BRAZIL · COMPANIES
Key Facts
- The company Itaúsa is a Brazilian holding company with a large stake in the bank Itaú Unibanco.
- What happened Itaúsa reported profit before one-off items of R$5.062 billion (about US$919 million) for the third quarter.
- The change That is 25% above the third quarter of 2025 and a record, the company says.
- The driver The bank’s contribution rose 15%, while non-bank holdings more than doubled, led by the gas pipeline firm NTS.
- Power Index Brazil ranks 1st of 14 in The Rio Times Latin America Power Index, with 74.2 points (November 2026 edition).
Itaúsa, the investment company behind Brazil’s largest private bank, posted a record quarterly recurring profit on Monday 9 November 2026. Its recurring net income, meaning profit before one-off items, reached R$5.062 billion (about US$919 million), up 24.8% from R$4.057 billion (about US$736 million) a year earlier, a record by the company’s own count.
For US readers, Itaúsa is a way to own Itaú Unibanco, whose American depositary receipts (US-traded shares of a foreign company) trade on the New York Stock Exchange, plus a basket of Brazilian industry. The result shows how much of that basket now earns money outside banking.
What Happened
Itaúsa filed its third-quarter management report on Monday 9 November 2026. Recurring profit grew 24.8% to R$5.062 billion, and return on equity (profit as a share of shareholders’ capital) rose to 21.1% a year from 17.8%.
Reported net income, which includes one-offs, was R$4.955 billion (about US$899 million), up 19.6% from a restated base. Over nine months, recurring profit reached R$13.859 billion (about US$2.5 billion), 16.3% above the same period of 2025.
Where the Profit Came From
Itaú Unibanco, the bank, contributed R$4.693 billion (about US$852 million) to the quarter, 14.9% more than a year earlier. That is still about nine of every ten reais earned by its holdings.
The non-financial holdings added R$593 million (about US$108 million), up 121.7% from R$267 million (about US$48 million). The gas pipeline operator NTS, Nova Transportadora do Sudeste, rose to R$213 million (about US$39 million) from R$84 million (about US$15 million), helped by a higher accounting value, called fair value, for the asset.
Aegea, a water and sanitation company, swung to a R$158 million profit (about US$29 million) from a small loss. Itaúsa says that included positive effects from a capital increase in August, when it put in R$732 million (about US$133 million) and lifted its stake from 13.3% to 14.0%.
The Smaller Holdings
Copa Energia, a cooking-gas distributor, contributed R$96 million (about US$17 million), and Motiva, a toll road and infrastructure operator, R$78 million (about US$14 million). Alpargatas, the maker of Havaianas sandals, added R$55 million (about US$10 million).
Dexco, a maker of wood panels and bathroom fittings, was the only holding with a loss, of R$10 million (about US$2 million). Itaúsa blamed high financing costs and a negative effect from the value of its biological assets, mainly forests.
Why It Matters
Itaúsa’s market value stood at R$163.6 billion (about US$29.7 billion) on 30 September, 30% above a year earlier. The company says its portfolio was worth R$199.2 billion (about US$36.2 billion), which means the holding trades at a discount of 17.9% to its parts.
The holding’s net debt rose 29% to R$901 million (about US$164 million), partly because of the Aegea capital increase. The ratings agencies Moody’s and Fitch both reaffirmed its AAA credit rating, in September and October.
What It Means for You
If you own Itaú Unibanco through US-traded shares, the result shows the bank’s contribution to Itaúsa growing at a double-digit pace despite high Brazilian interest rates. Itaúsa’s own shares trade on B3, São Paulo’s stock exchange, so US investors usually get exposure through the bank or through Brazil-focused funds.
The converted figures use about R$5.51 per US dollar, the rate on 10 November 2026. A weaker real would shrink these dollar values, and a stronger one would raise them.
What Is Not Known
The report does not say how much of the NTS gain will repeat, because it came partly from a change in fair value. Nor is it known how the high Brazilian interest rates will weigh on Dexco and Aegea in the coming quarters.
Itaúsa declared R$3.469 billion (about US$630 million) in payouts to shareholders during the first nine months. The company says it normally passes on what it receives from Itaú Unibanco.
More: Brazil news in English, every day from The Rio Times. Related: The economy and who steers it, São Paulo city guide, Itaú Unibanco’s third-quarter profit.
Frequently Asked Questions
What Is Itaúsa?
Itaúsa is a Brazilian holding company, listed in São Paulo, that owns a large stake in Itaú Unibanco and in firms such as Alpargatas, Motiva and Copa Energia. It earned R$5.062 billion (about US$919 million) in recurring profit in the third quarter of 2026.
How Much Did Itaúsa Earn in the Third Quarter?
Recurring net income was R$5.062 billion (about US$919 million), up 24.8% from a year earlier. Reported net income was R$4.955 billion (about US$899 million).
Can US Investors Buy Itaúsa?
Itaúsa’s shares trade on B3, São Paulo’s stock exchange. Itaú Unibanco, the bank it holds, has depositary receipts traded in New York.
Where Did the Growth Come From?
The bank’s contribution rose 14.9% to R$4.693 billion (about US$852 million). The non-financial holdings rose 121.7%, led by the gas pipeline operator NTS.
Sources: Itaúsa, 3Q26 management report (investor relations), 9 November 2026; RT market data provider, exchange rate USD/BRL, 10 November 2026.
This article was produced by The Rio Times’ automated AI newsroom. Editorial responsibility: Matthias Camenzind, Publisher and Editor-in-Chief. The Rio Times also runs Ask Rio Times, which answers from 100,000+ of our own articles, the daily Latin America Power Map, and prediction-market odds on elections and markets.. How we use AI · Report an error
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