Latin America86,11333,9053,055-123,073
Total (1)
607,846339,07665,39144,7731,057,086
1)Includes R$31,324 million related to non-overdue installments of assets with credit recovery issues.

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Non-Overdue InstallmentsAs of December 31,2024
Overdue in one year or lessOverdue in one year to five yearsOverdue in five to fifteen yearsOverdue after fifteen yearsTotal Non-Overdue Installments
(In millions of R$)
Interest rate of loans to customers by maturity
Variable rates205,887185,76989,18342,172523,011
Individuals86,30976,55452,47413,358228,695
Corporate79,02974,46413,130126166,749
Foreign Loans Latin America40,54934,75123,57928,688127,567
Fixed rates331,134142,3705,482-478,986
Individuals138,81358,6693,226-200,708
Corporate129,70757,068807-187,582
Foreign Loans Latin America62,61426,6331,449-90,696
Total (1)
537,021328,13994,66542,1721,001,997
1)Includes R$37,366 million related to non-overdue installments of assets with credit recovery issues.

Non-Overdue InstallmentsAs of December 31,2023
Overdue in one year or lessOverdue in one year to five yearsOverdue in five to fifteen yearsOverdue after fifteen yearsTotal Non-Overdue Installments
(In millions of R$)
Interest rate of loans to customers by maturity
Variable rates174,572154,47574,64537,131440,823
Individuals75,90367,97647,11712,846203,842
Corporate65,56460,2868,148162134,160
Foreign Loans Latin America33,10526,21319,38024,123102,821
Fixed rates303,748133,3945,095-442,237
Individuals132,06958,6993,216-193,984
Corporate116,15152,059556-168,766
Foreign Loans Latin America55,52822,6361,323-79,487
Total (1)
478,320287,86979,74037,131883,060
1)Includes R$41,066 million related to non-overdue installments of assets whit credit recovery issues.


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Overdue Installments (1)
As of December 31,2025
Overdue in one year or lessOverdue in one year to five yearsOverdue in five to fifteen yearsOverdue after fifteen yearsTotal overdue installmentsTotal gross loans
(In millions of R$)
Interest rate of loans to customers by maturity
Variable rates3,62883--3,711420,807
Individuals2,4804--2,484183,927
Corporate59953--652133,164
Foreign Loans Latin America54926--575103,716
Fixed rates22,92576--23,001662,991
Individuals15,6683--15,671289,299
Corporate3,78649--3,835247,124
Foreign Loans Latin America3,47124--3,495126,568
Total (2)
26,553159--26,7121,083,798
1)Defined as loans and leases contractually past due as to payment of interest or principal.
2)Includes R$16,513 millon related to overdue installments of assets whit credit recovery issues.


Overdue Installments (1)
As of December 31,2024
Overdue in one year or lessOverdue in one year to five yearsOverdue in five to fifteen yearsOverdue after fifteen yearsTotal overdue installmentsTotal gross loans
(In millions of R$)
Interest rate of loans to customers by maturity
Variable rates4,380126--4,506527,517
Individuals2,963105--3,068231,763
Corporate62713--640167,389
Foreign Loans Latin America7908--798128,365
Fixed rates17,3141,676--18,990497,976
Individuals11,7131,390--13,103213,811
Corporate2,479183--2,662190,244
Foreign Loans Latin America3,122103--3,22593,921
Total (2)
21,6941,802--23,4961,025,493
1)Defined as loans and leases contractually past due as to payment of interest or principal.
2)Includes R$17,765 milion related to overdue installments of assets whit credit recovery issues.

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Overdue Installments (1)
As of December 31,2023
Overdue in one year or lessOverdue in one year to five yearsOverdue in five to fifteen yearsOverdue after fifteen yearsTotal overdue installmentsTotal gross loans
(In millions of R$)
Interest rate of loans to customers by maturity
Variable rates4,353237--4,590445,413
Individuals2,939186--3,125206,967
Corporate77122--793134,953
Foreign Loans Latin America64329--672103,493
Fixed rates21,3081,632--22,940465,177
Individuals14,3841,281--15,665209,649
Corporate3,775151--3,926172,692
Foreign Loans Latin America3,149200--3,34982,836
Total (2)
25,6611,869--27,530910,590
1)Defined as loans and leases contractually past due as to payment of interest or principal.
2)Includes R$19,171 million related to overdue installments of assets whit credit recovery issues.

Loan and Finance Lease by Economic Activity
The following table sets forth the composition of our credit portfolio, including non-performing loan operations, by economic activity of the borrower as of the periods indicated below.
As of December 31,
202520242023
Economic ActivitiesLoan portfolio% of Loan portfolioLoan portfolio% of Loan portfolioLoan portfolio% of Loan portfolio
Industry and commerce246,15822.7222,94521.7186,19820.4
Services207,44719.2207,43720.2182,79520.1
Individuals582,47253.7549,18153.6503,51955.3
Other Sectors47,7214.445,9304.538,0784.2
Total1,083,798100.01,025,493100.0910,590100.0
As of December 31, 2025, we did not have any concentration of loan and lease operations exceeding 10% of our total portfolio that we did not disclose in one of the categories of loans and losses above.
Loan and Finance Lease by Concentration
The following table sets forth the composition of our credit portfolio by concentration with respect to the amounts owed by the debtors as of the periods indicated below:
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For the Year Ended December 31,
Concentration202520242023
Loan portfolio% of Loan portfolioLoan portfolio% of Loan portfolioLoan portfolio% of Loan portfolio
(In millions of R$, except percentages)
Largest debtor7,0320.66,6580.65,3780.6
10 largest debtors49,9334.644,2944.334,6373.8
20 largest debtors73,6016.866,4076.554,1005.9
50 largest debtors118,55110.9106,98010.487,4469.6
100 largest debtors162,23615.0148,74814.5121,86613.4
Non-Performing Loans
We consider a loan to be a non-performing loan if the payment of principal or interest is a asset with credit recovery issues. When this occurs, accrual of interest is no longer recognized.
Write-offs of financial assets
Financial assets are written off when there is no reasonable expectation of recovery. In such cases, the write-off is recognized concurrently with the utilization of the related allowance for expected credit losses, while collection efforts continue. Any subsequent recoveries are recognized in profit or loss, with a corresponding reinstatement of the financial asset and recognition of the related allowance for expected credit losses
During the year ended December 31, 2025, we updated our expected credit loss estimates and recorded write-offs of financial assets. This change in estimates resulted in a shortening of the period used to write off financial assets, which, until December 31, 2024, was up to 24 months. This change in accounting estimate resulted in a negative impact of R$2.756 billion (R$1.453 billion net of taxes), recognized in profit or loss in 2025.

Information on the Quality of Loans and Leases
The table below shows our non-performing loans together with certain asset quality ratios.
For The Year Ended December 31,
202520242023
(In millions of R$, except percentages)
Allowance for loan losses48,34149,02450,863
Total loans and lease operations1,083,7981,025,493910,590
Allowance for loan losses as a percentage of total loans (%)4.5%4.8%5.6%
1)Comprises Provision for Expected Loss for Financial Guarantees R$1,295 million (R$988 million and R$887 million as of December 31, 2024 and 2023) and Loan Commitments to be Released R$498 million (R$3,940 million and R$3,311 million as of December 31, 2024 and 2023).

Impairment
The requirements for assessing the impairment of financial assets are based on an expected credit loss model.
The expected credit loss model includes the use of prospective information and classification of financial assets in three stages:
•Stage 1 – 12-month expected credit loss: represents default events possible within 12 months. Applicable to financial assets originated or purchased without credit recovery issues;
•Stage 2 – Lifetime expected credit loss of financial instrument: considers all possible default events. Applicable to financial assets originated or purchased without credit recovery issues and which credit risk has increased significantly; and
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•Stage 3 – Credit loss expected for credit-impaired assets: considers all possible default events. Applicable to financial assets originated or purchased with credit recovery issues. The measurement of assets classified in this stage is different from Stage 2 due to the recognition of interest income by applying the effective interest rate at amortized cost (net of provision) rather than at the gross carrying amount.
An asset will migrate from one stage to another as its credit risk increases or decreases. Therefore, a financial asset that began in Stage 1 and migrated to Stages 2 and 3 may return to Stage 1, unless it was originated or purchased with credit recovery issues.
For The Year Ended December 31
Allowance for Loan and Leases Losses (1)202520242023
(In millions of R$, except percentages)
Amount Recognized in the Balance Sheet at the beginning of period49,02450,86352,324
Write-offs(33,300)(31,307)(33,024)
Individuals(25,110)(24,156)(25,133)
Corporate(5,139)(5,595)(5,068)
Foreign Loans Latin America(3,051)(1,556)(2,823)
Expected Loss with Loan and Lease Operations32,61729,46831,563
Amount Recognized in the Balance Sheet at the end of period48,34149,02450,863
Ratio of Write-offs during the period to average loans outstanding during the period (%)3.23.33.6
Individuals2.42.52.8
Corporate0.50.60.5
Foreign Loans Latin America0.30.20.3
Ratio of allowance for loan losses to total loans and leases (%)4.54.85.6
Individuals2.82.93.2
Corporate1.11.11.7
Foreign Loans Latin America0.60.80.7
1)Credit and finance lease are written off when there are no reasonable expectations of recovery. Subsequent recoveries are recognized as income with a corresponding credit to the asset. As of December 31, 2025, the recovery of loans were R$5,081 million.

The ratio of allowance for the Loan Losses over the total loans and leases for the year ended on December 31, 2025, reached 4.5%, compared to 4.8% for the year ended on December 31, 2024. This decrease of 30 basis point was mainly due to the quality of recent vintages with: (i) an increase in 2025 of 5.7% in loans portfolio; and (ii) a decrease of 1.4% in allowance for the Loan Losses when compared to the same period of 2024.
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Allocation of the Allowance for Loan and Lease Losses
The table below presents the details, by segment and class, as defined in the segmentation of our portfolio, of the allowance for loan and lease losses, of this allowance as a percentage of the total loan and lease losses for the corresponding segment or class, and the percentage of the total loan and leases in each segment and class in relation to the total loans and leases.
202520242023
Allocated allowance (1)
Allocated allowance as a % of
total loans and leases		Loans category as a % of
total loans
Allocated allowance (1)
Allocated allowance as a % of
total loans and leases		Loans category as a % of
total loans
Allocated allowance (1)
Allocated allowance as a % of
total loans and leases		Loans category as a % of
total loans
Individuals30,1772.843.729,9092.943.429,0513.245.7
Corporate11,5901.135.111,0811.134.915,1991.733.6
Foreign Loans Latin America6,5740.621.28,0340.821.76,6130.720.7
Total48,3414.5100.049,0244.8100.050,8635.6100.0
1)Comprises Provision for Expected Loan for Financial Guarantees Pledged R$1,295 million(R$988 million and R$887 million as of December 31, 2024 and 2023) and Commitments to be Released R$498 million (R$3,940 million and R$3,311 million as of December 31, 2024 and 2023).


When the contractual cash flows of a financial asset are renegotiated or otherwise modified, Itaú Unibanco Group assesses whether the renegotiation or modification result in a concession to the counterparty that is considered significant as a result of a deterioration in the borrower’s credit quality. In these cases, the gross carrying amount of the renegotiated financial asset is recalculated based on the revised contractual terms. The fact that a credit or finance lease has been renegotiated, as well as the extent of any deterioration in the borrower’s credit quality, are considered in determining the expected credit loss allowance following the renegotiation. The past performance and the payment history of the customer, the type of transaction, the possibility of additional collateral being provided as well as the probability of a new default, are evaluated under our risk management guidelines. The resulting allowance levels are determined based on the risk profile of each transaction.
In 2025, our management began disclosing the credit portfolio of renegotiated operations in accordance with CMN Resolution No. 4,966/21. In addition, the reported balance now includes the full amount of past-due operations, rather than being based on the number of days past due prior to renegotiation. Accordingly, the 2024 and 2023 comparative periods have been adjusted for comparability purposes.
Our renegotiated loan and finance lease portfolio decreased to 3.1% of our total loan and finance lease portfolio as of December 31, 2025, compared to 3.5% as of December 31, 2024. As of December 31, 2025, the ratio of the renegotiated portfolio to the allowance for loan and lease losses was 45.0% compared to 31.1% as of December 31, 2024.
Our renegotiated loan and finance lease portfolio decreased to 3.5% of our total loan and finance lease portfolio as of December 31, 2024, compared to 4.4% as of December 31, 2023. As of December 31, 2024, the ratio of the renegotiated portfolio to the allowance for loan and lease losses was 31.1% compared to 31.9% as of December 31, 2023.
Since 2013, we have maintained our policy for the recovery of overdue loans, including loans written off as losses, and to reduce losses, we enhanced our collection and recovery initiatives. We have also adopted a policy of stricter selectivity in origination of loans, which has led to lower levels of delinquency and a decreased volume of renegotiated loans.
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The tables below set forth an additional breakdown of renegotiated loans by portfolio, in segments and types, based on the type of modification, as of December 31, 2025, 2024 and 2023:
Renegotiated loan and lease operationsDecember 31, 2025
Stage 1Stage 2Stage 3Total
(In millions of R$)
Individuals9877,38910,97319,349
Corporate8184,1175,16910,104
Foreign units Latin America6463673,2564,269
Total renegotiated loan and lease operations2,45111,87319,39833,722
Renegotiated loan and lease operationsDecember 31, 2024
Stage 1Stage 2Stage 3Total
(In millions of R$)
Individuals8854,02117,15922,065
Corporate2364,1458,82513,206
Foreign units Latin America3142673746
Total renegotiated loan and lease operations1,1528,20826,65736,017
Renegotiated loan and lease operationsDecember 31, 2023
Stage 1Stage 2Stage 3Total
(In millions of R$)
Individuals8244,24419,84724,915
Corporate2163,8097,52211,547
Foreign loans - Latin America199552,7683,742
Total renegotiated loan and lease operations1,0599,00830,13740,204
Renegotiated Loans
The following tables set forth additional breakdown of renegotiated loans and leases by segment and class, as of December 31, 2025, 2024 and 2023:
Renegotiated loan and lease operationsDecember 31, 2025
Impaired performingNon-impaired performingImpaired non-performingNon-impaired non-performingTotal
(In millions of R$)
Individuals4,5085,5246,4642,85319,349
Corporate2,1673,4323,0021,50310,104
Foreign units Latin America2,5147487422654,269
Total renegotiated loan and lease operations9,1899,70410,2084,62133,722
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Renegotiated loan and lease operationsDecember 31, 2024
Impaired performingNon-impaired performingImpaired non-performingNon-impaired non-performingTotal
(In millions of R$)
Individuals8,0243,4759,1351,43122,065
Corporate4,5313,3684,2941,01313,206
Foreign loans - Latin America654621812746
Total renegotiated loan and lease operations13,2096,90513,4472,45636,017
Renegotiated loan and lease operationsDecember 31, 2023
Impaired performingNon-impaired performingImpaired non-performingNon-impaired non-performingTotal
(In millions of R$)
Individuals9,4363,90710,4111,16124,915
Corporate3,6053,3073,91771811,547
Foreign loans - Latin America1,9496548193203,742
Total renegotiated loan and lease operations14,9907,86815,1472,19940,204
For The Year Ended December 31,
202520242023
(In millions of R$, except percentages)
Renegotiated loans (1)
33,72236,01740,204
Allowance for loan and lease losses15,19011,19912,805
Allowance for loan and lease losses/renegotiated loans (%)45.031.131.9
Total Redefaulted Renegotiated Loans(2)
5,5817,6178,089
Redefaulted Renegotiated Loans (%)16.621.120.1
1)Includes debt consolidation, deferment or any other arrangement that modifies the periods or conditions, of operations originally overdue.
2)Our redefaulted renegotiated loans are renegotiated transactions 90 days or more overdue.

The table below presents the changes in our loan and lease portfolio with loss event, including the changes of the renegotiated loans and leases with loss event related to each year as of December 31, 2025, 2024 and 2023:
For The Year Ended December, 31
Impaired loans202520242023
(In millions of R$)
Balance at the beginning of the period55,13160,23759,168
(+) Loan operations added73,21456,38161,995
(-) Loans removed due to write-off(33,300)(31,307)(33,024)
(-) Loans removed due to total or partial pay-off(47,208)(30,180)(27,902)
Balance at the end of the period47,83755,13160,237
Please see “Note 10 – Loan and Finance Lease” to our audited consolidated financial statements for further details.
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Liabilities
Funding
Main Sources
Our current funding strategy is to continue to use all of our sources of funds in accordance with their costs and availability and our general asset and liability management strategy. In order to fund our operations, we intensified the use of the liquidity generated by savings deposits, interbank deposits, debt in the interbank market and debt in the institutional market during 2025, 2024 and 2023.
We also used Brazilian debentures subject to repurchase as a source of funding, reported as deposits received under securities repurchase agreements and offered to institutional clients as well as private banking, corporate banking and retail clients. This funding is designed to provide increased profitability through higher spreads in our savings deposits and higher fees earned on market funds.
Our ability to obtain funding depends on several factors, including credit ratings, general economic conditions and investors’ perception of emerging markets in general and of Brazil (particularly, current political and economic conditions in Brazil and government regulations for foreign currency funding).
Part of our long-term debt provides for the advance payment of the outstanding principal balance upon the occurrence of certain facts, as is customary for long-term financing agreements. As of December 31, 2025, none of these events, including default events and non-compliance with any financial covenant, had occurred, and we have no reason to believe that any of these events are likely to occur in 2026.
Our main sources of funding are our deposits, which are split into demand deposits, savings deposits, time deposits and interbank deposits. As of December 31, 2025, total deposits were R$1,114,482 million, which represented 52.8% of total funding. As of December 31, 2024, total deposits amounted to R$1,054,741 million, representing 53.9% of total funding. As of December 31, 2023, total deposits amounted to R$951,352 million, representing 54% of our total funding. Our time deposits represent one of our major sources of funding which, as of December 31, 2025, 2024 and 2023 accounted for 37.4%, 37.6% and 37.3% of total funding, respectively.
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The table below shows the breakdown of our main sources of funds as of December 31, 2025, 2024 and 2023:
Breakdown of the main sources of funds2025% of total funding2024% of total funding2023% of total funding
(In millions of R$, except percentages)
Deposits1,114,48252.81,054,74153.9951,35254.0
Demand deposits135,3836.4124,9206.4105,6346.0
Savings deposits177,3058.4180,7309.2174,7659.9
Time deposits789,64337.4735,37637.6656,59137.3
Interbank deposits11,5300.57,2240.46,4480.4
Other deposits621—6,4910.37,9140.4
Securities sold under repurchase agreements434,60720.6388,78719.9362,78620.6
Interbank market funds406,17019.3372,29419.0328,64518.6
Real estate credit bills71,1213.452,1122.748,9552.8
Rural credit bills64,6443.149,7442.539,0722.2
Financial bills61,1612.970,0833.681,1974.6
Guaranteed real estate bills64,4383.164,4913.359,1903.4
Import and export financing114,1385.4117,9216.087,1444.9
On-lending-domestic30,6681.517,9430.913,0870.7
Institutional market funds154,1947.3140,5477.2119,5916.8
Subordinated debt48,1472.345,2242.346,6772.6
Debentures4,1220.2————
Foreign loans through securities
76,3483.675,9123.962,6923.6
Funding from structured operations certificates25,5771.219,4111.010,2220.6
Total2,109,453100.01,956,369100.01,762,374100.0
Deposits by Maturity
The table below shows the maturity profile of our deposits as of December 31, 2025, 2024 and 2023:
Deposits by maturityAs ofDecember 31, 2025
0-30 days31-180 days181-365 daysOver 365 daysTotal
(In millions of R$)
Non-interest bearing deposits136,004---136,004
Demand deposits135,383135,383
Other deposits621621
Interest bearing deposits243,61290,88056,870587,116978,478
Savings deposits177,305177,305
Time deposits65,32289,44848,197586,676789,643
Interbank deposits9851,4328,67344011,530
Total379,61690,88056,870587,1161,114,482
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Deposits by maturityAs ofDecember 31, 2024
0-30 days31-180 days181-365 daysOver 365 daysTotal
(In millions of R$)
Non-interest bearing deposits131,411---131,411
Demand deposits124,920---124,920
Other deposits6,491---6,491
Interest bearing deposits250,84090,13453,767528,589923,330
Savings deposits180,730---180,730
Time deposits68,62488,89250,041527,819735,376
Interbank deposits1,4861,2423,7267707,224
Total382,25190,13453,767528,5891,054,741
Deposits by maturityAs ofDecember 31, 2023
0-30 days31-180 days181-365 daysOver 365 daysTotal
(In millions of R$)
Non-interest bearing deposits113,548---113,548
Demand deposits105,634---105,634
Other deposits7,914---7,914
Interest bearing deposits234,33778,98453,949470,534837,804
Savings deposits174,765---174,765
Time deposits58,67678,28649,098470,531656,591
Interbank deposits8966984,85136,448
Total347,88578,98453,949470,534951,352
Uninsured Time Deposits
The table below shows our domestic and foreign time deposits uninsured as of and for the years ended December 31, 2025, 2024, and 2023. In Brazil, a private entity, namely, the FGC, provides protection for local depositors, while in other countries, time deposits are insured by different local protection systems and institutions. For uninsured deposits, term deposits above R$250,000.00 and judicial deposit operations were considered, in compliance with FGC criteria.

For The Year Ended December 31,
202520242023
DomesticForeignTotalDomesticForeignTotalDomesticForeignTotal
(In millions of R$)
Maturity within three months-25,47225,472431,28331,287438,032-
Maturity after three months to six months-10,28610,286-20,22420,224-9,46038,036
Maturity after six months to twelve months18,40610,44828,85418,41023,43241,84225,1729,7499,460
Maturity after twelve months253,75828,596282,354253,76839,631293,399238,9817,89134,921
Total time deposits in Uninsured Accounts272,16374,803346,966272,18274,939293,39925,17657,241246,872
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Other Sources
We also act as a financial agent in borrowing funds from BNDES and FINAME and lending such funds at a spread determined by the Brazilian Government to targeted sectors of the economy. We obtain U.S. dollar-denominated lines of credit from our affiliates, including Itaú Unibanco Holding – Grand Cayman branch, Banco Itaú Chile and Itaú BBA S.A. – Nassau branch to provide trade finance funding for Brazilian companies. For further details on domestic lending and import and export financing, please see “Note 17 – Securities Sold Under Repurchase Agreements and Interbank and Institutional Market Funds” to our audited consolidated financial statements.
4C.Organizational Structure
We are a financial holding company controlled by IUPAR, a holding company jointly controlled by Itaúsa and Cia. E. Johnston de Participações. Itaúsa is controlled by members of the Egydio de Souza Aranha family, and Cia. E. Johnston de Participações is controlled by members of the Moreira Salles family. See “Item 7A. Major Shareholders” for further information. For further information about our significant subsidiaries as of December 31, 2025, see Exhibit 8.1 to this annual report.

Organograma.jpg
For further information about our subsidiaries see “Note 2 (c) – Accounting Policies, Critical Estimates and Material Judgments – I – Consolidation” to our consolidated financial statements.
4D.Property, Plant and Equipment
As of December 31, 2025, we owned and leased our principal administrative offices, which include office buildings in ten different addresses, comprising a total area of 507,404 square meters, located primarily in São Paulo and Rio de Janeiro, Brazil. Such offices include our head office, and a number of other administrative buildings, where administrative
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functions are performed, such as commercial departments, back offices, wholesale and investment bank activities, and also our data processing center.
We lease most of our bank branches at competitive market rates through renewable leases for a minimum period of 5 years (under similar terms and conditions). Renewals occur periodically, according to the expiration date of each contract.
As of December 31, 2025, we owned approximately 39% of our bank branches (including electronic service stations, banking sites and parking facilities) and leased approximately 61%.
ITEM 4A. UNRESOLVED STAFF COMMENTS
Not applicable.
ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS
Operating Results and Financial Review and Prospects
The following discussion should be read in conjunction with our consolidated financial statements and accompanying notes and other financial information included elsewhere in this annual report, and in conjunction with the information included under “Item 4B. Business Overview––Selected Statistical Information.” The following discussion contains forward-looking statements that involve risks and uncertainties.
Our actual results may differ materially from those discussed in forward-looking statements as a result of various factors, including those set forth in “Forward-Looking Statements” and “Item 3D. Risk Factors.” In this section, we discuss the results of our operations for the year ended December 31, 2025 compared to the year ended December 31, 2024.
Our main accomplishments for the year of 2025 are described below:
•The net income attributable to owners of the parent company totaled R$44.9 billion, up 9.2% year-on-year, while the return on average equity closed the year at 21.6%, up 70 basis points compared to 2024.
•Our consolidated accumulated efficiency ratio in 2025 was 38.8%, being 36.9% in Brazil. For reference, the efficiency ratio is based on BRGAAP managerial disclosure, obtained by dividing the Non-Interest Expenses by the sum of Managerial Financial Margin, Commissions and Fees, Result of Insurance, Pension Plan and Premium Bonds Operations and Tax Expenses (ISS, PIS, COFINS and Other Taxes).
•We distributed R$33.7 billion in gross dividends and interest on capital to shareholders, which are based on results measured in accordance with generally accepted BRGAAP, which represents a payout of 72.0%. The payout is obtained by dividing the total of Net Dividends and Interest on Capital Paid / Accrued / Identified by the Recurring Managerial Result.
Financial Highlights as of December 31, 2025:
•R$3,066.2 billion in total assets compared to R$2,854.5 billion as of December 31, 2024;
•R$2,851.1 billion in liabilities compared to R$2,633.2 billion as of December 31, 2024;
•R$204.5 billion in stockholders’ equity attributed to the owners of the parent company compared to R$211.1 billion as of December 31, 2024;
•R$1,674.8 billion in customer funding and other funding compared to R$1,567.6 billion for the period ended on December 31, 2024;
•R$1,083.8 billion in loan and lease operations compared to R$1,025.5 billion as of December 31, 2024;
•As of December 31, 2025, our Tier 1 Capital ratio was 13.8% compared to 15.0% as of December 31, 2024.
5A.Operating Results
Our results of operations are affected by, among others, the following factors:
Macroeconomic Context
In the U.S., economic activity remained resilient in 2025. After growing by 2.9% in 2023 and 2.8% in 2024, U.S. GDP growth moderated to an estimated 2.3% in 2025, reflecting some deceleration but still solid domestic demand and a tight labor market. In response to the surge in inflation observed in the post‑pandemic period, the Fed increased the federal funds
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rate to 4.4% in 2022 and further to 5.4% in 2023. As inflation moderated, the Fed began a gradual easing cycle in 2024, reducing the policy rate to 4.4%, and continued reducing rates in 2025, bringing the federal funds rate to 3.6% by year‑end.
Inflation dynamics in the U.S. improved over the period. Consumer inflation, as measured by the Consumer Price Index decreased from 6.4% in 2022 to 3.3% in 2023, 2.9% in 2024 and 2.7% in 2025, reflecting the effects of tighter monetary policy, easing supply constraints and lower commodity prices. However, the level of interest rates expected in 2026, in a context of resilient economic activity and a still tight-labor market, may pose upside risks to inflation, potentially leading to some reacceleration during of the year. In addition, while U.S. import tariffs introduced since mid-2025 have so far had a limited impact on domestic inflation, trade policy developments remain a source of uncertainty. Although a broad set of these measures was invalidated in February 2026 following a ruling by the U.S. Supreme Court, trade restrictions could be reintroduced or intensified through alternative legal or policy measures. Any such developments could disrupt global supply chains, increase production costs and contribute to sustained price pressures.
In Europe, economic growth improved in 2025 following weak performance in the previous two years. After expanding by 0.5% in 2023 and 0.8% in 2024, euro area GDP growth increased to 1.5% in 2025, supported by stronger domestic demand, easing financial conditions, and a resilient labor market. Inflation continued to converge toward the European Central Bank’s target, reflecting tighter monetary policy implemented since 2022 and the normalization of energy prices after the shock triggered by the Russia–Ukraine conflict. With inflation near target and resilient economic activity, the European Central Bank reached neutral rates levels in 2025. Fiscal measures in core economies, such as Germany, are expected to be a key driver of growth in 2026.
China’s economic growth remained broadly stable in 2025, with GDP expanding by approximately 5.0%, in line with the performance observed in 2024 and slightly below the pace recorded in 2023. Economic activity continued to be supported by exports and targeted fiscal measures, which helped offset structural challenges, including weaknesses in the real estate sector and subdued household confidence. Chinese authorities implemented selective stimulus focused on infrastructure, advanced manufacturing and strategic technologies, while maintaining a prudent monetary policy stance. Trade tensions with the U.S. remained a significant source of uncertainty during the year, particularly in sectors related to technology and industrial inputs, but China’s diversified export base and policy support contributed to sustaining economic activity in 2025. For information regarding the risks involving the global macroeconomic context, see “Item 3D.—Risk Factors—Macroeconomic and Geopolitical Risks.”
Latin America Context

Activity was mixed across the region in 2025. In Mexico, annual GDP growth slowed further to 0.6%, after growing 1.4% in 2024. While private consumption and a favorable external backdrop supported economic activity, investment remained weak, mainly reflecting trade policy uncertainty. Growth is projected to gradually pick up in 2026 to 1.5%, driven by external demand and resilient private consumption.
In Chile and Peru, economic activity expanded roughly at potential, in 2025 in the context of looser global financial conditions and elevated terms of trade. Private investment is expected to increase, especially in the mining sector. Geopolitical uncertainty and higher oil prices may dent growth prospects in 2026.
In Colombia, annual GDP growth rose to 2.6% in 2025, up from 1.5% in the previous year, in the context of resilient private and public consumption. In contrast, investment remained weak, especially in the construction sector. The unemployment rate drifted towards historical lows, supporting strong private consumption growth. Economic activity is expected to slow in 2026 to 2.3%, reflecting a moderation in private consumption.
In Argentina, after contracting by 1.3% in 2024, GDP growth rose by 4.4% in 2025, and is expected to increase for a second consecutive year in 2026 by 3.5%. Private investment remains strong in the oil and gas sectors. After rising by 117.8% year over year in 2024, annual inflation decreased to 31.5% in 2025, and is expected to fall to 27.5% in 2026. The administration continues to pursue structural reforms that liberalize and deregulate the economy, which could, over time, increase potential growth in Argentina.
Inflation continued to decline in several economies in 2025. In Mexico, Chile, and Peru, inflation decreased throughout the year, ending within the inflation target tolerance ranges in all three economies. Higher international oil prices are likely to push inflation above target throughout this year, yet anchored medium term inflation expectations limit second round effects. Separately, inflation in Mexico is likely to drift above the target’s tolerance range, pressured by food prices, in the context of a tight labor market. In contrast, the disinflation process slowed in Colombia, with inflation ending 2025 at 5.1%, above the central bank’s target, remaining at a similar level from 2024 (5.2%). Inflation is expected to increase to
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6.7% by the year end of 2026, reflecting resilient domestic demand and the expected effects of a significant minimum wage increase.
Finally, central banks across the region are responding to divergent inflation and growth dynamics with differentiated policy stances, though caution has become the dominant theme. In Colombia, persistent inflation pressures and unanchored expectations justify further tightening to a terminal rate of 12%. Peru’s central bank retains greater flexibility. While inflation risks have increased, expectations remain close to target, allowing policymakers to remain data dependent and avoid aggressive tightening. Policy is expected to stay restrictive, without rate changes, unless upside inflation risks materialize more forcefully. In Mexico, although second round inflation effects remain limited, heightened global volatility, energy related risks, and exchange rate dynamics argue for a cautious stance. Rates are expected to remain at restrictive levels for an extended period, with FX developments playing a key role in future decisions. Chile’s central bank has shifted decisively into a “wait and see” mode. Despite a sharp rise in near-term inflation driven by energy prices, the shock is still viewed as temporary. With a slightly negative output gap and anchored medium term expectations, policy rates are expected to remain on hold. However, the balance of risks has tilted away from further cuts and toward potential hikes should inflation expectations drift above target. Argentina’s policymakers continue to grapple with the trade-off between reserve accumulation and disinflation. Thanks to higher expected inflation, we have revised our interest rate forecast up to 30.0%, whilst noting that the central has been targeting monetary aggregates.
The table below shows the real GDP growth rates in seven Latin American countries as of and for the year ended December 31, 2025, 2024, 2023, 2022 and 2021, except as otherwise indicated.

Real GDP GrowthAs of and for the Year Ended December 31,
20252024202320222021
(%)
Argentina(1)
4.4(1.3)(1.9)6.010.4
Chile(2)
2.52.80.72.111.3
Colombia(3)
2.61.50.87.310.8
Mexico(4)
0.61.43.13.76.0
Paraguay(5)
6.64.75.30.04.1
Peru(6)
3.43.5(0.4)2.813.4
Uruguay(7)
1.83.30.84.65.8
(1)Source: Instituto Nacional de Estadística y Censos
(2)Source: Banco Central de Chile.
(3)Source: Banco de la República.
(4)Source: Instituto Nacional de Estadística y Geografía.
(5)Source: Banco Central del Paraguay.
(6)Source: Banco Central de Reserva del Perú.
(7)Source: Banco Central de Uruguay.
Brazilian Context

As a Brazilian bank with most of our operations in Brazil, we are significantly affected by the economic, political and social conditions in the country. Brazilian GDP grew by 3.2% in 2023, by 3.4% in 2024, and by 2.3% in 2025, and is expected to grow by 1.9% in 2026.
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5372
Source: IBGE
The IPCA reached 4.3% in the year ended December 31, 2025, a decrease from 4.8% in 2024. This decrease in inflation was driven by market‑set prices, which decelerated to 3.9% in 2025 from 4.9% in 2024. By contrast, regulated prices increased compared to the previous year, increasing from 4.7% in 2024 to 5.3% in 2025. We forecast IPCA at 4.0% in 2026.

In August 2023, the COPOM started to ease the interest rate cycle, reducing the SELIC rate by 50 basis points, to 13.25%. At subsequent meetings, it maintained the pace of reduction, bringing the SELIC rate to 11.75% in December 2023 and 10.75% in March 2024. In May 2024, the SELIC rate was reduced to 10.50% and remained at this level until August of the same year. In September 2024, COPOM started increasing the SELIC rate, and, as a result, it reached 12.25% in December 2024. The SELIC rate increased during the first half of 2025, reaching 15.00% in June 2025. The COPOM maintained the rate at that level for the remainder of the year, citing the need for a prolonged restrictive stance to ensure inflation converges toward target. In March 2026, the SELIC rate decreased to 14.75%.
6322
6324
Source: Itaú Unibanco Holding and Central Bank
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In August 2023, a new fiscal framework was approved by the Brazilian Congress. The approval and implementation of measures to strengthen government revenues has been key for the success of the fiscal framework. Brazilian Government achieved the 2025 primary result target, considering the lower bound of the fiscal framework’s range and the significant volume of allowed deductions. The target was achieved mainly through revenue recovery measures. Despite the formal compliance, the continuing increase in public debt, the deceleration of revenue growth, and the limited control of expenditures suggest that current fiscal framework may not be sufficient to stabilize the public debt trajectory. In 2026, achieving the fiscal target is expected to remain challenging. Its achievement will depend on the realization of extraordinary revenues and on strict adherence to the fiscal framework, without the introduction of new exceptions or additional flexibility.
Brazil has implemented a large number of regulatory changes, such as changes in reserve and capital requirements for financial institutions, as well as other macro-prudential policies. Please refer to “Item 4B. Business Overview—Capital Adequacy and Leverage—Basel III Framework—Implementation of Basel III in Brazil” and “Item 4B. Business Overview—Assets—Reserve Requirements” for further details.
Total outstanding loans provided by Brazilian financial institutions increased by 5.7% in real terms on a year‑over‑year basis as of December 31, 2025, following an increase of 6.4% as of December 31, 2024. Total new loans grew by 3.9% in real terms on an annualized basis as of December 31, 2025, compared to an increase of 10.6% as of December 31, 2024.
The NPL ratio published by the Central Bank increased in 2025. This trend partly reflects the accounting changes introduced by Resolution No. 4,966, which allow banks to retain delinquent loans on their balance sheets for longer periods before writing them off. Previously, write‑offs typically occurred within approximately one year of delinquency. Since January 2025, loans may be written off only after exceeding one year past due, and there is no fixed maximum delinquency period. As a result, comparisons with previous credit cycles are partially distorted. Including the effects of this accounting change, the NPL ratio for household loans increased by 1.5 percentage points to 5.1% as of December 31, 2025, compared to 2024. Over the same period, the NPL ratio for loans to non‑financial corporations rose to 2.5%, from 2.0%.
The real depreciated against the U.S. dollar in 2024, with the exchange rate reaching R$6.1923 per U.S.$1.00 as of December 31, 2024, compared to R$4.8413 per U.S.$1.00 as of December 31, 2023. In 2025, the real partially reversed this movement and appreciated against the U.S. dollar, with the exchange rate reaching R$5.5024 per U.S.$1.00 as of December 31, 2025.

8160
Source: Itaú Unibanco Holding and Central Bank
The current account ended 2025 with a deficit of 3.0% of GDP. Brazil has maintained its external solvency, with U.S.$358 billion in international reserves as of December 31, 2025.
The table below shows the inflation rate, exchange rate variation and interest rates in Brazil as of and for the twelve-month periods ended December 31, 2025, 2024, 2023, 2022 and 2021, except as otherwise indicated.
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As of and for the Year Ended December 31,
20252024202320222021
%
Inflation rate - IGP-DI (1)
(1.10)6.86(3.30)5.0017.70
Inflation rate - IPCA (2)
4.304.834.605.8010.10
Exchange rate variation (R$/U.S.$) (3)
(11.10)27.91(7.20)(6.50)7.40
CDI (interbank interest rate) (4)
14.9011.7711.8713.658.76
SELIC (overnight interest rate) (4)
14.9011.7711.8713.658.76
Sovereign 5-year CDS (5)
139.20187.68139.70249.70221.60
(1)Source: General Price Index – Internal Supply (Índice Geral de Preços – Disponibilidade Interna (“IGP-DI”) published by the Fundação Getúlio Vargas.
(2)Source: IPCA published by IBGE.
(3)Source: Bloomberg (cumulative rates for the period); positive numbers mean depreciation of the Brazilian real.
(4)Source: Central Bank. Interest rate accumulated in the month in annual terms (basis 252).
(5)Source: Bloomberg (period-end). Sovereign credit default swaps or CDS is a measure of country risk (and is measured using basis points).

Material Accounting Policies
General Information
The preparation of our consolidated financial statements involves certain assumptions that are based on our historical experience and other factors that we deem reasonable and material. Although we review these estimates and assumptions in the ordinary course of business, the presentation of our financial condition and results of operations often requires our management to make judgments regarding the effects of matters that are uncertain by nature on our financial condition and results of operations. The following section describes those aspects that require material judgment or involve a higher degree of complexity in the application of the accounting policies that currently affect our financial condition and results of operations.
Use of Estimates and Assumptions
Estimates and judgments present material risk and may have a material impact on assets and liabilities values due to uncertainties and the high level of subjectivity involved in recognizing and measuring certain items. Therefore, actual results may differ from those obtained by these estimates and judgments.
For further information see “Note 2(c) – Accounting Policies, Critical Estimates and Material Judgments” to our consolidated financial statements.
Accounting Standards Applicable for Period Ended December 31, 2025
There were no new accounting standards or amendments that impacted our consolidated financial statements.
For further information on material changes in accounting standards, see “Note 2(b) – Changes in New Accounting Standards and Interpretations of Existing Standards” to our consolidated financial statements.
Derivative Instruments that Qualify for Hedge Accounting
Hedging transactions may be classified into three categories: Fair value hedge, Cash flow hedge, and Hedge of net investment in foreign operations:
•Fair value hedge: aimed at protecting us against changes in market risk due to changes in the fair value of interest subject to variable rates.
•Cash flow hedge: aimed at protecting us against future cash flows of payments of interest.
•Hedge of net investment of foreign operations: aimed at protecting us against changes in future cash flows of foreign exchange variations in net investments of foreign operations.
For further information on our hedge accounting see “Item 11. Quantitative and Qualitative Disclosures about Market Risk––Liquidity Risk” and “Item 11. Quantitative and Qualitative Disclosures about Market Risk––Market Risk”
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For further information see “Note 7 – Hedge Accounting” to our audited consolidated financial statements. With respect to the hedge accounting policy see “Note 2(c) Accounting Policies, Critical Estimates and Material Judgments – IV.IV – Derivatives and Use of Hedge Accounting” to our audited consolidated financial statements.
Fair Value of Financial Instruments
Financial instruments recorded at fair value on our balance sheet include securities classified as fair value through other comprehensive income and fair value through profit or loss, including derivatives. Other financial instruments are classified at historical amortized cost on our balance sheet, and their corresponding fair values are shown in the notes to our audited consolidated financial statements.
We present information on the fair value of our financial instruments in the table below as of December 31, 2025, 2024 and 2023.
Financial instruments recorded at fair valueFor The Year Ended December 31,
202520242023
(In millions of R$)
Assets
Securities at fair value through profit or loss628,774560,143511,752
Derivatives73,38492,43955,251
Securities at fair value through other comprehensive income132,473106,303130,039
Other financial assets3,0921,6121,351
Total837,723760,497698,393
Liabilities
Other financial liabilities1,629544560
Structured notes57318296
Derivatives69,74185,41352,475
Total71,42786,27553,331
We determine the fair value of our financial instruments based on IFRS 13, which defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
According to IFRS 13, there are different levels of inputs that may be used to measure the fair value of financial instruments classified as levels 1, 2 and 3.
•Level 1: observable inputs reflect the quoted prices (unadjusted) of identical assets or liabilities in active markets;
•Level 2: observable inputs reflect the information on assets and liabilities that are either directly (such as prices) or indirectly (derived from prices) observable, except for the quoted prices included in Level 1; and
•Level 3: information on assets and liabilities that are not based on observable market data due to little market activity on the measurement date.
We present information on our Level 3 financial instruments in the table below as of December 31, 2025 and 2024.
Level 3For The Year Ended December 31,
20252024
(In millions of R$)
Financial assets at fair value through profit or loss4691,940
Financial assets at fair value through other comprehensive income254218
Net position of derivatives(1,201)197
Total(478)2,355
Please refer to “Note 28 – Fair Value” to our audited consolidated financial statements for further details.
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Pursuant to the FAST Act Modernization and Simplification of Regulation S-K, discussions related to the results of operations for the year ended December 31, 2024 in comparison to the year ended December 31, 2023 have been omitted. For further information on such omitted discussions, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations” on our Form 20-F for the year ended December 31, 2024, which is not incorporated by reference into this annual report.
Results of Operations – Year ended December 31, 2025, compared to year ended December 31, 2024
The table below presents our summarized consolidated statement of income for the years ended December 31, 2025 and 2024. The interest rates presented are expressed in Brazilian reais and include the effect of the variation of the real against foreign currencies. For more information on the products and services we offer, see “Item 4. Information on the Company.”
Summarized Consolidated Statement of IncomeFor the year ended December 31,Variation
20252024
R$ million
%
(In millions of R$)
Operating revenues167,780 168,050 (270)(0.2)
Net interest income(1)
112,724 103,848 8,876 8.5 
Non-interest income(2)
55,056 64,202 (9,146)(14.2)
Expected credit loss from financial assets
(28,833)(32,311)3,478 (10.8)
Other operating income (expenses)(88,697)(88,183)(514)0.6 
Net income before income tax and social contribution50,250 47,556 2,694 5.7 
Current and deferred income and social contribution taxes(4,401)(5,428)1,027 (18.9)
Net income45,849 42,128 3,721 8.8 
Net income attributable to owners of the parent company44,857 41,085 3,772 9.2 
(1)Includes:
(i)interest and similar income (R$254,790 million and R$242,258 million in the years ended December 31, 2025 and 2024, respectively);
(ii)interest and similar expenses (R$(219,338) million and R$(167,278) million in the years ended December 31, 2025 and 2024, respectively);
(iii)income of financial assets and liabilities at fair value through profit or loss (R$58,054 million and R$32,011 million in the years ended December 31, 2025 and 2024, respectively); and
(iv)foreign exchange results and exchange variations in foreign transactions (R$19,218 million and R$(3,143) million in the years ended December 31, 2025 and 2024, respectively).
(2)Includes commissions and banking fees (R$46,997 million and R$47,071 million in the years ended December 31, 2025 and 2024, respectively), Income from insurance contracts and private pension (R$8,731 million and R$6,982 million in the years ended December 31, 2025 and 2024, respectively) and other income/expenses (R$(672) million and R$10,149 million in the years ended December 31, 2025 and 2024, respectively).

Net income attributable to owners of the parent company increased by 9.2% to R$44,857 million for the year ended December 31, 2025, from R$41,085 million for the same period of 2024. This is mainly due to an 8.5%, or R$8,876 million increase in net interest income, a 10.8% or R$3,478 million decrease in expected credit loss from financial assets and a 18.9%, or R$1,027 million decrease in current and deferred income and social contribution taxes, partially offset by a 14.2%, or R$9,146 million, decrease in non-interest income. These line items are further described below:
Net interest income increased by R$8,876 million, or 8.5%, for the year ended December 31, 2025, compared to the same period of 2024, mainly due to increases in the following line items (i) R$26,043 million in income of financial assets and liabilities at fair value through profit or loss; (ii) R$22,361 million in foreign exchange results and exchange variations in foreign transactions; and (iii) R$12,532 million in interest and similar income. These increases were partially offset by an increase of R$52,060 million in interest and similar expenses.
•Interest and similar income increased by 5.2% for the year ended December 31, 2025, compared to the same period of 2024, mainly due to increases of (i) R$15,845 million in loan operations income, as a result of an increase in the volume of loan and lease operations; and (ii) R$13,982 million in financial assets at amortized cost. These increases were partially offset by decreases of: (i) R$21,295 million in interest and similar income from financial assets at fair value through other comprehensive income, mainly due to a decrease in the average portfolio balance during the period; and (ii) R$2,555 million in interbank deposits.
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•Interest and similar expenses increased by 31.1% for the year ended December 31, 2025 compared to the same period of 2024, due to increases of R$30,833 million in expenses from deposits and R$20,865 million in expenses from securities sold under repurchase agreements, both mainly due to an increase in the volume of our operations.
Please see “Note 21 – Interest and Similar Income and Expenses and Income of Financial Assets and Liabilities at Fair Value Through Profit or Loss” to our audited consolidated financial statements for further details on interest and similar expenses.
The managerial adjustments of tax effects represented R$7,316 million of our net interest income for the year ended December 31, 2025, compared to R$6,694 million for the same period of 2024. Considering this managerial adjustment, net interest income was R$120,040 million, an increase of R$9,498 million, for the year ended December 31, 2025, compared to the same period of 2024.
Non-interest income increased by 14.2%, or R$9,146 million for the year ended December 31, 2025 compared to the same period of 2024. This decrease was mainly due to a 106.6%, or R$10,821 million, decrease in other income, mainly due to the adherence to a new tax-settlement initiative launched by the Brazilian Ministry of Finance (the “Comprehensive Transaction Program,” or Programa de Transação Integral). Our income from insurance contracts and private pension increased by 25.1%, or R$1,749 million, as a result of the higher financial result for the period and higher insurance sales, mainly related to life and credit life products.
The following chart shows the main components of our banking service fees for the years ended December 31, 2025 and 2024:
3951
Please see “Note 22 – Commissions and Banking Fees” to our audited consolidated financial statements for further details on banking service fees.
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Expected Credit Loss from Financial Assets
Our expected credit loss from financial assets decreased by R$3,478 million, or 10.8%, for the year ended December 31, 2025, compared to the same period of 2024, mainly due to a decrease in expected credit loss with other financial assets of R$6,627 million for year ended December 31, 2025, compared to the same period of 2024, partially offset by an increase of R$3,149 million in expected credit loss with loan and lease operations, as a result of an increase in the volume of loan and lease operations of 5.7%.
Please see “Note 10 – Loan and Lease Operations” to our audited consolidated financial statements for further details on our loan and lease operations portfolio.
•Non-performing loans: We calculate our 90-day non-performing loan, or NPL ratio, as the value of our 90-day non-performing loans to our loan portfolio.
As of December 31, 2025, our 90-day NPL ratio was 2.3%, a decrease of 30 basis points compared to December 31, 2024. This decrease was due to a decrease of 60 basis points in the 90-day NPL ratio in respect of our individuals loan portfolio, due to the reductions in personal loan and vehicle financing ratios. The NPL ratio of our companies loan portfolio remained stable at 1.1%, compared to December 31, 2024.
We calculate our 15 to 90 days non-performing loan ratio as the value of our 15 to 90 days NPL to our loan portfolio. The 15 to 90 days NPL ratio is an indicator of early delinquency.
As of December 31, 2025, our 15 to 90 days NPL ratio was 2.0%, remaining stable when compared to December 31, 2024. During this period our 15 to 90-day NPL ratio decreased by 10 basis points in the 15 to 90-day NPL ratio of our individuals loan portfolio. Additionally, the NPL ratio of our companies loan portfolio increased by 10 basis points as of December 31, 2025 compared to December 31, 2024.
The chart below shows a comparison of both NPL ratios for each quarter as of December 31, 2024, through December 31, 2025:
5820
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5822
Other Operating Income / (Expenses) increased by 0.6% to an expense of R$88,697 million for the year ended December 31, 2025, from an expense of R$88,183 million for the same period of 2024. This increase was mainly due to the R$1,124 million, or 11.5%, increase in tax expenses (Social Integration Program Contribution, Contribution for the Financing of Social Security and Service Tax), primarily due to a larger taxable base resulting from higher net interest income, commissions and banking fees and income from insurance contracts and private pension. Our general and administrative expenses for the year ended December 31, 2025 decreased by 0.3%, due to lower expenses from provision for tax and social security lawsuits and other risks, partially offset by an increase in personnel expenses, due to the effects of our annual collective wage agreement, which includes a 5.68% adjustment on salaries and benefits from September 2025 onwards (and of 4.64% on salaries and benefits from September 2024).
Please see “Note 23 – General and Administrative Expenses” to our audited consolidated financial statements for further details.
Current and deferred income and social contribution taxes amounted to an expense of R$4,401 million for the year ended December 31, 2025, from an expense of R$5,428 million in the same period of 2024, mainly driven by our adherence to the Comprehensive Transaction Program.
The managerial adjustments of tax effects, as mentioned in “net interest income,” amounted to R$7,080 million in current and deferred income and social contribution taxes for the year ended December 31, 2025, compared to R$5,781 million for the same period of 2024. Considering this fiscal effect, current and deferred income and social contribution taxes were R$11,481 million, a decrease of R$272 million during this period.
Please see “Note 24 – Taxes” to our audited consolidated financial statements for further details.
Basis for Presentation of Segment Information
We maintain segment information based on reports used by senior management to assess the financial performance of our businesses and to make decisions regarding the allocation of funds for investment and other purposes.
These reports are prepared using a variety of information which we deem important for management purposes, including financial and non-financial information which differs from the information prepared in accordance with accounting practices adopted in Brazil. The main indicators used for monitoring business performance are Recurring Income and Return on Economic Capital allocated to each business segment.
However, the information by segment below has been prepared in accordance with accounting practices adopted in Brazil.
For more information on our segments, see “Item 4. Information on the Company” and “Note 30 – Segment Information” to our audited consolidated financial statements.
The table below sets forth the summarized consolidated statement of income from our operating segments for the year ended December 31, 2025:
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Summarized Consolidated Statement of Income
from January 1, 2025 to December 31, 2025(1)
Retail
 Business
 (a)		Wholesale Business
 (b)		Activities with the Market + Corporation
 (c)		Total
 (a)+(b)+(c)		Adjustments
IFRS consolidated(2)
(In millions of R$)
Operating revenues112,204 62,620 9,569 184,393 (16,613)167,780 
Cost of Credit(31,616)(4,994)- (36,610)7,777 (28,833)
Claims(1,624)(34)- (1,658)1,658 - 
Other operating income (expenses)(51,604)(23,175)(2,777)(77,556)(11,141)(88,697)
Income tax and social contribution(7,701)(10,652)(2,043)(20,396)15,995 (4,401)
Non-controlling interest in subsidiaries(529)(759)(55)(1,343)351 (992)
Net income19,130 23,006 4,694 46,830 (1,973)44,857 
(1)The first three columns are our business segments. Additional information about each of our business segments can be found below under the headings "(a) Retail Business", "(b) Wholesale Business" and "(c) Activities with the Market + Corporation". The adjustments column includes the following pro forma adjustments: (i) the recognition of the impact of capital allocation using a proprietary model; (ii) the use of funding and cost of capital at market prices, using certain managerial criteria; (iii) the exclusion of non-recurring events from our results; and (iv) the reclassification of the tax effects from hedging transactions we enter into for our investments abroad. The IFRS consolidated column is the total result of our three segments plus adjustments. .
(2)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.

The following discussion should be read in conjunction with our audited consolidated financial statements, especially “Note 30 – Segment Information.” The adjustments column shown in this note shows the effects of the differences between the segmented results (substantially in accordance with BRGAAP) and those calculated according to the principles adopted in our audited consolidated financial statements in IFRS accounting standards as issued by the IASB.
(a) Retail Business
This 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.
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The following table sets forth our summarized consolidated statement of income with respect to our Retail Business segment for the years ended December 31, 2025 and 2024:
Summarized Consolidated Statement of Income - Retail BusinessFor the year ended
December 31,		Variation
20252024R$ million%
(In millions of R$)
Operating revenues112,204 101,057 11,147 11.0 
Interest margin70,383 61,956 8,427 13.6 
Non-interest income (1)
41,821 39,101 2,720 7.0 
Cost of credit and claims(33,240)(31,408)(1,832)5.8 
Other operating income (expenses)(51,604)(48,552)(3,052)6.3 
Income tax and social contribution(7,701)(5,482)(2,219)40.5 
Non-controlling interest in subsidiaries(529)(491)(38)7.7 
Net income19,130 15,124 4,006 26.5 
(1)Non-interest income include: commissions and banking fees; income from insurance and private pension operations before claim and selling expenses and other revenues.

Net income from our Retail Business segment increased by 26.5%, to R$19,130 million for year ended December 31, 2025, from R$15,124 million for the same period of 2024. These results are explained as follows:
•Operating revenues: increased by R$11,147 million for the year ended December 31, 2025, compared to the same period of 2024, as a result of an increase of 13.6% in the interest margin, due to the growth in the average credit volume. Moreover, non-interest income increased by 7.0% in the year ended December 31, 2025, compared to the same period of 2024, due to the increase in commissions and banking fees, as a result of: (i) higher revenues from card-issuing activities, due to the increase in the volume of credit card transactions; (ii) higher gains from acquiring services due to the increase in automatic transactions for the anticipation of receivables; (iii) higher revenues from fund management, due to a growth in gains from performance fees and the increase in the balance in the period; and (iv) higher revenues from brokerage services for individuals. There was also an increase in revenues from insurance products, due to the increases in earned premiums, in commissions and fees.
•Cost of credit and claims decreased by R$1,832 million for the year ended December 31, 2025, compared to the same period of 2024, as a result of the increase in expected loss expenses.
•Other operating income/ (expenses) increased by R$3,052 million for the year ended December 31, 2025, compared to the same period of 2024, mainly driven by an increase in expenses with cloud processing volumes and systems development, in addition to the effects of our annual collective wage agreement, and the increase in profit sharing expenses.
•Income tax and social contribution for the Retail Business, Wholesale Business and Activities with the Market + Corporation segments, is calculated by adopting the full income tax rate, net of the tax effect of any payment of interest on capital. The difference between the income tax amount determined for each business segment and the effective income tax amount, as stated in our audited consolidated financial statements, is recorded under the Activities with the Market + Corporation segment. As discussed above under “Net income attributable to owners of the parent company” and “Current and deferred income and social contribution taxes,” our current and deferred income and social contribution taxes increased due to a tax benefit from interest on capital.
(b) Wholesale Business
This segment comprises: (i) the activities of Itaú BBA, the unit responsible for commercial operations with large companies and for investment banking services; (ii) the activities of our units abroad; (iii) the products and services offered to high-net-worth clients (Private Banking), in addition to middle market companies and institutional clients.
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The following table sets forth our summarized consolidated statement of income with respect to our Wholesale Business segment for the years ended December 31, 2025 and 2024:
Summarized Consolidated Statement of Income - Wholesale BusinessFor the year ended December 31,Variation
20252024R$ million%
(In millions of R$)
Operating revenues62,620 58,014 4,606 7.9 
Interest margin45,248 41,259 3,989 9.7 
Non-interest income (1)
17,372 16,755 617 3.7 
Cost of credit and claims(5,028)(4,701)(327)7.0 
Other operating income (expenses)(23,175)(21,248)(1,927)9.1 
Income tax and social contribution(10,652)(10,502)(150)1.4 
Non-controlling interest in subsidiaries(759)(650)(109)16.8 
Net income23,006 20,913 2,093 10.0 
(1)Non-interest income include: commissions and banking fees; income from insurance and private pension operations before claim and selling expenses and other revenues.

Net income from the Wholesale Business segment increased by 10.0%, to R$23,006 million for the year ended December 31, 2025 from R$20,913 million for the same period of 2024. These results are explained as follows:
•Operating revenues:increased by R$4,606 million, or 7.9%, for the year ended December 31, 2025 compared to the same period of 2024, due to an increase of 9.7% in the interest margin, driven by the increase in the margin of liabilities recorded during the period. The 3.7% increase in non-interest income was driven by the increase in asset management fees due to the increase in the balance of fund management fees, in addition to higher consortia (consórcio) administration fees. These effects were partially offset by the decrease in revenues from advisory services and brokerage, due to lower volumes of fixed income transactions. As of December 31, 2025, we participated in 517 local fixed-income transactions, which included debentures and promissory notes issuance, as well as securitizations, totaling R$145.0 billion in originated volume and R$70.1 billion in distribution, ranking first in both originated volume and distribution, according to a ranking published by ANBIMA. In the equity markets, we ranked second both in number of operations, participating in 7 operations (not considering Block Trades), and in terms of volume with R$1.6 billion, both in Dealogic’s ranking, as of December 31, 2025. We also provided financial advisory services for 49 M&A transactions in Brazil, totaling R$70.3 billion. As of December 31, 2025, we were ranked first place in number of M&A deals and third place in volume in Dealogic’s ranking and excluding proprietary operations we were ranked first place in number of M&A (45 transactions) and third place in terms of volume (R$69.5 billion).
•Cost of credit and claims increased by R$327 million for the year ended December 31, 2025 compared to the same period of 2024, due to the negative impact of the sale of assets of a specific customer in the segment and the lower recovery of loans written off as losses.
•Other operating income / (expenses) increased by R$1,927 million for the year ended December 31, 2025, compared to the same period of 2024, driven by an increase in expenses with (i) cloud processing volumes and systems development; and (ii) the effects of our annual collective wage agreement, in addition to the increase in profit share expenses.
•Income tax and social contribution for our Wholesale Business, Retail Business and Activities with the Market + Corporation segments is calculated by adopting the full income tax rate, net of the tax effect of any payment of interest on capital. The difference between the income tax amount determined for each segment and the effective income tax amount, as stated in our consolidated financial statements, is recorded under the Activities with the Market + Corporation segment. As discussed above, our current and deferred income and social contribution taxes increased mainly due to a tax benefit from interest on capital.
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(c) Activities with the Market + Corporation
This segment includes: (i) results of the capital surplus, excess subordinated debt and the net balance of tax assets and liabilities; (ii) financial margin with the market; (iii) costs of Treasury operations; and (iv) equity pickup from companies not linked to our Retail or Wholesale businesses.
The following table sets forth our summarized consolidated statement of income with respect to our Activities with the Market + Corporation segment for the years ended December 31, 2025 and 2024:
Summarized Consolidated Statement of Income - Activities with the Market + CorporationFor the year ended December 31,Variation
20252024R$ million%
(In millions of R$)
Operating revenues9,569 9,887 (318)(3.2)
Interest margin8,778 9,232 (454)(4.9)
Non-interest income (1)
791 655 136 20.8 
Other operating income (expenses)(2,777)(2,541)(236)9.3 
Income tax and social contribution(2,043)(1,879)(164)8.7 
Non-controlling interest in subsidiaries(55)(101)46 (45.5)
Net income4,694 5,366 (672)(12.5)
(¹) Non-interest income include: commissions and banking fees; income from insurance and private pension operations before claim and selling expenses and other revenues.

Net income from the Activities with the Market + Corporation segment decreased by R$672 million, or 12.5%, for the year ended December 31, 2025, compared to the same period of 2024, due to a decrease of R$318 million in operating revenues as a result of the decrease of R$454 million in the interest margin driven by the lower margin with the market. This was partially offset by (i) higher results from the remuneration of our own working capital; and (ii) the increase of R$136 million in non-interest income, driven by higher results from equity of affiliates. Additionally, there was an increase of R$236 million in other operating income / (expenses) due to higher other expenses.
•Income tax and social contribution for our Activities with the Market + Corporation, Retail Business and Wholesale Business segments is calculated by adopting the full income tax rate, net of the tax effect of any payment of interest on capital. The difference between the income tax amount determined for each segment and the effective income tax amount, as stated in our consolidated financial statements, is recorded under the Activities with the Market + Corporation segment. As discussed above, our current and deferred income and social contribution taxes increased mainly due to an increase in the effective tax rate in 2025.
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Balance Sheet
The table below sets forth our summarized balance sheet as of December 31, 2025 and 2024. Please see our consolidated financial statements for further details about our Consolidated Balance Sheet.
Summarized Balance Sheet - AssetsAs ofVariation
December 31, 2025December 31, 2024R$ million%
(In millions of R$)
Cash37,144 36,127 1,017 2.8 
Financial assets at amortized cost2,042,788 1,912,804 129,984 6.8 
Central Bank of Brazil deposits167,275 160,698 6,577 4.1 
Interbank deposits, securities purchased under agreements to resell and securities
676,755 637,658 39,097 6.1 
Loan and lease operations1,083,798 1,025,493 58,305 5.7 
Other financial assets164,029 136,713 27,316 20.0 
(-) Provision for Expected Credit Loss
(49,069)(47,758)(1,311)2.7 
Financial assets at fair value through other comprehensive income132,473 106,303 26,170 24.6 
Financial assets at fair value through profit or loss705,250 654,194 51,056 7.8 
Insurance contracts, Investments in associates and join ventures, Fixed assets, Goodwill and Intangible assets and other assets69,411 72,394 (2,983)(4.1)
Tax assets79,103 72,653 6,450 8.9 
Total assets3,066,169 2,854,475 211,694 7.4 
Total assets increased by R$211,694 million, as of December 31, 2025, compared to December 31, 2024, mainly due to an increase in financial assets at amortized cost, financial assets at fair value through profit or loss and financial assets at fair value through other comprehensive income. This result is further described below:
Financial assets at amortized cost increased by R$129,984 million, or 6.8%, as of December 31, 2025, compared to December 31, 2024, mainly due to increases in (i) loan and lease operations; (ii) interbank deposits, securities purchased under agreements to resell and securities at amortized cost; and (iii) other financial assets.
•Interbank deposits, securities purchased under agreements to resell, securities at amortized cost increased by R$39,097 million, or 6.1%, as of December 31, 2025 compared to December 31, 2024, mainly due to an increase of R$37,375 million in securities purchased under agreements to resell.
Please see “Note 4 – Interbank Deposits and Securities Purchased Under Agreements to Resell” and “Note 9 – Securities at Amortized Cost (AC)” to our audited consolidated financial statements for further details.
•Loan and lease operations increased by R$58,305 million, or 5.7%, as of December 31, 2025, compared to December 31, 2024, mainly due to the increases of: (i) R$27,652 million in our individuals loan portfolio, especially due to increases of (a) R$16,319 million in mortgage loans; and (b) R$10,478 million in credit card loans; (ii) R$16,329 million in loans to micro/small and medium companies, mainly in agribusiness and government programs; (iii) R$7,998 million in foreign loans – Latin America, as a result of the impact of foreign exchange variations; and (iv) R$6,326 million in loans to large companies.
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As ofVariation
Loan and Lease Operations, by asset typeDecember 31, 2025December 31, 2024R$ million%
(In millions of R$)
Individuals473,226 445,574 27,652 6.2 
Credit card153,526 143,048 10,478 7.3 
Personal loan66,498 66,104 394 0.6 
Payroll loans75,319 74,524 795 1.1 
Vehicles36,303 36,637 (334)(0.9)
Mortgage loans141,580 125,261 16,319 13.0 
Large Companies
158,738 152,412 6,326 4.2 
Micro/Small and Medium companies221,550 205,221 16,329 8.0 
Foreign Loans - Latin America230,284 222,286 7,998 3.6 
Total Loans and lease operations1,083,798 1,025,493 58,305 5.7 
Please see “Note 10 – Loan and Lease Operations” to our audited consolidated financial statements for further details.
Financial assets at fair value through other comprehensive income increased by R$26,170 million, or 24.6%, as of December 31, 2025, compared to December 31, 2024, due to an increase in securities, with the majority being government securities.
Financial assets at fair value through profit or loss increased by R$51,056 million, or 7.8%, as of December 31, 2025, compared to December 31, 2024, mainly due to an increase in securities, with the majority being government securities in Brazil and corporate securities, especially debentures.
The table below sets forth our summarized balance sheet – liabilities and stockholders’ equity as of December 31, 2025 and 2024. Please see our consolidated financial statements for further details about our Consolidated Balance Sheet.
Summarized Balance Sheet - Liabilities and Stockholders' EquityAs ofVariation
December 31, 2025December 31, 2024R$ million%
(In millions of R$)
Financial Liabilities2,424,121 2,239,979 184,142 8.2 
At Amortized Cost2,350,901 2,148,776 202,125 9.4 
Deposits1,114,482 1,054,741 59,741 5.7 
Securities sold under repurchase agreements434,607 388,787 45,820 11.8 
Interbank market funds, Institutional market funds and other financial liabilities801,812 705,248 96,564 13.7 
At Fair Value Through Profit or Loss71,427 86,275 (14,848)(17.2)
Provisions for financial guarantees, credit commitments and credits to be released
1,793 4,928 (3,135)(63.6)
Insurance contracts and private pension353,253 306,899 46,354 15.1 
Provisions17,791 19,209 (1,418)(7.4)
Tax liabilities11,582 11,345 237 2.1 
Other liabilities44,346 55,759 (11,413)(20.5)
Total liabilities2,851,093 2,633,191 217,902 8.3 
Total stockholders’ equity attributed to the owners of the parent company204,501 211,090 (6,589)(3.1)
Non-controlling interests10,575 10,194 381 3.7 
Total stockholders’ equity215,076 221,284 (6,208)(2.8)
Total liabilities and stockholders' equity3,066,169 2,854,475 211,694 7.4 
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Total liabilities and stockholders’ equity increased by R$211,694 million, as of December 31, 2025, compared to December 31, 2024, mainly due to an increase in financial liabilities at amortized cost. These results are detailed as follows:
Financial liabilities at amortized cost increased by R$202,125 million, or 9.4%, as of December 31, 2025, compared to December 31, 2024, mainly due to increases in (i) interbank market funds, institutional market funds and other financial liabilities; (ii) deposits; and (iii) securities sold under repurchase agreements.
•Deposits increased by R$59,741 million, or 5.7%, as of December 31, 2025, compared to December 31, 2024, mainly due to an increase of R$54,267 million in time deposits, as a result of the higher demand for fixed income products and other products.
Please see “Note 15 – Deposits” to our consolidated financial statements for further details.
•Securities sold under repurchase agreements increased by R$45,820 million, or 11.8%, as of December 31, 2025 compared to December 31, 2024, mainly due to an increase of: (i) R$45,580 million in assets received as collateral; and (ii) R$22,783 million in assets pledged as collateral, especially with foreign securities and corporate securities. These increases were partially offset by a decrease of R$22,543 million in right to sell or repledge the collateral.
Please see “Note 17 – Securities Sold Under Repurchase Agreements and Interbank and Institutional Market Funds” to our consolidated financial statements for further details.
•Interbank market funds, institutional market funds and other financial liabilities increased by R$96,564 million, or 13.7%, as of December 31, 2025 compared to December 31, 2024, mainly due to increases of (i) R$49,041 million in other financial liabilities, especially with credit card operations and trading and intermediation of securities; (ii) R$33,876 million in interbank market funds, especially in real estate and rural credit bills and onlending domestic; and (ii) R$13,647 million in institutional market funds, especially in funding from structured operations certificates, debentures and subordinated debt.
Please see “Note 17 – Securities Sold Under Repurchase Agreements and Interbank and Institutional Market Funds” and “Note 18 – Other Assets and Liabilities” to our consolidated financial statements for further details.
•Insurance contracts and private pension increased by R$46,354 million, or 15.1%, as of December 31, 2025 compared to December 31, 2024, mainly due to the update of private pension contracts known as Free Benefit Generating Plan (PGBL) and Free Benefit Generating Life Plan (VGBL), as a result of the performance of the funds due to the increase in the index used to adjust private pension contracts and the higher portability volume..
Funding
The chart below presents historical data on the ratio between our loan portfolio and funding from December 31, 2024 to December 31, 2025:
21790
_____________
(1)Includes demand, savings and time deposits plus debentures, mortgage-backed notes, onlending, borrowings, funds from acceptance and issuance of securities abroad, net of reserve requirements and available funds; (2) Gross funding, ex-deductions of reserve requirements and cash and cash equivalents; (3) The loan portfolio balance does not include financial guarantees provided and corporate securities.
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Capital Management
Key Indicators
Our board of directors is the main body responsible for our capital management, and for approving our capital management policies and guidelines regarding our capitalization level. It is also responsible for approving the ICAAP report, a process which is intended to assess our capital adequacy. At the executive level, corporate bodies are responsible for approving risk assessment and capital calculation methodologies, as well as reviewing, monitoring and recommending capital-related documents and topics to the Board of Directors.
Annual Assessment of Capital Adequacy
Annual assessment of capital adequacy refers to the combination of identification of the risks to which we are exposed and Analysis of their materiality, resulting in assessments of the need for capital to cover the material risks, through development of methods of quantifying additional capital and quantification of capital and internal capital adequacy assessment.
These analyses result in the development of a capital and contingency plan, followed by submission of report to the Central Bank.
In accordance with the CMN and Central Bank regulations, we implemented a capital management structure and ICAAP, taking a prospective stance in relation to capital management.
In addition, we have a Recovery Plan, which is a report which aims at defining how to reestablish adequate levels of capital and liquidity in response to stress situations.
Requirements and Capital Composition
Our minimum capital requirements are expressed as ratios of the capital available (“Total Capital”) and RWA. These ratios follow the set of resolutions and circulars disclosed by the Central Bank that implemented, in Brazil, the global capital requirement standards known as Basel III.
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The Total Capital is the sum of three items, as shown below:
Image_15.jpg
For purposes of calculating these minimum capital requirements, the total RWA is determined as the sum of the risk-weighted asset amounts for credit, market and operational risks.
The minimum Total Capital ratio required is 8.0% as from January 1st, 2019.
The Central Bank rules call for Additional Capital Buffers (“ACP”), corresponding to the sum of the components ACPConservation, ACPCountercyclical and ACPSystemic, which, in conjunction with the requirements mentioned, increase capital requirements over time, as provided for CMN Resolution 4,958 of October 21, 2021 as amended (CMN Resolution 4,958).
According to CMN Resolution 4,958, for assessing the minimum capital requirements, the RWA must be calculated by adding the following portions:
•RWAOPAD– portion related to the operational risk capital requirement, calculated using standardized approach;
•RWACPAD– portion related to exposures to credit risk, calculated using standardized approach;
•RWACIRB– portion related to exposures to credit risk, calculated according to internal credit risk rating systems (IRB - Internal Ratings-Based approaches), authorized by the Central Bank;
•RWAMPAD– portion related to the market risk capital requirement, calculated using standardized approach;
•RWAMINT–portion related to the market risk capital requirement, calculated according to internal model approaches, authorized by the Central Bank.
Capital Adequacy
Through our ICAAP, we assess the adequacy of our capital to face the risks to which we are subject. For ICAAP, capital is composed of regulatory capital for credit, market and operational risks, and by the necessary capital to cover other risks.
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In order to ensure our capital soundness and availability to support business growth, we maintain capital levels above the minimum requirements, according to the Common Equity Tier I, Additional Tier I Capital and Tier II minimum ratios.
As of December 31,
20252024
(In R$ million, except percentages)
Available capital (amounts)
Common Equity Tier I (CET1)185,595188,265
Tier I208,161206,196
Total capital228,589227,602
Risk-weighted assets (amounts)
Total risk-weighted assets (RWA)1,505,4751,379,056
Risk-based capital ratios as a percentage of RWA
Common Equity Tier I ratio (%)12.3%13.7%
Tier I ratio (%)13.8%15.0%
Total capital ratio (%)15.2%16.5%
Additional CET1 buffer requirements as a percentage of RWA
Capital conservation buffer requirement (%)2.5%2.5%
Countercyclical buffer requirement (%) (1)
0.1%0.1%
Bank G-SIB and/or D-SIB additional requirements (%)1.0%1.0%
Total of bank CET1 specific buffer requirements (%)3.6%3.6%
1)The countercyclical capital buffer is fixed by the monetary authorities of the jurisdictions in which Itaú has exposure, the most relevant of which are Brazil, where the Financial Stability Committee (Comef) sets it at zero (in accordance with Central Bank of Brazil Communiqué No. 44,254, dated November 19, 2025) and Chile, which is set at 0.5%.

Our Total Capital, Tier I Capital and Common Equity Tier I Capital ratios are calculated on a consolidated basis, which is applied to institutions included in our Prudential Conglomerate which comprises not only financial institutions but also consortia (consórcios), payment entities, factoring companies or companies that directly or indirectly assume credit risk, and investment funds in which our Itaú Unibanco Group retains substantially all risks and rewards.
As of December 31, 2025, our Total Capital reached R$228,589 million, an increase of R$987 million as compared to December 31, 2024. Our Basel Ratio (calculated as the ratio between our Total Capital and the total amount of RWA) reached 15.2%, as of December 31, 2025, a drop of 1.3 p.p. compared to 16.5% as of December 31, 2024, due to interest payments on capital and additional dividends, share repurchase and growth in risk-weighted assets, offset by the positive impact of income in the period.
Additionally, the Fixed Assets Ratio (Índice de Imobilização) indicates the level of total capital committed to adjusted permanent assets. Itaú Unibanco Holding is within the maximum limit of 50% of the adjusted total capital, as established by the Central Bank. As of December 31, 2025, our Fixed Assets Ratio reached 19.4%, which presents a buffer of R$69,887 million.

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(1) Includes Prudential and Equity adjustments. (2) The issuance of the Perpetual Subordinated Financial Bills described in the announcement to the market dated October 8, 2025, take the AT1 to 1.5%.

As of December 31, 2025, our Tier I Capital ratio reached 13.8%, consisting of 12.3% Common Equity Tier I and of 1.5% Additional Tier I. Our Tier I Capital ratio decreased 1.2 p.p. in relation to September 30, 2025, mainly due to the payment of dividends and interest on capital, stock buyback and the RWA growth, partially offset by the positive net income of the period.
Please see “Note 32 – Risk and Capital Management” of our audited consolidated financial statements for further details about regulatory capital.
Liquidity Ratios
The Basel III Framework introduced global liquidity standards, providing for minimum liquidity requirements and aims at ensuring that banks can rely on their own sources of liquidity, leaving central banks as a lender of last resort. Basel III provides for two liquidity ratios to ensure that financial institutions have sufficient liquidity to meet their short-term and long-term obligations: (i) LCR, and (ii) NSFR. We believe that the LCR and NSFR provide more relevant information than an analysis of summarized cash flows.
Set forth below is a discussion of our LCR for the three-month periods ended on December 31, 2025 and 2024 and our NSFR as of December 31, 2025 and 2024.
Liquidity Coverage Ratio
The LCR measures the short-term resistance of a bank’s liquidity risk profile. It is the ratio of the stock of high-quality liquid assets to expected net cash outflows over the next 30 days, assuming a scenario of idiosyncratic or systemic liquidity stress.
We calculate our LCR according to the methodology established in Central Bank Circular No. 3,749/2015. We measure our total high liquidity assets for the end of each period to cash outflows and inflows as the daily average value for each period. Pursuant to Central Bank regulations, effective as of January 1, 2019, the minimum LCR is 100%.
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The following table presents our LCR for the three-month periods ended December 31, 2025 and 2024:
Three-month periods ended December 31,
Liquidity Coverage Ratio20252024
Total Weighted Value (average)
(In millions of R$)
Total High Liquidity Assets (HQLA) (1)
389,723362,609
Cash Outflows (2)
440,453409,051
Cash Inflows (3)
259,163245,188
Total Net Cash Outflows181,290163,863
LCR%215.0%221.3%
1)High Quality Liquidity Assets correspond to inventories, in some cases weighted by a discount factor, of assets that remain liquid in the market even in periods of stress, that can easily be converted into cash and that are classified as low risk.
2)Outflows — total potential cash outflows for a 30-day horizon, calculated for a standard stress scenario as defined by BACEN Circular 3,749.
3)Inflows — total potential cash inflows for a 30-day horizon, calculated for a standard stress scenario as defined by BACEN Circular 3,749.

Our average LCR for the three-month period ended December 31, 2025 was 215.0%, which is above the Central Bank’s requirements.
Net Stable Funding Ratio
The NSFR measures long-term liquidity risk. It is the ratio of available stable funding to required stable funding over a one-year time period, assuming a stressed scenario.
We calculate our NSFR according to the methodology established in Central Bank Circular No. 3,869/2017. The NSFR corresponds to the ratio of our ASF for the end of each period to our RSF for the end of each period.
Pursuant to Central Bank regulations, effective as of October 1, 2018, the minimum NSFR is 100%.
The following table presents our NSFR as of December 31, 2025 and 2024:
As of December 31,
Net Stable Funding Ratio20252024
Total Ajusted Value
(In millions of R$)
Total Available Stable Funding (ASF) (1)
1,499,6801,375,854
Total Required Stable Funding (RSF) (2)
1,202,0601,127,870
NSFR (%)124.8%122.0%
1)ASF – Available Stable Funding – refers to liabilities and equity weighted by a discount factor according to their stability, pursuant to Central Bank Circular 3,869/2017.
2)RSF – Required Stable Funding – refers to assets and off-balance exposures weighted by a discount factor to their necessity, pursuant to Central Bank Circular 3,869/2017.

As of December 31, 2025, our ASF totaled R$1,499.7 billion, mainly due to capital funding and Retail Business and Wholesale Business funding, and our RSF totaled R$1,202.1 billion, particularly due to loans and financing with Wholesale Business and Retail Business customers, governments and transactions with banks.
As of December 31, 2025, our NSFR was 124.8%, which is above the Central Bank’s requirements.
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5B.Liquidity and Capital Resources
Our Board of Directors determines our policy regarding liquidity risk management and establishes broad quantitative liquidity risk management limits in line with our risk appetite. The CSRML, composed of members of senior management, is responsible for strategic liquidity risk management in line with the board-approved liquidity risk framework and risk appetite. In establishing our guidelines, the CSRML considers the liquidity implications of each market segment and product. Our institutional treasury unit is responsible for the day-to-day management of the Itaú Unibanco Group’s liquidity profile, within the parameters set by our managing body and the CSRML. This includes an oversight responsibility with respect to all business units operating outside of Brazil.
We maintain separate liquidity pools at our Brazilian operations and at each of our subsidiaries outside of Brazil. Our Brazilian operations include financial institutions in Brazil and the entities used by the Brazilian operations for funding and serving their clients abroad. Each of our subsidiary has its own treasury function with appropriate autonomy to manage liquidity according to local needs and regulations, while remaining in compliance with the liquidity limits established by our senior management. In general, there are rarely liquidity transfers between subsidiaries or between the head office and a subsidiary, except under very specific circumstances (e.g., targeted capital increases).
CMN regulations establish capital conservation and countercyclical buffers for Brazilian financial institutions such as us, and determines their minimum percentages as well as which sanctions and limitations will apply in case of non-compliance with such additional requirements.
We define our consolidated group operational liquidity reserve as the total amount of assets that can be rapidly turned into cash, based on local market practices and legal restrictions. The operational liquidity reserve generally includes cash and deposits on demand, funded positions of securities purchased under agreements to resell and unencumbered government securities.
The following table presents our operational liquidity reserve as of December 31, 2025, 2024 and 2023:
As of December 31,
Operational Liquidity Reserve2025202420232025 Average Balance ⁽¹⁾
(In millions of R$)
Cash37,14436,12732,00135,742
Securities purchased under agreements to resell – Funded position (2)
80,33950,46158,714104,580
Unencumbered government securities (3)
263,915154,526147,861212,220
Operational reserve381,398241,114238,576352,542
1)Average calculated based on audited interim financial statements.
2)Net of R$19,306 (R$7,038 at 12/31/2024 and R$9,008 at 12/31/2023), which securities are restricted to guarantee transactions at B3 S.A. - Brasil, Bolsa, Balcão (B3) and the Central Bank.
3)Present values are included as a result of the change in the reporting of future flows of assets that are now reported as future value as of September 2016.

Our management controls our liquidity reserves by projecting the resources that will be available for investment by our treasury department. The technique we employ involves the statistical projection of scenarios for our assets and liabilities, considering the liquidity profiles of our counterparties.
Short-term minimum liquidity limits are defined according to guidelines set by the CSRML. These limits aim to ensure that the Itaú Unibanco Group always has sufficient liquidity available to cover unforeseen market events. These limits are revised periodically, based on the projection of cash needs in atypical market situations (i.e., stress scenarios).
Management of liquidity makes it possible for us to simultaneously meet our operating requirements, protect our capital and exploit market opportunities. Our strategy is to maintain adequate liquidity to meet our present and future financial obligations and to capitalize on business opportunities as they arise.
We are exposed to effects of the disruptions and volatility in the global financial markets and the economies in those countries where we do business, especially Brazil. However, due to our stable sources of funding, which include a large deposit base, the large number of correspondent banks with which we have long-standing relationships, as well as facilities
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in place which enable us to access further funding when required, we have not historically experienced liquidity challenges, even during periods of disruption in the international financial markets.
Our main sources of funding are interest-bearing deposits, deposits received under repurchase agreements, on-lending from government financial institutions, lines of credit with foreign banks and the issuance of securities abroad. For further information on our sources of funding see “Note 15 – Deposits” to our audited consolidated financial statements.
We may from time to time seek to retire or purchase our outstanding debt, including our subordinated notes (subject to the approval of the Central Bank), and senior notes, through cash purchases in the open market purchases, privately negotiated transactions or otherwise. Such repurchases, if any, will depend on prevailing market conditions, our liquidity requirements, contractual restrictions and other factors. Notes repurchased may be held, cancelled or resold and any resale thereof will need to comply with applicable requirements or exemptions under the relevant securities laws.
Some of our long-term debt provides for acceleration of the outstanding principal balance upon the occurrence of specified events, which are events ordinarily found in long-term financing agreements. Until December 31, 2024, none of these events, including any events of default or failure to satisfy financial covenants, have occurred.
Under Brazilian law, cash dividends may only be paid if the subsidiary paying such dividends has reported a profit in its financial statements. In addition, subsidiaries that are financial institutions are prohibited from making loans to us, but they are allowed to make deposits to us which represent interbank certificates of deposit (Certificado de Depósito Interbancário). These restrictions have not had, and are not expected to have, a material impact on our ability to meet our cash obligations. For more information on our dividend policy, see “Item 8A. Consolidated Statements and Other Financial Information—Shareholders’ Payment” of this annual report.
Tier 2 Subordinated Financial Bills
On March 26, 2026, we issued Tier 2 subordinated financial bills in the total amount of R$3.3 billion, in negotiations with professional investors. These notes have maturity in 2036, with repurchase option from 2031 subject to prior authorization from the Central Bank of Brazil.
The impact of the call of these notes on our Tier 2 capital ratio was 22 basis points (calculated on the capital base of December 31, 2025).
Tier 2 Subordinated Notes Early Redemption
On January 15, 2026, we exercised a call option under our Tier 2 subordinated notes, issued on January 15, 2021, in the amount of U.S.$500 million. These notes have a coupon of 3.875% per year and were originally scheduled to mature on April 15, 2031.
The impact of the call of these notes on our Tier 2 capital ratio was 18 basis points (considering the exchange rate as of December 31, 2025 of R$5.5024/U.S. dollar and calculated on our capital base of December 31, 2025).
Tier 2 Subordinated Financial Bills
On November 13, 16, 18, 19 and 24 and December 2, 2025, we exercised the option to repurchase all of our Tier 2 subordinated financial bills, indexed to the DI rate, issued by us in the period between November 12 and December 2, 2020, and with maturities in November and December 2030, respectively, totaling R$3.6 billion.
The impact of the repurchase of these financial bills on our Tier 2 capital ratio is 24 basis points (calculated on our capital base as of December 31, 2025).
Perpetual Subordinated Financial Bills
On October 8, 2025, we issued perpetual subordinated financial bills in the total amount of R$3.0 billion, in private negotiations with professional investors. These financial bills are perpetual in nature and may be repurchased from 2031 onwards, subject to the prior authorization of the Central Bank. In accordance with the Central Bank Resolutions No. 122 and No. 5,007, these financial bills constitute the Additional Tier 1 of the Company’s Total Capital with an impact of 20 basis points on Tier 1 capital ratio (calculated on our capital base of December 31, 2025). For more information on capital structure and requirements, see “Item 4B. Business Overview––Capital Adequacy and Leverage.”
Tier 1 Subordinated Notes
On August 5, 2025, we announced the exercise of call options on Tier 1 Subordinated Notes totaling US$1.45 billion, consisting of (i) US$700 million issued on February 27, 2020 with a 7.562% coupon, redeemed on August 27, 2025, and
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(ii) US$750 million issued on March 19, 2018 with a 7.859% coupon, redeemed on September 19, 2025. The combined impact on our capital ratio was 53 basis points, based on our capital position as of December 31, 2025.
On February 27, 2025, we decided not to exercise our call option under the perpetual subordinated Tier 1 notes issued by us on February 27, 2020, in a total amount of U.S.$700 million with a fixed rate of interest of 4.625% per year. As a result of the decision to not to redeem the notes, in accordance with the conditions set forth in the final terms, the coupon was reset to 7.562% per year. This coupon will be valid until February 27, 2030 or until the call is exercised, whichever occurs before.
Perpetual Subordinated Financial Bills
On June 3, 2025, we issued perpetual subordinated financial bills in the total amount of R$5.0 billion, in private negotiations with professional investors. These financial bills are perpetual in nature and may be repurchased from 2030 onwards, subject to the prior authorization of the Central Bank. In accordance with Central Bank Resolution No. 122 and CMN Resolution No. 5,007, these perpetual subordinated financial bills will constitute the additional capital of our reference equity with an impact of 33 basis points on our Tier 1 market capitalization rate (calculated on our capital base of December 31, 2025).
For more information on capital structure and requirements, see “Item 4B. Business Overview––Capital Adequacy and Leverage.”
Capital Expenditures
In accordance with our practice in recent years, our capital expenditures for the year ended December 31, 2025 were funded with internal resources. We cannot assure that we will make capital expenditures in the future and, if made, that the amounts will correspond to the current estimates. The table below shows our capital expenditures as of December 31, 2025, 2024 and 2023:
Capital ExpendituresAs of December 31,Variation
2025202420232025 - 20242024 - 2023
(In millions of R$, except percentages)
Fixed Assets1,6941,8333,815(139)(7.6)%(1,982)(52.0)%
Fixed assets under construction7741,1121,277(338)(30.4)%(165)(12.9)%
Land and buildings1161,510583.3%(1,504)(99.6)%
Leasehold improvements4510557(60)(57.1)%4884.2%
Installations, furniture and data processing equipment
79654694225045.8%(396)(42.0)%
Other68642946.3%35120.7%
Intangible Assets6,2125,5355,37667712.2%1593.0%
Goodwill60135603(75)(55.6)%(468)(77.6)%
Software acquired and Internally developed software5,3454,5374,08680817.8%45111.0%
Other intangibles807863687(56)(6.5)%17625.6%
Total7,9067,3689,1915387.3%(1,823)(19.8)%
See “Note 13 – Fixed Assets” and “Note 14 – Goodwill and Intangible Assets” to our audited consolidated financial statements for details about our capital expenditures.
Capitalization
The table below presents our capitalization as of December 31, 2025. The information described is derived from our consolidated financial statements as of and for the year ended December 31, 2025. As of the date of this annual report, there has been no material change in our capitalization since December 31, 2025.
You should read the table below in conjunction with the information included in “Item 4B. Business Overview – Selected Statistical Information” for further details.
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CapitalizationAs of December 31, 2025
R$
U.S.$ (1)
(In millions, except percentages)
Current liabilities
Deposits527,366 95,843 
Securities sold under repurchase agreements363,308 66,027 
Derivatives28,595 5,197 
Interbank market funds199,796 36,311 
Institutional market funds11,423 2,076 
Other financial liabilities238,725 43,386 
lnsurance contracts and private pension16,898 3,071 
Provisions5,297 963 
Income tax and social contribution - current6,436 1,170 
Other Non-financial liabilities37,970 6,901 
Total1,435,815 260,943 
Long-term liabilities
Deposits587,116 106,702 
Securities sold under repurchase agreements71,299 12,958 
Structured notes57 10 
Derivatives41,146 7,478 
Interbank market funds206,374 37,506 
Institutional market funds142,771 25,947 
Other financial liabilities4,352 791 
lnsurance contracts and private pension336,355 61,129 
Provision for Expected Loss1,793 326 
Provisions12,494 2,271 
Other tax liabilities4,655 846 
Other Non-financial liabilities6,375 1,159 
Total1,414,787 257,122 
Income tax and social contribution - deferred491 89 
Non-controlling interests10,575 1,922 
Stockholders’ equity attributed to the owners of the parent company (2)
204,501 37,166 
Total capitalization (3)
3,066,169 557,242 
BIS ratio (4)
15.2%
(1)Convenience translation at R$5.5024 reais per U.S. dollar, the exchange rate in effect on December 31, 2025.         
(2)Itaú Unibanco Holding’s authorized and outstanding share capital consists of 5,617,742,977 common shares and 5,408,781,553 preferred shares, all of which are fully paid. For more information regarding our share capital see Note 19 to our audited consolidated financial statements as of and for the period ended December 31, 2025.
(3)Total capitalization corresponds to the sum of total current liabilities, long-term liabilities, deferred income, minority interest in subsidiaries and stockholders’ equity.
(4)Calculated by dividing total regulatory capital by risk weight assets.

Contractual Obligations
In the ordinary course of business, we enter into contractual obligations that may require future cash payments, including products in interbank market debt and institutional market debt lines, time deposits and other cash commitments. For more information regarding these obligations, see “Note 15 – Deposits” and “Note 17 – Securities Sold Under Repurchase Agreements and Interbank and Institutional Market Funds” to our audited consolidated financial statements.
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Off-Balance Sheet Arrangements
We do not have any off-balance sheet arrangements, other than the guarantees, financial guarantees, commitments to be released, letters of credit to be released and contractual commitments we granted that are described in “Note 13 – Fixed Assets,” “Note 14 – Goodwill and Intangible Assets,” “Note 32(b) Risk Management – I.I – Collateral and Policies for Mitigating Credit Risk” and “– III.II – Control over liquidity” to our consolidated financial statements.
Sensitivity Analysis (Trading and Banking Portfolios)
We conduct sensitivity analysis for market risk factors considered important. The highest resulting losses are presented below, with impact on result, by risk factor, in each such scenario and are calculated net of tax effects, providing a view of our exposure under different circumstances.
The sensitivity analysis of the trading portfolio and banking portfolio presented here are based on a static assessment of the portfolio exposure. Therefore, such analyses do not consider the dynamic response capacity of management (e.g., treasury and market risk control unit) to initiate mitigating measures, whenever a situation of high loss or risk is identified, minimizing the possibility of significant losses. In addition, the analysis is intended to assess risk exposure and the respective protective actions, taking into account the fair value of financial instruments, regardless of whether or not financial instruments are accounted for on an accrual basis.
Exposures
Trading Portfolio (1)
Trading and Banking Portfolios (1)
December 31, 2025December 31, 2025
Risk FactorsRisk of variations in:Scenario IScenario IIScenario IIIScenario IScenario IIScenario III
(In millions of R$)
Interest RateFixed Income Interest Rates in reais(0.9)(238.0)(433.8)(16.6)(5,103.1)(9,717.4)
Foreign Exchange LinkedForeign Exchange Linked Interest Rates(0.2)(62.5)(123.7)(2.7)(498.1)(969.5)
Foreign Exchange RatesPrices of Foreign Currencies(6.0)(243.4)(367.2)0.3(326.0)(648.7)
Price Index LinkedInterest of Inflation coupon(0.2)(32.1)(71.6)(3.9)(536.5)(1,030.4)
TRTR Linked Interest Rates---(0.3)(103.0)(220.5)
EquitiesPrices of Equities0.3187.1284.43.895.189.5
OtherExposures that do not fall under the definitions above0.3(9.6)18.30.2(12.0)15.1
Total(6.7)(398.5)(693.6)(19.2)(6,483.6)(12,481.9)
1) Amounts net of tax effects.
•Scenario I: Addition of one basis point to fixed interest rates, currency coupon, inflation and interest rate indexes and one percentage point to currency and equity prices;
•Scenario II: Shocks of 25% in fixed interest rates, currency coupon, inflation, interest rate indices and currency and share prices, both for growth and fall, considering the largest resulting losses per risk factor; and
•Scenario III: Shocks of 50% in fixed interest rates, currency coupon, inflation, interest rate indices and currency and share prices, both for growth and fall, considering the largest resulting losses per risk factor.

Interest Rate Sensitivity
Interest rate sensitivity is the relationship between market interest rates and net interest income arising from the maturity or the renegotiation of prices of interest-bearing assets and liabilities.
Our strategy for interest rate sensitivity considers the return rates, the underlying risk level and the liquidity requirements, including our minimum regulatory cash reserves, mandatory liquidity ratios, withdrawals and maturity of deposits, capital costs and additional demand for funds.
The pricing structure is matched when equal amounts of these assets or liabilities mature are renegotiated. Any mismatch of interest-bearing assets and liabilities is known as a gap position. The interest rate sensitivity may vary in the renegotiation periods presented due to the different renegotiation dates within the period. Also, variations among the different currencies in which the interest rate positions are denominated may arise.
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These relationships are material for a particular date, and significant fluctuations may occur on a daily basis as a result of both market forces and management decisions. Our CSRML analyzes Itaú Unibanco Group’s gap position on a monthly basis and establishes limits for market risk exposure, interest rate positions and foreign currency positions.
For further information on the position of our interest-bearing assets and liabilities as of December 31, 2025 see “Note 32(b) Risk Management – II – Market Risk” of our audited consolidated financial statements. This note provides a snapshot view, and accordingly, does not reflect the interest rate gaps that may exist at other times, due to changing asset and liability positions, and management’s actions to manage risk in these changing positions.
IRRBB – Interest Rate Risk in the Banking Book
The Central Bank’s Circular No. 3,876, published in January 2018, states on methodologies and procedures for evaluation of the capital adequacy, held to cover interest rates risk from instruments held in the banking book.
IRRBB is based on the following key metrics:
•ΔEVE (Delta Economic Value of Equity): is defined as the difference between the present value of the sum of repricing flows of instruments subject to IRRBB in a base scenario, and the present value of the sum of repricing flows of the same instruments in an interest-rate shocked scenario;
•ΔNII (Delta Net Interest Income): is defined as the difference between the result of financial intermediation of instruments subject to IRRBB in a base scenario, and the result of financial intermediation of the same instruments in an interest-rate shocked scenario.
The sensibility analysis is a static evaluation of the portfolio interest rate exposure, and, therefore, doesn’t consider the dynamic management of the treasury desk and risk control areas, which are in charge of measures to mitigate risk under an adverse situation, minimizing significant losses. Moreover, the analysis does not translate into accountable or economic results for certain, because this analysis has, only, an interest rate risk disclosure purpose to demonstrate the main protection actions, considering the instruments fair value, regardless of any accounting practices adopted by Itaú Unibanco.
The institution uses an internal model to measure ΔEVE and ΔNII. ΔEVE results do not represent immediate impact in the stockholders’ equity. Meanwhile, ΔNII results indicate potential volatility in the projected interest rates results.
IRRBB Framework and Treatment
Interest rate risk in the banking book refers to the potential risk of impact on capital sufficiency and/or on the results of financial intermediation due to adverse movements in interest rates, taking into account the principal flows of instruments held in the banking book.
The main point of assets and liabilities management is to maximize the risk-return ratio of positions held in the banking book, taking into account the economic value of these assets/liabilities and the impact on actual and future bank’s results.
The interest rate risk management for transactions held in the banking book occurs within the governance and hierarchy of decision-making bodies and under a limit structure and alerts approved specifically for these purposes, which is sensitive due to different levels and classes of market risk.
The management structure of IRRBB has it owns risk policies and controls intended to ensure adherence to the bank’s risk appetite. The IRRBB framework has granular management limits for several other risk metrics and consolidated limits for ΔEVE and ΔNII results, besides the limits associated with stress tests. The asset and liability management unit is responsible for managing timing mismatches between asset and liability flows, and minimizes interest rate risk by through strategies as economic hedge and accounting hedge.
All the models associated with IRRBB have a robust independent validation process and are approved by a CTAM. In addition, all the models and processes are assessed by internal audit.
The interest rate risk framework in the banking book uses management measurements that are calculated daily for limit control. The ΔEVE and ΔNII metrics are calculated according to the risk appetite limits and the other risk metrics in terms of management risk limits.
In the process of managing the interest rate risk of the banking book, transactions subject to automatic options are calculated according to internal market models which split the products, as far as possible, into linear and nonlinear payoffs. The linear payoffs are treated similarly to any other instruments without options, and for non-linear payoffs an additional value is computed and added on the ΔEVE and ΔNII metrics.
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In general terms, transactions subject to behavioral options are classified as deposits with no contractual maturity date defined or products subject to early repayment. Non-maturity deposits are classified according to their nature and stability to guarantee compliance with regulatory limits. A survival analysis model treats the products subject to pre-payment, using the historical dataset to calibrate its parameters. The instruments flows with homogeneous characteristics are adjusted by specific models to reflect, in the most appropriate way, the repricing flows of these instruments.
The banking book consists of asset and liability transactions originating from different commercial channels (retail and wholesale) of Itaú Unibanco. The market risk exposures inherent in the banking book consists of various risk factors, which are primary components of the market in price formation.
IRRBB also includes hedging transactions intended to minimize risks deriving from strong fluctuations of market risk factors and their accounting asymmetries.
Market risk generated from structural mismatches is managed through a variety of financial instruments, such as exchange-traded and over-the-counter derivatives. In some cases, operations using derivative financial instruments can be classified as accounting hedges, depending on their risk and cash flow characteristics. In these cases, the supporting documentation is analyzed to enable the effectiveness of the hedge and other changes in the accounting process to be continuously monitored. The accounting and administrative procedures for hedging are defined in the Central Bank Circular No. 3,082.
The IRRBB model includes a series of premises:
•ΔEVE and ΔNII are measured on the basis of the cash flows of the banking book instruments, broken down into their risk factors to isolate the effect of the interest rate and the spread components;
•For non-maturity deposits, the models are classified according to their nature and stability and distributed over time considering the regulatory limits;
•The institution uses survival analysis models to handle credit transactions subject to prepayment, and empirical models for transactions subject to early redemption;
ΔEVE and ΔNII are calculated using the standard shock scenarios described in article 11 of the Central Bank Circular No. 3,876:
•Parallel Up: increases in the short-term and in the long-term interest rates;
•Parallel Down: decreases in the short-term and in the long-term interest rates;
•Short-term increase: increases in the short-term interest rates;
•Short-term reduction: decreases in the short-term interest rates;
•Steepener: decreases in the short-term interest rates and increasing the in the long-term interest rates;
•Flattener: increases in the short-term interest rates and decreasing the in the long-term interest rates.
Exchange Rate Sensitivity
Most of our banking operations are denominated in or indexed to Brazilian reais. We also have assets and liabilities denominated in foreign currency, mainly in U.S. dollars, as well as assets and liabilities that, although denominated in Brazilian reais, are indexed to U.S. dollars and, therefore, expose us to exchange rate risk. The Central Bank regulates our foreign currency positions. For further information, see “Note 32(b) Risk Management – II – Market Risk” of our audited consolidated financial statements.
The gap management adopted by the CSRML takes into consideration the tax effects with respect to our foreign exchange positions. We set up a hedge (a liability in foreign currency derivative instruments) in an amount sufficient so that our total foreign exchange exposure, net of tax effects, is consistent with our exposure strategy.
Our foreign exchange position on the liability side is composed of various elements, including the issuance of securities in international capital markets, credit from foreign banks used to finance import and export transactions, dollar-linked onlendings from government financial institutions and deposits in currencies of Latin America countries. The proceeds of these financial operations are usually invested in loans and in the purchase of dollar-linked securities.
The information set forth in the table below was prepared on a consolidated basis, eliminating transactions between related parties. Our investments abroad, which are eliminated when we consolidate the accounting information, represented
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R$111.5 billion as of December 31, 2025, under the gap management policy adopted, as mentioned above. We apply either economic hedges or hedge accounting to those net investments abroad.
Exchange Rate SensitivityFor The Year Ended December 31, 2025
Brazilian currency
Denominated in foreign currency (1)
Total% of amounts denominated in currency of total
(In millions of R$, except percentages)
Assets2,493,597 572,572 3,066,169 18.7 
Cash7,694 29,450 37,144 79.3 
At Amortized Cost1,621,857 420,931 2,042,788 20.6 
Deposits in the Central Bank of Brazil167,275 - 167,275 - 
Interbank deposits26,399 39,796 66,195 60.1 
Securities purchased under agreements to resell277,939 2,656 280,595 0.9 
Securities309,311 20,654 329,965 6.3 
Loan operations and lease operations portfolio743,262 340,536 1,083,798 31.4 
Other financial assets139,618 24,411 164,029 14.9 
(-) Provision for Expected Loss(41,947)(7,122)(49,069)14.5 
At Fair Value Through Other Comprehensive Income61,368 71,105 132,473 53.7 
Securities61,368 71,105 132,473 53.7 
At Fair Value Through Profit or Loss665,864 39,386 705,250 5.6 
Securities603,439 25,335 628,774 4.0 
Derivatives59,333 14,051 73,384 19.1 
Other financial assets3,092 - 3,092 - 
Insurance contracts212 - 212 - 
Investments in associates and joint ventures10,834 6 10,840 0.1 
Fixed assets, net12,033 602 12,635 4.8 
Goodwill and Intangible assets, net22,493 1,606 24,099 6.7 
Tax assets74,536 4,567 79,103 5.8 
Other assets16,708 4,917 21,625 22.7 
Percentage of total assets81.3 18.7 - 18.7 
Liabilities and Stockholders’ Equity2,504,937 561,232 3,066,169 18.3 
At Amortized Cost1,818,614 532,287 2,350,901 22.6 
Deposits801,146 313,336 1,114,482 28.1 
Securities sold under repurchase agreements401,623 32,984 434,607 7.6 
Interbank market debt314,271 91,899 406,170 22.6 
Institutional market debt76,909 77,285 154,194 50.1 
Other financial liabilities224,665 16,783 241,448 7.0 
At Fair Value Through Profit or Loss55,423 16,004 71,427 22.4 
Derivatives53,794 15,947 69,741 22.9 
Structured notes- 57 57 100.0 
Other financial liabilities1,629 - 1,629 - 
Provision for financial guarantees, credit commitments and credits to be released1,607 186 1,793 10.4 
Insurance contracts and private pension353,123 130 353,253 - 
Provisions17,691 100 17,791 0.6 
Tax liabilities9,501 2,081 11,582 18.0 
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Other liabilities33,901 10,445 44,346 23.6 
Non-controlling interests10,575 - 10,575 - 
Total stockholders’ equity attributed to the owners of the parent company204,501 - 204,501 - 
Percentage of total liabilities and stockholders’ equity81.7 18.3 100.0 
1)Predominantly U.S. dollar.


5C.Research and Development, Patents and Licenses, Etc.
For the past three years, we have not had any research and development policies in effect.
5D.Trend Information
We expect many factors to affect our future results of operations, liquidity and capital resources, including:
•the Brazilian economic environment, see “Item 5A. Operating Results—Macroeconomic Context––Brazilian Context” and “Item 3D. Risk Factors—Macroeconomic and Geopolitical Risks” for further details;
•legal and regulatory developments, see “Item 4B. Business Overview—Supervision and Regulation,” “Item 5A. Operating Results—Macroeconomic Context––Brazilian Context” and “Item 3D. Risk Factors—Regulatory, Compliance and Legal” for further details;
•the effects of any ongoing international financial turmoil, including on the liquidity and capital requirement, see “Item 4B. Business Overview— Supervision and Regulation,” “Item 5A. Operating Results—Macroeconomic Context––Global Context” and “Item 3D. Risk Factors—Macroeconomic and Geopolitical Risks” for further details;
•the inflation effects on the results of our operations, see “Item 5A. Operating Results—Macroeconomic Context––Brazilian Context” and “Item 3D. Risk Factors—Macroeconomic and Geopolitical Risks” for further details;
•the effects of the variations in the value of the real, foreign exchange rates and interest rates on our net interest income, see “Item 5A. Operating Results” and “Item 3D. Risk Factors—Macroeconomic and Geopolitical Risks” for further details; and
•any acquisitions we may make in the future, see “Item 3D. Risk Factors—Strategy—The integration of acquired or merged businesses involves certain risks that may have a material adverse effect on us” for further details.
As part of our strategy, we continue to review growth opportunities, both in Brazil and outside of Brazil. Additionally, see “Item 3D. Risk Factors” for comments on the risks faced in our operations and that could affect our business, results of operations or financial condition.
5E.Critical Accounting Estimates
Not Applicable.
ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES
6A.Directors and Senior Management
Executive Committee
Our executive committee is responsible for conducting strategies for business and products developed by us and implementing guidelines proposed by our board of directors.
Our executive committee has a term of office of one year, which continues to be effective until the investiture of the members elected by our board of directors held immediately after the annual shareholders’ meeting.
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The table below presents the current structure of our executive committee:
CE-Ingles-04-2026 (002).jpg


Annual Shareholder’s Meeting: board of directors and Fiscal Committee
On April 28, 2026 at our annual general stockholders’ meeting, Pedro Moreira Salles, Roberto Egydio Setubal, Alfredo Egydio Setubal, Ana Lúcia de Mattos Barretto Villela, Candido Botelho Bracher, Cesar Nivaldo Gon, Fabricio Bloisi Rocha, João Moreira Salles, Marcos Marinho Lutz, Maria Helena dos Santos Fernandes de Santana, Paulo Antunes Veras, Pedro Luiz Bodin de Moraes and Ricardo Villela Marino were reelected as members of our board of directors, each for a term of one year. The directors Candido Botelho Bracher, Cesar Nivaldo Gon, Fabricio Bloisi Rocha, Marcos Marinho Lutz, Maria Helena dos Santos Fernandes de Santana, Paulo Antunes Veras and Pedro Luiz Bodin de Moraes are independent members representing 53.84% of our board of directors.
With respect to our Fiscal Committee, on the same date, Eduardo Miyaki was reelected as an effective member and João Costa was reelected as his alternate; Cláudio Arromatte was elected as an effective member and Leni Bernadete Torres da Silva Sansiviero, was reelected as his alternate. Upon nomination by the preferred shareholders, Marcelo Maia Tavares de Araújo was reelected as an effective member and Haroldo do Rosario Vieira was elected an alternate member.
Members of our Audit Committee
As of the date of this annual report, the members of the Audit Committee are Alexandre de Barros, Fernando Barçante Tostes Malta, Luciana Pires Dias, Maria Helena dos Santos Fernandes Santana, Rogério Carvalho Braga and Maria Elena Cardoso Figueira.
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Additional Information
Detailed information regarding the members of our board of directors, board of officers (Executive Committee), audit committee and Fiscal Counsil is provided below.

Board of Directors
Set forth below is a summary of biographical information relating to each of the members of our board of directors:
Pedro Moreira Salles (Non-Executive Co-Chairman)
Date of birth: October 20, 1959
Position and Term of Office
He has been a non-executive co-chairman of our board of directors since 2017.
Experiences, Skills and Abilities
Financial sector, capital markets and other sectors
He has been a co-chairman of our board of directors since 2017 and was also the chairman of this board from 2009 to 2017. He was a member of the board of directors of Unibanco in 1989 and was chairman from 1997 to 2004. In 2004, he became CEO of Unibanco and remained in the position until 2008, the year of the merger with Banco Itaú. He is the chairman of the board of directors of Companhia E. Johnston de Participações; and IUPAR – Itaú Unibanco Participações S.A. He is vice chairman of the board of directors of Brasil Warrant and a partner and Co-CEO at Cambuhy Investimentos. He was a member of the board of directors of TOTVS, and between 2017 and 2022, he was chairman of the board of directors of FEBRABAN).
ESG
He is also the chairman of the board of directors of the Instituto Unibanco, an institution that works to improve public education in Brazil through management of the education system. He is a member of the Decision-Making Council and the General Assembly of Associates of Insper Institute of Education and Research, – a non-profit educational and research institution, and a member of the Advisory Council of the Symphony Orchestra Foundation of the State of São Paulo (“OSESP”). He is also a member of the board of directors of the Todos pela Saúde (“All for Health”) Institute, which combats public health emergencies in Brazil, and a member of the board of directors of Instituto Moreira Salles, which is dedicated to promoting and preserving cultural heritage.
Academic Background
He holds a bachelor’s degree magna cum laude in economics and history from the University of California, Los Angeles (“UCLA”), United States. He completed the President and CEO Management Program at Harvard University in the United States.
Family Relationship
Mr. Pedro Moreira Salles is the father of Mr. João Moreira Salles, a non-executive member of our board of directors.
Roberto Egydio Setubal (Non-Executive Co-Chairman)
Date of birth: October 13, 1954
Position and Term of Office
He has been a co-chairman of our board of directors since 2017.
Experiences, Skills and Abilities
Financial sector, capital markets and other sectors
He started his career at Banco Itaú in 1980, holding several positions until being appointed in 1994 as CEO, a position he held until April 2008. In that year,after the merger of Banco Itaú and Unibanco, he became CEO of Itaú Unibanco Holding S.A., remaining in that role until 2017. He has been a member of the board of directors of Itaúsa S.A. since 2021 and is currently its vice chairman. He is also a member of the board of directors of CCR S.A. He was a member of the board of
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directors of Petrobras from 2000 to 2002 and of Shell Plc from 2017 to 2020. He was a member of the International Monetary Conference (“IMC”) from 1994 to 2020, serving as its chairman in 2015. From 1997 to 2000 he was chairman of FEBRABAN and later chaired its e board of directors from 2011 to 2017. He was a member of the board of directors of the Institute of International Finance (“IIF”), serving as vice chairman from 2003 to 2014. Between 2002 and 2008, he was a member of the International Advisory Committee of the Federal Reserve Bank of New York. In 2011, he was named Banker of the Year by Euromoney magazine, and in 2015 he was elected, for the second time, the best executive in Brazil.
Risk Management
During his term as CEO of Itaú Unibanco Holding S.A. until 2017, he oversaw risk management at the executive level, chairing seven superior risk committees such as the Superior Audit and Operational Risk Management Committee, the Superior Credit Committee, and the Superior Risk Policy Committee, where he addressed corporate risk policies, risk management, risk appetite, and the company’s risk culture. He is currently a member of the Risk and Capital Management Committee, contributing to the definition, review and approval of risk appetite, strategies, and institutional risk policies.
ESG
He is also a member of the board of directors of Centro de Liderança Pública, a multi-party organization aimed at engaging society and developing public leaders to tackle Brazil’s urgent problems. In 2003, he was appointed as a member of the Economic and Social Development Council (“Conselho de Desenvolvimento Econômico e Social, or CDES”), a position he holds to date.
Academic Background
He holds a bachelor’s degree in production engineering from the Polytechnic School of the University of São Paulo (“USP”), São Paulo, Brazil. He also holds a master’s degree in engineering science from Stanford University, California, United States.
Family Relationship
Mr. Roberto Egydio Setubal is the brother of Mr. Alfredo Egydio Setubal, a non- executive member of our board of directors.
Ricardo Villela Marino (Non-Executive Vice-Chairman)
Date of birth: January 28, 1974
Position and Term of Office
He has been a vice chairman of our board of directors since 2020.
Experiences, Skills and Abilities
Financial sector and capital markets
He has been the chairman of the Latin America Strategic Council since 2018, leading the innovation and exploration of growth opportunities across the region. He is also the Chairman of the board of directors of Itaú Chile. He has held several positions at Itaú Unibanco Group since 2002, including serving as a vice president from 2010 to 2018 and as CEO of Itaú’s Latin America operations (Argentina, Chile, Paraguay and Uruguay). He started his career at Banque Credit Commercial de France (“CCF”) and worked in fixed income and equities at Banco Garantia/CSFB and at Goldman Sachs Asset Management in New York and London, where he was a portfolio manager for emerging markets. He served as chairman of the Latin American Bank Federation (“FELABAN”) and was named a Young Global Leader by the World Economic Forum (“WEF”). He has been an alternate member of our board of directors since 2011.
Financial Inclusion and Entrepreneurship
He is currently vice chairman of Humanitas 360, a non-profit organization focused on catalyzing social and civic entrepreneurship among young people. He is the chairman of Instituto PDR, an organization aimed at investing in and preparing new entrepreneurs with a focus on social academic transformation.
Academic Background
He holds a bachelor’s degree in mechanical engineering from USP, São Paulo, Brazil. He hold´s a master’s degree in business administration from the Massachusetts Institute of Technology (“MIT”) Sloan School of Management, Massachusetts, United States.
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Family Relationship
Mr. Ricardo Villela is the cousin of Ms. Ana Lúcia de Mattos Barretto Villela, a member of our board of directors.
Alfredo Egydio Setubal (Non-Executive Member)
Date of birth: September 1, 1958
Position and Term of Office
He has been a non-executive member of our board of directors since 2007.
Experiences, Skills and Abilities
Financial sector and capital markets
At Itaúsa S.A., he has been serving as CEO and investor relations officer since 2015 and has been a member of the board of directors since 2008. He also has been the chairman of the board of directors of Dexco S.A. since 2021 and board member since 2015; a member of the board of directors of Alpargatas S.A. since 2017 and of Copa Energia since 2020. He was chairman of the National Association of Investment Banks (“ANBID”) from 2003 to 2008; and he has been a member of the Superior Guidance, Nomination and Ethics Committee of IBRI since 2010, having chaired IBRI’s board of directors from 2000 to 2003. He was also a member of the board of directors of ABRASCA from 1999 to 2017. He is currently the chairman of the Environmental, Social and Climate Responsibility Committee and a member of the Disclosure and Trading Committee, the Nomination and Corporate Governance Committee, and the Personnel Committee of Itaú Unibanco.
ESG
He has been the chairman of the Board of Trustees of the Fundação Itaú, an institution responsible for social initiatives focused on education (in partnership with UNICEF and other NGOs) and the democratization and promotion of Brazilian culture, and the Chairman of the Decision-Making Council of the São Paulo Museum of Art (“MASP”) since 2015. He has been a member of the board of directors of the São Paulo Biennial Foundation since 2009. He is also a member of the Boards of the Museum of Modern Art of São Paulo (“MAM”) and the Institute of Contemporary Art (“IAC”).
Academic Background
He holds both bachelor’s and postgraduate degrees in business administration from Fundação Getúlio Vargas (“FGV”), São Paulo, Brazil.
Family Relationship
Mr. Alfredo Egydio Setubal is the brother of Mr. Roberto Egydio Setubal, co-chairman of the board of directors.
Ana Lúcia de Mattos Barretto Villela (Non-Executive Member)
Date of Birth: October 25, 1973
Position and Term of Office
She has been a non-executive member of our board of directors since 2018.
Experiences, Skills and Abilities
Financial sector, capital markets, and other Industries
She has held several positions at the Itaú Unibanco Group, including serving as a member of our board of directors from 1996 to 2001. She is co-founder of MFF&CO, a global impact entertainment studio operating in São Paulo (Brazil), Los Angeles (United States), and London (United Kingdom) since May 2024; co-founder of the Alana Down Syndrome Center at MIT since 2019; alternate member of the board of directors of IUPAR – Itaú Unibanco Participações S.A. since 2018; member of Itaú’s Personnel Committee since 2018; member of Itaú’s Nomination and Corporate Governance Committee since 2018; vice-chair of the board of directors (Non-Executive Member) of Itaúsa S.A. since 2017; member of the Advisory Board of Itaú Social since 2017; co-founder of AlanaLab since 2014; co-founder of Maria Farinha Filmes since 2009; founding chairwoman of the Alana Foundation since 2012; CEO of Instituto Alana since 2002; and Ashoka Fellow since 2010.
ESG
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She has been a member of the Social, Environmental, and Climate Responsibility Committee since 2019 (formerly the Social Responsibility Committee); member of Itaúsa’s Sustainability and Risk Committee since 2021. Also serves on the Advisory Board of the Stanford Down Syndrome Research Center since January 2022. Previously served on the board of Participant, a media and entertainment organization founded by social entrepreneur Jeff Skoll, from March 2022 to July 2024; member of the Advisory Board of UCLA Lab School from May 2022 to July 2024; member of the Advisory Board of Instituto Akatu from 2013 to 2017; member of the Advisory Board of Fairplay Organization from 2015 to 2017; member of the Advisory Board of Conectas from 2003 to 2018; member of Dexco’s Sustainability Committee from 2015 to 2018; and alternate member of Dexco’s board of directors from 2018 to 2020.
Technology and Information Security
Since 2018, she has been the first Latin American representative on the XPRIZE Innovation Board, a nonprofit organization founded by Peter Diamandis that designs and manages global competitions to foster the development of breakthrough technologies addressing humanity’s greatest challenges. From 2019 to 2024, Alana Foundation, co-founded by Villela, supported the XPRIZE Rainforest competition, aimed at accelerating the creation of technologies capable of mapping tropical forest biodiversity.
Academic Background
Holds a bachelor’s degree in education with a specialization in school administration and a master’s degree in educational psychology, both from Pontifícia Universidade Católica de São Paulo (“PUC-SP”), São Paulo, Brazil. Studied business administration at Fundação Armando Álvares Penteado (“FAAP”), São Paulo, Brazil (incomplete), and attended a postgraduate program in third sector management at FGV, São Paulo, Brazil (incomplete).
Family Relationship
Ana Lúcia de Mattos Barretto Villela is a cousin of Ricardo Villela Marino, a member of our board of directors.
Candido Botelho Bracher (Independent Member)
Date of birth: December 5, 1958
Position and Term of Office
He has been an independent member of our board of directors since April 2024, and a non-executive member of our board of directors since 2021.
Experiences, Skills and Abilities
Financial sector and capital markets
He has held several positions at Itaú Unibanco Group, including serving as CEO from 2017 to 2021, senior vice president of wholesale banking from 2015 to 2017, and vice president from 2004 to 2015. He has been a member of the board of directors of Mastercard Incorporated since 2021 and was a member of the board of directors of Banco Itaú BBA S.A. from 2003 to 2017, of B3 S.A. from 2009 to 2014, and of Grupo Pão de Açúcar from 1999 to 2013. He was a founding partner of investment bank BBA Creditanstalt, a joint venture established in 1988.
Risk Management
He served as CEO of Itaú Unibanco Holding S.A., during which time he was in charge of risk management at the executive level, chairing seven superior risk committees, such as the Superior Market and Liquidity Risk Committee, the Superior Operational Risk Committee, and the Superior Credit Committee. In these forums, he deliberated on corporate risk policies, risk management processes, risk appetite, and the organization’s risk culture. He is currently a member of the Risk and Capital Management Committee, contributing to the definition, review and approval of risk appetite, strategies, and institutional risk policies.
ESG
He is a member of FGV’s Superior Council for the Bioeconomy and is deeply engaged in initiatives to protect the Pantanal biome in Brazil. He is a member of the board of directors of Instituto Acaia, which develops educational programs aimed at preserving the Pantanal biome. He also completed a Climate Change training program in 2021 offered by the Brazilian Institute of Corporate Governance (“IBGC”) through the Chapter Zero initiative, a global network to engage board members in climate challenges. He is also a columnist for the Brazilian newspaper Folha de São Paulo.
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Academic Background
He holds a bachelor’s degree in business administration from FGV, São Paulo, Brazil.
Cesar Nivaldo Gon (Independent Member)
Date of birth: July 9, 1971
Position and Term of Office
He has been an independent member of our board of directors since 2022.
Experiences, Skills and Abilities
Financial sector and capital markets
He is a member of the board of directors of the Lean Enterprise Institute (“LEI”) and was a member of the board of directors of Raia Drogasil S.A. from 2021 to 2023. An active venture capital and startup investor, Mr. Gon led the IPO of CI&T Inc. on the NYSE and has been a member of the board of directors of the Lumina Unicamp Endowment Fund since 2020. He was recognized as Entrepreneur of the Year in Brazil by EY (EY Entrepreneur of The Year™) in 2019.
Technology and Information Security
He is the founder and CEO of CI&T (NYSE: CINT), a global company specialized in software engineering solutions – including AI and hyper-digital platforms, modernization, cloud services, data analytics, cybersecurity, and digital product design – since 1995. He is the Chairman of the Board of Sensedia, a leading company in the API Management market. He has a long-standing career as an important voice in leadership development, digital transformation, and artificial intelligence. He also served as a Technology Advisor on the Board of Grupo Boticário from 2020 to 2023.
Academic Background
He holds a bachelor’s degree in computer engineering and a master’s degree in computer science, both from the State University of Campinas (“UNICAMP”), São Paulo, Brazil. He is the co-author of the book “Faster, Faster: The Dawn of Lean Digital” (2020) and a columnist for the MIT Sloan Management Review.
Fabricio Bloisi Rocha (Independent Member)
Date of Birth: May 9, 1977
Position and Term of Office
He has been an independent member of our board of directors since 2024.
Experiences, Skills and Abilities
Financial sector, capital markets, and other industries
He is the CEO of Prosus, Chairman of the board of directors at iFood, CEO of Naspers, and founder of Movile Group. He is also a member of the XPrize Innovation Board.
ESG
He promotes educational projects through his 1Bi Foundation, an institution focused on supporting education through technology. He also supports initiatives such as “Meu Diploma do Ensino Médio” and “Movimento Tech,” which foster high school and technology education in Brazil through iFood. In 2023, he was appointed as the UN spokesperson for education on SDG 4 in Brazil and joined the economic and Sustainable Development Council of the Presidency of the Republic.
Academic Background
He holds a bachelor’s degree in computer engineering from UNICAMP, Campinas, São Paulo, Brazil, and a Master’s degree in business administration from FGV, São Paulo, Brazil. In 2013, he attended the Executive Program for Growing Companies - Strategy, Finance, and Leadership for companies in the growth-stage at the Stanford Graduate School of Business, California, USA. In 2022, he completed the Owner/President Management Program at Harvard University, Massachusetts, USA.
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João Moreira Salles (Non-Executive Member)
Date of birth: April 11, 1981
Position and Term of Office
He has been a non-executive member of our board of directors since 2017.
Experiences, Skills and Abilities
Financial sector, capital markets and other sectors
He currently holds the following positions: (i) CEO of Itaú Unibanco Participações S.A. (“IUPAR”) since 2026, and he has been director since 2023; (ii) member of the board of directors of IUPAR since 2015; (iii) member of the board of directors and CEO of E. Johnston Participações since 2024; (iv) director of Brasil Warrant Administração de Bens e Empresas S.A. (“BWSA”) since 2017; (v) CEO of BW Gestão de Investimentos Ltda. (“BWGI”) since 2022; (vi) board member, since 2019, of Verallia, a glass packaging company with shares on the French Stock Exchange; (vii) chairman of the board of directors of Alpargatas since 2026, and member of the board of directors since 2022; (viii) member of the Strategy and People Committees of Alpargatas since 2022. Furthermore, before joining BWSA, he worked as an investment banker at J. P. Morgan Chase, New York, USA.
Academic Background
He holds a bachelor's degree in economics from the Institute of Education and Research (“INSPER”), São Paulo, Brazil; Master's degree in economics from Columbia University GSAS, New York, USA; Master's degree in finance from Columbia University GSB, New York, USA; and PhD in economic theory from USP, São Paulo, Brazil.
Family Relationship
Mr. João Moreira Salles is the son of Mr. Pedro Moreira Salles, a Co-Chairman of our board of directors.
Marcos Marinho Lutz (Independent Member)
Date of birth: December 30, 1969
Position and Term of Office
He has been an independent member of our board of directors since 2025.
Experiences, Skills and Abilities
Financial sector, capital markets and other sectors
He has been serving as the Chairman of the board of directors of Ultracargo Logística S.A., Ultrapar Participações S.A., Companhia Ultragaz S.A., and Ultrapar Mobilidade S.A. since 2025, and of Hidrovias do Brasil S.A. since 2024. He has been a member of the board of directors of Corteva Agriscience since 2019. He has been the CEO of Ultrapar Participações S.A. since 2022 and a member of the People and Sustainability Committee and an officer of Ultra S.A. Participações since 2021. Mr. Lutz was Chairman of the Infrastructure Council of the São Paulo State Industry Federation (“FIESP”) from 2015 to 2021; a member of the board of directors of Rumo Logística S.A. from 2008 to 2020 and its Chairman from July to December 2020; CEO of Cosan S.A. – Indústria e Comércio from 2009 to 2020; a board member of Raízen S.A. from 2013 to 2020, Comgás S.A. from 2008 to 2020 and Moove S.A. from 2008 to 2020; and a member of the board of directors of Monsanto S.A. from 2014 to 2018.
Academic Background
He holds a bachelor’s degree in naval engineering from the Polytechnic School of USP, São Paulo, Brazil, and a master’s degree in business administration from the Kellogg School of Management at Northwestern University, Illinois, United States.
Maria Helena dos Santos Fernandes de Santana (Independent Member)
Date of birth: June 23, 1959
Position and Term of Office
She has been an independent member of our board of directors since 2021 and Chair of the Audit Committee since 2023.
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Experiences, Skills and Abilities
Financial sector, capital markets and other sectors
She has been an independent member of our board of directors since 2021 and an independent member of the Audit Committee since 2022, serving as its Chair since April 2023. She also served as a member of the Audit Committee of Itaú Unibanco Holding from 2014 to 2020. She is a member of the board of directors and Chairwoman of the Audit Committee of CI&T Inc., and a member of the board of directors of Fortbras S.A. She served as a member of the board of directors and Chairwoman of the Audit Committee of XP Inc. from 2019 to 2021; Chairwoman of the Audit Committee of XP Investimentos S.A. from 2018 to 2019; a member of the board of directors of Bolsas y Mercados Españoles (“BME”) from 2016 to 2020; a Trustee of the IFRS Foundation from 2014 to 2019; a member of the board of directors and Coordinator of the Audit Committee of Totvs S.A. from 2013 to 2017; and a member of the board of directors of CPFL Energia S.A. from 2013 to 2015. She was also Chair of the CVM from 2007 to 2012 (having been a Commissioner from 2006 to 2007), representing CVM on the Financial Stability Board (FSB) from 2009 to 2012, and served as Chair of the Executive Committee of IOSCO from 2011 to 2012.
ESG
Between 2011 and 2012, she was a member of the International Integrated Reporting Council (“IIRC”), where she later served on the Governance and Nominating Committee until the creation of the Value Reporting Foundation. She worked at the São Paulo Stock Exchange (now B3 S.A.) from 1994 to 2006, where she was involved in the creation and was responsible for the implementation of the Novo Mercado and other corporate governance segments. She was vice president of IBGC from 2004 to 2006, having been a member of its board of directors from 2001 to 2006. She has also been a member of the Latin American Corporate Governance Roundtable since 2000. She was a member of the board of directors and Coordinator of the People, Appointments and Governance Committee at Oi S.A. from 2018 to 2023. She served as a member of the board of directors and Chairwoman of the Corporate Governance Committee of Companhia Brasileira de Distribuição S.A. from 2013 to 2017. She was honored with the Excellence in Corporate Governance Award by the International Corporate Governance Network (“ICGN”) in 2012.
Academic Background
She holds a bachelor’s degree in economics from USP, São Paulo, Brazil.
Paulo Antunes Veras (Independent Member)
Date of birth: September 1, 1972
Position and Term of Office
He has been an independent member of board of directors and member of the Personnel Committee since 2023.
Experiences, Skills and Abilities
Financial sector, capital markets and other sectors
He is a startup investor, an independent member of the board of directors of Localiza, and a member of the Advisory Board of Grupo Boticário. He was the founder and CEO of 99, the first Brazilian “unicorn” startup, prior to the sale of the company in 2018. He was Managing Director and a board member at Endeavor, a high-impact entrepreneurship NGO.
Academic Background
He holds a bachelor’s degree in mechatronics engineering from USP, São Paulo, Brazil, and an MBA from INSEAD.
Pedro Luiz Bodin de Moraes (Independent Member)
Date of birth: July 13, 1956
Position and Term of Office
He has been an independent member of our board of directors since 2008.
Experiences, Skills and Abilities
Financial sector and capital markets
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He was a member of the board of directors of Unibanco – União de Bancos Brasileiros S.A. from 2003 to 2008. He has been a partner at Cambuhy Investimentos Ltda. since 2011 and at Ventor Investimentos Ltda. since 2009. He was a partner at Icatu Holding S.A. from 2005 to 2014, and a partner and officer at Banco Icatu S.A. from 1993 to 2002. He was vice president of ANBID from 1994 to 2001, and a professor in the Department of Economics at the Pontifical Catholic University of Rio de Janeiro (“PUC-RJ”) from 1985 to 1990.
Risk Management
He is currently the chairman of our Risk and Capital Management Committee, and his prior experience in risk management has well-qualified him for this role. His responsibilities include supporting the board of directors in defining the institution’s risk appetite and overseeing the management and control of risk and capital, to ensure they are adequate for the risk levels assumed and the complexity of operations. He served as director of monetary policy at the Central Bank from 1991 to 1992. In that capacity, his duties included managing and executing monetary and foreign exchange policy, setting technical guidelines for managing Brazil’s international reserves, and formulating policies for payment arrangements, clearinghouses, settlement systems, and other financial market infrastructures.
ESG
He was an Officer at BNDES from 1990 to 1991, which is the Federal Government’s main investment promotion instrument, with a mission to foster the sustainable and competitive development of the Brazilian economy through job creation and the reduction of social and regional inequalities.
Academic Background
He holds a bachelor’s degree and a postgraduate diploma in economics from PUC-RJ, Rio de Janeiro, Brazil, and a Ph.D. in economics from MIT, Massachusetts, United States.

Board of Officers
Set forth below is a summary biographical information relating to each of the members of our board of officers:
Executive Committee
Milton Maluhy Filho (CEO)
Date of Birth: June 8, 1976
Position and Term of Office
Member of the Partners Program, serving as Chief Executive Officer (CEO) since 2021.
Experience, Competencies, and Skills
Financial sector, capital markets, and other industries
Held several positions at Itaú Unibanco, including vice president executive of finance and risks from 2019 to 2020 and CEO of Itaú CorpBanca (Chile) from 2016 to 2018, where he was responsible for the merger of two banks: CorpBanca and Banco Itaú Chile. Joined Itaú Unibanco Group in 2002 and was elected as an officer in 2007.
Education
He holds a bachelor’s degree in business administration.
André Luís Teixeira Rodrigues (Officer)
Date of birth: August 11, 1973
Position and Term of Office
Officer since 2005, member of the Partners Program since 2010, and member of the Executive Committee of Itaú Unibanco Group since 2021.
He is currently responsible for the entire Personal Banking (Retail) business for individual clients (Full Bank and monoline services) across all segments (low-income, middle-income, and high-income – Itaú Branches, Uniclass, and Itaú Personnalité – as well as Public Sector clients). This includes all distribution and service channels (physical branches, call
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centers, digital branches, and digital channels) and the main Personal Banking products such as Payment Methods (Cards), Loans including Mortgage Loans, Personal Loans, Payroll Loans, and Vehicle Financing, company´s payroll and Insurance, in addition to the Credit & Collections, Strategic Planning, and Retail CRM/Customer Engagement areas for Personal Banking.
Previously, he was responsible for the entire Retail Business for Small and Medium Enterprises (SMEs), including cash management products and services, the merchant acquiring business (Rede), and Itaú Empresas (Itaú’s fully digital, end-to-end banking operation for SMEs in Brazil), as well as the Credit & Collections, Strategic Planning, CRM/Customer Engagement, and Digital Channels areas for the SME segment.
From 2019 to 2022, Mr. Rodrigues led the Retail Banking segment (Individuals and Companies), which covered all internal full-bank client segments in Branch Banking (individual and business clients, government and payroll clients), as well as the Insurance, Products and Strategic Planning, CRM, Digital Channels and UX departments.
Between 2003 and 2018, he held several leadership positions in Wholesale Banking at Itaú BBA: until 2013 in the Corporate and Large Corporate segments (as Senior Officer, Regional Director and Executive Director); in 2014 he led the creation of the Middle Market segment in Wholesale; and from 2016 he headed the new Commercial Banking structure (Middle Market, Corporate and Large Corporate, including sector-specific niches like Agribusiness, Real Estate, Multinationals, and Financial Sponsors), also creating the Wholesale Credit Recovery & Restructuring area and taking charge of the Products & Services and Strategic Planning areas of Itaú BBA.
He joined Itaú Unibanco Group in 2000, became a Superintendent between 2001 and 2003, and has been an Officer since 2005. He served as Executive Director from 2008 to 2018, Coordinating Executive Director in 2019 and 2020, and was a member of both the Wholesale and Retail Executive Committees during those periods. He has been a member of Itaú Unibanco’s Executive Committee since 2021. He has been a member of the Partners Program of the bank since 2010. He also serves as a member of the board of directors of Porto Seguro S.A.
Academic Background
He holds a bachelor’s degree in mechanical engineering with specialization in automation and systems (“mechatronics”) from the Polytechnic School of USP, São Paulo, Brazil.
Carlos Fernando Rossi Constantini (Officer)
Date of birth: May 2, 1974
Position and Term of Office
Member of the Partners Program, officer and member of the Executive Committee of Itaú Unibanco Group since 2021.
Experiences, Skills and Abilities
Financial sector, capital markets and other sectors
He is currently responsible for the Wealth Management & Services division, which covers the clients’ investment journey from product offering and customer experience to distribution and asset management. He served as an executive officer from 2019 to 2021. In 2017, Mr. Constantini became CEO of Itaú Unibanco in the United States and head of international private banking in Miami from 2017 and 2018. He was vice president of ANBIMA from 2019 to 2022. He has held several roles at Itaú Unibanco Group, including officer from 2009 to 2017 and deputy officer from 2007 to 2009.
Academic Background
He holds a bachelor’s degree in production engineering from USP, São Paulo, Brazil.
Carlos Orestes Vanzo (Officer)
Date of birth: August 12, 1971
Position and Term of Office
Member of the Partners Program and officer, member of the Executive Committee of Itaú Unibanco
Group.
Experiences, Skills and Abilities
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Financial sector, capital markets and other sectors
He is currently responsible for the Small and Medium Enterprises segment within Retail Banking, as well as for the Merchant Acquiring business (Rede), and the Products, Credit, Recovery, CRM, Channels & Digital Branches, and Business Banking Strategy departments for Itaú Unibanco Group. Previously, he was responsible for the Retail Business – Individuals, encompassing the Physical and Digital Branch segments (mass market, middle and high-income – Itaú Branch, Uniclass, and Personnalité), the Insurance division, and the Personal Banking Strategy division (including CRM, Planning, Projects, Payroll, Government, and Credit & Recovery). He served as an Executive Officer from 2019 to 2022, leading the Retail Business – Individuals, Business (SME) segment, and Business Banking Credit. From 2004 to 2018, Mr. Vanzo held several leadership positions at Banco Itaú and Itaú BBA, most notably in the Corporate and Middle Market segments. He began his career at Itaú Unibanco Group in 1997 and has been a member of the Executive Committee since 2023.
Academic Background
He holds a bachelor’s degree in law from Universidade Paulista (“UNIP”), São Paulo, Brazil; a postgraduate degree in business administration from USP, São Paulo, Brazil; and an Executive MBA from MIT, Cambridge, Massachusetts, United States.
Flávio Augusto Aguiar de Souza (Officer)
Date of birth: March 27, 1970
Position and Term of Office
Member of the Partners Program; officer, member of the Executive Committee of the Itaú Unibanco Group and CEO of Banco Itaú BBA since 2021.
Experiences, Skills and Abilities
Financial sector, capital markets and other sectors
He is responsible for the Corporate & Investment Banking, Commercial Banking, Distribution and Research areas, as well as for the credit analysis, origination, collection and restructuring activities of the Wholesale Banking segment. He joined the Itaú Unibanco Group in 2009 and has held leadership positions across several areas of the conglomerate, having served as executive commercial banking officer; global head of wealth management & services; global head of private banking; and CEO of Banco Itaú International in Miami, USA. Mr. Souza was vice president of ANBIMA from 2015 to 2019 and chairman of the board of directors of Itaú International (Miami, USA) and Itaú Suisse (Zurich, Switzerland) from 2015 to 2018.
ESG
Since early 2023, he has also assumed responsibility for the Climate Finance department of the entire conglomerate as part of the ESG agenda.
Academic Background
He holds a bachelor’s degree in business administration from the Federal University of Minas Gerais, Minas Gerais, Brazil, and a postgraduate degree in Finance from Fundação Dom Cabral, São Paulo, Brazil.
Gabriel Amado de Moura (CFO)
Date of birth: August 18, 1975
Position and Term of Office
Member of the Partners Program and member of the Executive Committee, Chief Financial Officer (“CFO”) of Itaú Unibanco Group since October 2024.
Experiences, Skills and Abilities
Financial sector, capital markets and other sectors
He was appointed CEO of Banco Itaú Chile in January 2020, after serving as the bank’s CFO from 2016. He joined Itaú Unibanco in 2000 and became a member of the Partners Program in 2011. He has over 25 years of experience in investment management, financial management, risk management, and mergers and acquisitions. He previously served as
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Risk and Finance Director for the Wealth Management & Services division and was responsible for investment management for the Insurance & Pensions and Foundation & Endowment businesses of Itaú Unibanco. He also worked in proprietary mergers and acquisitions and serves as a member of the Boards of Directors of several companies within the Itaú Unibanco conglomerate in Brazil and abroad.
Academic Background
He holds an MBA from The Wharton School, University of Pennsylvania, United States.
José Virgilio Vita Neto (Officer)
Date of birth: September 13, 1978
Position and Term of Office
Member of the Partners Program; Officer, member of the Executive Committee of Itaú Unibanco Group since 2023, leading the Legal, Ombudsman’s Office, Government Relations and Sustainability departments.
Experiences, Skills and Abilities
Financial sector, capital markets and other sectors
He began his career at Itaú Unibanco Group in 2000 as an attorney and was elected Officer in 2011. He also serves as an Executive Officer at FEBRABAN.
Academic Background
He holds a bachelor’s degree in law from USP, São Paulo, Brazil; a master’s degree in contract law from the University of Salamanca,Castilla y León, Spain; a Ph.D. in contract law from USP, São Paulo, Brazil; and has completed the authentic leadership development program at Harvard Business School, Massachusetts, United States.
Matias Granata (Officer)
Date of birth: June 17, 1974
Position and Term of Office
Member of the Partners Program; CRO and Officer, member of the Executive Committee of Itaú Unibanco Group since 2021.
Experiences, Skills and Abilities
Risk management
He has held several positions at Itaú Unibanco Group, including serving as an Officer from 2014 to 2021, responsible for Credit Risk, Modeling, and Market and Liquidity Risks. As the executive responsible for the risk structure, Mr. Granata also leads the unit that works on integrating climate risk into the institution’s global risk management.
Academic Background
He holds a bachelor’s degree in economics from the University of Buenos Aires (“UBA”), Buenos Aires, Argentina; a postgraduate degree in economics from Universidad Torcuato Di Tella (“UTDT”), Buenos Aires, Argentina; and a master’s degree in international economic Policy from the University of Warwick (as a British Chevening Scholar), United Kingdom.
Pedro Paulo Giubbina Lorenzini (Officer)
Date of birth: April 2, 1968
Position and Term of Office
Member of the Partners Program; Officer, member of the Executive Committee of Itaú Unibanco Group since 2021.
Experiences, Skills and Abilities
Financial sector, capital markets and other sectors
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He is currently responsible for the Treasury, Client and Product Desks, Macroeconomic Research, and for operations in the rest of Latin America (Argentina, Paraguay, Uruguay, Chile and Colombia). He has been a member of the board of directors and of the Risk and Finance Committee of B3 S.A. – Brasil, Bolsa, Balcão since 2021. Mr. Lorenzini served as a member of the Executive Committee responsible for Global Markets and Securities Services at Citibank Brasil from 2008 to 2021, after beginning his career at Citibank in 1989 and gaining experience in Structuring, Asset Liability Management (“ALM”), Trading, Sales, Product Management, and Controllership. He was chairman of the Treasury Committee from 2010 to 2013, Citibank’s representative on FEBRABAN’s executive officers from 2013 to 2021, chairman of the Treasury Committee from 2010 to 2012, and vice president of ANBIMA from 2010 to 2021.
Academic Background
He holds a bachelor’s degree in economics and business administration from PUC-SP, São Paulo, Brazil.
Ricardo Ribeiro Mandacaru Guerra (Officer)
Date of birth: August 28, 1970
Position and Term of Office
Member of the Partners Program; Officer, member of the Executive Committee of Itaú Unibanco Group since 2021.
Experiences, Skills and Abilities
Financial sector
He has held several positions at Itaú Unibanco Group, including Executive Officer from 2014 to 2021; Channels Officer from 2008 to 2014; Superintendent of Personal Lending Products from 2007 to 2008; Superintendent of Credit Policy from 2006 to 2007; Superintendent of Electronic Channel Management from 2002 to 2006; and Internet Project Leader from 1996 to 2000. He joined Itaú Unibanco Group in 1993 as a systems analyst.
Technology, Operations and Information Security
He is responsible for the Technology, Operations, Services, Data and Customer Experience (CX) departments and has been a Chief Information Officer (CIO) since 2015. Since September 2024, he has also overseen the Operations, IGA (Access Governance), and Services departments. He has extensive experience in digital transformation and large-scale platform management, encompassing management and governance processes as well as technical expertise in engineering and cybersecurity. He leads a large technology team focused on deep technical excellence, talent development, and diversity.
Academic Background
He holds bachelor’s degrees in civil engineering and in business administration from USP, São Paulo, Brazil, and an MBA from the Kellogg School of Management at Northwestern University, Illinois, United States.
Sergio Guillinet Fajerman (Officer)
Date of birth: March 26, 1972
Position and Term of Office
Member of the Partners Program; Officer, member of the Executive Committee of Itaú Unibanco Group since 2021.
Experiences, Skills and Abilities
Financial sector, capital markets and other sectors
He is currently responsible for the Human Resources (People Area), Marketing, and Communications departments. He has held several positions at Itaú Unibanco Group, including Executive Officer from 2017 to 2021, and Corporate People Management Officer and HR Officer for Wholesale Banking from 2010 to 2017.
Academic Background
He holds a bachelor’s degree in economics from the Federal University of Rio de Janeiro (“UFRJ”), Rio de Janeiro, Brazil; an MBA in corporate finance from the Brazilian Institute of Capital Markets (“IBMEC”), Brazil; an MBA from INSEAD, Fontainebleau, France; and completed the Advanced HR Executive Program at the University of Michigan, Michigan, United States.
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Audit Committee
The supervision (i) of the internal controls and risk management; (ii) of activities of the internal audit; and (iii) of the activities of the independent audit shall be undertaken by our Audit Committee, upon which it shall be incumbent to recommend to our board of directors the choice and dismissal of the independent auditors.
Set forth below is a summary of biographical information relating to each of the members of our Audit Committee:
Alexandre de Barros (Independent Member) – born on September 6, 1956, has been a member of the Audit Committee of Itaú Unibanco Group since 2021. He held several positions at Itaú Unibanco Group, including Executive Vice President of Technology from 2011 to 2015; Executive Officer from 2005 to 2010; Senior Managing Officer from 2004 to 2005; and Managing Officer from 1994 to 2004.
He served as a member of the board of directors of Serasa S.A. from 2003 to 2007, acting as its Chairman from 2006 to 2007, and as a member of the board of directors of Diagnósticos da América S.A. (“DASA”) from 2015 to 2023. He was also a member of the board of directors of Dexco S.A. from 2020 to 2024 and of its IT and Digital Innovation Committee from 2017 to 2024.
He holds a bachelor’s degree in Aeronautical Infrastructure Engineering from Instituto Tecnológico de Aeronáutica (“ITA”), São Paulo, Brazil; a specialization in Risk Management from INSEAD, Fontainebleau, France; and an MBA from New York University (“NYU”), New York, United States.
Fernando Barçante Tostes Malta (Independent Member) – born on April 14, 1968, has been a member of the Audit Committee of Itaú Unibanco Group and of Itaú Chile since 2023. He held several positions at Itaú Unibanco Group, including Executive Officer from 2015 to 2021. He also served in the Internal Controls and Compliance Office from 2016 to 2021, where he oversaw the Group’s non-financial risks, the Environmental & Social Risk department, operational risks and compliance from 2017 to 2021, information security, anti-money laundering and fraud prevention, as well as coordination of operational risk control for international units.

He served as Officer of Card Operations, Redecard, Real Estate Loans, Vehicle Financing, Consortia, Collections, Legal Operations, and all active client services from 2015 to 2016.
He was also an Officer overseeing Customer Service, Card Operations and Services, Real Estate Loans, Vehicle Financing, Consortia, and Insurance & Capitalization Operations from 2013 to 2015. He served as Customer Service and Operations Officer for Consumer Credit (cards and finance companies) from 2011 to 2013; Customer Service Officer for Consumer Credit (cards and finance companies) from 2009 to 2011; and Channels and CRM Officer at Unibanco (prior to the merger) from 2004 to 2009.
He began his career in 1988, holding a variety of roles. He worked in the management of Channels, Branches and the Institutional Portfolio, and participated in several projects and initiatives from 1995 to 2008.
He also held positions as alternate member of the board of directors of Tecnologia Bancária S.A.; deputy member of the board of directors of Luizacred S.A. – Crédito, Financiamento e Investimento; alternate member of the board of directors of Financeira Itaú CBD Crédito, Financiamento e Investimento and of Banco Carrefour S.A.; and member of the Boards of Directors of Itaú BBA International PLC and Itaú BBA USA Securities Inc.
Mr. Malta was the Director of FEBRABAN’s Anti-Money Laundering Commission in 2021.
He holds a bachelor’s degree in Information Technology from PUC-RJ, Rio de Janeiro, Brazil; an MBA from Fundação Dom Cabral, São Paulo, Brazil; an extension in Strategy from the Kellogg School of Management at Northwestern University, Illinois, United States; and an extension in Bank Management from the Swiss Finance Institute (“SFI”), Zurich, Switzerland.
Luciana Pires Dias (Independent Member) – born on January 13, 1976, has been a member of the Audit Committee of Itaú Unibanco Group since 2020. She has been a partner at L. Dias Advogados since 2016, where she works as a consultant, arbitrator, and legal opinion writer on financial and capital markets matters. She has been a professor at FGV since 2008, and she been a member of the board of directors of AMBEV S.A. since 2023.

She was an Officer of the CVM from 2011 to 2015 and Head of Market Development at CVM from 2007 to 2010. Ms. Dias was CVM’s representative on the OECD Corporate Governance Committee from 2011 to 2015 and at the Latin American Corporate Governance Roundtable organized by OECD from 2009 to 2015. She worked at law firms in São Paulo, Rio de Janeiro (Brazil), and New York (USA) from 1998 to 2006.
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She holds bachelor’s, master’s, and doctoral degrees in commercial law from USP, São Paulo, Brazil, and a Master of the Science of Law (J.S.M.) from Stanford Law School, California, United States.
Maria Helena dos Santos Fernandes de Santana (independent member). See “––board of directors.”

Maria Elena Cardoso Figueira (Independent Member and Financial Expert) – born on November 29, 1965, she has been a Member of the Audit Committee at Itaú Unibanco Group since October 2025.
She has been a partner and owner of Figueira Consultoria Econômica Eireli – EPP since December 2014. She has been a Fiscal Council Member at Camil Alimentos S.A. since May 2020, and served as President from May 2022 to July 2025; a Member of the Audit and Risk Committee at Hospital Sírio Libanês since July 2021 and its Coordinator since April 2024; a Fiscal Council Member at the Brazilian Business Council for Sustainable Development – CEBDS since June 2023; an Independent Member of the Audit Committee at HOB Eventos, Treinamento e Publicações Ltda. since August 2024; and an Alternate Member of the Fiscal Council at Enercan – Campos Novos Energia S.A. (Votorantim Group) since May 2025.
She also served as an Independent Member of the Audit Committee from 2018 to 2025 and Financial Specialist at Banco Santander (Brasil) S.A. from 2021 to 2025; an Independent Member of the Audit Committee at BR Properties S.A. from 2022 to 2023; a Fiscal Council Member from 2022 to 2023 and Alternate Member of the Fiscal Council from 2021 to 2022 at B3 S.A.; an Independent Member of the Audit Committee at Lojas Americanas S.A. from 2020 to 2021; an Alternate Member of the Fiscal Council at CCR S.A. from 2019 to 2020; an Independent Member and President of the Advisory Committee at HSBC Brasil S.A. – Banco de Investimento from 2017 to 2018; President and Independent Member of the Advisory Board and Audit and Risk Committee at HSBC Bank Brasil S.A. – Banco Múltiplo from 2014 to 2016; Project Director at Banco Santander, S.A. – Spain from 2012 to 2014; Coordinator and Independent Member of the Audit Committee from 2004 to 2012 and Financial Specialist from 2011 to 2012 at Banco Santander (Brasil) S.A.; Director of Tax Consulting for Financial Institutions and International Taxation at KPMG Corporate Finance from 2003 to 2004; Director of Accounting and Financial Control at Banco Bilbao Vizcaya Argentaria Brasil S.A. from 2001 to 2002; Deputy Director of Tax Planning at Banco Santander Brasil S.A. from 1999 to 2001; Tax Manager at Arthur Andersen Consultoria Fiscal-Financeira S/C Ltda. from 1991 to 1999.

She holds a bachelor’s degree in economics from PUC-RJ, Rio de Janeiro, Brazil. She completed the Senior Executive Management Program (“SEMP”) at IESE/University of Navarra, Spain, and MBA in Luxury Management from FAAP, São Paulo, Brazil.

Rogério Carvalho Braga (Independent Member) – born on January 30, 1956, has been a member of the Audit Committee of Itaú Unibanco Group since 2021 and a member of the board of directors of Banco Itaú Chile (formerly Itaú CorpBanca). He held several positions at Itaú Unibanco Group, including Officer in 2020 and Corporate Managing Director of Marketing, Franchise and Products at Itaú CorpBanca from 2016 to 2018. He joined Itaú Unibanco Group in 1999 and was elected Officer in 2000.
He holds a bachelor’s degree in law from PUC-SP, São Paulo, Brazil, and an MBA from Pepperdine University, California, United States.

Fiscal Council
Our fiscal council is an independent management body, composed of three to five members elected at the Annual Shareholders’ Meeting to supervise management activities.
Set forth below is a summary of biographical information relating to each of the members of our fiscal council:
Haroldo do Rosário Vieira (Alternate Member) – born on June 15, 1956, has been an alternate member of the Fiscal Council of Itaú Unibanco Holding S.A. since April 2026. Has experience in collegiate bodies, serving as Fiscal Advisor at COSERN for the terms 2020/2021, 2021/2022, and 2025/2026; Administrative Advisor at Cooperforte for the terms 2017/2021, 2021/2025, and reappointed in 2025 (current); Fiscal Advisor at CELPE for the terms 2022/2023 and 2023/2024; Alternate Fiscal Advisor at Previ for the term 2018/2022; Fiscal Advisor at Paranapanema from April to July 2019; Deliberative Advisor at ANABB for the term 2021/2024; Administrative Advisor at Tupy S.A. for the term 2013/2017; Deliberative Advisor at PREVI – Caixa de Previdência dos Funcionários do Banco do Brasil and Coordinator of the Investment Committee from 2012 to 2016; Fiscal Advisor at Marisol S.A. from 2009 to 2011; Fiscal Advisor at
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Votorantim Celulose e Papel (FÍBRIA) from 2007 to 2009; Deliberative Advisor at FENABB – Federação Nacional das AABB for the term 2017/2020; Fiscal Advisor at Cooperforte from 2014 to 2017.
He worked as Planning and Budget Manager from 1983 to 2003 at Banco do Brasil; Chairman of the Board of Directors from 2008 to 2014 and of the Deliberative Board from 2014/2020 and 2024/2028 at FENABB – Federação Nacional das AABB; Educational Tutor for the Distance Administration Course from 2004 to 2009 at AIEC – Associação Internacional de Educação Continuada; Vice President (2016/2021 management) and Deliberative Advisor (2021/2025) at ANABB – Associação Nacional de Funcionários do Banco do Brasil.
He holds Certification in the Manager Identification and Development Program at Banco do Brasil – Business School of PUC – September 2000; Director Development Program – Corporate Governance – Banco do Brasil – Fundação Dom Cabral – August 2004; Administration Certification from ICSS – Instituto de Certificação Institucional e dos Profissionais de Seguridade Social – 2024/2027; Investment Certification from ICSS – Instituto de Certificação Institucional e dos Profissionais de Seguridade Social – 2024/2027; CEA Certification – Investment Specialist ANBIMA – June 2025; CPA 20 Certification – Professional Certification ANBIMA – October 2024; Administration Board Member Course – IBGC – November 2015; Practical Fiscal Advisor Course – IBGC – 2009. He holds a bachelor's degree in Civil Engineering from UFPA; an MBA in General Training for Senior Executives – FIA/USP; a postgraduate degree in Financial Management and Controllership – FGV; and an MBA in Banking for Credit Cooperatives – INEPAD.
Eduardo Hiroyuki Miyaki (Member) – born on June 11, 1972, has been a member of the fiscal council at Itaú Unibanco Group since 2022. He has held several positions at Itaú Unibanco Group, including internal audit officer from 2010 to 2017 and operational risk and internal control officer from 2017 to 2021. He previously served as internal audit superintendent from 2005 to 2010 in the Risk Management, Capital Markets, Insurance, Pension Plan and Securities Departments. He also worked in the Commercial and Retail Departments, product development and wholesale banking processes. Mr. Miyaki was the supervisor responsible for the Internal Audit Department in the Asset Management and Treasury Departments from 2003 to 2004 and supervisor of the Anti-Money Laundering and Fraud Prevention Program from 1996 to 2003.
He holds a bachelor’s degree in civil engineering from USP, São Paulo, Brazil; completed a specialization in sanitary engineering and waste treatment at the Federal University of Gunma, Japan; earned a specialization in business administration from CEAG at FGV, São Paulo, Brazil; and an MBA in Finance and International Business from the Leonard Stern School of Business at New York University, New York, USA. Participated in the Audit Committee, Oversight, and Controls program at IBGC in 2022. In May 2024, completed the Corporate Governance Certification Program at Columbia University, New York, USA.

Cláudio José Coutinho Arromatte (Effective Member) born on February 15, 1966, has been a effective member of the Fiscal Council of Itaú Unibanco Holding S.A. since April 2026, a member of the Partners Program, has been an Officer at Grupo Itaú Unibanco since 2004. He has held various positions within Grupo Itaú Unibanco, including General Officer of IGA Itaú Asset Management, a subsidiary of Itaú Unibanco that provides efficiency services in Strategic Sourcing and indirect cost reduction for the bank and its clients (2023 to 2025); Purchasing and Assets Officer (2016 to 2022); Officer of Operational Risk, Internal Controls, and Compliance (2010 to 2016); and Officer of Operations and Retail Service, Purchasing, and Assets (2004 to 2008).
He has served as Executive Officer of Instituto Unibanco for the past 10 years, as well as Alternate President of Fundação Itaú Unibanco de Previdência for the past 5 years. He began his career in 1986, working at companies such as White Martins Gases Industriais S.A., Ambev, Rio de Janeiro Refrescos Ltda., and Casas Sendas Comércio e Indústria. He holds a bachelor's degree in Electrical Engineering and a master's degree in Control and Systems Optimization, both from the Pontifical Catholic University of Rio de Janeiro (PUC-RJ), Rio de Janeiro, Brazil.
He holds a bachelor’s degree in law from USP, São Paulo, Brazil.
João Costa (Alternate Member) – born on August 10, 1950, he has been an alternate member of the Fiscal Council of Itaú Unibanco Group since 2009, and a regular member of the Fiscal Council of Itaúsa S.A. since 2023 (alternate from 2009 to 2022). He was a member of the Fiscal Council of Alpargatas S.A. from 2017 to 2018 and of Dexco S.A. from 2018 to 2019. He was also a board member of FEBRABAN, IBCB (Brazilian Institute of Banking Corporate Governance), and the São Paulo Banking Union from 1997 to 2008. He established and chaired the Audit Committee of Liberty Seguros S.A. and Indiana Seguros S.A. from 2014 to 2015. Within Itaú Unibanco Group, he was a regular member of the Boards of Directors of Itauleasing de Arrendamento Mercantil S.A. and Itaú Rent Administração e Participação S.A.
At Itaú Unibanco, he served as General Audit Manager, creating and leading the IT Audit, Tax Audit, Affiliates Audit, Head Office Audit, and Branches Audit functions, and he developed software to automate branch inspections – recognized
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as a “best practice” by Arthur Andersen. In 1997, as Managing Director, he structured the Collections Coordination area, establishing operational and tax procedures for collections and renegotiations of delinquent accounts. He set up in-house and third-party collection call centers, managed third-party collection agencies and external legal collections across Brazil, and arranged the first-ever sale of distressed assets in Brazil to a foreign recovery firm. He played a significant role in governance by creating the Internal Controls and Compliance department and implementing procedures required by the U.S. Sarbanes-Oxley Act (SOX). He also initiated work to comply with Central Bank regulations on Operational Risk (Basel II) and Resolution 3380 (Internal Controls).
He holds a bachelor’s degree in economics from Faculdade São Luiz, São Paulo, Brazil; completed an extension in business administration at the University of São Paulo (“FEA-USP”), São Paulo, Brazil; and completed the management program for executives at the University of Pittsburgh, Pennsylvania, United States.
Leni Bernadete Torres da Silva Sansiviero (Alternate Member) – born on August 11, 1963, has been an alternate member of the Fiscal Council of Itaú Unibanco Holding S.A. since April 2025. She served as an alternate member of the Fiscal Council of Locaweb S.A. (“LWSA”) from 2021 to 2022, and as a member of the year-end Closing Committee at Itaúsa S.A. from 2017 to 2018. She was the Controllership Superintendent at Itaú Unibanco S.A. from 2008 to 2013, working in Controllership, Planning, M&A, and Investor Relations, and was the Controllership Executive Manager at Itaúsa S.A. from 2013 to 2018, where she structured, implemented, and managed the entire controllership function.
She holds a bachelor’s degree in Financial Administration and a postgraduate degree in Systems Analysis from FAAP, São Paulo, Brazil, and a Certificate in Finance (“CEFIN”) from USP, São Paulo, Brazil.

Marcelo Maia Tavares de Araújo (Member) – born on April 27, 1973, has been a member of the fiscal council of Itaú Unibanco Holding S.A. since April 2025. He has been a member of the board of directors and Personnel and Compensation Committee since 2021 of Grupo DIA – Distribuidora Internacional de Alimentación, Madrid, Spain; was chief executive officer in 2020 and country advisor in 2019 at DIA Brasil S.A.; member of the board of directors and Audit Committee since 2020 of Pacaembu Construtora S.A.; member of the board of directors since 2023, Institutional Officer from 2021 to 2022, CFO and Administrative Officer in 2020, and CEO in 2019 of the Brazilian Franchising Association (“ABF”); member of the board of directors and Expansion & M&A Committee from 2020 to 2023 of Mundo Pet S.A.; National Secretary of Commerce and Services from 2015 to 2017 at the Ministry of Development, Industry, and Trade (“MDIC”); Board member from 2015 to 2016 representing the Federal Government at BNDESPAR on the Board of BNDES; Founder and CEO from 2013 to 2015 of L.M. Maia Participações e Administração Ltda., an investment company focusing on retail real estate in Northeast Brazil; Regional officer from 2010 to 2012 at Magazine Luiza S.A., responsible for integrating Lojas Maia’s operations; officer and chairman of the Board from 2005 to 2010 of Móveis Maia Ltda.; General Director and Board member from 2002 to 2010 of F.S. Vasconcelos & Cia. Ltda. (“Lojas Maia department stores”); Financial and Planning Manager from 2000 to 2002 at Brasil Telecom S.A.; Trainee in 1999 at Bear Stearns Bank in San Francisco, USA; Planning Assistant from 1996 to 1998 at Grupo Paranapanema S.A.; and Trainee from 1992 to 1995 at Construtora Tratex S.A.
He holds a bachelor’s degree in civil engineering from the Federal University of Minas Gerais (“UFMG”), Belo Horizonte, Brazil; an MBA from Brazilian Institute of Capital Markets IBMEC, Brazil; a Certificate in Finance and a B.A. from the University of California at Berkeley, United States; a Sloan Master’s MSc in Leadership and Strategy and a Certificate in “Innovating in a Digital World” from London Business School (“LBS”), United Kingdom; and a Certificate in Digital Transformation from MIT, United States. Mr. Tavares is certified by IBGC to serve as a Board member.
Geraldo José Carbone (Non‑Administrative Member) – born on August 2, 1956, he has been a member of the Compensation Committee since 2019. He has held several positions within Itaú Unibanco Group, including Executive Vice President from 2008 to 2011 and member of the board of directors from 2006 to 2008 and from 2017 to 2018.
He has been a managing partner at G/xtrat Consultoria Econômica Ltda. and GC/Capital Empreendimentos e Participações Ltda. since 2011.
Previously, he served as president from 1997 to 2006 at Bank Boston; vice president of the Asset Management Division from 1994 to 1997; and head of the economics Department and Investment Research Unit in Brazil from 1991 to 1994. He also worked as chief economist at Bunge y Born from 1982 to 1987.
He holds a Bachelor’s degree in Economics from USP, São Paulo, Brazil.
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6B.Compensation
Governance and Compensation Policy
Our Compensation Policy aims at attracting, retaining, and rewarding in a meritocratic manner the deliveries made by our management bodies, in addition to encouraging them to maintain prudent levels of risk exposure in the short, medium and long-term strategies while conducting business, in line with shareholders’ interests and our culture, so that the Itaú Unibanco Group can achieve sustainable results.
Additionally, our board of directors, its members and co-chairmen, as well as the board of directors’ committees, are evaluated annually for both its collective performance as a management body and the individual performance of its members, in alignment with best corporate governance practices. Our compensation governance adopts clear and transparent processes, aimed at complying with applicable regulation and the best national and international practices.
To ensure consistency with our risk management policy, our statutory compensation committee (“Compensation Committee”), which is responsible for developing and improving our Compensation Policy, reports to our board of directors. For further information on our Compensation Committee, see “Item 6C. Board Practices––Board of Directors Committees––Compensation Committee.”
Our shareholders establish the maximum total annual aggregate compensation for our board of directors, board of officers, and Fiscal Council at the annual general stockholders’ meeting. The compensation for members of the Audit Committee is determined by our board of directors. Additionally, the compensation for our board of directors and board of officers is subject to the guidelines of CMN Resolution No. 5,177 and complies with the limits imposed by Article 152 of the Brazilian Corporate Law.
Compensation Structure
Our compensation structure for each management body is divided into fixed and variable components, and may include a benefit plan:
-The members of the Board of Directors are entitled to a monthly fixed compensation in cash, as well as an annual fixed compensation, which is stock-based and approved by the Compensation Committee, subject to the guidelines of CMN Resolution No. 5,177, and limited by the annual general stockholders’ meeting.
-The members of the board of officers are entitled to a monthly fixed compensation, which consists of an aggregate amount of fees in cash. There is no annual fixed compensation for the board of officers. They receive a benefit plan that includes medical and dental care plans, check-ups, a private pension plan, parking lot access, and life insurance. The annual variable compensation for the board of officers includes statutory profit sharing and fees, both in cash and shares, approved by the Compensation Committee and limited by the annual general stockholders’ meeting.
-The Fiscal Council’s compensation structure includes monthly fixed compensation in the form of fees in cash. There is no annual fixed compensation, benefit plan, or annual variable compensation applicable to the Fiscal Council.
-The Audit Committee’s compensation structure includes monthly fixed compensation in the form of fees in cash. Furthermore, The Audi Committee may have annual fixed compensation if approved by the Compensation Committee.
-There is no annual fixed compensation, benefit plan, or annual variable compensation for the Audit Committee.
Additionally, when a member of certain management bodies holds more than one position, the following rules apply:
-If a member of our board of directors also serves on the board of officers of Itaú Unibanco or its subsidiaries, their compensation will follow the model for board of officers. On the date of this annual report, there are no members in such position.
-Members of our board of directors who also participate in statutory and non-statutory committees, including our subsidiaries and affiliates, as a rule, do not receive compensation for participating in such committees. However, non-management members of the Compensation Committee are entitled to compensation for performing their duties on said committee.
-Members of our board of directors and the Audit Committee only receive benefits if they have previously served as officers.
-Members of the Audit Committee who are also part of our board of directors, are entitled to compensation solely for one of the roles.
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Allocation of Compensation of Members of Management
For the year ended December 31, 2025, our board of directors had 13 members, all of whom received compensation according to our Compensation Policy. The total compensation for our board of directors was R$50.2 million. Our board of officers had 48 members, all of which received compensation in accordance with our Compensation Policy. The total compensation for our board of officers was R$812.9 million. The Fiscal Council had 6 members, all compensated. The total compensation for the Fiscal Council was R$1.1 million.
The allocation of compensation may vary each year:
For the board of directors, in 2025, the monthly fixed compensation was 49%, the annual fixed compensation was 48%, the annual variable compensation was 1%, and the benefits were 2%. While in 2024, the monthly fixed compensation was 31%, the annual fixed compensation was 24%, the annual variable compensation was 43%, and the benefits were 2%.
For the board of officers, in 2025, the monthly fixed compensation was 9%, there was no annual fixed compensation, the annual variable compensation was 89%, the benefits were 2% and termination of mandate was 0.2%. While in 2024, monthly fixed compensation was 9%, there was no annual fixed compensation, the annual variable compensation was 89%, and the benefits were 1%, with no cost with termination of mandate.
For the Fiscal Council, in 2025, and 2024 the monthly fixed compensation was 100%, with no annual fixed compensation, annual variable compensation, or benefits.
For the Audit Committee, in 2025 the monthly fixed compensation was 83%, the annual fixed compensation was 14% and the termination of mandate was 3%. While in 2024, the monthly fixed compensation was 85% and the annual fixed compensation was 15%, with no annual variable compensation, benefits or cost with termination of mandate.
Fixed Stock-Based Compensation of the Board of Directors
Fixed annual compensation is paid to members of the board of directors provided that they have served their full annual terms. The objective is to reward each member’s contribution to the Itaú Unibanco Group. Fixed annual compensation considers the members’ background and curriculum, as well as market conditions and other factors that may be subject to agreement between the member of the board of directors and the Itaú Unibanco Group.
The number of shares is determined and granted every three years, with the shares being delivered in proportion to the number of terms served during that period.
In 2025, following the approval of the Compensation Committee on October 28, 2024, and of the board of directors on October 31, 2024, the fixed stock-based compensation of the members of the board of directors will be granted annually, with payments of one-third each year. The payment of each installment remains subject to the condition that the members have served their full annual terms.
Individual Performance Metrics of Officers:
The performance goals are defined by each officer and their direct manager and are based on the annual goals set out for each officer. ESG objectives are incorporated into the performance evaluation of officers involved in ESG-related activities and business operations, based on defined key performance indicators and related initiatives. The performance evaluation process is conducted annually and takes into account both behavioral assessments and key results achieved during such period.
The performance evaluation of our officers follows a structured, multi-assessment process to ensure a comprehensive review. At the beginning of each year, officers define their goals in collaboration with their direct managers, with progress monitored throughout the year. At year-end, the manager conducts a formal evaluation considering financial and market information, where applicable. In addition to this evaluation, a complementary rapporteur process is conducted, which assesses behaviors and main deliveries, which provides additional insights to the manager evaluation. The final review is conducted by the evaluation committee, a collegiate body, composed of members of the executive committee validates the manager evaluation. This committee may also make recommendations on professional development and succession planning.
Variable Compensation Board of Officers
To calculate the variable compensation of officers, the following criteria are considered: a) individual performance; b) the performance of the business department; c) the performance of companies belonging to the Itaú Unibanco Group; and d) the relationship between the performances mentioned above and the risks assumed. The performance considered must include economic-financial metrics and qualitative aspects.
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Distribution of the Variable Stock-Based Compensation of the Board of Officers
Following their year-end performance evaluation, the variable stock-based compensation for our board of officers is distributed as follows: 30% is paid in cash and 70% is paid through the delivery of our preferred shares, which are deferred over the next three years and delivered in equal installments of one-third per year.
This structure complies with CMN Resolution No. 5,177, which requires deferral of a portion of variable compensation.
Partners Program for Officers
The Partners Program is a long-term plan established to align the interests of our officers to those of our shareholders through the sharing of short, medium and long-term risks.
Under the program, officers are required to invest a portion of their annual net variable compensation to acquire our preferred shares, traded under ticker symbol (ITUB4), which are subject to lock-up periods. As a return on the investment made through the program, the participants receive additional shares (referred to as “Matching”), provided they comply with the lock-up requirements. For holding partners, 30% of the matching granted vests in the third year, and 70% vests in the fifth year after the investment. For partners, 50% vests in the third year, and 50% vests in the fifth year after the investment. The matching shares received remain unavailable for sale for a five-year term from each investment.
The Partners Program may consider other instruments derived from shares as opposed to actual shares.
Additionally, conditions relating to the partner program may be adapted to comply with local regulations of the country where the delivery of shares will occur.
Outstanding Performance Program
Professionals at the managerial level, as defined and identified by HR, that consistently contribute to the results and sustainability of the business can be eligible for a long-term plan, reinforcing the culture of meritocracy. By linking part of their compensation to the company’s share price appreciation, the program aligns the interests of management members and shareholders and seeks to retain key talents.
The management members eligible to the program are granted a number of preferred shares, traded under ticker symbol (ITUB4), which 100% vests in the third year after the grant, incentivizing retention and long-term commitment.
Grant, Investment and Delivery of Preferred Shares
The share price used on the fixed stock-based compensation, variable stock-based compensation and partners program is determined by the average closing price of Itaú Unibanco Holding’s preferred shares on B3 during the 30 days preceding the seventh business day prior to the grant, investment or payment date (“pricing period”), adjusted by earnings distributed but not earned by the beneficiaries, from the pricing period to the expected event date.
These deferred installments include a Malus provision, under which deferred portions of shares may be reduced or forfeited if there is a significant reduction in the company’s recurring net income or negative results in the applicable business area during the deferral period. This applies except where such reduction or negative results arise from extraordinary, unpredictable external events affecting the Itaú Unibanco Group, which affect other financial institutions and are unrelated to the actions or omissions of the board of officers and/or board of directors. The Compensation Committee may decide to apply Malus even in these cases.
Stock Option Plan to Officers
We have a Stock Option Plan through which our officers and employees with outstanding performance are entitled to receive stock options. These options enable them to share the risk of price fluctuations of our preferred shares with other stockholders and are intended to integrate the participants of this program into the Itaú Holding Group’s development process in the medium and long term. Our personnel committee manages the Stock Option Plan, including matters such as strike prices, vesting periods and effectiveness of options, in compliance with the rules set forth in the Stock Option Plan.
Options may be granted only to participants if there is net income sufficient to be distributed as mandatory dividends. Since 2012, no option has been granted within the scope of our Stock Option Plan. For further information on changes in the plan, see “Financial Performance,” and “Note 20 – Share-based Payment” to our consolidated financial statements.
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Stock Grant Plan and Stock Ownership Requirements
At the Extraordinary General Shareholder’s Meeting held on October 31, 2024, we approved our Stock Grant Plan to consolidate the rules of our long-term stock-based incentive programs, under the terms of CVM Resolution No. 81/22.
In addition, according to our Compensation Policy, members of the executive committee must comply with a stock ownership requirement of a minimum equivalent (i) to ten times the annual salary for the CEO and (ii) to five times of the annual salary for other executive committee members, which must be complied within a five-year period of after their position’s start date. This policy, known as Stock Ownership Requirement, along with the Stock Grant Plan, reinforces the alignment of interests of management members and employees of our company and its direct and indirect subsidiaries with our interests and stockholders’ interests, promoting commitment to long-term value creation. On December 31, 2025, the chief executive officer and all executive committee members met the minimum tenure requirement.
In addition, to avoid the dilution in which stockholders may be subject, the sum of shares to be used in the programs described in the Stock Grant Plan and Stock Option Plan every year will not exceed the limit of 0.5% of total outstanding shares. If the number of shares delivered and options granted in a given year is below the 0.5% limit, the unused portion may be carried forward and used for stock-based compensation or granting of options in any of the seven subsequent fiscal years.
Clawback Policy
In December 2023, we adopted a clawback policy that applies to incentive-based compensation erroneously received by certain of our officers (which currently comprises the individuals of our executive committee). Under this policy, “erroneously awarded compensation” is defined broadly to include any compensation that is granted, earned, or vested based wholly or in part upon the attainment of a financial reporting measure (e.g. stock price and total shareholder return). The policy provides that if Itaú Unibanco Holding is required to prepare an accounting restatement of its financial statements due to Itaú Unibanco Holding’s material noncompliance with any financial reporting requirements under the securities laws, including any required accounting restatement to correct an error in previously issued financial statements that is material to the previously issued financial statements, but correct an error that is material to previously issued financial statements, or that would result in a material misstatement if the error were corrected in the current period or left uncorrected in the current period, Itaú Unibanco Holding will recover (on a pre-tax basis) from the relevant officers any erroneously-awarded compensation received by such officers on or after October 2, 2023 and during the three fiscal years preceding the date the restatement was required that exceeds the amount of erroneously-awarded compensation that otherwise would have been received had such erroneously-awarded compensation been determined according to the applicable accounting restatement, subject to limited exceptions. The recovery of such compensation applies regardless of whether any misconduct occurred and without regard to whether an executive engaged in misconduct or otherwise caused or contributed to the requirement for a restatement. To date, no clawback has been triggered under our clawback policy. For further information on our clawback policy, see Exhibit 97 to this annual report.
6C.Board Practices
Board of Directors Committees
The organizational chart below presents our nine committees, reporting directly to our board of directors, which is responsible for electing committee members for a one-year term of office, conditioned on their having proven knowledge in the respective areas of work and technical qualification compatible with their duties.
The committees may hire outside experts but must always maintain the integrity and the confidentiality of their work.
Audit Committee
 Since 2014
Oversees the quality and integrity of the financial statements
 and compliance with legal and regulatory requirements.
 Supervises internal controls and risk management, independence and quality of internal audit activities and the work of the independent auditor.
100% of the members are independent
63 meetings in 2025



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Compensation Committee
 Since 2011
Promotes discussions on incentive and compensation models.
 Develops compensation policies for management members and employees.
100% of the members are non-executive
4 meetings in 2025
Personnel Committee
 Since 2009
Establishes policies for attracting and retaining talented professionals.
 Proposes guidelines for recruiting and training employees.
 Presents long-term incentive programs and monitors the implementation of our culture.
100% of the members are non-executive
3 meetings in 2025
Strategy Committee
 Since 2009
Proposes budget guidelines.
 Provides inputs for decision-making processes.
 Recommends strategic guidelines and investment opportunities (i.e. Mergers and Acquisitions).
 Internationalizes and creates new business areas.
100% of the members are non-executive
4 meetings in 2025
Related Parties Committee
 Since 2013
Manages transactions between related parties.
 Ensures consistency with market conditions and transparency of the transactions
100% of the members are independent.
16 meetings in 2025
Risk and Capital Management Committee
 Since 2009
Supports the board of directors in assessing and managing risks.
 Establishes our risk appetite.
 Evaluates the cost of capital vis-a-vis minimum return expected.
 Allocates capital.
 Oversees management activities and risk control.
 Improves risk culture.
 Complies with regulatory requirements
100% of the members are non-executives
12 meetings in 2025
Nomination and Corporate Governance Committee
 Since 2013
Periodically reviews the criteria for nomination and succession of our board of directors and chief executive officer.
 Provides methodological support for the assessment of candidates by the board of directors and chief executive officer.
 Proposes members of the board of directors and chief executive officer.
 Analyzes potential conflicts of interests.
100% of the members are non-executive
2 meetings in 2025
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Environmental, Social and Climate Responsibility Committee
 Since 2019
Defines strategies to strengthen our corporate social responsibility.
 Analyzes the performance of social institutions related to us and the initiatives directly executed by us.
 Ensures the appropriate degree of autonomy among social institutions and us.
 Fosters the search for synergies and opportunities to increase efficiency between institutions and us as well as the institutions themselves.
 Approves multi-annual budget for initiatives that depend on our resources.
 Monitors the quality of governance of each institution related to us.
 Defines the allocation process of Law No. 8,313/91 (Rouanet Law) as well as the other existing incentive laws and approves the contributions to be made by us or other companies of the Itaú Unibanco Group.
100% of the members are non-executives
3 meetings in 2025
Customer Experience Committee
 Since 2024
Supports the board of directors in the discussion with the Board on strategic guidelines relating to customer experience issues.
 Identifies and proposes improvements to the customer experience that increase engagement and efficiency, increasing the company's competitiveness.
 Proposes and monitors Customer Experience metrics, as well as monitors the results of Customer Experience metrics and proposes improvement actions.
 Discusses trends, challenges and opportunities in design and usability that impact the customer experience.
 Proposes guidelines for the development of products and services with a focus on simplifying the customer journey.
 Monitors the evolution of emerging technologies and their applications in the customer experience.
 Identifies opportunities to integrate AI and other advanced technologies into Customer Experience strategies.
80% of the members are non-executive
4 meetings in 2025



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MembersAudit CommitteePersonnel CommitteeRelated Parties
Committee		Nomination and
Corporate Governance
Committee		Risk and Capital
Management Committee		Strategy CommitteeCompensation Committee
(2)		Environmental, Social and
Climate Responsibility
Committee		Customer Experience
Committee (3)
Name, position
Board of Directors (13 members) (1)
Pedro Moreira Salles, non-executive Co-Chairman
Roberto Egydio Setubal, non-executive Co-ChairmanMember
President
PresidentMember
Ricardo Villela Marino, non-executive Vice ChairmanMember
Alfredo Egydio Setubal, non-executive MemberMemberMemberPresident
Ana Lúcia de Mattos Barretto Villela, non-executive MemberMemberMemberMember
Candido Botelho Bracher, Independent Member
Member
Member
President
MemberMemberMember
Cesar Nivaldo Gon, Independent MemberMemberPresident
Fabricio Bloisi Rocha, Independent MemberMember
João Moreira Salles, non-executive Member
Member
MemberMember
Maria Helena dos Santos Fernandes de Santana, Independent MemberPresident
Marcos Marinho Lutz, Independent MemberMember
Paulo Antunes Veras, Independent Member
President
MemberMember
Pedro Luiz Bodin de Moraes, Independent MemberMemberMemberPresident
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MembersAudit CommitteePersonnel CommitteeRelated Parties
Committee		Nomination and
Corporate Governance
Committee		Risk and Capital
Management Committee		Strategy CommitteeCompensation Committee
(2)		Environmental, Social and
Climate Responsibility
Committee		Customer Experience
Committee (3)
Audit Committee (6 members) (1)
Alexandre de Barros, Independent MemberMember
Fernando Barçante Tostes Malta, Independent MemberMember
Luciana Pires Dias, Independent MemberMember
Maria Helena dos Santos Fernandes de Santana, Independent MemberPresident
Maria Elena Cardoso Figueira, Independent Member and Financial ExpertMember
Rogério Carvalho Braga, Independent MemberMember
Fiscal Council (3 members) (1)
Eduardo Hiroyuki Miyaki, Member

Cláudio José Coutinho Arromatte (4)

Marcelo Maia Tavares de Araújo, Member


1)Independence criteria for the members of the Board of Directors, Audit Committee and Fiscal Council are diverse, under our policies and applicable regulations in force.
2)Includes individuals that are not members of our Board of Directors: Geraldo José Carbone
3)Includes individuals that are not members of our Board of Directors: Milton Maluhy Filho
4)Cláudio Arromatte was elected at our Annual General Stockholders Meeting held on April 28, 2026, but his investiture is subject to the approval of the Central Bank of Brazil.
Two of these committees are statutory bodies:
Audit Committee
We have an Audit Committee, which complies with the rules issued by the CMN for audit committees of financial institutions. The Audit Committee is responsible for overseeing the quality and integrity of the financial statements, the compliance with legal and regulatory requirements, the performance, independence and quality of the services provided by independent auditors and by our internal auditors, and the quality and effectiveness of the internal control and risk management systems. Created in April 2004 by the annual general stockholders’ meeting, it is the only audit committee for institutions authorized to operate by the Central Bank and for companies overseen by SUSEP that are part of the Itaú Unibanco Group.
The members of the Audit Committee are annually elected by our board of directors from among its members or professionals with renowned competence and outstanding knowledge, taking into account that at least one member of this Committee will be designated Financial Expert and must have proven knowledge in the accounting and auditing areas.
All members of the Audit Committee are independent, in accordance with CMN regulation, and the board of directors will terminate the term of office of any member of the Audit Committee if their independence is affected by any conflict of interest or potential conflict of interest. The evaluations of the Audit Committee are based on information received from management, external auditors, internal auditors, departments responsible for risk management and internal controls, and on analyses made by the members of the Audit Committee as a result of direct observation.
Compensation Committee
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The Compensation Committee is responsible for discussing matters related to our management compensation. Its duties include, but are not limited to, (i) developing and improving a policy for the compensation of our management (internal policy - PC- 3 “Compensation Policy”) and procedures, (ii) proposing the aggregate compensation amount for members of management to be submitted to the annual stockholders’ meeting, (iii) proposing forms of fixed and variable compensation to the board of directors, as well as special benefits and programs for recruitment and termination, (iv) discussing, analyzing and supervising the implementation and operation of existing compensation models; and (v) preparing the “Compensation Committee Report on an annual basis.” None of the members of the Compensation Committee are members of our board of officers.
Internal Audit
Under the Audit Committee’s technical supervision, our Internal Audit function provides the board of directors and senior management with independent, unbiased, and timely evaluations of the effectiveness of risk management, adequacy of controls and compliance with relevant rules and regulations related to our group’s operations. These evaluations occur periodically and follow a methodology in compliance with The Institute of Internal Auditors (IIA) standards.
The Internal Audit requires the area being audited to establish action plans for any deficiencies identified, based on deadlines that vary according to risk rating criteria.
External Ombudsman’s Office (for customers)
Our external ombudsman office focuses on three main pillars:
•Customer Service: As a last resort for clients that are dissatisfied with previous responses to their complaints, with full autonomy to investigate and resolve objections within Itaú Unibanco.
•Continuous Improvement: Involving several teams, aims at identifying and addressing issues through root cause analysis of complaints, supporting corrective actions and continuous improvements in products, services, and customer satisfaction ethically and transparently.
•Compliance with Regulatory Obligations: Responsible for the governance of all processes related to client complaints through regulatory and consumer protection bodies helping provide and ensure adequate solutions for all clients. These processes are subject to regulatory supervision by the agencies. Additionally, Ombudsman’s activities are integrated into the institution’s governance structure for risk management and are subject to oversight by management, executive forums, and the Audit Committee, which periodically receives consolidated information on complaint volumes, key themes, root causes, case studies and action plans to reduce issues and improve customer experience.
As part of our strategy to improve consumer relations/rights and reduce complaints, we maintain an open dialogue and close agenda with consumer protection and regulatory bodies and civil entities. This agenda serves as a strong instrument to help improve customer satisfaction. Moreover, The Ombudsman contributes with the analysis and approval process of new services and products, which is managed by our compliance governance, to strengthen focus on customers and ensure their needs are addressed throughout the process.
Internal Ombudsman’s Office (for Employees and Administrators)
The Internal Ombudsman’s Office channel provides guidance and advice and handles anonymous complaints and grievances relating to violations of our principles and commitments, misconduct, and inappropriate behaviors such as harassment, discrimination and disrespect, among other improper behaviors, and practices that are contrary to our institutional policies.
The Internal Ombudsman’s Office is charged with addressing interpersonal conflicts and interest conflicts in the working environment involving the management members and employees of Itaú Unibanco, including suppliers and partners. This is an independent channel that has full autonomy within the Organization, reporting directly to the CEO’s Office.
The channel handles various situations depending on the conflict stage, complexity, and risks involved. Case analysis is conducted exclusively by the channel, and decisions are made independently based on organizational guidelines documented in institutional policies.
At the end of the process, the Ombudsman monitors and contacts the involved parties for several months after the investigation to mitigate potential retaliation actions, assess the area’s climate, and evaluate the effectiveness of recommended actions, reinforcing trust in the channel and encouraging open communication.
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6D.Employees
We had 92,470 employees as of December 31, 2025 compared to 96,219 employees as of December 31, 2024.
The following tables show the total number of employees as of December 31, 2025, 2024 and 2023, segmented by region (Brazil and abroad) and operating unit:
Employees (Brazil and abroad)As of December 31,Variation
2025202420232025-20242024-2023
In Brazil82,69386,22885,855(3,535)(4.1%)3730.4 %
Abroad9,7779,9919,847(214)(2.1%)1441.5 %
Argentina (1)--12-— %(12)(100.0)%
Chile4,6704,7204,653(50)(1.1%)671.4 %
Colombia1,8992,1742,178(275)(12.6)%(4)(0.2)%
Uruguay1,2771,2751,24220.2%332.7%
Paraguay1,3541,2521,1921028.1%605.0%
Europe27126325683.0%72.7%
Other306307314(1)(0.3)%(7)(2.2)%
Total92,47096,21995,702(3,749)(3.9%)5170.5 %
1)We continue to serve local and regional corporate clients, as well as individuals from the wealth and private banking segments, through our international units and the representative office of Itaú Unibanco S.A. in Argentina.

Employees (by operating unit)As of December 31,Variation
2025202420232025-20242024-2023
Whosale19,88120,14719,607(266)(1.3%)5402.8 %
Retail49,07951,70252,997(2,623)(5.1)%(1,295)(2.4)%
Technology (1)
17,03417,49816,005(464)(2.7%)1,4939.3 %
Support Areas (2)
6,4766,8727,093(396)(5.8)%(221)(3.1)%
Total92,47096,21995,702(3,749)(3.9%)5170.5 %
1)Includes 2.787 ZUP employees
2)Includes: Human Resources, Audit, Corporation, Finance, Operations, Risks and Marketing

Labor Relations
We have a permanent channel for dialog throughout the year with the labor unions representing the employees in their various professional categories. We hold several meetings with labor unions to discuss relevant themes, matters relating to Itaú Unibanco and workplace safety and promote a good organizational climate. We also meet to discuss specific collective bargaining agreements, such as those related to profit-sharing (participação nos lucros e resultados) time-tracking systems, and work-hour compensation, schemes, among others.
With respect to labor relations, we acknowledge labor unions as legitimate representatives of our employees. We guarantee our employees’ rights to freedom of association as well as the absolute freedom for employees to take part in labor union activities. We acknowledge the rights and prerogatives of those elected to executive positions within unions pursuant to the Brazilian Labor Law and the collective agreements for each professional category to which we are a party. We have 1,014 active employees with roles in the various boards of labor unions. As set forth in the collective labor agreement for bank employees, 457 individuals work full time for these union entities. In addition, we allow unions to hold membership campaigns and, when requested, to hold meetings between union entities, our managers and employees, thus supporting the promotion of negotiated solutions in a respectful manner and in line with ethical principles.
We emphasize that all activities within the scope of the relationship with trade unions are conducted with a focus on the search for the best scenario in innovation and problem solutions for both parties, always prevailing through dialogue and negotiation, with the objective of minimizing possible differences of opinion and conflicts involving our employees.
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At Itaú Unibanco, all employees are covered by collective labor agreements which guarantee rights, not only those granted under the labor legislation but also other benefits which may be granted to our employees on a one-off basis in accordance with our internal human resources policies. Collective labor agreement rules, as well as other alterations and adjustments to internal norms that affect the routine of employees or modify their rights are widely disclosed by the company’s various means of communication. Among such means are e-mail, videos, electronic media, advertising totems and our corporative portal (where human resources policies are detailed in our personnel regulations). In addition, employees have a call center at their disposal for assistance with any inquiries.
In the last years, the banking sector has not faced strikes or significant interruptions in its operations.
6E.Share Ownership
As of December 31, 2025, our board of directors and our board of officers directly owned an aggregate amount of 0.614% common shares and 0.843% preferred shares. Except for the shares indirectly owned by our controlling stockholders (through their participation in IUPAR and Itaúsa), the members of our board of directors and our board of officers, on an individual basis and as a group, beneficially owned less than 1% of our common shares and less than 1% of our preferred shares as of December 31, 2025.
6F.Disclosure of a Registrant’s Action to Recover Erroneously Awarded Compensation
Not applicable.
ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS
7A.Major Shareholders
Main Shareholders
We are controlled by IUPAR, which is jointly controlled by Itaúsa and Cia. E. Johnston. Itaúsa is controlled by members of the Egydio de Souza Aranha family (which comprises the Setubal and Villela families), and Cia. E. Johnston is controlled by members of the Moreira Salles family.
Except for the shares indirectly owned by our controlling stockholders (through their participation in IUPAR and Itaúsa), the members of our board of directors and our board of officers, on an individual basis and as a group, beneficially owned less than 1% of our common shares and less than 1% of our preferred shares as of December 31, 2025.
According to Brazilian regulation and as approved by the Central Bank, foreign investors may have a maximum of 30% of our common shares.
The table below presents information on the persons that, to our knowledge, beneficially own at least 5% of our common or preferred shares as of December 31, 2025:
December 31, 2025
StockholdersCommon SharesPreferred SharesTotal
Total Number of Shares% of TotalTotal Number of Shares% of TotalTotal Number of Shares% of Total
IUPAR – Itaú Unibanco Participacões S.A.2,905,107,62951.71%--2,905,107,62926.35%
Itaúsa S.A.2,202,446,15139.21%191,8420.004%2,202,637,99319.98%
BlackRock, Inc (1)
--396,465,1347.33%396,465,1343.60%
GQG Partners LLC--274,551,2295.08%274,551,2292.49%
Others510,189,1979.08%4,737,918,01087.59%5,248,107,20747.59%
Total5,617,742,977100.00%5,409,126,215100.00%11,026,869,192100.00%
1)Share ownership information provided by stockholder.

Note: The number of shares reported in this table does not take into account the stock bonus that occurred in March 2025.
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Cia. E. Johnston, which holds an interest in IUPAR and indirectly controls us, has the following share capital structure: Fernando Roberto Moreira Salles owns 50% of its share capital, and Pedro Moreira Salles and his son, João Moreira Salles, own 44% and 6%, respectively. Cia. E. Johnston’s interest in the share capital of IUPAR remains unchanged.
ADSs Held in Host Country
As of December 31, 2025, 1,271,094,678 ADSs (26.23% of the total outstanding shares of our preferred shares) were outstanding and held by 59 institutional depositary receipts of record. We are aware that many ADSs are held of record by brokers and other nominees, and accordingly the above numbers are not necessarily representative of the actual number of U.S. persons who are beneficial holders of ADSs or the number of ADSs beneficially held by such persons.
IUPAR Stockholders’ Agreement
Itaúsa and Cia. E. Johnston have a stockholders’ agreement that governs their relationship as controlling stockholders of IUPAR and, indirectly, as our controlling stockholders and as controlling stockholders of our subsidiaries. For further information, please, access our Investor Relations website (see - “Menu - Itaú Unibanco - Corporate Governance - Policies - Others - Shareholders Agreement – IUPAR”), which is not incorporated by reference into this annual report.
Transfer of Control and Increase of Interest in the Share Capital
Subject to the provisions of the IUPAR stockholders’ agreement, our bylaws do not contain any provision that is intended to delay, defer or prevent a change in our shareholding control or that would operate only with respect to a merger, acquisition or corporate restructuring of Itaú Unibanco or its subsidiaries. However, according to Brazilian regulation all such transactions must be carried out in accordance with procedures established by the CMN and be previously approved by the Central Bank.
Brazilian legislation provides that acquisition of control of a publicly held company triggers the requirement for the acquiring party to make a tender offer for all outstanding common shares, at a price equivalent to at least 80% of the price per share paid to the controlling stockholders. Additionally, our bylaws establish the same price rule for the holders of our preferred shares. This legislation also requires our controlling stockholders to make a tender offer for all of our shares if they increase their interest in our share capital to a level that materially adversely affects the liquidity of our shares.
7B.Related Party Transactions
Transactions with controllers, joint control and related parties, and key management personnel are required to be conducted on arm’s length terms.
Under Laws No. 4,595/64, No. 7,492/86 and CMN Resolution No. 4,693/18, financial institutions must observe specific terms and conditions when granting credit to:
•its controllers (individuals or legal entities), pursuant to Article 116 of Law No. 6,404/76, as well as their spouses, partners and their direct relatives, in the collateral line or affinity, up to the second degree;
•its officers, managers, and members of statutory or contractual bodies and their respective spouses, partners and direct relatives, in the collateral line or by affinity, up to the second degree;
•individuals with qualified equity interest; and
•legal entities: (i) with qualified equity interest; (ii) in which capital, directly or indirectly, there is qualified equity interest; (iii) in which there is effective operational control or relevance in the deliberations, regardless of equity interest; and (iv) that have an officer or member of the board of directors in common.
CMN Resolution No. 4,693/18 establishes the definition of “qualified equity interest” as a holder that owns 15% or more of the capital of the legal entity for purposes of credit transactions by financial institutions with its related parties.
Also, if a loan is granted, it should (i) be made in the ordinary course of business, (ii) be made on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with other persons, and (iii) not involve more than the normal risk of collectability or present other unfavorable features.
For further details on restrictions on the operations of financial institutions, see “Item 4B. Business Overview—Supervision and Regulation.”
On October 22, 2012, our board of directors approved the Transactions with Related Parties Policy, which is reviewed annually. The definition of related party for the purpose of disclosures in financial statements is provided in the
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Transactions with Related Parties Policy and includes controlling shareholders and entities controlled by or under common control with, us, the directors and officers of these entities, certain family members of such individuals and any entities directly or indirectly controlled by them. The Transactions with Related Parties Policy provides that any transaction involving related parties must be carried out at arm’s length, comply with all practices adopted by our management, be executed in writing, and be clearly disclosed in our financial statements according to the materiality criteria provided by accounting standards.
Any related party transaction or series of transactions within a one-year period that exceeds R$2 million (defined as a “Significant Amount”), except those exclusively involving entities controlled directly or indirectly by us, is analyzed by the Related Parties Committee and reported to our board of directors on a quarterly basis.
Transactions between companies included in the consolidation were eliminated in our audited consolidated financial statements and take into consideration the absence of risk. For further information, see “Note 31 – Related Parties” to our consolidated financial statements.
7C.Interests of Experts and Counsel
Not applicable.
ITEM 8. FINANCIAL INFORMATION
8A.Consolidated Statements and Other Financial Information
The information included in Item 18 of this annual report is contained under the caption “Item 18. Financial Statements” below.
Legal Proceedings
Overview
We are not defendants in any significant administrative proceeding before the CVM, SUSEP, the Central Bank or any municipalities.
Our audited consolidated financial statements only include reserves for probable losses that can be reasonably estimated and expenses related to pending litigation or administrative proceedings, as required by Brazilian law. Our management believes that these provisions, including interest for legal proceedings in which we are defendants, are sufficient to cover probable losses that can be reasonably estimated in the event of unfavorable court decisions. It is not possible to estimate all potential costs or penalties beyond the amounts for which we have reserves. However, we believe that any potential liabilities related to these lawsuits and administrative proceedings will not have a material adverse effect on our business, financial condition or results.
There are no material proceedings in which any of our directors, any member of our senior management or any of our affiliates is either a party adverse to us or to our subsidiaries or has a material interest adverse to us or our subsidiaries.
For further information on the risks arising from these proceedings, see “Item 3D. Risk Factors—Regulatory, Compliance and Legal—We are subject to financial and reputational risks arising from legal and regulatory proceedings.”
For further information and details about the changes in the provisions and respective escrow deposits for legal proceedings and main types of disputes, see “Note 2(c) – Accounting Policies, Critical Estimates and Material Judgments – XII – Provisions, Contingent Assets and Contingent Liabilities” to our consolidated financial statements. The following table sets forth our provisions for such contingencies as of December 31, 2025, 2024 and 2023.
As of December 31,
Provision202520242023
(In millions of R$)
Civil3,152 3,207 3,203 
Labor8,846 8,213 7,821 
Tax proceedings and legal obligations4,400 6,723 6,579 
Other1,393 1,066 2,141 
Total17,791 19,209 19,744 
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Civil Litigation
Litigation Arising from Government Monetary Stabilization Plans
As described in Note 29 to our consolidated financial statements, we are a defendant in lawsuits for the collection of understated inflation adjustment for savings resulting from the economic plans implemented in the 1980s and 1990s by the Brazilian Government as a measure to combat inflation. The STF has issued decisions favorable to holders of savings accounts. In December 2017, representatives of banks and holders of savings accounts entered into a settlement agreement, which was approved by the STF in March 2018. In May 2025, the STF declared the constitutionality of some of the economic plans and reaffirmed the execution of the settlement. STF also extended the agreement’s adhesion deadline for another 24 months.
Other Civil Litigation
In addition to litigation arising from government monetary stabilization plans, we are defendants in numerous civil lawsuits arising in the normal course of our business. We are not able to currently predict the total amounts involved in these claims, due to the nature of the matters disputed. However, we believe that any potential liabilities related to these lawsuits will not have a material adverse effect on our financial condition or results.
Labor Litigation
In 2025, neither us nor our subsidiaries were exposed to any labor liabilities or labor contingencies which individually materially and adversely affected our results. Among labor claims, filed against us including our subsidiaries, there are claims filed by employees, former employees and outsourced service providers.
Labor unions and former employees have also filed labor claims against us, seeking compensation for alleged breaches of employment agreements or rights under the applicable labor laws. As of December 31, 2025, there were 49,302 labor claims filed against us.
The primary claims in labor lawsuits filed by our current and former employees include overtime payments, equal pay, disputes, challenges to our overtime pay assessment methods, and allegations of subsidiary liability for companies within our group (in case of outsourced service providers).
We are also defendants in labor claims filed by the labor prosecution office regarding union classification, outsourcing, occupational diseases and workplace health and safety regulations. For the year ended December 31, 2025, we incurred R$ 2,825 million in direct labor expenses, mainly in settlements and convictions involving former employees, in accordance with the executed agreements and judicial rulings.
Regarding labor claims filed by outsourced service providers, they generally involve allegations of subsidiary liability of the companies within our group.
For further information about labor claims see “Note 2(c) Accounting Policies, Critical Estimates and Material Judgments – XII – Provisions, Contingent Assets and Contingent Liabilities” to our consolidated financial statements.
Tax Litigation

We are a party to certain tax-related disputes, which involve discussions of interpretation of tax rules, in addition to the legality or unconstitutionality of current Brazilian legislation.
We classify tax due as legal liability when the unconstitutionality of the legislation in force is being challenged. Legal liability taxes are accrued regardless of the likelihood of loss.
Tax contingencies correspond to the principal amount of taxes involved in administrative or judicial challenges, with legal adjustments, when applicable. A provision is recognized whenever the chance of probable loss prevails. Below is a summary of our main tax proceedings as of the date of this annual report.
On June 25, 2013, we received a tax assessment notice from the Brazilian tax authorities alleging that we failed to pay R$ 23,480 million of IRPJ (updated as of December 31, 2025) plus accrued penalties and interest, and R$13,609 million of CSLL (updated as of December 31, 2025), plus accrued penalties and interest. This tax assessment notice is in connection with the corporate transaction that led to the association of Banco Itaú Holding Financeira S.A. (“Itaú Holding”) and Unibanco Holdings S.A. (“Unibanco Holdings”) in 2008. On April 10, 2017, the administrative tax court of appeals (Conselho Administrativo de Recursos Fiscais) (“CARF”) issued a favorable decision to us, canceling the tax assessment notice. The Brazilian tax authorities appealed to the Higher Tax Appeals Chamber (Conselho Administrativo de Recursos
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Fiscais) (“CSRF”). As we understand that the CARF decision is final and that there is no possibility of review by the CSRF, we presented a writ of mandamus in order to have a final ruling recognizing the CARF’s first instance decision as final and unappealable. Our injunction and legal ruling were favorable. On February 4, 2026, following an appeal filed by the Brazilian tax authorities, the Brazilian Regional Federal Court for the 1st Region issued a decision in our favor. This decision may be appealed to higher courts within the Brazilian judicial system. We assess the risk of loss in this tax proceeding as remote.
Additionally, on November 14, 2013, we received a tax assessment notice from the Brazilian tax authorities also in connection with the merger between Itaú Holding and Unibanco Holdings for the alleged non-payment of R$ 2,795 million of IRPJ (updated as of December 31, 2025) and R$ 975 million of CSLL (updated as of December 31, 2025), in addition to fines and interest. We had a definitive unfavorable decision issued by the CARF on the administrative level and brought the discussion to the judicial level. In September 2020, the trial court issued a favorable decision to us. As of the date of this annual report, we await the judgment of an appeal filed by the Brazilian tax authorities. We assess the risk of loss in this litigation as remote.
In November 2019, we received a tax assessment notice from the municipality of São Paulo, in the approximate amount of R$ 8,728 million (updated as of December 31, 2025), for the alleged non-payment of municipal tax on services (ISS) in connection with leasing and credit card operations. We defend the illegality of the charges and that the tax was duly collected by the municipality of Poá, in the state of São Paulo. As of the date of this annual report, the case is waiting the production of an expert report on the litigant’s evidence for trial in the lower court. We assess the risk of loss regarding the increased fine as remote and we deem as possible the risk of loss concerning the other issues.
For further information about the changes in the provisions and respective escrow deposits for tax and social security lawsuits and main types of tax disputes see “Note (2c) Accounting Policies, Critical Estimates and Material Judgments – XII – Provisions, Contingent Assets and Contingent Liabilities” to our consolidated financial statements.
Shareholders’ Payment
Our bylaws establish the distribution to stockholders of mandatory dividends equivalent to 25% of our net income calculated for each fiscal year, adjusted by the decrease or increase of amounts related to legal reserve, to reserve for contingencies and to its reversal related to prior years.
The mandatory dividend may be paid as dividends or interest on capital. The payment, crediting, use, or delivery of profits and dividends to individuals resident in Brazil by the same legal entity, exceeding R$50,000 per month, is subject to withholding tax at a rate of 10% on the total amount of the profits or dividends. Profits or dividends paid, credited, delivered, used, or remitted to a beneficiary abroad are subject to withholding tax at a rate of 10%, regardless of the amount, except when the beneficiary is (i) a foreign government and there is reciprocal treatment with the Brazilian government, or (ii) a sovereign wealth fund, pursuant to Article 3, paragraph 5, of Law 11,312/2006, or (iii) a foreign pension fund, in accordance with the regulations of the Special Secretariat of the RFB . Profits or dividends related to results accrued up to December 31, 2025, whose distribution has been approved by December 31, 2025, are not subject to income tax, provided that their payment, credit, use, or delivery occurs under the terms originally stipulated in the approval act.

The payment of interest on capital to stockholders, including holders of ADRs, whether Brazilian residents or not, is subject to withholding income tax in Brazil at a rate of 17.5% or 25% for stockholders resident or domiciled in a tax haven or privileged tax regime. Stockholders who are demonstrably immune or exempt are exempt from this withholding.
The amount paid to stockholders as interest on capital, net of any withholding tax, may be included as part of the mandatory dividend. In such case, we are required to distribute to stockholders an amount sufficient to ensure that the net amount received by stockholders, after the payment by us of applicable withholding taxes in respect of the distribution of interest on capital, is at least equal to the mandatory dividend. For further information see “Item 10E. Taxation.”
Our Stockholder Remuneration Policy, which was approved by our board of directors, establishes the monthly payment of R$0.015 per share as an advance mandatory dividend. The date used as a reference to determine which stockholders are entitled to receive such dividend in Brazil is determined based on the stockholding position registered on the last day of the preceding month. With respect to our ADSs, the date used to determine which stockholders are entitled to receive the monthly dividend will be announced by the depositary bank, JPMorgan Chase Bank, N.A. In both cases, monthly dividends for any given month are paid on the first business day of the following month.
Stockholders may claim the payment of any dividend for a period of three years from the dividend payment date. After this period, we have no responsibility whatsoever for such payment. Stockholders not residing in Brazil must register with the
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Central Bank so that dividends, interest on capital and other share-related amounts can be remitted abroad in foreign currency.
Currently, we pay dividends and interest on capital equivalent to or higher than the mandatory dividends, but this may not continue to happen if our stockholders decide that such distribution is not advisable in view of our financial condition. In this case, if our Fiscal Council is constituted, it must issue an opinion about that decision, and management must present a report to the CVM detailing the reasons for the suspension of the dividend payment. Profits not distributed due to a suspension of the dividend payment must be allocated to a special reserve and, if it is not absorbed by losses in subsequent years, it must be paid as dividends as soon as our financial position so permits.
For information regarding recent amounts paid or provisioned and reserved in stockholder’s equity, dividends and interest on own capital, see “Item 5A. Operating Results—Results of Operations—Year ended December 31, 2025, compared to year ended December 31, 2024.”
For further information see “Note 21(b) – Interest and Similar Expense,” to our consolidated financial statements and “Item 4B. Business Overview—Capital Adequacy and Leverage—Basel III Framework—Implementation of Basel III in Brazil.”
For further information on the payment of dividends to our ADS holders see “Item 12D. American Depositary Shares—ADS Holders’ Payment of Dividends.”
8B.Significant Changes
None.
ITEM 9.THE OFFER AND LISTING
9A. Offer and Listing Details
Our Shares and ADSs
Since 1996, we have been holding meetings with institutional investors in Brazil, the U.S. and Europe to present our governance practices, financial performance and value creation strategy, among other significant issues.
For further information relating to our ADSs see Exhibit 2(d) to this annual report.
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BrazilU.S.
B3 S.A. – Brasil, Bolsa, BalcãoNYSE
Level 1Level 1Level 2
ITUB3ITUB4ITUB
Common SharesPreferred SharesPreferred Shares
American Depositary Shares (ADSs)
Shareholders' rightsADS holder rights
Common sharesPreferred sharesADSs
–Entitle the holder to one vote at our general stockholders' meetings (one share has one voting right) – the voting rights of our controlling stockholders do not differ from the voting rights of other holders of common shares.
–80% tag-along; and
–Preemptive right in the subscription of new shares in any capital increase
–Priority to receive mandatory dividends, in the amount of R$0.022 per share;
–80% tag-along;
–Preemptive right in the subscription of new shares in any capital increase;
–Voting right when the company fails to pay fixed, or minimum, dividends, for the period provided in the company's bylaws, which may never exceed three consecutive fiscal years, until the dividends are paid; and
–The creation of a new class of shares with priority over preferred shares, as well as any change in preference or in right associated with preferred shares, must be approved by at least 50% of common shares and also approved by stockholders representing the majority of preferred shares in a special general meeting.
–Preemptive right in the subscription of new shares in any capital increase.
9B.Plan of Distribution
Not applicable.
9C.Markets
Regulation of the Brazilian Securities Market
According to the Brazilian Corporate Law, a company is considered publicly traded or closely held depending on whether the securities issued by it are accepted for trading in the securities market or not. All publicly held companies, such as Itaú Unibanco, are registered with the CVM, are subject to specific regulations and are also subject to information disclosure and reporting requirements.
Our preferred shares and common shares have been trading on the São Paulo stock exchange (B3) since 1944. Our preferred shares have been traded on the NYSE in the form of ADSs (one ADS represents one preferred share) since February 21, 2002, in compliance with NYSE and SEC requirements. ADS holders have no stockholder rights, which are governed by Brazilian Corporate Law. The depositary is the holder of the preferred shares underlying the ADSs. Holders of ADSs have ADS holder rights.
Disclosure Requirements
Under CVM rules, publicly traded companies are subject to disclosure requirements and rules governing the use of material information. Any decision that may reasonably influence the price of the securities issued by a publicly held company or the decision of investors to buy, sell, or hold these securities, is considered material. The CVM improved the quality of the information that must be presented in periodic filings by securities issuers by requiring such issuers to file a “Reference Form” with the CVM. This form was modeled after IOSCO’s shelf registration system in gathering all of the issuer’s information in a single document. Since 2018, the publicly held companies, such as us, have to present a form about a “Brazilian Corporate Governance Code” in the “apply or explain” format.
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Trading on the B3
B3 is a publicly traded corporation. Beginning in April 2000, the Brazilian stock exchanges were reorganized through the execution of protocols of intention by the Brazilian stock exchanges. Until April 2004, all shares underlying securities were traded only on the B3, with the exception of privatization auctions, which occurred on the Rio de Janeiro Stock Exchange. In May 2004, the Rio de Janeiro Stock Exchange reopened for the trading of certain Brazilian Government securities.
Until May 2019, if an investor were to trade in our shares on the B3, the investor’s trade would settle in three business days after the trade date. The seller was ordinarily required to deliver the shares to the exchange on the third business day following the trade date. As of May 27, 2019, the trade is settled in 2 business days after the trade date. Delivery of and payment for shares are made through the facilities of the Central Depository of B3.
In order to keep our securities listed on the B3, we are required to comply with the provisions of the B3’s Issuers Regulations (Regulamento de Emissores), which establishes technical and operational procedures and criteria applicable to companies that have securities listed on the B3. The recent version of the B3’s Issuers Regulations came into effect on August 19, 2023.
On December 3, 2024, the Central Bank and the CVM issued Joint Resolution No.13, which revoked CMN Resolution No. 4,373/14 and regulated non-resident investment in the financial and the securities markets. For more information on the changes introduced by the new rule, see “Item 4B. Business Overview––Investments by Non-Resident Holders.”
For information on the changes introduced by Joint Resolution No. 13, see “Item 4B. Business Overview––Investments by Non-Resident Holders.”
For a description of certain tax benefits extended to non-Brazilian holders who qualify under Joint Resolution No. 13, see “Item 10E. Taxation––Brazilian Tax Considerations—Income Tax for Non-Resident Holders––Taxation of Gains.”
Corporate Governance Practices of B3
In 2000, B3 introduced three special listing segments known as Level 1 and Level 2 of Differentiated Corporate Governance Practices and “Novo Mercado” with the purpose of stimulating the market of securities issued by Brazilian companies listed on B3, encouraging these companies to follow good corporate governance practices. B3 subsequently introduced two new segments called “Bovespa Mais” and “Bovespa Mais Nível 2,” specifically for small- and medium-scale companies. The listing segments were designed for the trading of shares issued by companies that voluntarily commit themselves to follow corporate governance practices and disclosure requirements beyond those required by Brazilian legislation. These rules generally increase shareholders’ rights and increase the quality of the information made available to shareholders. Newly amended rules for Levels 1 and 2 of Differentiated Corporate Governance Practices for the “Novo Mercado” listing segment of the B3 came into effect in February 2023.
To become a “Level 1” company, such as us, the issuer must agree to the following requirements, in addition to those imposed by applicable law: (i) ensure that shares that represent at least 20.0% of its total capital are actually available for trading; (ii) adopt offering procedures that favor the widespread ownership of the shares whenever a public offer is made; (iii) comply with minimum standards for quarterly disclosure; (iv) follow stricter disclosure policies for transactions done by its controlling shareholders, members of its board of directors and officers that involve securities issued by the issuer; (v) submit any existing shareholders’ agreement and stock option plans to B3; and (vi) prepare a schedule of corporate events and make it available to the shareholders.
To become a “Level 2” company, the issuer must agree to the following requirements, in addition to those imposed by applicable law: (i) comply with all Level 1 listing requirements; (ii) grant tag-along rights to all shareholders in case the company’s control is transferred, offering to common shareholders the same price paid per share for the controlling block of common and preferred shares; (iii) give holders of preferred shares voting rights for decisions on certain corporate restructurings and related-party transactions, such as: (a) conversions, acquisitions, mergers or splits; (b) approval of any transactions between the company and its controlling shareholder, if such decisions are within the competence of the general meeting; (c) valuation of assets to be used for payment of a share capital increase; (d) selecting an institution or specialized company to determine the economic value of the company; and (e) any alterations to these voting rights that will prevail as long as the agreement to adhere to the B3’s “Level 2” segment is in force; (iv) the board of directors must be made up of at least five members, of which at least a minimum of 20.0% shall be independent members with a term of office limited to two years, and reelection is permitted; (v) prepare financial statements in English, including the statement of cash flows, according to international accounting standards such as U.S. GAAP or IFRS; (vi) effect a tender offer by the company’s controlling shareholder (the minimum price of the shares to be offered shall be determined by an assessment process), if the controlling shareholder decides on the delisting from the “Level 2” segment; and (vii) exclusively adopt the B3 “Arbitration Board” rules for resolving any conflicts between the company and its investors.
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To join B3’s “Novo Mercado” segment, an issuer must meet all requirements described in “Levels 1 and 2,” including the issuance of common shares only (with voting rights) and granting tag-along rights to all shareholders in case the company’s control is transferred, offering the same price paid per share for the controlling block of shares.
In 2001, we executed an agreement with B3 to list our shares in the Level 1 segment, effective immediately after the disclosure of the offer’s opening date in Brazil. We agreed to comply with and continue to comply with all of the Level 1 listing requirements.
9D.Selling Shareholders
Not applicable.
9E.Dilution
Not applicable.
9F. Expenses of the Issue
Not applicable.
ITEM 10. ADDITIONAL INFORMATION
10A.Share Capital
Not applicable.
10B.Memorandum and Articles of Association
Below is certain information concerning our capital stock and a summary of certain significant provisions of our bylaws and Brazilian Corporate Law. This description does not purport to be complete and is qualified by reference to our Bylaws and to Brazilian Corporate Law.
Corporate Purpose
We are organized as a publicly held corporation for an indefinite term under the laws of Brazil. Our head offices are located at Praça Alfredo Egydio de Souza Aranha, 100, 04344-902, São Paulo, SP, Brazil and our telephone number is +55 (11) 2794-3547. We are primarily governed by Brazilian Corporate Law and our bylaws. Our CNPJ is 60.872.504/0001-23, and we are registered with the São Paulo Commercial Registry (Junta Comercial do Estado de São Paulo) under NIRE 35300010230.
Our corporate purpose, as set forth in Article 2 of our bylaws, is (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 customer loyalty programs by virtue of relationships with the Company; (iii) the implementation and management of payment arrangements; (iv) the implementation of customer 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, dissemination materials and outlets; and (vi) all other activities required and/or complementary to achieve its purposes.
Our agent for service of process in the U.S is the general manager of our Miami branch, which is located at 200 South Biscayne Boulevard, Suite 2200, Floor 22, Miami, FL – 33131.
Adoption of Cumulative Voting
Under Brazilian Corporate Law and CVM’s regulation, our stockholders that represent at least 5% of share capital with voting rights may demand a cumulative voting process up to 48 hours before a general stockholders’ meeting. Each share entitles the stockholder to a number of votes equal to the number of board member seats being elected. Each stockholder has the right to concentrate votes in one candidate or distribute them among several candidates. The presiding officer must inform the stockholders in advance about the number of votes required for the election of each member of the board of directors.
Whenever the board of directors is elected through the cumulative voting process, and common or preferred stockholders exercise their right to elect one director, the controlling stockholder will have the right to elect a number of directors equal to those elected by the other stockholders, plus one. This applies regardless of the total number of directors established in our bylaws, ensuring that the controlling stockholder maintains a majority on the board.
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Preemptive Right, Capital Increase and Payment for Subscribed Shares
Each stockholder has the preemptive right to subscribe for shares in any capital increase, in proportion to his equity interest, except in specific cases, in compliance with Brazilian Corporate Law.
Our bylaws authorize the board of directors to increase our capital stock up to a limit of 13,176,900,000 shares, of which 6,588,450,000 must be common shares and 6,588,450,000 preferred shares (authorized capital). Up to the limit of our authorized capital, shares may be issued without considering our stockholders preemptive rights if it is made: (i) for sale on a stock exchange; (ii) by public subscription; and (iii) in exchange for our shares at a public offering for acquisition of our control. Regardless of this provision, all increases in capital stock must be ratified by stockholders and approved by the Central Bank.
After the approval of the capital increase by the Central Bank, stockholders must pay the amount corresponding to subscribed shares under the terms established in the subscription documentation in connection with that capital increase. A stockholder that fails to make payments under the terms of the subscription documentation will be deemed to be in default in accordance with Brazilian Corporate Law.
Brazilian legislation does not provide for liability in capital calls. Therefore, the ownership interest of our stockholders may be diluted if they decide not to exercise their preemptive rights to subscribe shares in cases of capital increase.
Form and Transfer
Our shares are book-entry and Itaú Corretora de Valores is our bookkeeping service provider. Therefore, the shares issued by us are to be kept in deposit accounts, under the investor’s name.
As an alternative, the investor may also deposit shares in the B3 via a custodian institution authorized by the CVM. In such case, the B3, as central depositary, holds the shares under its name but controls the ownership of the securities through a structure of deposit accounts kept under the investors’ name. There is no distinction in the rights and obligations of stockholders, regardless of whether their shares are deposited with a broker-dealer or with B3.
Redemption and Withdraw Rights
Our common shares and our preferred shares are not redeemable, except upon delisting. Pursuant to Brazilian Corporate Law, however, the approval of certain matters entitles a dissenting stockholder to withdraw from the company, such right expiring 30 days after publication of the minutes of the applicable stockholders’ meeting. This withdrawal may occur under certain conditions upon reimbursement of the value of such holder’s shares, calculated based on criteria set forth under Brazilian Corporate Law. Also, in accordance with Brazilian Corporate Law, we are entitled to reconsider any resolution that gives rise to a withdrawal within ten days following the expiration of the withdrawal period, if such exercise of withdrawal rights jeopardizes our financial stability.
Withdrawal rights are not available to stockholders whose shares have liquidity and are actively traded in the stock market in cases of merger or takeover or in case the company elects to take part in a group of companies.
Common and preferred shares should be reimbursed upon cancellation of their registration at their value, calculated based on the criteria set forth under Brazilian Corporate Law. If the resolution that gave rise to withdrawal rights was approved more than 60 days after the date when the last balance sheet was approved, the stockholder may demand that his shares be redeemed at a value based on a new balance sheet, dated up to 60 days after the date of the general meeting.
Dividend Rights
For a description of dividend rights, see “Item 8A. Consolidated Statements and Other Financial Information—Shareholders’ Payment.”
Threshold above which Shareholder Ownership must be Disclosed.
Brazilian regulations require that any person or group of persons representing the same interest that has directly or indirectly acquired an equity exceeding, whether upwards or downwards, the thresholds of 5%, 10%, 15%, and so forth, of any type or class of shares of a publicly traded company must disclose its share ownership to the CVM and to Brazilian stock exchanges. Any subsequent increase or decrease in ownership of any type or class of shares reaching these thresholds must be similarly disclosed.
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Directors’ and Executive Officers’ Role and Conflict of Interests
Brazilian Corporate Law imposes on the members of the board of directors and officers the duty of diligence during the performance of their functions, as well as the duty of loyalty to the company, besides prohibiting members of the board of directors and the officers from: (i) receiving any type of direct or indirect personal advantage from third parties, by virtue of the position occupied, without authorization in the bylaws or from a shareholders’ meeting; (ii) taking part in any corporate transaction in which he or she has an interest that conflicts with our interest or in the decisions made by other directors on the matter; (iii) use any commercial opportunity which may come to his or her knowledge, by virtue of his or her position, for his or her own benefit or that of a third party, whether or not harmful to the company; (iv) fail to exercise or protect the company’s rights or to take advantage of a commercial opportunity of interest to the company, in seeking to obtain advantages for himself or herself or for a third party; and (v) acquire for resale with profit property or rights which he or she knows the company needs or which the company intends to acquire.
As a financial institution, we are subject to certain limitations set forth by Law No. 4,595/64, as amended by Law 13,506/17, as well as related regulations.
Finally, our policy for transactions with related parties also sets forth procedures to be followed by managers involved in such transactions, and when other potential conflicts of interest may arise.
Maximum Age Limit for Election as Board member
Our bylaws provides that no individual who is 70 years or older on the date of its election may be elected as a member of the board of directors and no individual who is 73 years or older on the date of its election may be elected as Chairman or Co-Chairman of the board of directors.
General Stockholders’ Meetings
General stockholders´ meetings can be held at the first call with the attendance of stockholders representing at least one fourth (1/4) of the voting capital (common shares), in accordance with the Brazilian Corporate Law.
Extraordinary general stockholders´ meetings can be held at the first call with the attendance of stockholders representing at least two-thirds (2/3) of the voting capital (common shares), in accordance with Brazilian Corporate Law.
In case of insufficient quorum at the first call, a new call by convening notice will be disclosed on a timely basis, and the meeting will be held at least 8 days after a new convening notice is published. This meeting will be held at second call with any number of stockholders holding common shares.
Stockholders attending general meetings must prove that they are holders of shares with voting rights, as set forth in the Brazilian Corporate Law. Our shareholders may be represented by a proxy, pursuant to article 126 of Law 6,404/76, provided that the proxy must send his/her identity document and the documents listed below proving the validity of his/her power of attorney (we request that documents produced abroad are consularized or apostilled and accompanied by the respective sworn translation). We clarify that the representative of a legal entity shareholder does not need to be a shareholder, company manager or lawyer.
The CVM establishes rules for remote participation and voting in general meetings of publicly held companies. Accordingly, we have put in place the necessary structure to allow our shareholders to participate and vote remotely at general meetings. For this purpose, our shareholders must follow the voting procedures disclosed by us in the call notice for the relevant general meeting.
Our Governance
Our Governance Structure
The main goal of our corporate governance is to create an efficient set of incentive and monitoring mechanisms to ensure that management members are always aligned with our stockholders’ best interests in a sustainable way. In order to achieve this goal, we have set up decision-making bodies and institutionalized procedures to align management with our meritocratic, performance-focused and long-term value-creation culture.
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The three main pillars of our corporate governance structure are:
IUPAR (Itaú Unibanco Participações)
-Alignment of shareholders' interests;
-Itaú Unibanco Group’s vision, mission and values;
-Significant mergers and acquisitions;
-Performance evaluation and admission of family members; and
-Discussion and approval of the long-term strategy.
Family Control
With a long-term strategic vision
Itaú Unibanco Board of Directors
-Definition and monitoring of the company's strategy;
-Mergers and acquisitions;
-Monitor the Executive Committee's performance;
-Nomination of officers (meritocracy);
-Budget approval;
-Definition and monitoring of incentive and compensation models and goal settings;
-Supervision of the technologies strategy;
-Definition of the meritocracy policies; and
-Business operation supervision.
Value Creation
Strategy definition
Executive Committee
- Implementation of Board of Director's guidelines and goals;
-Business operation and strategies for products and segments;
-Ensure better allocation and management of financial, operational and human resources;
-Monitoring of market, credit and operational risks; and
-Create value for our shareholders and stakeholders.
Professional management
Strategy and day-to-day management implementation
Our Policies
We adopt policies in order to formalize and consolidate existing structures to protect the interests of our employees, management members and stockholders, as well as promote our culture and values, always seeking to run business in an ethical and transparent manner, preventing and fighting fraud and illegal acts and ensuring our business sustainability.
Below we present the main documents related to our corporate governance, including our bylaws, as approved by our board of directors.
•Bylaws: establishes our principles and rules of operations, such as the definition of our corporate purpose, composition of capital stock, responsibilities of statutory bodies, appropriation of net income, and our listing segment in stock exchanges, among others.
•Internal Charters: we have internal charters that regulate the operation of our board of directors, board of directors Committees, board of officers and Fiscal Council, in conformity with applicable legislation and best corporate governance practices.
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•Policy for the Nomination and Succession of Members of the Board of Directors, Committees Reporting to the Board of Directors and the Board of Officers: this policy establishes minimum requirements for the nomination and succession of members to the board of directors, board of directors’ committees and our board of officers.
•Code of Ethics and Conduct: applies to all of our employees, members of the board of directors and officers and is based on principles that support an organizational culture focused on the enhancement of people, strict compliance with rules and regulations and continuous development.
•Policy for Trading our Securities: the purpose of this policy is to establish guidelines and procedures to be followed by us and bound persons, to ensure transparency in the trading of our securities by all interested parties, without privileging some to the detriment of others.
•Transactions with Related Parties: the purpose of this policy is to establish rules and consolidate procedures to be followed in related party transactions, ensuring equality and transparency and as such, ensuring stockholders, investors and other stakeholders that we are in compliance with best corporate governance policies.
•Corporate Policy and Procedure Disclosure of Material Information: this policy addresses the public disclosure of material information and the requirement to keep such information confidential until disclosed in accordance with applicable rules.
•Relationship Policy with Public Officials and Contracting with Bodies, Entities and Companies of Public Administration: this policy guides the relationship with public officials and public entities with respect to our institutional interests and the financial system in general, in an organized manner.
•Corporate Governance Policy: this policy consolidates the Corporate Governance principles and practices adopted by us so that they can be disseminated throughout our company.
•Anti-Corruption Corporate Policy: the purpose of this policy is to establish rules for avoiding conflicts of interests in processes related to donations and sponsorship and in relationships with clients, suppliers and partners, in the public and private sectors, and also to establish guidelines and procedures to prevent and combat corruption, such as training, communication, consultation and complaint channels.
•Clawback Policy: the purpose of this policy is to establish rules on the recovery of erroneously awarded incentive-based compensation to the members of our Executive Committee in case of a restatement, as defined therein.
Our Practices
Given that our shares have traded on the São Paulo Stock Exchange (currently B3) since 1944 and our ADSs have traded on the NYSE since 2002, we are required to comply with the rules of the CVM, the B3, the SEC and the NYSE.
The following timeline illustrates the main Corporate Governance practices adopted over recent years:
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Timeline-EN-060326.jpg
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Management Structure
Our management is structured to ensure that matters are extensively discussed and decisions are made on a collective basis. The information below concerns our management bodies, their main duties and composition:
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DutiesComposition
General Stockholder’s Meetings
Brings stockholders together, either on an ordinary or extraordinary basis, through a convening notice as set forth by law.
Annual General Stockholders' Meeting: Held within the four months following the end of the fiscal year, to resolve upon the financial statements and the distribution and allocation of profits, payout of dividends and election and removal of members of the board of directors, among others.
Extraordinary General Stockholders' Meeting: Held whenever corporate interests so require and for matters outside the exclusive responsibility of the Annual General Stockholders’ Meeting.
The Annual General Stockholders' Meeting is open on first call with the attendance of stockholders representing at least 25% of voting capital. Any amendments to the bylaws should be resolved at an Extraordinary Stockholders’ Meeting, which will be open on first call with the attendance of stockholders representing at least two thirds (2/3) of the voting capital.
Our meetings are held with a quorum representing approximately 90% of our voting capital.
Fiscal CouncilA body that operates independently from our management, external auditors and Audit Committee. It supervises the activities of our management, examines and opines on our financial statements, among other duties established by Brazilian law.Composed of 3 to 5 members elected annually by our stockholders, one of whom elected by minority preferred stockholders.
Board of DirectorsResponsible for establishing our general business guidelines, including for our subsidiaries, and holds ordinary meetings eight times per year and extraordinary meetings when necessary.Composed of 13 members, elected annually, all non-executive, and 7 are deemed independent. The appointment, election and removal of the board members are carried out in accordance with our bylaws, which provide for the ineligibility of persons who have reached the age of 70 for the position of member of the board of directors and the age of 73 for the position of Chairman or Co-Chairman.
Board of OfficersResponsible for implementing the guidelines proposed by the board of directors. Officers manage our daily business activities, ensuring the best allocation and management funds to accomplish the goals we have set.
According to the most recent update to our Bylaws, which is still subject to approval by the Central Bank of Brazil, the Board of Officers is composed of 5 to 60 members. Members are elected annually by the board of directors. Each member elected must be approved by the Central Bank. According to Brazilian law, an officer retains their position until they are reelected, or a successor takes its place.
Disclosure and Trading CommitteeResponsible for managing the Policy for the Disclosure of Material information and the Policy for Trading our Securities; carrying out internal actions intended to improve the information flow;
promoting the ethical conduct of our management members and employees; Ensuring transparency, quality, equality and security of the information provided to our stockholders, investors and other capital market players.		Composed of members of our board of directors, members of our board of officers or of any other of our subsidiaries and/or company of the Itaú Unibanco Group, experts in the capital markets area; and the investor relations Officer (a permanent member of the Disclosure and Trading Committee).
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10C.Material Contracts
None.
10D.Exchange Controls
Individuals or legal entities domiciled outside Brazil may own our stock through ADSs negotiated in a U.S. Exchange or through direct investments in the Brazilian Market.
However, in case of direct investments in the Brazilian Market, to convert dividend payments and proceeds from the sale of our shares in the Brazilian Market into foreign currency and to remit such amounts abroad is subject to compliance with requirements of Brazilian foreign investment and foreign currency legislation. This legislation generally requires, among other things, evidence that establishes the legality, the legitimacy and the economic validity of the exchange operation and that the relevant investment was reported to the Central Bank and the CVM, as applicable.
In case the investment in our stock is made through ADS, the ADS holders benefit from the electronic certificate of foreign capital registration obtained in Brazil by the custodian of the preferred shares underlying the ADSs, which permits the depositary bank to convert dividends and other distributions with respect to the preferred shares underlying the ADSs into foreign currency and remit the proceeds abroad.
The Foreign Exchange Law, which was issued in December 2021 and came into force on December 31, 2022, granted to the Central Bank the capacity to regulate foreign investments. Also, on December 31, 2022, Central Bank Resolution No. 278 was published, establishing applicable rules regarding foreign direct investments and granting of loans to foreign investors, as well procedures related to reporting requirements to Central Bank of said transactions, which were previously subject to registration under the Electronic Declaratory Registration System. In 2024, the Central Bank and CVM issued Joint Resolution No. 13, which entered into effect on January 1, 2025, updating the rules applicable to the investments in the Brazilian Financial and Capital Markets. These new rules provide for investments and reporting obligations.
In case the investment in our stock is made directly in Brazil through a private transaction, such investment shall be reported to the Central Bank as a foreign direct investment through the SCE-IED when the transaction exceeds U.S.$100,000. SCE-IED for investments over U.S.$100,000 enables non-resident investors to hold stocks, although it limits the ability of the investor to negotiate such stocks in the Brazilian stock market.
Alternatively, the investment in our stock can be made directly on the Brazilian regulated securities markets, which entitles certain foreign investors to invest not only in listed stocks, but also in other financial assets and securities, and to engage in a variety of transactions available in the Brazilian financial and capital markets, provided that certain requirements of the regulation are fulfilled.
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10E.Taxation
Taxation Considerations for ADS Holders
This summary is based upon tax laws of Brazil and the U.S. in effect as of the date hereof, and contains a description of the main Brazilian and U.S. federal income tax considerations regarding the acquisition, ownership and disposition of our preferred shares or ADSs, but it does not purport to be a comprehensive description of all the tax considerations that may be relevant to these matters, considering that laws are subject to change and to differing interpretations (possibly with retroactive effect). Although there is no income tax treaty between Brazil and the U.S. in place, the tax authorities of the two countries have agreed in applicable provisions of reciprocal tax treatment as to compensation of tax withheld at the source country in the residence country. No assurance can be given, however, as to whether or when a treaty will enter into force or how it will affect a U.S. holder of our preferred shares or ADSs.
Prospective purchasers of our preferred shares or ADSs should consult their own tax advisors as to the tax consequences of the acquisition, ownership and disposition of our preferred shares and securities, such as ADSs, including, in particular, the effect of any non-U.S., non-resident, state or local tax laws.
INVESTORS ARE STRONGLY ADVISED TO CONSULT THEIR OWN TAX ADVISORS AS TO BRAZILIAN TAX CONSIDERATIONS RELATING TO THE PURCHASE, OWNERSHIP AND DISPOSITION OF OUR PREFERRED SHARES OR ADSs CONSIDERING THEIR PARTICULAR FACTS AND CIRCUMSTANCES, AS WELL AS THE EFFECT OF ANY NON-BRAZILIAN TAX LAWS.
Brazilian Tax Considerations
The following discussion summarizes the main Brazilian tax consequences related to the acquisition, ownership and disposition by holders that do not reside in Brazil (“Non-Resident Holders”) of our preferred shares or ADSs.
Non-Resident Holders Resident or Domiciled in Tax Haven Jurisdictions
Under Brazilian tax laws, as regulated by Law 9,430, dated December 27, 1996 (“Law No. 9,430/96”), as amended by Law 14,596, dated June 14, 2023 (“Law 14,596/23”), a “tax haven” is defined as a country or location (a) that does not impose any income tax or where the maximum income tax rate is 17% (b) where the local legislation imposes restrictions on disclosure regarding shareholder composition or investment ownership. A list of current tax haven jurisdictions has been published under Normative Instruction No. 1,037, dated July 4, 2010 (“IN 1,037/10”). Non-Resident Holders resident or domiciled in tax haven jurisdictions may be subject to withholding tax in Brazil at higher rates than Non-Resident Holders not resident or domiciled in tax havens, as described below.
Additionally, the concept of “privileged tax regime” is defined by Law No. 9,430/96, as amended by Law 14,596/23, which is defined as a tax regime that (i) does not tax income or taxes it at a maximum rate lower than 17%; (ii) grants tax benefits to non-resident entities or individuals (a) without the requirement to carry out substantial economic activity in the country or dependency or (b) contingent to the non-exercise of substantial economic activity in the country or dependency; (iii) does not tax or that taxes income generated abroad at a maximum rate lower than 17%; or (iv) does not provide access to information related to shareholding composition, ownership of assets and rights, or economic transactions carried out. The concept of current “privileged tax regime” should apply only for the purposes of Brazilian transfer pricing rules and thin capitalization rules and does not imply in a higher rate of withholding tax on income and capital gains earned by Non-Resident Holders. Please note that the entities currently deemed as privileged tax regimes by the Brazilian tax authorities are listed on the applicable tax regulation. Furthermore, as included by Article 38 of Law No. 15,079, dated December 27, 2024, the qualification of a country or dependency with favorable taxation or privileged tax regime, which results exclusively from the non-taxation of income at the maximum rate of 17%, may be exceptionally waived for countries that significantly promote national development through substantial investments in Brazil, as regulated by Decree No. 12,226, dated October 18, 2024.
Notwithstanding the above, we recommend that you consult your own tax advisors regarding the tax aspects applicable to tax havens and countries with privileged tax regimes.
Income Tax for Non-Resident Holders
Law No. 13,259 enacted on March 16, 2016, increased the flat 15% rate of the income tax levied on capital gains derived by individuals, certain corporations and foreign investors (individuals and corporations) as a result of the disposal of assets and rights in general exceeding R$5 million, by adopting a system of progressive rates that may reach a 22.5% tax rate (for positive results exceeding R$30 million). Since capital gains arising from transactions executed through a securities exchange located in Brazil are subject to specific tax rules, which are not included under the scope of Law No. 13,259, it is
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possible to sustain the position that the provisions of this rule should not apply to such transactions, which would lead to the application of a 15% fixed rate. This rule applies since January 1, 2017. If the stockholder is a resident of or domiciled in a tax haven jurisdiction, the capital gains are subject to the withholding income tax at a 25% rate, while gains arising from transactions executed through a securities exchange in Brazil would generally be subject to a 15% withholding income tax. Capital gains ascertained in the sale of variable-income securities in the stock exchange by a foreign investor that is not resident or domiciled in a tax haven jurisdiction should be exempt from taxation.
Taxation of Dividends
Law No. 15,270, published on November 27, 2025, introduced new rules governing the taxation of dividends. As of January 2026, the payment, credit, allocation, or delivery of profits and dividends by the same legal entity to the same resident individual in Brazil, in an amount exceeding R$ 50,000.00 within the same month, becomes subject to withholding of the Individual Income Tax at a rate of 10% on the total amount paid. Profits and dividends relating to results accrued up to 2025, whose distribution was approved by December 31, 2025 and is due under applicable civil or corporate law, remain exempt from IRRF, provided that payment, credit, allocation, or delivery occurs under the terms originally established in the act of approval.
The Law further provides that profits and dividends paid by Brazilian legal entities to beneficiaries resident or domiciled abroad are subject to IRRF at a 10% rate, regardless of the amount distributed. The following remain exempt from IRRF: (i) profits and dividends relating to results accrued up to 2025, with distribution approved by December 31, 2025 and due under applicable civil or corporate law, provided payment, credit, allocation, or delivery occurs under the terms originally approved; (ii) amounts paid to foreign governments, provided reciprocity of treatment exists with respect to income earned by the Brazilian Government in such jurisdictions; (iii) payments to sovereign wealth funds; and (iv) payments to foreign entities whose principal activity is the administration of pension or retirement benefit plans.
If the sum of the 10% IRRF and the effective corporate income tax rate in Brazil exceeds the combined nominal rates of IRPJ and CSLL, a tax credit calculated on the amount of profits paid or credited will be granted at the option of the nonresident beneficiary. The specific procedures for exercising this option, as well as the mechanism through which the nonresident will claim the credit, remain subject to further regulation.

For further information on Taxation of Dividends, see “Item 4B Taxes on our operations.”
Taxation of Interest on Capital
Law No. 9,249, dated December 26, 1995 (“Law 9,249/95”), as amended, allows a Brazilian corporation, such as us, to distribute profits as interest on capital (“JCP”) in addition to dividend distributions. Currently, payments of JCP are subject to withholding income tax at a rate of 17.5%, or 25% in the case of a Non‑Resident Holder that is resident or domiciled in a low‑tax jurisdiction. This increase in the withholding tax rate—from 15% to 17.5%—was introduced by Complementary Law No. 224/2025, which came into effect on January 1, 2026.
In addition, the criteria for calculating JCP were recently modified through changes to the wording of Law 9,249/95 introduced by Law 14,789, of December 29, 2023.
Taxation of Gains
Sales or Other Dispositions of ADSs
Gains realized outside Brazil by a Non-Resident Holder from the sale or other disposal of ADSs to another Non-Resident Holder should not be subject to Brazilian taxation. However, according to Law 8,981, dated January 20, 1995 (“Law 8,981/95”), Law No. 10,833, dated December 29, 2003 (“Law 10,833/03”), as amended, and Normative Instruction No. 1,585, dated August 31, 2015 (“IN 1,585/15”) the disposition of assets located in Brazil by a Non-Resident Holder may be exempt from income tax over capital gains, if carried in a Brazilian stock exchange, or subject to Brazilian withholding tax at a 15% flat rate or a progressive rate varying from 15% to 22.5% depending on the kind of investment made into Brazil and the location where the Non-Resident Holder is resident or domiciled (also, a 25% rate may apply if the foreign beneficiary is resident or domiciled in a jurisdiction deemed to be a tax haven for Brazilian tax purposes).
Although the referred Law does not clarify what is considered an asset located in Brazil, ADSs generally should not be considered assets located in Brazil for purposes of such Law, because they represent securities issued and negotiated in an offshore exchange market. It is important to note that even if ADSs were considered assets located in Brazil, Non-Resident Holders not resident or domiciled in tax haven jurisdictions may still apply for exemption from capital gains tax according to Article 81 of Law No. 8,981/95, as amended.
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Conversion of Our Preferred Shares into ADSs
The deposit by a Non-Resident Holder of our preferred shares with the depositary for conversion into ADSs may be subject to Brazilian capital gains tax, as per the position adopted by the tax authorities in Tax Ruling No. 292, dated December 17, 2024, which assessed a scenario involving the conversion of shares into ADRs. In these cases, the positive difference between the average price of such preferred shares and acquisition cost of such preferred shares may be considered taxable capital gains, and therefore subject to income tax. Please refer to “Item 4B. Business Overview––Investments by Non-Resident Holders” for further details.
Non-Resident Holders that are resident or domiciled in tax haven jurisdictions may be subject to capital gains tax at a 25% rate on the sale or transfer of shares outside of the financial and capital markets upon such a conversion or 15% if the sale or transfer of shares is carried at a stock exchange in Brazil in accordance with Law No. 10,833/03 and IN 1,585/15.
Sales or Other Dispositions of Our Preferred Shares
Non-Resident Holders not resident or domiciled in tax haven jurisdictions that register their portfolio according to Joint Resolution No. 13 and Article 79 of Law No. 8,981/95 may benefit from a special capital gains tax exemption available for the sale of securities in the Brazilian stock exchange. On the other hand, sales of shares in the stock exchange that are not registered according to Joint Resolution No. 13 and Article 79 of Law No. 8,981/95 or made outside of Brazilian stock exchanges are generally subject to capital gains tax.
Such special treatment is not applicable to Non-Resident Holders resident or domiciled in tax haven jurisdictions, who are subject to general taxation rules applicable to Brazilian residents on the sale of their investments in the financial markets, notably stock exchanges. In these cases, the tax rate is generally 15%. Instead, if such Non-Resident Holders sell shares outside of the financial and capital markets, the income taxation rate will be of 25%. Any exercise of preemptive rights related to our preferred shares (and in connection with the ADS program) should not be subject to Brazilian taxation. Gains from the sale or assignment of preemptive rights will be subject to the Brazilian income tax according to the same rules applicable to disposition of shares or ADSs.
Tax on Financial Transactions IOF/Exchange (IOF/FX) and IOF/Securities
According to Decree No. 6,306/2007, as amended, Financial Transactions Tax may be levied upon certain foreign exchange transactions.
The acquisition of ADSs and preferred shares in accordance with Joint Resolution No. 13 is currently not subject to IOF/Exchange. However, we note that IOF/Exchange may change via Presidential Decree, with immediate effects.
Since December 24, 2013, pursuant to Decree No. 8,165, the rate of the IOF/Securities tax levied on the assignment of shares traded in the Brazilian stock exchange market to permit the issuance of depositary receipts to be negotiated overseas has been reduced to 0%
Other Brazilian Taxes
There are no Brazilian inheritance, gift or succession taxes applicable to the transfer of ownership or title (ownership without beneficial interest) of our preferred shares or ADSs or the vesting of free beneficial interest of such shares or ADSs outside Brazil by a Non-Resident Holder, except for gift, inheritance and legacy taxes that are levied by some states of Brazil if bestowed in such states of Brazil or abroad when the receiver is resident or domiciled in these states of Brazil. The Brazilian Supreme Court had ruled the imposition of gift, inheritance and legacy taxes unconstitutional when the original owner (e.g., donator) is not resident in Brazil. However, Constitutional Amendment No. 132, of December 21, 2023, established that ITCMD may be collected on donations carried out by non-Brazilian residents or offshore assets inherited by Brazilian residents. ITCMD was regulated by Complementary Law No 227/2026, published on January 14, 2026, establishing general rules and connecting factors to determine the subject/competence of the tax when related to international matters (e.g., domicile of the donor if resident in Brazil). ITCMD is a state-tax, therefore, the evaluation of the impact of these changes shall consider each State's applicable legislation.
There are no Brazilian stamp, issue, registration, or similar taxes or duties payable to Non-Resident Holders of our preferred shares or ADSs
U.S. Federal Income Tax Considerations
The following is a general discussion of certain U.S. federal income tax considerations relating to the purchase, ownership and disposition of our preferred shares or ADSs by U.S. Holders (as defined below) who hold such preferred shares or ADSs as capital assets within the meaning of Section 1221 of the Code. This discussion does not address all of the U.S.
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federal income tax considerations that may be relevant to specific U.S. Holders in light of their particular circumstances or to U.S. Holders subject to special treatment under U.S. federal income tax law, such as banks, insurance companies, retirement plans, regulated investment companies, real estate investment trusts, dealers in securities, brokers, tax-exempt entities, certain former citizens or residents of the U.S., U.S. Holders that hold our preferred shares or ADSs as part of a “straddle,” “hedging,” “conversion” or other integrated transaction, U.S. Holders that mark their securities to market for U.S. federal income tax purposes, certain taxpayers who file applicable financial statements required to recognize income when the associated revenue is reflected on such financial statements, U.S. Holders that have a functional currency other than the U.S. dollar, U.S. Holders that own (or are deemed to own) 10% or more (by voting power or value) of our shares or U.S. Holders that receive our preferred shares or ADSs as compensation. In addition, this discussion does not address the effect of any U.S. state, local or non-U.S. tax considerations, any U.S. federal tax considerations other than income tax considerations (such as estate or gift tax) or any alternative minimum tax considerations.
This discussion is based on the Code, U.S. Treasury regulations promulgated or proposed thereunder and administrative and judicial interpretations thereof, all as in effect on the date hereof, and all of which are subject to change, possibly with retroactive effect, or subject to differing interpretations. This discussion also assumes that each obligation in the deposit agreement and any related agreement will be performed in accordance with its terms.
For purposes of this discussion, the term “U.S. Holder” means a beneficial owner of our preferred shares or ADSs that is, for U.S. federal income tax purposes, (i) an individual who is a citizen or resident of the U.S. (ii) a corporation created or organized in or under the laws of the U.S., any state thereof, or the District of Columbia, (iii) an estate the income of which is subject to U.S. federal income tax regardless of its source, or (iv) a trust (x) with respect to which a court within the U.S. is able to exercise primary supervision over its administration and one or more U.S. persons have the authority to control all of its substantial decisions or (y) that has in effect a valid election under applicable U.S. Treasury regulations to be treated as a U.S. person.
If an entity (or arrangement treated as a partnership for U.S. federal income tax purposes) invests in our preferred shares or ADSs, the U.S. federal income tax treatment of a partner will depend in part upon the status and activities of such entity or arrangement and the particular partner. Any such entity and partners in such entity or arrangement should consult their own tax advisors regarding the U.S. federal income tax considerations applicable to them relating to the purchase, ownership and disposition of such preferred shares or ADSs.
INVESTORS ARE STRONGLY ADVISED TO CONSULT THEIR OWN TAX ADVISORS AS TO THE U.S. FEDERAL, STATE AND LOCAL TAX CONSIDERATIONS RELATING TO THE PURCHASE, OWNERSHIP AND DISPOSITION OF OUR PREFERRED SHARES OR ADSs IN LIGHT OF THEIR PARTICULAR CIRCUMSTANCES, AS WELL AS THE EFFECT OF ANY NON-U.S. TAX LAWS.
Except where specifically described below, this discussion assumes that we are not and will not be a PFIC for U.S. federal income tax purposes. For further information see the discussion under “––Passive Foreign Investment Company Considerations” below.
Treatment of ADSs
A U.S. Holder of ADSs generally will be treated for U.S. federal income tax purposes as the owner of such U.S. Holder’s proportionate interest in our preferred shares held by the depositary (or its custodian) that are represented and evidenced by such ADSs. Accordingly, any deposit or withdrawal of our preferred shares in exchange for ADSs generally will not result in the realization of gain or loss to such U.S. Holder for U.S. federal income tax purposes.
Distributions
A U.S. Holder that receives a distribution with respect to our preferred shares (whether held through ADSs or directly), including payments of JCP as described above under “––Brazilian Tax Considerations––Taxation of Interest on capital,” generally will be required to include the amount of such distribution (without reduction for any Brazilian withholding tax with respect thereto) in gross income as a dividend to the extent of our current or accumulated earnings and profits (as determined for U.S. federal income tax purposes) on the date such U.S. Holder (or the depositary, in the case of ADSs) actually or constructively receives such distribution, and will not be eligible for the dividends received deduction allowed to corporations. A distribution on our preferred shares (whether held through ADSs or directly) in excess of current and accumulated earnings and profits generally will be treated first as a non-taxable return of capital to the extent of such U.S. Holder’s basis in such preferred shares or ADSs, as the case may be, and thereafter as gain from the sale or exchange of such preferred shares or ADSs (which will be treated in the same manner described below under “––Sale, Exchange or Other Disposition of Preferred Shares or ADSs”). We have not maintained and do not plan to maintain calculations of
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earnings and profits for U.S. federal income tax purposes. As a result, a U.S. Holder may need to include the entire amount of any such distribution in income as a dividend.
The U.S. dollar value of any distribution on our preferred shares (whether held through ADSs or directly) made in Brazilian reais generally should be calculated by reference to the exchange rate between the U.S. dollar and the real in effect on the date of receipt of such distribution by the U.S. Holder (or the depositary, in the case of ADSs), regardless of whether the reais so received are in fact converted into U.S. dollars. Such U.S. Holder generally will have a basis in such reais equal to the U.S. dollar value of such reais on the date of receipt. Any gain or loss on a subsequent conversion or other disposition of such reais by such U.S. Holder generally will be treated as ordinary income or loss and generally will be income or loss from sources within the U.S.
Distributions treated as dividends that are received by certain non-corporate U.S. persons (including individuals) in respect of shares of a non-U.S. corporation (other than a corporation that is, in the taxable year during which the distributions are made or the preceding taxable year, a PFIC) that is readily tradable on an established securities market in the U.S. generally qualify for a 20% reduced maximum tax rate (and potentially additional tax discussed below under “Medicare Tax”) so long as certain holding period and other requirements are met. Since the ADSs are listed on the NYSE, unless we are treated as a PFIC with respect to a U.S. Holder in the year prior to the year in which the dividend was paid or the year in which the dividend was paid, dividends received by such a U.S. Holder in respect of the ADSs should qualify for the reduced rate. Based on existing guidance, it is not entirely clear whether dividends received by such a U.S. Holder of our preferred shares in respect of such shares will qualify for the reduced rate, because our preferred shares are not themselves listed on a U.S. exchange. Special rules apply for purposes of determining the recipient’s investment income (which may limit deductions for investment interest) and foreign income (which may affect the amount of U.S. foreign tax credit) and to certain extraordinary dividends. Each U.S. Holder that is a non-corporate taxpayer should consult its own tax advisor regarding the possible applicability of the reduced tax rate and the related restrictions and special rules.
Sale, Exchange or Other Disposition of Preferred Shares or ADSs
Upon a sale, exchange or other taxable disposition of our preferred shares or ADSs, a U.S. Holder generally will recognize gain or loss for U.S. federal income tax purposes in an amount equal to the difference, if any, between the amount realized on such sale, exchange or other taxable disposition and such U.S. Holder’s adjusted tax basis in such preferred shares or ADSs. A U.S. Holder’s adjusted tax basis in such preferred shares or ADSs generally will be its U.S. dollar cost. Any gain or loss so recognized generally will be long-term capital gain or loss if such U.S. Holder has held such preferred shares or ADSs for more than one year at the time of such sale, exchange or other taxable disposition. Certain non-corporate U.S. Holders are entitled to preferential treatment for net long-term capital gains. The ability of a U.S. Holder to offset capital losses against ordinary income is limited.
A U.S. Holder that receives Brazilian reais from the sale, exchange or other disposition of our preferred shares (whether held through ADSs or directly) generally will realize an amount equal to the U.S. dollar value of such reais on the settlement date of such sale, exchange or other taxable disposition if (i) such U.S. Holder is a cash basis or electing accrual basis taxpayer and our preferred shares are treated as being “traded on an established securities market” or (ii) such settlement date is also the date of such sale, exchange or other taxable disposition. Such U.S. Holder generally will have a basis in such reais equal to the U.S. dollar value of such reais on the settlement date. Any gain or loss on a subsequent conversion or other taxable disposition of such reais by such U.S. Holder generally will be treated as ordinary income or loss and generally will be income or loss from sources within the U.S. Each U.S. Holder should consult its own tax advisor regarding the U.S. federal income tax consequences of receiving reais from the sale, exchange or other taxable disposition of our preferred shares in cases not described in the first sentence of this paragraph.
Foreign Tax Credit Considerations
Distributions on our preferred shares (whether held through ADSs or directly), including payments of JCP as described above under “––Brazilian Tax Considerations––Taxation of Interest on Capital ,” that are treated as dividends, before reduction for any Brazilian withholding taxes with respect thereto, generally will be included in the gross income of a U.S. Holder. Thus, such U.S. Holder may be required to report income for such purposes in an amount greater than the actual amount such U.S. Holder receives in cash. Distributions treated as dividends generally will constitute income from sources outside the U.S. and generally will be categorized for U.S. foreign tax credit purposes as “passive category income” or, in the case of some U.S. Holders, as “general category income.” Subject to certain complex limitations and requirements (including a minimum holding period requirement), a U.S. Holder may be eligible to elect to claim a U.S. foreign tax credit against its U.S. federal income tax liability for any such Brazilian withholding taxes. Under current law, gains resulting from a sale or other disposal of our preferred shares or ADSs may be subject to Brazilian income or withholding taxes. A U.S. Holder’s use of a foreign tax credit with respect to any such Brazilian income or withholding taxes could be limited. A U.S. Holder generally may instead claim a deduction for any such Brazilian taxes, but only for a taxable year in which such
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U.S. Holder does not elect to claim a foreign tax credit with respect to all otherwise creditable non-U.S. income taxes paid or accrued by such U.S. Holder in such taxable year. U.S. Treasury regulations impose additional requirements that must be met for the foreign tax to be creditable, but IRS notices provide temporary relief from certain of these requirements if the notice is applied consistently to all foreign taxes paid during the relevant taxable year until the date that a notice or other guidance withdrawing or modifying the temporary relief is issued (or any later date specified in such notice or other guidance). The rules relating to foreign tax credits are complex, and each U.S. Holder should consult its own tax advisor regarding the application of such rules.
Passive Foreign Investment Company Considerations
Special U.S. federal income tax rules apply to U.S. persons owning shares of a PFIC. A non-U.S. corporation generally will be classified as a PFIC for U.S. federal income tax purposes in any taxable year in which, after applying relevant look-through rules with respect to the income and assets of certain subsidiaries, either: at least 75% of its gross income is “passive income,” or on average at least 50% of the gross value of its assets is attributable to assets that produce passive income or are held for the production of passive income.
For this purpose, passive income generally includes, among other things, dividends, interest, rents, royalties, gains from the disposition of passive assets and gains from commodities transactions.
The application of the PFIC rules to banks is unclear under present U.S. federal income tax law. Banks generally derive a substantial part of their income from assets that are interest bearing or that otherwise could be considered passive under the PFIC rules. The IRS has issued a notice (the “Notice”), and has issued two sets of proposed regulations (the “1995 Proposed Regulations” and the “2021 Proposed Regulations” and, together, the “Proposed Regulations”), that exclude from passive income any income derived in the active conduct of a banking business by a qualifying foreign bank (“Active Bank Exception”). The Notice and Proposed Regulations have different requirements for qualifying as a foreign bank, and for determining the banking income that may be excluded from passive income under the Active Bank Exception. Until the Notice and the 1995 Proposed Regulations are withdrawn, taxpayers may rely upon them as alternatives to the 2021 Proposed Regulations.
Based on estimates of our current and projected gross income and gross assets, we do not believe that we will be classified as a PFIC for our current or future taxable years. The determination of whether we are a PFIC, however, is made annually and is based upon the composition of our income and assets (including income and assets of entities in which we hold at least a 25% interest), and the nature of our activities (including our ability to qualify for the Active Bank Exception).
Because final regulations have not been issued and because the Notice and the Proposed Regulations are inconsistent, our status under the PFIC rules is subject to considerable uncertainty. While we conduct, and intend to continue to conduct, a significant banking business, there can be no assurance that we will satisfy the specific requirements for the Active Bank Exception under the Notice, the 1995 Proposed Regulations or the 2021 Proposed Regulations. Accordingly, U.S. Holders could be subject to U.S. federal income tax under the rules described below.
If we are treated as a PFIC for any taxable year during which a U.S. Holder owns our preferred shares or ADSs, any gain realized on a sale or other taxable disposition of such preferred shares or ADSs and certain “excess distributions” (generally distributions in excess of 125% of the average distribution over the prior three-year period, or if shorter, the holding period for such preferred shares or ADSs) will be treated as ordinary income and will be subject to tax as if (i) the excess distribution or gain had been realized ratably over the U.S. Holder’s holding period for such preferred shares or ADSs, (ii) the amount deemed realized in each year had been subject to tax in each such year at the highest marginal rate for such year (other than income allocated to the current period or any taxable period before we became a PFIC, which would be subject to tax at such U.S. Holder’s regular ordinary income rate for the current year and would not be subject to the interest charge discussed below), and (iii) the interest charge generally applicable to underpayments of tax had been imposed on the taxes deemed to have been payable in those years.
If we are treated as a PFIC and, at any time, we invest in non-U.S. corporations that are classified as PFICs, or Subsidiary PFICs, U.S. Holders generally will be deemed to own and also would be subject to the PFIC rules with respect to, their indirect ownership interest in any such Subsidiary PFIC. If we are treated as a PFIC, a U.S. Holder could incur liability for the deferred tax and interest charge described above if either (i) we receive a distribution from or dispose of all or part of our interest in, any such Subsidiary PFIC or (ii) such U.S. Holder disposes of all or part of our preferred shares or ADSs.
We do not expect to provide information that would allow U.S. Holders to avoid the foregoing consequences by making a “qualified electing fund” election.
A U.S. Holder of shares in a PFIC (but possibly not a Subsidiary PFIC, as discussed below) may make a “mark-to-market” election, provided the PFIC shares are “marketable stock” as defined under applicable Treasury regulations (i.e., “regularly
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traded” on a “qualified exchange or other market”). Under applicable Treasury regulations, a “qualified exchange or other market” includes (i) a national securities exchange that is registered with the U.S. Securities and Exchange Commission or the national market system established under the Exchange Act or (ii) a foreign securities exchange that is regulated or supervised by a governmental authority of the country in which the market is located and meets certain trading, listing, financial disclosure and other requirements set forth in applicable Treasury regulations. The ADSs are traded on the NYSE and the preferred shares are traded on the B3. The NYSE constitutes a qualified exchange or other market. Although the IRS has not addressed whether the B3 meets the requirements to be treated as a qualified exchange or other market, we believe that the B3 should be so treated. PFIC shares traded on a qualified exchange or other market are regularly traded on such exchange or other market for any calendar year during which such shares are traded, other than in de minimis quantities, on at least 15 days during each calendar quarter. We cannot assure U.S. Holders that our preferred shares or ADSs will be treated as “marketable stock” for any taxable year.
The tax consequences that would apply if we were a PFIC would be different from those described above if a “mark-to-market” election is available and a U.S. Holder validly makes such an election as of the beginning of such U.S. Holder’s holding period. If such an election were made, such U.S. Holder generally would (i) include in gross income, entirely as ordinary income, an amount equal to the excess, if any, of the fair market value of our preferred shares or ADSs as of the close of each taxable year and such U.S. Holder’s adjusted tax basis in such preferred shares or ADSs, and (ii) deduct as an ordinary loss the excess, if any, of such U.S. Holder’s adjusted tax basis in such preferred shares or ADSs over the fair market value of such preferred shares or ADSs at the end of the taxable year, but only to the extent of the net amount previously included in gross income as a result of the mark-to-market election. Any gain from a sale, exchange or other disposition of our preferred shares or ADSs in a taxable year in which we were a PFIC would be treated as ordinary income, and any loss from such sale, exchange or other disposition would be treated first as ordinary loss (to the extent of any net mark-to-market gains previously included in income) and thereafter as capital loss. A U.S. Holder’s adjusted tax basis in such preferred shares or ADSs would increase or decrease by the amount of the gain or loss taken into account under the mark-to-market regime. Even if a U.S. Holder is eligible to make a mark-to-market election with respect to our preferred shares or ADSs, however, it is not clear whether or how such election would apply with respect to the shares of any Subsidiary PFIC that such U.S. Holder is treated as owning, because such Subsidiary PFIC shares might not be marketable stock. The mark-to-market election is made with respect to marketable stock in a PFIC on a shareholder-by-shareholder basis and, once made, can only be revoked with the consent of the IRS. Special rules would apply if the mark-to-market election is not made for the first taxable year in which a U.S. Holder owns any equity interest in us while we are a PFIC.
A U.S. Holder who owns our preferred shares or ADSs during any taxable year that we are treated as a PFIC generally would be required to file an information return with respect to us and any Subsidiary PFIC in which the U.S. Holder holds a direct or indirect interest. U.S. Holders should consult their own tax advisors regarding the application of the PFIC rules to our preferred shares or ADSs and the availability and advisability of making a mark-to-market election should we be considered a PFIC for any taxable year.
Medicare Tax
In addition to regular U.S. federal income tax, certain U.S. Holders that are individuals, estates or trusts are subject to a 3.8% tax on all or a portion of their “net investment income,” which may include all or a portion of their income arising from a distribution with respect to a preferred share or ADS and net gain from the sale, exchange or other disposition of a preferred share or ADS.
U.S. Backup Withholding and Information Reporting
Backup withholding (currently imposed at a rate of 24%) and information reporting requirements generally apply to certain U.S. Holders with respect to payments made on or proceeds from the sale, exchange or other taxable disposition of our preferred shares or ADSs. A U.S. Holder not otherwise exempt from backup withholding generally can avoid backup withholding by providing a properly executed IRS Form W-9. Backup withholding is not an additional tax. Any amounts withheld under the backup withholding rules generally will be allowed as a refund or a credit against the U.S. Holder’s U.S. federal income tax liability, provided the required information is timely furnished by the U.S. Holder to the IRS.
Disclosure Requirements for “Specified Foreign Financial Asset”
Individual U.S. Holders (and certain U.S. entities specified in U.S. Treasury Department guidance) who, during any taxable year, hold any interest in any “specified foreign financial asset” generally will be required to file with their U.S. federal income tax returns certain information on IRS Form 8938 if the aggregate value of all such assets exceeds certain specified amounts. A “specified foreign financial asset” generally includes any financial account maintained with a non-U.S. financial institution and may also include our preferred shares or ADSs if they are not held in an account maintained with a
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financial institution. Substantial penalties may be imposed, and the period of limitations on assessment and collection of U.S. federal income taxes may be extended, in the event of a failure to comply. U.S. Holders should consult their own tax advisors as to the possible application to them of this filing requirement.
Disclosure Requirements for Certain U.S. Holders Recognizing Significant Losses
A U.S. Holder that claims significant losses in respect of our preferred shares or ADSs for U.S. federal income tax purposes (generally (i) U.S.$10 million or more in a taxable year or U.S.$20 million or more in any combination of taxable years for corporations or partnerships all of whose partners are corporations, (ii) U.S.$2 million or more in a taxable year or U.S.$4 million or more in any combination of taxable years for all other taxpayers, or (iii) U.S.$50,000 or more in a taxable year for individuals or trusts with respect to a foreign currency transaction), may be required to file IRS Form 8886 for “reportable transactions.” U.S. Holders should consult their own tax advisors concerning any possible disclosure obligation with respect to our preferred shares or ADSs.
U.S. Foreign Account Tax Compliance Act (FATCA)
For further information on FATCA, see “Item 4B, Business Overview––U.S. Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS).”
10F.Dividends and Paying Agents
Not applicable.
10G.Statement by Experts
Not applicable.
10H.Documents on Display
We are subject to the reporting requirements under the Exchange Act, for foreign private issuers. Accordingly, we are required to file reports and other information with the SEC, including annual reports on Form 20-F and current reports on Form 6-K.
You may inspect and copy reports and other information filed with the SEC at the public reference facilities maintained by the SEC at 100 F Street, N.E., Washington D.C. 20549. Copies of the materials may be obtained by mail from the Public Reference Room of the SEC at 100 F Street, N.E., Washington, D.C. 20549 at prescribed rates. The public may obtain information on the operation of the SEC’s Public Reference Room by calling the SEC in the U.S. at 1-800-SEC-0330. In addition, the SEC maintains an Internet website at www.sec.gov, from which you can electronically access those materials, including this annual report and the accompanying exhibits. The information contained on this website does not form part of this annual report on Form 20-F. We also file financial statements and other periodic reports with the CVM located at Rua Sete de Setembro, 111, Rio de Janeiro, Rio de Janeiro 20050-901, Brazil. The CVM maintains an Internet website at www.cvm.gov.br. The information contained on this website does not form part of this annual report on Form 20-F.
Copies of our Form 20-F will be available for inspection upon request to the Investor Relations department at our office Praça Alfredo Egydio de Souza Aranha, 100, Torre Conceição 12º andar – São Paulo – SP – 04344-902 – Brazil.
Investors may receive a hard copy of this annual report, including our audited consolidated financial statements for the last fiscal year, free of charge, by requesting a copy from our Investor Relations department, by e-mail, at ri@itau-unibanco.com.br,indicating their contact information and their complete mailing address.
10I.Subsidiary Information
Not applicable.
10J.Annual Report to Security Holders
Not applicable.
ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Credit Risk
Overview
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Credit risk is the risk of loss arising from changes in the creditworthiness of borrowers, issuers, and counterparties. We are exposed to credit risk in circumstances where (i) a borrower, issuer, or counterparty fails to meet its contractual financial obligations, and/or (ii) the value of a financial instrument is adversely affected by credit spread widening, credit migration, credit rating downgrades, or default events. Credit risk may result in, among other effects: (i) losses from non-performance of contractual obligations; (ii) reductions in the fair value of credit exposures due to deterioration in credit quality; (iii) lower profitability or income due to increased credit costs and risk premium; and (iv) concessions granted in restructuring or renegotiation processes, as well as costs associated with collection and recovery activities.
Our credit risk management framework is governed by our internal credit risk and control policies and is designed to:
i.Follow the guidelines established by our board of directors and provide timely information to enable oversight of credit risk strategies, policies and risk tolerance in relation to expected returns.
ii.Maintain well established defined credit risk policies and strategies, including operating limits, risk mitigation mechanisms and procedures intended to keep exposures within our risk appetite.
iii.Maintain processes and tools to measure, monitor and control credit risk across products and sectors, managing portfolios and concentrations, taking into account their sensitivity to changes in the economic environment.
iv.Continuously monitor portfolio performance and the effectiveness of policies and strategies, escalating to senior management indications of deterioration in credit quality and exceptions to established procedures.
v.Support compliance of credit operations and controls with applicable laws and regulations in the jurisdictions in which we operate.
Our credit risk management framework and institutional policy are approved by our board of directors and apply to our companies and subsidiaries in Brazil and abroad, in compliance with applicable regulatory requirements.
Procedures and Key Indicators
Business units overseeing credit portfolios conduct continuous monitoring of their respective exposures and originate credit within established approval authorities, considering market conditions and the broader macroeconomic environment. Our credit risk management practices consider internal factors (including borrower rating, portfolio performance and trends, default behavior, expected returns and allocated economic capital) as well as external factors (including interest rates, market indicators of default, inflation and consumption trends).
Credit assessments vary by customer segment:
1.Individuals and small and medium-sized enterprises: credit decisions are supported by statistical scoring models, which typically include application/initial scores for the early stages of the relationship and behavioral scores for customers with an established history.
2.Large corporate customers: assessments are primarily based on counterparty-specific information, including financial condition, cash-generating capacity, corporate group considerations, and the current and prospective outlook of the sectors in which the counterparty operates. Credit proposals are assessed on a case-by-case basis.
We monitor credit exposure to customers and counterparties against established limits and address limit exceptions through defined governance processes. Where appropriate, we may use contractual protections and risk mitigants, including covenants and rights to require early repayment or additional collateral, in accordance with the terms of the relevant agreements.
Credit risk measurement considers, among other components, (i) probability of default, (ii) exposure at default, (iii) historical loss experience, and (iv) concentration of exposures. These components support the lending process, portfolio management and the establishment of limits.
We use models and methodologies subject to governance processes to support the estimation of credit risk parameters, with the objective of maintaining data and methods that are sufficiently complete and accurate to reflect the risk profile of the exposures.
Loan Approval Process
Credit approvals are conducted in accordance with our credit risk management policies and approval authorities established at the business unit and risk levels, considering applicable criteria and our risk appetite. Credit decisions may be made through (i) a pre-approval process for eligible products and customers, or (ii) a traditional approval process conducted on a
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case-by-case basis. In both cases, decisions are guided by credit quality considerations, which may include internal ratings supported by models, affordability and income commitment (as applicable), and credit restrictions defined by us and, where relevant, market practices.
Our risk appetite framework sets forth the principles governing credit exposure, while the Risk function and the business units are responsible for developing and maintaining the policies and procedures that govern the credit cycle.
As part of the credit granting process, we perform credit history checks using credit protection services and public registries, as applicable, to identify information that could represent impediments or heightened risk for granting credit (for example, court-ordered asset restrictions, invalid taxpayer identification, prior or pending restructuring/renegotiation processes, or payment incidents). Our assessment framework seeks to ensure that credit decisions are consistent with our risk appetite and aligned with the governance standards established in our credit risk management framework.
For further information about our credit risk and credit risk mitigation practices, see “Note 32 – Risk and Capital Management” in our consolidated financial statements.

Liquidity Risk
Overview
Liquidity risk is defined as the likelihood that a financial institution will not be able to effectively honor its expected and unexpected obligations, either current or future, including those from guaranteed commitments, without affecting its daily operations or incurring significant losses.
Liquidity risk management processes and funding programs should take into account the financial institution’s lending, investment, and other activities and should ensure that adequate liquidity is maintained at the level of the parent company and of each of its subsidiaries.
Governance
Our liquidity risk control is managed by an independent area which is responsible for determining the composition of our reserve, estimating cash flow and exposure to liquidity risk over several time horizons, and monitoring the minimum limits of the risk appetite in countries in which we operate. All activities are subject to assessment by independent validation, internal controls and audit departments.
Procedures and Key Indicators
In accordance with the requirements under Central Bank regulations, we report our Liquidity Risk Statements on a monthly basis to the Central Bank. In addition, the following items are periodically prepared and submitted to the senior management for monitoring and decision support:
•Different scenarios for liquidity projections to decision support, also using stressed macroeconomics scenarios and reversed stress according to risk appetite;
•Contingency plans for potential crisis, which contain procedures ordered by levels of execution, considering each country's characteristics;
•Reports of risk indicators; and
•Tracking and monitoring our funding sources taking into account counterparty´s type, maturity and other aspects, considering the risk appetite.
Market Risk
Overview
Market risk is the possibility of losses resulting from fluctuations in the market value of positions held by a financial institution, including the risk of operations subject to variations in foreign exchange rates, interest rates, price indices, equity and commodity prices.
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Governance
Our policies and general market risk management framework are in line with the principles of CMN Resolution No. 4,557, and its subsequent amendments. These principles guide our approach to market risk control across our Itaú Unibanco Group.
Our market risk management strategy is aimed at balancing corporate business goals, taking into account, among other factors:
•Political, economic and market conditions;
•The profile of our portfolio; and
•Capacity to act in specific markets.
The key principles underlying our market risk management strategy are as follows:
•Provide visibility and comfort for all senior management levels that market risks assumed must be in line with our risk-return objectives;
•Provide disciplined and informed dialogue on the overall market risk profile and its evolution over time;
•Increase transparency as to how the business works to optimize results;
•Provide early warning mechanisms to facilitate effective risk management, without obstructing the business objectives; and
•Monitor and avoid risk concentration.
Market risk is controlled by an area independent of the business units, which is responsible for the daily activities: (i) measuring and assessing risk; (ii) monitoring stress scenarios, limits and alerts; (iii) applying, analyzing and stress testing scenarios; (iv) reporting risk to the individuals responsible in the business units, in compliance with our governance procedures; (v) monitoring the measures needed to adjust positions and/or risk levels to make them viable; and (vi) supporting the secure launch of new financial products.
The CMN has regulations establishing the segregation of market risk exposure into minimum risk factors, such as: interest rates, exchange rates, stocks and commodities. Brazilian inflation indices are also treated as a group of risk factors and follow the same structure.
Our structure of limits and alerts follows the board of directors guidelines, which are reviewed and approved by our board of directors on an annual basis. This structure extends to specific limits and is aimed at improving the process of risk monitoring and understanding as well as preventing risk concentration. Limits and alerts are calibrated based on projections of future balance sheets, stockholders’ equity, liquidity, complexity and market volatility, as well as our risk appetite.
Procedures and Key Indicators
In an attempt to fit the transactions into the defined limits, we hedge transactions with clients and proprietary positions, including investments overseas. Derivatives are the most commonly used instruments for carrying out these hedging activities, which can be characterized as either accounting or economic hedge, both of which are governed by our institutional regulations.
Our market risk framework categorizes transactions as “Trading Book” or “Banking Book,” in accordance with general criteria established by specific regulation.
Our Trading Book is composed of all trades with financial and commodity instruments (including derivatives) undertaken with the intention of trading.
Our Banking Book is predominantly characterized by portfolios originated from the banking business and operations related to balance sheet management, and intended to be either held to maturity, or sold in the medium or long term.
Market risk management is based on the following key metrics:
•Value at Risk (VaR): a statistical metric that quantifies the maximum potential economic loss expected in normal market conditions, taking into account a defined holding period and confidence interval;
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•Losses in Stress Scenarios (Stress Testing): a simulation technique to evaluate the impact, in the assets, liabilities and derivatives of the portfolio, of various risk factors in extreme market;
•Stop Loss / Max Drawdown: metrics that trigger a management review of positions, if the accumulated losses in a given period reach specified levels;
•Concentration: cumulative exposure of certain financial instruments or risk factors calculated at market value (mark to market); and
•Stressed VaR: a statistical metric derived from VaR calculation, aimed at capturing the most significant risk in simulations of the current portfolio, taking into account the observable returns in historical scenarios of extreme volatility.
In addition to the risk metrics described above, we also analyze sensitivity and loss control measures. They include:
•Gap Analysis: accumulated exposure of cash flows by risk factor, which are marked-to-market and positioned by settlement dates;
•Sensitivity (DV01 – Delta Variation Risk): impact on the market value of cash flows when a one basis point change is applied to current interest rates or on the index rates; and
•Sensitivities to Various Risk Factors (Greek): partial derivatives of a portfolio of options on the prices of the underlying assets, implied volatilities, interest rates and time.
For further information on market risk see “Note 32 – Risk and Capital Management” to our audited consolidated financial statements.
VaR – Consolidated Itaú Unibanco Holding
Our consolidated VaR is calculated through the historical simulation. The assumption underlying historical simulation is that the expected distribution for the possible gains and losses (P&L) for a portfolio over a desired time horizon can be estimated based on the historical behavior of the returns of the market risk factors to which this portfolio is exposed. For the VaR calculation of non-linear instruments, we carry out a full re-pricing (full valuation), without any potential simplifications in the calculation.
The VaR is calculated with a confidence interval of 99%, a historical period of four years (1,000 working days) and a holding period that varies in accordance with the portfolio’s market liquidity, considering a minimum horizon of ten working days. Also, under a conservative approach, the VaR is calculated on a daily basis with and without volatility weighting, with the final VaR being the most restrictive value between the two methodologies.
We calculate VaR for the regulatory portfolio (exposure of the trading portfolio and exposure to foreign currency and commodities of the banking portfolio) according to internal models approved by the Central Bank. The Consolidated Total VaR table provides an analysis of our portfolio exposure to market risk.
Consolidated VaR (Historical Simulation approach) (1)
AverageMinimumMaximumDecember 31, 2025AverageMinimumMaximumDecember 31, 2024
(In millions of R$)
Group of Risk Factor
Interest rate1,303 1,028 1,974 1,376 1,179 988 2,120 2,009 
Currencies40 22 97 51 36 18 64 50 
Equities45 36 89 46 51 35 86 46 
Commodities30 10 67 40 17 8 41 19 
Diversification effect (2)
— — — (385)— — — (381)
Total1,085 777 1,744 1,128 939 756 1,902 1,743 
1)Determined in local currency and converted into Brazilian reais at the closing price on the reporting date.
2)Reduction of risk due to the combination of all risk factors.
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As of December 31, 2025, our average global VaR (Historical Simulation) was R$1,085 million, or 0.5% of our consolidated stockholders’ equity as of December 31, 2025, compared to our average global VaR (historical simulation) of R$939 million as of December 31, 2024 or 0.4% of our consolidated stockholders’ equity as of December 31, 2024.
VaR – Trading Book
The table below presents risks arising from all positions with the intention of trading, following the criteria defined above for our Trading Book. Our total average Trading Book VaR was R$122.1 million as of December 31, 2025, compared to R$71.4 million as of December 31, 2024.
Trading Book VaR (1)
AverageMinimumMaximumDecember 31, 2025AverageMinimumMaximumDecember 31, 2024
(In millions of R$)
Group of Risk Factor
Interest rate111.6 75.6 195.0 127.0 70.0 22.8 276.4 118.4 
Currencies52.9 36.6 117.8 55.0 29.8 2.4 122.4 52.7 
Equities41.4 30.7 86.4 33.1 49.8 33.6 107.1 47.4 
Commodities32.2 10.4 104.6 40.0 18.0 3.0 57.3 15.4 
Diversification effect (2)
(139.8)(129.3)
Total122.1 92.2 176.0 115.3 71.4 46.1 131.3 104.5 
1)Determined in local currency and converted into Brazilian reais at the closing price on the reporting date.
2)Reduction of risk due to the combination of all risk factors.

Backtesting
The effectiveness of the VaR model is validated by the use of backtesting techniques that compare hypothetical and effective daily results with the estimated daily VaR. The number of exceptions to the VaR pre-established limits should be consistent, within an acceptable margin, with the hypothesis of 99% confidence level considering a period of 250 business days. Confidence levels of 97.5% and 95%, and periods of 500 and 750 business days are also considered. The backtesting analysis presented below considers the ranges suggested by the BCBS. The ranges are divided into:
•Green (0 to 4 exceptions): corresponds to backtesting results that do not suggest any problems with the quality or accuracy of the adopted models;
•Yellow (5 to 9 exceptions): refers to an intermediate range group, which indicates an early warning and/or monitoring and may indicate the need to review the model; and;
•Red (10 or more exceptions): demonstrates the need for improvement action.
According to Central Bank Circular No. 3,646, hypothetical testing consists of applying market price variations for a specific day to the portfolio balance at the end of the preceding business day. The effective test is the variation in the portfolio value up to the end of the day, including intraday transactions and excluding amounts not related to market price variations, such as fees, brokerage fees and commissions.
The actual and hypothetical P&L had no exceptions over the preceding 250 business days ended December 31, 2025.
We conduct daily backtesting on the VaR results used for regulatory capital calculations as well as the VaR results by trading units and risk factors. These results are reported to senior market risk management. Senior management regularly reviews and evaluates the results of these tests.
ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES
12A.Debt Securities
Not applicable.
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12B.Warrants and Rights
Not applicable.
12C.Other Securities
Not applicable.
12D.American Depositary Shares
Our preferred shares have been traded on the NYSE in the form of ADSs (one ADS represents one preferred share) since February 21, 2002, in compliance with NYSE and SEC requirements. These requirements include disclosure of financial statements in IFRS since 2011 and compliance with U.S. legal requirements, including the Exchange Act and the Sarbanes- Oxley Act of 2002.
In the year ended December 31, 2025, our ADSs were issued by JP Morgan, as depositary, under a Deposit Agreement, dated as of January 29, 2024, among us, the depositary and the owners and beneficial owners of ADSs from time to time. The depositary’s principal executive office is located at 383 Madison Avenue, Floor 11, New York, New York 10179.
ADS holders have no stockholder rights, which are governed by Brazilian Corporate Law. The depositary is the holder of the preferred shares underlying the ADSs. Holders of ADSs have ADS holder rights.
An investor may hold the ADSs directly, registered under his or her name, or indirectly, through a broker or another financial institution. The holders of our ADSs do not have the same rights as our stockholders and the depositary and holders of corresponding shares in Brazil. The deposit agreement determines the rights and obligations of the ADS holders and is governed by New York law.
Please refer to Exhibit 2(d) to this annual report for further information relating to our American Depositary Shares.
In the event of a capital increase that maintains or increases the proportion of our capital represented by preferred shares, the holders of ADSs, except as described above, have preemptive rights to subscribe only to newly issued preferred shares. In the event of a capital increase that reduces the proportion of capital represented by preferred shares, the holders of ADSs, except as described above, have preemptive rights to preferred shares in proportion to their interests and to common shares only to the extent necessary to prevent dilution of their interests.
Please refer to “Item 10E. Taxation” for further information.
Fees and Expenses
The following table summarizes the fees and expenses payable by holders of ADSs to the depositary:
Event Fees
Insurance (1) or cancellation of the purpose of withdrawal (2) of ADSs.
U.S.$5.00 (or less) per 100 ADSs (or portion thereof) plus any additional fees charged by any governmental authorities or other institutions for the execution and delivery or surrender of ADSs.
Direct or indirect distribution of securities.U.S.$0.05 (or less) per ADS (or portion thereof).
Any cash distributionU.S.$0.05 (or less) per ADS (or portion thereof).
Depositary servicesU.S.$0.05 (or less) per ADS (or portion thereof) on a periodic basis during each calendar year.
(1)Including issuances resulting from a distribution of preferred shares or rights or other property, substitution of underlying shares of transferring, splitting or grouping of receipts.
(2)Including if the deposit agreement terminates.

In addition, set below are other fees and expenses payable by holders of ADSs:
•Registration fees: transfer or registration expenses incurred for the registration or transfer of our deposited securities on any applicable register in connection with the deposit or the securities.
•Foreign currency conversion expenses: expenses of the depositary in converting foreign currency to U.S. dollars
•Transaction fee per cancellation request and any applicable delivery expenses.
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•Stock transfer or other related taxes and other governmental charges.
Moreover, taxes and other governmental charges which the depositary or the custodian has to pay on any ADR or preferred share underlying an ADS (for example, stock transfer taxes, stamp duty or withholding taxes) would be payable by holders of ADSs. Any other charges incurred by the depositary or its agents for servicing the deposited securities are not currently assessed in the Brazilian market.
Payment of Taxes
The depositary may deduct the amount of any taxes owed from any payments to investors. It may also sell deposited securities, by public or private sale, to pay any taxes owed. Investors will remain liable if the proceeds of the sale are not sufficient to pay the taxes. If the depositary sells deposited securities, it will, if appropriate, reduce the number of ADSs to reflect the sale and pay to investors any proceeds or send to investors any property remaining after it has paid the taxes.
Reimbursement of Fees
The depositary collects its fees for delivery and surrender of ADSs directly from investors, depositing shares or surrendering ADSs in case of exercise of withdrawal rights or from intermediaries acting for them. The depositary collects fees for making distributions to investors by deducting those fees from the amounts distributed or by selling a portion of distributable property to pay the fees. The depositary may collect its annual fee for depositary services by deducting from cash distributions, by directly billing investors or by charging the book-entry system accounts of participants acting for them. The depositary may generally refuse to provide services subject to fees until such fees have been paid.
JP Morgan, as depositary for the year ended December 31, 2025, has agreed to reimburse us for expenses related to establishment and maintenance of the ADS program, including, among others, our expenses incurred in connection with investor relations activities, such as continuing annual stock exchange listing fees and any other ADR program expenses. The depositary has also agreed to pay the standard out-of-pocket maintenance costs for the ADSs, which consist of the expenses of postage and envelopes for mailing annual and interim financial reports, printing and distributing dividend checks, electronic filing of U.S federal tax information, mailing required tax forms, stationery, facsimile, and telephone calls, as well as to reimburse us annually for certain investor relationship programs or special investor relations promotional activities. In certain instances, the depositary has agreed to provide additional payments to us based on applicable performance indicators relating to the ADS facility. There are limits on the amount of expenses for which the depositary will reimburse us, but the amount of reimbursement available to us is not necessarily tied to the amount of fees the depositary collects from investors. For the year ended December 31, 2025, such reimbursements amounted to U.S.$45.3 million.
ADS Holders’ Payment of Dividends
Preferred shares underlying ADSs are kept in Brazil by the custodian, Itaú Unibanco, which is the owner recorded in the register service of our preferred shares. The depositary of our ADS program is JP Morgan Chase. The payments of dividends and distributions in cash for our preferred shares underlying the ADSs are made directly to the depositary bank abroad, which is responsible for passing them on to the stockholders as described in the depositary agreement. The amount received by the ADS holder may be reduced if we, the custodian or the depositary are required to retain an amount related to taxes and other government charges.
Please see “Item 8A. Consolidated Statements and Other Financial Information—Shareholders’ Payment” for details on our dividend policy.
PART II
ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES
None.
ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS
None.
ITEM 15. CONTROLS AND PROCEDURES
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15A.Disclosure Controls and Procedures
Under the supervision and with the participation of our management, including our CEO, and our CFO, we carried out an evaluation of the effectiveness of our “disclosure controls and procedures” (as defined in the Exchange Act Rules 13a-15(e) and 15d-15(e)) as required by paragraph (b) of the Exchange Act Rules 13a-15 or 15d-15, as of December 31, 2025.
A control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that the control system’s objectives will be met. Therefore, our management does not expect that the controls will prevent all errors and frauds.
Based upon the evaluation performed, our CEO and CFO have concluded that as of December 31, 2025, our disclosure controls and procedures were effective to provide reasonable assurance that material information relating to us and our consolidated subsidiaries is (i) recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and (ii) accumulated and communicated to our management, including our principal executive officers and principal financial officers, to allow timely decisions regarding required disclosure.
15B. Management’s Annual Report on Internal Control Over Financial Reporting
Our management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act. Our internal control was designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of consolidated financial statements for external purposes, in accordance with the IFRS as issued by the IASB.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect all misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to risks that controls may become inadequate because of changes in conditions, or a decline in the level of compliance with policies or procedures may occur. Our management assessed the effectiveness of our internal control over financial reporting as of December 31, 2025. In making this assessment, our management used the criteria set forth in “Internal Control – Integrated Framework (2013)” issued by the COSO. Based on its evaluation and those criteria, our management has concluded that our internal control over financial reporting was effective as of December 31, 2025.
The effectiveness of our internal controls over financial reporting as of December 31, 2025, has been audited by PricewaterhouseCoopers Auditores Independentes Ltda., an independent registered public accounting firm.
15C. Attestation Report of the Independent Registered Public Accounting Firm
The report of PricewaterhouseCoopers Auditores Independentes Ltda., our independent registered public accounting firm, dated April 29, 2026, on the effectiveness of our internal control over financial reporting as of December 31, 2025, is presented with our consolidated financial statements.
For further information on our independent auditor’s report, see our audited consolidated financial statements.
15D. Changes in Internal Control Over Financial Reporting
In connection with the evaluation required by the Exchange Act Rule 13a-15(d), our management, including our CEO and CFO, concluded that the changes that occurred during the year ended December 31, 2025, have not materially affected, and are not reasonably likely to materially affect, our internal control over financial reporting.
ITEM 16. RESERVED
16A.Audit Committee Financial Expert
Our board of directors has designated Mrs. Maria Elena Cardoso Figueira as our audit committee financial expert that meets the requirements set forth by the SEC, the NYSE and the Central Bank. Our audit committee financial expert along with the other members of our audit committee is independent pursuant to CMN Resolution No 4,910/21, which requires that the members not be, or have been in the last year, an officer or employee of the company or its affiliates or an employee with managerial responsibilities in the internal audit division of the financial institution. Other members of our audit committee are financially literate and we believe the skills, experience and education of our audit committee members qualify them to carry out all of their duties as members of the audit committee, including overseeing the preparation of our IFRS Accounting Standards Financial Statements. In addition, our audit committee may retain independent accountants, financial advisors or other consultants, advisors and experts whenever it deems appropriate. For more information on our Audit Committee, see “Item 6C. Board Practices—Board of Directors Committees—Audit Committee.”
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16B.Code of Ethics and Conduct
We consider ethics to be an essential value for our reputation and longevity of our company. All of our employees, officers and directors are subject to our Code of Ethics and Conduct. We report each year under this annual report on Form 20-F any waivers of the Code of Ethics and Conduct, in favor of our principal executive officer, chief financial officer, principal accounting officer and persons performing similar functions. In 2025 we did not grant any such waivers. The Code of Ethics and Conduct governs all relations between our companies and our stakeholders (shareholders, clients, employees, suppliers, service providers, governments, communities and society).
A copy of our Code of Ethics and Conduct is available on our Investors Relations website, which is not incorporated by reference to this annual report. An update of our Code of Ethics and Conduct was launched in November 2022 and a new update is scheduled for 2026.
16C.Principal Accountant Fees and Services
Pre-Approval of Policies and Procedures
The Audit Committee’s responsibilities include establishing policies and procedures for services that can be provided by our external auditors. Annually, the Audit Committee issues (i) a list of services that cannot be provided by our external auditors, due to potential conflicts affecting their independence, (ii) a list of pre-approved services that external auditors may provide, and (iii) a list of services that require prior approval from the Audit Committee.
Fees and Services of the Principal Auditor
The following table sets forth the total amount charged by PwC by category for services provided in the years ended December 31, 2025 and 2024:
Fees2025% Approved by the Audit Committee2024% Approved by the Audit Committee
(In thousands of R$)
Audit Fees83,325 100.0 70,203 100.0 
Audit-Related Fees4,419 100.0 3,144 100.0 
Tax Fees983 100.0 866 100.0 
All Other Fees909 100.0 18 100.0 
Total89,636 74,231 
Audit fees:Audit-related fees:
For the audit of our consolidated financial statements, the review of our quarterly financial statements, as well as the audit and review of financial statements of our subsidiaries, services relating to issuing comfort letters in securities offerings, issuance of reports required by regulatory bodies and audit of internal control over financial reporting in connection with the Sarbanes-Oxley Act requirements.For independent assurance on internal controls, including certain services provided to customers, on our sustainability report, MD&A (Management Discussion & Analysis) report and Integrated Annual Report, on certain agreements signed with regulatory authorities, compliance with financial covenants and appraisal reports at book value.
Tax fees:Other fees:
For review of the calculations and tax settlement, compliance with tax regulations and tax alignment with transfer pricing rules.
For conducting a diagnostics on sustainability and climate-related information, training and acquisition of technical materials.
16D.Exemptions from the Listing Standards for Audit Committees
Under the audit committee rules of the NYSE and the SEC, listed companies must comply with Rule 10A-3 of the Exchange Act (Listing Standards Relating to Audit Committees). Rule 10A-3 requires that listed companies establish an audit committee composed of members of the board of directors that meets specified requirements or designate and empower a board of auditors or similar body to perform the role of the audit committee in reliance on the general exemption for audit committees of foreign private issuers set forth in Rule 10A-3(c)(3) of the Exchange Act.
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In accordance with Central Bank regulations, we have established a body similar to the audit committee of the board of directors of a U.S. company, which we are required to call an “audit committee.” All the members of our Audit Committee are independent in accordance with the criteria established by the Central Bank. For more information, see “Item 6A. Director and Senior Management—Audit Committee.”
Our Audit Committee, to the extent permitted under Brazilian law, performs all the functions required of an audit committee under Rule 10A-3. As required by Brazilian law, our board of directors and Audit Committee are separate corporate bodies. In addition, under Brazilian law, the function of hiring independent auditors is a power reserved exclusively for a company’s board of directors. Therefore, our board of directors acts as our audit committee, as permitted under Rule 10A-3(c)(3)(v) of the Exchange Act for the purpose of the appointment of our independent auditors.
Except for the aforementioned items, our Audit Committee is comparable to, and performs the functions of, an audit committee of the board of directors of a U.S. company. We believe that our Audit Committee is able to act independently in performing the responsibilities of an audit committee under Sarbanes-Oxley, satisfies the other requirements of the exemption of Rule 10A-3(c)(3) and therefore is in compliance with Rule 10A-3 of the Exchange Act.
16E.Purchases of Equity Securities by the Issuer and Affiliated Purchasers
In conformity with best corporate governance practices, on November 18, 2004, we started to voluntarily disclose our Policy for Trading our securities. For further information, see our Investor Relations website (“Menu - Itaú Unibanco - Corporate Governance - Policies - Others - Operating Rules for the Trading of Own Shares as Treasury Stock”) which is not incorporated by reference to this annual report. We disclose to the market the transactions carried out with our own shares by our Treasury department on a monthly basis, as well as the other disclosure requirements imposed by the Brazilian securities regulation and the SEC.
Our previous buyback program was approved by our board of directors on February 5, 2025, and would end on February 5, 2026.
On February 4, 2026, our board of directors approved: (i) the early termination, effective immediately, of the stock buyback program, approved on February 5, 2025; and (ii) the launch of a new stock buyback program, effective immediately, authorizing the buyback of up to 200,000,000 preferred shares issued by us, without capital reduction, to be held in treasury, cancelled or replaced in the market in accordance with the Brazilian Corporate Law and CVM Resolution No. 77/2022. These buybacks, if any, should occur from February 5, 2026 until August 4 , 2027, at market value and will be intermediated by Itaú Corretora de Valores.
The share buyback program has the following objectives: (i) provide for the delivery of shares to employees and management members of the Company and its controlled companies within the scope of compensation models, long-term incentive plans and institutional projects; and (ii) cancel the shares issued by us. All buybacks shall be carried out on stock exchanges.
On November 27, 2025 our board of directors approved the cancellation of 78,850,638 preferred shares, in the amount of R$3.0 billion without reduction of the subscribed and paid-in share capital. These shares were acquired by us under the then current buyback program and are being held in treasury. Furthermore, on December 18, 2025, our board of directors approved the increase in the subscribed and paid-in capital within the limit of the authorized capital in the amount of R$12,846,837,880.00), through the capitalization of amounts recorded in the Company’s Revenue Reserves. The capital increase was carried out through the issuance of 321,170,947 new book-entry shares, with no par value, comprising 163,623,582 common shares and 157,547,365 preferred shares, which were attributed free of charge to the Company’s stockholders, as a bonus issue, at the proportion of 3 (three) new shares of the same type for every 100 shares held, with treasury shares also included as bonus shares in the same proportion. As a result of the share cancellation events and the capital increase, our subscribed and fully paid-in share capital amounted to R$136,909,898,070.00, represented by 11,026,869,192 book-entry shares with no par value, comprising 5,617,742,977 common shares and 5,409,126,215 preferred shares.

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Period(a) Total number of preferred shares purchased(b) Average price paid per preferred share (c) Total number of preferred shares purchased as part of publicly announced plans or programs(d) Maximum number of preferred shares that may yet be purchased under the plans or programs
02/05 to 02/28/2024---75,000,000
03/01/2024 to 01/31/202527,000,00032.23-48,000,000
02/01 to 02/04/2025 (1)---48,000,000
02/05 to 02/17/2025 (2)---200,000,000
02/18 to 02/28/20252,500,00033.08-197,500,000
03/01 to 03/31/2025---197,500,000
04/01 to 04/30/2025---197,500,000
05/01 to 05/31/2025---197,500,000
06/01 to 06/30/2025---197,500,000
07/01 to 07/31/2025---197,500,000
08/01 to 08/31/202527,665,07037.02-169,834,930
09/01 to 09/30/202520,491,81138.34-149,343,119
10/01 to 10/31/202516,654,00437.54-132,689,115
11/01 to 11/30/202514,001,15540.35-118,687,960
12/01 to 12/31/2025---118,687,960
01/01 to 01/31/2026---118,687,960
02/01 to 02/04/2026 (3)---118,687,960
02/05/2026 (4)
---200,000,000
02/06 to 02/28/2026
36,555,25848.11-163,444,742
03/01 to 03/31/2026---163,444,742
04/01 to 04/30/2026---163,444,742
1) The board of directors, meeting on February 5, 2025, has resolved to terminate early, as of this date, the stock buyback program approved at the board meeting held on February 5, 2024, which would terminate on August 4, 2025.
2) The board of directors, meeting on February 5, 2025, has resolved to approve the new stock buyback program, to be effective as of this date through February 5, 2026, authorizing the purchase of up to 200,000,000 preferred shares issued by the Company, with no reduction of capital.
3) The board of directors, meeting on February 4, 2026, has resolved to terminate early, as of this date, the stock buyback program approved at the board meeting held on February 5, 2025, which would terminate on February 5, 2026.
4) The board of directors, meeting on February 4, 2026, has resolved to approve the new stock buyback program, to be effective as of this date through August 4, 2027, authorizing the purchase of up to 200,000,000 preferred shares issued by the Company, with no reduction of capital.

16F.Change in Registrant’s Certifying Accountant
Not applicable.
16G.Corporate Governance
Our ADSs are registered on the NYSE in the United States as a foreign private issuer. As a result, NYSE allows us to comply with certain corporate governance requirements established by applicable Brazilian legislation, rather than those set forth in the NYSE corporate governance listing rules applicable to US companies with securities traded on that exchange.
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The following is a description of the main differences between our corporate governance practices and those required for US publicly traded companies.
NYSE REQUIREMENTSOUR PRACTICES
Independent members of the Board of Directors
Companies listed on the NYSE must have a majority of independent members on their board of directors (as defined in applicable rules). However, controlled companies (companies with more than 50% of capital held by an individual, group or another company), listed on the NYSE, do not need to comply with this requirement and are exempt from the rule.Even though we fall under the exception of the NYSE's rule, our board of directors has seven directors considered independent pursuant to the criteria established in our Corporate Governance Policy, considering the CVM rule. The criteria we use to determine independence are also different from those adopted by the NYSE.
Board Meetings
Non-executive members of the board of directors should conduct separate regularly scheduled meetings without the presence of directors who are also officers of the company.All members of our board of directors are currently non-executive.
Nomination and Corporate Governance Committee
Companies listed on the NYSE should have a nomination and corporate governance committee entirely comprised of independent directors and governed by written charters addressing the purpose and responsibilities of such committee. However, controlled companies listed on the NYSE are not required to comply with such requirement.We have a Nomination and Corporate Governance Committee responsible for encouraging and overseeing the discussion of governance-related matters. All members of our Nomination and Corporate Governance Committee are non-executive, and two of them, out of five, are considered independent members pursuant to the criteria established in our Corporate Governance Policy.
Compensation Committee
Companies listed on the NYSE must have a compensation committee composed of independent directors and governed by written charters addressing the purpose and responsibilities of such committee. However, controlled listed companies listed on the NYSE are not required to comply with such requirements.CVM rules do not require publicly listed companies in Brazil to have a compensation committee. Nonetheless, Brazilian banking regulations require that financial institutions have a compensation committee. In compliance with the Brazilian banking regulations, we have established a Compensation Committee that reports to our board of directors. The members of the Compensation Committee are not required to be independent. However, currently two of the four members of our Compensation Committee are considered independent members pursuant to the criteria established in our Corporate Governance Policy.
Audit Committee
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Companies listed on the NYSE are required to have an audit committee that: (i) is composed of at least three independent members who are financially literate; (ii) complies with SEC rules on audit committees of companies registered with the NYSE; (iii) has at least one member who has accounting and financial management expertise; and (iv) is governed by a charter that expressly sets out the purpose and responsibilities of the committee and establishes annual performance evaluations.CMN regulates independent audit services rendered to financial institutions and requires the establishment of an audit committee composed of at least three independent members, in accordance with the independence criteria set forth in these rules. Our Audit Committee, established on April 28, 2004, meets the applicable Brazilian legal requirements, is elected annually by our board of directors and is composed by professionals with proven technical qualifications compatible with the committee's responsibilities. Under the SEC rules, we are not required to have an audit committee established or operating in accordance with NYSE rules if we comply with the requirements under the exemption set forth by Rule 10A-3(c) under the Exchange Act. We believe that our Audit Committee meets the requirements of Rule 10A-3(c)(3) under the Exchange Act and is able to act independently when performing its duties. To the extent permitted by Brazilian legislation, our Audit Committee performs all functions required to be performed by an audit committee by Rule 10A-3 under the Exchange Act.
Stockholders' Approval of Management Compensation and Stock Options Plans
Stockholders have the opportunity to vote on all stock-based compensation plans and significant amendments thereto, as well as on significant increases in the number of shares available to the plan, with a few exceptions.Brazilian legislation sets forth a similar requirement, as it establishes the need for approval of the aggregate annual compensation of management (including shares) at a general stockholders' meeting.
Corporate Governance Code
Companies listed on NYSE are required to adopt and disclose their corporate governance guidance.We have a Corporate Governance Policy that consolidates the corporate governance principles and practices we adopt. We believe these principles and practices, consistent with Brazilian legislation, are compatible with the guidelines established by the NYSE. We have adopted stricter rules than those required by Brazilian legislation, as we have voluntarily adhered to B3's Level 1 of corporate governance and have granted tag-along rights to all stockholders, regardless of their voting rights.
Code of Ethics and Conduct
NYSE rules require that listed companies adopt and disclose a code of business conduct and ethics for their directors, officers and employees. NYSE also requires that listed companies promptly disclose any waiver of the provisions of the code of ethics for directors or executive officers.Brazilian legislation has no similar requirement. However, we have a Code of Ethics and Conduct that, among other matters, governs the conduct of all members of our board of directors, board of officers and our employees, detailing the principles and practices we expect from our board of directors' members, board of officers' members and employees.
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Internal Audit
NYSE rules require that listed companies have an internal audit function to provide its management and Audit Committee with ongoing assessments of the company's risk management processes and internal control systems.Brazilian banking legislation establishes a similar requirement, since it requires that financial institutions have an internal audit function compatible with the nature, size, complexity, structure, risk profile and business model of the financial institution, that it is undertaken by a specific unit directly reporting to the board of directors or by an independent auditor (provided that such auditor is not responsible for auditing the financial statements of the institution or any other activity that may imply a conflict of interest). Our internal audit function is responsible for assessing the sufficiency and effectiveness of our operating and management controls, as well as the adequacy of our risk identification and management process. In addition, our internal audit function is independent from management in carrying out its activities and has access to all places, executives and information necessary to carry out its duties. The internal audit function administratively reports to the chairman of the board of directors, and its activities are supervised by the Audit Committee.
16H.Mine Safety Disclosure
Not applicable.
16I.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
Not applicable.
16J.Insider trading policies
We have adopted insider trading policies and procedures governing the purchase, sale and other dispositions of our securities by directors, senior management and employees that are reasonably designed to promote compliance with applicable insider trading laws, rules and regulations and listing standards applicable to us. Our board of directors adopted the Policy for Trading Itaú Unibanco Holding S.A. Securities and the Policy for the Disclosure of Material Acts or Facts on March 27, 2025, and June 26, 2025, respectively. For further information on our insider trading policies and procedures, see Exhibit 11(b) to this annual report.
16K.Cybersecurity
Risk Management and Strategy
We consider cybersecurity and information security at the highest strategic level. Our cybersecurity risk management strategy is designed to detect, prevent, monitor and respond to security incidents, minimize unavailability, protect integrity of data and prevent data leakage. We have adopted various processes for the assessment, identification and management of risks arising from cybersecurity threats, which are documented in our Corporate Information Security and Cyber Security Policy, available at our Investor Relations website, which is not incorporated by reference into this annual report.
We have a cybersecurity department that is responsible for monitoring our technological environment and for assessing any threats and alerts relating to cybersecurity 24/7. Once the cybersecurity department identifies a cybersecurity incident, it classifies the incident as material or not based upon internal guidelines, as described in the Information Security and Cybersecurity Incident Response Plan (Plano de Tratamento de Incidentes de Segurança da Informação e Cyber Security), prepared by our cybersecurity department and approved by our board of directors, which consider, among other matters, the impact of the cybersecurity incidents on our financial system and whether there is evidence that any customer or general public information has been exfiltrated. Upon the determination that a material cybersecurity incident has occurred and that such an incident may materially damage the individuals whose personal information has been exfiltrated, the cybersecurity department is required to report the incident to the audit committee as well as to notify the relevant Brazilian authorities and those individuals implicated. In the event of a cybersecurity incident affecting personal information of our employees, the cybersecurity department reports to the inspectorate for joint action. The cybersecurity department is led by our chief information security officer (“CISO”), Daniel Menezes Santana, who reports to our CSO, Adriano Cabral Volpini.
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Mr. Volpini has over 30 years of experience in the financial services industry, with extensive expertise in corporate security, risk management and fraud prevention, and currently serves as Corporate Security Director and CSO of the Itaú Unibanco Group.
Mr. Santana has more than 20 years of experience in information security and cybersecurity and has held senior leadership roles in the field. He has been serving as CISO since April 2025.
Our cybersecurity processes have been comprehensively integrated into our risk management system and strategy. Our cybersecurity department prepares an annual cybersecurity report outlining cybersecurity incidents if any, actions taken to respond to those incidents and measures adopted to prevent cybersecurity incidents from occurring. This annual cybersecurity report is presented to the risk committee, the audit committee and the board of directors to ensure compliance with regulatory requirements in Brazil. We also conduct, on a continuous basis, stress tests to our cybersecurity infrastructure and environment to identify potential weaknesses and improve our controls and procedures. In addition, we roll out awareness campaigns and/or trainings periodically for our employees and, every two years, we conduct mandatory training on cybersecurity matters for our employees, the cybersecurity department, executive management and the board of directors.
As part of our risk management strategy, we contract cybersecurity companies and auditing firms with industry recognized expertise on cybersecurity matters to assess our cybersecurity controls and procedures annually. Those consultants and auditing firms conduct independent penetration tests and suggest improvements to our overall procedures, if any. In 2011 and 2021 we obtained the ISO 27001 and ISO 27701 certificates, respectively. ISO 27001 is an international standard to manage information security while ISO 27701 is the international standard for privacy information management. This additional layer of surveillance by independent consultants and auditing firms, together with the ISO 27001 and ISO 27701 certificates, represent our commitment to adequate and reliable procedures and information infrastructure.
We continuously assess and oversee material risks from cybersecurity threats associated with our third-party service providers. Before engaging in business relationships with service providers, the cybersecurity department evaluates whether they meet our minimum standards relating to cybersecurity procedures, governance and risk management. We conduct on-site visits to some service providers that impose greater cybersecurity risks to us to validate their controls over information, monitor their responses to cybersecurity incidents and improvements to cybersecurity infrastructure. Service providers are also required to report material cybersecurity incidents to us relating to breaches of our information and personal information of our customers.
From an operational perspective, we use tools such as network behavioral analysis, intrusion prevention systems or IPS, firewalls, antiviruses, antispam systems, among others to protect us against external and internal attacks. Those systems are used to protect our information and information of our customers regardless of where it is located (i.e., within our own infrastructure, a cloud provider or service provider’s infrastructure) throughout the lifecycle of the information. In line with the growing use of AI technology, we have implemented a comprehensive safety journey for the use of AI in business enablement, supported by internal policies and procedures governing its application in our operations, designed to ensure the safe use of this technology while promoting appropriate risk management and regulatory compliance. In line with the growing use AI technology, we have implemented internal policies and procedures governing the use of AI in our business operations, designed to promote appropriate risk management and compliance. For more information on the risks associated with the use of AI, see “Item 3D. Risk Factors—Business Operations—As the regulatory framework for AI and machine learning technology evolves, our business, financial condition and results of operations may be adversely affected.”
Risks from cybersecurity threats, including any previous cybersecurity events, have not materially affected us or our business strategy, results of operations or financial condition as of the date of this annual report. For more information on cybersecurity risks, see “Item 3D. Risk Factors—Business Operations—Failure to adequately protect ourselves against risks relating to cybersecurity could materially adversely affect us.”

Governance
Our board of directors, which includes members with technology and cybersecurity experience, oversees the management of cybersecurity risks as well as participates in the establishment of our cybersecurity strategy. Our Risk Committee (Comitê de Risco) receives reports on cybersecurity incidents occurring in the applicable period and information relating to the management of cybersecurity threats. Based on this report, we define measures and improvements to enhance our management of cybersecurity issues. Additionally, our board of directors’ reviews annually our Corporate Information
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Security and Cyber Security Policy and our response plan to cybersecurity incidents, as well as periodically approves our cybersecurity strategy.
In addition to our board of directors, our management plays an important role in managing cybersecurity threats. We have a department solely dedicated to identifying, assessing and managing cybersecurity threats, incidents and issues. Since 2025, this department is led by our CISO, who reports to our CSO, and both ultimately report to our CRO. The CISO and CSO must have a long and solid expertise in cybersecurity matters and reports material cybersecurity risks to CRO. The CRO monitors material cybersecurity risks and reports them to the executive committee. Additional information on the biographical information relating to each of our CISO CRO is available available at our Investor Relations website, which is not incorporated by reference into this annual report.
PART III
ITEM 17. FINANCIAL STATEMENTS
We have responded to Item 18 in lieu of responding to this item.
ITEM 18. FINANCIAL STATEMENTS
Our consolidated financial statements, together with the Report of Independent Registered Public Accounting Firm, are embedded as part of this annual report.
ITEM 19. EXHIBITS
No.Description
1
2(b)(i)The total amount of long-term debt securities of Itaú Unibanco Holding S.A. and our subsidiaries under any one instrument does not exceed 10.0% of our total assets on a consolidated basis. We agree to furnish copies of instruments defining the rights of certain holders of long-term debt to the SEC upon request.
8.1
12.1
12.2
13


* Incorporated by reference to the Company’s Registration Statement on Form 6-K (File No. 001-15276) filed with the Securities and Exchange Commission on April 28, 2026.
** Incorporated by reference to the Company’s Registration Statement on Form 6/A (File No. 333-276560) filed with the Securities and Exchange Commission on January 23, 2024.
*** Incorporated by reference to our Annual Report on Form 20-F/A filed on May 17, 2010 (Commission File No. 1-15227).
**** Incorporated by reference to the Company’s Registration Statement on Form 6-K (File No. 001-15276) filed with the Securities and Exchange Commission on November 1, 2024.
***** Incorporated by reference to the Company’s Registration Statement on Form 6-K (File No. 001-15276) filed with the Securities and Exchange Commission on October 3, 2024.
****** Incorporated by reference to the Company’s Registration Statement on Form 6-K (File No. 001-15276) filed with the Securities and Exchange Commission on January 26, 2026.
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******* Incorporated by reference to the Company’s Registration Statement on Form 6-K (File No. 001-15276) filed with the Securities and Exchange Commission on December 29, 2025.

+ Filed herewith.

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Glossary
A
•ABECS – Associação Brasileira de Empresas de Cartões de Crédito e Serviços (Brazilian Association of Credit Cards and Services Companies)
•ABECIP - Associação Brasileira das Entidades de Crédito Imobiliário e Poupança
•ABRASCA – Associação Brasileira de Companhias Abertas (Brazilian Association of Publicly Traded Companies)
•ADR - American Depositary Receipts
•ADS – American Depositary Shares
•AI - Artificial Intelligence
•ALCCO – Asset Liability Capital Committee
•ANBIMA – Associação Brasileira das Entidades dos Mercados Financeiro e de Capitais (Brazilian Financial and Capital Markets Association)
•ANPD – Autoridade Nacional de Proteção de Dados (National Authority of Data Protection)
•ANS – Agência Nacional de Saúde Suplementar (National Regulatory Agency for Private Health Insurance and Plans)
•ASF – Available Stable Funds
•ATM – Automated Teller Machine
B
•B3 S.A. – Brasil, Bolsa, Balcão (Brazilian Exchange and OTC)
•Banco Itaú Argentina – Banco Itaú Argentina S.A
•Banco Itaú Chile – Banco Itaú Chile S.A.
•Banco Itaú Paraguay – Banco Itaú Paraguay S.A
•Banco Itaú Uruguay – Banco Itaú Uruguay S.A
•BCBS – Basel Committee for Banking Supervision
•BCI – Business Continuity Institute
•BCP – Business Continuity Program
•BEPS Project - Base Erosion and Profit Shifting
•BIA – Business Impact Analysis
•BIS – Bank for International Settlements
•BNDES – Banco Nacional de Desenvolvimento Econômico e Social (Brazilian Development Bank)
•Brazilian Anti-Corruption Law – Law No. 12,846 of August 1, 2013, as amended (Lei Anticorrupção Brasileira)
•Brazilian Anti-Money Laundering Law – Law No. 9,613/1998, as amended (Lei de Prevenção à Lavagem de Dinheiro)
•Brazilian Consumer Protection Code – Código de Defesa do Consumidor
•Brazilian Corporate Law – Law No. 6,404, of December 15, 1976, as amended (including by Law No. 11,638)
•Brazilian Labor Law – Law No. 5,452, as amended (Consolidação das Leis de Trabalho - CLT)

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•BRGAAP – The accounting principles and standards adopted in Brazil applicable to institutions authorized to operate by the Central Bank.
C
•CADE – Conselho Administrativo de Defesa Econômica (Administrative Council for Economic Defense)
•CARF - Conselho Administrativo de Recursos Fiscais
•CBS – Contribuição sobre Bens e Serviços (Contribution on Goods and Services)
•CCR – Counterparty Credit Risk
•CDI – Certificado de Depósito Interbancário (Interbank Deposit Certificate)
•CDP - Carbon Disclosure Project
•Central Bank – Banco Central do Brasil (Brazilian Central Bank)
•CFC – Conselho Federal de Contabilidade (Federal Accounting Council)
•CGRC – Risk and Capital Management Committee
•Cia. E. Johnston – Companhia E. Johnston de Participações
•CLP – Chilean peso
•CMN – Conselho Monetário Nacional (National Monetary Council)
•CNPJ – Cadastro Nacional da Pessoa Jurídica (National Registry of Legal Entities)
•CNSP – Conselho Nacional de Seguros Privados (National Council of Private Insurance)
•COAF – Conselho de Controle de Atividades Financeiras (Financial Activities Control Council)
•Code – U.S. Internal Revenue Code of 1986
•COPOM – Comitê de Política Monetária (Central Bank Monetary Policy Committee)
•COFINS – Contribuição Para o Financiamento da Seguridade Social (Contribution for the Financing of Social Security)
•CPC – Comitê de Pronunciamentos Contábeis
•CPI - Consumer Price Index
•CRO – Chief Risk Officer
•CRS – Common Reporting Standard
•CRSAC Superior - Superior Social, Environmental and Climate Risk Committee
•CRUI-R – International Units Risk Committee
•CSC – Superior Credit Committee
•CSCCA – Superior Wholesale Credit and Collection Committee
•CSCCV – Superior Retail Credit and Collection Committee
•CSESG – Superior ESG Commission
•CSIS – Superior Commission for Corporate Investment
•CSLL – Contribuição Social Sobre o Lucro Líquido (Social Contribution on Net Profits)
•CSO – Chief Security Officer
•CSCOR - Superior Compliance & Operational Risk Commission
•CSP – Superior Products Committee
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•CSPLD – Superior Anti-Money Laundering Committee
•CSRML – Superior Market Risk and Liquidity Committee
•CTAM – Model Assessment Technical Committee
•CVM – Comissão de Valores Mobiliários (Brazilian Securities and Exchange Commission)
D
•DJSI – Dow Jones Sustainability Index
•DRII – Disaster Recovery Institute International
•D-SIB – Domestic Systematically Important Bank
E
•EAPCs – Open Entities Pension Funds
•ESG – Environmental, Social and Governance
F
•FATF – Financial Action Task Force
•FATCA – U.S. Foreign Account Tax Compliance Act
•FEBRABAN – Federação Brasileira de Bancos (Brazilian Federation of Banks)
•FENAPREVI - Federação Nacional de Previdência Privada e Vida (National Federation of Private Pension and Life)
•Fed – U.S. Federal Reserve System
•FFI – Foreign Financial Institutions
•FGC – Fundo Garantidor de Crédito (Credit Insurance Fund)
•FGTS – Fundo de Garantia do Tempo de Serviço (Severance Indemnity Fund)
•FIC - Crédito, Financiamento e Investimento
•FRTB – Fundamental Review of the Trading Book
•FSB - Financial Stability Board
G
•GCB - Lake Niassa Empreendimentos e Participações Ltda
•GDP – Gross Domestic Product
•GHG – Greenhouse gas
•GloBE – OECD’s Global Rules Against Base Erosion
•GRSAC Report – Report on Social, Environmental and Climate Risks and Opportunities (Relatório de Riscos e Oportunidade Sociais, Ambientais e Climáticas)
•G-SIB – Global Systemically Important Bank
•GPA - Companhia Brasileira de Distribuição
H
•HICP - Harmonised Index of Consumer Prices
I
•IAS – International Accounting Standards
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•IASB – International Accounting Standards Board
•IBGE - Instituto Brasileiro de Geografia e Estatística
•IBRI – Instituto Brasileiro de Relações com Investidores (Brazilian Investor Relations Institute)
•IBS – Imposto sobre Bens e Serviços (Tax on Goods and Services)
•ICAAP – Internal Capital Adequacy Assessment Process
•ICMS – Imposto sobre Circulação de Mercadorias e Serviços (Tax on Distribution of Goods and Services)
•Intrag - Intrag Distribuidora de Títulos e Valores Mobiliários Ltda.
•IFRS – International Financial Reporting Standards
•IGA – Intergovernmental Agreements
•IGA-BR – Intergovernmental Agreements Brazil
•IGP-M – Índice Geral de Preços do Mercado (General Market Price Index)
•IOF – Imposto Sobre Operações Financeiras (Tax on Financial Transactions)
•IOSCO – International Organization of Securities Commissions
•IPCA – Índice de Preços ao Consumidor Amplo (Broad Consumer Price Index)
•IPCC - Intergovernmental Panel on Climate Change
•IPI – Imposto sobre Produtos Industrializados (Tax on Industrialized Products)
•IPO – Initial Public Offering
•IRPJ – Imposto de Renda da Pessoa Jurídica (Corporate Income Tax)
•IRRF - Imposto de Renda Retido na Fonte
•IRS – U.S. Internal Revenue Service
•ISE – Índice de Sustentabilidade Empresarial (Corporate Sustainability Index)
•ISS – Imposto sobre Serviços (Service Tax)
•ISSB - International Sustainability Standards Board
•Itau BBA International – Itau BBA International plc
•Itaucard – Banco Itaucard S.A.
•Itaú Europe – Itaú BBA Europe S.A.
•Itaú Holding Financeira – Itaú Holding Financeira S.A.
•Itaú Unibanco Group – Itaú Unibanco Holding S.A. and all its subsidiaries and affiliates
•Itaúsa – Itaú Investimentos S.A.
•ITCMD – Imposto de Transmissão Causa Mortis ou Doação (Inheritance, Gift or Succession Tax)
•IU - International Unit
•IUPAR – Itaú Unibanco Participações S.A.
J
•JP Morgan – JP MORGAN CHASE BANK, N.A.
K
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•KYC – Know Your Customer
•KYP – Know Your Partner
•KYS – Know Your Supplier
•KYE – Know Your Employee
L
•LCAs – Agribusiness Credit Letters
•LCIs – Real Estate Credit Letters
•LCR – Liquidity Coverage Ratio
•LGPD – Lei Geral de Proteção de Dados Pessoais (General Law on the Protection of Personal Data)
•LIGs – Brazilian Covered Bonds
•LR – Leverage Ratio
N
•NPS - Net Promoter Score
•NSFR – Net Stable Funding Ratio
•NYSE – New York Stock Exchange
O
•OECD – Organization for Economic Cooperation and Development
P
•PCAOB – Public Company Accounting Oversight Board
•PCAF – Partnership for Carbon Accounting Financials
•PEP – Politically Exposed Person
•PFIC – Passive Foreign Investment Company
•P&L – Possible Gains and Losses
•PIS – Programa de Integração Social (Social Integration Program)
•Pix – Instant Payment Arrangement
•PNMPO - National Guided and Productive Microcredit Program
•PRB - Principles for Responsible Banking
•PRI - Principles for Responsible Investment
•PRSO – Recovery and Organized Exit Plan
•PwC – PricewaterhouseCoopers Auditores Independentes Ltda.
Q
•QDMTT – Qualified Domestic Minimum Top-Up Tax
R
•RAET – Regime Especial de Administração Temporária (Temporary Special Administration Regime)
•Redecard - Redecard Instituição de Pagamento S.A.
206
Table of Contents
•RFB - Brazilian Federal Revenue Service
•RSF – Required Stable Funds
•RWA – Risk Weighted Asset
•RWAOPAD – Required Capital for Risk-Weighted Assets
S
•SAC – Social, Environmental and Climate
•SCE-IED – Foreign Capital Reporting System of Foreign Direct Investment
•SEC – U.S. Securities and Exchange Commission
•SELIC – Sistema Especial de Liquidação e Custódia (Special Clearing and Escrow System)
•SFN – Sistema Financeiro Nacional (National Financial System)
•SOX – The Sarbanes-Oxley Act of 2002
•SPB – Sistema de Pagamentos Brasileiro (Brazilian Payment System)
•STF – Supremo Tribunal Federal (Brazilian Federal Supreme Court)
•SUSEP – Superintendência de Seguros Privados (Superintendency of Private Insurance)
•SMEs - Small and Medium Enterprises
T
•Tax Reform – Reforma Tributária (converted into Constitutional Amendment No. 132)
•TCFD – Task Force on Climate Related Financial Disclosures
•TECHFIN – TOTVS TECHFIN S.A.
•TECBAN - Technologia Bancaria S.A.
•TR – Taxa Referencial (Brazilian Reference Interest Rate)
U
•UBOs – Ultimate Beneficial Owners
•Unibanco – União de Bancos Brasileiros S.A.
•UNSC – United Nations Security Council
•U.S. – United States of America
V
•VaR – Value at Risk
•VASPs - Virtual Asset Service Providers
207
Table of Contents
SIGNATURES
The registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this annual report on its behalf.
ITAÚ UNIBANCO HOLDING S.A.
By:
/s/ Milton Maluhy Filho
 Name: Milton Maluhy Filho
 Title: Chief Executive Officer
By:
/s/ Gabriel Amado de Moura
 Name: Gabriel Amado de Moura
 Title: Chief Financial Officer
Dated: April 29, 2026




Report of Independent Registered Public Accounting Firm
To the Board of Directors and Stockholders
Itaú Unibanco Holding S.A.
Opinions on the Financial Statements and Internal Control over Financial Reporting
We have audited the accompanying consolidated balance sheets of Itaú Unibanco Holding S.A. and its subsidiaries (the "Company") as of December 31, 2025 and 2024, and the related consolidated statements of income, comprehensive income, changes in stockholders' equity and cash flows, for each of the three years in the period ended December 31, 2025, including the related notes (collectively referred to as the "consolidated financial statements"). We also have audited the Company's internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025 in conformity with International Financial Reporting Standards as issued by the International Accounting Standards Board. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by the COSO.
Basis for Opinions
The Company's management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in Management's Annual Report on Internal Control over Financial Reporting appearing under item 15(b). Our responsibility is to express opinions on the Company's consolidated financial statements and on the Company's internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects. Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.
Definition and Limitations of Internal Control over Financial Reporting
A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.
F-1

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Critical Audit Matters
The critical audit matters communicated below are matters arising from the current period audit of the consolidated financial statements that were communicated or required to be communicated to the audit committee and that (i) relate to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.
Measurement of the provision for expected credit loss of loan and lease operations
As described in Notes 2(c) IV.III and 10 to the consolidated financial statements, the provision for expected credit loss of loan and lease operations was R$ 48,341 million on a total loan and lease operations portfolio of R$ 1,083,798 million as of December 31, 2025. The measurement of the provision for expected credit loss of loan and lease operations requires the application of significant assumptions and use of quantitative models. Management exercises judgment in respect to the amounts resulting from models, and the applicable adjustments. The main judgments exercised by management to calculate the provision for expected credit loss are: (i) selection of quantitative models to assess the expected credit loss, (ii) determination of triggers to significantly increase or decrease credit risk, (iii) identification and grouping of portfolios with similar credit risk characteristics, (iv) establishment of the maximum contractual period for assets with no determined maturity, (v) determination of prospective information, macroeconomic scenarios and probability-weighted scenarios.
The principal considerations for our determination that performing procedures relating to the measurement of the provision for expected credit loss of loan and lease operations is a critical audit matter are (i) the significant judgment used by management in determining the appropriate assumptions used, which in turn led to a high degree of auditor judgment and subjectivity in performing procedures relating to the assumptions used, (ii) the significant judgment in evaluating audit evidence obtained relating to the assumptions; and (iii) the audit effort involved the use of professionals with specialized skills and knowledge.
Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included, among others: (i) testing the effectiveness of controls related to management's measurement of the provision for expected credit loss of loan and lease operations, which included controls over the assumptions used; (ii) testing of the reasonableness of significant assumptions and data inputs used in the calculation of the provision for expected loss, including management's approval and validation process; and (iii) evaluating the disclosures in the financial statements in relation to the measurement of the provision for expected credit loss. Professionals with specialized skills and knowledge assisted in evaluating the reasonableness of significant assumptions.
Valuation of financial assets not actively traded in the market
As described in Notes 2(c) IV.III, and 28 to the consolidated financial statements, the Company had total financial assets measured at fair value of R$ 764,339 million, of which R$ 15,470 million is represented by Level 2 shares and real estate receivables certificates, and Level 3 debentures not actively traded in the market as of December 31, 2025. The valuation of financial assets not actively traded in the market is calculated using valuation techniques based on assumptions that consider market information and conditions. The main assumptions and judgments considered to estimate the fair value are: (i) historical data base, (ii) information on similar transactions, (iii) discount rate and estimate of future cash flows, and (iv) models used with the selection of specific inputs and, in certain cases, evaluation adjustments applied to the model amount or price quoted for financial instruments that are not actively traded.
The principal considerations for our determination that performing procedures relating to these financial assets not actively traded in the market is a critical audit matter are the significant judgments applied by management in choosing the pricing techniques and the assumptions used to determine the fair value of these financial assets. This, in turn, led to a high degree of auditor judgment, effort and subjectivity in performing procedures, including the involvement of professionals with specialized skill and knowledge.
Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included, among others: (i) evaluating the
F-2

appropriateness of the valuation techniques used for these financial assets at fair value not actively traded in the market and the significant assumptions used by management, by comparing them with independent valuation techniques and assumptions commonly used in the market; (ii) testing the effectiveness of controls in relation to valuation techniques, including the relevant inputs and data used in performing these controls; (iii) with the assistance of professionals with specialized skills and knowledge, calculating, on a sample basis, an independent estimate of fair value for financial instruments and comparing management's estimates with the independently developed estimates of fair value for these instruments; (iv) evaluating disclosures in the financial statements in relation to the valuation of financial assets.
Provision for litigations
As described in Notes 2(c) XII and 29 to the consolidated financial statements, the Company recognizes liabilities in the consolidated financial statements for the outcome of pending litigation when management determines that a loss is probable, and the amount of the loss can be reasonably estimated. The Company's consolidated provision for pending litigations related to civil, labor, tax and social security provisions was R$ 16,398 million as of December 31, 2025. No liability for an estimated loss is accrued in the consolidated financial statements for unfavorable outcomes when, after assessing the information available, (i) management concludes that it is not probable that a loss has been incurred in any of the pending litigation; or (ii) management is unable to estimate the loss or a range of possible losses for any of the pending claims. The Company also discloses a contingency in circumstances where management concludes no loss is probable, but it is reasonably possible that a loss may be incurred. The principal consideration for our determination that performing procedures relating to the provision for litigations is a critical audit matter is that there was significant judgment made by management when assessing the likelihood of a loss being incurred and when determining whether a reasonable estimate of the loss or a range of possible losses for each claim can be made, which in turn led to a high degree of auditor judgment and effort in evaluating management's assessment of the loss contingencies associated with litigation claims.
Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the design and the effectiveness of controls relating to identifying, assessing, monitoring, measuring, recording, disclosing the provision for litigations, and assessing the completeness and the accuracy of the data used. Our procedures also included testing the models used to quantify judicial proceedings of civil and labor natures considered on a collective basis and performing, external confirmation procedures with lawyers responsible for the proceedings.
/s/ PricewaterhouseCoopers
Auditores Independentes Ltda.
São Paulo, Brazil
April 29, 2026
We have served as the Company’s auditor since 2001.
F-3





Itaú Unibanco Holding S.A.
Consolidated Balance Sheet
(In millions of reais)
AssetsNote12/31/202512/31/2024
Cash37,144 36,127 
Financial assets2,880,511 2,673,301 
At Amortized Cost2,042,788 1,912,804 
Central Bank of Brazil deposits167,275 160,698 
Interbank deposits466,195 66,931 
Securities purchased under agreements to resell4280,595 243,220 
Securities9329,965 327,507 
Loan and lease operations101,083,798 1,025,493 
Other financial assets18a164,029 136,713 
(-) Provision for expected credit loss4, 9, 10(49,069)(47,758)
At Fair Value through Other Comprehensive Income132,473 106,303 
Securities8132,473 106,303 
At Fair Value through Profit or Loss705,250 654,194 
Securities5628,774 560,143 
Derivatives6, 773,384 92,439 
Other financial assets18a3,092 1,612 
Insurance contracts27212 66 
Tax assets79,103 72,653 
Income tax and social contribution - current2c XIII3,027 2,576 
Income tax and social contribution - deferred2c XIII, 24b I63,486 58,859 
Other12,590 11,218 
Other assets18a21,625 24,994 
Investments in associates and joint ventures1110,840 10,074 
Fixed assets, net2c VIII, 1312,635 13,263 
Goodwill and Intangible assets, net1424,099 23,997 
Total assets3,066,169 2,854,475 
The accompanying notes are an integral part of these consolidated financial statements.
F-4





Itaú Unibanco Holding S.A.
Consolidated Balance Sheet
(In millions of reais)
Liabilities and stockholders' equityNote12/31/202512/31/2024
Financial Liabilities2,424,121 2,239,979 
At Amortized Cost2,350,901 2,148,776 
Deposits151,114,482 1,054,741 
Securities sold under repurchase agreements17a434,607 388,787 
Interbank market funds17b406,170 372,294 
Institutional market funds17c154,194 140,547 
Other financial liabilities18b241,448 192,407 
At Fair Value through Profit or Loss71,427 86,275 
Derivatives6, 769,741 85,413 
Structured notes1657 318 
Other financial liabilities18b1,629 544 
Provisions for financial guarantees, credit commitments and credits to be released101,793 4,928 
Insurance contracts and private pension27353,253 306,899 
Provisions2917,791 19,209 
Tax liabilities24c11,582 11,345 
Income tax and social contribution - current2c XIII6,436 4,364 
Income tax and social contribution - deferred2c XIII, 24b II491 603 
Other4,655 6,378 
Other liabilities18b44,346 55,759 
Total liabilities2,851,093 2,633,191 
Total stockholders’ equity attributed to the owners of the parent company204,501 211,090 
Capital19a136,910 90,729 
Treasury shares19a(13)(909)
Capital reserves19c2,876 2,732 
Profit reserves19c67,711 121,428 
Other comprehensive income(2,983)(2,890)
Non-controlling interests19d10,575 10,194 
Total stockholders’ equity215,076 221,284 
Total liabilities and stockholders' equity3,066,169 2,854,475 
The accompanying notes are an integral part of these consolidated financial statements.
F-5

Itaú Unibanco Holding S.A.
Consolidated Statement of Income
(In millions of reais, except for number of shares and earnings per share information)
Note01/01 to 12/31/202501/01 to 12/31/202401/01 to 12/31/2023
Operating Revenues167,780 168,050 154,971 
Interest and similar income21a254,790 242,258 222,385 
Interest and similar expense21b(219,338)(167,278)(158,250)
Income of Financial Assets and Liabilities at Fair Value through Profit or Loss21c58,054 32,011 29,145 
Foreign exchange results and exchange variations in foreign transactions19,218 (3,143)4,432 
Commissions and Banking Fees2246,997 47,071 45,731 
Income from Insurance Contracts and Private Pension8,731 6,982 6,613 
Income from Insurance Contracts and Private Pension, net of Reinsurance277,569 6,536 6,132 
Financial Income from Insurance Contracts and Private Pension, net of Reinsurance27(42,150)(23,679)(28,585)
Income from Financial Assets related to Insurance Contracts and Private Pension43,312 24,125 29,066 
Other income / (expenses)(672)10,149 4,915 
Expected Credit Loss from Financial Assets(28,833)(32,311)(30,445)
Expected Credit Loss with Loan and Lease Operations10c(32,617)(29,468)(31,563)
Expected Credit Loss with Other Financial Asset, net3,784 (2,843)1,118 
Operating Revenues Net of Expected Credit Losses from Financial Assets138,947 135,739 124,526 
Other operating income / (expenses)(88,697)(88,183)(84,826)
General and administrative expenses23(79,176)(79,416)(75,759)
Tax expenses(10,938)(9,814)(9,987)
Share of profit or (loss) in associates and joint ventures111,417 1,047 920 
Income / (loss) before income tax and social contribution50,250 47,556 39,700 
Current income tax and social contribution24a(10,695)(9,433)(8,685)
Deferred income tax and social contribution24a6,294 4,005 2,862 
Net income / (loss)45,849 42,128 33,877 
Net income attributable to owners of the parent company2544,857 41,085 33,105 
Net income / (loss) attributable to non-controlling interests19d992 1,043 772 
Earnings per share - basic25
Common4.05 3.70 2.98 
Preferred4.05 3.70 2.98 
Earnings per share - diluted25
Common4.01 3.68 2.96 
Preferred4.01 3.68 2.96 
Weighted average number of outstanding shares - basic25
Common5,617,742,9775,617,742,9775,617,742,977
Preferred5,459,926,6305,472,801,1295,482,580,990
Weighted average number of outstanding shares - diluted25
Common5,617,742,9775,617,742,9775,617,742,977
Preferred5,571,684,6205,552,704,0855,549,980,489
The accompanying notes are an integral part of these consolidated financial statements.
F-6

Itaú Unibanco Holding S.A.
Consolidated Statement of Comprehensive Income
(In millions of reais)
Note01/01 to 12/31/202501/01 to 12/31/202401/01 to 12/31/2023
Net income / (loss)45,849 42,128 33,877 
Financial assets at fair value through other comprehensive income8980 (2,015)4,681 
Change in fair value(3,259)(7,030)5,443 
Tax effect1,463 2,867 (1,105)
(Gains) / losses transferred to income5,047 3,905 624 
Tax effect(2,271)(1,757)(281)
Hedge1,002 (2,156)684 
Cash flow hedge7197 (488)236 
Change in fair value361 (941)457 
Tax effect(164)453 (221)
Hedge of net investment in foreign operation7805 (1,668)448 
Change in fair value2,854 (3,207)848 
Tax effect(2,049)1,539 (400)
Insurance contracts and private pension938 470 (710)
Change in discount rate1,390 976 (1,192)
Tax effect(452)(506)482 
Remeasurements of liabilities for post-employment benefits (1)
(5)(115)(324)
Remeasurements26(8)(205)(584)
Tax effect3 90 260 
Foreign exchange variation in foreign investments(3,008)8,552 (327)
Other comprehensive income of non-controlling interests
22 867 (924)
Total other comprehensive income(71)5,603 3,080 
Total comprehensive income45,778 47,731 36,957 
Comprehensive income attributable to the owners of the parent company44,764 45,821 37,109 
Comprehensive income attributable to non-controlling interests1,014 1,910 (152)
1) Amounts that will not be subsequently reclassified to income.
The accompanying notes are an integral part of these consolidated financial statements.
F-7

Itaú Unibanco Holding S.A.
Consolidated Statement of Changes in Stockholders’ Equity
(In millions of reais)
Attributed to owners of the parent companyTotal stockholders’ equity – owners of the parent
company		Total stockholders’ equity – non-controlling
interests		Total
NoteCapitalTreasury
shares		Capital
reserves		Profit
reserves		Retained
earnings		Other comprehensive income
Financial assets at
fair value through
other comprehensive
income (1)
Insurance contracts and private
pension		Remeasurements
of liabilities of
post-employment
benefits		Conversion adjustments of foreign
investments
Gains and losses – hedge
(2)
Total - 01/01/202390,729 (71)2,480 86,209 - (5,984)796 (1,520)3,505 (8,427)167,717 9,390 177,107 
Transactions with owners- 60 140 - - - - - - - 200 - 200 
Acquisition of treasury shares19, 20- (689)- - - - - - - - (689)- (689)
Result of delivery of treasury shares19, 20- 749 (2)- - - - - - - 747 - 747 
Recognition of share-based payment plans- - 142 - - - - - - - 142 - 142 
Dividends- - - 11,000 (11,000)- - - - - - (365)(365)
Interest on capital- - - - (12,315)- - - - - (12,315)- (12,315)
Unclaimed dividends and Interest on capital- - - - 53 - - - - - 53 - 53 
Corporate reorganization2c I, 3- - - 265 - - - - - - 265 - 265 
Other- - - (2,852)- - - - - - (2,852)- (2,852)
Total comprehensive income- - - - 33,105 4,681 (710)(324)(327)684 37,109 (152)36,957 
Net income- - - - 33,105 - - - - - 33,105 772 33,877 
Other comprehensive income for the period- - - - - 4,681 (710)(324)(327)684 4,004 (924)3,080 
Appropriations:
Legal reserve- - - 1,669 (1,669)- - - - - - - - 
Statutory reserve- - - 8,174 (8,174)- - - - - - - - 
Total - 12/31/20231990,729 (11)2,620 104,465 - (1,303)86 (1,844)3,178 (7,743)190,177 8,873 199,050 
Change in the period- 60 140 18,256 - 4,681 (710)(324)(327)684 22,460 (517)21,943 
Total - 01/01/202490,729 (11)2,620 104,465 - (1,303)86 (1,844)3,178 (7,743)190,177 8,873 199,050 
Transactions with owners- (898)112 - - - - - - - (786)- (786)
Acquisition of treasury shares19, 20- (1,775)- - - - - - - - (1,775)- (1,775)
Result of delivery of treasury shares19, 20- 877 (17)- - - - - - - 860 - 860 
Recognition of share-based payment plans- - 129 - - - - - - - 129 - 129 
Dividends- - - 12,229 (12,229)- - - - - - (589)(589)
Interest on capital- - - 3,260 (15,875)- - - - - (12,615)- (12,615)
Dividends / Interest on capital - declared after previous period- - - (11,000)- - - - - - (11,000)- (11,000)
Unclaimed dividends and Interest on capital- - - - 32 - - - - - 32 - 32 
Corporate reorganization2c I, 3- - - (359)- - - - - - (359)- (359)
Other- - - (180)- - - - - - (180)- (180)
Total comprehensive income- - - - 41,085 (2,015)470 (115)8,552 (2,156)45,821 1,910 47,731 
Net income- - - - 41,085 - - - - - 41,085 1,043 42,128 
Other comprehensive income for the period- - - - - (2,015)470 (115)8,552 (2,156)4,736 867 5,603 
Appropriations:
Legal reserve- - - 1,406 (1,406)- - - - - - - - 
Statutory reserve- - - 11,607 (11,607)- - - - - - - - 
Total - 12/31/20241990,729 (909)2,732 121,428 - (3,318)556 (1,959)11,730 (9,899)211,090 10,194 221,284 
Change in the period- (898)112 16,963 - (2,015)470 (115)8,552 (2,156)20,913 1,321 22,234 
Total - 01/01/202590,729 (909)2,732 121,428 - (3,318)556 (1,959)11,730 (9,899)211,090 10,194 221,284 
Transactions with owners46,181 896 144 (49,181)- - - - - - (1,960)- (1,960)
Acquisition of treasury shares19, 20- (3,085)- - - - - - - - (3,085)- (3,085)
Cancellation of treasury shares19, 20- 3,000 - (3,000)- - - - - - - - - 
Result of delivery of treasury shares19, 20- 981 (10)- - - - - - - 971 - 971 
Recognition of shared-based payment plans- - 154 - - - - - - - 154 - 154 
Capitalization by reserves46,181 - - (46,181)- - - - - - - - - 
Dividends- - - - (20,000)- - - - - (20,000)(633)(20,633)
Interest on capital- - - - (13,704)- - - - - (13,704)- (13,704)
Dividends / Interest on capital - declared after previous period- - - (15,489)- - - - - - (15,489)- (15,489)
Unclaimed dividends and Interest on capital- - - - 38 - - - - - 38 - 38 
Corporate reorganization2c I, 3- - - (5)- - - - - - (5)- (5)
Other- - - (233)- - - - - - (233)- (233)
Total comprehensive income- - - - 44,857 980 938 (5)(3,008)1,002 44,764 1,014 45,778 
Net income- - - - 44,857 - - - - - 44,857 992 45,849 
Other comprehensive income for the period- - - - - 980 938 (5)(3,008)1,002 (93)22 (71)
Appropriations:- - - - - - - - - - - 
Legal reserve- - - 2,283 (2,283)- - - - - - - - 
Statutory reserve- - - 8,908 (8,908)- - - - - - - - 
Total - 12/31/202519136,910 (13)2,876 67,711 - (2,338)1,494 (1,964)8,722 (8,897)204,501 10,575 215,076 
Change in the period46,181 896 144 (53,717)- 980 938 (5)(3,008)1,002 (6,589)381 (6,208)
1)Includes the share in other comprehensive income of investments in associates and joint ventures related to financial assets at fair value through other comprehensive income.
2)Includes cash flow hedge and hedge of net investment in foreign operation.

The accompanying notes are an integral part of these consolidated financial statements.
F-8

Itaú Unibanco Holding S.A.
Consolidated Statement of Cash Flows
(In millions of reais)
Note01/01 to 12/31/202501/01 to 12/31/202401/01 to 12/31/2023
Adjusted net income88,303 38,186 91,638 
Net income45,849 42,128 33,877 
Adjustments to net income:42,454 (3,942)57,761 
Share-based payment178 217 200 
Effects of changes in exchange rates on cash and cash equivalents3,791 (8,404)11,529 
Expected credit loss with financial assets28,833 32,311 30,445 
Income from interest and foreign exchange variation from operations with subordinated debt4,386 (1,794)2,948 
Financial income from insurance contracts and private pension2742,150 23,679 28,585 
Depreciation and amortization7,386 6,440 5,652 
Expense from update / charges on the provisions for civil lawsuits, labor and tax claims and social security lawsuits and other risks1,622 1,180 799 
Provisions for civil lawsuits, labor and tax claims and social security lawsuits and other risks3,633 5,077 4,418 
Revenue from update / charges on deposits in guarantee(957)(775)(913)
Deferred taxes (excluding hedge tax effects)24b1,022 2,689 2,130 
Income from share in the net income of associates and joint ventures and other investments(1,417)(1,047)(920)
Income from financial assets at fair value through other comprehensive income5,047 3,905 612 
Income from interest and foreign exchange variation of financial assets at fair value through other comprehensive income(12,948)(45,778)(20,133)
Income from interest and foreign exchange variation of financial assets at amortized cost(39,094)(19,995)(7,697)
Income from sale of investments and fixed assets(331)(395)1,255 
Other23(847)(1,252)(1,149)
Change in assets and liabilities(53,837)(31,117)(14,145)
(Increase) / decrease in assets
Interbank deposits37,343 (14,419)4,583 
Securities purchased under agreements to resell(77,373)(9,800)3,137 
Central Bank of Brazil deposits (6,577)(15,294)(29,656)
Loan and lease operations(91,605)(146,210)(34,191)
Derivatives (assets / liabilities)4,385 (6,406)(745)
Financial assets at fair value through profit or loss(68,631)(48,391)(126,653)
Other financial assets(27,839)(8,500)(16,853)
Tax assets(1,823)(2,964)(2,819)
Other assets(5,423)(3,128)(6,606)
(Decrease) / increase in liabilities
Deposits59,741 103,389 79,914 
Securities sold under repurchase agreements45,820 26,001 69,346 
Funds from interbank markets33,876 43,649 34,058 
Funds from institutional markets10,724 22,409 (1,928)
Other financial liabilities50,126 10,603 15,114 
Financial liabilities at fair value through profit or loss(260)21 233 
Insurance contracts and private pension5,142 12,144 9,125 
Provisions(7,567)380 1,165 
Tax liabilities11,626 980 3,234 
Other liabilities(15,800)13,892 (6,523)
Payment of income tax and social contribution(9,722)(9,473)(8,080)
Net cash from / (used in) operating activities34,466 7,069 77,493 
Dividends / Interest on capital received from investments in associates and joint ventures612 450 583 
(Purchase) / Funds from the sale of financial assets at fair value through other comprehensive income(13,292)60,204 18,219 
(Purchase) / Redemptions of financial assets at amortized cost39,257 (46,811)(40,087)
(Purchase) / Sale of investments in associates and joint ventures(22)(352)(1,081)
(Purchase) / Sale of fixed assets(1,176)(1,258)(3,622)
(Purchase) / Sale and Termination of intangible asset agreements14(5,939)(5,265)(5,242)
Net cash from / (used in) investment activities19,440 6,968 (31,230)
Raising of subordinated debt obligations12,401 7,860 2,170 
Redemption of subordinated debt obligations(13,864)(7,519)(12,981)
Change in non-controlling interests stockholders22 867 (923)
Acquisition of treasury shares(3,085)(1,775)(689)
Result of delivery of treasury shares947 772 689 
Dividends / interest on capital paid to non-controlling interests(633)(589)(366)
Dividends / interest on capital paid(48,299)(21,314)(10,348)
Net cash from / (used in) financing activities(52,511)(21,698)(22,448)
Net increase / (decrease) in cash and cash equivalents2c III1,395 (7,661)23,815 
Cash and cash equivalents at the beginning of the period117,286 116,543 104,257 
Effect of changes in exchange rates on cash and cash equivalents(3,791)8,404 (11,529)
Cash and cash equivalents at the end of the period114,890 117,286 116,543 
Cash37,144 36,127 32,001 
Interbank deposits46,694 10,087 8,582 
Securities purchased under agreements to resell - Collateral held31,052 71,072 75,960 
Additional information on cash flow (Mainly operating activities)
Interest received219,617 219,741 208,243 
Interest paid194,597 131,096 115,518 
Non-cash transactions
Dividends and interest on capital declared and not yet paid4,403 5,436 4,799 
The accompanying notes are an integral part of these consolidated financial statements.


F-9

Itaú Unibanco Holding S.A.
Notes to the Consolidated Financial Statements
At 12/31/2025 and 12/31/2024 for balance sheet accounts and from 01/01 to 12/31 of 2025, 2024 and 2023 for the statement of income
(In millions of reais, except when indicated)
Note 1 - Operations
Itaú Unibanco Holding S.A. (ITAÚ UNIBANCO HOLDING) is a publicly held company, organized and existing under the laws of Brazil. The head office is located at Praça Alfredo Egydio de Souza Aranha, No.100, in the city of São Paulo, state of São Paulo, Brazil.
ITAÚ UNIBANCO HOLDING has a presence in 18 countries and territories and offers a wide variety of financial products and services to personal and corporate customers in Brazil and abroad, not necessarily related to Brazil, through its branches, subsidiaries and international affiliates. It offers a full range of banking services, through its different portfolios: commercial banking; investment banking; real estate lending; loans, financing and investment; leasing and foreign exchange business. Its operations are divided into three segments: Retail Business, Wholesale Business and Activities with the Market + Corporation.
ITAÚ UNIBANCO HOLDING is a financial holding company controlled by Itaú Unibanco Participações S.A. (“IUPAR”), a holding company which owns 51.71% of ITAU UNIBANCO HOLDING's common shares, and which is jointly controlled by (i) Itaúsa S.A. (“ITAÚSA”), a holding company controlled by members of the Egydio de Souza Aranha family, and (ii) Companhia E. Johnston de Participações (“E. JOHNSTON”), a holding company controlled by the Moreira Salles family. Itaúsa also directly holds 39.21% of ITAÚ UNIBANCO HOLDING’s common shares.
These Consolidated Financial Statements were approved by the Board of Directors on April 29, 2026.
Note 2 - Material accounting policies
a) Basis of preparation
The Consolidated Financial Statements of ITAÚ UNIBANCO HOLDING were prepared in accordance with the requirements and guidelines of the National Monetary Council (CMN), which require that annual Consolidated Financial Statements, in accordance with international financial reporting standards (IFRS) issued by the International Accounting Standards Board (IASB) (currently referred to by the IFRS Foundation as “IFRS accounting standards”).
ITAÚ UNIBANCO HOLDING adopted the criteria for recognition, measurement and disclosure established in the IFRS and in the interpretations of the International Financial Reporting Interpretation Committee (IFRIC).
The information in the Financial Statements and accompanying notes evidences all relevant information inherent in the financial statements, and only them, which is consistent with information used by management in its administration.
In the 3rd quarter of 2018, ITAÚ UNIBANCO HOLDING started adjusting the financial statements of its subsidiaries in Argentina to reflect the effects of hyperinflation.
b) Changes in new accounting standards and interpretations of existing standards

I - Applicable for period ended December 31, 2025
There were no new accounting standards for the current period for ITAÚ UNIBANCO HOLDING.
II - Applicable for future periods
•IFRS 18 - Presentation and Disclosure in Financial Statements:
Replaces IAS 1 – Presentation of Financial Statements. IFRS 18 introduces new subtotals and three categories for income and expenses (operating, investment and financing) into the structure of the statement of income. It also requires companies to disclose explanations about the performance measures established by management related to the statement of income.
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These amendments are effective for years beginning January 1st, 2027. Possible impacts are being evaluated and will be concluded by the date the standard becomes effective.
•IFRS 9 - Financial Instruments and IFRS 7 - Financial Instruments - Disclosures:
The mainly address the following topics: additional guidance on the assessment of "sole payments of principal and interest" (SPPI Test) for financial assets and date of recognition and write-off of financial instruments.
The amendments are effective for years starting on January 1st, 2026. ITAÚ UNIBANCO HOLDING, according to its best estimates, considers that the changes will have a positive effect of approximately 0.6% in Stockholders’ Equity, net of taxes.
c) Accounting policies, critical estimates and material judgments
This note presents the main critical estimates and judgments used in the preparation and application of ITAÚ UNIBANCO HOLDING’s specific accounting policies. These estimates and judgments present a material risk and may have a material impact on the values of assets and liabilities due to uncertainties and the high level of subjectivity involved in the recognition and measurement of certain items. Therefore, actual results may differ from those obtained by these estimates and judgments.
I - Consolidation
The Consolidated Financial Statements of ITAÚ UNIBANCO HOLDING comprise the transactions carried out by its branches and subsidiaries in Brazil and abroad, including investment funds, in which ITAÚ UNIBANCO HOLDING holds either direct or indirect control. The main judgment exercised in the control assessment is the analysis of facts and circumstances that indicate whether ITAÚ UNIBANCO HOLDING is exposed or is entitled to variable returns and has the ability to affect these returns through its influence over the entity on a continuous basis.
The Consolidated Financial Statements are prepared using consistent accounting policies. Intercompany asset and liability account balances, income accounts and transaction values have been eliminated.
F-11

The following table shows the main consolidated companies, which together represent over 95% of total consolidated assets, as well as the interests of ITAÚ UNIBANCO HOLDING in their voting capital:
Functional Currency (1)
Incorporation CountryActivityInterest in voting capital %Interest in total capital %
12/31/202512/31/202412/31/202512/31/2024
In Brazil
Banco Itaú Consignado S.A.RealBrazilFinancial institution100.00%100.00%100.00%100.00%
Banco Itaucard S.A.RealBrazilFinancial institution100.00%100.00%100.00%100.00%
Cia. Itaú de CapitalizaçãoRealBrazilPremium Bonds100.00%100.00%100.00%100.00%
Dibens Leasing S.A. - Arrendamento MercantilRealBrazilLeasing100.00%100.00%100.00%100.00%
Financeira Itaú CBD S.A. Crédito, Financiamento e InvestimentoRealBrazilConsumer finance credit53.88%50.00%53.88%50.00%
Hipercard Banco Múltiplo S.A. (2)
RealBrazilFinancial institution-100.00%-100.00%
Itaú Corretora de Valores S.A.RealBrazilSecurities Broker100.00%100.00%100.00%100.00%
Itaú Seguros S.A.RealBrazilInsurance100.00%100.00%100.00%100.00%
Itaú Unibanco S.A.RealBrazilFinancial institution100.00%100.00%100.00%100.00%
Itaú Vida e Previdência S.A.RealBrazilPension plan100.00%100.00%100.00%100.00%
Luizacred S.A. Sociedade de Crédito, Financiamento e InvestimentoRealBrazilConsumer finance credit50.00%50.00%50.00%50.00%
Redecard Instituição de Pagamento S.A.RealBrazilAcquirer100.00%100.00%100.00%100.00%
Foreign
Banco Itaú ChileChilean pesoChileFinancial institution67.42%67.42%67.42%67.42%
Banco Itaú Paraguay S.A.GuaraniParaguayFinancial institution100.00%100.00%100.00%100.00%
Banco Itaú (Suisse) S.A.Swiss francSwitzerlandFinancial institution100.00%100.00%100.00%100.00%
Banco Itaú Uruguay S.A.Uruguayan pesoUruguayFinancial institution100.00%100.00%100.00%100.00%
Itau Bank, Ltd.RealCayman IslandsFinancial institution100.00%100.00%100.00%100.00%
Itau BBA International plcUS DollarUnited KingdomFinancial institution100.00%100.00%100.00%100.00%
Itau BBA USA Securities Inc.US DollarUnited StatesSecurities Broker100.00%100.00%100.00%100.00%
Itaú Colombia S.A.Colombian pesoColombiaFinancial institution67.06%67.06%67.06%67.06%
1) All overseas offices of ITAÚ UNIBANCO HOLDING have the same functional currency as the parent company, except for Itaú Chile New York Branch and Itaú Unibanco S.A. Miami Branch, which functional currency is the US Dollar.
2) Company merged by Itaú Unibanco Holding S.A. at 01/31/2025.

I.I - Business combinations
When accounting for business combinations, ITAÚ UNIBANCO HOLDING exercises judgments in the identification, recognition, and measurement of: price adjustments, contingent considerations, and options or obligations to buy or sell ownership interest of the acquired entity.
Non-controlling shareholders’ ownership interest is measured on the date of acquisition according to the proportional interest in Stockholders’ Equity of the acquired entity.
I.II - Capital transactions with non-controlling stockholders
Changes in an ownership interest in a subsidiary, which do not result in a loss of control, are accounted for as capital transactions and any difference between the amount paid and the carrying amount of non-controlling stockholders is recognized directly in Stockholders' Equity.
II - Functional and presentation currency
F-12

The Consolidated Financial Statements of ITAÚ UNIBANCO HOLDING are presented in Brazilian Reais, which is its functional and presentation currency. For each subsidiary, associate and joint venture, ITAÚ UNIBANCO HOLDING exercised judgment to determine its functional currency, considering the currency of the primary economic environment in which the entity operates.
Foreign currency operations are translated using the exchange rates prevailing on the dates of the transactions, and exchange gains and losses are recognized in the Consolidated Statement of Income.
For conversion of the Financial Statements of foreign entities with a functional currency other than Reais, ITAÚ UNIBANCO HOLDING uses the exchange rate on the closing date to convert assets and liabilities, and the average monthly exchange rate to convert income and expenses, except for foreign entities located in hyperinflationary economies. Exchange differences generated by this conversion are recognized in Other Comprehensive Income, net of tax effects, and reclassified, either in total or partially, to income when ITAÚ UNIBANCO HOLDING loses control of the foreign entity. The ITAÚ UNIBANCO HOLDING conducts hedge of net investment in foreign operation, whose effective portion is recognized in Stockholders’ Equity.
III - Cash and cash equivalents
They are defined as cash and cash equivalents, current accounts with banks and financial investments, which are promptly convertible into cash, this is, which original term is equal to or lower than 90 days and are subject to an insignificant risk of change in value, shown in the Balance Sheet under the headings Cash, Interbank deposits and Securities purchased under agreements to resell (Collateral held).
IV - Financial assets and liabilities
Financial assets and liabilities are initially recognized at fair value on the trading date.
Financial assets are written off, on the trading date, if:
•the contractual rights to the cash flows of the financial asset expire.
•there are no reasonable expectations of its recovery. In this case, the write-off is carried out concurrently with the use of the related allowance for expected credit loss. Subsequent recoveries are accounted for as revenue in as a counterpart to asset.
• ITAÚ UNIBANCO HOLDING transfers substantially the risks and benefits of the financial asset.
The main judgments exercised by ITAÚ UNIBANCO HOLDING in the write-off of financial assets are: assessment of the time when contractual rights to cash flows of financial assets expire; reasonable expectation of recovery of the financial asset, and substantial transfer of risks and benefits or control.
When the contractual cash flow of a financial asset is renegotiated or otherwise modified, ITAÚ UNIBANCO HOLDING estimates that the modification event has not caused write-off of the contract, the gross book value of this financial asset is recalculated by comparing the original and renegotiated cash flows, and the effects of the modification are recognized in income.
During the period, ITAÚ UNIBANCO HOLDING updated the estimates of expected credit loss and write-off of financial assets. This change in the estimate resulted in the reduction of the period for the write-off of financial assets, which up to December 31, 2024 was up to 24 months. The change in the accounting estimate generated an impact of R$ (2,756) (R$ (1,453) net of taxes), recognized in income in 2025.
Financial liabilities are written off when extinguished, this is, when the obligation specified in the contract is released, canceled, expired, or substantially modified. ITAÚ UNIBANCO HOLDING considers that the obligation was substantially modified when the present value of cash flows under the new terms is at least 10% different from the present value of the cash flows remaining from the original obligation.
IV.I Classification of financial assets
Financial assets are classified and subsequently measured in the following categories:
•Amortized cost: used when financial assets are managed to obtain contractual cash flows, consisting solely of payments of principal and interest.
F-13

•Fair value through other comprehensive income: used when financial assets are held both for obtaining contractual cash flows, consisting solely of payments of principal and interest, and for sale.
•Fair value through profit or loss: used for financial assets that do not meet the aforementioned criteria above and the financial assets irrevocably designated in the initial recognition at fair value through profit or loss.
The category depends on the business model under which the financial assets are managed and the characteristics of their cash flows (Solely Payment of Principal and Interest Test – SPPI Test).
Financial assets designated as fair value through profit or loss: ITAÚ UNIBANCO HOLDING has financial assets designated at fair value through profit or loss to reduce an accounting mismatch.
Business models: are established according to the objectives of the business areas, considering the risks that affect their performance of the business model; how it is assessed and reported to Management and how the managers of the business are compensated.
SPPI Test: is the assessment of cash flows generated by a financial instrument for the purpose of checking whether they represent solely payments of principal and interest (consideration for the time value of money, credit risk and profit margin). ITAÚ UNIBANCO HOLDING assesses mainly the following situations to determine compliance with the SPPI Test: changes in rate due to modification in credit risk; interest rates determined by regulatory bodies; leverage; embedded derivatives; and term extension clauses and exchange rate variation. If contractual terms introduce risk exposure or cash flow volatilities, the financial asset do not meet the SPPI Test and it's classified in the category Fair value through profit or loss.
Hybrid Contracts: to identify if a contract contains embedded derivatives, ITAÚ UNIBANCO HOLDING considers especially if there is any indexing to different components of interest and uncertainty regarding the link with the final indexing.
Hybrid contracts in which the main component is a financial asset are accounted for on a jointly basis, this is, the whole instrument (principal and derivative component) is measured at Fair value through profit or loss.
In other cases, embedded derivatives are treated as separate financial instruments if: their characteristics and economic risks are not closely related to those of the main component; the separate instrument meets the definition of a derivative; the underlying instrument is not booked at Fair value through profit or loss.
Equity instruments: the shares and quotas are classified at Fair value through profit or loss, except when the financial instrument is held with a purpose other than its trading, situation in which ITAÚ UNIBANCO HOLDING designates it, on an irrevocable basis, at Fair value through other comprehensive income.
IV.II - Classification of financial liabilities
Financial liabilities are subsequently measured at amortized cost, except for:
•Financial liabilities at fair value through profit or loss: classification applied to financial liabilities designated, irrevocably, at fair value through profit or loss for the purpose to reduce accounting asymmetries and to derivatives.
•Credit commitments and Credits to be released.
•Financial guarantees: measured at the higher amount between (i) the provision for expected credit loss; and (ii) the balance of the fee on the service to be deferred in income, according to the contract term.
•Premium bonds plans: they are classified as financial liabilities at the amortized cost, although they are regulated by the body that regulates the Brazilian insurance market. Revenue from premium bonds plans is recognized during the contract period and measured according to the contractual conditions of each plan.
IV.III - Subsequent measurement of financial instruments
Fair value of financial instruments: to measure fair value, assessment techniques applying information classified in three levels of hierarchy are used, prioritizing prices listed in active markets of the instruments. ITAÚ UNIBANCO HOLDING classifies this information according to the relevance of data observed in the fair value measurement process:
Level 1: Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. An active market is a market in which transactions for the asset or liability being measured occur often enough and with sufficient volume to provide pricing information on an ongoing basis.
F-14

Level 2: Inputs that are not observable for the asset or liability either directly or indirectly. Level 2 generally includes: (i) quoted prices for similar assets or liabilities in active markets; (ii) quoted prices for identical or similar assets or liabilities in markets that are not active, that is, markets in which there are few transactions for the asset or liability, the prices are not current, or quoted prices vary substantially either over time or among market makers, or in which little information is released publicly; (iii) inputs other than quoted prices that are observable for the asset or liability (for example, interest rates and yield curves observable at commonly quoted intervals, volatilities, etc.); (iv) inputs that are mainly derived from or corroborated by observable market data through correlation or by other means.
Level 3: Inputs that are not observable for the asset or liability allowing the use of internal models and techniques.
The adjustment to fair value of financial assets and liabilities is recognized in Stockholders' equity for financial assets measured at fair value through other comprehensive income or in the Consolidated Statement of Income for the other financial assets and liabilities.
The portion of the fair value variation resulting from changes in ITAÚ UNIBANCO HOLDING own credit risk is recognized in income for derivative financial liabilities, and in other comprehensive income when it is a financial liability designated at fair value through profit or loss, both amounts net of tax effects.
To determine the gains and losses realized in the disposal of financial assets at fair value, average cost is used, which are recorded in the Consolidated Statement of Income as Interest and similar income and income of financial assets and liabilities at fair value through profit or loss.
For financial instruments measured at fair value on a recurring basis, including derivatives, that are not traded in active markets, the fair value is calculated by using valuation techniques based on assumptions, that consider market information and conditions. The estimated fair value obtained through these techniques cannot be substantiated by comparison with independent markets and, in many cases, cannot be realized on immediate settlement of the instrument.
The main assumptions considered to estimate the fair value are: historical database, information on similar transactions, discount rate and estimate of future cash flows.
The main judgments applied in the calculation of the fair value of more complex financial instruments, or those that are not negotiated in active markets or do not have liquidity, are: determining the model used with the selection of specific inputs and, in certain cases, evaluation adjustments are applied to the model amount or price quoted for financial instruments that are not actively traded.
The application of these judgments may result in a fair value that is not indicative of the net realizable value or future fair values. However, ITAÚ UNIBANCO HOLDING believes that all the methodologies adopted are appropriate and consistent with other market participants.
The fair value of financial instruments as well as the hierarchy of fair value are detailed in Note 28.
Amortized cost: is the amount at which the financial asset or liability is measured at initial recognition, plus adjustments made under the effective interest rate method, less repayments of principal and interest, and any provision for expected credit loss.
Effective interest rate: ITAÚ UNIBANCO HOLDING uses the effective interest rate method to calculate interest income or expense for financial instruments at amortized cost, which considers costs and fees directly attributable to the contract, such as commissions paid or received by the parties to the contract, transaction costs and other premiums and discounts.
ITAÚ UNIBANCO HOLDING classifies financial instruments as non-performing if the payment of the principal or interest is overdue for over 90 days or indicates that the obligation will not be honored under the conditions agreed. In this case, the appropriation of interest starts being recognized on the cash basis.
Expected credit loss: ITAÚ UNIBANCO HOLDING assesses the expected credit loss associated with financial assets measured at amortized cost and through other comprehensive income, credit commitments, credits to be released and financial guarantee contracts applying a three-stage approach to demonstrate changes in credit risk.
•Stage 1 – considers default events possible within 12 months. Applicable to financial assets which are not credit impaired when purchased or originated or which credit risk has decreased significantly.
•Stage 2 – considers all possible default events over the life of the financial instrument. Applicable to financial instruments which credit risk has increased significantly since the initial recognition or that no longer have credit recovery problems, but their credit risk has not decreased significantly.
F-15

•Stage 3 – applicable to financial instruments which are credit impaired, for which a probability of default (PD) of 100% is considered (problem assets).
The measurement of expected credit loss requires the application of significant assumptions and use of quantitative models. Management exercises its judgment in the assessment of the adequacy of the expected credit loss amounts resulting from models and, according to its experience, makes adjustments that may result from certain clients’ credit status or temporary adjustments resulting from situations or new circumstances that have not been reflected in the modeling yet.
The main assumptions considered to estimate the expected credit loss are:
•Determining criteria for significant increase or decrease in credit risk: ITAÚ UNIBANCO HOLDING determines triggers (indicators) of significant increase in the credit risk of a financial asset since its initial recognition on an individual or collective basis. For collective assessment purposes, financial assets are grouped based on characteristics of shared credit risk, considering the type of instrument, credit risk classifications, initial recognition date, remaining term, industry, among other significant factors. For wholesale business portfolios, the assessment is conducted on an individual basis, at the economic subgroup level.
The migration of the financial asset to an earlier stage occurs with a consistent reduction in credit risk, mainly characterized by the non-activation of credit deterioration triggers for at least 6 months.
•Maximum contractual period: ITAÚ UNIBANCO HOLDING estimates the useful life of assets that do not have fixed maturity date based on the period of exposure to credit risk and contractual terms, including prepayment and rollover options.
•Prospective information: ITAÚ UNIBANCO HOLDING uses macroeconomic forecasts and public information with projections prepared internally to determine the impact of these estimates on the calculation of expected credit loss. The main prospective information used to determine the expected credit loss is projected default, which is related to projections of SELIC Rate, Credit Default Swap (CDS), unemployment rate, Gross Domestic Product (GDP), wages, industrial production and expanded retail sales. The definition of Macroeconomic scenarios involves inherent risks, market uncertainties and other factors that may give rise to results different from those expected. ITAÚ UNIBANCO HOLDING uses weighted scenarios to determine credit loss expected over a suitable observation horizon adequate to classification in stages, which are reassessed annually or when the market conditions so require.
The main judgments exercised to calculate the expected credit loss are: selection of quantitative models to assess the expected credit loss; determination of triggers to significantly increase or decrease credit risk; identification and grouping of portfolios with similar credit risk characteristics; establishment of the maximum contractual period for assets with no determined maturity; determination of prospective information, macroeconomic scenarios and probability-weighted scenarios.
IV.IV - Derivatives and use of hedge accouting
Derivatives: all derivatives are measured at fair value through profit or loss and accounted for as financial assets when the fair value is positive and as financial liabilities when the fair value is negative.
Accounting Hedge: the risk management conducted with derivatives and non-derivatives may give rise to accounting asymmetries due to the different methods to account for each instrument. In view of this, ITAÚ UNIBANCO HOLDING sometimes qualifies economic hedge operations as accounting hedge operations, changing the usual accounting of hedge items or hedging instruments, and, consequently, eliminating existing accounting asymmetry, in order to reflect the economic effects of hedge activity in the financial statements.
ITAÚ UNIBANCO HOLDING continues applying all the hedge accounting requirements of IAS 39, that describes three types of hedges: cash flow hedge, hedge of net investment in foreign operations and fair value hedge, which are detailed in Note 7.
At the beginning of a hedge transaction, the relationship between the hedging instruments and the hedged items, its risk management objective and strategy are documented. They can be designated as hedging instruments for accounting purposes, derivatives, financial and qualifiable financial assets and liabilities.
To maintain the accounting hedge strategies, ITAÚ UNIBANCO HOLDING assesses the effectiveness of strategies on a continuous basis. In the event the hedge becomes ineffective, the designation is revoked, or the derivative expires or is sold, the accounting hedge should be prospectively discontinued.
The main judgments exercised in the assessment of hedge strategies are: identification of qualifiable assets and liabilities; determination of the risk to be hedged; selection of quantitative models for effectiveness assessment.
F-16

•Cash flow hedge: the effective portion of gains or losses on hedging instrument is recognized directly in Other Comprehensive Income (hedge reserve). The ineffective portion or hedge components excluded from the assessment of effectiveness are recognized in income.
To evaluate the effectiveness of the cash flow hedge, ITAÚ UNIBANCO HOLDING uses the hypothetical derivative method.
At the time the corresponding income or expense of the hedged financial item affects income, the hedge reserve is reclassified to Income on Financial Assets and Liabilities at Fair Value through Profit or Loss. For non-financial hedged items, the hedge reserve is incorporated into the initial cost of the corresponding asset or liability.
If the accounting hedge is discontinued, the hedge reserve will be reclassified to income at the time the expected transaction occurs or is no longer expected to occur.
•Hedge of net investment in foreign operations: is accounted for in a manner similar to a cash flow hedge: the effective portion of hedge instrument gains or losses is recorded directly in Other Comprehensive Income (hedge reserve). The ineffective portion or hedge components excluded from the effectiveness analysis are recognized in income.
To evaluate the effectiveness of the hedge of net investments in foreign operations, ITAÚ UNIBANCO HOLDING uses the dollar offset method.
In the period the foreign operation is partially or completely disposed of, hedge is discontinued, and the hedge reserve is reclassified proportionally to income.
•Fair value hedge: gains or losses arising from the measurement at fair value of the covered item, which correspond to the effective portion of the hedge, are recognized in income.
If the accounting hedge is discontinued, any adjustment in the book value of the covered item should be amortized in income.
To evaluate the effectiveness of the fair value hedge, ITAÚ UNIBANCO HOLDING uses the percentage approach and dollar offset method.
V - Other non-financial assets
Other non-financial assets are composed of Prepaid expenses, Encrypted digital assets, Assets held for sale, among others.
Encrypted digital assets can be used as a means of exchange or value reserve and are acquired for trading. Recognition and measurement are carried at fair value and are classified in level 1 of the fair value hierarchy, since their values reflect quoted (unadjusted) prices available in active markets. Subsequent appreciation and depreciation are recognized in income for the period.
Assets Held for Sale are registered upon their receipt in the settlement of financial assets or by the decision to sell own assets. These assets are initially accounted for at the lower of: (i) the fair value of the good less the estimated selling costs (ii) their book value.
ITAÚ UNIBANCO HOLDING exercises judgment when assessing the fair value of the asset, either upon the initial recognition or in the subsequent measurement, considering, when applicable, evaluation reports and the likelihood of definitive hindrance to sale.
VI - Investments in associates and joint ventures
Associates are companies in which ITAÚ UNIBANCO HOLDING has a significant influence, mainly represented by participation in the Board of Directors or Executive Board, and in the processes of development of operating and financial policies, including the distribution of dividends, provided that they are not considered rights to protect minority interest.
Joint ventures are arrangements in which the parties are entitled to the net assets of the business, which is jointly controlled, this is, decisions about the business are made unanimously between the parties, regardless of their percentage of interest.
Investments in associates and joint ventures include goodwill identified in the acquisition, net of any accumulated impairment loss. They are recognized at acquisition cost and are accounted for under the equity method.
VII - Lease operations (Lessee)
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To conduct its commercial activities, ITAÚ UNIBANCO HOLDING is the lessee, mainly of real estate (underlying assets) in the execution of the contract; future rent payments are recognized at present value discounted by an average funding rate (incremental rate) in the heading Other liabilities and the financial expense is recognized in income. In counterparty to this financial liability, a right of use is recognized, depreciated under the straight-line method for the lease term and tested semiannually to identify possible impairment losses. In case the underlying asset is of low value (except real estate), payments are recognized in liabilities as a counterparty to expense, when due.
To establish the lease period, ITAÚ UNIBANCO HOLDING considers the non-cancellable period of the contract, the expectation of renewal, contractual termination, and the expected vacancy period, as the case may be.
The main judgments exercised in lease operations are: determination of the discount rate that reflects the cost that would be incurred to buy the asset; establishment of low-value assets; and assessment of the expectation of contractual renewal.
VIII - Fixed assets
Fixed assets are booked at their acquisition cost less accumulated depreciation, and adjusted for impairment, if applicable. Depreciation is calculated under the straight-line method using rates based on the estimated useful lives of these assets.
ITAÚ UNIBANCO HOLDING recognizes in fixed assets expenses that increase (i) productivity, (ii) efficiency or (iii) the useful life of the asset for more than one fiscal year.
The main judgements are about the definition of the residual values and useful life of assets.
IX - Goodwill and lntangible assets
Goodwill is generated in business combinations and acquisitions of ownership interests in associates and joint ventures. It represents the future economic benefits expected from the transaction that are neither individually identified nor separately recognized, not being amortized.
Intangible assets are immaterial goods acquired or internally developed, they include the Association for the promotion and offer of financial products and services, software, rights of use leases and rights for acquisition of payrolls.
Intangible assets are measured at amortized cost in the initial recognition and amortized using the straight-line method over their estimated useful lives.
X - Impairment of non-financial assets
The recoverable amount of investments in associates and joint ventures, right-of-use assets, fixed assets, goodwill and intangible assets is assessed semiannually or when there is an indication of loss. The assessment is conducted individually by asset class whenever possible or by cash-generating unit (CGU).
To assess the recoverable amount, ITAÚ UNIBANCO HOLDING considers the materiality of the assets, except for goodwill, which is evaluated regardless of its amount. The main internal and external indications which can impact the recoverable amount are: business strategies established by management; obsolescence and/or disuse of software/hardware; and the macroeconomic, market and regulatory scenario.
Depending on the asset class, the recoverable amount is estimated using especially the methodologies: Discounted Cash Flow, Multiple and Dividend Flow, using a discount rate that in general reflects financial and economic variables, such as risk-free interest rate and a risk premium.
The assessment of recoverable amount reflects Management’s best estimate for the expected future cash flows from individual assets or CGU, as the case may be.
The main judgments exercised in the assessment of recoverable amount of non-financial assets are: the choice of the most appropriate methodology, the discount rate and assumptions for cash inflows and outflows.
XI - Insurance contracts and private pension
To measure the groups of insurance contracts and private pension, ITAÚ UNIBANCO HOLDING uses the three measurement approaches below, considering the characteristics of the contracts:
•Standard Model (Building Block Approach - BBA): insurance contracts without direct participation feature with coverage longer than 1 year or that are onerous. The Insurance portfolio basically includes Life, Health, Credit Life
F-18

and Housing, the first two of which are onerous. The Private Pension portfolio includes Traditional Plans and Death and Disability Risk Coverage Plans, the former being onerous. Insurance contracts and private pension classified as onerous are not actively sold, and the contractual conditions of the life insurance contracts in force are different and classified as profitable.
•Variable Fee Approach (VFA): applicable to insurance contracts with direct participation features are insurance contracts that are substantially investment-related service contracts under which an entity promises an investment return based on underlying items. ITAÚ UNIBANCO HOLDING applies this approach to the Free Benefit Generating Plan (PGBL) and Free Benefit Generating Life Plan (VGBL) private pension plans, whose contributions are remunerated at the fair value of the investment fund specially organized in which funds are invested and the insured party has the possibility of earning income after the accumulation period.
•Simplified Model (Premium Allocation Approach - PAA): insurance contracts and reinsurance contracts held, whose coverage periods are equal to or less than one year or when they produce results similar to those that would be obtained if the standard model were used, comprising mainly: Personal Accidents and Protected Card. As these are short-term contracts, Liability for Remaining Coverage are not discounted at present value. However, the cash flows of Liability for Incurred Claims are discounted at present value and adjusted to reflect non-financial risks, since they have payments that are made one year after a claim occurs.
The initial recognition of groups of insurance contracts and private pension is performed by the total of:
•Contractual service margin, which represents the unearned profit that will be recognized as it provides insurance contract service in the future.
•Fulfillment cash flows, composed of the present value of estimated cash inflows and outflows of funds over the period covered by the portfolio, risk adjusted for non-financial risk. The risk adjustment for non-financial risk is the compensation that the entity requires for bearing the uncertainty about the amount and timing of the cash flows that arises from non-financial risk.
The Assets and Liabilities of insurance contracts and private pension are subsequently segregated between:
•Asset or Liability for Remaining Coverage: represented by the fulfillment cash flows related to future services and the contractual service margin. The appropriation of the contractual service margin and losses (or reversals) in onerous contracts are recognized in the Income from Insurance Contracts and Private Pension, net of Reinsurance. In the Private Pension PGBL and VGBL portfolios, the contractual service margin is recognized according to the provision of the management service and insurance risks, and in the other portfolios, recognition is on a straight-line basis over the term of the contract.
•Asset or Liability for Incurred Claims: represented by the fulfillment cash flows referring to services already provided, that are, amounts pending financial settlement related to claims and other expenses incurred. Changes in the fulfillment cash flows, including those arising from an increase in the amount recognized due to claims and expenses incurred in the period, are recognized in the Income from Insurance Contracts and Private Pension, net of Reinsurance.
To estimate fulfillment cash flows and expected profitability (contractual service margin), ITAÚ UNIBANCO HOLDING uses actuarial models and assumptions, exercising judgment mainly to establish: (i) the aggregation of contracts; (ii) the period of service provided; (iii) discount rate; (iv) actuarial calculation models; (v) risk adjustment for non-financial risk models and confidence levels; (vi) the group's level of profitability; and (vii) contract coverage unit. The main assumptions used are: (i) inflow assumptions: contributions and premiums; (ii) outflow assumptions: conversion rates into income, redemptions, cancellation rate and loss ratio; (iii) discount rate; (iv) biometric tables; and (v) risk adjustment for non-financial risk.
Regarding the assessment components separation of an insurance contract, the investment component that exists in ITAÚ UNIBANCO HOLDING’s private pension contracts of is highly interrelated with the insurance component, that is, the investment component (accumulation phase) is necessary to measure the payments to be made to the insured party (benefit granting phase).
For portfolios of long-term insurance contracts and private pension, except for Private Pension PGBL and VGBL portfolios, ITAÚ UNIBANCO HOLDING opted for recognizing changes in discount rates in Other Comprehensive Income, that is, the Financial Income from Insurance Contracts and Private Pension will be segregated between Other Comprehensive Income and income for the period. In the portfolios of short-term insurance and Private Pension PGBL and VGBL, the financial income is fully recognized in income for the period.
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The assumptions used in the measurement of insurance contracts and private pension are reviewed periodically and are based on best practices and analysis of the experience of ITAÚ UNIBANCO HOLDING.
The discount rate used by ITAÚ UNIBANCO HOLDING to bring the projected cash flows from insurance contracts and private pension to present value is obtained by building a Term Structure of Interest Rates with internal modeling, which represents a set of vertices that contain the expectation of an interest rate associated with the term of portfolio (or maturity). In addition to considering the characteristics of the indexing units of each portfolio (IGPM, IPCA and TR), the discount rate has a component that aims at reflecting the differences between the liquidity characteristics of the financial instruments that substantiate the rates observed in the market and the liquidity characteristics of insurance contracts (a “bottom-up” approach).
Specifically for insurance products, cash flows are projected using the method known as the run-off triangle on a quarterly basis. For private pension plans, cash flows are projected based on assumptions applicable to the product.
Risk adjustment for non-financial risk is obtained by resampling based on claims data with portfolio by grouping, using the Monte Carlo statistical method. Resampling is brought to present value using the discount rate applied to future cash flows. Based on this, percentiles proportional to the confidence level are calculated, determined in an interval between 60% and 70%, depending on the group.
Biometric tables represent the probability of death, survival or disability of an insured party. For death and survival estimates, the latest Brazilian Market Insurer Experience tables (BR-EMS) are used, adjusted by the criterion of development of longevity expectations of the G Scale, and for the estimates of entry into disability, the Álvaro Vindas table is used.
The conversion rate into income reflects the historical expectation of converting the balances accumulated by insured parties into retirement benefits, and the decision is influenced by behavioral, economic and tax factors.
XII - Provisions, contingent assets and contingent liabilities
Provisions and contingent liabilities are assessed based on the Management’s best estimates considering the opinion of legal advisors. The accounting treatment of provisions and contingent liabilities depends on the likelihood of disbursing funds to settle obligations. According to the probability of loss they are classified as: (i) probable and are provisioned in the Financial Statements; (ii) possible, are not provisioned and are reported in the Notes; and (iii) remote: no provision is recognized, and contingent liabilities are not disclosed in the Financial Statements.
Provisions and contingent liabilities are estimated in a mass or individualized basis:
•Mass lawsuits: civil lawsuits and labor claims with similar characteristics, whose individual amounts are not relevant. The expected amount of the loss is estimated on a monthly basis, according to the statistical model. Civil and labor provision and contingencies are adjusted to the amount of the performance guarantee deposit when it is made. For civil lawsuits, their nature, and characteristics of the court in which they are being processed (Small claims court or ordinary court) is observed. For labor claims, the estimated amount is reassessed considering the court decisions rendered.
•Individual lawsuits: civil lawsuits, labor claims, tax claims and social security lawsuits with peculiar characteristics or relevant amounts. For civil lawsuits and labor claims, the expected amount of the loss is periodically estimated, as the case may be, based on the determination of the amount claimed and the particularities of the lawsuits. The likelihood of loss is assessed according to the characteristics of facts and points of law regarding that lawsuit. Tax and social security lawsuits are assessed individually and are accounted for at the amount due.
Assets pledged as guarantees of civil lawsuits, labor claims, tax claims and social security lawsuits should be conducted in court and are retained until a definitive court decision is made. Cash deposits, surety insurance, sureties and government securities are offered, and in case of unfavorable decision, the amount is paid to the counterparty. The amount of judicial deposits is updated in accordance with the regulations in force.
Civil, labor, tax, and social security provisions, guaranteed by indemnity clauses in privatization and other procedures, in which there is liquidity, are recognized upon judicial notice, simultaneously with amounts receivable, not having effect on income.
The main judgments exercised in the measurement of provisions and contingencies are: assessment of the probability of loss; aggregation of mass lawsuits; selection of the statistical model for loss assessment; and estimated provisions amount.
Information on provisions and contingencies for legal proceedings are detailed in Note 29.
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XIII - Income tax and social contribution
The provision for income tax and social contribution is composed for current taxes, which are recovered or paid during the reporting period, and deferred taxes, represented by deferred tax assets and liabilities, arising from the differences between the tax bases of assets and liabilities and the amounts reported at the end of each period.
Deferred tax assets may arise from: temporary differences, which may be deductible in future periods, and income tax losses and social contribution tax loss on net income, which may be offset in the future.
The expected realization of deferred tax assets is estimated based on the projection of future taxable profits and other technical studies, observing the history of profitability for each subsidiary and for the consolidated taken as whole.
The main assumptions considered in the projections of future taxable income are: macroeconomic variables, exchange rates, interest rates, volume of financial operations, service fees, internal business information, among others, which may present variations in relation to actual data and amounts.
The main judgments that ITAÚ UNIBANCO HOLDING exercises in recognition of deferred tax assets and liabilities are: identification of deductible and taxable temporary differences in future periods; and evaluation of the likelihood of the existence of future taxable profit against which the deferred tax assets may be used.
ITAÚ UNIBANCO HOLDING applies the normative exception and does not recognize and disclose deferred tax assets and liabilities related to taxes on profits under Pillar II of the Organization for Economic Cooperation and Development (OECD). Currently no material impacts on current tax are expected in the jurisdictions applicable to ITAÚ UNIBANCO HOLDING.
The income tax and social contribution expense is recognized in the Statement of Income under Income Tax and Social Contribution, except when it refers to items directly recognized in Other Comprehensive Income, which will be recognized in income upon realization of the gain/loss on the instruments.
Changes in tax legislation and rates are recognized in the period in which they are issued.
In cases where tax treatment of a tax is uncertain, ITAÚ UNIBANCO HOLDING assesses the need for recognizing a provision to cover this uncertainty.
XIV - Post-employment benefits
ITAÚ UNIBANCO HOLDING sponsors post-employment benefit plans for employees in Defined Benefit, Defined Contribution and Variable Contribution modalities.
The present value of obligations, net of fair value of assets, is recognized in the actuarial liabilities according to the characteristics of the plan and actuarial estimates. When the fair value of the plan assets exceeds the present value of obligations, an asset is recognized, limited to the rights of ITAÚ UNIBANCO HOLDING.
Actuarial estimates are based on assumptions of the following nature: (i) demographic: mainly the mortality table; and (ii) financial: the most relevant ones are the projection of inflation and the discount rate used to determine the present value of the obligations that considers the yields of government securities and the maturity of respective obligations.
Annual remeasurements of the plans are recognized under Stockholders’ Equity, in Other Comprehensive Income.
The main judgments exercised in calculating the obligation of post-employment benefit plans are: selection of the mortality table and the discount rate.
XV - Share-based payments
Share-based payments are measured at the fair value, with recognition in Stockholders’ Equity during the vesting period of the instruments.
In case the manager or employee leaves before the end of the vesting period, ITAÚ UNIBANCO HOLDING exercises judgment on the departure conditions, considering the specificity of each plan.
The plans are settled with shares and are made up of variable compensation programs in shares and partner program.
XVI - Treasury shares
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The purchase and sale of common and preferred shares are recorded in Stockholders’ Equity under Treasury shares at average share price.
The difference between the sale price and the average price of the treasury shares is accounted for as a reduction or increase in Capital Reserves. The cancellation of treasury shares is conducted at the average price of shares and its effect is accounted for in Capital Reserves.
XVII - Capital compensation
ITAÚ UNIBANCO HOLDING compensates its shareholders with dividends and Interest on Capital. Interest on capital is treated for accounting purposes as a dividend, and it is presented as a reduction of Stockholders' Equity in the Consolidated Financial Statements.
Dividends are calculated and paid on the basis of the financial statements prepared under Brazilian accounting standards.
Minimum dividend amounts ascertained based on percentages established in the bylaws are recorded as liabilities. Any other amount above the mandatory minimum dividend is accounted for as a liability when approved by of the Board of Directors.
Dividends and interest on capital are presented in Note 19.
XVIII - Commissions and banking fees
Commissions and banking fees are recognized when ITAÚ UNIBANCO HOLDING provides or offers services to customers, in an amount that reflects the consideration ITAÚ UNIBANCO HOLDING expects to collect in exchange for those services. Incremental costs, when material, are recognized in assets and appropriated in income according to the expected term of the contract.
Service revenues related to credit cards, debit, current account, payments and collections and economic, financial and brokerage advisory are recognized when said services are provided.
Revenue from certain services, such as fees from funds management, collection and custody, are recognized over the life of the respective agreements, as services are provided.
ITAÚ UNIBANCO HOLDING exercises judgment to identify whether the performance obligation is satisfied over the life of the contract or at the time the service is provided.
Note 3 - Business development
Zup I.T. Serviços em Tecnologia e Inovação S.A.
On October 31, 2019, ITAÚ UNIBANCO HOLDING, through its subsidiary Redecard Instituição de Pagamento S.A. (REDE), entered into a purchase and sale agreement for 100% of Zup I.T. Serviços em Tecnologia e Inovação S.A.'s (ZUP) capital in three phases, and the first phase, performed in March 2020, granted control to ITAÚ UNIBANCO HOLDING.
In 2023, ITAÚ UNIBANCO HOLDING increased its ownership interest by 20.57% (2,228,342 shares) for the amount of R$199, then holding 72.51%.
In 2024, there was a dilution of 1.32% (issuance of 200,628 new shares) in the ownership interest of ITAÚ UNIBANCO HOLDING and the completion of the third stage, with the acquisition of the remaining ownership interest of 28.81% (3,178,623 shares) in the ZUP's capital for the amount of R$ 312.
The effective acquisitions and financial settlements occurred on May 31, 2023, June 14, 2023 and March 28, 2024.
Avenue Holding Cayman Ltd
On July 08, 2022, ITAÚ UNIBANCO HOLDING entered into a share purchase agreement with Avenue Controle Cayman Ltd and other selling stockholders for the acquisition of control of Avenue Holding Cayman Ltd (AVENUE). The purchase occurs in three phases over five years. In the first phase, ITAÚ UNIBANCO HOLDING, through its subsidiary ITB Holding Brasil Participações Ltda., acquired 35% of AVENUE’s capital, which became a joint venture, for approximately R$ 563. In the second phase, ITAÚ UNIBANCO HOLDING acquired additional ownership equivalent to control with 50.1% of AVENUE’s capital (Note 34). After five years of the first phase, ITAÚ UNIBANCO HOLDING may exercise a call option for the remaining ownership interest.
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AVENUE holds a U.S. digital securities broker aimed to democratize the access of Brazilian investors to the international market.
Regulatory approvals were completed on October 31, 2023, and the process for the acquisition and financial settlement occurred on November 30, 2023.
In August 2024, AVENUE issued new shares which resulted in the reduction of ITAÚ UNIBANCO HOLDING’s ownership interest to 33.6% in AVENUE’s capital. In addition, in July 2025, new shares were issued, resulting in the reduction of ITAÚ UNIBANCO HOLDING’s ownership interest to 32.9%.

Note 4 - Interbank deposits and securities purchased under agreements to resell
The accounting policy on Interbank deposits and securities purchased under agreements to resell is presented in Note 2c IV.
12/31/202512/31/2024
Amortized CostAmortized Cost
Securities purchased under agreements to resell280,595 243,220 
Collateral held39,562 78,199 
Collateral repledge162,795 117,108 
Assets received as collateral with right to sell or repledge55,300 7,223 
Assets received as collateral without right to sell or repledge107,495 109,885 
Collateral sold78,238 47,913 
Interbank deposits66,195 66,931 
(Provision for expected credit loss)(29)(7)
Total346,761 310,144 
Current339,703 296,071 
Non-current7,058 14,073 

Interbank deposits and securities purchased under agreements to resell are classified in stage 1.

Note 5 - Securities at fair value through profit or loss (FVPL)

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The accounting policy on financial assets and liabilities is presented in Note 2c IV.
12/31/202512/31/2024
Gross book valueFair value adjustmentFair valueGross book valueFair value adjustment Fair value
Government securities402,880 (6)402,874 372,751 (5,201)367,550 
Brazil396,394 64 396,458 366,857 (5,161)361,696 
Latin America 6,085 (70)6,015 4,404 (23)4,381 
Abroad401 - 401 1,490 (17)1,473 
Corporate securities147,915 (2,540)145,375 133,587 (4,295)129,292 
Rural product note634 2 636 972 (31)941 
Bank deposit certificates1,108 - 1,108 450 - 450 
Real estate receivables certificates2,134 (88)2,046 1,754 (100)1,654 
Debentures100,376 (2,470)97,906 91,544 (4,402)87,142 
Eurobonds and other3,093 5 3,098 2,017 (26)1,991 
Financial bills37,341 4 37,345 33,062 9 33,071 
Promissory and commercial notes1,177 (3)1,174 1,214 2 1,216 
Other2,052 10 2,062 2,574 253 2,827 
Shares24,824 351 25,175 27,860 (1,980)25,880 
Investment funds39,940 (95)39,845 37,642 (539)37,103 
Total615,559 (2,290)613,269 571,840 (12,015)559,825 
Government securities (Designated at FVPL)15,471 34 15,505 313 5 318 
Fair value631,030 (2,256)628,774 572,153 (12,010)560,143 
The securities pledged as Guarantee of funding transactions with financial institutions and customers and post-employment benefits (Note 26b), are: a) Government securities - Brazil R$ 86,481 (R$ 108,595 at 12/31/2024), b) Government securities - Latin America R$ 313 (R$ 2,539 at 12/31/2024), c) Government securities - Abroad R$ 0 (R$ 0 at 12/31/2024) and d) Corporate securities R$ 139 (R$ 11,775 at 12/31/2024), totaling R$ 86,933 (R$ 122,909 at 12/31/2024).

Securities at FVPL, by maturity:
12/31/202512/31/2024
Gross book valueFair valueGross book valueFair value
Current150,736 150,847 135,385 133,168 
Non-stated maturity52,476 52,718 48,007 45,488 
Up to one year98,260 98,129 87,378 87,680 
Non-current480,294 477,927 436,768 426,975 
From one to five years356,739 356,539 337,439 332,313 
From five to ten years94,449 93,757 64,604 62,659 
After ten years29,106 27,631 34,725 32,003 
Total631,030 628,774 572,153 560,143 
Financial assets at fair value through profit or loss - Securities include assets with a fair value of R$ 335,480 (R$ 287,919 at 12/31/2024) that belong to investment funds which are wholly owned by Itaú Vida e Previdência S.A. The return on those assets (positive or negative) is fully transferred to customers of our PGBL and VGBL private pension plans whose premiums (net of fees) are used by our subsidiary to purchase quotas of those investment funds.

Note 6 - Derivatives
The accounting policy on Derivatives is presented in Note 2c IV.
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ITAÚ UNIBANCO HOLDING trades in derivatives with various counterparties to manage its overall exposure and to assist its customers in managing their own exposure.
Futures - They are agreements to buy or sell financial or non-financial instruments on a future date at a fixed price. These contracts can be settled in cash or by physical delivery. The nominal value of these contracts represents the face value of the associated instrument.
Forwards - They are forward contracts that involve the purchase or sale of financial and non-financial instruments on a future date, at a contracted price, and which are settled by delivering or not the underlying item against a financial amount. They include exchange contracts that are currency forwards.
Options - They are contracts that allow the buyer, upon the payment of a fee, the right to buy or sell financial or non-financial instruments at a fixed price during a specified term.
Swaps - They are contracts to settle in cash on a future date or dates, the difference between two specified financial indexes, applied over a notional principal amount.
Credit derivatives - They are financial instruments which aim is to transfer credit risk:
•Credit default swap (CDS): They are contracts whose amount depends on the credit risk of a financial asset (reference entity), allowing the buyer of the protection to transfer this risk to the seller of the protection. The seller, in exchange for a fee, assumes the obligation to make payments when a credit event occurs.
•Total return swap (TRS): They are contracts in which the parties exchange the full return of an asset or basket of assets for periodic cash flows.
Further information on parameters used to manage risks may be found in Note 32.
a) Derivatives by maturity date and counterparty

By notional amount12/31/202512/31/2024
FuturesForwardOptions SwapsNDFCredit derivativesOtherTotalTotal
Maturity ranges
0-30499,584 56,115 1,452,351 686,500 237,606 2,751 1,081 2,935,988 1,666,491 
31-90224,069 34,281 833,624 515,001 155,756 - 388 1,763,119 649,948 
91-365240,613 61,371 4,419,485 1,222,548 281,022 50,417 635 6,276,091 2,404,815 
366-720140,341 12,554 74,601 773,310 73,963 17,752 2,183 1,094,704 763,763 
Over 720 days212,304 6,037 44,141 1,406,264 45,741 44,352 6,890 1,765,729 1,310,429 
Total1,316,911 170,358 6,824,202 4,603,623 794,088 115,272 11,177 13,835,631 6,795,446 
Total 12/31/2024868,983 5,273 2,325,428 2,844,414 632,408 100,812 18,128 6,795,446 
Counterparties
Stock exchange1,316,883 9,855 6,694,178 2,631,330 143,224 48,710 106 10,844,286 3,452,914 
Over-the-counter market28 160,503 130,024 1,972,293 650,864 66,562 11,071 2,991,345 3,342,532 
Financial institutions28 118,102 81,893 1,593,922 397,802 66,562 7,026 2,265,335 2,766,467 
Companies- 42,356 44,662 341,383 250,286 - 4,045 682,732 541,300 
Individuals- 45 3,469 36,988 2,776 - - 43,278 34,765 
Total1,316,911 170,358 6,824,202 4,603,623 794,088 115,272 11,177 13,835,631 6,795,446 
Total 12/31/2024868,983 5,273 2,325,428 2,844,414 632,408 100,812 18,128 6,795,446 
F-25

By fair value - assets12/31/202512/31/2024
FuturesForwardOptionsSwapsNDFCredit derivativesOtherTotalTotal
Maturity ranges
0 - 30 - 2,037 1,388 4,885 2,223 198 570 11,301 15,232 
31 - 90- 414 1,264 1,264 1,719 - 1 4,662 6,405 
91 - 365- 1,462 3,895 4,826 3,153 57 6 13,399 19,804 
366 - 720- 543 1,864 9,371 749 97 17 12,641 11,330 
Over 720 days- 151 3,315 26,838 507 263 307 31,381 39,668 
Total- 4,607 11,726 47,184 8,351 615 901 73,384 92,439 
Total 12/31/2024- 1,739 21,170 55,428 12,207 633 1,262 92,439 
Counterparties
Stock exchange - 420 7,995 20,217 1,137 163 590 30,522 48,562 
Over-the-counter market- 4,187 3,731 26,967 7,214 452 311 42,862 43,877 
Financial institutions- 3,075 2,153 18,975 4,153 452 294 29,102 23,262 
Companies- 1,111 1,500 7,312 3,007 - 17 12,947 1,076 
Individuals- 1 78 680 54 - - 813 19,539 
Total- 4,607 11,726 47,184 8,351 615 901 73,384 92,439 
Total 12/31/2024- 1,739 21,170 55,428 12,207 633 1,262 92,439 
By fair value - liabilities12/31/202512/31/2024
FuturesForwardOptionsSwapsNDFCredit derivativesOtherTotalTotal
Maturity ranges
0 - 30- (3,203)(513)(5,078)(2,574)- (40)(11,408)(10,775)
31 - 90- (621)(895)(1,397)(1,500)- (1)(4,414)(7,206)
91 - 365- (412)(3,056)(4,865)(4,399)(4)(37)(12,773)(22,599)
366 - 720- (119)(1,496)(8,601)(1,749)(52)(6)(12,023)(12,566)
Over 720 days- (26)(2,442)(25,512)(707)(311)(144)(29,142)(32,267)
Total- (4,381)(8,402)(45,453)(10,929)(367)(228)(69,760)(85,413)
Total 12/31/2024- (1,450)(20,588)(51,394)(10,761)(795)(425)(85,413)
Counterparties
Stock exchange- (6)(3,920)(20,200)(1,556)(184)(63)(25,929)(47,800)
Over-the-counter market- (4,375)(4,482)(25,253)(9,373)(183)(165)(43,831)(37,613)
Financial institutions- (3,285)(2,271)(16,909)(4,318)(183)(97)(27,063)(20,154)
Companies- (1,047)(2,171)(5,759)(4,996)- (68)(14,041)(1,713)
Individuals- (43)(40)(2,585)(59)- - (2,727)(15,746)
Total- (4,381)(8,402)(45,453)(10,929)(367)(228)(69,760)(85,413)
Total 12/31/2024- (1,450)(20,588)(51,394)(10,761)(795)(425)(85,413)
Own credit risk (DVA) was R$19 (R$ 0 at 12/31/2024) and is composed of derivatives.
The amount of the margins pledged in guarantee by ITAÚ UNIBANCO HOLDING was R$ 22,662 (R$ 24,254 at 12/31/2024), composed basically of cash, shares and government securities.
b) Derivatives by index
F-26

12/31/202512/31/2024
FuturesForwardOptions SwapsNDFCredit derivativesOtherTotalTotal
Shares
Notional amount15,858 432 2,109,456 2,177 2 6,616 2,727 2,137,268 305,589 
Fair value - asset- 418 7,246 556 - 131 6 8,357 15,315 
Fair value - liability- - (5,163)(978)- (104)(27)(6,272)(13,359)
Commodities
Notional amount16,204 17 15,938 49 10,404 2 774 43,388 29,270 
Fair value - asset- 17 1,274 - 253 - 20 1,564 702 
Fair value - liability- (15)(526)(100)(442)- (20)(1,103)(692)
Interest
Notional amount1,229,994 2,202 4,538,681 4,568,007 - 108,642 7,432 10,454,958 5,335,062 
Fair value - asset- 2,233 1,073 45,302 - 484 321 49,413 47,801 
Fair value - liability- (2,203)(673)(43,777)- (263)(147)(47,063)(42,608)
Foreign currency
Notional amount54,855 167,707 160,127 33,390 783,682 12 244 1,200,017 1,125,525 
Fair value - asset- 1,939 2,133 1,326 8,098 - 554 14,050 28,621 
Fair value - liability- (2,163)(2,040)(598)(10,487)- (34)(15,322)(28,754)
c) Credit derivatives
ITAÚ UNIBANCO HOLDING assesses the risk of a credit derivative based on the credit ratings attributed to the reference entity by independent credit rating agencies. Investment grade entities are those for which credit risk is rated as Baa3 or higher, as rated by Moody's, and BBB- or higher, by Standard & Poor's and Fitch Ratings.
12/31/2025
Maximum potential of future payments,
gross		Up to 1 yearFrom 1 to 3 yearsFrom 3 to 5 yearsOver 5 years
By instrument
CDS34,561 1,482 13,844 16,210 3,025 
TRS52,573 50,904 1,669 - - 
Total by instrument87,134 52,386 15,513 16,210 3,025 
By risk rating
Investment grade9,500 299 2,402 6,675 124 
Below investment grade77,634 52,087 13,111 9,535 2,901 
Total by risk87,134 52,386 15,513 16,210 3,025 
By reference entity
Brazilian government74,760 51,550 11,757 8,806 2,647 
Governments – abroad470 6 225 237 2 
Private entities11,904 830 3,531 7,167 376 
Total by entity87,134 52,386 15,513 16,210 3,025 
F-27

12/31/2024
Maximum potential of future payments,
gross		Up to 1 yearFrom 1 to 3 yearsFrom 3 to 5 yearsOver 5 years
By instrument
CDS37,066 6,463 11,940 18,192 471 
TRS36,037 36,037 - - - 
Total by instrument73,103 42,500 11,940 18,192 471 
By risk rating
Investment grade10,014 1,222 1,544 7,153 95 
Below investment grade63,089 41,278 10,396 11,039 376 
Total by risk73,103 42,500 11,940 18,192 471 
By reference entity
Brazilian government59,799 40,664 8,678 10,284 173 
Governments – abroad411 78 141 192 - 
Private entities12,893 1,758 3,121 7,716 298 
Total by entity73,103 42,500 11,940 18,192 471 
12/31/2025
Received risk Transferred riskNet risk
Credit derivatives
CDS(34,561)28,138 (6,423)
TRS(52,573)- (52,573)
Total(87,134)28,138 (58,996)
12/31/2024
Received riskTransferred riskNet risk
Credit derivatives
CDS(37,066)27,708 (9,358)
TRS(36,037)- (36,037)
Total(73,103)27,708 (45,395)
F-28

d) Financial instruments subject to offsetting, enforceable master netting arrangements and similar agreements
The following tables set forth the financial assets and liabilities that are subject to offsetting, enforceable master netting arrangements and similar agreements, as well as how these financial assets and liabilities have been presented in ITAÚ UNIBANCO HOLDING's consolidated financial statements. These tables also reflect the amounts of collateral pledged or received in relation to financial assets and liabilities subject to enforceable arrangements that have not been presented on a net basis in accordance with IAS 32.
Financial assets subject to offsetting, enforceable master netting arrangements and similar agreements:
12/31/2025
Gross amount of recognized financial assets (1)
Gross amount offset in the
Balance Sheet		Net amount of financial assets
presented in the Balance Sheet
Related amounts not offset in the Balance Sheet (2)
Total
Financial instruments (3)
Cash collateral received
Securities purchased under agreements to resell280,595 - 280,595 (91)- 280,504 
Derivatives73,384 - 73,384 (25,593)(99)47,692 
12/31/2024
Gross amount of recognized financial assets (1)
Gross amount offset in the
Balance Sheet		Net amount of financial assets
presented in the Balance Sheet
Related amounts not offset in the Balance Sheet (2)
Total
Financial instruments (3)
Cash collateral received
Securities purchased under agreements to resell243,219 - 243,219 (11,648)- 231,571 
Derivatives92,439 - 92,439 (637)(367)91,435 
Financial liabilities subject to offsetting, enforceable master netting arrangements and similar agreements:
 12/31/2025
Gross amount of recognized financial liabilities (1)
Gross amount offset in the
Balance Sheet		Net amount of financial
liabilities presented in the
Balance Sheet
Related amounts not offset in the Balance Sheet (2)
Total
Financial instruments (3)
Cash collateral pledged
Securities sold under repurchase agreements434,607 - 434,607 (5,479)- 429,128 
Derivatives69,760 - 69,760 (25,593)- 44,167 
F-29

12/31/2024
Gross amount of recognized financial liabilities (1)
Gross amount offset in the
Balance Sheet		Net amount of financial
liabilities presented in the
Balance Sheet
Related amounts not offset in the Balance Sheet (2)
Total
Financial instruments (3)
Cash collateral pledged
Securities sold under repurchase agreements388,787 - 388,787 (309,008)- 79,779 
Derivatives85,413 - 85,413 (637)- 84,776 
1) Includes amounts of master offset agreements and other such agreements, both enforceable and unenforceable.
2) Limited to amounts subject to enforceable master offset agreements and other such agreements.
3) Includes amounts subject to enforceable master offset agreements and other such agreements, and guarantees in financial instruments.

Financial assets and financial liabilities are offset in the balance sheet only when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis, or realize the asset and settle the liability simultaneously.
Derivatives and repurchased agreements not set off in the balance sheet relate to transactions in which there are enforceable master netting agreements or similar agreements, but the offset criteria have not been met in accordance with paragraph 42 of IAS 32 mainly because ITAÚ UNIBANCO HOLDING has no intention to settle on a net basis, or realize the asset and settle the liability simultaneously.
F-30

Note 7 - Hedge accounting
The accounting policy on Hedge accounting is presented in Note 2c IV.
ITAÚ UNIBANCO HOLDING has a risk limits structure applied to each risk factor, which aims at improving the monitoring and understanding of risks, in addition to avoiding their concentration.
In hedge accounting, the groups of risk factors comprise:
•Interest Rate: Risk of loss in transactions subject to interest rate variations.
•Currency: Risk of loss in transactions subject to foreign exchange variation.
The structures designated for the risk factor groups are carried out considering the risks in their totality when there are compatible hedge instruments. In certain cases, management may decide to hedge a risk for the risk factor term and limit of the hedging instrument.
The other risk factors hedged by the institution are presented in Note 32.
To protect cash flows and fair value of instruments designated as hedged items, derivatives and financial assets are used.
ITAÚ UNIBANCO HOLDING manages risks through the economic relationship between hedging instruments and hedged items, where the expectation is that these instruments will move in opposite directions and in the same proportion, with the purpose of neutralizing risk factors.
For portfolio strategies, the coverage ratio is often re-established as both the protected item and instruments change over time, reflecting risk management guidelines approved by management.
The designated coverage ratio is always 100% of the risk factor eligible for coverage. Sources of ineffectiveness are in general related to the counterparty’s credit risk and possible mismatches of terms between the hedging instrument and the hedged item.


















F-31

a) Summaries by instrument and hedge item, nominal amount and maturity

12/31/202512/31/2024
Hedge instrumentsHedged itemHedge instrumentsHedged item
Notional amountFair value adjustmentGross book valueNotional amountFair value adjustmentGross book value
Cash flow hedge240,699 (112)240,803 236,045 (91)242,931 
Hedge of assets transactions 2,609 - 2,590 1,966 (10)2,420 
Hedge of asset-backed securities under repurchase agreements14,039 - 14,459 63,261 (123)66,795 
Hedge of assets denominated in Chilean unit of account83,462 (126)83,462 39,894 (159)39,842 
Hedge of loan operations 20,950 78 20,950 10,910 54 10,955 
Hedge of deposits and repurchase agreements 85,676 - 85,403 107,677 76 110,405 
Hedge of funding32,753 (63)32,753 10,900 82 10,908 
Hedge of highly probable forecast transactions (1)
1,210 (1)1,186 1,437 (11)1,606 
Hedge of net investment in foreign operations 29,033 41 27,551 19,363 4,572 23,701 
Hedge of net investment in foreign operations 29,033 41 27,551 19,363 4,572 23,701 
Fair value hedge 144,699 (1,297)144,448 101,443 837 101,020 
Hedge of securities at amortized cost55,573 (1,410)55,761 2,186 (49)2,186 
Hedge of securities at fair value through other comprehensive income 15,422 86 15,070 36,557 847 36,341 
Hedge of loan operations 34,599 71 34,599 37,116 333 37,116 
Hedge of funding 39,075 (44)38,990 25,287 (294)25,287 
Hedge of firm commitments (1)
30 - 28 297 - 90 
Total414,431 (1,368)412,802 356,851 5,318 367,652 
1) Refer to amounts designated to registered hedge items Off-balance sheet.
F-32

12/31/2025
0-1 year1-2 years2-3 years3-4 years4-5 years5-10 yearsOver 10 yearsTotal
Cash flow hedge151,954 40,224 17,515 11,116 13,883 6,007 - 240,699 
Hedge of assets transactions- - 2,068 - 541 - - 2,609 
Hedge of asset-backed securities under repurchase agreements- - 8,132 5,907 - - - 14,039 
Hedge assets denominated in Chilean unit of account73,095 10,367 - - - - - 83,462 
Hedge of loan operations11,276 2,029 804 1,647 5,194 - - 20,950 
Hedge of deposits and repurchase agreements51,197 20,191 3,579 2,835 2,032 5,842 - 85,676 
Hedge of funding15,176 7,637 2,932 727 6,116 165 - 32,753 
Hedge of highly probable forecast transactions (1)
1,210 - - - - - - 1,210 
Hedge of net investment in foreign operations29,033 - - - - - - 29,033 
Hedge of net investment in foreign operations (2)
29,033 - - - - - - 29,033 
Fair value hedge55,652 24,255 25,370 12,385 7,832 15,579 3,626 144,699 
Hedge of securities at amortized cost8,937 7,939 14,342 4,766 3,906 13,668 2,015 55,573 
Hedge of securities at fair value through other comprehensive income11,438 130 1,390 98 728 688 950 15,422 
Hedge of loan operations13,600 7,890 5,988 4,507 1,411 882 321 34,599 
Hedge of funding21,647 8,296 3,650 3,014 1,787 341 340 39,075 
Hedge of firm commitments (1)
30 - - - - - - 30 
Total236,639 64,479 42,885 23,501 21,715 21,586 3,626 414,431 
F-33

12/31/2024
0-1 year1-2 years2-3 years3-4 years4-5 years5-10 yearsOver 10 yearsTotal
Cash flow hedge125,198 68,069 28,155 8,754 4,980 889 - 236,045 
Hedge of assets transactions- - 1,247 719 - - - 1,966 
Hedge of asset-backed securities under repurchase agreements22,629 15,489 17,016 5,170 2,957 - - 63,261 
Hedge assets denominated in Chilean unit of account16,801 23,093 - - - - - 39,894 
Hedge of loan operations7,310 1,148 746 1,272 434 - - 10,910 
Hedge of deposits and repurchase agreements67,617 27,835 9,146 1,467 1,174 438 - 107,677 
Hedge of funding9,404 504 - 126 415 451 - 10,900 
Hedge of highly probable forecast transactions (1)
1,437 - - - - - - 1,437 
Hedge of net investment in foreign operations19,363 - - - - - - 19,363 
Hedge of net investment in foreign operations (2)
19,363 - - - - - - 19,363 
Fair value hedge33,722 24,659 10,366 10,274 9,987 10,226 2,209 101,443 
Hedge of securities at amortized cost1,091 1,095 - - - - - 2,186 
Hedge of securities at fair value through other comprehensive income11,165 7,544 3,741 4,384 2,965 5,251 1,507 36,557 
Hedge of loan operations8,227 12,446 6,090 4,334 4,092 1,647 280 37,116 
Hedge of funding12,942 3,574 535 1,556 2,930 3,328 422 25,287 
Hedge of firm commitments (1)
297 - - - - - - 297 
Total178,283 92,728 38,521 19,028 14,967 11,115 2,209 356,851 
1) Refer to amounts designated to registered hedge items Off-Balance sheet.
2) Classified as current, since instruments are frequently renewed.















F-34

b) Cash flow hedge

Strategies are used to manage the variation:
• In the cash flow of interest payment by using futures contracts: Hedge of asset transactions (DI); Hedge of asset repurchase agreements (Selic); Hedge of time deposits and repurchase agreements (DI).
• In the cash flow of interest payment by using swap contracts: Hedge of assets denominated in Chilean unit of account (UF); Hedge of loan operations (Monetary policy rate - TPM); Hedge of funding (TPM).
• In the amount of the commitments assumed, caused by variation in the exchange rates: Hedge of highly probable forecast transactions (foreign currency), not recognized in the balance sheet.
StrategiesHeading12/31/2025
Hedged itemHedge instrument
Book valueVariation in value recognized
in Other comprehensive
income		Cash flow hedge reserveNotional AmountVariation in fair value used to
calculate hedge
ineffectiveness
AssetsLiabilities
Interest rate risk
Hedge of assets transactionsLoan and lease operations and Securities2,590 - 9 (5)2,609 9 
Hedge of asset-backed securities under repurchase agreementsSecurities purchased under agreements to resell14,459 - (186)(875)14,039 (187)
Hedge of assets denominated in Chilean unit of accountSecurities83,462 - 57 56 83,462 57 
Hedge of loan operationsLoan and lease operations20,950 - 54 106 20,950 55 
Hedge of deposits and repurchase agreementsSecurities sold under agreements to resell and Deposits- 85,403 (273)(8)85,676 (273)
Hedge of funding Deposits- 30,935 (41)(65)30,935 (41)
Foreign exchange risk
Hedge of fundingDeposits- 1,818 28 28 1,818 28 
Hedge of highly probable forecast transactions (1)
200 986 20 205 1,210 20 
Total121,661 119,142 (332)(558)240,699 (332)
F-35

StrategiesHeading12/31/2024
Hedged itemHedge instrument
Book ValueVariation in value recognized
in Other comprehensive
income		Cash flow hedge reserveNotional AmountVariation in fair value used to
calculate hedge
ineffectiveness
AssetsLiabilities
Interest rate risk
Hedge of assets transactionsLoan and lease operations and Securities2,420 - (155)(155)1,966 (155)
Hedge of asset-backed securities under repurchase agreementsSecurities purchased under agreements to resell66,795 - (3,428)(3,429)63,261 (3,428)
Hedge of assets denominated in Chilean unit of accountSecurities39,842 - (54)(54)39,894 (54)
Hedge of loan operationsLoan and lease operations10,955 - 44 59 10,910 44 
Hedge of deposits and repurchase agreementsSecurities sold under agreements to resell and Deposits- 110,405 2,672 2,672 107,677 2,728 
Hedge of fundingDeposits- 9,732 3 (61)9,735 3 
Foreign exchange risk
Hedge of fundingDeposits- 1,176 (11)(11)1,165 (11)
Hedge of highly probable forecast transactions (1)
- 1,606 (193)(90)1,437 (193)
Total120,012 122,919 (1,122)(1,069)236,045 (1,066)
1) Refer to amounts designated to registered hedge items Off-Balance sheet.

Hedges of asset transactions, asset-backed securities under repurchase agreements and deposits and repurchase agreements to resell are portfolio strategies.
Hedge instruments12/31/2025
Notional amount
Book Value (1)
Variations in fair value used to
calculate hedge ineffectiveness		Variation in the value recognized in Other
comprehensive income		Hedge ineffectiveness recognized
in income		Amount reclassified from cash flow hedge reserve to income
AssetsLiabilities
Interest rate risk
Futures102,324 - - (450)(450)- (152)
Forward72,802 - 110 50 50 - (29)
Swaps62,545 141 69 21 21 - 18 
Foreign exchange risk
Futures834 - - 23 23 - (2)
Forward2,194 - 74 24 24 - - 
Total240,699 141 253 (332)(332)- (165)
F-36

Hedge instruments12/31/2024
Notional amount
Book Value (1)
Variations in fair value used to
calculate hedge ineffectiveness		Variation in the value recognized in Other
comprehensive income		Hedge ineffectiveness recognized
in income		Amount reclassified from cash flow hedge reserve to income
AssetsLiabilities
Interest rate risk
Futures172,904 76 133 (855)(911)56 (285)
Forward33,218 - 132 (45)(45)- - 
Swaps27,321 106 31 38 38 - (59)
Foreign exchange risk
Futures1,186 4 - (181)(181)- (3)
Forward1,416 34 15 (23)(23)- - 
Total236,045 220 311 (1,066)(1,122)56 (347)
1) Values in the heading derivatives.
c) Hedge of net investment in foreign operations
Strategies aim to reduce exposure to foreign exchange variation arising from foreign investments in a foreign currency other than the head office's functional currency.
Strategies12/31/2025
Hedged ItemHedge Instruments
Book Value Variation in value recognized in other comprehensive incomeForeign currency conversion reserveNotional amountVariation in fair value used to
calculate hedge
ineffectiveness
AssetsLiabilities
Foreign exchange risk
Hedge of net investment in foreign operations (1)
27,551 - (15,392)(15,392)29,033 (15,422)
Total27,551 - (15,392)(15,392)29,033 (15,422)
Strategies12/31/2024
Hedged ItemHedge Instruments
Book ValueVariation in value recognized in other comprehensive incomeForeign currency conversion reserveNotional amountVariation in fair value used to
calculate hedge
ineffectiveness
AssetsLiabilities
Foreign exchange risk
Hedge of net investment in foreign operations (1)
23,701 - (17,404)(17,404)19,363 (17,428)
Total23,701 - (17,404)(17,404)19,363 (17,428)
1) Hedge instruments consider the gross tax position.
F-37

Hedge instruments12/31/2025
Notional amount
Book value (1)
Variations in fair value used to
calculate hedge ineffectiveness		Variation in the value recognized in Other comprehensive income Hedge ineffectiveness recognized in
income		Amount reclassified from foreign currency conversion reserve into income
AssetsLiabilities
Foreign exchange risk
Future12,285 - - (4,848)(4,808)(40)- 
Future / NDF9,245 84 - (7,484)(7,360)(124)- 
Future / Financial Assets7,503 - 43(3,090)(3,224)134 - 
Total29,033 84 43 (15,422)(15,392)(30)- 
Hedge instruments12/31/2024
Notional amount
Book value (1)
Variations in fair value used to
calculate hedge ineffectiveness		Variation in the value recognized in Other comprehensive incomeHedge ineffectiveness recognized in
income		Amount reclassified from foreign currency conversion reserve into income
AssetsLiabilities
Foreign exchange risk
Future5,234 21 - (6,093)(6,053)(40)- 
Future / NDF7,933 129 107 (2,640)(2,610)(30)(1)
Future / Financial Assets6,196 6,490 1,961 (8,695)(8,741)46 - 
Total19,363 6,640 2,068 (17,428)(17,404)(24)(1)
1) Values recorded in the heading derivatives.

d) Fair value hedge
Strategies are used to mitigate exposure to fair value variation in interest receipts and future exchange rate fluctuations, attributable to changes in interest rates and exchange rates related to recognized assets and liabilities.
ITAÚ UNIBANCO HOLDING uses interest rate Swap contracts and currency futures to protect the variation in fair value on the receipt and payment of interest and the future exchange rate exposures.
Hedged items are fixed assets and liabilities denominated in Chilean unit of account, fixed rate, in reais and/or foreign currencies.
F-38

Strategies12/31/2025
Hedged itemHedge instrument
Book Value (1)
Fair valueVariation in fair value recognized in incomeNotional amountVariation in fair value used to calculate hedge
ineffectiveness
AssetsLiabilitiesAssetsLiabilities
Interest rate risk
Hedge of securities at amortized cost55,761 - 55,929 - 168 55,573 (169)
Hedge of securities at fair value through other comprehensive income 15,070 - 15,017 - (53)15,422 49 
Hedge of loan operations 34,599 - 34,858 - 259 34,599 (264)
Hedge of funding - 38,990 - 39,191 (201)39,075 203 
Foreign exchange risk
Hedge of firm commitments- 28 - 38 (10)30 10 
Total105,430 39,018 105,804 39,229 163 144,699 (171)
Strategies12/31/2024
Hedged itemHedge instrument
Book Value (1)
Fair valueVariation in fair value recognized in incomeNotional amountVariation in fair value used to calculate hedge
ineffectiveness
AssetsLiabilitiesAssetsLiabilities
Interest rate risk
Hedge of securities at amortized cost2,186 - 2,197 - 11 2,186 (10)
Hedge of securities at fair value through other comprehensive income36,341 - 36,116 - (225)36,557 224 
Hedge of loan operations37,116 - 37,423 - 307 37,116 (304)
Hedge of funding- 25,287 - 25,088 199 25,287 (199)
Foreign exchange risk
Hedge of firm commitments- 90 - 112 (22)297 22 
Total75,643 25,377 75,736 25,200 270 - 101,443 (267)
1) Values recorded in the heading deposits, securities, and loan and lease operations.
Hedges of loan operations are portfolio strategies.
The remaining accumulated amount of fair value hedge adjustments for items that are no longer hedged is R$ (20) (R$ (226) at 12/31/2024), with effect on the income of R$ (79) (R$ 8 at 12/31/2024).
F-39

Hedge Instruments12/31/2025
Notional amount
Book Value (1)
Variation in fair value used to calculate
hedge ineffectiveness		Hedge ineffectiveness recognized in
income
AssetsLiabilities
Interest rate risk
Swaps102,677 385 1,682 (349)(11)
Futures41,992 - - 168 3 
Foreign exchange risk
Futures30 - - 10 - 
Total144,699 385 1,682 (171)(8)
Hedge Instruments12/31/2024
Notional amount
Book Value (1)
Variation in fair value used to calculate
hedge ineffectiveness		Hedge ineffectiveness recognized in
income
AssetsLiabilities
Interest rate risk
Swaps90,201 1,557 737 (328)8 
Futures10,945 17 - 39 (5)
Foreign exchange risk
Futures297 - - 22 - 
Total101,443 1,574 737 (267)3 
1) Values recorded in the heading Derivatives.

F-40

Note 8 - Securities at fair value through other comprehensive income (FVOCI)
The accounting policy on financial assets and liabilities is presented in Note 2c IV.
12/31/202512/31/2024
Gross book valueFair value adjustmentFair valueGross book valueFair value adjustmentFair value
Government securities122,487 (1,597)120,890 102,483 (3,610)98,873 
Brazil83,366 (1,603)81,763 67,990 (3,613)64,377 
Latin America25,173 (30)25,143 21,421 49 21,470 
Abroad13,948 36 13,984 13,072 (46)13,026 
Corporate securities11,381 (578)10,803 7,219 (355)6,864 
Rural product note- - - 127 (1)126 
Bank deposit certificates168 (1)167 82 1 83 
Real estate receivables certificates221 1 222 60 (3)57 
Debentures4,582 (169)4,413 1,708 (210)1,498 
Eurobonds and other6,281 (410)5,871 4,957 (145)4,812 
Financial bills5 - 5 51 2 53 
Other124 1 125 234 1 235 
Total133,868 (2,175)131,693 109,702 (3,965)105,737 
Shares (designated at FVOCI)1,840 (1,060)780 1,762 (1,196)566 
Total135,708 (3,235)132,473 111,464 (5,161)106,303 
Expected credit loss (Income)(480)(257)
Fair value adjustment (OCI)(2,755)(4,904)
Fair value132,473 106,303 
The Securities pledged in guarantee of funding transactions with financial institutions and customers and post-employment benefits (Note 26b), are: a) Government securities - Brazil R$ 29,581 (R$ 33,971 at 12/31/2024), b) Government securities - Latin America R$ 3,519 (R$ 3,050 at 12/31/2024), c) Government securities - Abroad R$ 1,113 (R$ 0 at 12/31/2024) and d) Corporate securities R$ 3,125 (R$ 986 at 12/31/2024), totaling R$ 37,338 (R$ 38,007 at 12/31/2024).
Regarding the shares designated to FVOCI, there was no receipt of dividends and sale of shares in the period.
Securities at FVOCI, by maturity:
12/31/202512/31/2024
Gross book valueFair valueGross book valueFair value
Current43,812 42,729 41,123 39,877 
Non-stated maturity1,840 781 1,762 566 
Up to one year41,972 41,948 39,361 39,311 
Non-current91,896 89,744 70,341 66,426 
From one to five years66,032 66,206 49,121 47,809 
From five to ten years15,687 15,154 11,201 10,803 
After ten years10,177 8,384 10,019 7,814 
Total135,708 132,473 111,464 106,303 
F-41

Reconciliation of expected credit loss for securities at FVOCI, except for shares designated at FVOCI, segregated by stages:
Stage 1Balance at
12/31/2024		Transfer to stage 2Transfer to stage 3Cure from stage 2Cure from stage 3(Increase) / ReversalWrite-offBalance at
12/31/2025
Government securities(43)— — — — 40 — (3)
Corporate securities(73)— 14 (14)— 58 — (15)
Total(116)— 14 (14)— 98 — (18)
Stage 2Balance at
12/31/2024		Cure to stage 1Transfer to stage 3Transfer from stage 1Cure from stage 3(Increase) / ReversalWrite-offBalance at
12/31/2025
Corporate securities(127)14 113 - - - - - 
Total(127)14 113 - - - - - 
Stage 3Balance at
12/31/2024		Cure to stage 1Cure to stage 2Transfer from stage 1Transfer from stage 2(Increase) / ReversalWrite-offBalance at
12/31/2025
Corporate securities(14)- - (14)(113)(321)- (462)
Total(14)- - (14)(113)(321)- (462)
Stage 1Balance at
12/31/2023		Transfer to stage 2Transfer to stage 3Cure from stage 2Cure from stage 3(Increase) / ReversalWrite-offBalance at
12/31/2024
Government securities(38)- - - - (5)- (43)
Corporate securities(79)55 — (21)— (28)— (73)
Total(117)55 — (21)— (33)— (116)
Stage 2Balance at
12/31/2023		Cure to stage 1Transfer to stage 3Transfer from stage 1Cure from stage 3(Increase) / ReversalWrite-offBalance at
12/31/2024
Corporate securities(24)21 - (55)- (69)- (127)
Total(24)21 - (55)- (69)- (127)
Stage 3Balance at
12/31/2023		Cure to stage 1Cure to stage 2Transfer from stage 1Transfer from stage 2(Increase) / ReversalWrite-offBalance at
12/31/2024
Corporate securities(26)- - - - 12 - (14)
Total(26)- - - - 12 - (14)
Note 9 - Securities at amortized cost (AC)
The accounting policy on financial assets and liabilities is presented in Note 2c IV.
F-42

12/31/202512/31/2024
Gross book valueGross book value
Government securities126,693 158,680 
Brazil105,678 111,824 
Latin America5,974 21,730 
Abroad15,041 25,126 
Corporate securities193,458 168,827 
Rural product note69,778 60,358 
Bank deposit certificates63 50 
Real estate receivables certificates4,209 5,827 
Debentures79,168 77,344 
Eurobonds and other11,690 1,102 
Financial bills379 212 
Promissory and commercial notes21,359 16,312 
Other6,812 7,622 
Investment funds9,814 - 
Total329,965 327,507 
Expected credit loss(2,492)(3,655)
Amortized cost327,473 323,852 
The securities pledged as collateral for funding transactions with financial institutions and customers and post-employment benefits (Note 26b), are: a) Government securities - Brazil R$ 14,207 (R$ 39,289 at 12/31/2024) and b) Government securities – Latin America R$ 894 (R$ 969 at 12/31/2024 ) and c) Corporate securities R$ 378 (R$ 29,964 at 12/31/2024), totaling R$ 15,479 (R$ 70,222 at 12/31/2024).
Securities at amortized cost, by maturity:
12/31/202512/31/2024
Gross book valueAmortized costGross book valueAmortized cost
Current74,248 73,583 90,213 88,582 
Up to one year74,248 73,583 90,213 88,582 
Non-current255,717 253,890 237,294 235,270 
From one to five years189,524 187,986 165,759 164,332 
From five to ten years52,987 52,748 60,289 59,694 
After ten years13,206 13,156 11,246 11,244 
Total329,965 327,473 327,507 323,852 
Reconciliation of expected credit loss for securities at amortized cost, segregated by stages:
Stage 1Balance at
12/31/2024		Transfer to Stage 2Transfer to Stage 3Cure from Stage 2Cure from Stage 3(Increase) / ReversalWrite-offBalance at
12/31/2025
Government securities(28)- - - - 20 - (8)
Corporate securities(296)(10)46 (39)(1)62 - (238)
Total(324)(10)46 (39)(1)82 - (246)
Stage 2Balance at
12/31/2024		Cure to Stage 1Transfer to Stage 3Transfer from Stage 1Cure from Stage 3(Increase) / ReversalWrite-offBalance at
12/31/2025
Corporate securities(125)39 175 10 (18)(842)- (761)
Total(125)39 175 10 (18)(842)- (761)
F-43

Stage 3Balance at
12/31/2024		Cure to Stage 1Cure to Stage 2Transfer from Stage 1Transfer from Stage 2(Increase) / ReversalWrite-offBalance at
12/31/2025
Corporate securities(3,206)1 18 (46)(175)1,860 63 (1,485)
Total(3,206)1 18 (46)(175)1,860 63 (1,485)
Stage 1Balance at
12/31/2023		Transfer to Stage 2Transfer to Stage 3Cure from Stage 2Cure from Stage 3(Increase) / ReversalWrite-offBalance at
12/31/2024
Government securities(36)- - - - 8 - (28)
Corporate securities(147)449 149 (166)(88)(493)- (296)
Total(183)449 149 (166)(88)(485)- (324)
Stage 2Balance at
12/31/2023		Cure to Stage 1Transfer to Stage 3Transfer from Stage 1Cure from Stage 3(Increase) / ReversalWrite-offBalance at
12/31/2024
Corporate securities(122)166 416 (449)(13)(123)- (125)
Total(122)166 416 (449)(13)(123)- (125)
Stage 3Balance at
12/31/2023		Cure to Stage 1Cure to Stage 2Transfer from Stage 1Transfer from Stage 2(Increase) / ReversalWrite-offBalance at
12/31/2024
Corporate securities(549)88 13 (149)(416)(2,193)- (3,206)
Total(549)88 13 (149)(416)(2,193)- (3,206)
Note 10 - Loan and lease operations
The accounting policy on financial assets and liabilities is presented in Note 2c IV.
a) Composition of loans and lease operations portfolio
Below is the composition of the carrying amount of loan and lease operations by type, sector of debtor, maturity and concentration:
Loans and lease operations by type12/31/202512/31/2024
Gross book valueGross book value
Individuals473,226 445,574 
Credit card153,526 143,048 
Personal loan66,498 66,104 
Payroll loans75,319 74,524 
Vehicles36,303 36,637 
Mortgage loans141,580 125,261 
Companies380,288 357,633 
Large companies158,738 152,412 
Micro / small and medium companies221,550 205,221 
Foreign loans - Latin America230,284 222,286 
Total (1)
1,083,798 1,025,493 
Expected credit loss(48,341)(49,024)
Total loans and lease operations, net of Expected Credit Loss1,035,457 976,469 
1) For better presentation and comparability, comparative balances have been reclassified according to current criteria.
F-44

By maturity12/31/202512/31/2024
Gross book valueGross book value
Overdue as from 1 day23,280 23,496 
Falling due up to 3 months270,555 273,729 
Falling due from 3 months to 12 months258,364 262,710 
Falling due after 1 year531,599 465,558 
Total1,083,798 1,025,493 
By concentration12/31/202512/31/2024
Gross book valueGross book value
Largest debtor7,032 6,658 
10 largest debtors49,933 44,294 
20 largest debtors73,601 66,407 
50 largest debtors118,551 106,980 
100 largest debtors162,236 148,748 
The Provision for expected credit loss comprises Expected credit loss for operations of financial guarantees, credit commitments and credits to be released of R$ (1,793) (R$ (4,928) at 12/31/2024).
The breakdown of the loans and lease operations portfolio by debtor’s industry is described in Note 32, item 1.4.1 - By business sector.
b) Gross book value by stages
Stage 1Balance at
12/31/2024		Transfer to Stage 2
Transfer to Stage 3 (1)
Cure from Stage 2Cure from Stage 3Acquisition /
(Settlement)		Write-offBalance at
12/31/2025
Individuals347,749 (29,288)(4,101)36,920 355 59,172 - 410,807 
Companies332,440 (8,619)(2,135)6,727 506 30,346 - 359,265 
Foreign units Latin America196,464 (10,101)(1,166)9,542 1,347 14,859 - 210,945 
Total876,653 (48,008)(7,402)53,189 2,208 104,377 - 981,017 
Stage 2Balance at
12/31/2024		Cure to Stage 1Transfer to Stage 3Transfer from Stage 1Cure from Stage 3Acquisition /
(Settlement)		Write-offBalance at
12/31/2025
Individuals66,468 (36,920)(14,712)29,288 6,652 (15,907)- 34,869 
Companies13,237 (6,727)(6,220)8,619 2,176 (1,339)- 9,746 
Foreign units Latin America14,004 (9,542)(4,474)10,101 2,287 (2,047)- 10,329 
Total93,709 (53,189)(25,406)48,008 11,115 (19,293)- 54,944 
Stage 3Balance at
12/31/2024		Cure to Stage 1Cure to Stage 2Transfer from Stage 1Transfer from Stage 2Acquisition /
(Settlement)		Write-offBalance at
12/31/2025
Individuals31,357 (355)(6,652)4,101 14,712 9,497 (25,110)27,550 
Companies11,956 (506)(2,176)2,135 6,220 (1,213)(5,139)11,277 
Foreign units Latin America11,818 (1,347)(2,287)1,166 4,474 (1,763)(3,051)9,010 
Total55,131 (2,208)(11,115)7,402 25,406 6,521 (33,300)47,837 
F-45

Consolidated 3 StagesBalance at
12/31/2024		Acquisition / (Settlement)
Write-off (2)
Balance at
12/31/2025
Individuals445,574 52,762 (25,110)473,226 
Companies357,633 27,794 (5,139)380,288 
Foreign units Latin America222,286 11,049 (3,051)230,284 
Total1,025,493 91,605 (33,300)1,083,798 
1) In the movement of transfer of operations from stage 1 to stage 3 over the period, a representative part thereof have first gone through stage 2.
2) Includes updating the estimate regarding the write-off of operations.

Stage 1Balance at
12/31/2023		Transfer to Stage 2
Transfer to Stage 3 (1)
Cure from Stage 2Cure from Stage 3Acquisition /
(Settlement)		Write-offBalance at
12/31/2024
Individuals317,335 (53,024)(1,189)35,139 243 49,245 - 347,749 
Companies278,412 (12,840)(1,734)5,339 212 63,051 - 332,440 
Foreign units Latin America164,907 (8,863)(884)3,378 22 37,904 - 196,464 
Total760,654 (74,727)(3,807)43,856 477 150,200 - 876,653 
Stage 2Balance at
12/31/2023		Cure to Stage 1Transfer to Stage 3Transfer from Stage 1Cure from Stage 3Acquisition /
(Settlement)		Write-offBalance at
12/31/2024
Individuals63,579 (35,139)(14,153)53,024 1,307 (2,150)- 66,468 
Companies14,043 (5,339)(5,974)12,840 538 (2,871)- 13,237 
Foreign units Latin America12,077 (3,378)(4,601)8,863 475 568 - 14,004 
Total89,699 (43,856)(24,728)74,727 2,320 (4,453)- 93,709 
Stage 3Balance at
12/31/2023		Cure to Stage 1Cure to Stage 2Transfer from Stage 1Transfer from Stage 2Acquisition /
(Settlement)		Write-offBalance at
12/31/2024
Individuals35,702 (243)(1,307)1,189 14,153 6,019 (24,156)31,357 
Companies15,190 (212)(538)1,734 5,974 (4,597)(5,595)11,956 
Foreign units Latin America9,345 (22)(475)884 4,601 (959)(1,556)11,818 
Total60,237 (477)(2,320)3,807 24,728 463 (31,307)55,131 
Consolidated 3 StagesBalance at
12/31/2023		Acquisition /
(Settlement)		Write-offBalance at
12/31/2024
Individuals416,616 53,114 (24,156)445,574 
Companies307,645 55,583 (5,595)357,633 
Foreign units Latin America186,329 37,513 (1,556)222,286 
Total (2)
910,590 146,210 (31,307)1,025,493 
1) In the movement of transfer of operations from stage 1 to stage 3 over the period, a representative part thereof have first gone through stage 2.
2) For better presentation and comparability, comparative balances have been reclassified according to current criteria.

Modification of contractual cash flows
The amortized cost of financial assets classified in stages 2 and stage 3, which had their contractual cash flows modified was R$ 1,097 (R$ 1,885 at 12/31/2024) before the modification, which gave rise to an effect on profit or loss of R$ 29 (R$ 23 from 01/01 to 12/31/2024). At 12/31/2025, the gross book value of financial assets which had their contractual cash flows modified in the period and were transferred to stage 1 corresponds to R$ 96 (R$ 266 at 12/31/2024).
c) Expected credit loss by stages
F-46

Stage 1Balance at
12/31/2024		Transfer to Stage 2
Transfer to Stage 3 (1)
Cure from Stage 2Cure from Stage 3(Increase) / ReversalWrite-offBalance at
12/31/2025
Individuals(6,297)1,420 176 (2,617)(76)1,009 - (6,385)
Companies(2,010)339 45 (634)(30)694 - (1,596)
Foreign units Latin America(2,634)347 76 (1,077)(488)1,934 - (1,842)
Total(10,941)2,106 297 (4,328)(594)3,637 - (9,823)
Stage 2Balance at
12/31/2024		Cure to Stage 1Transfer to Stage 3Transfer from Stage 1Cure from Stage 3(Increase) / ReversalWrite-offBalance at
12/31/2025
Individuals(5,882)2,617 5,460 (1,420)(1,705)(7,571)- (8,501)
Companies(2,093)634 2,313 (339)(643)(2,275)- (2,403)
Foreign units Latin America(1,628)1,077 939 (347)(482)(1,088)- (1,529)
Total(9,603)4,328 8,712 (2,106)(2,830)(10,934)- (12,433)
Stage 3Balance at
12/31/2024		Cure to Stage 1Cure to Stage 2Transfer from Stage 1Transfer from Stage 2(Increase) / ReversalWrite-offBalance at
12/31/2025
Individuals(17,730)76 1,705 (176)(5,460)(18,816)25,110 (15,291)
Companies(6,978)30 643 (45)(2,313)(4,067)5,139 (7,591)
Foreign units Latin America(3,772)488 482 (76)(939)(2,437)3,051 (3,203)
Total(28,480)594 2,830 (297)(8,712)(25,320)33,300 (26,085)
Consolidated 3 StagesBalance at
12/31/2024		(Increase) / ReversalWrite-offBalance at
12/31/2025
Individuals(29,909)(25,378)25,110 (30,177)
Companies(11,081)(5,648)5,139 (11,590)
Foreign units Latin America(8,034)(1,591)3,051 (6,574)
Total(49,024)(32,617)33,300 (48,341)
1)In the movement of transfer of operations from stage 1 to stage 3 over the period, a representative part thereof have first gone through stage 2.

Stage 1Balance at
12/31/2023		Transfer to Stage 2
Transfer to Stage 3 (1)
Cure from Stage 2Cure from Stage 3(Increase) / ReversalWrite-offClosing balance
12/31/2024
Individuals(4,923)1,131 18 (1,809)(7)(707)- (6,297)
Companies(1,929)217 28 (328)(46)48 - (2,010)
Foreign units Latin America(1,891)223 19 (129)(3)(853)- (2,634)
Total(8,743)1,571 65 (2,266)(56)(1,512)- (10,941)
Stage 2Balance at
12/31/2023		Cure to Stage 1Transfer to Stage 3Transfer from Stage 1Cure from Stage 3(Increase) / ReversalWrite-offBalance at
12/31/2024
Individuals(6,127)1,809 4,769 (1,131)(153)(5,049)- (5,882)
Companies(2,561)328 1,473 (217)(134)(982)- (2,093)
Foreign units Latin America(1,497)129 928 (223)(124)(841)- (1,628)
Total(10,185)2,266 7,170 (1,571)(411)(6,872)- (9,603)
F-47

Stage 3Balance at
12/31/2023		Cure to Stage 1Cure to Stage 2Transfer from Stage 1Transfer from Stage 2(Increase) / ReversalWrite-offBalance at
12/31/2024
Individuals(18,001)7 153 (18)(4,769)(19,258)24,156 (17,730)
Companies(10,709)46 134 (28)(1,473)(543)5,595 (6,978)
Foreign units Latin America(3,225)3 124 (19)(928)(1,283)1,556 (3,772)
Total(31,935)56 411 (65)(7,170)(21,084)31,307 (28,480)
Consolidated 3 StagesBalance at
12/31/2023		(Increase) / ReversalWrite-offBalance at
12/31/2024
Individuals(29,051)(25,014)24,156 (29,909)
Companies(15,199)(1,477)5,595 (11,081)
Foreign units Latin America(6,613)(2,977)1,556 (8,034)
Total (2)
(50,863)(29,468)31,307 (49,024)
1) In the movement of transfer of operations from stage 1 to stage 3 over the period, a representative part thereof have first gone through stage 2.
2) For better presentation and comparability, comparative balances have been reclassified according to current criteria.

The consolidated balance of 3 Stages comprises Expected credit loss for Financial guarantees, Credit commitments and Credits to be released of R$ (1,793) (R$ (4,928) at 12/31/2024).
d) Lease operations - Lessor
Leases are composed of vehicles, machines, equipment and real estate in Brazil and abroad. The analysis of portfolio maturities is presented below:
12/31/202512/31/2024
Payments receivableFuture financial incomePresent valuePayments receivableFuture financial incomePresent value
Current2,618 (612)2,006 2,505 (462)2,043 
Non-current8,799 (2,420)6,379 8,987 (2,687)6,300 
From 1 to 2 years2,023 (484)1,539 1,918 (507)1,411 
From 2 to 3 years1,495 (371)1,124 1,481 (392)1,089 
From 3 to 4 years1,254 (288)966 1,024 (309)715 
From 4 to 5 years755 (223)532 960 (256)704 
Over 5 years3,272 (1,054)2,218 3,604 (1,223)2,381 
Total11,417 (3,032)8,385 11,492 (3,149)8,343 
In the period, revenues from leases were R$ 766 (R$ 822 at 01/01 to 12/31/2024).

e) Restricted operations and transfer of financial assets
F-48

Restricted and with co-obligation12/31/202501/01 to
12/31/2025		12/31/202401/01 to
12/31/2024
AssetsLiabilitiesIncomeAssetsLiabilitiesIncome
Book valueFair valueBook valueFair valueBook valueFair valueBook valueFair value
Restricted operations on assets9,167 - 9,191 - (26)10,078 - 10,083 - (1)
Loan operations9,167 - - - (621)10,078 - - - 2,603 
Foreign borrowing through securities- - 9,191 - 595 - - 10,083 - (2,604)
Transfer of financial assets199 197 199 197 - 512 509 512 508 - 
Total9,366 197 9,390 197 (26)10,590 509 10,595 508 (1)
Without co-obligation01/01 to 12/31/202501/01 to 01/01 to 12/31/2024
Portfolio transferredIncomePortfolio transferredIncome
Loan operations and other credits886 (33)1,352 17 
Written off operations (WO)10,567 283 14,814 407 
Total11,453 250 16,166 424 

Note 11 - Investments in associates and joint ventures
a) Non-material individual investments of ITAÚ UNIBANCO HOLDING
12/31/202501/01 to 12/31/2025
InvestmentEquity in earningsOther comprehensive incomeTotal Income
Associates9,331 1,497 (10)1,487 
Joint ventures1,509 (80)(4)(84)
Total10,840 1,417 (14)1,403 
12/31/202401/01 to 12/31/202401/01 to 12/31/2023
InvestmentEquity in earningsOther comprehensive incomeTotal IncomeEquity in earnings
Associates8,548 1,169 (3)1,166 993 
Joint ventures1,526 (122)9 (113)(73)
Total10,074 1,047 6 1,053 920 
At 12/31/2025, the balances of Associates include interest in total capital and voting capital of the following companies: Pravaler S.A. (50.14% total capital and 41.60% voting capital; 50.45% total capital and 41.62% voting capital at 12/31/2024); Porto Seguro ltaú Unibanco Participações S.A. (42.93% total and voting capital; 42.93% at 12/31/2024); BSF Holding S.A. (49% total and voting capital; 49% at 12/31/2024); Gestora de Inteligência de Crédito S.A (15.71% total capital and 16% voting capital; 15.71% total capital and 16% voting capital at 12/31/2024); Rias Redbanc S.A. (25% total and voting capital; 25% at 12/31/2024); Kinea Private Equity Investimentos S.A. (80% total capital and 49% voting capital; 80% total capital and 49% voting capital at 12/31/2024); Tecnologia Bancária S.A. (28.75% total capital and 29.78% voting capital; 28.05% total capital and 28.95% voting capital at 12/31/2024); CIP S.A. (22.89% total and voting capital; 22.89% at 12/31/2024); Prex Holding LLC (30% total and voting capital; 30% at 12/31/2024); Banfur lnternational S.A. (30% total and voting capital; 30% at 12/31/2024); Biomas – Serviços Ambientais, Restauração e Carbono S.A. (16.67% total and voting capital; 16.67% at 12/31/2024); Rede Agro Fidelidade e Intermediação S.A. (12.82% total and
F-49

voting capital; 12.82% at 12/31/2024); Riblinor S.A. (40% total and voting capital; 40% at 12/31/2024) and Caja de Valores Del Paraguay S.A. (9.09% total and voting capital).
At 12/31/2025, the balances of Joint ventures include interest in total and voting capital of the following companies: Olímpia Promoção e Serviços S.A. (50% total and voting capital; 50% at 12/31/2024); ConectCar Instituição de Pagamento e Soluções de Mobilidade Eletrônica S.A. (50% total and voting capital; 50% at 12/31/2024); TOTVS Techfin S.A. (50% total and voting capital; 50% at 12/31/2024); Avenue Holding Cayman Ltd (32.91% total and 33.41% voting capital; 33.60% total capital and 34.11% voting capital at 12/31/2024) and includes result not arising from subsidiaries' net income.
Note 12 - Lease operations - Lessee
The accounting policy on lease operations (lessee) is presented in Note 2c VII.
During the period ended 12/31/2025, total cash outflow with lease amounted to R$ 943 and lease agreements in the amount of R$ 520 were renewed. There are no relevant sublease agreements.
Total liabilities in accordance with remaining contractual maturities, considering their undiscounted flows, are presented below:
12/31/202512/31/2024
Up to 3 months204 244 
3 months to 1 year671 716 
1 to 5 years2,531 2,728 
Over 5 years1,314 1,348 
Total financial liability4,720 5,036 
Lease amounts recognized in the Consolidated Statement of Income:
01/01 to 12/31/202501/01 to 12/31/202401/01 to 12/31/2023
Sublease revenues36 34 26 
Depreciation expenses(683)(710)(863)
Interest expenses(369)(261)(367)
Lease expenses for low value assets(98)(95)(104)
Variable expenses not included in lease liabilities(42)(51)(57)
Total(1,156)(1,083)(1,365)
In the periods from 01/01 to 12/31/2025, from 01/01 to 12/31/2024 and from 01/01 to 12/31/2023, there was no impairment adjustment.
Note 13 - Fixed assets
F-50

The accounting policy on fixed assets and impairment of non-financial assets is presented in Notes 2c VIII, 2c X.
Fixed assets12/31/2025
Annual depreciation ratesCostDepreciationImpairmentResidual
Real Estate10,414 (4,153)(434)5,827 
Land1,965 - - 1,965 
Buildings and improvements
4% to 10%
8,449 (4,153)(434)3,862 
Other fixed assets20,674 (13,798)(68)6,808 
Installations and furniture
10% to 20%
3,638 (2,781)(17)840 
Data processing systems
20% to 50%
9,504 (8,231)(51)1,222 
Works of art155 — — 155 
Right of use4,943 (1,395)— 3,548 
Other (1)
10% to 20%
2,434 (1,391)- 1,043 
Total31,088 (17,951)(502)12,635 
1) Other refers to negotiations of Fixed assets in progress and other communication, security and transportation equipment.

Fixed assets12/31/2024
Annual depreciation ratesCostDepreciationImpairmentResidual
Real Estate9,738 (3,934)(244)5,560 
Land1,997 - - 1,997 
Buildings and improvements
4% to 10%
7,741 (3,934)(244)3,563 
Other fixed assets21,176 (13,405)(68)7,703 
Installations and furniture
10% to 20%
3,524 (2,693)(17)814 
Data processing systems
20% to 50%
9,424 (7,991)(51)1,382 
Right of use (1)
5,431 (1,361)- 4,070 
Other (2)
11% to 20%
2,797 (1,360)- 1,437 
Total30,914 (17,339)(312)13,263 
1) For better presentation and comparability, comparative balances have been reclassified according to current criteria.
2) Other refers to negotiations of Fixed assets in progress and other communication, security and transportation equipment.

Contractual commitments for purchase of fixed assets total R$ 1 realizable until 2028.
Note 14 - Goodwill and Intangible assets
The accounting policies on goodwill and intangible assets and impairment of non-financial assets are presented in Note 2c IX, 2c X.
F-51

Goodwill and intangible from
incorporation		Intangible assetsTotal
Association for the promotion and
offer of financial products and
services		Software acquiredInternally developed software
Other intangible assets (1)
Annual amortization rates8%20%20%
10% to 20%
Cost
Balance at 12/31/202413,317 2,366 5,869 23,568 7,996 53,116 
Acquisitions60 - 789 4,556 807 6,212 
Termination / write-offs- — (9)(261)(489)(759)
Exchange variation(160)41 (6)(28)(21)(174)
Other1 (16)30 (7)- 8 
Balance at 12/31/202513,218 2,391 6,673 27,828 8,293 58,403 
Amortization
Balance at 12/31/2024- (1,378)(4,318)(11,557)(4,569)(21,822)
Amortization expense- (79)(509)(3,368)(1,247)(5,203)
Termination / write-offs- — 5 — 486 491 
Exchange variation- (16)(11)8 19 — 
Other- 16 — - - 16 
Balance at 12/31/2025- (1,457)(4,833)(14,917)(5,311)(26,518)
Impairment
Balance at 12/31/2024(4,968)(729)(174)(1,326)(100)(7,297)
Increase- - - (558)— (558)
Exchange variation95 (26)- - - 69 
Balance at 12/31/2025(4,873)(755)(174)(1,884)(100)(7,786)
Book value
Balance at 12/31/20258,345 179 1,666 11,027 2,882 24,099 
1) Includes amounts paid to the rights for acquisition of payrolls, proceeds, retirements and pension benefits and similar benefits.
F-52

Goodwill and intangible from
incorporation		Intangible assetsTotal
Association for the promotion and
offer of financial products and
services		Software acquiredInternally developed software
Other intangible assets (1)
Annual amortization rates8%20%20%
10% to 20%
Cost
Balance at 12/31/202312,255 2,227 5,177 19,577 7,602 46,838 
Acquisitions135 - 412 4,125 863 5,535 
Termination / write-offs- (7)(5)(269)(591)(872)
Exchange variation927 162 263 138 122 1,612 
Other- (16)22 (3)- 3 
Balance at 12/31/202413,317 2,366 5,869 23,568 7,996 53,116 
Amortization
Balance at 12/31/2023- (1,242)(3,713)(8,422)(3,766)(17,143)
Amortization expense- (82)(448)(3,048)(1,278)(4,856)
Termination / write-offs- 6 4 1 591 602 
Exchange variation- (76)(162)(88)(116)(442)
Other- 16 1 - - 17 
Balance at 12/31/2024- (1,378)(4,318)(11,557)(4,569)(21,822)
Impairment
Balance at 12/31/2023(4,420)(648)(174)(1,089)- (6,331)
Increase- - - (237)(100)(337)
Exchange variation(548)(81)- - - (629)
Balance at 12/31/2024(4,968)(729)(174)(1,326)(100)(7,297)
Book value
Balance at 12/31/20248,349 259 1,377 10,685 3,327 23,997 
1) Includes amounts paid to the rights for acquisition of payrolls, proceeds, retirement and pension benefits and similar benefits.

Amortization expense related to the rights for acquisition of payrolls and associations, in the amount of R$ (1,297) (R$ (1,313) at 12/31/2024) is disclosed in the General and administrative expenses (Note 23).
Goodwill and Intangible assets from incorporation are mainly represented by Banco Itaú Chile’s goodwill in the amount of R$ 3,010 (R$ 3,073 at 12/31/2024).
Note 15 - Deposits
12/31/202512/31/2024
Amortized costAmortized cost
Interest-bearing deposits978,478 923,330 
Savings177,305 180,730 
Interbank11,530 7,224 
Time deposits789,643 735,376 
Non-interest-bearing deposits136,004 131,411 
Demand 135,383 124,920 
Other621 6,491 
Total1,114,482 1,054,741 
Current527,366 526,152 
Non-current587,116 528,589 
Note 16 - Financial liabilities designated at fair value through profit or loss
F-53

The accounting policy on financial assets and liabilities is presented in Note 2c IV.
ITAÚ UNIBANCO HOLDING has Debt securities designated at fair value through profit or loss in the amount of R$ 57 (R$ 318 at 12/31/2024), and in their totality with maturity over 1 year.
The effect of credit risk of these instruments is not significant at 12/31/2025 and 12/31/2024.
Debt securities do not have a defined amount on maturity, since they vary according to market quotation and an exchange variation component, respectively.
Note 17 - Securities sold under repurchase agreements and interbank and institutional market funds
a) Securities sold under repurchase agreements
12/31/202512/31/2024
Amotized costAmotized cost
Assets pledged as collateral191,655 168,872 
Government securities102,108 126,565 
Corporate securities56,586 41,275 
Own issue2 2 
Foreign securities32,959 1,030 
Assets received as collateral164,447 118,867 
Right to sell or repledge the collateral78,505 101,048 
Total434,607 388,787 
Current363,308 345,633 
Non-current71,299 43,154 
b) Interbank market funds
12/31/202512/31/2024
Amortized costAmortized cost
Financial bills61,161 70,083 
Real estate credit bills71,121 52,112 
Rural credit bills64,644 49,744 
Guaranteed real estate bills64,438 64,491 
Import and export financing114,138 117,921 
Onlending domestic30,668 17,943 
Total406,170 372,294 
Current199,796 218,138 
Non-current206,374 154,156 
Funding for import and export financing represents credit facilities available for financing of imports and exports of Brazilian companies, in general denominated in foreign currency.
c) Institutional market funds
F-54

12/31/202512/31/2024
Amortized costAmortized cost
Subordinated debt48,147 45,224 
Debentures4,122 - 
Foreign loans through securities76,348 75,912 
Funding from structured operations certificates25,577 19,411 
Total154,194 140,547 
Current11,423 17,033 
Non-current142,771 123,514 
d) Subordinated debt, including perpetual debts
Name of security / currencyPrincipal amount (original currency)IssueMaturityReturn p.a.12/31/202512/31/2024
Subordinated financial bills - BRL
2,146 2019Perpetual114% of SELIC1,320 1,294 
935 2019PerpetualSELIC + 1.17% to 1.19%1,064 1,033 
450 20202029CDI + 1.85%- 715 
106 20202030IPCA + 4.64%181 166 
1,556 20202030CDI + 2%- 2,486 
5,488 20212031CDI + 2%9,843 8,443 
1,005 2022PerpetualCDI + 2.4%1,035 1,027 
1,161 20232034102% of CDI1,223 1,198 
108 20232034CDI + 0.2%115 112 
122 2023203410.63%127 126 
700 2023PerpetualCDI + 1.9%715 712 
107 20232034IPCA + 5.48%119 114 
530 20242034100% of CDI550 541 
3,100 20242034CDI + 0.65%3,711 3,226 
1,000 2024PerpetualCDI + 0.9%1,018 1,033 
2,830 2024PerpetualCDI + 1.1%2,832 2,834 
470 20242039102% of CDI488 481 
4,984 2025PerpetualCDI + 1.25%5,449 - 
3,000 2025PerpetualCDI + 1.15%3,108 - 
4,415 2025PerpetualCDI + 1.35%5,002 - 
Total37,900 25,541 
Subordinated euronotes - USD
750 2018Perpetual7.86%- 4,746 
700 2020Perpetual7.56%- 4,404 
501 202120313.88%2,755 3,080 
Total2,755 12,230 
Subordinated bonds - CLP
180,351 200820333.50% to 4.92%1,573 1,578 
97,962 200920354.75%1,256 1,248 
1,060,250 201020324.35%125 124 
1,060,250 201020353.90% to 3.96%289 286 
1,060,250 201020364.48%1,380 1,363 
1,060,250 201020383.93%1,005 993 
1,060,250 201020404.15% to 4.29%775 765 
1,060,250 201020424.45%378 373 
F-55

57,168 201420343.80%495 488 
Total7,276 7,218 
Subordinated bonds - COP
146,000 20132028IPC + 2%216 208 
Total216 208 
Subordinated bonds - USD
172 202520258.90%- 22 
878 202420247.18%- 5 
Total- 27 
Total48,147 45,224 
Note 18 - Other assets and liabilities
a) Other assets
Note12/31/202512/31/2024
Financial167,121 138,325 
At amortized cost164,029 136,713 
Receivables from credit card issuers109,769 82,014 
Deposits in guarantee - Contingent liabilities, provisions and legal obligations29d13,497 13,662 
Trading and intermediation of securities24,037 24,152 
Income receivable4,397 4,080 
Operations without credit granting characteristics, net of provisions11,895 9,759 
Net amount receivables from reimbursement of provisions29c387 358 
Deposits in guarantee of fund raisings abroad47 40 
Foreign exchange portfolio- 2,648 
At fair value through profit or loss3,092 1,612 
Other financial assets3,092 1,612 
Non-financial (1)
21,625 24,994 
Sundry foreign770 4,524 
Prepaid expenses7,133 8,503 
Sundry domestic3,887 4,028 
Assets of post-employment benefit plans26e256 301 
Other non-financial assets2,590 2,345 
Other6,989 5,293 
Current169,438 144,380 
Non-current19,308 18,939 
1) For better presentation and comparability, comparative balances have been reclassified according to current criteria.
b) Other liabilities
F-56

Note12/31/202512/31/2024
Financial243,077 192,951 
At amortized cost241,448 192,407 
Credit card operations185,717 164,872 
Trading and intermediation of securities37,381 18,636 
Lease liabilities3,275 3,681 
Other15,075 5,218 
At fair value through profit or loss1,629 544 
Other financial liabilities1,629 544 
Non-financial44,346 55,759 
Funds in transit11,417 25,124 
Charging and collection of taxes and similar680 398 
Social and statutory12,221 12,487 
Deferred income2,428 1,258 
Sundry domestic5,892 5,076 
Personnel provision2,892 2,731 
Provision for sundry payments2,572 2,260 
Obligations on official agreements and rendering of payment services2,455 2,433 
Liabilities from post-employment benefit plans26e2,273 2,361 
Other1,516 1,631 
Current276,696 237,767 
Non-current10,727 10,943 
Note 19 - Stockholders’ equity
The accounting policies on treasury shares and capital compensation are presented in Notes 2c XVI, 2c XVII.
a) Capital
In a meeting held on February 5, 2025, the Board of directors approved the increase in the subscribed and paid up capital in the amount of R$ 33,334, through capitalization of amounts recorded in Profit reserves - Statutory reserve, with a 10% bonus in shares. The bonus shares were issued and started to be traded as from March 20, 2025. Consequently, capital was increased by 980,413,535 shares.
In a meeting held on November 27, 2025, the Board of directors approved cancellations of 78,850,638 of preferred shares of own issue and shares held in treasury, with no change in capital, upon capitalization of amounts recorded in Profit Reserves - Statutory Reserve.
In a meeting held on December 18, 2025, the Board of directors approved the increase in the subscribed and paid up capital in the amount of R$ 12,847, through capitalization of amounts recorded in Profit reserves - Statutory reserve, with a 3% bonus in shares. The bonus shares were issued and started to be traded as from December 30, 2025. Consequently, capital was increased by 321,170,947 shares.
Capital is represented by 11,026,869,192 book-entry shares with no par value, of which 5,617,742,977 are common shares and 5,409,126,215 are preferred shares with no voting rights, but with tag-along rights in a public offering of shares, in a possible transfer of control, assuring them a price equal to 80% (eighty per cent) of the amount paid per voting share in the controlling block, and a dividend at least equal to that of the common shares.
F-57

The breakdown and change in shares of paid-in capital in the beginning and end of the period are shown below:
12/31/2025
NumberAmount
CommonPreferredTotal
Residents in Brazil12/31/20244,918,480,3401,325,492,7466,243,973,08657,783 
Residents abroad12/31/202439,810,0193,520,352,2433,560,162,26232,946 
Shares of capital stock12/31/20244,958,290,3594,845,844,9899,804,135,34890,729 
Bonus shares - Outstanding as from 03/20/2025495,829,036484,584,499980,413,535
(-) Cancellation of Shares - Meeting of the Board of Directors at 11/27/2025-(78,850,638)(78,850,638)
Bonus shares - Outstanding as from 12/30/2025163,623,582157,547,365321,170,947
Shares of capital stock12/31/20255,617,742,9775,409,126,21511,026,869,192136,910 
Residents in Brazil12/31/20255,567,132,3991,333,956,1496,901,088,54885,684 
Residents abroad12/31/202550,610,5784,075,170,0664,125,780,64451,226 
Treasury shares (1)
12/31/2024-28,030,83328,030,833(909)
Acquisition of treasury shares-81,312,04081,312,040(3,085)
(-) Cancellation of Shares - Meeting of the Board of Directors at 11/27/2025-(78,850,638)(78,850,638)3,000 
Result from delivery of treasury shares-(30,244,329)(30,244,329)981 
Bonus shares - Treasury as from 03/20/2025-86,71886,718
Bonus shares - Treasury as from 12/30/2025-10,03810,038
Treasury shares (1)
12/31/2025-344,662344,662(13)
Number of total shares at the end of the period (2)
12/31/20255,617,742,9775,408,781,55311,026,524,530
Number of total shares at the end of the period (2)
12/31/20244,958,290,3594,817,814,1569,776,104,515
12/31/2024
NumberAmount
CommonPreferredTotal
Residents in Brazil12/31/20234,923,277,339 1,508,035,689 6,431,313,028 59,516 
Residents abroad12/31/202335,013,020 3,337,809,300 3,372,822,320 31,213 
Shares of capital stock12/31/20234,958,290,359 4,845,844,989 9,804,135,348 90,729 
Shares of capital stock12/31/20244,958,290,359 4,845,844,989 9,804,135,348 90,729 
Residents in Brazil12/31/20244,918,480,340 1,325,492,746 6,243,973,086 57,783 
Residents abroad12/31/202439,810,019 3,520,352,243 3,560,162,262 32,946 
Treasury shares (1)
12/31/2023- 436,671 436,671 (11)
Acquisition of treasury shares- 54,000,000 54,000,000 (1,775)
Result from delivery of treasury shares- (26,405,838)(26,405,838)877 
Treasury shares (1)
12/31/2024- 28,030,833 28,030,833 (909)
Number of total shares at the end of the period (2)
12/31/20244,958,290,359 4,817,814,156 9,776,104,515 
Number of total shares at the end of the period (2)
12/31/20234,958,290,359 4,845,408,318 9,803,698,677 
1) Own shares, purchased based on authorization of the Board of directors, to be held in Treasury, for subsequent cancellation or replacement in the market.
2) Shares representing total capital stock net of treasury shares.

We detail below the cost of shares purchased in the period, as well the average cost of treasury shares and their market price:
F-58

Cost / market value12/31/202512/31/2024
CommonPreferredCommonPreferred
Minimum- 32.81 - 31.42 
Weighted average- 37.91 - 32.83 
Maximum- 41.36 - 33.66 
Treasury shares
Average cost- 36.94 - 32.43 
Market value on the last day of the base date36.35 39.23 26.90 30.73 
b) Dividends
Shareholders are entitled to a mandatory minimum dividend in each fiscal year, corresponding to 25% of adjusted net income, as set forth in the Bylaws. Common and preferred shares participate equally in income distributed, after common shares have received dividends equal to the minimum annual priority dividend payable to preferred shares (R$ 0.022 non-cumulative per share).
ITAÚ UNIBANCO HOLDING monthly advances the mandatory minimum dividend, using the share position of the last day of the previous month as the calculation basis, and the payment made on the first business day of the subsequent month in the amount of R$ 0.015 per share.
I - Calculation of dividends and interest on capital
12/31/2025
12/31/2024
Statutory net income
45,659 37,318 
Adjustments:
(-) Legal reserve - 5%(2,283)(1,406)
Dividend calculation basis43,376 35,912 
Minimum mandatory dividend - 25%10,844 8,978 
Dividends and interest on capital paid / accrued / identified31,647 25,724 

II - Stockholders' compensation
12/31/2025
Value per share (R$)ValueWHT (With holding tax)Net
Paid / prepaid29,556 (1,434)28,122 
Interest on capital - 11 monthly installments paid from February to December 20250.0150 2,038 (307)1,731 
Interest on capital - paid on 08/29/20250.5929 7,518 (1,127)6,391 
Dividends - paid on 12/19/20251.8682 20,000 - 20,000 
Accrued (Recorded in Other liabilities - Social and statutory)4,148 (623)3,525 
Interest on capital - 1 monthly installment paid on 01/02/20260.0150 190 (29)161 
Interest on capital - credited on 11/27/2025 to be paid until 04/30/20260.3143 3,958 (594)3,364 
Total - 01/01 to 12/31/202533,704 (2,057)31,647 
F-59

12/31/2024
Value per share (R$)ValueWHT (With holding tax)Net
Paid / prepaid6,729 (1,009)5,720 
Interest on capital - 11 monthly installments paid from February to December 20240.0150 1,901 (285)1,616 
lnterest on capital - paid on 08/30/20240.2055 2,370 (356)2,014 
lnterest on capital - paid on 08/30/20240.2134 2,458 (368)2,090 
Accrued (Recorded in Other liabilities - Social and statutory)5,886 (882)5,004 
Interest on capital - 1 monthly installment paid on 01/02/20250.0150 173 (26)147 
Interest on capital - credited on 08/29/2024 to be paid until 04/30/20250.2320 2,673 (400)2,273 
Interest on capital - credited on 11/28/2024 to be paid on 04/30/20250.2640 3,040 (456)2,584 
Identified in Profit Reserves in Stockholders' Equity15,489 (489)15,000 
Interest on capital0.2834 3,260 (489)2,771 
Dividends1.2509 12,229 - 12,229 
Total - 01/01 to 12/31/202428,104 (2,380)25,724 
12/31/2023
Value per share (R$)ValueWHT (With holding tax)Net
Paid / prepaid7,079 (1,061)6,018 
Interest on capital - 11 monthly installments paid from February to December 20230.0150 1,902 (285)1,617 
Interest on capital - paid on 08/25/20230.2227 2,567 (385)2,182 
Interest on capital - paid on 08/25/20230.2264 2,610 (391)2,219 
Accrued (Recorded in Other liabilities - Social and statutory)5,236 (786)4,450 
Interest on capital - 1 monthly installment paid on 01/02/20240.0150 173 (26)147 
Interest on capital - credited on 09/06/2023 to be paid until 04/30/20240.2289 2,639 (396)2,243 
Interest on capital - credited on 11/24/2023 to be paid until 04/30/20240.2102 2,424 (364)2,060 
Identified in Profit Reserves In Stockholders' Equit11,000 - 11,000 
Dividends1.1251 11,000 - 11,000 
Total - 01/01 to 12/31/202323,315 (1,847)21,468 
c) Capital reserves and profit reserves
F-60

12/31/202512/31/2024
Capital reserves2,876 2,732 
Premium on subscription of shares284 284 
Share-based payment2,588 2,444 
Reserves from tax incentives, restatement of equity securities and other4 4 
Profit reserves (1)
67,711 121,428 
Legal (2)
20,429 18,146 
Statutory (3)
47,282 87,793 
Special revenue (4)
- 15,489 
Total reserves at parent company70,587 124,160 
1) Possible surplus of Profit reserves in relation to the Capital will be distributed or capitalized as required by the following annual general stockholders' meeting/extraordinary general stockholders' meeting.
2) Its purpose is to ensure the integrity of capital, compensate loss or increase capital.
3) Its main purpose is to ensure the yield flow to shareholders.
4) Refers to Dividends declared after 12/31/2024.

Statutory reserves include R$ (814), which refers to net income remaining after the distribution of dividends and appropriations to statutory reserves in the statutory accounts of ITAÚ UNIBANCO HOLDING.
d) Non-controlling interests
Stockholders’ equityIncome
12/31/202512/31/202401/01 to 12/31/202501/01 to 12/31/202401/01 to 12/31/2023
Banco Itaú Chile8,337 8,009 608 627 598 
Itaú Colombia S.A.22 21 - - - 
Financeira Itaú CBD S.A. Crédito, Financiamento e Investimento715 706 169 174 147 
Luizacred S.A. Soc. Cred. Financiamento Investimento1,103 976 126 148 (49)
Other398 482 89 94 76 
Total10,575 10,194 992 1,043 772 
Note 20 - Share-based payment
The accounting policy on share-based payments is presented in Note 2c XV.
ITAÚ UNIBANCO HOLDING and its subsidiaries have share-based payment plans aimed at involving their management members and employees in the medium and long term corporate development process.
The grant of these benefits is only made in years in which there are sufficient profits to permit the distribution of mandatory dividends, limiting dilution to 0.5% of the total shares held by the controlling and minority stockholders at the balance sheet date. These programs are settled through the delivery of ITUB4 treasury shares to stockholders.
Expenses on share-based payment plans are presented in the table below:
01/01 to 12/31/202501/01 to 12/31/202401/01 to 12/31/2023
Partner plan(499)(336)(264)
Share-based plan(608)(482)(473)
Total(1,107)(818)(737)
a) Partner plan
The program enables employees and managers of ITAÚ UNIBANCO HOLDING to invest a percentage of their bonus to acquire shares and share-based instruments. There is a lockup period of from three to five years, counted from the initial
F-61

investment date, and the shares are thus subject to market price variations. After complying with the preconditions outlined in the program, beneficiaries are entitled to receive shares as consideration, in accordance with the number of shares indicated in the program internal regulations.
The acquisition price of shares and share-based instruments is established every six months as the average of the share price over the last 30 days, which is performed on the seventh business day prior to the compensation grant date.
The fair value of the consideration in shares is the market price at the grant date, less expected dividends.
Change in the partner program
01/01 to 12/31/202501/01 to 12/31/2024
Quantity
Quantity (1)
Opening balance84,186,167 70,728,010 
New33,444,044 26,358,836 
Delivered(14,551,588)(9,054,653)
Cancelled(1,058,266)(3,846,026)
Closing balance102,020,357 84,186,167 
Weighted average of remaining contractual life (years)2.112.19
Market value weighted average (R$)21.24 26.15 
1) For better comparability, the numbers of shares presented were adjusted to reflect bonus shares issued on March 20, 2025, in the proportion of one new share for every 10 held, and on December 30, 2025, in the proportion of three new shares for every 100 held.

b) Variable compensation
In this plan, part of the administrators variable remuneration is paid in cash and part in shares during a period of three years. Shares are delivered on a deferred basis, of which one-third per year, upon compliance with the conditions provided for in internal regulation. The deferred unpaid portions may be reversed proportionally to a significant reduction in the recurring income realized or the negative income for the period.
Management members become eligible for the receipt of these benefits according to individual performance, business performance or both. The benefit amount is established according to the activities of each management member who meets at least the performance and conduct requirements.
The fair value of the share is the market price at its grant date, less expected dividends.
Change in share-based variable compensation
01/01 to 12/31/202501/01 to 12/31/2024
Quantity
Quantity (1)
Opening balance47,813,73249,279,420
New26,766,85322,829,512
Delivered(24,312,818)(23,485,766)
Cancelled(466,053)(809,434)
Closing balance49,801,71447,813,732
Weighted average of remaining contractual life (years)0.920.84
Market value weighted average (R$)24.98 31.55 
1) For the better comparability, the numbers of shares presented were adjusted to reflect bonus shares issued on March 20, 2025, in the proportion of one new share for every 10 held, and on December 30, 2025, in the porportion of three new shares for every 100 held.

Note 21 - Interest and similar income and expenses and income of financial assets and liabilities at fair value through profit or loss
a) Interest and similar income
F-62

01/01 to 12/31/202501/01 to 12/31/202401/01 to 12/31/2023
Central Bank of Brazil deposits17,820 12,505 12,569 
Interbank deposits1,881 4,436 4,122 
Securities purchased under agreements to resell37,079 36,171 33,898 
Financial assets at fair value through other comprehensive income15,642 36,937 27,463 
Financial assets at amortized cost26,020 12,038 13,126 
Loan operations154,626 138,781 130,462 
Other financial assets1,722 1,390 745 
Total254,790 242,258 222,385 
b) Interest and similar expense
01/01 to 12/31/202501/01 to 12/31/202401/01 to 12/31/2023
Deposits(99,322)(68,489)(71,508)
Securities sold under repurchase agreements(57,127)(36,262)(41,624)
Interbank market funds(48,158)(51,600)(34,543)
Institutional market funds(13,170)(10,581)(10,239)
Other(1,561)(346)(336)
Total(219,338)(167,278)(158,250)
c) Income of financial assets and liabilities at fair value through profit or loss
01/01 to 12/31/202501/01 to 12/31/202401/01 to 12/31/2023
Securities58,892 12,170 31,399 
Derivatives (1)
(1,779)19,781 (2,954)
Financial assets designated at fair value through profit or loss923 (3)479 
Other financial assets at fair value through profit or loss(1)2 1,897 
Financial liabilities at fair value through profit or loss- (14)(1,731)
Financial liabilities designated at fair value19 75 55 
Total58,054 32,011 29,145 
1) Includes the ineffective derivatives portion related to hedge accounting.

During the period ended 12/31/2025, ITAÚ UNIBANCO HOLDING derecognized/(recognized) R$ 940 (R$ (2,891) from 01/01 to 12/31/2024) of Expected credit loss, R$ (222) (R$ (90) from 01/01 to 12/31/2024) for Financial assets at fair value through other comprehensive income and R$ 1,162 (R$ (2,801) from 01/01 to 12/31/2024) for Financial assets at amortized cost.
Note 22 - Commissions and banking fees
The accounting policy on commissions and banking fees is presented in Note 2c XVIII.
The main services provided by ITAÚ UNIBANCO HOLDING are:
•Credit and debit cards: refer mainly to fees charged by card issuers and annuities charged for the availability and management of credit card.
•Current account services: substantially composed of current account maintenance fees, according to each service package granted to the customer, withdrawals from demand deposit account and money order.
•Funds management: refers to fees charged for the management and performance of investment funds and consortia administration.
F-63

•Payments and collections: refer mainly to the fees charged by acquirers for processing transactions carried out with cards, the rental of machines from Rede and transfers made through PIX in legal entity’s packages.
•Economic, financial and brokerage advisory: refer mainly to financial transaction structuring services, placement of securities and intermediation of operations on stock exchange.
01/01 to 12/31/202501/01 to 12/31/202401/01 to 12/31/2023
Credit and debit cards (1)
16,839 17,077 16,265 
Current account services (1)
3,407 4,109 4,742 
Asset management6,921 6,539 5,792 
Funds4,937 4,983 4,395 
Consortia1,984 1,556 1,397 
Credit operations and financial guarantees2,624 2,782 2,544 
Credit operations875 1,171 1,100 
Financial guarantees1,749 1,611 1,444 
Payments and collections (1)
6,786 7,395 9,078 
Economic, financial and brokerage advisory5,131 4,920 3,596 
Custody services914 641 602 
Other4,375 3,608 3,112 
Total46,997 47,071 45,731 
1) For better presentation and comparability, comparative balances have been reclassified according to current criteria.

Note 23 - General and administrative expenses
01/01 to 12/31/202501/01 to 12/31/202401/01 to 12/31/2023
Compensation, payroll charges, welfare benefits, provision for labor claims, dismissals, training and other(29,088)(27,365)(25,389)
Employees’ profit sharing and share-based payment(9,251)(8,253)(7,011)
Third-party and financial system services, security, transportation and travel expenses(8,419)(8,051)(7,851)
Data processing and telecommunications(5,886)(5,190)(5,027)
Installations and materials(2,928)(2,395)(2,243)
Advertising, promotions and publicity(1,740)(1,976)(1,996)
Depreciation and amortization(7,419)(7,177)(6,529)
Selling - credit cards(6,184)(6,286)(6,114)
Claims losses(753)(801)(1,007)
Selling of non-financial products- (4,990)(641)
Loss on sale of other assets, fixed assets and investments in associates and joint ventures(137)(353)(1,595)
Provision for lawsuits civil(1,343)(1,609)(1,679)
Provision for tax and social security lawsuits and other risks1,321 (1,019)(726)
Other(7,349)(3,951)(7,951)
Total(79,176)(79,416)(75,759)
Note 24 - Taxes
The accounting policy on income tax and social contribution is presented in Note 2c XIII.
F-64

ITAÚ UNIBANCO HOLDING and each one of its subsidiaries calculate separately, in each fiscal year, Income tax and social contribution on net income.
Taxes are calculated at the rates shown below and consider, for effects of respective calculation bases, the legislation in force applicable to each charge.
Income tax15.00%
Additional income tax10.00%
Social contribution on net income (1)
20.00%
1) For insurance, capitalization and other financial subsidiaries, the Social contribution on net income is 15% and for the non-financial ones it is 9%.

a) Expenses for taxes and contributions
Breakdown of income tax and social contribution calculation on net income:
Due on operations for the period01/01 to 12/31/202501/01 to 12/31/202401/01 to 12/31/2023
Income / (loss) before income tax and social contribution50,250 47,556 39,700 
Charges (income tax and social contribution) at the rates in effect(22,613)(21,401)(17,865)
Increase / decrease in income tax and social contribution charges arising from:
Share of profit or (loss) of associates and joint ventures1,809 1,478 1,168 
Interest on capital7,626 5,559 5,419 
Other nondeductible expenses net of non taxable income (1)
2,483 4,931 2,593 
Income tax and social contribution expenses(10,695)(9,433)(8,685)
Related to temporary differences
Increase / (reversal) for the period6,294 4,005 2,862 
(Expenses) / income from deferred taxes6,294 4,005 2,862 
Total income tax and social contribution expenses(4,401)(5,428)(5,823)
1) Includes temporary (additions) and exclusions.

b) Deferred taxes
I - The deferred tax assets balance and its changes, segregated based on its origin and disbursements, are represented by:
F-65

12/31/2024Realization / ReversalIncrease12/31/2025
Reflected in income64,636 (20,385)27,370 71,621 
Provision for expected credit loss43,518 (5,664)13,843 51,697 
Related to tax losses and social contribution loss carryforwards2,469 (2,053)97 513 
Provision for profit sharing3,258 (3,258)3,623 3,623 
Provisions6,277 (3,406)2,993 5,864 
Civil lawsuits1,239 (665)641 1,215 
Labor claims3,174 (1,386)1,755 3,543 
Tax and social security obligations1,864 (1,355)597 1,106 
Legal obligations375 (135)140 380 
Adjustments of operations carried out on the futures settlement market787 (787)- - 
Adjustment to fair value of financial assets - At fair value through profit or loss245 (245)15 15 
Provision relating to health insurance operations365 - 120 485 
Other7,342 (4,837)6,539 9,044 
Reflected in stockholders’ equity5,570 (1,882)101 3,789 
Adjustment to fair value of financial assets - At fair value through other comprehensive income4,268 (1,872)95 2,491 
Cash flow hedge392 (10)- 382 
Other910 - 6 916 
Total(1)
70,206 (22,267)27,471 75,410 
1) The balance of deferred tax assets includes the effects brought by Supplementary Law No. 224/25 (Note 33b), which increased the rate of CSLL of certain companies of ITAÚ UNIBANCO HOLDING. This law will take effect in current tax as from April 1, 2026.

F-66

12/31/2023Realization / ReversalIncrease12/31/2024
Reflected in income58,714 (17,283)23,205 64,636 
Provision for expected credit loss38,664 (7,436)12,290 43,518 
Related to tax losses and social contribution loss carryforwards2,325 (385)529 2,469 
Provision for profit sharing2,794 (2,794)3,258 3,258 
Provisions5,869 (2,354)2,762 6,277 
Civil lawsuits1,227 (730)742 1,239 
Labor claims2,867 (1,509)1,816 3,174 
Tax and social security obligations1,775 (115)204 1,864 
Legal obligations279 (15)111 375 
Adjustments of operations carried out on the futures settlement market- - 787 787 
Adjustment to fair value of financial assets - At fair value through profit or loss755 (755)245 245 
Provision relating to health insurance operations395 (30)- 365 
Other7,633 (3,514)3,223 7,342 
Reflected in stockholders’ equity2,954 (244)2,860 5,570 
Adjustment to fair value of financial assets - At fair value through other comprehensive income2,022 (244)2,490 4,268 
Cash flow hedge108 - 284 392 
Other824 - 86 910 
Total61,668 (17,527)26,065 70,206 
Deferred income tax and social contribution assets and liabilities are recorded in the balance sheet offset by a taxable entity and amounting to R$ 63,486 (R$ 58,859 at 12/31/2024) and R$ 491 (R$ 603 at 12/31/2024), respectively.
II - The deferred tax liabilities balance and its changes are represented by:
12/31/2024Realization / reversalIncrease12/31/2025
Reflected in income9,065 (4,670)5,524 9,919 
Supervenience of depreciation of finance lease107 (9)- 98 
Adjustment of deposits in guarantee and provisions1,754 (722)657 1,689 
Post-employment benefits260 (37)34 257 
Adjustments of operations carried out on the futures settlement market- - 185 185 
Adjustment to fair value of financial assets - At fair value through profit or loss3,538 (3,538)3,763 3,763 
Taxation of results abroad – capital gains764 (25)9 748 
Other2,642 (339)876 3,179 
Reflected in stockholders’ equity2,885 (764)375 2,496 
Adjustment to fair value of financial assets - At fair value through other comprehensive income2,881 (764)372 2,489 
Post-employment benefits4 - 3 7 
Total (1)
11,950 (5,434)5,899 12,415 
1) The balance of deferred tax liabilities includes the effects brought by Supplementary Law No. 224/25 (Note 33b), which increased the rate of CSLL of certain companies of ITAÚ UNIBANCO HOLDING. This law will take effect in current tax as from April 1, 2026.

F-67

12/31/2023Realization / reversalIncrease12/31/2024
Reflected in income7,148 (2,368)4,285 9,065 
Supervenience of depreciation of finance lease130 (23)- 107 
Adjustment of deposits in guarantee and provisions1,572 (9)191 1,754 
Post-employment benefits15 (15)260 260 
Adjustments of operations carried out on the futures settlement market416 (416)- - 
Adjustment to fair value of financial assets - At fair value through profit or loss1,450 (1,450)3,538 3,538 
Taxation of results abroad – capital gains740 - 24 764 
Other2,825 (455)272 2,642 
Reflected in stockholders’ equity1,389 (147)1,643 2,885 
Adjustment to fair value of financial assets - At fair value through other comprehensive income1,381 (143)1,643 2,881 
Post-employment benefits8 (4)- 4 
Total8,537 (2,515)5,928 11,950 
Deferred income tax and social contribution assets and liabilities are recorded in the balance sheet offset by a taxable entity and amounting to R$ 63,486 (R$ 58,859 at 12/31/2024) and R$ 491 (R$ 603 at 12/31/2024), respectively.
III - The estimate of realization and present value of deferred tax assets and deferred tax liabilities are:
Deferred tax assetsDeferred tax liabilitiesNet deferred taxes
Realization yearTemporary differences%Tax loss / social contribution
loss carryforwards		%Total%%%
202617,848 23.8%508 99.0%18,356 24.3%(1,139)9.2%17,217 27.3%
202710,849 14.5%- -10,849 14.4%(478)3.9%10,371 16.5%
20287,658 10.2%1 0.2%7,659 10.2%(538)4.3%7,121 11.3%
20296,017 8.0%1 0.2%6,018 8.0%(1,355)10.9%4,663 7.4%
20305,710 7.6%2 0.4%5,712 7.6%(659)5.3%5,053 8.0%
After 203026,815 35.9%1 0.2%26,816 35.5%(8,246)66.4%18,570 29.5%
Total74,897 100.0%513 100.0%75,410 100.0%(12,415)100.0%62,995 100.0%
Present value (1)
60,235 484 60,719 (8,878)51,841 
1) The average funding rate, net of tax effects, was used to determine the present value.

Net income in the financial statements is not directly related to the taxable income for income tax and social contribution, due to differences between accounting criteria and the tax legislation, in addition to corporate aspects. Accordingly, it is recommended that changes the in realization of deferred tax assets presented above are not considered as an indication of future net income.
IV - Deferred tax assets not accounted for
At 12/31/2025, deferred tax assets not accounted for correspond to R$ 586 (R$ 88 at 12/31/2024) and result from Management’s evaluation of their perspectives of realization in the long term.
c) Tax liabilities
F-68

Note12/31/202512/31/2024
Taxes and contributions on income payable6,436 4,364 
Deferred tax liabilities24b II491 603 
Other4,655 6,378 
Total11,582 11,345 
Current9,895 8,444 
Non-current1,687 2,901 
Note 25 - Earnings per share
a) Basic earnings per share
Net income attributable to ITAÚ UNIBANCO HOLDING's shareholders is divided by the average number of outstanding shares in the period, excluding treasury shares.
01/01 to 12/31/2025
01/01 to 31/12/2024 (1)
01/01 to 31/12/2023 (1)
Net income attributable to owners of the parent company44,857 41,085 33,105 
Minimum non-cumulative dividends on preferred shares(120)(120)(121)
Retained earnings to be distributed to common equity owners in an amount per share equal to the minimum dividend payable to preferred equity owners(124)(124)(123)
Retained earnings to be distributed, on a pro rata basis, to common and preferred equity owners:
Common22,624 20,687 16,631 
Preferred21,989 20,154 16,230 
Total net income available to equity owners
Common22,748 20,811 16,754 
Preferred22,109 20,274 16,351 
Weighted average number of outstanding shares
Common5,617,742,9775,617,742,9775,617,742,977
Preferred5,459,926,6305,472,801,1295,482,580,990
Basic earnings per share – R$
Common4.05 3.70 2.98 
Preferred4.05 3.70 2.98 
1) For better comparability, the numbers of shares presented were adjusted to reflect bonus shares issued on March 20, 2025, in the proportion of one new share for every 10 held, and on December 30, 2025, in the proportion of three new shares for every 100 held.

b) Diluted earnings per share
F-69

Calculated similarly to the basic earnings per share, however, it includes the conversion of all preferred shares potentially dilutable in the denominator.
01/01 to 12/31/2025
01/01 to 31/12/2024 (1)
01/01 to 31/12/2023 (1)
Net income available to preferred equity owners22,109 20,274 16,351 
Dividends on preferred shares after dilution effects227 149 101 
Net income available to preferred equity owners considering preferred shares after the dilution effect22,336 20,423 16,452 
Net income available to ordinary equity owners22,748 20,811 16,754 
Dividend on preferred shares after dilution effects(227)(149)(101)
Net income available to ordinary equity owners considering preferred shares after the dilution effect22,521 20,662 16,653 
Adjusted weighted average of shares
Common5,617,742,9775,617,742,9775,617,742,977
Preferred5,571,684,6205,552,704,0855,549,980,489
Preferred5,459,926,6305,472,801,1295,482,580,990
Incremental as per share-based payment plans111,757,99079,902,95667,399,499
Diluted earnings per share – R$
Common4.01 3.68 2.96 
Preferred4.01 3.68 2.96 
1) For better comparability, the numbers of shares presented were adjusted to reflect bonus shares issued on March 20, 2025, in the proportion of one new share for every 10 held, and on December 30, 2025, in the proportion of three new shares for every 100 held.

There was no potentially antidilutive effect of the shares in share-based payment plans in any of the periods.
Note 26 - Post-employment benefits
The accounting policies on post-employment benefits are presented in Note 2c XIV.
Retirement plans are managed by Closed-end Private Pension Entities (EFPC) and are closed to new applicants. These entities have an independent structure and manage their plans according to the characteristics of their regulations.
There are three types of retirement plan:
•Defined benefit plans (BD): plans for which scheduled benefits have their value established in advance, based on salaries and/or length of service of employees, and the cost is actuarially determined. The plans classified in this category are: Plano de Aposentadoria Complementar; Plano de Aposentadoria Complementar Móvel Vitalícia; Plano de Benefício Franprev; Plano de Benefício 002; Plano de Benefícios Prebeg; Plano BD UBB PREV; Plano de Benefícios II; Plano Básico Itaulam; Plano BD Itaucard; Plano de Aposentadoria Principal Itaú Unibanco managed by Fundação Itaú Unibanco - Previdência Complementar (FIU); and Plano de Benefícios I, managed by Fundo de Pensão Multipatrocinado (FUNBEP).
•Defined contribution plans (CD): plans for which scheduled benefits have their value permanently adjusted to the investments balance, kept in favor of the participant, including in the benefit concession phase, considering net proceedings of its investment, amounts contributed and benefits paid. Defined Contribution plans include pension funds consisting of the portions of sponsor's contributions not included in a participant's account balance due to loss of eligibility for the benefit, and of monies arising from the migration of retirement plans in defined benefit modality. These funds are used for future contributions to individual participant's accounts, according to the respective benefit plan regulations. The plans classified in this category are: Plano Itaubanco CD; Plano de Aposentadoria Itaubank; Plano de Previdência REDECARD managed by FIU.
•Variable contribution plans (CV): in this type of plan, scheduled benefits present a combination of characteristics of defined contribution and defined benefit modalities, and the benefit is actuarially determined based on the investments balance accumulated by the participant on the retirement date. The plans classified in this category are: Plano de Previdência Unibanco Futuro Inteligente; Plano Suplementar Itaulam; Plano CV
F-70

Itaucard; Plano de Aposentadoria Suplementar Itaú Unibanco managed by FIU and Plano de Benefícios II managed by FUNBEP.
a) Main actuarial assumptions
The table below shows the actuarial assumptions of demographic and financial nature used to calculate the defined benefit obligation:
TypeAssumption12/31/202512/31/2024
Demographic
Mortality table (1)
AT-2000AT-2000
Financial
Nominal discount rate (2)
11.70% p.a.
11.59% p.a.
Financial
Inflation (3)
4.00% p.a.
4.00% p.a.
1) Correspond to those disclosed by SOA - Society of Actuaries, with the general application of a 10% increase, according to the adherence to the plan’s population, in the probability of survival in relation to the respesctive basic tables.
2) Considers the interest rates of the National Treasury Notes (NTN-B) with maturity dates near the terms of the respective obligations, compatible with the economic scenario observed on the balance sheet closing date, considering the volatility of interest market and models used.
3) Long-term inflation projected.

Retirement plans sponsored by foreign subsidiaries - Banco Itaú (Suisse) S.A., Itaú Colombia S.A. and PROSERV - Promociones y Servicios S.A. de C.V. - are structured as Defined Benefit modality and adopt actuarial assumptions adequate to masses of participants and the economic scenario of each country.
b) Risk management
The EFPCs sponsored by ITAÚ UNIBANCO HOLDING are regulated by the National Council for Complementary Pension (CNPC) and PREVIC, and have an Executive Board, Advisory and Tax Councils.
Benefits offered have long-term characteristics and the main factors involved in the management and measurement of their risks are financial risk, inflation risk and demographic risk.
•Financial risk – the actuarial liability is calculated by adopting a discount, which may differ from rates earned in investments. If real income from plan investments is lower than yield expected, this may give rise to a deficit. To mitigate this risk and assure the capacity to pay long-term benefits, the plans have a significant percentage of fixed-income securities pegged to the plan commitments, aiming at minimizing volatility and risk of mismatch between assets and liabilities. Additionally, adherence tests are carried out in financial assumptions to ensure their adequacy to obligations of respective plans.
•Inflation risk - a large part of liabilities is pegged to inflation risk, making actuarial liabilities sensitive to increase in rates. To mitigate this risk, the same financial risks mitigation strategies are used.
•Demographic risk - plans that have any obligation actuarially assessed are exposed to demographic risk. In the event the mortality tables used are not adherent to the mass of plan participants, a deficit or surplus may arise in actuarial evaluation. To mitigate this risk, adherence tests to demographic assumptions are conducted to ensure their adequacy to liabilities of respective plans.
For purposes of registering in the balance sheet of the EFPCs that manage them, actuarial liabilities of plans use discount rate adherent to their asset portfolio and income and expense flows, according to a study prepared by an independent actuarial consulting company. The actuarial method used is the aggregate method, through which the plan costing is defined by the difference between its equity coverage and the current value of its future liabilities, observing the methodology established in the respective actuarial technical note.
When a deficit in the concession period above the legally defined limits is noted, debt agreements are entered into with the sponsor according to costing policies, which affect the future contributions of the plan, and a plan for solving such deficit is established respecting the guarantees set forth by the legislation in force. The plans that are in this situation are resolved through extraordinary contributions that affect the values of the future contribution of the plan.
c) Asset management
The purpose of the management of funds is the long-term balance between pension assets and liabilities with payment of benefits by exceeding actuarial goals(discount rate plus benefit adjustment index, established in the plan regulations).
F-71

Below is a table with the allocation of assets by category, segmented into Quoted in an active market and Not quoted in an active market:
TypesFair value% Allocation
12/31/202512/31/202412/31/202512/31/2024
Fixed income securities22,144 20,732 96.5%96.5%
Quoted in an active market21,481 20,117 93.6%93.6%
Non quoted in an active market663 615 2.9%2.9%
Variable income securities2 9 --
Quoted in an active market2 4 --
Non quoted in an active market-5 --
Structured investments125 120 0.5%0.6%
Non quoted in an active market125 120 0.5%0.6%
Real estate575 546 2.6%2.5%
Loans to participants91 83 0.4%0.4%
Total22,937 21,490 100.0%100.0%
The defined benefit plan assets include shares of ITAÚ UNIBANCO HOLDING, its main parent company (ITAÚSA) and its subsidiaries, with a fair value of R$ 2 (R$ 1 at 12/31/2024), and real estate rented to group companies, with a fair value of R$ 508 (R$ 472 at 12/31/2024).
d) Other post-employment benefits
ITAÚ UNIBANCO HOLDING and its subsidiaries do not have additional liabilities related to post-employment benefits, except in cases arising from maintenance commitments assumed in acquisition agreements which occurred over the years, as well as those benefits originated from court decision in the terms and conditions established, in which there is total or partial sponsorship of health care plans for a specific group of former employees and their beneficiaries. Its costing is actuarially determined so as to ensure coverage maintenance. These plans are closed to new applicants.
Assumptions for discount rate, inflation, mortality table and actuarial method are the same as those used for retirement plans. ITAÚ UNIBANCO HOLDING used the percentage of 4% p.a. for medical inflation, additionally considering, inflation rate of 4% p.a.
Particularly in other post-employment benefits, there is medical inflation risk associated with above expectation increases in medical costs. To mitigate this risk, the same financial risks mitigation strategies are used.
F-72

e) Change in the net amount recognized in the balance sheet
The net amount recognized in the Balance Sheet is limited by the asset ceiling and it is computed based on estimated future contributions to be realized by the sponsor, so that it represents the maximum reduction amount in the contributions to be made.
12/31/2025
NoteBD and CV plansCD plansOther post-employment benefitsTotal
Net assetActuarial liabilitiesAsset ceilingRecognized amountPension plan fundAsset ceilingRecognized amountLiabilitiesRecognized amount
Amounts at the beginning of the period21,490 (19,035)(4,237)(1,782)365 (81)284 (562)(2,060)
Amounts recognized in income (1+2+3+4)2,393 (2,108)(493)(208)(16)(10)(26)(61)(295)
1 - Cost of current service- (24)- (24)- - - - (24)
2 - Cost of past service- - - - - - - - - 
3 - Net interest2,393 (2,084)(493)(184)50 (10)40 (61)(205)
4 - Other revenues and expenses (1)
- - - - (66)- (66)- (66)
Amount recognized in stockholders' equity - other comprehensive income (5+6+7)749 (445)(300)4 (10)(5)(15)14 3 
5 - Effects on asset ceiling- - (300)(300)- (5)(5)- (305)
6 - Remeasurements762 (451)- 311 (10)- (10)14 315 
Changes in demographic assumptions- 151 - 151 - - - - 151 
Changes in financial assumptions- (384)- (384)- - - 4 (380)
Experience of the plan (2)
762 (218)- 544 (10)- (10)10 544 
7 - Exchange variation(13)6 - (7)- - - - (7)
Other (8+9+10)(1,695)1,947 - 252 - - - 83 335 
8 - Receipt by destination of resources- - - - - - - - - 
9 - Benefits paid(1,947)1,947 - - - - - 83 83 
10 - Contributions and investments from sponsor252 - - 252 - - - - 252 
Amounts at the end of the period22,937 (19,641)(5,030)(1,734)339 (96)243 (526)(2,017)
Amount recognized in Assets18a13 243 - 256 
Amount recognized in Liabilities18b(1,747)- (526)(2,273)
F-73

12/31/2024
BD and CV plansCD plansOther post-employment benefitsTotal
Net assetsActuarial liabilitiesAsset ceilingRecognized amountPension plan fundAsset ceilingRecognized amountLiabilitiesRecognized amount
Amounts at the beginning of the period23,754 (21,590)(4,130)(1,966)393 (80)313 (776)(2,429)
Amounts recognized in income (1+2+3+4)2,226 (2,015)(397)(186)105 (7)98 (65)(153)
1 - Cost of current service- (29)- (29)- - - - (29)
2 - Cost of past service- - - - - - - - - 
3 - Net interest2,226 (1,986)(397)(157)41 (7)34 (65)(188)
4 - Other revenues and expenses (1)
- - - - 64 - 64 - 64 
Amount recognized in stockholders' equity - other comprehensive income (5+6+7)(3,240)2,762 290 (188)(133)6 (127)88 (227)
5 - Effects on asset ceiling- - 290 290 - 6 6 - 296 
6 - Remeasurements(3,244)2,790 - (454)(133)- (133)88 (499)
Changes in demographic assumptions- - - - - - - - - 
Changes in financial assumptions- 3,197 - 3,197 - - - 91 3,288 
Experience of the plan (2)
(3,244)(407)- (3,651)(133)- (133)(3)(3,787)
7 - Exchange variation4 (28)- (24)- - - - (24)
Other (8+9+10)(1,250)1,808 - 558 - - - 191 749 
8 - Receipt by destination of resources- - - - - - - - - 
9 - Benefits paid(1,808)1,808 - - - - - 191 191 
10 - Contributions and investments from sponsor558 - - 558 - - - - 558 
Amounts at the end of the period21,490 (19,035)(4,237)(1,782)365 (81)284 (562)(2,060)
Amount recognized in Assets18a17 284 - 301 
Amount recognized in Liabilities18b(1,799)- (562)(2,361)
1) Corresponds to the use of asset amounts allocated in pension funds of the defined contribution plans.
2) Correspond to the income obtained above/below the expected return and comprise the contributions made by participants.

Net interest correspond to the amount calculated on 01/01/2025 based on the initial amount (Net assets, Actuarial liabilities and Restriction of assets), deducting the estimated amount of payments/receipts of benefits/contributions, multiplied by the discount rate of 11.59% p.a. (On 01/01/2024 the rate used was 9.56% p.a.).
ITAÚ UNIBANCO HOLDING sponsors a Plano BD. The amount recognized in Liabilities is R$ 47, in Other comprehensive income is R$ 15 and in income/(expense) is R$ (6).

F-74

f) Defined benefit contributions
Estimated contributionsContributions made
202601/01 to 12/31/202501/01 to 12/31/2024
Retirement plan - FIU21 69 70 
Retirement plan - FUNBEP129 147 453 
Total (1)
150 216 523 
1) Include extraordinary contributions agreed upon in deficit equation plans.

g) Maturity profile of defined benefit liabilities
Duration (1)
202620272028202920302031 to 2035
Pension plan - FIU7.951,219 1,263 1,305 1,345 1,383 7,381 
Pension plan - FUNBEP7.38740 757 774 789 803 4,169 
Other post-employment benefits7.4291 72 45 47 49 265 
Total2,050 2,092 2,124 2,181 2,235 11,815 
1) Average duration of plan´s actuarial liabilities.

h) Sensitivity analysis
To measure the effects of changes in the key assumptions, sensitivity tests are conducted in actuarial liabilities annually. The sensitivity analysis considers a vision of the impacts caused by changes in assumptions, which could affect the income for the period and stockholders’ equity at the balance sheet date. This type of analysis is usually carried out under the ceteris paribus condition, in which the sensitivity of a system is measured when only one variable of interest is changed and all the others remain unchanged. The results obtained are shown in the table below:
Main assumptionsBD and CV plansOther post-employment benefits
Present value of liabilityIncome
Stockholders´ equity (Other comprehensive income) (1)
Present value of liabilityIncome
Stockholders´ equity (Other comprehensive income) (1)
Discount rate
Increase by 0.5 p.p.(669)- 236 (17)- 17 
Decrease by 0.5 p.p.716 - (252)19 - (19)
Mortality table
Increase by 5%(234)- 79 (9)- 9 
Decrease by 5%245 - (82)10 - (10)
Medical inflation
Increase by 1 p.p.- - - 40 - (40)
Decrease by 1 p.p.- - - (35)- 35 
1) Net of effects of asset ceiling    

Note 27 - Insurance contracts and private pension
The accounting policy on insurance contracts and private pension is presented in Note 2c XI.
Insurance products sold by ITAÚ UNIBANCO HOLDING are divided into (i) non-life insurance, which guarantees loss, damage or liability for objects or people; and (ii) life insurance, which includes coverage against the risk of death and personal accidents. Insurance products are substantially offered through the electronic channels and branches of ITAÚ UNIBANCO HOLDING.
F-75

ITAÚ UNIBANCO HOLDING reinsures the portion of the underwritten risks that exceed the maximum liability limits it deems to be appropriate for each segment and product. These reinsurance contracts allow the recovery of a portion of the losses with the reinsurer, although they do not release ITAÚ UNIBANCO HOLDING from the main obligation.
Private pension products are essentially divided into: (i) Free Benefit Generating Plan (PGBL) and Free Benefit Generating Life Plan (VGBL): whose main objective is to accumulate financial resources, the payment of which is made by means of income; and (ii) traditional: pension plan with a minimum guarantee of profitability, which is no longer sold.
Financial assets related to insurance and private pension contracts are composed mainly of government securities measured at amortized cost and fair value through other comprehensive income, the latter being preferably related to the assets guaranteeing long-term obligations. Therefore, effects at present value of projected cash flows from insurance and private pension contracts are substantially neutralized by these FVOCI financial assets.
The liquidity management of insurance and private pension contracts is detailed in Note 32.
Insurance contracts and private pension portfolios and measurement approach are presented below:
Note12/31/202512/31/2024
(Assets) / liabilitiesIncome(Assets) / liabilitiesIncome
ContractualFinancialContractualFinancial
General model (BBA)14,307 3,301 (826)16,399 2,332 (1,385)
lnsurance27a I5,897 3,126 (309)5,752 2,463 (268)
Private pension27a II8,410 175 (517)10,647 (131)(1,117)
Variable fee approach (VFA)27a II338,116 1,543 (41,332)289,823 1,869 (22,310)
Private pension338,116 1,543 (41,332)289,823 1,869 (22,310)
Simplified model (PAA)27a I618 2,725 8 611 2,335 16 
lnsurance642 2,765 4 631 2,382 11 
Reinsurance(24)(40)4 (20)(47)5 
Total Insurance contracts and private pension353,041 7,569 (42,150)306,833 6,536 (23,679)
lnsurance6,539 5,891 (305)6,383 4,845 (257)
Reinsurance(24)(40)4 (20)(47)5 
Private pension346,526 1,718 (41,849)300,470 1,738 (23,427)
Current16,861 - - 17,913 - - 
Non-current336,180 - - 288,920 - - 
Insurance of general model (BBA) are composed of assets of R$ (188) (R$ (46) at 12/31/2024) and liabilities of R$ 6,085 (R$ 5,798 at 12/31/2024).
a) Reconciliation of insurance and private pension portfolios
F-76

I - Insurance
12/31/202512/31/2024
Liability for remaining
coverage		Loss component of the
liability for remaining
coverage		Liability for incurred
claims		TotalLiability for remaining
coverage		Loss component of the
liability for remaining
coverage		Liability for incurred
claims		Total
Opening balance - 01/013,868 1,850 645 6,363 3,015 1,960 609 5,584 
Income from insurance contracts and private pension(8,061)469 1,741 (5,851)(6,446)(39)1,687 (4,798)
Financial income from insurance contracts and private pension104 (12)11 103 233 (71)- 162 
Premiums received, claims and other expenses paid7,616 - (1,716)5,900 7,066 - (1,651)5,415 
Closing balance3,527 2,307 681 6,515 3,868 1,850 645 6,363 
12/31/202512/31/2024
Estimate of present value
of future cash flows		Contractual service
margin		Risk adjustment for
non-financial risk		TotalEstimate of present value
of future cash flows		Contractual service
margin		Risk adjustment for
non-financial risk		Total
Opening balance - 01/01146 5,928 289 6,363 86 5,215 283 5,584 
Realization of insurance contractual margin- (6,369)- (6,369)- (5,194)- (5,194)
Actuarial remeasurements993 (508)33 518 1,557 (1,151)(10)396 
Income from insurance contracts and private pension993 (6,877)33 (5,851)1,557 (6,345)(10)(4,798)
New recognized insurance contracts(6,885)6,872 13 - (6,760)6,743 17 - 
Financial income from insurance contracts and private pension(260)374 (11)103 (152)315 (1)162 
Recognized in income for the period(88)374 15 301 (76)315 13 252 
Recognized in other comprehensive income(172)- (26)(198)(76)- (14)(90)
Premiums received, claims and other expenses paid5,900 - - 5,900 5,415 - - 5,415 
Closing balance(106)6,297 324 6,515 146 5,928 289 6,363 
II - Private pension
F-77

12/31/202512/31/2024
Liability for remaining
coverage		Loss component of the
liability for remaining
coverage		Liability for
incurred claims		TotalLiability for remaining
coverage		Loss component of the
liability for remaining
coverage		Liability for
incurred claims		Total
Opening balance - 01/01299,662 716 92 300,470 265,128 595 98 265,821 
Income from insurance contracts and private pension(77,896)(222)76,400 (1,718)(89,794)137 87,919 (1,738)
Financial income from insurance contracts and private pension40,997 (345)5 40,657 22,753 (16)(1)22,736 
Premiums received, claims and other expenses paid83,515 - (76,398)7,117 101,575 - (87,924)13,651 
Closing Balance346,278 149 99 346,526 299,662 716 92 300,470 
12/31/202512/31/2024
Estimate of present value of
future cash flows		Contractual service
margin		Risk adjustment
for non-financial
Risk		TotalEstimate of present value of
future cash flows		Contractual service
margin		Risk adjustment
for non-financial
Risk		Total
Opening balance - 01/01279,220 20,944 306 300,470 245,564 19,936 321 265,821 
Realization of insurance contractual margin- (1,572)- (1,572)- (1,899)- (1,899)
Actuarial remeasurements(1,706)1,594 (34)(146)379 (196)(22)161 
Income from insurance contracts and private pension(1,706)22 (34)(1,718)379 (2,095)(22)(1,738)
New recognized insurance contracts(3,597)3,589 8 - (3,103)3,097 6 - 
Financial Income from insurance contracts and private pension40,656 6 (5)40,657 22,729 6 1 22,736 
Recognized in income for the period41,832 6 11 41,849 23,410 6 11 23,427 
Recognized in other comprehensive income(1,176)- (16)(1,192)(681)- (10)(691)
Premiums received, claims and other expenses paid7,117 - - 7,117 13,651 - - 13,651 
Closing balance321,690 24,561 275 346,526 279,220 20,944 306 300,470 
The underlying assets of the portfolio of private pension contracts with direct participation features (PGBL and VGBL) are composed of specially organized investment funds, which are mostly consolidated in ITAÚ UNIBANCO HOLDING, whose fair value of the quotas is R$ 335,480 (R$ 287,919 at 12/31/2024).
b) Contractual service margin
F-78

ITAÚ UNIBANCO HOLDING expects to recognize the Contractual service margin in income according to the terms and amounts shown below:
Period12/31/202512/31/2024
lnsurancePrivate PensionTotallnsurancePrivate PensionTotal
1 year3,132 2,072 5,204 2,388 2,068 4,456 
2 years1,880 2,248 4,128 1,638 2,084 3,722 
3 years956 2,410 3,366 1,188 2,115 3,303 
4 years263 2,242 2,505 580 2,077 2,657 
5 years58 2,083 2,141 115 1,935 2,050 
Over 5 years8 13,506 13,514 19 10,665 10,684 
Total6,297 24,561 30,858 5,928 20,944 26,872 
During the period, the recognized amount of revenue from insurance contracts and private pension referring to groups of contracts measured by the modified retrospective approach (contracts in force on the transition date) is R$ 1,794 (R$ 2,241 from 01/01 to 12/31/2024), with the balance of margin of these contracts corresponding to R$ 18,087 (R$ 17,798 at 12/31/2024).
c) Discount rates
The rates used by indexing unit to discount cash flows from insurance contracts and private pension are as follows:
12/31/202512/31/2024
Indexes1 year3 years5 years10 years20 years1 year3 years5 years10 years20 years
IGPM7.29%8.04%7.98%7.58%7.34%7.43%5.69%6.29%6.18%5.88%
IPCA9.13%7.80%7.62%7.23%7.04%7.63%8.05%7.79%7.59%7.36%
TR11.69%11.33%11.55%11.65%11.63%13.07%13.48%13.24%12.78%12.58%
d) Claims development
Occurrence date12/31/202112/31/202212/31/202312/31/202412/31/2025Total
At the end of event period1,265 1,167 1,125 1,205 1,240 
After 1 year1,530 1,416 1,383 1,467 
After 2 years1,571 1,444 1,421 
After 3 years1,584 1,460 
After 4 years1,596 
Accumulated payments through base date1,562 1,445 1,409 1,457 1,155 7,028 
Liabilities recognized in the balance sheet732 
Liabilities in relation to prior periods19 
Other estimates32 
Adjustment to present value(46)
Risk adjustment to non-financial risk43 
Liability for claims incurred at 12/31/2025780 
Note 28 - Fair value
The accounting policy on fair value of financial instruments is presented in Note 2c IV.
a) Assets and liabilities measured at fair value
The assets and liabilities measured at fair value on a recurring basis are classified as follows:
F-79

Level 1: Securities and non-financial assets with liquid prices available in an active market and derivatives traded on stock exchanges. This classification level includes most of the Brazilian government securities, government securities from Latin America, government securities from other countries, shares, debentures with price published by Associação Brasileira das Entidades dos Mercados Financeiros e de Capitais (ANBIMA) and other traded in an active market.
Level 2: Securities, derivatives and others that do not have price information available and are priced based on conventional or internal models. The inputs used by these models are captured directly or built from observations of active markets. Most of derivatives, certain Brazilian government bonds, debentures and other corporate securities whose credit component effect is not considered relevant, are at this level.
Level 3: Securities and derivatives for which pricing inputs are generated by statistical and mathematical models. Debentures and other corporate securities that do not fit into level 2 rule and derivatives with maturities greater than the last observable vertices of the discount curves are at this level.
F-80

The following table presents the assets and liabilities measured at fair value on a recurring basis, segregated between levels of the fair value hierarchy.
12/31/202512/31/2024
Level 1Level 2Level 3Fair valueLevel 1Level 2Level 3Fair value
Financial assets616,603 128,416 723 745,742 535,394 128,576 2,158 666,128 
Financial assets at fair value through other comprehensive income128,557 3,662 254 132,473 103,319 2,766 218 106,303 
Government securities120,890 - - 120,890 98,873 - - 98,873 
Brazil81,763 - - 81,763 64,377 - - 64,377 
Latin America25,143 - - 25,143 21,470 - - 21,470 
Abroad13,984 - - 13,984 13,026 - - 13,026 
Corporate securities6,948 3,603 252 10,803 3,937 2,709 218 6,864 
Rural product note- - - - - 126 - 126 
Bank deposit certificates- 167 - 167 - 83 - 83 
Real estate receivables certificates- 222 - 222 - 57 - 57 
Debentures2,248 1,913 252 4,413 761 519 218 1,498 
Eurobonds and other4,700 1,171 - 5,871 3,162 1,650 - 4,812 
Financial credit bills- 5 - 5 - 53 - 53 
Other- 125 - 125 14 221 - 235 
Shares719 59 2 780 509 57 - 566 
Financial assets at fair value through profit or loss488,046 124,754 469 613,269 432,075 125,810 1,940 559,825 
Government securities398,919 3,955 - 402,874 364,740 2,810 - 367,550 
Brazil392,506 3,952 - 396,458 358,886 2,810 - 361,696 
Latin America6,012 3 - 6,015 4,381 - - 4,381 
Abroad401 - - 401 1,473 - - 1,473 
Corporate securities75,221 69,789 365 145,375 58,396 69,062 1,834 129,292 
Rural product note- 636 - 636 - 941 - 941 
Bank deposit certificates- 1,108 - 1,108 - 450 - 450 
Real estate receivables certificates249 1,714 83 2,046 265 1,289 100 1,654 
Debentures71,016 26,612 278 97,906 55,942 29,466 1,734 87,142 
Eurobonds and other3,001 97 - 3,098 1,968 23 - 1,991 
Financial bills- 37,343 2 37,345 - 33,071 - 33,071 
Promissory and commercial notes- 1,174 - 1,174 - 1,216 - 1,216 
Other955 1,105 2 2,062 221 2,606 - 2,827 
Shares12,126 12,945 104 25,175 7,659 18,115 106 25,880 
Investment funds1,780 38,065 - 39,845 1,280 35,823 - 37,103 
Designated as fair value through profit or loss15,505 - - 15,505 318 - - 318 
Government securities15,505 - - 15,505 318 - - 318 
Brazil57 - - 57 43 - - 43 
Latin America15,448 - - 15,448 275 - - 275 
Other financial assets- 3,092 - 3,092 - 1,612 - 1,612 
Non-financial assets4,139 - - 4,139 2,345 - - 2,345 
Financial liabilities- (1,686)- (1,686)- (862)- (862)
Financial liabilities at fair value through profit or loss- (1,686)- (1,686)- (862)- (862)
Structured notes- (57)- (57)- (318)- (318)
Other financial liabilities- (1,629)- (1,629)- (544)- (544)
    
The following table presents the breakdown of fair value hierarchy levels for derivative assets and liabilities.
F-81

12/31/202512/31/2024
Level 1Level 2Level 3Fair valueLevel 1Level 2Level 3Fair value
Assets21 72,982 381 73,384 5 92,062 372 92,439 
Options- 11,707 19 11,726 - 21,139 31 21,170 
Forward4 4,586 17 4,607 - 1,721 18 1,739 
Swaps- 46,839 345 47,184 - 55,106 322 55,428 
NDF- 8,351 - 8,351 - 12,207 - 12,207 
Credit derivatives- 615 - 615 - 632 1 633 
Other 17 884 - 901 5 1,257 - 1,262 
Liabilities(418)(67,760)(1,582)(69,760)(67)(85,171)(175)(85,413)
Options(30)(8,350)(22)(8,402)- (20,580)(8)(20,588)
Forward(338)(4,028)(15)(4,381)- (1,435)(15)(1,450)
Swaps- (43,908)(1,545)(45,453)- (51,242)(152)(51,394)
NDF- (10,929)- (10,929)- (10,761)- (10,761)
Credit derivatives- (367)- (367)- (795)- (795)
Other (50)(178)- (228)(67)(358)- (425)

Governance of Level 3 recurring fair value measurement
The departments in charge of defining and applying the pricing models are segregated from the business areas. The models are documented, submitted to validation by an independent area and approved by a specific committee. The daily processes of price capture, calculation and disclosure are periodically checked according to formally defined tests and criteria and the information is stored in a single corporate data base.
The most frequent cases of assets classified as Level 3 are justified by the discount factors used and corporate bonds whose credit component is relevant. Factors such as the fixed interest curve in Brazilian Reais and the TR coupon curve – and, as a result, their related factors – have inputs with terms shorter than the maturities of fixed-income assets.
Changes in the fair value hierarchy
In the periods, there were no material transfer between Level 1 and Level 2.
The tables below show balance sheet changes for financial instruments classified by ITAÚ UNIBANCO HOLDING in Level 3 of the fair value hierarchy. Derivatives classified in Level 3 correspond to swaps and options.    
F-82

Fair value at
12/31/2024		Total gains or losses (realized / unrealized)PurchasesSettlementsTransfers in the hierarchyFair value at
12/31/2025		Total gains or
losses (unrealized)
01/01/2024IncomeOther comprehensive income
Financial assets2,158 200 5 64 (1,640)(64)723 (277)
At fair value through other comprehensive income218 46 5 6 (22)1 254 (1)
Corporate securities218 46 5 6 (22)(1)252 (1)
Debentures218 46 5 - (16)(1)252 (1)
Financial bills- - - 6 (6)- - - 
Shares- - - - - 2 2 - 
At fair value through profit or loss1,940 154 - 58 (1,618)(65)469 (276)
Corporate securities1,834 198 - 16 (1,618)(65)365 (120)
Real estate receivables certificates100 8 - 1 - (26)83 (75)
Debentures1,734 190 - 3 (1,606)(43)278 (45)
Eurobonds and other- - - 12 (12)- - - 
Financial bills- - - - - 2 2 - 
Other- - - - - 2 2 - 
Shares106 (44)- 42 - - 104 (156)
Derivatives – assets372 134 - 349 (223)(251)381 (265)
Forward18 (2)- 1 - - 17 - 
Option31 (7)- 108 (113)- 19 (37)
Swaps322 143 - 240 (109)(251)345 (228)
Credit derivatives1 - - - (1)- - - 
Derivatives – liabilities(175)(402)- (1,356)430 (79)(1,582)390 
Forward(15)- - (15)15 - (15)- 
Option(8)(19)- (75)79 1 (22)(6)
Swaps(152)(383)- (1,266)336 (80)(1,545)396 
F-83

Fair value at
12/31/2023		Total gains or losses (realized / unrealized)PurchasesSettlementsTransfers in the hierarchyFair value at
12/31/2024		Total gains or
Losses (unrealized)
IncomeOther comprehensive income
Financial assets2,371 298 6 1,713 (957)(1,273)2,158 (994)
At fair value through other comprehensive income253 12 6 504 (372)(185)218 - 
Corporate securities60 12 6 504 (179)(185)218 - 
Debentures- 7 (1)216 (144)140 218 - 
Eurobonds and other60 5 7 288 (35)(325)- - 
Shares193 - - - (193)- - - 
At fair value through profit or loss2,118 286 - 1,209 (585)(1,088)1,940 (994)
Corporate securities2,047 250 - 1,206 (581)(1,088)1,834 (896)
Real estate receivables certificates126 (27)- 83 (95)13 100 (78)
Debentures1,895 306 - 950 (259)(1,158)1,734 (818)
Promissory notes17 - - - - (17)- - 
Eurobonds and other5 (41)- 132 (87)(9)- - 
Financial bills4 - - - (4)- - - 
Other- 12 - 41 (136)83 - - 
Shares71 36 - 3 (4)- 106 (98)
Derivatives - assets262 176 - 235 (216)(85)372 270 
Forward19 (1)- - - - 18 - 
Option6 13 - 67 (47)(8)31 (2)
Swaps236 164 - 168 (169)(77)322 271 
Credit derivatives1 - - - - - 1 1 
Derivatives - liabilities(389)(215)- (306)239 496 (175)13 
Forward(16)1 - - - - (15)- 
Option(1)17 - (54)23 7 (8)7 
Swaps(372)(233)- (252)216 489 (152)6 

Sensitivity analysis of Level 3 operations
The fair value of financial instruments classified in Level 3 is measured through valuation techniques based on correlations and associated products traded in active markets, internal estimates and internal models.
Material unobservable inputs used for measurement of the fair value of instruments classified in Level 3 are: interest rates, underlying asset prices and volatility. Material variations in any of these inputs separately may give rise to material changes in the fair value.
The table below shows the sensitivity of these fair values in scenarios of changes of interest rates, in asset prices and in scenarios with varying shocks to prices and volatilities for nonlinear assets, considering:
Interest rate: Shocks of of 1, 25 and 50 basis points (scenarios I, II and III respectively) applied to the interest curves, both up and down, taking the largest losses resulting in each scenario.
Commodities, Index and Shares: Shocks of 5 and 10 percentage points (scenarios I and II respectively) applied to share prices, both up and down, taking the largest losses resulting in each scenario.
Nonlinear:
Scenario I: Shocks of 5 percentage points applied on prices and 25 percentage points on the volatility level, both up and down, taking the largest losses resulting in each scenario.
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Scenario II: Shocks of 10 percentage points applied on prices and 25 percentage points on the volatility level, both up and down, taking the largest losses resulting in each scenario.
Sensitivity – Level 3 Operations12/31/202512/31/2024
Market risk factor groups ScenariosImpactImpact
IncomeStockholders' equityIncomeStockholders' equity
Interest ratesI(5.6)(0.1)(7.4)(0.1)
II(141.6)(3.2)(185.8)(3.1)
III(283.7)(6.4)(372.2)(6.2)
Commodities, Indexes and SharesI(5.4)- (5.7)- 
II(10.8)- (11.4)- 
NonlinearI(25.5)- (25.1)- 
II(40.8)- (45.8)- 
b) Financial assets and liabilities not measured at fair value
The following table presents the book value and estimated fair value for financial assets and liabilities measured at amortized cost
12/31/202512/31/2024
Book valueFair valueBook valueFair value
Financial assets at amortized cost (1)
2,042,788 2,041,928 1,912,804 1,908,145 
Central Bank of Brazil deposits167,275 167,275 160,698 160,698 
Interbank deposits66,169 66,169 66,925 66,925 
Securities purchased under agreements to resell280,592 280,592 243,219 243,219 
Securities327,473 326,895 323,852 322,079 
Loan and lease operations1,037,250 1,036,968 981,397 978,511 
Other financial assets164,029 164,029 136,713 136,713 
Financial liabilities at amortized cost2,350,901 2,347,651 2,148,776 2,150,952 
Deposits1,114,482 1,114,434 1,054,741 1,054,745 
Securities sold under repurchase agreements434,607 434,607 388,787 388,787 
Interbank market funds406,170 402,669 372,294 372,587 
Institutional market funds154,194 154,493 140,547 142,426 
Other financial liabilities241,448 241,448 192,407 192,407 
1) Amounts presented net of the provision for expected loss.

The methods used to estimate the fair value of financial instruments measured at amortized cost are:
• Central Bank of Brazil deposits, Securities purchased under agreements to resell and Securities sold under repurchase agreements - The book value for these instruments is close to their fair values.
• Interbank deposits, Deposits, lnterbank market funds and lnstitutional market funds - They are calculated by discounting estimated cash flows at market interest rates.
• Securities - Under normal conditions, the prices quoted in the market are the best indicators of the fair values of these financial instruments. However, not all instruments have liquidity or quoted market prices and, in such cases, are priced by conventional or internal models, with inputs captured directly, built based on observations of active markets, or generated by statistical and mathematical models.
• Loan and lease operations - Fair value is estimated for groups of loans with similar financial and risk characteristics, using valuation models. The fair value of fixed-rate loans is determined by discounting estimated cash flows, at interest rates applicable to similar loans. For the majority of loans at floating rates, the book value is considered to be close to their fair value. The fair value of loan and lease operations not overdue is calculated by discounting the expected payments of principal and interest to maturity. The fair value of overdue loan and lease operations is based on the discount of estimated cash flows, using a rate proportional to the risk associated with the estimated cash flows, or on the underlying collateral.
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The assumptions for cash flows and discount rates rely on information available in the market and specific knowledge of the debtor.
• Other financial assets / liabilities - Primarily composed for receivables from credit card issuers, deposits in guarantee for contingent liabilities, provisions and legal obligations and trading and intermediation of securities. The book value for these assets/liabilities substantially approximate to their fair values, since they principally represent amounts to be received in the short term from credit card holders and to be paid to credit card issuers, deposits demanded judicially (indexed to market rates) made by ITAÚ UNIBANCO HOLDING to secure lawsuits or very short-term receivables (generally with a maturity of approximately 5 business days). All of these items represent assets/liabilities without material market, credit or liquidity risks.
Financial instruments not included in the Balance Sheet (Note 32) are represented by Letters of Financial guarantees, which amount to R$ 134,105 (R$ 123,915 at 12/31/2024) with an estimated fair value of R$ 1,295 (R$ 988 at 12/31/2024).
Note 29 - Provisions, contingent assets and contingent liabilities
The accounting policy on provisions, contingent assets and contingent liabilities is presented in Note 2c XII.
In the ordinary course of its business, ITAÚ UNIBANCO HOLDING may be a party to legal proceedings of labor, civil and tax nature. The contingencies related to these lawsuits are classified as follows:
a) Contingent assets
There are no contingent assets recorded.
b) Provisions and contingencies
ITAÚ UNIBANCO HOLDING’s provisions for judicial and administrative challenges are long-term, considering the time required for their questioning, and this prevents the disclosure of a deadline for their conclusion.
The legal advisors believe that ITAÚ UNIBANCO HOLDING is not a party to this or any other administrative proceedings or lawsuits, in addition to those highlighted throughout this note, that could significantly affect the results of its operations.
Civil lawsuits
In general, provisions and contingencies arise from claims related to the revision of contracts and compensation for material and moral damages.
ITAÚ UNIBANCO HOLDING, despite having complied with the rules in force at the time, is a defendant in lawsuits filed by individuals referring to payment of inflation adjustments to savings accounts resulting from economic plans implemented in the 1980s and the 1990s, as well as in collective lawsuits filed by: (i) consumer protection associations; and (ii) the Public Attorney’s Office, on behalf of the savings accounts holders. In relation to these lawsuits, ITAÚ UNIBANCO HOLDING recognizes provisions upon receipt of summons, and when individuals demand the enforcement of a ruling handed down by the courts, using the same criteria as for provisions for individual lawsuits.
In December 2017, through mediation of the Federal Attorney’s Office (AGU) and supervision of the BACEN, savers (represented by two civil associations, FEBRAPO and IDEC) and FEBRABAN entered into an instrument of agreement aiming at resolving lawsuits related to the economic plans, and ITAÚ UNIBANCO HOLDING has already accepted its terms. Said agreement was approved on March 1, 2018, by the Plenary Session of the Federal Supreme Court (STF) and savers could adhere to its terms for a 24-month period.
Due to the end of this term, the parties signed an amendment to the instrument of agreement to extend this period in order to contemplate a higher number of holders of savings accounts and, consequently, to extend the end of lawsuits. In May, 2020, the Federal Supreme Court (STF) approved this amendment and granted a 30-month term for new adhesions, and subsequently extended for another 30 months, subject to the reporting of the number of adhesions over the first period.
In May 2025, the Federal Supreme Court (STF) unanimously declared the constitutionality of the economic plans Bresser (1987), Verão (1989), Collor I (1990) and Collor II (1991) and reaffirmed the approval of the collective bargaining agreement. As a result of this decision, the deadline for adhesion was extended by another 24 months.
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Labor claims
Provisions and contingencies arise from lawsuits in which labor rights provided for in labor legislation specific to the related profession are discussed, such as: overtime, salary equalization, reinstatement, transfer allowance, and pension plan supplement, among others.
Other risks
These are quantified and accrued on the basis of the amount of rural credit transactions with co-obligation and FCVS (salary variations compensation fund) credits assigned.
I - Civil, labor and other risks provisions
Below are the changes in civil, labor and other risks provisions:
12/31/2025
NoteCivilLaborOther RisksTotal
Opening balance - 01/013,207 8,213 1,066 12,486 
(-) Provisions guaranteed by indemnity clause2c XII(169)(671)- (840)
Subtotal3,038 7,542 1,066 11,646 
Adjustment / Interest23115 578 - 693 
Changes in the period reflected in income231,228 3,334 364 4,926 
Increase1,835 3,793 650 6,278 
Reversal(607)(459)(286)(1,352)
Payment / Transfer(1,426)(3,173)(37)(4,636)
Subtotal2,955 8,281 1,393 12,629 
(+) Provisions guaranteed by indemnity clause2c XII197 565 - 762 
Closing balance3,152 8,846 1,393 13,391 
Current1,434 3,176 687 5,297 
Non-current1,718 5,670 706 8,094 
12/31/2024
NoteCivilLaborOther RisksTotal
Opening balance - 01/013,203 7,821 2,141 13,165 
(-) Provisions guaranteed by indemnity clause2c XII(205)(962)- (1,167)
Subtotal2,998 6,859 2,141 11,998 
Adjustment / Interest23122 515 - 637 
Changes in the period reflected in income231,487 3,539 325 5,351 
Increase 2,062 3,958 325 6,345 
Reversal(575)(419)- (994)
Payment / Transfer(1,569)(3,371)(1,400)(6,340)
Subtotal3,038 7,542 1,066 11,646 
(+) Provisions guaranteed by indemnity clause2c XII169 671 - 840 
Closing balance3,207 8,213 1,066 12,486 
Current1,535 3,443 115 5,093 
Non-current1,672 4,770 951 7,393 

II - Tax and social security provisions
Tax and social security provisions correspond to the principal amount of taxes involved in administrative or judicial tax lawsuits, subject to tax assessment notices, plus interest and, when applicable, fines and charges.
The table below shows the change in the provisions:
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Note12/31/202512/31/2024
Opening balance - 01/016,723 6,579 
(-) Provisions guaranteed by indemnity clause2c XII(83)(79)
Subtotal6,640 6,500 
Adjustment / Interest (1)
929 543 
Changes in the period reflected in income(1,293)(274)
Increase (1)
579 61 
Reversal (1)
(1,872)(335)
Payment(1,963)(129)
Subtotal4,313 6,640 
(+) Provisions guaranteed by indemnity clause2c XII87 83 
Closing balance4,400 6,723 
Current- - 
Non-current4,400 6,723 
1)The amounts are included in the headings Tax Expenses, General and Administrative Expenses and Current Income Tax and Social Contribution.

The main discussion related to tax and social security provisions is described below:
•PIS and COFINS – Calculation Basis – R$ 34: the levy of PIS and COFINS on revenue, a tax on revenue from the sales of assets and services is defended. The balance of the deposits in guarantee is R$ 10.
During the period, ITAÚ UNIBANCO HOLDING adhered to notices 25/2024 (deduction of tax amortization of goodwill in the calculation of IRPJ and CSLL), 27/2024 (levy of social security contributions on amounts paid as PLR to employees and individual taxpayers), 54/2025 (demutualization of the Stock Exchange) and 19/2025 (high economic impact judicial credits), of the Comprehensive Transaction Program instituted by the Ministry of Finance. In addition, a provision was recognized for tax contingency. The net effect on income was R$ 550.
III - Contingencies not provided for in the balance sheet
Amounts involved in administrative and judicial arguments with the risk of loss estimated as possible are not provided for. They are mainly composed of:
Civil lawsuits and labor claims
In Civil Lawsuits with possible loss, total estimated risk is R$ 4,043 (R$ 5,480 at 12/31/2024), and in this total there are no amounts arising from interests in Joint Ventures.
For Labor Claims with possible loss, estimated risk is R$ 1,236 (R$ 1,048 at 12/31/2024).
Tax and social security obligations
Tax and social security obligations of possible loss totaled R$ 42,145 (R$ 52,872 at 12/31/2024), and the main cases are described below:
•INSS – Non-compensatory Amounts – R$ 2,412: defends the non-levy of this contribution on these amounts, among which are profit sharing and stock options.
•ISS – Banking Activities/Provider Establishment – R$ 9,413: the levy and/or payment place of ISS for certain banking revenues are discussed.
•IRPJ, CSLL, PIS and COFINS – Funding Expenses – R$ 5,808: the deductibility of raising costs (Interbank deposits rates) for funds that were capitalized between group companies is discussed.
•IRPJ and CSLL – Goodwill – Deduction – R$ 1,690: the deductibility of goodwill for future expected profitability on the acquisition of investments is discussed.
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•PIS and COFINS - Reversal of Revenues from Depreciation in Excess – R$ 3,646: the accounting and tax treatment of PIS and COFINS upon settlement of leasing operations is discussed.
•IRPJ, CSLL, PIS and COFINS – Requests for Offsetting Dismissed – R$ 2,476: cases in which the liquidity and the certainty of credits offset are discussed.
•IRPJ and CSLL – Disallowance of Losses – R$ 5,848: discussion on the amount of tax loss (IRPJ) and/or social contribution (CSLL) tax loss carryforwards used by the Federal Revenue Service when drawing up tax assessment notes that are still pending a final decision.
•IRPJ and CSLL - Deductibility of Loss in Loan Operations - R$ 3,679: assessments drawn up for the requirement of IRPJ and CSLL due to the alleged noncompliance with legal criteria for deducting losses in receipt of loans.
c) Accounts receivable – Reimbursement of provisions
The receivables balance arising from reimbursements of contingencies totals R$ 387 (R$ 358 at 12/31/2024) (Note 18a), arising mainly from the collateral established in Banco Banerj S.A. privatization process occurred in 1997, when the State of Rio de Janeiro created a fund to guarantee the equity recomposition in provisions for civil, labor and tax and social security claims.
d) Guarantees of contingencies, provisions and legal obligations
The guarantees related to legal proceedings involving ITAÚ UNIBANCO HOLDING basically consist of:
12/31/202512/31/2024
NoteCivilLaborTaxTotalTotal
Deposits in guarantee18a1,569 2,004 9,924 13,497 13,662 
Investment fund quotas260 62 - 322 534 
Surety78 14 5,418 5,510 5,453 
Insurance bond2,562 2,220 20,859 25,641 22,432 
Guarantee by government securities- - 411 411 361 
Total4,469 4,300 36,612 45,381 42,442 
Note 30 - Segment Information
The current operational and reporting segments of ITAÚ UNIBANCO HOLDING are described below:
•Retail Business
The segment comprises retail customers, account holders and non-account holders, individuals and legal entities, high income clients (Itaú Uniclass and Personnalité) and the companies segment (microenterprises and small companies). It includes financing and credit offers made outside the branch network, in addition to credit cards and payroll loans.
•Wholesale Business
It comprises products and services offered to middle-market companies, high net worth institutional clients (Private Banking), and the operation of Itaú BBA, which is the unit responsible for business with large companies and Investment Banking operations.
•Activities with the Market + Corporation
Basically, corresponds to the result arising from capital surplus, subordinated debt surplus and the net balance of tax credits and debits. It also includes the financial margin on market trading, Treasury operating costs, and equity in earnings of companies not included in either of the other segments.
a) Basis of Presentation
Segment information is based on the reports used by senior management of ITAÚ UNIBANCO HOLDING to assess performance and to make decisions about allocation of funds for investment and other purposes.
These reports use a variety of information for management purposes, including financial and non-financial information supported by bases different from information prepared according to accounting practices adopted in Brazil. The main
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indicators used for monitoring business performance are Recurring Income, and Return on Economic Capital allocated to each business segment.
Information by segment has been prepared in accordance with accounting practices adopted in Brazil and is adjusted by the items below:
Allocated capital: The statements for each segment consider capital allocation based on a proprietary model and consequent impacts on results arising from this allocation. This model includes the following components: credit risk, operating risk, market risk and insurance underwriting risk.
Income tax rate: We take the total income tax rate, net of the tax effect from the payment of interest on capital, for the Retail Business, Wholesale Business and Activities with the Market + Corporation. The difference between the income tax amount calculated by segment and the effective income tax amount, as stated in the consolidated financial statements, is allocated to the Trading + Institutional column.
•Reclassification and application of managerial criteria
The managerial statement of income was used to prepare information per segment. These statements were obtained based on the statement of income adjusted by the impact of non-recurring events and the managerial reclassifications in income.
The main reclassifications between the accounting and managerial results are:
Operating revenues: Considers the opportunity cost for each operation. The financial statements were adjusted so that the stockholders' equity was replaced by funding at market price. Subsequently, the financial statements were adjusted to include revenues related to capital allocated to each segment. The cost of subordinated debt and the respective remuneration at market price were proportionally allocated to the segments, based on the economic capital allocated.
Tax effects of hedging: The tax effects of hedging of investments abroad were adjusted – they were originally recorded as tax expenses (PIS and COFINS) and Income Tax and Social Contribution on Net Income – and are now reclassified to financial margin.
Insurance: The main reclassifications of revenues refer to the financial margins obtained from technical provisions for insurance, pension plans and premium bonds, in addition to revenue from management of pension plan funds.
Other reclassifications: Other Income, Share of profit or (loss) in Associates and joint ventures, Non-Operating Income, Profit Sharing of Management Members and Expenses for Credit Card Reward Program were reclassified to those lines representing the way the ITAÚ UNIBANCO HOLDING manages its business, to provide a clearer understanding of our performance.
The adjustments and reclassifications column shows the effects of the differences between the accounting principles followed for the presentation of segment information, which are substantially in line with the accounting practices adopted for financial institutions in Brazil, except as described above, and the policies used in the preparation of these consolidated financial statements according to IFRS. Significant adjustments are as follows:
•Requirements for impairment testing of financial assets are based on the expected loan losses model.
•Adjustment to fair value due to reclassifications of financial assets to categories of measurement at amortized cost, at fair value through profit or loss or at fair value through other comprehensive income, as a result of the concept of business models of IFRS 9.
•Financial assets modified and not written-off, with their balances recalculated in accordance with the requirements of IFRS 9.
•Effective interest rate of financial assets and liabilities measured at amortized cost, appropriating revenues and costs directly attributable to their acquisition, issue or disposal over the transaction term, whereas in the standards adopted in Brazil, recognition of expenses and revenues from fees occurs at the time these transactions are contracted.
•Goodwill generated in a business combination is not amortized, whereas in the standards adopted in Brazil, it is amortized.
b) Consolidated Statement of Managerial Result
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01/01 to 12/31/2025
Retail BusinessWholesale BusinessActivities with the Market
+ Corporation		ITAÚ UNIBANCOAdjustments
IFRS consolidated (1)
Operating revenues112,204 62,620 9,569 184,393 (16,613)167,780 
Interest margin70,383 45,248 8,778 124,409 (11,685)112,724 
Commissions and Banking Fees29,798 16,639 454 46,891 106 46,997 
Income from insurance and private pension operations before claim and selling expenses12,023 733 337 13,093 (4,362)8,731 
Other revenues- - - - (672)(672)
Cost of Credit(31,616)(4,994)- (36,610)7,777 (28,833)
Claims(1,624)(34)- (1,658)1,658 - 
Operating margin78,964 57,592 9,569 146,125 (7,178)138,947 
Other operating income / (expenses)(51,604)(23,175)(2,777)(77,556)(11,141)(88,697)
Non-interest expenses(44,462)(20,278)(2,045)(66,785)(12,391)(79,176)
Tax expenses for ISS, PIS and COFINS and Other(7,142)(2,897)(732)(10,771)(167)(10,938)
Share of profit or (loss) in associates and joint ventures- - - - 1,417 1,417 
Income before income tax and social contribution27,360 34,417 6,792 68,569 (18,319)50,250 
Income tax and social contribution(7,701)(10,652)(2,043)(20,396)15,995 (4,401)
Non-controlling interests(529)(759)(55)(1,343)351 (992)
Net income19,130 23,006 4,694 46,830 (1,973)44,857 
12/31/2025
Total assets (*) -
1,896,8871,464,874 101,085 3,096,277 (30,108)3,066,169 
Total liabilities -1,820,4191,374,833 61,964 2,890,647 (39,554)2,851,093 
(*) Includes:
Investments in associates and joint ventures2,669 - 6,280 8,949 1,891 10,840 
Fixed assets, net7,724 1,871 - 9,595 3,040 12,635 
Goodwill and Intangible assets, net8,322 10,037 - 18,359 5,740 24,099 
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.

Interest margin includes interest and similar income and expenses of R$ 35,452 (R$ 74,980 from 01/01 to 12/31/2024), result of financial assets and liabilities at fair value through profit or loss of R$ 58,054 (R$ 32,011 from 01/01 to
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12/31/2024) and foreign exchange results and exchange variations in foreign transactions of R$ 19,218 (R$ (3,143) from 01/01 to 12/31/2024).
Non-interest expenses refer to general and administrative expenses, including depreciation and amortization expenses of R$ (7,419) (R$ (7,177) from 01/01 to 12/31/2024).
01/01 to 12/31/2024
Retail BusinessWholesale BusinessActivities with the Market + CorporationITAÚ UNIBANCOAdjustments
IFRS consolidated (1)
Operating revenues101,057 58,014 9,887 168,958 (908)168,050 
Interest margin61,956 41,259 9,232 112,447 (8,599)103,848 
Commissions and Banking Fees28,559 16,176 375 45,110 1,961 47,071 
Income from insurance and private pension operations before claim and selling expenses10,542 579 280 11,401 (4,419)6,982 
Other revenues- - - - 10,149 10,149 
Cost of Credit(29,819)(4,675)- (34,494)2,183 (32,311)
Claims(1,589)(26)- (1,615)1,615 - 
Operating margin69,649 53,313 9,887 132,849 2,890 135,739 
Other operating income / (expenses)(48,552)(21,248)(2,541)(72,341)(15,842)(88,183)
Non-interest expenses(41,946)(18,438)(1,755)(62,139)(17,277)(79,416)
Tax expenses for ISS, PIS and COFINS and Other(6,606)(2,810)(786)(10,202)388 (9,814)
Share of profit or (loss) in associates and joint ventures- - - - 1,047 1,047 
Income before income tax and social contribution21,097 32,065 7,346 60,508 (12,952)47,556 
Income tax and social contribution(5,482)(10,502)(1,879)(17,863)12,435 (5,428)
Non-controlling interests(491)(650)(101)(1,242)199 (1,043)
Net income15,124 20,913 5,366 41,403 (318)41,085 
12/31/2024
Total assets (*) -
1,842,885 1,418,456 243,230 3,048,537 (194,062)2,854,475 
Total liabilities -1,774,738 1,333,954 185,422 2,838,080 (204,889)2,633,191 
(*) Includes:
Investments in associates and joint ventures2,343 - 6,214 8,557 1,517 10,074 
Fixed assets, net (2)
7,490 1,590 - 9,080 4,183 13,263 
Goodwill and Intangible assets, net8,808 9,383 - 18,191 5,806 23,997 
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.
2) For better presentation and comparability, comparative balances have been reclassified according to current criteria.
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01/01 to 12/31/2023
Retail BusinessWholesale BusinessActivities with the Market + CorporationITAÚ UNIBANCOAdjustments
IFRS consolidated (1)
Operating revenues96,595 54,631 5,572 156,798 (1,827)154,971 
Interest margin59,099 39,980 5,019 104,098 (6,386)97,712 
Commissions and Banking Fees28,016 14,274 309 42,599 3,132 45,731 
Income from insurance and private pension operations before claim and selling expenses9,480 377 244 10,101 (3,488)6,613 
Other revenues- - - - 4,915 4,915 
Cost of Credit(32,139)(4,803)- (36,942)6,497 (30,445)
Claims(1,487)(22)- (1,509)1,509 - 
Operating margin62,969 49,806 5,572 118,347 6,179 124,526 
Other operating income / (expenses)(45,560)(20,373)(1,864)(67,797)(17,029)(84,826)
Non-interest expenses(39,085)(17,722)(1,360)(58,167)(17,592)(75,759)
Tax expenses for ISS, PIS and COFINS and Other(6,475)(2,651)(504)(9,630)(357)(9,987)
Share of profit or (loss) in associates and joint ventures- - - - 920 920 
Income before income tax and social contribution17,409 29,433 3,708 50,550 (10,850)39,700 
Income tax and social contribution(4,232)(9,022)(935)(14,189)8,366 (5,823)
Non-controlling interests(78)(655)(10)(743)(29)(772)
Net income13,099 19,756 2,763 35,618 (2,513)33,105 
12/31/2023
Total assets (*) -
1,677,189 1,228,153 195,290 2,696,522 (153,422)2,543,100 
Total liabilities -1,610,852 1,150,141 150,705 2,507,587 (163,537)2,344,050 
(*) Includes:
Investments in associates and joint ventures2,156 - 5,946 8,102 1,191 9,293 
Fixed assets, net7,333 1,690 - 9,023 112 9,135 
Goodwill and Intangible assets, net9,419 8,338 - 17,757 5,607 23,364 
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.

Interest margin includes interest and similar income and expenses of R$ 64,135, result of financial assets and liabilities at fair value through profit or loss of R$ 29,145 and foreign exchange results and exchange variations in foreign transactions of R$ 4,432.
Non-interest expenses refers to general and administrative expenses, including depreciation and amortization expenses of R$ (6,529).
c) Result of Non-Current Assets and Main Services and Products by Geographic Region
12/31/202512/31/2024
BrazilAbroadTotalBrazilAbroadTotal
Non-current assets (3)
30,646 6,088 36,734 27,940 5,250 33,190 
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01/01 to 12/31/202501/01 to 12/31/202401/01 to 12/31/2023
BrazilAbroadTotalBrazilAbroadTotalBrazilAbroadTotal
Income related to interest and similar (1,2,3)
278,006 54,056 332,062 219,281 51,845 271,126 221,534 34,428 255,962 
Income from insurance contracts and private pension (3)
8,731 - 8,731 6,982 - 6,982 6,613 - 6,613 
Commissions and Banking Fees (3)
41,062 5,935 46,997 41,888 5,183 47,071 41,147 4,584 45,731 
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.

Note 31 - Related parties
Transactions between related parties are carried out for amounts, terms and average rates in accordance with normal market practices during the period, and under reciprocal conditions.
Transactions between companies and investment funds, included in consolidation (Note 2c I), have been eliminated and do not affect the consolidated statements.
The principal unconsolidated related parties are as follows:
•Parent companies: IUPAR, E. JOHNSTON and ITAÚSA.
•Associates and joint ventures: of which stand out: Avenue Holding Cayman Ltd.; Biomas Serviços Ambientais, Restauração e Carbono S.A.; BSF Holding S.A.; Conectcar Instituição de Pagamento e Soluções de Mobilidade Eletrônica S.A.; Kinea Private Equity Investimentos S.A.; Olímpia Promoção e Serviços S.A.; Porto Seguro Itaú Unibanco Participações S.A.; Pravaler S.A. and Tecnologia Bancária S.A.
•Other related parties:
•Direct and indirect equity interests of ITAÚSA, in particular: Aegea Saneamento e Participações S.A.; Águas do Rio 1 SPE S.A., Águas do Rio 4 SPE S.A.; Alpargatas S.A.; Motiva Infraestrutura de Mobilidade S.A.; Concessionária Rota Sorocabana S.A.; Copa Energia Distribuidora de Gás S.A. and Dexco S.A.
•Pension plans, in particular: Fundação Itaú Unibanco – Previdência Complementar and FUNBEP – Fundo de Pensão Multipatrocinado, closed-end supplementary pension entities, that administer retirement plans sponsored by ITAÚ UNIBANCO HOLDING, created exclusively for employees.
•Associations, in particular: Associação Cubo Coworking Itaú and Associação Itaú Viver Mais.
•Foundations and Institutes, in particular: Fundação Saúde Itaú; Instituto Itaú Ciência, Tecnologia e Inovação and Instituto Unibanco.
a) Transactions with related parties:
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ITAÚ UNIBANCO HOLDING12/31/202512/31/2024
Parent companiesAssociates and joint
ventures		Other related partiesTotalParent companiesAssociates and joint
ventures		Other related partiesTotal
Assets
lnterbank investments- 1,328 - 1,328 - 820 - 820 
Loan operations- 232 408 640 - 141 448 589 
Securities and derivatives (assets and liabilities)- 795 3,380 4,175 527 373 3,211 4,111 
Other assets- 406 301 707 - 437 54 491 
Total assets- 2,761 4,089 6,850 527 1,771 3,713 6,011 
Liabilities
Deposits(47)(80)(1,159)(1,286)- (129)(1,157)(1,286)
Securities sold under repurchase agreements- (287)(793)(1,080)- (279)(71)(350)
Debt instruments- (84)(213)(297)- (29)(146)(175)
lnterbank and lnterbranch accounts (assets and liabilities)- (290)- (290)- - - - 
Other liabilities- (200)(4,263)(4,463)(2)(13)(1,576)(1,591)
Total Liabilities(47)(941)(6,428)(7,416)(2)(450)(2,950)(3,402)
ITAÚ UNIBANCO HOLDING01/01 to 12/31/202501/01 to 12/31/202401/01 to 12/31/2023
Parent companiesAssociates and
joint ventures		Other related
parties		TotalParent companiesAssociates and
joint ventures		Other related
parties		TotalParent companiesAssociates and
joint ventures		Other related
parties		Total
Statement of lncome
lncome41 263 14 318 156 91 914 1,161 173 48 629 850 
Expenses(5)(29)(230)(264)- (74)(482)(556)- (20)(298)(318)
Other operating income / (expenses)7 (261)(481)(735)14 (167)(839)(992)14 (81)(196)(263)
lncome43 (27)(697)(681)170 (150)(407)(387)187 (53)135 269 
Operations with Key Management Personnel of ITAÚ UNIBANCO HOLDING present Assets of R$ 213, Liabilities of R$ (11,290) and Results of R$ (44) (R$ 191, R$ (7,641) at 12/31/2024 and R$ 19 and R$ (62) from 01/01 to 12/31/2024 and 01/01 to 12/31/2023, respectively).
b) Compensation and Benefits of Key Management Personnel
Compensation and benefits attributed to Management Members, members of the Audit Committee and the Board of Directors of ITAÚ UNIBANCO HOLDING in the period correspond to:
01/01 to 12/31/202501/01 to 12/31/202401/01 to 12/31/2023
Fees(851)(711)(686)
Profit sharing(548)(321)(275)
Post-employment benefits(10)(10)(6)
Share-based payment plan(357)(229)(179)
Total(1,766)(1,271)(1,146)
Total amount related to share-based payment plans, personnel expenses and post-employment benefits are detailed in Notes 20, 23 and 26, respectively.
Note 32 - Risk and Capital Management
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a) Corporate Governance
To undertake and manage risks is one of the activities of ITAÚ UNIBANCO HOLDING. For this reason, the institution must have clearly established risk management objectives. In this context, the risk appetite articulates the set of guidelines of the Board of Directors on strategy and risk taking, defining the nature and level of risks acceptable for the institution, while the risk culture guides the attitudes required to manage them. ITAÚ UNIBANCO HOLDING invests in robust risk management processes and capital management that permeate the whole institution and that are the basis for its strategic decisions to ensure business sustainability and maximize value creation for shareholders.
Foremost among processes for proper risk and capital management are the implementation of a continuous and integrated risk management structure, of the Risk Appetite framework, which is composed of Risk Appetite Statement (RAS) of the Board of Directors, risk appetite policy and the set of metrics for monitoring the main risks according to the limits established, the stress test program, the organization of a Risk Committee and the appointment, before BACEN, of the Chief Risk Officer (CRO), with assignment of roles, responsibilities, and independence requirements.
These processes are aligned with the guidelines of the Board of Directors and Executive which, through collegiate bodies, define the global objectives expressed as targets and limits for the business units that manage risk. Control and capital management units, in turn, support ITAÚ UNIBANCO HOLDING’s management by monitoring and analyzing risk and capital.
The principles that determine the risk management and the risk appetite foundations, as well as guidelines regarding the actions taken by ITAÚ UNIBANCO HOLDING’s employees in their daily routines are as follows:
•Sustainability and customer satisfaction: the vision of ITAÚ UNIBANCO HOLDING is to be a leading bank in sustainable performance and customer satisfaction. For this reason the institution is concerned about creating shared values for employees, customers, shareholders and society to ensure the longevity of the business. ITAÚ UNIBANCO HOLDING is concerned about doing business that is good for customers and for the institution.
•Risk culture: the institution's risk culture goes beyond policies, procedures and processes. It strengths the individual and collective responsibility of all employees so that they will do the right thing at the right time and in the proper manner, respecting the ethical way of doing business. It is based on four principles (conscious risk taking, discussions and actions on the institution’s risks and everyone's responsibility for risk management), which encourage understanding and open discussion about risks, so that they are kept within the risk appetite levels established and so that each employee individually, regardless of their position, area or duties, may also assume responsibility for managing the risks of the business.
•Risk pricing: ITAÚ UNIBANCO HOLDING operates and assumes risks in business that its known and understood, avoiding risks about which there is no knowledge or do not provide competitive advantages, and carefully assesses risk-return ratios.
•Diversification: the institution has a low appetite for volatility in its results, for this reason, accordingly it operates with a diversified base of customers, products and business, seeking the differentiation of risks, in addition to prioritizing less risky businesses.
•Operational excellence: ITAÚ UNIBANCO HOLDING intends to provide agility, as well as a robust and stable infrastructure, to offer high quality services.
•Ethics and respect for regulations: at ITAÚ UNIBANCO HOLDING, ethics is non-negotiable. For this reason the institution promotes an institutional environment of integrity, educating all employees to cultivate ethical relationships and businesses and as well as respecting the norms, and therefore looking after the institution’s reputation.
The Board of Directors is the maximum body responsible for establishing guidelines, policies and approval levels for risk and capital management. The Capital and Risk Management Committee (CGRC), in turn, is responsible for supporting the Board of Directors in managing capital and risk. At the executive level, collegiate bodies, chaired by the Chief Executive Officer (CEO) of ITAÚ UNIBANCO HOLDING, who are responsible for risks and capital management performing delegated duties on these topics, and their decisions are monitored by the CGRC.
To support this structure, the Risk Department has specialized officers to ensure, on an independent and centralized basis, that the institution’s risks and capital are managed in compliance with the established policies and procedures.
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ITAÚ UNIBANCO HOLDING’s risk management organizational structure complies with Brazilian and international regulations in place. Locally, the Bank follows the standards established by the Central Bank of Brazil (Bacen), particularly Resolution 4,557/17, which sets forth the risk and capital management structure of financial institutions, by the Securities and Exchange Commission (CVM) and by the Superintendence of Private Insurance (SUSEP), among other regulators and applicable standards. At the international level, ITAÚ UNIBANCO HOLDING follows the standards established by the Basel Committee for Banking Supervision, the Securities and Exchange Commission (SEC) of the United States and the local regulations of the countries where it is present. In addition, ITAÚ UNIBANCO HOLDING adheres to guidelines such as the Foreign Account Tax Compliance Act (FATCA), the Principles for Responsible Banking (PRB) of the United Nations Environment Programme - Finance Initiative and the Guidelines for Multinational Companies of the Organization for Economic Cooperation and Development (OECD), pointing out some representative examples. The Bank also adopts practices in line with International Financial Reporting Standards (IFRS) and best corporate governance practices that are globally recognized.
Additionally, ITAÚ UNIBANCO HOLDING also has governance to identify and monitor emerging risks, which are those newly identified with medium and long term impact, potentially material on business, but for which there are not sufficient elements yet for their full assessment, due to the number of factors and impacts not fully known yet, since they have no precedents and therefore have never been addressed in the past.
Responsibilities for risk management at ITAÚ UNIBANCO HOLDING are structured according to the concept of three lines of governance, namely:
•1st line of governance: business areas and corporate support areas are directly responsible for identifying, measuring, assessing, monitoring, reporting, controlling, and mitigating the risks arising therefrom.
•2nd line of governance: risk area aims at ensuring, independently and centrally, that the institution’s risks are managed in compliance with policies and procedures established, setting parameters for the risk management process and its supervision. Such control provides the Board of Directors and executives with a global overview of ITAÚ UNIBANCO HOLDING’s exposure, to ensure correct and timely corporate decisions.
•3rd line of governance: internal audit, which is linked to the Board of Directors and provides an independent assessment of the institution’s activities, so that senior management can see that controls are adequate, risk management is effective and institutional standards and regulatory requirements are being complied with.
ITAÚ UNIBANCO HOLDING uses robust automated systems for compliance with capital regulations, as well as for measuring risks in accordance with the regulatory determinations and models in place. It also monitors adherence to the qualitative and quantitative regulators’ minimum capital and risk management requirements.
Aiming at strengthening its values and aligning the behavior of its employees with risk management guidelines, ITAÚ UNIBANCO HOLDING adopts several initiatives to disseminate and strengthen a risk culture based on four principles: conscious risk taking, discussions and actions on the institution’s risks and everyone's responsibility for risk management. These principles serve as a basis for ITAÚ UNIBANCO HOLDING guidelines, helping employees to conscientiously understand, identify, measure, manage and mitigate risks.
b) Risk Management
Risk appetite
Risk appetite articulates the Board of Directors' set of guidelines about strategy and risk taking, defining the nature and level of risks acceptable to the organization, and considering management capacity on an effective and prudent way, the strategic objectives, the conditions of competitiveness and the regulatory environment.
The Risk Appetite framework is composed of the Risk Appetite Statement (RAS) by the Board of Directors, the Risk Appetite policy, and the set of metrics for monitoring the main risks according to the limits established.
Considering the strategic guidelines of ITAÚ UNIBANCO HOLDING, the Risk Appetite and its dimensions are based on the following Statement:
“We are a universal bank, operating predominantly in Latin America. Supported by our risk culture, we operate based on rigorous ethical and regulatory compliance standards, seeking high and growing results, with low volatility, by means of the long-lasting relationship with clients, correctly pricing risks, well-distributed fund-raising and proper use of capital.”
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To make RAS tangible, Risk Appetite was segmented in six dimensions, each of which comprising a set of metrics associated with the key risks involved, combining complementary measurements, to get a comprehensive view of our exposures on acceptable risk types and levels:
•Capitalization: reflects the Bank’s level of protection against significant losses that could lead to regulatory non-compliance or insolvency. Establishes that ITAÚ UNIBANCO HOLDING should have sufficient capital to protect itself against a serious recession or stress events without the need to adjust its capital structure under adverse circumstances. It is monitored through following up the ITAÚ UNIBANCO HOLDING’s capital ratios, in usual or stress situations, and the institution’s debt issue ratings.
•Liquidity: reflects the Bank’s level of protection against a long period of funding stress that could lead to illiquidity and possible bankruptcy. Establishes that the ITAÚ UNIBANCO HOLDING’s liquidity should be able to support long stress periods. It is monitored by following up on liquidity ratios.
•Composition of results: the purpose is to ensure the stability and sustainability of results, restricting excessive volatility and avoiding portfolio concentrations and significant deviations in pricing and provisions. Establishes that business will mainly focus on Latin America, where ITAÚ UNIBANCO HOLDING will have a diversified range of customers and products, with low appetite for results volatility and high risk. To do so, it monitors Credit risk indicators, including social, environmental and climate dimensions, Market, and Interest Rate Risk in the Banking Book (IRRBB), Underwriting and Business & Profitability. The metrics monitored by the bank seek to ensure, by means of exposure concentration limits such as, for example, industry sectors, quality of counterparties, countries and geographic regions and risk factors, a suitable composition of the bank’s portfolios, aiming at low volatility of results and business sustainability.
•Operational risk: addresses operating risks that may jeopardize the Bank’s business and operation, focusing on controlling events that may negatively impact the business strategy and operation.
•Reputation: deals with risks that may impact brand value and the institution’s reputation before its customers, employees, regulators, investors and the general public. In this dimension, risks are monitored through ethical behavior and conservative compliance with regulatory standards.
•Customer: addresses risks that may compromise customer satisfaction and experience, and is monitored by tracking customer satisfaction, direct impacts on customers, and suitability indicators.
The metrics translate the RAS and dimensions into monitorable indicators, which capture the main risks incurred by the institution. They are periodically monitored and reported to the executive level, the Risk and Capital Management Committee and the Board of Directors, which guides the taking of preventive measures to ensure that exposures are within limits established and aligned with our strategy.
The Board of Directors is responsible for the establishment and approval risk appetite guidelines and limits, performing its activities with the support of the CGRC and the Chief Risk Officer (CRO). The governance of Risk Appetite is registered in internal policy, established, reviewed, and also approved by the Board of Directors.
I - Credit risk
The possibility of losses arising from failure by a borrower, issuer or counterparty to meet their financial obligations, the impairment of a loan due to downgrading of the risk rating of the borrower, the issuer or the counterparty, a decrease in earnings or remuneration, advantages conceded on renegotiation or the costs of recovery.
There is a credit risk control and management structure, centralized and independent from the business units, that provides for operating limits and risk mitigation mechanisms, and also establishes processes and tools to measure, monitor and control the credit risk inherent in all products, portfolio concentrations and impacts of potential changes in the economic environment.
The credit policy of ITAÚ UNIBANCO HOLDING is based on internal criteria such as: classification of customers, portfolio performance and changes, default levels, rate of return and economic capital allocated, among others, and also considers external factors such as interest rates, market default indicators, inflation, changes in consumption, among others.
With respect to individuals, small and medium size companies, retail public, the credit ratings are assigned based on statistical application models (in the early stages of relationship with a customer) and behavior score (used for customers with whom ITAÚ UNIBANCO HOLDING already has a relationship).
For wholesale public and agribusiness, the classification is based on information such as the counterparty’s economic and financial situation, its cash-generating capacity, and the business group to which it belongs, the current and prospective
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situation of the economic sector in which it operates, in accordance with the guidelines of the Sustainability and Social and Environmental Responsibility Policy (PRSA) and specific manuals and procedures of ITAÚ UNIBANCO HOLDING. Credit proposals are analyzed on a case-by-case basis through an authority level mechanism. The concentrations are monitored continuously for economic sectors and largest debtors, allowing preventive measures to be taken to avoid the violation of the established limits.
The rating models for large companies incorporate Report on Environmental, Social and Climate Risks and Opportunities (GRSAC) through a questionnaire, which considers:
• Social: events associated with the violation of fundamental rights and guarantees or acts detrimental to the common interest, such as inadequate working conditions and negative impacts on local communities. Management prioritizes the protection of human rights and the promotion of social welfare.
• Environmental: events related to degradation of the environment, biodiversity and overuse of natural resources such as deforestation, pollution and depletion of water resources. The approach seeks environmental conservation, sustainable use of resources and promotion of ecological practices.
• Climate: comprises (i) the transition to a low-carbon economy, aimed at reducing or offsetting greenhouse gas emissions and preserving natural mechanisms for capturing these gases, and (ii) adaptation to extreme climate events and long-term environmental changes, such as severe storms, prolonged droughts and sea level rise.
Based on these definitions, clients are classified in a socio and environmental risk scale ranging from Low to Very High. This rating is used for possible penalties in the rating.
This information works as support to the rating process, not directly affecting the calculation, except in cases of penalty.
ITAÚ UNIBANCO HOLDING strictly controls the credit exposure of customers and counterparties, taking action to address situations in which the current exposure exceeds what is desirable. For this purpose, measures provided for in loan agreements are available, such as accelerated maturity or a requirement for additional collateral.
I.I - Collateral and policies for mitigating credit risk
ITAÚ UNIBANCO HOLDING uses guarantees to increase its capacity for recovery in operations exposed to credit risk. The guarantees may be personal, secured, legal structures with mitigating power and offset agreements.
Managerially, for collateral to be considered instruments that mitigate credit risk, it must comply with the requirements and standards that regulate such instruments, both internal and external ones, and they must be legally valid (effective), enforceable, and assessed on a regular basis.
ITAÚ UNIBANCO HOLDING also uses credit derivatives, such as single-name CDS, to mitigate credit risk of its securities portfolios. These instruments are priced based on models that use the fair value of market inputs, such as credit spreads, recovery rates, correlations and interest rates.
As a supplement to the credit risk mitigation policy, ITAÚ UNIBANCO HOLDING carries out specific analyses on ESG (Environmental, Social and Governance) requirements for operations guaranteed by rural and urban properties for each type of guarantee.
For rural guarantees, reports with detailed social and environmental criteria are considered, including verification of compliance of the property with environmental legislation, status of the Rural Environmental Registry, existence of environmental liabilities, overlaps with protected areas, indigenous and quilombolas territories, settlements, archaeological sites, mining areas, and also analysis of land use and environmental history. The report also includes information on geo-referencing, land tenure regularization and climate risk indicators, strengthening commitment to sustainable practices and the mitigation of social and environmental risks.
For urban guarantees, the evaluation report includes technical inspection and survey of indications of contamination, analysis of the surrounding areas as to the existence of potentially polluting activities (plants, gas stations, workshops, waste deposits, among others), in addition to checking official public lists of contaminated areas. The urban environmental report also considers the current and past use of the property, available infrastructure, and market diagnosis, ensuring that the property does not pose relevant environmental risks and is in compliance with the urbanistic and environmental standards in force.
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This process strengthen the commitment of ITAÚ UNIBANCO HOLDING to adopting responsible practices aligned with ESG principles, thus contributing to the sustainability of operations and mitigation of credit risks associated with environmental and social factors.
I.II - Governance and measurement of expected credit loss
Both the credit risk and the finance areas are responsible for defining the methods used to measure expected credit loss and for periodically assessing changes in the provision amounts.
These areas monitor the trends observed in provisions for expected credit loss by business, in addition to establishing an initial understanding of the variables that may trigger changes in the allowance for loan losses, the probability of default (PD) or the loss given default (LGD).
ITAÚ UNIBANCO HOLDING calculates the expected credit loss for Retail and Wholesale portfolios by multiplying PD, LGD and EAD (Exposure at Default), considering the prospective macroeconomic information in PD and LGD.
Sensitivity analysis
ITAÚ UNIBANCO HOLDING prepares studies on the impact of estimates in the calculation of expected credit loss. The expected credit loss models use three different scenarios: Optimistic, Base and Pessimistic. In Brazil, where operations are substantially carried out, these scenarios are combined by weighting their probabilities: 10%, 50% and 40%, respectively, which are updated so as to reflect the new economic conditions. For loan portfolios originated in other countries, the scenarios are weighted by different probabilities, considering regional economic aspects and conditions.
The table below shows the amount of financial assets at amortized cost and at fair value through other comprehensive income, expected credit loss and the impacts on the calculation of expected credit loss in the adoption of 100% of each scenario:
12/31/202512/31/2024
Financial assets (1)
Expected credit lossReduction/(Increase) of expected loss
Financial assets (1)
Expected credit lossReduction/(Increase) of expected loss
Pessimistic scenarioBase scenarioOptimistic scenarioPessimistic scenarioBase scenarioOptimistic scenario
1,547,631 (51,313)(521)206 637 1,464,464 (52,936)(2,183)538 1,347 
1) Composed of Loan operations, lease operations and securities.

Expected credit loss comprises Expected credit loss for Financial guarantees, Credit commitments and Credits to be released R$ (1,793) (R$ (4,928) at 12/31/2024).

I.III - Classification of Credit Impairment Stages
The accounting policy on expected credit loss is presented in Note 2c IV.
ITAÚ UNIBANCO HOLDING uses customers’ internal information, statistic models, days of default and quantitative analysis in order to determine the credit risk of the financial assets.
The rules of stage change consider for the Retail and Wholesale segments:
•Stage 1 to stage 2: delay or assessment of probability of default (PD) triggers.
ITAÚ UNIBANCO HOLDING migrates contracts overdue for over 30 days to stage 2, except real estate loans (overdue for 60 days), due to the operation risk.
Regardless of the delay, migration to stage 2 occurs if the PD of the operation or the rating of the economic subgroup, as established for Retail and Wholesale, respectively, exceed the risk appetite approved by the Management of ITAÚ UNIBANCO HOLDING.
•Stage 3: default parameters are used to identify stage 3, and the main ones are: 90 days overdue in the payment of principal and charges, debt restructuring, judicial measures, among others. The financial asset, at any stage, may migrate to stage 3 when presenting default parameters.
Based on the classifications in stages, the measurement rules determined for expected credit loss in each stage are used, as described in Note 2c IV.
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I.IV - Maximum exposure of financial instruments to credit risk
12/31/202512/31/2024
BrazilAbroadTotalBrazilAbroadTotal
Financial assets2,382,665 497,846 2,880,511 2,089,980 583,321 2,673,301 
At Amortized cost1,700,211 342,577 2,042,788 1,500,797 412,007 1,912,804 
Central Bank of Brazil deposits167,275 - 167,275 160,698 - 160,698 
Interbank deposits26,394 39,801 66,195 26,709 40,222 66,931 
Securities purchased under agreements to resell277,940 2,655 280,595 238,593 4,627 243,220 
Securities309,312 20,653 329,965 302,599 24,908 327,507 
Loan and lease operations821,637 262,161 1,083,798 708,917 316,576 1,025,493 
Other financial assets139,618 24,411 164,029 103,711 33,002 136,713 
(-) Provision for expected credit loss(41,965)(7,104)(49,069)(40,430)(7,328)(47,758)
At Fair value through other comprehensive income61,370 71,103 132,473 31,268 75,035 106,303 
Securities61,370 71,103 132,473 31,268 75,035 106,303 
At Fair value through profit or loss621,084 84,166 705,250 557,915 96,279 654,194 
Securities603,439 25,335 628,774 533,887 26,256 560,143 
Derivatives14,553 58,831 73,384 22,416 70,023 92,439 
Other financial assets3,092 - 3,092 1,612 - 1,612 
Financial liabilities - Provisions for financial guarantees, credit commitments and credits to be released(1,619)(174)(1,793)(4,298)(630)(4,928)
Off-balance sheet629,007 86,862 715,869 537,015 86,714 623,729 
Financial guarantees106,456 27,649 134,105 95,890 28,025 123,915 
Credit commitments and credits to be released522,551 59,213 581,764 441,125 58,689 499,814 
Total3,010,053 584,534 3,594,587 2,622,697 669,405 3,292,102 
Amounts shown for credit risk exposure are based on gross book value and do not consider any collateral received or other added credit improvements.
The contractual amounts of financial guarantees, credit commitments and credits to be released represent the maximum potential of credit risk in the event that a counterparty does not meet the terms of the agreement. The vast majority of credit commitments (mortgage loans, overdraft accounts and other pre-approved limits) mature without being drawn.
As a result, the total contractual amount does not represent our real future exposure to credit risk or the liquidity needs arising from such commitments.
I.IV.I - By business sector
Loan and lease operations
12/31/2025%12/31/2024%
Individuals582,472 53.7%549,181 53.6%
Companies501,326 46.3%476,312 46.4%
Industry and commerce246,158 22.7%222,945 21.7%
Services207,447 19.2%207,437 20.2%
Other sectors47,721 4.4%45,930 4.5%
Total1,083,798 100.0%1,025,493 100.0%
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Other financial assets (1)
12/31/2025%12/31/2024%
Public sector954,882 63.1%871,579 62.4%
Services156,891 10.4%196,419 14.1%
Financial232,974 15.4%146,823 10.5%
Other sectors167,473 11.1%181,722 13.0%
Total1,512,220 100.0%1,396,543 100.0%
1) Includes Financial assets at fair value through other comprehensive income, at fair value through profit or loss and at amortized cost, except for Loan and lease operations and Other financial assets.

The exposure of Off-balance sheet financial instruments (Financial guarantees, Credit commitments and Credits to be released) is neither categorized nor managed by business sector.
I.IV.II - By type and classification of credit risk
Loan and lease operations
12/31/2025
Stage 1Stage 2Stage 3Consolidated of 3 Stages
Loan operationsFinancial guaranteesCredit commitmentsTotalLoan operationsFinancial guaranteesCredit commitmentsTotalLoan operationsFinancial guaranteesCredit commitmentsTotalLoan operationsFinancial guaranteesCredit commitmentsTotal
Individuals410,807 902 355,886 767,595 34,869 1 3,201 38,071 27,550 - 13 27,563 473,226 903 359,100 833,229 
Companies359,265 104,710 165,929 629,904 9,746 257 786 10,789 11,277 3,541 182 15,000 380,288 108,508 166,897 655,693 
Foreign loans - Latin America210,945 24,336 54,672 289,953 10,329 315 1,070 11,714 9,010 43 25 9,078 230,284 24,694 55,767 310,745 
Total981,017 129,948 576,487 1,687,452 54,944 573 5,057 60,574 47,837 3,584 220 51,641 1,083,798 134,105 581,764 1,799,667 
%58.1%7.7%34.2%100.0%90.7%1.0%8.3%100.0%92.6%7.0%0.4%100.0%60.2%7.5%32.3%100.0%
12/31/2024
Stage 1Stage 2Stage 3Consolidated of 3 Stages
Loan operationsFinancial guaranteesCredit commitmentsTotalLoan operationsFinancial guaranteesCredit commitmentsTotalLoan operationsFinancial guaranteesCredit commitmentsTotalLoan operationsFinancial guaranteesCredit commitmentsTotal
Individuals347,749 816 290,397 638,962 66,468 2 11,946 78,416 31,357 - 48 31,405 445,574 818 302,391 748,783 
Companies332,440 94,564 142,195 569,199 13,237 959 1,255 15,451 11,956 3,045 247 15,248 357,633 98,568 143,697 599,898 
Foreign loans - Latin America196,464 23,965 50,716 271,145 14,004 534 2,862 17,400 11,818 30 148 11,996 222,286 24,529 53,726 300,541 
Total (1)
876,653 119,345 483,308 1,479,306 93,709 1,495 16,063 111,267 55,131 3,075 443 58,649 1,025,493 123,915 499,814 1,649,222 
%59.3%8.0%32.7%100.0%84.2%1.4%14.4%100.0%94.0%5.2%0.8%100.0%62.2%7.5%30.3%100.0%
1) For better presentation and comparability, comparative balances have been reclassified acording to current criteria.

Internal rating12/31/202512/31/2024
Stage 1Stage 2Stage 3TotalStage 1Stage 2Stage 3Total
Low880,216377-880,593817,78268,406-886,188
Medium99,80414,135-113,93958,81714,214-73,031
High99740,432-41,4295411,089-11,143
Credit-impaired--47,83747,837--55,13155,131
Total981,01754,94447,8371,083,798876,65393,70955,1311,025,493
%90.5%5.1%4.4%100.0%85.5%9.1%5.4%100.0%
Other financial assets
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12/31/2025
Book valueStage 1Stage 2Stage 3
CostFair valueCostFair valueCostFair value
Government securities247,579 249,173 247,571 8 8 - - 
Brazil187,441 189,044 187,441 - - - - 
Latin America31,118 31,147 31,118 - - - - 
Abroad29,020 28,982 29,012 8 8 - - 
Corporate securities202,556 197,775 196,382 4,414 3,680 4,489 2,494 
Rural product note68,533 64,774 64,680 2,770 2,521 2,233 1,332 
Bank deposit certificate230 231 230 - - - - 
Real estate receivables certificates4,410 4,352 4,343 78 67 - - 
Debentures82,462 80,921 80,761 1,362 895 1,466 806 
Eurobonds and other17,558 17,257 17,252 - - 713 306 
Financial bills384 384 384 - - - - 
Promissory and commercial notes21,273 21,095 21,068 188 155 77 50 
Other (1)
7,706 8,761 7,664 16 42 - - 
Investment funds9,811 9,814 9,811 - - - - 
Total459,946 456,762 453,764 4,422 3,688 4,489 2,494 
1) Includes equity instruments designated to Fair value through other comprehensive income that are not subject to a provision for expected credit loss.
12/31/2024
Book valueStage 1Stage 2Stage 3
CostFair valueCostFair valueCostFair value
Government securities257,525 261,164 257,525 - - - - 
Brazil176,185 179,814 176,185 - - - - 
Latin America43,192 43,152 43,192 - - - - 
Abroad38,148 38,198 38,148 - - - - 
Corporate securities172,630 169,062 167,327 2,670 2,444 6,075 2,860 
Rural product note60,068 59,102 58,952 844 764 541 353 
Bank deposit certificate133 132 133 - - - - 
Real estate receivables certificates5,875 5,434 5,426 453 449 - - 
Debentures75,742 72,991 72,831 527 404 5,534 2,507 
Eurobonds and other5,905 5,914 5,763 143 142 - - 
Financial bills265 264 265 - - - - 
Promissory and commercial notes16,280 16,136 16,117 176 163 - - 
Other (1)
8,362 9,089 7,840 527 522 - - 
Total (2)
430,155 430,226 424,852 2,670 2,444 6,075 2,860 
1) Includes equity instruments designated to Fair value through other comprehensive income.
2) The balances presented were adjusted to reflect the composition of the table with Amortized cost and Fair value through other comprehensive income financial instruments.

Other financial assets - Internal classification by level of risk
F-103

12/31/2025
Internal ratingFinancial assets - At amortized costFinancial assets at fair value through other comprehensive
income		Financial assets at fair value through profit or lossTotal
Interbank deposits and securities purchased under
agreements to resell		Securities
Low346,790 325,342 132,367 702,526 1,507,025 
Medium- 2,061 - 177 2,238 
High- 2,562 106 289 2,957 
Total346,790 329,965 132,473 702,992 1,512,220 
%22.9%21.8%8.8%46.5%100.0%
12/31/2024
Internal ratingFinancial assets - At amortized costFinancial assets at fair value through other comprehensive
income		Financial assets at fair value through profit or lossTotal
Interbank deposits and securities purchased under
agreements to resell		Securities
Low310,151 318,322 106,267 630,444 1,365,184 
Medium- 5,133 18 21,735 26,886 
High- 4,052 18 403 4,473 
Total310,151 327,507 106,303 652,582 1,396,543 
%22.2%23.5%7.6%46.7%100.0%
Financial assets at fair value through profit or loss includes Derivatives in the amount of R$ 73,384 (R$ 92,439 at 12/31/2024).
I.IV.III - Financial asset collateral
12/31/202512/31/2024
Over-collateralized assetsUnder-collateralized assetsOver-collateralized assetsUnder-collateralized assets
Book value of the assetsFair value of collateralBook value of the assetsFair value of collateralBook value of the assetsFair value of collateralBook value of the assetsFair value of collateral
Individuals190,212 500,667 2,912 1,975 172,391 456,428 3,127 2,736 
Personal (1)
9,102 40,167 958 828 8,128 25,156 1,673 1,556 
Vehicles (2)
30,321 66,419 1,094 977 31,859 70,772 1,119 1,026 
Mortgage loans (3)
150,789 394,081 860 170 132,404 360,500 335 154 
Companies (4)
180,843 556,310 83,034 75,174 166,845 592,523 63,892 60,395 
Foreign loans - Latin America (4)
196,787 390,985 13,884 5,695 188,756 374,316 12,731 4,201 
Total567,842 1,447,962 99,830 82,844 527,992 1,423,267 79,750 67,332 
1) In general requires financial guarantees.
2) Vehicles themselves are pledged as collateral, as well as assets leased in lease operations.
3) Properties themselves are pledged as collateral.
4) Any collateral set forth in the credit policy of ITAÚ UNIBANCO HOLDING (chattel mortgage, surety/joint debtor, mortgage and other).

Of the total of loan and lease operations, R$ 550,231 (R$ 417,751 at 12/31/2024) represent unsecured loans.
I.IV.IV - Repossessed assets
The accounting policy on assets held for sale is presented in Note 2c V.
The repossessed assets intended for sale comprise, mainly, real estate and their sale includes periodic auctions that are previously disclosed to the market. Total repossessed assets in the period were R$ 732 (R$ 794 from 01/01 to 12/31/2024).
II - Market risk
F-104

It is the possibility of incurring financial losses from changes in the market value of positions held by a financial institution, including the risks of transactions subject to fluctuations in currency rates, interest rates, share prices, price indexes and commodity prices, as set forth by CMN. Price Indexes are also treated as a risk factor group.
Market risk is controlled by an area independent from the business areas, which is responsible for the daily activities of (i) risk measurement and assessment, (ii) monitoring of stress scenarios, limits and alerts, (iii) application, analysis and testing of stress scenarios, (iv) risk reporting to those responsible within the business areas, in compliance with the governance of ITAÚ UNIBANCO HOLDING, (v) monitoring of actions required to adjust positions and risk levels to make them realistic, and (vi) providing support for the safe launch of new financial products.
The market risk structure categorizes transactions as part of either the banking portfolio or the trading portfolio, in accordance with general criteria established by CMN Resolution No. 4,557/17 and BCB Resolution No. 111/21 as amended. The trading portfolio consists of all transactions involving financial instruments and commodities, including derivatives, which are held for trading. The banking portfolio is basically characterized by transactions for the banking business, and transactions related to the management of the balance sheet of the institution, where there is no intention of sale and time horizons are medium and long term.
Market risk management is based on the following metrics:
•Value at risk (VaR): a statistical measure that estimates the expected maximum potential economic loss under normal market conditions, considering a certain time horizon and confidence level.
•Losses in stress scenarios (Stress test): simulation technique to assess the behavior of assets, liabilities and derivatives of a portfolio when several risk factors are taken to extreme market situations (based on prospective and historical scenarios).
•Stop loss/Max drawdown: metrics used to revise positions, should losses accumulated in a certain period reach a certain level.
•Concentration: cumulative exposure of a certain financial instrument or risk factor, calculated at market value (MtM – Mark to Market).
•Stressed VaR: statistical metric derived from the VaR calculation, with the purpose of simulating higher risk in the trading portfolio, taking returns that can be seen in past scenarios of extreme volatility.
Management of Interest Rate Risk in the Banking Book (IRRBB) is based on the following metrics:
•ΔEVE (Delta economic value of equity): difference between the present value of the sum of repricing flows of instruments subject to IRRBB in a base scenario and the present value of the sum of repricing flows of these instruments in a scenario of shock in interest rates.
•ΔNII (Delta net interest income): difference between the result of financial operations of instruments subject to IRRBB in a base scenario and the result of financial operations of these instruments in a scenario of shock in interest rates.
In addition, sensitivity and loss control measures are also analyzed. They include:
•Mismatching analysis (GAPS): accumulated exposure by risk factor of cash flows expressed at market value, allocated at the maturity dates.
•Sensitivity (DV01- Delta variation): impact on the fair value of cash flows when a 1 basis point change is applied to current interest rates or on the index rates.
•Sensitivity to sundry risk factors (Greeks): partial derivatives of an option portfolio in relation to the prices of underlying assets, implied volatilities, interest rates and time.
In order to operate within the defined limits, ITAÚ UNIBANCO HOLDING hedges transactions with customers and proprietary positions, including its foreign investments. Derivatives are commonly used for these hedging activities, which can be either accounting or economic hedges, both governed by the institutional polices of ITAÚ UNIBANCO HOLDING.
The structure of limits and alerts is aligned with the Board of Directors’ guidelines, and it is reviewed and approved on an annual basis. This structure has specific limits aimed at improving the process of monitoring and understanding risk, and at avoiding concentration. These limits are quantified by assessing the forecast balance sheet results, the size of stockholders’ equity, market liquidity, complexity and volatility, and ITAÚ UNIBANCO HOLDING’s appetite for risk.
F-105

The consumption of market risk limits is monitored and disclosed daily through exposure and sensitivity maps. The market risk area analyzes and controls the adherence of these exposures to limits and alerts and reports them in a timely manner to the Treasury desks and other structures foreseen in the governance.
ITAÚ UNIBANCO HOLDING uses proprietary systems to measure the consolidated market risk. The processing of these systems occurs in a high-availability access-controlled environment, which has data storage and recovery processes and an infrastructure that ensures business continuity in contingency (disaster recovery) situations.
II.I - VaR - Consolidated ITAÚ UNIBANCO HOLDING
VaR is calculated by Historical Simulation, i.e. the expected distribution for profits and losses (P&L´s Profit and loss statement) of a portfolio over time, which can be estimated from past behavior of returns of market risk factors for this portfolio. VaR is calculated at a confidence level of 99%, a historical period of 4 years (1,000 business days) and a holding period of one day. In addition, in a conservative approach, VaR is calculated daily, with and without volatility weighting, and the final VaR is the more restrictive of the values given by the two methods.
VaR Total (Historical Simulation) (1)
12/31/202512/31/2024
AverageMinimumMaximumTotal VaRAverageMinimumMaximumTotal VaR
VaR by Risk Factor Group
Interest rates1,303 1,028 1,974 1,376 1,179 988 2,120 2,009 
Currencies40 22 97 51 36 18 64 50 
Shares45 36 89 46 51 35 86 46 
Commodities30 10 67 40 17 8 41 19 
Effect of diversification- - - (385)- - - (381)
Total risk1,085 777 1,744 1,128 939 756 1,902 1,743 
1) VaR by Risk Factor Group considers information from foreign units.

II.I.I - Interest rate risk
The table below shows the accounting position of financial assets and liabilities exposed to interest rate risk, distributed by maturity (remaining contractual terms). This table is not used directly to manage interest rate risks, it is mostly used to permit the assessment of mismatching between accounts and products associated thereto and to identify possible risk concentration.
F-106

12/31/202512/31/2024
0-30 days31-180 days181-365 days1-5 yearsOver 5 yearsTotal0-30 days31-180 days181-365 days1-5 yearsOver 5 yearsTotal
Financial assets559,569 474,979 324,977 995,761 386,781 2,742,067 617,119 433,855 245,916 923,202 338,412 2,558,504 
At amortized cost534,045 422,780 230,622 540,365 176,532 1,904,344 533,678 347,519 200,787 507,268 208,755 1,798,007 
Central Bank of Brazil deposits146,283 - - - - 146,283 138,518 - - - - 138,518 
Interbank deposits42,901 8,817 7,927 6,543 7 66,195 33,082 10,559 9,888 13,382 14 66,925 
Securities purchased under agreements to resell179,964 85,646 7,927 6,602 456 280,595 201,082 41,460 - - 677 243,219 
Securities9,610 31,094 32,879 187,985 65,905 327,473 12,910 38,878 36,794 164,332 70,938 323,852 
Loan and lease operations155,287 297,223 181,889 339,235 110,164 1,083,798 148,086 256,622 154,105 329,554 137,126 1,025,493 
At fair value through other comprehensive income7,532 11,521 23,676 65,425 24,319 132,473 17,377 16,118 6,382 47,809 18,617 106,303 
At fair value through profit or loss17,992 40,678 70,679 389,971 185,930 705,250 66,064 70,218 38,747 368,125 111,040 654,194 
Securities6,661 30,904 60,564 356,538 174,107 628,774 50,816 57,814 24,538 332,313 94,662 560,143 
Derivatives11,301 9,750 8,311 32,421 11,601 73,384 15,232 12,321 13,888 35,285 15,713 92,439 
Other financial assets30 24 1,804 1,012 222 3,092 16 83 321 527 665 1,612 
Financial liabilities746,216 232,628 153,323 902,936 150,635 2,185,738 777,435 217,860 153,291 745,329 152,728 2,046,643 
At amortized cost734,808 222,355 146,134 870,770 140,225 2,114,292 766,631 203,641 137,520 710,423 142,153 1,960,368 
Deposits378,615 90,880 57,871 567,747 19,369 1,114,482 382,252 90,133 53,767 503,422 25,167 1,054,741 
Securities sold under repurchase agreements329,271 31,537 2,500 35,140 36,159 434,607 322,797 21,378 1,458 5,279 37,875 388,787 
Interbank market funds25,455 96,811 77,530 199,063 7,311 406,170 56,173 87,015 74,950 148,059 6,097 372,294 
Institutional market funds908 2,747 7,768 65,385 77,386 154,194 5,005 5,057 6,971 50,500 73,014 140,547 
Other financial liabilities559 380 465 3,435 - 4,839 404 58 374 3,163 - 3,999 
At fair value through profit or loss11,408 10,273 7,189 32,166 10,410 71,446 10,804 14,219 15,771 34,906 10,575 86,275 
Derivatives11,408 10,199 6,988 32,049 9,116 69,760 10,775 14,179 15,626 34,756 10,077 85,413 
Structured notes- - - - 57 57 - - - 12 306 318 
Other financial liabilities- 74 201 117 1,237 1,629 29 40 145 138 192 544 
Difference assets / liabilities (1)
(186,647)242,351 171,654 92,825 236,146 556,329 (160,316)215,995 92,625 177,873 185,684 511,861 
Cumulative difference(186,647)55,704 227,358 320,183 556,329 (160,316)55,679 148,304 326,177 511,861 
Ratio of cumulative difference to total interest-bearing assets(6.8)%2.0%8.3%11.7%20.3%(6.3)%2.2%5.8%12.7%20.0%
1) The difference arises from the mismatch between the maturities of all remunerated assets and liabilities, at the respective period-end date, considering the contractually agreed terms.

II.I.II - Currency risk
The purpose of ITAÚ UNIBANCO HOLDING's management of foreign exchange exposure is to mitigate the effects arising from variation in foreign exchange rates, which may present high-volatility periods.
The currency (or foreign exchange) risk arises from positions that are sensitive to oscillations in foreign exchange rates. These positions may be originated by financial instruments that are denominated in a currency other than the functional currency in which the balance sheet is measured or through positions in derivative instruments (for negotiation or hedge). Sensitivity to currency risk is disclosed in the table VaR Total (Historical Simulation) described in item II.I – VaR Consolidated – ITAÚ UNIBANCO HOLDING.
II.I.III - Share Price Risk
The exposure to share price risk is disclosed in Note 5, related to Financial Assets through Profit or Loss - Securities, and Note 8, related to Financial Assets at Fair Value through Other Comprehensive Income - Securities.
III - Liquidity risk
Defined as the possibility that the institution may be unable to efficiently meet its expected and unexpected obligations, both current and future, including those arising from guarantees issued, without affecting its daily operations and without incurring significant losses.
Liquidity risk is controlled by an area independent from the business area and responsible for establishing the reserve composition, estimating the cash flow and exposure to liquidity risk in different time horizons, and for monitoring the minimum limits to absorb losses in stress scenarios for each country where ITAÚ UNIBANCO HOLDING operates. All activities are subject to verification by independent validation, internal control and audit areas.
F-107

Liquidity management policies and limits are based on prospective scenarios and senior management’s guidelines. These scenarios are reviewed on a periodic basis, by analyzing the need for cash due to atypical market conditions or strategic decisions by ITAÚ UNIBANCO HOLDING.
ITAÚ UNIBANCO HOLDING manages and controls liquidity risk on a daily basis, using procedures approved in superior committees, including the adoption of liquidity minimum limits, sufficient to absorb possible cash losses in stress scenarios, measured with the use of internal and regulatory methods.
Among the main regulatory liquidity indicators, the following indicators stand out:
Liquidity Coverage Ratio (LCR): can be defined as a sufficiency index over a 30-day horizon, measuring the available amount of assets available to honor potential liquid outflows in a stress scenario.
Net Stable Funding Ratio (NSFR): can be defined as an analysis of funding available for the financing of long-term assets.
Both metrics are managed by the liquidity risk area and they have limits approved by superior committees, as well as governance of action plans in possible liquidity stress scenarios.
Additionally, the following items for monitoring and supporting decisions are periodically prepared and submitted to senior management:
•Different scenarios projected for changes in liquidity.
•Contingency plans for crisis situations.
•Reports and charts that describe the risk positions.
•Assessment of funding costs and alternative sources of funding.
•Monitoring of changes in funding through a constant control of sources of funding, considering the type of investor, maturities and other factors.
III.I - Primary sources of funding
ITAÚ UNIBANCO HOLDING has different sources of funding, of which a significant portion is from the retail segment. Of total customers’ funds, 77.4% or R$ 1,296,985, is immediately available to customers. However, the historical behavior of the accumulated balance of the two largest items in this group – time deposit and interbank market funds - is relatively consistent with the balances increasing over time and inflows exceeding outflows for monthly average amounts.
Funding from customers12/31/202512/31/2024
0-30 daysTotal%0-30 daysTotal%
Deposits1,011,751 1,114,482 894,482 1,054,741 
Demand deposits135,383 135,383 8.1%124,920 124,920 8.0%
Savings deposits177,305 177,305 10.6%180,730 180,730 11.5%
Time deposits (1)
698,034 789,643 47.1%580,855 735,376 46.9%
Other1,029 12,151 0.7%7,977 13,715 0.9%
Interbank market funds (1)
284,186 406,170 24.3%189,700 372,294 23.7%
Funds from own issue (2)
- 2 -- 2 -
Institutional market funds1,048 154,194 9.2%5,163 140,547 9.0%
Total1,296,985 1,674,848 100.0%1,089,345 1,567,584 100.0%
1) The settlement date is considered as the closest period in which the client has the possibility of withdrawing funds.
2) Refers to Securities sold under repurchase agreements with securities from own issue.

III.II - Control over liquidity
Under the LCR metric, ITAÚ UNIBANCO HOLDING has High-quality Liquid Assets (HQLA) which totaled an average of R$ 389,723 in the period, mainly made up of sovereign securities, reserves in central banks and cash. Net cash outflows totaled an average of R$ 181,290 in the period, mainly made up of retail, wholesale funds, additional requirements, contractual and contingent obligations, offset by cash inflows from loans and other expected cash inflows.
F-108

The average LCR in the period is 215.0% (221.3% at 12/31/2024) above the 100% threshold, and therefore the entity comfortably has sufficient stable funds available to support losses under the standardized stress scenario for LCR.
From the NSFR perspective, ITAÚ UNIBANCO HOLDING has Available Stable Funding (ASF) that totaled R$ 1,499,680 in the period, mainly made up of capital, retail and wholesale funds. The required stable funding (RSF) totaled R$ 1,202,060 in the period, mainly made up of loans and financing granted to wholesale and retail clients, central governments, and operations with central banks.
The NSFR at the period closing is 124.8% (122.0% at 12/31/2024), above the 100% threshold, and therefore the entity comfortably has sufficient stable funds available to support the stable funds required in the long term, in accordance with the metric.
Liabilities according to their remaining contractual maturities, considering their undiscounted flows, are presented below:
Undiscounted future flows, except for derivatives which are fair value12/31/202512/31/2024
Financial liabilities0 – 3031 – 365366 – 720Over 720 daysTotal0 – 3031 – 365366 – 720Over 720 daysTotal
Deposits1,011,753 82,363 11,753 11,083 1,116,952 894,493 132,640 14,588 18,118 1,059,839 
Savings177,305 - - - 177,305 180,730 - - - 180,730 
Interbank410 10,602 824 2 11,838 1,497 1,451 3,848 770 7,566 
Time deposit698,034 71,761 10,929 11,081 791,805 580,855 131,189 10,740 17,348 740,132 
Demand135,383 - - - 135,383 124,920 - - - 124,920 
Other deposits621 - - - 621 6,491 - - - 6,491 
Central Bank of Brazil deposits(152,376)(11,403)(1,737)(1,759)(167,275)(137,510)(19,100)(1,564)(2,524)(160,698)
Savings(22,349)- - - (22,349)(30,763)- - - (30,763)
Time deposit(109,035)(11,403)(1,737)(1,759)(123,934)(84,567)(19,100)(1,564)(2,524)(107,755)
Demand(20,992)- - - (20,992)(22,180)- - - (22,180)
Securities sold under repurchase agreements351,460 34,833 2,639 151,901 540,833 352,257 23,772 572 77,597 454,198 
Government securities283,969 12,024 2,639 151,898 450,530 274,340 7,511 290 76,463 358,604 
Corporate securities34,569 22,636 - 3 57,208 27,191 15,642 282 1,134 44,249 
Foreign32,922 173 - - 33,095 50,726 619 - - 51,345 
Interbank market funds284,186 60,270 39,307 52,411 436,174 189,700 114,859 33,650 60,238 398,447 
Institutional market funds1,048 11,324 69,055 92,451 173,878 5,163 15,436 54,277 100,802 175,678 
Derivatives11,408 17,187 12,023 29,142 69,760 10,775 29,805 12,566 32,267 85,413 
Forward3,203 1,033 119 26 4,381 1,435 2 - 13 1,450 
Options513 3,951 1,496 2,442 8,402 3,902 14,825 1,065 796 20,588 
Swaps5,078 6,262 8,601 25,512 45,453 3,187 7,957 10,065 30,185 51,394 
Other derivatives2,614 5,941 1,807 1,162 11,524 2,251 7,021 1,436 1,273 11,981 
Other financial liabilities- 275 117 1,237 1,629 29 185 138 192 544 
Total financial liabilities1,507,479 194,849 133,157 336,466 2,171,951 1,314,907 297,597 114,227 286,690 2,013,421 
F-109

Off-balance commitments12/31/202512/31/2024
Note0 – 3031 – 365366 – 720Over 720 daysTotal0 – 3031 – 365366 – 720Over 720 daysTotal
Financial guarantees4,170 49,367 25,903 54,665 134,105 3,323 42,924 21,910 55,758 123,915 
Credit commitments and credits to be released274,961 60,573 17,518 228,712 581,764 192,814 53,056 19,647 234,297 499,814 
Contractual commitments - Fixed and Intangible assets13, 14- - - 1 1 - - - - - 
Total279,131 109,940 43,421 283,378 715,870 196,137 95,980 41,557 290,055 623,729 
IV - Emerging Risks
Defined as those newly identified with a potentially material impact on the business in the medium and long term, but for which there are not enough elements yet for their complete assessment, due to the number of factors and impacts not yet totally known, since they have no precedents and therefore have never been addressed in the past. Their causes may arise from external events and result in the emergence of new risks or in the intensification of risks already monitored by ITAÚ UNIBANCO HOLDING.
Once identified, these risks are monitored and reassessed annually or on demand until they cease to pose a risk or until they can be adequately measured, in which case the other steps of risk management are then followed.
This process is ensured by ITAÚ UNIBANCO HOLDING’s governance, allowing these risks to be also incorporated into risk management procedures. Geopolitical, Climate and Cyber risks that have or have already had aspects considered as emerging risks can be given as examples.
V - Social, Environmental and Climate Risks
Social, environmental and climate risks are the possibility of losses due to exposure to social, environmental and/or climatic events related to the activities developed by ITAÚ UNIBANCO HOLDING.
Social, environmental and climatic factors are considered relevant to the business of ITAÚ UNIBANCO HOLDING, since they may affect the creation of shared value in the short, medium and long term.
The Policy of Social, Environmental and Climatic Risks (Risks SAC Policy) establishes the guidelines and underlying principles for social, environmental and climatic risk management, addressing the most significant risks for the institution’s operation through specific procedures.
Actions to mitigate the Social, Environmental and Climatic Risks are taken based on the mapping of processes, risks and controls, monitoring of new standards related to the theme and recording of occurrence in internal systems. In addition to the identification, the phases of prioritization, response to risk, mitigation, monitoring and reporting of assessed risks supplement the management of these risks at ITAÚ UNIBANCO HOLDING.
In the management of Social, Environmental and Climatic Risks, business areas manage the risk in its daily activities, following the Risks SAC Policy guidelines and specific processes, with the support of specialized assessment from dedicated technical teams located in Credit, which serves the Wholesale segment, Credit Risk and Modeling, and Institutional Legal teams, that act on an integrated way in the management of all dimensions of the Social, Environmental and Climatic Risks related to the conglomerate’s activities. As an example of specific guidelines for the management of these risks, ITAÚ UNIBANCO HOLDING has specific governance for granting and renewing credit in senior approval levels for clients in certain economic sectors, classified as Sensitive Sectors (Mining, Steel & Metallurgy, Oil & Gas, Textiles Industry and Retail Clothing, Paper & Pulp, Chemicals & Petrochemicals, Agribusiness - Meatpacking, Agribusiness - Crop Protection and Fertilizers, Wood, Energy, Rural Producers and Real Estate), for which there is an individualized analysis of Social, Environmental and Climate Risks. The institution also counts on specific procedures for the Institution’s operation (stockholders’ equity, branch infrastructure, technology and suppliers), credit, investments and key controls. SAC Risks area, Internal Controls and Compliance areas, in turn, support and ensure the governance of the activities of the business and credit areas that serves the business. The Internal Audit acts on an independent manner, assessing risk management, controls and governance.
Governance also counts on the Social, Environmental and Climatic Risks Committee, whose main responsibility is to assess and deliberate about institutional and strategic matters, as well as to resolve on products, operations, services, among others involving the Social, Environmental and Climatic Risks.
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Climate Risk includes: (i) physical risks, arising from changes in weather patterns, such as increased rainfall, and temperature and extreme weather events, and (ii) transition risks, resulting from changes in the economy, as a result of climate actions, such as carbon pricing, climate regulation, market risks and reputational risks.
Considering its relevance, climate risk has become one of the main priorities for ITAÚ UNIBANCO HOLDING, which supports the Task Force on Climate-related Financial Disclosures (TCFD) and it is committed to maintaining a process of evolution and continuous improvement within the pillars recommended by the TCFD. With this purpose, ITAÚ UNIBANCO HOLDING is strengthening the governance and strategy related to Climate Risk and developing tools and methodologies to assess and manage these risks.
ITAÚ UNIBANCO HOLDING measures the sensitivity of the credit portfolio to climate risks by applying the Climate Risk Sensitivity Assessment Tool, developed by Febraban. The tool combines relevance and proportionality criteria to identify the sectors and clients within the portfolio that are more sensitive to climate risks, considering physical and transition risks. The sectors with the highest probability of suffering financial impacts from climate change, following the TCFD guidelines, are: energy, transport, materials and construction, agriculture, food and forestry products.
c) Capital Management Governance
ITAÚ UNIBANCO HOLDING is subject to the regulations of BACEN, which determines minimum capital requirements, procedures to obtain information to assess the global systemic importance of banks, fixed asset limits, loan limits and accounting practices, and requires banks to conform to the regulations based on the Basel Accord for capital adequacy. Additionally, CNSP and SUSEP issue regulations on capital requirements that affect our insurance operations and private pension and premium bonds plans.
The notes about capital were prepared in accordance with BACEN’s regulatory requirements and with internationally accepted minimum requirements according to the Bank for International Settlements (BIS).
I - Composition and Capital Adequacy
The Board of Directors is the body responsible for approving the institutional capital management policy and guidelines for the capitalization level of ITAÚ UNIBANCO HOLDING. The Board is also responsible for the full approval of the ICAAP (Internal Capital Adequacy Assessment Process) report, the purpose of which is to assess the capital adequacy of ITAÚ UNIBANCO HOLDING.
The result of the last ICAAP, which comprises stress tests – which was dated December 2024 – indicated that ITAÚ UNIBANCO HOLDING has, in addition to capital to cover all material risks, a significant capital surplus, thus assuring the solidity of the institution’s equity position.
In order to ensure that ITAÚ UNIBANCO HOLDING is sound and has the capital needed to support business growth, the institution maintains PR levels above the minimum level required to face risks, as demonstrated by the Common Equity Tier I, Tier I Capital and Total Capital ratios.
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12/31/202512/31/2024
Available capital (amounts)
Common Equity Tier 1 (CET 1)185,595 188,265 
Tier 1208,161 206,196 
Total capital (PR)228,589 227,602 
Risk-weighted assets (amounts)
Total risk-weighted assets (RWA)1,505,4751,379,056 
Risk-based capital ratios as a percentage of RWA
Common Equity Tier 1 ratio (%)12.3%13.7%
Tier 1 ratio (%)13.8%15.0%
Total capital ratio (%)15.2%16.5%
Additional CET1 buffer requirements as a percentage of RWA
Capital conservation buffer requirement (%)2.5%2.5%
Countercyclical buffer requirement (%)0.1%0.1%
Bank G-SIB and/or D-SIB additional requirements (%)1.0%1.0%
Total of bank CET1 specific buffer requirements (%)3.6%3.6%
At 12/31/2025, the amount of perpetual subordinated debt that makes up Tier I capital is R$ 21,543 (R$ 16,957 at 12/31/2024) and the amount of perpetual subordinated debt that makes up Tier capital II is R$ 19,034 (R$ 20,497 at 12/31/2024).
The Basel Ratio reached 15.2% at 12/31/2025, a reduction of 1.3 p.p. in relation to that calculated at 12/31/2024. The variation reflects the effects of interest payments on capital and additional dividends, share repurchase and growth in risk-weighted assets, offset by the positive impact of income in the period.
Additionally, ITAÚ UNIBANCO HOLDING has a surplus over the required minimum Total capital of R$ 108,151 (R$ 117,278 at 12/31/2024), well above the Capital Buffer requirement of R$ 53,686 (R$ 49,049 at 12/31/2024), widely covered by available capital.
The fixed assets ratio indicates the commitment percentage of adjusted Total capital with adjusted permanent assets. ITAÚ UNIBANCO HOLDING falls within the maximum limit of 50% of adjusted Total capital, established by BACEN. At 12/31/2025, fixed assets ratio reached 19.4% (18.5% at 12/31/2024), showing a surplus of R$ 69,887 (R$ 71,704 at 12/31/2024).
II - Risk-Weighted Assets (RWA)
For calculating minimum capital requirements, RWA must be obtained by taking the sum of the following risk exposures:
•RWACPAD = portion related to exposures to credit risk, calculated using standardized approach.
•RWACIRB = portion related to exposures to credit risk, calculated according to internal credit risk rating systems (IRB - Internal Ratings-Based approaches), authorized by the Central Bank of Brazil.
•RWAMPAD = portion related to the market risk capital requirement, calculated using standardized approach.
•RWAMINT = portion related to the market risk capital requirement, calculated according to internal model approaches, authorized by the Central Bank of Brazil.
•RWAOPAD = portion related to the operational risk capital requirement, calculated using standardized approach.
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RWA
12/31/202512/31/2024
Credit risk (excluding counterparty credit risk)1,199,103 1,108,011 
Of which: standardized approach for credit risk1,119,760 1,038,238 
Of which: foundation internal rating-based approach (F-IRB)- - 
Of which: advanced internal rating-based approach (A-IRB)79,343 69,773 
Counterparty credit risk (CCR)29,789 44,837 
Of which: standardized approach for counterparty credit risk (SA-CCR)20,340 35,148 
Of which: other CCR9,449 9,689 
Equity investments in funds - look-through approach6,433 4,667 
Equity investments in funds - mandate-based approach- - 
Equity investments in funds - fall-back approach1,109 716 
Securitization exposures in banking book12,838 9,242 
Market Risk50,248 43,189 
Of which: standardized approach (RWAMPAD)
61,438 52,643 
Of which: internal models approach (RWAMINT)
30,685 28,471 
Operational Risk143,006 112,827 
Payment Services risk (RWASP)
NANA
Amounts below the thresholds for deduction62,949 55,567 
Total1,505,475 1,379,056 
III - Recovery Plan
In response to the latest international crises, the Central Bank published CMN Resolution No. 5,187/24, which requires the development of a Recovery and exit planning (PRSO) by financial institutions within Segment 1, with total exposure to GDP of more than 10%. This plan aims to reestablish adequate levels of capital and liquidity above regulatory operating limits in the face of severe systemic or idiosyncratic stress shocks. In this way, each institution could preserve its financial viability while also minimizing the impact on the National Financial System.
IV - Stress testing
The stress test is a process of simulating extreme economic and market conditions on ITAÚ UNIBANCO HOLDING’s results, liquidity and capital. The institution has been carrying out this test in order to assess its solvency in plausible scenarios of crisis, as well as to identify areas that are more susceptible to the impact of stress that may be the subject of risk mitigation.
For the purposes of the test, the economic research area estimates macroeconomic variables for each stress scenario. The elaboration of stress scenarios considers the qualitative analysis of the Brazilian and the global conjuncture, historical and hypothetical elements, short and long term risks, among other aspects, as defined in CMN Resolution No. 4,557/17.
In this process, the main potential risks to the economy are assessed based on the judgment of the bank's team of economists, endorsed by the Chief Economist of ITAÚ UNIBANCO HOLDING and approved by the Board of Directors. Projections for the macroeconomic variables (such as GDP, basic interest rate, exchange rates and inflation) and for variables in the credit market (such as raisings, lending, rates of default, spread and fees) used are based on exogenous shocks or through use of models validated by an independent area.
Then, the stress scenarios adopted are used to influence the budgeted result and balance sheet. In addition to the scenario analysis methodology, sensitivity analysis and the Reverse Stress Test are also used.
ITAÚ UNIBANCO HOLDING uses the simulations to manage its portfolio risks, considering Brazil (segregated into wholesale and retail) and External Units, from which the risk-weighted assets and the capital and liquidity ratios are derived.
The stress test is also an integral part of the ICAAP, the main purpose of which is to assess whether, even in severely adverse situations, the institution would have adequate levels of capital and liquidity, without any impact on the development of its activities.
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This information enables potential offenders to the business to be identified and provides support for the strategic decisions of the Board of Directors, the budgeting and risk management process, as well as serving as an input for the institution’s risk appetite metrics.
V - Leverage Ratio
The Leverage Ratio is defined as the ratio between Tier I Capital and Total Exposure, calculated according to BACEN Circular 3,748, which minimum requirement is 3%. The ratio is intended to be a simple measure of non-risk-sensitive leverage, and so it does not take into account risk weights or risk mitigation.
d) Management risks of insurance contracts and private pension
I - Management structure, roles and responsibilities
ITAÚ UNIBANCO HOLDING has specific committees, whose assignment is to define and establish guidelines for the management of funds from insurance contracts and private pension, with the objective of long-term profitability, and to establish assessment models, risk limits and resource allocation strategies in defined financial assets.
II - Underwriting risk
In addition to the risks inherent in financial instruments related to insurance contracts and private pension, operations carried out at ITAÚ UNIBANCO HOLDING cause exposure to underwriting risk.
Underwriting risk is the risk of significant deviations in the methodologies and/or assumptions used for pricing products that may adversely affect ITAÚ UNIBANCO HOLDING, which may be consummated in different ways, depending on the product offered:
(i)Insurance: results from the change in risk behavior in relation to the increase in the frequency and/or severity of claims incurred, contrary to pricing estimates.
(ii)Private Pension: is observed in the increase in life expectancy or deviation from the assumptions adopted in the estimates of future cash flows.
The measurement of exposure to underwriting risk is based on the analysis of the actuarial assumptions adopted in the recognition of liabilities and pricing of products through i) monitoring the evolution of equity required to mitigate the risk of insolvency or liquidity; ii) follow-up of portfolios, products, and coverage, from the perspective of results, adherence to expected rates and expected behavior of loss ratio.
Exposure to underwriting risk is managed and monitored in accordance with risk appetite levels approved by Management and is controlled using indicators that allow the creation of stress scenarios and simulations of the portfolio.
II.I Risk Concentrations
ITAÚ UNIBANCO HOLDING's insurance and private pension operations are mainly related to death and survivorship coverage.
II.II - Sensitivity analysis
The sensitivity analysis considers a vision impacts caused by changes in assumptions, which could affect the income and stockholders’ equity at the report date. This type of analysis is usually conducted under the ceteris paribus condition, in which the sensitivity of a system is measured when one variable of interest is changed and all the others remain unchanged. The results obtained are shown in the table below:
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AssumptionsImpact in incomeImpact in stockholders’ equity
InsurancePrivate pensionInsurancePrivate pension
Discount rate
0.5 p.p. increase- (48)57 430 
0.5 p.p. decrease- 33 (62)(460)
Biometric tables
5% increase(15)39 - - 
5% decrease15 (41)- - 
Claims
5% increase(31)- - - 
5% decrease31 - - - 
III - Liquidity risk
Liquidity risk management for insurance and private pension operations is performed on an ongoing basis, based on monitoring the flow of payments related to its liabilities, the flow of receipts generated by operations and the portfolio of financial assets.
Financial assets are managed with the purpose of optimizing the relationship between risk and return on investments, considering the characteristics of their liabilities. Accordingly, investments are concentrated in government and corporate securities with good credit quality in active and liquid markets, keeping a considerable amount invested in short-term assets, with immediate liquidity, to meet regular and contingent liquidity needs. In addition, ITAÚ UNIBANCO HOLDING constantly monitors the solvency conditions of its operations.
Below is a maturity analysis of estimated discounted future cash flows from insurance contracts and private pension, considering assumptions of inflows, outflows and discount rates (Note 27c):
Period12/31/202512/31/2024
InsurancePrivate pensionTotalInsurancePrivate pensionTotal
1 year(519)12,001 11,482 (159)13,469 13,310 
2 years(342)12,553 12,211 (295)13,538 13,243 
3 years(223)12,926 12,703 (194)12,380 12,186 
4 years(104)13,177 13,073 (91)12,219 12,128 
5 years7 13,281 13,288 1 12,178 12,179 
Over 5 years1,075 257,752 258,827 884 215,436 216,320 
Total (1,2)
(106)321,690 321,584 146 279,220 279,366 
1) Refers to (inflows) and outflows of cash flows related to insurance contracts and private pension.
2) For better presentation and comparability, comparative balances have been reclassified according to current criteria.

ITAÚ UNIBANCO HOLDING holds R$ 343,066 (R$ 295,823 at 12/31/2024) referring to amounts that are payable or demand, which represent contributions made by insured parties that can be redeemed at any time. All these amounts refer to contracts issued that are liabilities, and no group of contracts was in asset position in the period.
IV - Credit risk
The credit risk arising from insurance contract premiums is not material, as cases with unpaid coverage are canceled after 90 days.
Reinsurance operations are controlled through an internal policy, observing the regulator's guidelines regarding the reinsurers with which ITAÚ UNIBANCO HOLDING operates.
Taking out reinsurance is subject to an assessment of the reinsurer's credit risk and the operational limits for its consummation, and monitoring is carried out during the effectiveness to identify signs of deterioration that lead to changes in the analyzes conducted.
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Note 33 - Supplementary information
a) Supplementary Law No. 224/25

Published on December 26, 2025, it establishes the increase of the rate of CSLL, producing effects as from April 1, 2026, as follows:
• Payment Institutions - increase from 9% to 12% until December 31, 2027, and to 15% as from January 1, 2028.
• Legal Entities of Capitalization and Credit, Financing and Investment Companies - increase from 15% to 17.5% until December 31, 2027 and to 20% as from January 1, 2028.
This regulation brought effects in Deferred taxes in the Consolidated Financial Statements of ITAÚ UNIBANCO HOLDING in the period ended December 31, 2025.
b) Financeira Itaú CBD S.A. and Banco Investcred Unibanco S.A.

On December 5, 2025, ITAÚ UNIBANCO HOLDING entered into an agreement for the purchase of ownership interest currently held, either directly or indirectly, by Companhia Brasileira de Distribuição and by Grupo Casas Bahia S.A. in the controlled company Financeira Itaú CBD S.A. - Crédito, Financiamento e Investimento, for approximately R$526.
Two years from the closing of the agreement, ITAÚ UNIBANCO HOLDING will acquire the ownership interest indirectly held by Sendas Distribuidora S.A. in the controlled company Banco INVESTCRED Unibanco S.A., for approximately R$260, and will hold the investee’s total capital.
Effective acquisitions and financial settlements will occur after the necessary regulatory approvals.
Note 34 - Subsequent event
Avenue Holding Cayman Ltd
On January 30, 2026, ITAÚ UNIBANCO HOLDING, through its subsidiary ITB Holding Brasil Participações Ltda., acquired an additional 17.2% ownership interest in Avenue Holding Cayman Ltd and started holding control of the company with a 50.1% ownership in total capital. The acquisition results from the second stage of the agreement for the purchase and sale of shares entered into in July 2022.
Effective acquisitions and financial settlements occurred after the required regulatory approvals.

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What is the market capitalization of a company?

The market capitalization sometimes referred as Marketcap, is the value of a publicly listed company.
In most cases it can be easily calculated by multiplying the share price with the amount of outstanding shares.

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