ITAÚ UNIBANCO - MATERIAL FACT - Projections 2025

Rhea-AI Summary

Itaú Unibanco (NYSE:ITUB) published revised 2025 projections on November 4, 2025, restating most guidance and adjusting one metric.

Key points: consolidated portfolio growth and most margins and expense ranges were maintained; the financial margin with the market was revised upward from a prior range of R$1.0–3.0 billion to a new range of R$3.0–3.5 billion. The company notes a cost of capital ~15.0% p.y. used for management purposes and cautions that projections depend on market and macro conditions, so actual results may differ.

Positive

• Financial margin with market revised up to R$3.0–3.5bn

Negative

• None.

Insights

Banking projections analyst

Itaú Unibanco largely maintained its 2025 guidance; only the market financial margin range was raised to R$3.0–3.5bn.

Itaú Unibanco preserved most consolidated projections for 2025 including total credit portfolio growth, client financial margin growth, cost of credit, commissions and fees, non-interest expenses and effective tax rate, while the financial margin with the market was revised from R$1.0 bn–R$3.0 bn to R$3.0 bn–R$3.5 bn. Management states a cost of capital around 15.0% p.y.

The business mechanism is straightforward: stable operational targets plus a higher expected market margin implies management expects stronger market-driven income without changing core credit or expense plans. Risks depend explicitly on market and macro performance, which the company cites as key drivers of realized outcomes. Concrete items to watch over the 2025 horizon are actual quarterly disclosures for realized financial margin with the market versus the revised R$3.0–R$3.5 bn range, any revisions to the 15.0% cost of capital, and reported cost of credit versus the guided R$34.5 bn–R$38.5 bn band.

SÃO PAULO, Nov. 4, 2025 /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 revised projection for the year 2025 in accordance with item 3 ("Projections") of the Reference Form.

	Consolidated	Reviewed
Total credit portfolio¹	Growth between 4.5% and 8.5%	Maintained
Financial margin with clients	Growth between 11.0% and 14.0%	Maintained
Financial margin with the market	Between R$1.0 bn and R$3.0 bn	Between R$3.0 bn and R$3.5 bn
Cost of credit²	Between R$34.5 bn and R$38.5 bn	Maintained
Commissions and fees and results from insurance operations³	Growth between 4.0% and 7.0%	Maintained
Non-interest expenses	Growth between 5.5% and 8.5%	Maintained
Effective tax rate	Between 28.5% and 30.5%	Maintained
(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 (-) insuanrce, pension plan and premium bonds selling expenses.

It is important to mention that, as of February 2025, the company considers a cost of capital of around 15.0% p.y. in the management of its businesses.

Information on outlooks for the business, projections, and operational and financial goals are solely forecasts, based on management's current outlook in relation to the future of Itaú Unibanco. These expectations are highly dependent on market conditions, the general economic performance of the country, 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

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

View original content to download multimedia:https://www.prnewswire.com/news-releases/itau-unibanco---material-fact---projections-2025-302604772.html

SOURCE Itaú Unibanco Holding S.A.

FAQ

What did Itaú Unibanco (ITUB) change in its 2025 projections on November 4, 2025?

The company maintained most guidance but revised the financial margin with the market to R$3.0–3.5bn for 2025.

Which 2025 projection items did Itaú Unibanco (ITUB) keep unchanged?

Itaú kept ranges for total credit portfolio growth, financial margin with clients, cost of credit, commissions and fees, non-interest expenses, and effective tax rate unchanged.

What cost of capital did Itaú Unibanco (ITUB) disclose for 2025 management?

The company indicated a cost of capital of around 15.0% p.y. as of February 2025.

How should investors treat the Itaú Unibanco (ITUB) 2025 projections?

The company warned projections are forecasts dependent on market and macro conditions and actual results may differ from the projected ranges.

Did Itaú Unibanco (ITUB) change its cost of credit or non-interest expense guidance for 2025?

No; the press release shows both cost of credit and non-interest expense guidance were maintained.