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Group 1 - The analyst reiterates a buy recommendation for Itaú (NYSE: ITUB) shares, indicating confidence in the company's performance [1] - This report continues from an initial coverage article published on April 18, 2024, and the last article was published on May 12, 2025, suggesting ongoing analysis and monitoring of the company [1] - The analyst has over 5 years of experience in equity analysis in Latin America, providing in-depth research and insights for informed investment decisions [1]

Group 1 - The earnings conference call for Itaú Unibanco Holding S.A. for Q2 2025 took place on August 6, 2025, at 9:00 AM ET [1] - Gustavo Lopes Rodrigues, the Director of Investor Relations, introduced the conference and mentioned that CEO Milton Maluhy Filho would present the performance overview [2] - The conference included a Q&A session allowing analysts and investors to interact directly with the company representatives [2] Group 2 - The conference provided multiple audio options for participants, including Portuguese, English, and original audio, with simultaneous translation available for the first two [3]

itaú Risk and Capital Management - Pillar 3 Second Quarter of 2025 Itaú Unibanco Holding S.A. | Objective | 1 | | --- | --- | | Key indicators | 1 | | Prudential Metrics and Risk Management | 2 | | KM1: Key metrics at consolidated level | 2 | | OVA: Bank risk management approach | 4 | | Scope and main characteristics of risk management | 4 | | Risk and Capital Governance | 5 | | Ituber Culture | 6 | | Risk Appetite | 6 | | Stress Testing | 7 | | Recovery and Resolution Plan | 8 | | Capital Adequacy Assessme ...

Core Insights - Itau Unibanco Holding S.A. (ITUB) reported recurring managerial results of R$21.7 billion ($3.94 billion) for the first half of 2025, reflecting an 8% year-over-year increase driven by higher revenues and an increase in managerial financial margin, despite rising non-interest expenses acting as a negative factor [1][10] Financial Performance - Operating revenues for the reported quarter reached R$88.1 billion ($16 billion), marking a 1% year-over-year increase [2] - The managerial financial margin increased by 12.7% year-over-year to R$61.5 billion ($11.2 billion), while commissions and fees declined by 2% year-over-year to R$22.7 billion ($4.1 billion) [2][10] - Non-interest expenses totaled R$32.3 billion ($5.8 billion), up 9.6% year-over-year, primarily due to investments in technology [2][10] Efficiency and Credit Metrics - The efficiency ratio improved to 38.4%, down 10 basis points from the first half of 2024, indicating increased profitability [3] - The cost of credit charges rose by 5.3% year-over-year to R$17.4 billion ($3.1 billion) [3] Balance Sheet Overview - As of June 30, 2025, total assets increased nearly 1% to R$2.87 trillion ($522.8 billion) compared to the previous year [4] - Liabilities, including deposits and borrowings, also rose by 1% to R$2.65 trillion ($483.1 billion) [4] - The credit portfolio, including private securities and financial guarantees, grew by 7% to R$1.4 trillion ($252.3 billion) [5] Capital and Profitability Ratios - The Common Equity Tier 1 ratio remained stable at 13.1% as of June 30, 2025 [6] - The annualized recurring managerial return on average equity was 21%, slightly down from 21.1% in the first half of 2024 [6] Overall Assessment - The first-half results were positively influenced by a rise in the managerial financial margin and a declining efficiency ratio, indicating improved profitability [7] - Growth in the credit portfolio is a positive sign, but the decline in commissions and fees, along with rising expenses, presents ongoing concerns [7]

Itaú Unibanco (ITUB) Q2 2025 Earnings Call August 06, 2025 09:00 AM ET Company ParticipantsGustavo Rodrigues - IR Director & Investor Relations OfficerMilton Maluhy Filho - President & CEOTito Labarta - Vice PresidentGabriel Amado de Moura - CFO & Member of Executive CommitteeNicolas Riva - DirectorCarlos Gomez-Lopez - Head - LatAm Financial InstitutionsGustavo RodriguesHello. Good morning everyone. My name is Gustavo and it's a pleasure to have you with us for our 2025 earnings video conference. As always ...

Financial Data and Key Metrics Changes - The company reported a net income of R11.5 billion, representing a 3.4% increase quarter over quarter and a 14.3% increase year over year [5] - The consolidated Return on Equity (ROE) reached 23.3%, expanding both quarter over quarter and year over year, with Brazil's ROE at 24.4% [6] - Net Interest Income (NII) with clients increased by 3.1% over the previous quarter and 15.4% year over year, while the Net Interest Margin (NIM) expanded to 9.2% on a consolidated basis [7][20] Business Line Data and Key Metrics Changes - The individual loan book grew by 8.0% year over year and 0.7% in the quarter, with credit card loans increasing by 1.6% quarterly [9] - The mortgage loan book grew by 2.1% in the quarter and 17.2% year over year, while the SME loan portfolio grew by 0.8% in the quarter [13] - The finance credit card portfolio grew by 5.4% in the quarter and 6.1% year over year, with 100% of annual growth coming from the Uniclass and Personality segments [15] Market Data and Key Metrics Changes - The total credit portfolio grew by 0.4% in the quarter, and excluding foreign exchange impacts, it would have grown by 1.3% [14] - The loan book in Brazil grew by 1%, while in Latin America, the portfolio declined by 2.3% due to the appreciation of the Brazilian real against other currencies [13] Company Strategy and Development Direction - The company is focused on digital acceleration and the One Itau initiative, with over 10 million clients migrated to the platform and a Net Promoter Score (NPS) of 80 points [44] - The strategy emphasizes a holistic view of client relationships rather than merely increasing market share, focusing on delivering value through personalized offerings [60] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the bank's ability to generate capital organically and maintain strong credit quality despite potential increases in non-performing loans (NPL) [32] - The company reaffirmed its guidance for credit portfolio growth and updated expectations for NII with clients' growth to between 11% and 14% [41][42] Other Important Information - The company reported an 8.7% increase in non-interest expenses in Brazil compared to the previous year, with personnel and transactional expenses well controlled [37] - The efficiency ratio improved to 36.4% in Brazil for the first half of 2025, down from 37% in 2024, indicating better operational efficiency [39] Q&A Session Summary Question: Discussion on market share and strategy - Management emphasized that market share is a consequence of focusing on the right clients and providing a holistic view of relationships rather than a primary objective [60] Question: Initiatives for finance credit portfolio growth - Management highlighted the importance of product offerings and client journey improvements, noting that the finance credit card portfolio is expanding due to personalized offerings [66] Question: Extraordinary expenses and efficiency targets - Management clarified that the extraordinary expenses were non-recurring and part of a broader strategy to improve efficiency and digital transformation [75] Question: Stabilization of checking account revenue - Management acknowledged the decline in checking account revenue but emphasized strong transactionality in retail and the need to re-signify service packages [86] Question: Profitability of wholesale vs retail segments - Management noted that retail profitability is improving due to better credit management and digital initiatives, while wholesale profitability remains strong [99]

São Paulo, August 6th 2025 1 Highlights | | | 2Q25 | | | | 2Q25 | | | --- | --- | --- | --- | --- | --- | --- | --- | | Recurring Managerial | | R$11.5 billion | | Recurring Managerial | Consolidated | 23.3% 0.8 p.p. | | | | | | | | | vs 1Q25 0.9 p.p. | vs 2Q24 | | Result | | 3.4% vs. 1Q25 | 14.3% vs. 2Q24 | ROE¹ | Brazil | | | | | | | | | | 24.4% | | | | | | | | | 0.7 p.p. vs 1Q25 0.8 p.p. | vs 2Q24 | | | | | 2Q25 | | | 2Q25 | | | Margin with | | | R$30.3 | Annualized | Consolidated | 9.2% | | | Clients | ...

| 2025 Forecast | Consolidated | Reviewed | | --- | --- | --- | | Total credit portfolio¹ | Growth between 4.5% and 8.5% | Maintained | | Financial margin with clients | Growth between | Growth between | | | 7.5% and 11.5% | 11.0% and 14.0% | | Financial margin with the market | Between | Maintained | | | R$1.0 bn and R$3.0 bn | | | Cost of credit² | Between R$34.5 bn and R$38.5 bn | Maintained | | Commissions and fees and results | Growth between | | | from insurance operations³ | 4.0% and 7.0% | Maintaine ...

Core Viewpoint - Bancolombia (CIB) and Banco Itau (ITUB) are both considered as potential undervalued stocks in the foreign banking sector, with a focus on their valuation metrics to determine the better investment option [1]. Valuation Metrics - CIB has a forward P/E ratio of 6.81, while ITUB has a forward P/E of 8.60, indicating that CIB may be more undervalued [5]. - The PEG ratio for CIB is 0.96, compared to ITUB's PEG ratio of 0.97, suggesting that both companies have similar expected EPS growth rates [5]. - CIB's P/B ratio is 1.26, while ITUB's P/B ratio is 1.88, further supporting the notion that CIB is the more attractive value option [6]. Earnings Outlook - Both CIB and ITUB currently hold a Zacks Rank of 2 (Buy), indicating positive earnings estimate revisions and improving earnings outlooks [3][6]. - CIB has been assigned a Value grade of B, while ITUB has a Value grade of D, highlighting CIB's superior valuation metrics [6].