Discount is an indicator resulting from the difference between the market price ascertained for Itaúsa’s shares and sum of the market value of the equity interests held in investees, at market value (for listed companies) or at fair/ investment value (for unlisted companies).
Aegea and Copa Energia are included in the calculation of the discount by their book value. However, these companies have posted higher than expected results from operations, which, according to Itaúsa’s Management, would justify a better evaluation, indicating an even higher level of holding company discount if they were measured at fair value.
| PRICE OF MOST LIQUID SHARE (R$)(A) |
TOTAL SHARES (MILLION)(B) |
MARKET VALUE (R$ MILLION) |
ITAÚSA’S STAKE (%)(C) |
MARKET VALUE OF THE STAKES (R$ MILLION) |
|
|---|---|---|---|---|---|
| Itaú Unibanco | 45.50 | 11,105 | 505,295 | 37.2% | 188,164 |
| Dexco | 5.73 | 908 | 5,201 | 37.7% | 1,963 |
| Alpargatas | 14.37 | 678 | 9,741 | 30.0% | 2,918 |
| Motiva | 16.76 | 2,010 | 33,696 | 10.4% | 3,497 |
| Aegea(D) | n/a | n/a | n/a | 12.8% | 2,465 |
| Copa Energia(D) | n/a | n/a | n/a | 48.9% | 1,904 |
| NTS(E) | n/a | n/a | n/a | 8.5% | 1,468 |
| OTHER ASSETS AND LIABILITIES(F) | -1,328 | ||||
| PORTFOLIO VALUE (SUM OF THE PARTS) | 201,051 | ||||
| ITAÚSA MARKET VALUE | 13.66 | 11,211 | 153,147 | 153,147 | |
| DISCOUNT | -23.8% |
(A) Closing prices at January 31, 2026 of the most liquid shares of Itaú Unibanco (ITUB4), Dexco (DXCO3), Alpargatas (ALPA4), Motiva (MOTV3), and Itaúsa (ITSA4).
(B) Total shares issued, less treasury shares.
(C) Itaúsa’s direct and indirect equity interest in the total capital of the companies, according to Note 1 to Itaúsa’s Financial Statements as of September 30, 2025, available on Results Center.
(D) It includes the investment amount recorded in the Balance Sheet as of September 30, 2025.
(E) It includes the fair value recorded in the Balance Sheet as of September 30, 2025.
(F) It includes the parent company’s balance sheet as of September 30, 2025.
Holding historical discount (%)
Note: considers the discount at the end of each period.
