ITUB · Itaú Unibanco Holding S.A.

Itaú Unibanco’s Q1 2026 results reflect a mixed but fundamentally resilient performance: recurring net income increased 8.1% year-over-year to R$11.4 billion, supported by robust credit portfolio growth—up 6.9% for individuals and 8.5% for companies in Brazil, and 4.2% across Latin America—as well as a 4.8% rise in commissions and insurance-related income. However, this was partially offset by an 8.0% decline in net interest income to R$29.7 billion, attributed explicitly in Exhibit 99.1 to weaker foreign exchange results and lower performance from securities sold under repurchase agreements. The bank mitigated margin pressure through higher loan-related interest income, underscoring volume-driven strength in core lending. Expected credit loss declined 5.8% YoY to R$9.0 billion, driven by reduced provisions on loan and lease operations—a positive signal for asset quality amid moderating macroeconomic stress. General and administrative expenses rose 3.0%, largely due to a 5.68% salary adjustment effective September 2025 under the collective wage agreement, yet the efficiency ratio improved slightly to 37.1%, down 10 bps YoY. Capital remains exceptionally strong: the Tier 1 ratio stood at 13.4% as of March 31, 2026—down 70 bps YoY—but with a R$105.7 billion surplus over the required minimum, comfortably exceeding both the capital conservation buffer (2.5%) and countercyclical buffer (0.1%). Management reaffirmed its disciplined capital return policy, declaring R$0.34888 per share in interest on capital (net of 17.5% withholding tax), payable through August 31, 2026—consistent with the statutory 25% minimum dividend mandate. Strategic initiatives—including the launch of Scope (EFT platform), Connect Cash (Latin American cash management), and feito.itaú (financial literacy platform)—signal continued investment in digital infrastructure and client engagement, reinforcing long-term franchise value beyond near-term margin fluctuations.