Itaú Unibanco Holding S.A. approves up-to-200M preferred-share buyback through Aug. 4, 2027

SÃO PAULO — Itaú Unibanco Holding S.A. is replacing its expiring buyback with a larger, longer program that the board approves to run until Aug. 4, 2027, the bank says. The board meets on Feb. 4, 2026 and resolves to terminate early the buyback approved on Feb. 5, 2025 and to authorise repurchases of up to 200,000,000 preferred shares. The new programme takes effect immediately and represents about 3.74% of the preferred free float as of Dec. 31, 2025.

Itaú says the repurchases are intended both to supply shares for employee and management compensation plans and to enable cancellation of shares, and that transactions will be made on exchanges at market prices and intermediated by Itaú Corretora de Valores S.A. The company specifies there is no planned reduction of capital under the programme, all purchases are funded from available cash and will follow Brazilian corporate and securities rules, Attachment G to CVM Resolution No. 80/22 and market disclosure obligations. Gustavo Lopes Rodrigues is listed as the investor relations officer responsible for communications.

The bank frames the move as a capital optimisation measure that has limited accounting impact even if the full 200 million preferred shares are repurchased. Itaú says shareholders should see higher dividend return per share and a potential increase in ownership percentage if shares are cancelled, while the company expects an effect on capital ratios. Management stresses the programme is not expected to materially change the bank’s operational strategy or risk profile during the programme term and that repurchases will be periodically reported to investors and regulators.

Outlook and operating metrics

Separately, Itaú releases 2026 operating projections using 2025 adjusted results as a baseline. Guidance includes total credit portfolio growth of 5.5%–9.5% (6.5%–10.5% in Brazil), client financial margin growth of 5.0%–9.0%, market financial margin between R$2.5 billion and R$5.5 billion, cost of credit between R$38.5 billion and R$43.5 billion, commissions and insurance growth of 5.0%–9.0%, non‑interest expense growth of 1.5%–5.5% and an effective tax rate of 29.5%–32.5%. The bank uses a roughly 15% per‑annum cost of equity for management purposes.

Forward-looking note and contact

Itaú reiterates these are management projections subject to market and economic conditions and regulatory adjustments and encourages stakeholders to consult the Management Discussion & Analysis, the fourth-quarter 2025 presentation and a downloadable 2025 Adjusted Income Statement spreadsheet on its Investor Relations website; Gustavo Lopes Rodrigues is provided as the IR contact.