Itaúsa S A : Earnings Document

LEGAL NOTICE

DISCLAIMER

This presentation may contain certain statements expressing beliefs and trends related to Itaúsa S.A. ("Itaúsa" or "Company") and its subsidiaries, which reflect the current views and / or expectations of Itaúsa and its management regarding its business and future events that, although considered reasonable by the Company based on public information, might be incorrect or inaccurate or may not occur.

This is because a number of material factors might cause actual results to differ materially from any plans, objectives and expectations expressed or implied herein, many of which are beyond Itaúsa's control.

This presentation is updated to this present date and the Company undertakes no obligation to update or revise it whether as a result of new information, future events or any other reasons whatsoever.

The Company will not be liable for any transactions or investment decisions made in reliance on the information contained herein, which may contain pro forma information that may not have been audited.

The statements and information on the trends reported herein are no guarantee of performance. This presentation is not intended as an offering material for subscription or purchase of the Company's securities.

The accounting information included herein is under IFRS.

AGEN DA

01 02 03

BUSINESS	2023	CAPITAL ALLOCATION
ENVIRONMENT	EARNINGS	AND LIQUIDITY

MANAGEMENT

04 05 06

SHAREHOLDERS'	FINAL	Q&A
REMUNERATION	REMARKS	SESSION

01

BUSINESS

ENVIRONMENT

01	MACRO SCENARIO
	BETTER PERSPECTIVES

Brazilian GDP1Selic2IPCA1

2023 2.9%	11.75% p.y.	4.6%
(▼0.1 p.p. vs. 2022)	(▼2.0 p.p. vs. 2022)	(▼1.2 p.p. vs. 2022)

2024e	2.0%	9.25% p.y.	3.6%
	(▼0.9 p.p. vs. 2023)	(▼2.5 p.p. vs. 2023)	(▼1.0 p.p. vs. 2023)

LOWER		INTEREST RATE		CONTROLLED
GROWTH		FALLING CYCLE		INFLATION

1. 2023: IBGE. 2024e: Itaú BBA's projections (Mar/2024).
2. At the end of the period. 2024e: Itaú BBA's projections (Mar/2024).

01 RECORDRECURRING PROFIT

2023 Profit¹

R$13.5 bn

▼1.5% vs. 2022

ROE

17.4% p.y.

▼2.5 p.p. vs. 2022

Recurring

Profit

R$14.1 bn

• 3% vs. 2022

Recurring

ROE

18.3% p.y.

▼1.7 p.p. vs. 2022

Stockholders'

Equity

R$83.0 bn

▲14% vs. 12.31.2022

Portfolio Market

Value²

R$136.5 bn

▲34% vs. 12.31.2022

1. Impacted by non-recurring events that totaled R$ 666 million in 2023.
2. Sum of the market value as of 12.31.2023 of the shares in listed companies, the investment value (Copa Energia, Aegea) and fair value (NTS) recorded in the Balance Sheet as of 12.31.2023.

01	STOCKS' PERFORMANCE
	ITSA4 OVERCOMES IBOVESPA

12 months²

2023

5 years²

10 years²

ITSA4¹	45.0%	37.0%	35.0% 311.1%

IBOVESPA	23.0%	22.3%	35.0% 174.0%

(1) Adjusted by dividends. (2) Closing price as of 02.29.2024. Source: Economática.

01	EXCESSIVE DISCOUNT
	DOES NOT REFLECT THE

PORTFOLIO VALUE

Portfolio	R$ 123.9
Market
Value	billion

Itaúsa's

Market

Cap

R$ 12.5

billion

Other

investees¹

Discount

22.0%

R$ 136.4

billion

R$ 106.4

billion

1. Includes Itaúsa's other assets and liabilities. Unlisted investees are considered at book value or fair value.
2. As of February 29, 2024.

01 PORTFOLIOVALUE CREATION

TSR¹: TOTAL SHAREHOLDER RETURN

EBITDA CAGR4

311%	333	%	378%		196%	75%
	10 years2	Since acquisition3	Since acquisition3	2021 to 20234
CDI		IBOV	CDI	IBOV	CDI	IBOV
142%		174%	67%	96%	35%	10%

1. TSR (Total Shareholder Return) = ((Final Price - Initial Price) + Dividends) / Initial Price.
2. Itaúsa and Itaú Unibanco: from 02.28.2014 to 02.29.2024. Source: Economática.
3. NTS: from 04.04.2017 to 12.31.2023. Copa Energia: from 12.23.2020 to 02.29.2024. To calculate Copa Energia's TSR, we considered the average of the market multiples (EV/EBITDA) of benchmark companies.
4. Aegea's 2023 EBITDA incorporates Corsan's last 12 months results.

02

EARNINGS

2023