Itaú Unibanco Holding S.A. Q4 FY2025 earnings call

• Client centricity, cultural and digital transformation ongoing. • Risk management as competitive advantage, integrated across business areas. • Strict capital allocation discipline. • Technology platform modernization with decommissioning of legacy systems and cloud-based data mesh. • Strategic cost management with efficiency ratio improving. • Stakeholder satisfaction: eNPS 83, consolidated NPS record highs. • Retail banking: migrated 15M clients to Super App, strong product launches. • Insurance: recurring results up 130% from 2021. • Corporate: BRL 1T transaction volume in acquiring, market leadership in fixed income. • Wholesale: leadership in various areas, Infrastructure and Energy segment growth. • Wealth Management: BRL 4.1T assets under management, open platform growth.

The loan portfolio grew by 40% during the period. ROE rose from 19.3% in 2021 to 23.4% in 2025. Efficiency ratio improved from 44% to 38.8%. Net income was BRL 46.8 billion in 2025 with value creation of BRL 18.5 billion. Loan portfolio reached BRL 1,490.8 billion. Net interest margin with clients grew 8.6% year-over-year. Services and insurance totaled BRL 15.6 billion. Efficiency ratio was 38.9% consolidated and 36.9% in Brazil.

• 2026 total credit portfolio growth expected 5.5%-9.5%, Brazil 6.5%-10.5%. • Net interest income with clients growth 5%-9%, market NII BRL 2.5B-BRL 5.5B. • Cost of credit BRL 38.5B-BRL 43.5B. • Commissions, fees and insurance growth 5%-9%. • Noninterest expenses growth 1.5%-5.5%. • Effective tax rate 29.5%-32.5%.

• Macroeconomic uncertainties, including election-related volatility. • Interest rate changes impacting portfolio and margins. • Competition from incumbent peers and fintechs. • Potential impact on delinquency if interest rates don't adjust as expected.

Q: Concerns about profitability and capital leverage.

A: ROI expected to remain strong, capital allocation disciplined with buffer for flexibility.

Q: Efficiency and future investments.

A: Investments in technology to drive productivity and growth, mix of investments in new businesses and process improvement.

Q: Credit growth guidance and segments.

A: Growth guidance reflects uncertainty, segments expected to grow with quality and discipline.

Q: Delinquency and 2026 outlook.

A: Delinquency indicators well behaved, no major concerns but dynamic scenario possible.

Q: AI impact on costs and revenues.

A: AI to drive efficiency and revenue growth through improved client experience and scalability.

Q: Government programs and AI potential.

A: Government programs like FGI impact, AI as key enabler for future growth.