ITAÚ UNIBANCO - Material Fact: Guidance 2026

Itaú Unibanco (ITUB) published its 2026 guidance, based on an adjusted 2025 income statement, with ranges for key metrics including credit portfolio growth, financial margins, cost of credit, non-interest expenses and effective tax rate.

Rhea-AI Summary

Itaú Unibanco (ITUB) published its 2026 guidance, based on an adjusted 2025 income statement, with ranges for key metrics including credit portfolio growth, financial margins, cost of credit, non-interest expenses and effective tax rate.

Highlights include total credit portfolio growth guidance of 5.5%–9.5%, Brazil portfolio 6.5%–10.5%, cost of credit R$38.5bn–R$43.5bn, and an assumed cost of equity around 15% p.a..

Positive

• Total credit portfolio growth guided at 5.5%–9.5% for 2026
• Brazil credit portfolio growth guided at 6.5%–10.5% for 2026
• Financial margin with clients guided to grow 5.0%–9.0%

Negative

• Cost of credit guidance of R$38.5bn–R$43.5bn may pressure profitability
• Non-interest expenses guidance growth of 1.5%–5.5% could limit operating leverage
• Effective tax rate guidance between 29.5% and 32.5% increases net tax burden

Argus Feb 5 session

+2.24% close to close Open Argus

Details

News Market Reaction – ITUB

On Feb 5, the first trading day after this news, ITUB closed 2.24% above the previous close.

Data tracked by StockTitan Argus for the Feb 5 session.

Key Figures

Total credit portfolio growth: Growth between 5.5% and 9.5% Brazil credit portfolio growth: Growth between 6.5% and 10.5% Financial margin with market: Between R$2.5 bn and R$5.5 bn +5 more

Total credit portfolio growth

Growth between 5.5% and 9.5%

2026 guidance; total credit portfolio including guarantees and private securities

Brazil credit portfolio growth

Growth between 6.5% and 10.5%

2026 guidance; credit portfolio in Brazil

Financial margin with market

Between R$2.5 bn and R$5.5 bn

2026 guidance; financial margin with the market

Cost of credit

Between R$38.5 bn and R$43.5 bn

2026 guidance; expected loss expenses and recoveries

Effective tax rate

Between 29.5% and 32.5%

2026 guidance; consolidated effective tax rate

Cost of equity

Around 15% p.a.

Assumption used for business management purposes

IoC withholding tax change

From 15% to 17.5%

Brazilian tax on Interest on Capital as of Jan 1, 2026 (6-K)

Mandatory annual dividends

At least 25% of net income

Stockholder remuneration policy (6-K, Jan 26, 2026)

Historical Context

5 past events · Latest: Feb 03

5 events

1. Feb 03

   Results meeting invite

   24h Move

   +1.0%

   Announcement of interactive meeting to present 4Q25 results with management.

2. Jan 26

   Results meeting invite

   24h Move

   +1.2%

   Scheduling details for 4Q25 interactive results presentation and Q&A session.

3. Jan 13

   Results meeting invite

   24h Move

   -1.2%

   Notice of February 5, 2026 4Q25 results meetings and webcast registration.

4. Dec 18

   Bonus share issue

   24h Move

   +0.1%

   Board approval of 3% bonus shares via capitalization of revenue reserves.

5. Nov 27

   Dividends and IoC

   24h Move

   +1.8%

   Large cash distributions and cancellation of treasury shares to return capital.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

cost of credit, effective tax rate, cost of equity

3 terms

cost of credit financial

"Cost of credit² | Between R$38.5 bn and R$43.5 bn"

The cost of credit is the total price a borrower pays to use someone else’s money, including interest, fees, and any other charges over the life of a loan or credit line. Like the fuel bill for running a business, higher credit costs reduce profits and cash flow, change how much a company can borrow, and affect investor judgments about valuation, risk and future growth prospects.

effective tax rate financial

"Effective tax rate | Between 29.5% and 32.5%"

The effective tax rate is the percentage of a company's profits that it pays in taxes. It shows how much of its earnings go to taxes after all deductions and credits are considered. For investors, it indicates how much of the company's income is taken by taxes, impacting overall profitability and financial health.

cost of equity financial

"the company considers cost of equity of around 15% p.a. for business"

Cost of equity is the return that shareholders expect for investing in a company; it represents the “price” a company pays to use owners’ capital instead of returning it to them or letting them invest elsewhere. Investors and analysts use it as a benchmark when valuing a company or comparing investments, because a higher cost of equity means investors demand bigger returns for taking on more risk — like a higher interest rate someone would charge to lend money to a risky borrower.

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SÃO PAULO, Feb. 4, 2026 /PRNewswire/ -- Itaú Unibanco Holding S.A. ("Itaú Unibanco" or "Company"), in compliance with the provisions of Article 157, paragraph 4 of Law No. 6,404/76 and Resolution No. 44/21 of the Brazilian Securities and Exchange Commission (CVM), informs its stockholders and the market in general that it released as of this date its projections for the year 2026 in accordance with item 3 ("Projections") of the Reference Form.

2026 guidance considers the 2025 adjusted income statement as a starting point. The adjustment details are available at the Management Discussion & Analysis report ("MD&A", page 28) and at the fourth quarter of 2025 earnings presentation (page16). The 2025 Adjusted Income Statement spreadsheet is available for download at the Investors Relations website. Click here to access it.

	2026 Guidance
Total credit portfolio¹ Credit portfolio - Brazil	Growth between 5.5% and 9.5% Growth between 6.5% and 10.5%
Financial margin with clients	Growth between 5.0% and 9.0%
Financial margin with the market	Between R$2.5 bn and R$5.5 bn
Cost of credit²	Between R$38.5 bn and R$43.5 bn
Commissions and fees and results from insurance operations³	Growth between 5.0% and 9.0%
Non-interest expenses	Growth between 1.5% and 5.5%
Effective tax rate	Between 29.5% and 32.5%
(1) Includes financial guarantees provided and private securities; (2) Composed of expected loss expenses, discounts granted and recovery of loans written off as losses; (3) Commissions and fees (+) income from insurance, pension plan and premium bonds operations (-) expenses for claims (-) insurance, pension plan and premium bonds selling expenses.

In addition, the company considers cost of equity of around 15% p.a. for business management purposes.

Information on business outlook, projections, and operational and financial goals are solely forecasts, based on management's current expectation in relation to the future of Itaú Unibanco. These expectations are highly dependent on market conditions, the country's economic performance, of the sector and the international markets. Therefore, our effective results and performance may differ from those forecasted in this prospective information.

Gustavo Lopes Rodrigues

Investor Relations Officer

Itaú Unibanco – Comunicação Corporativa
(11) 5019-8880 / 8881
imprensa@itau-unibanco.com.br

 

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SOURCE Itaú Unibanco Holding S.A.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What credit portfolio growth did Itaú Unibanco (ITUB) guide for 2026?

Itaú Unibanco guided total credit portfolio growth of 5.5%–9.5%. According to the company, the Brazil credit portfolio is guided at 6.5%–10.5%, using the 2025 adjusted income statement as a baseline.

What is Itaú Unibanco's (ITUB) guidance for cost of credit in 2026?

The company guided cost of credit between R$38.5bn and R$43.5bn. According to the company, this metric includes expected loss expenses, discounts granted and recoveries of loans previously written off.

How did Itaú Unibanco (ITUB) forecast financial margin categories for 2026?

Financial margin with clients is guided to grow 5.0%–9.0%; financial margin with the market is guided between R$2.5bn and R$5.5bn. According to the company, these reflect separate client and market margin components.

What effective tax rate did Itaú Unibanco (ITUB) include in its 2026 guidance?

Itaú Unibanco guided an effective tax rate between 29.5% and 32.5%. According to the company, this range is part of its 2026 projections based on current management expectations.

What cost of equity did Itaú Unibanco (ITUB) use for business management in 2026?

The company considers a cost of equity of around 15% p.a. for business management purposes. According to the company, this is an internal assumption used in planning and projections.