Itausa Investimentos ITAU SA
(BSP:ITSA3)
R$
12.95
+0.35 (+2.78%)
Market Cap: 141.83 Bil
Enterprise Value: 151.66 Bil
PE Ratio: 8.00
PB Ratio: 1.55
GF Score: 78/100 
Q2 2026 Itausa SA Earnings Call Transcript
Aug 11, 2026 / 01:00PM GMT
Release Date Price:
R$12.72
(-3.85%)
Key Points
Positve
- Itausa Investimentos ITAU SA (BSP:ITSA3) reported record results with recurring net revenue of BRL8.8 billion, a 12% growth, and an ROE of 19.3%, demonstrating portfolio resilience in a challenging economic environment.
- The company's shares have consistently outperformed market benchmarks, with a 15.4% gain year-to-date versus the IBOVESPA, and the discount to net asset value narrowed from 26.1% to 19.5% in the first half of 2026.
- The end of PIS/COFINS tax inefficiency in 2027 is expected to eliminate an annual expense of BRL860 million, freeing up cash flow for potential reinvestment or increased shareholder returns.
- Non-financial sector investments delivered robust growth, with recurring results up 34% to BRL600 million, driven by strong contributions from Copa Energia, NTS, and ALPARGATAS, which saw a 60% profit increase.
- The company maintains a healthy balance sheet with a net debt of only BRL1.2 billion, an average debt maturity of seven years, and a AAA credit rating, providing ample liquidity for strategic investments like the recent BRL1.2 billion in Aegea.
- Itausa Investimentos ITAU SA (BSP:ITSA3) declared BRL2.8 billion in proceeds in the first half, maintaining a high dividend yield of 10%, one of the most attractive on B3.
Negative
- The macroeconomic environment in Brazil remains challenging, with slow economic growth, high interest rates, and reduced family consumption due to high indebtedness, which is expected to persist into 2027.
- The company's financial result worsened in the period due to lower cash profitability, a result of cash usage for capital allocation and the anticipation of dividends, which increased net debt slightly to BRL1.2 billion.
- NTS reported a 16% drop in results due to the temporary ending of contracts under worse conditions and the deflationary impact of IGP-M on tariffs, though revenue remained robust at BRL1.5 billion.
- Dexco continues to face challenges from a retracted construction market, with leverage still high at 2.7 times net debt/EBITDA, though the company is working to reduce it to 2.5 times by year-end.
- The potential IPO of Aegea remains uncertain due to difficult market conditions, and the company's high leverage, characteristic of the sector, may require further capital injections, though Itausa Investimentos ITAU SA (BSP:ITSA3) is using its own cash flow.
- The company is not currently studying a share buyback program, and the practice of retaining non-financial proceeds to cover holding costs limits immediate additional shareholder distributions, with potential changes only from 2028 onwards.
Priscila Grecco Toledo
Itausa SA - Management and Finance Officer
Good morning, everyone. Welcome to another edition of resultados Itaúsa.
I am the CFO of Itaúsa, Priscila Grecco Toledo. And it is a pleasure to be with you for the discussion of the first semester of 2026, and talking about the perspectives for the second semester, and, of course, answering your questions.
To run this live alongside me, we have Alfredo Setubal, our CEO and, also, IR director. Welcome, Alfredo.
Alfredo Egydio Setubal
Itausa SA - Chief Executive Officer, Investor Relations Officer
Good morning. Good morning to the investors, shareholders.
Let us have a nice event. Lots of news.
Priscila Grecco Toledo
Itausa SA - Management and Finance Officer
Before going, the agenda, we have the simultaneous translation into English. (Event Instructions) Please take part.
We will start the agenda with our presentation and a brief update on the business environment, getting Alfredo's opinion on the scenario
Already have an account? Log in
Get the full story
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
7-Day Free Trial · Cancel Anytime
Subscription fee may be tax deductible.
Excellent 
4.6 out of 5 
Trustpilot
Trustpilot
Survey
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
Follow Us
Disclaimers