Discount is an indicator resulting from the difference between Itaúsa’s market cap and the sum of the market value of the equity interests held in investees (sum of the parts), at market value (for listed companies) or at fair/ investment value (for unlisted companies).
Given Itaúsa’s increase in equity interest in Aegea, completed in March 2026, the fair value of Aegea considered in Itaúsa’s sum of the parts was updated (since the Holding Discount Monthly Report as of February 2026), replacing the book value of the investment previously adopted.
Copa Energia is considered at book value in the sum-of-the-parts calculation. However, the company has posted relevant growth since acquisition, which, according to Itaúsa’s Management, would justify a better evaluation, indicating an even higher level of holding company discount if 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 | 39.52 | 11,022 | 435,584 | 37.5% | 163,434 |
| Dexco | 5.20 | 908 | 4,721 | 37.7% | 1,782 |
| Alpargatas | 14.99 | 679 | 10,183 | 30.6% | 3,117 |
| Motiva | 15.46 | 2,010 | 31,074 | 10.4% | 3,226 |
| Aegea(D) | n/a | n/a | n/a | 14.0% | 6,108 |
| Copa Energia(E) | n/a | n/a | n/a | 48.9% | 2,025 |
| NTS(F) | n/a | n/a | n/a | 8.5% | 1,505 |
| OTHER ASSETS AND LIABILITIES(G) | -1,241 | ||||
| PORTFOLIO VALUE (SUM OF THE PARTS) | 179,956 | ||||
| ITAÚSA MARKET VALUE | 13.10 | 11,207 | 154,886 | 146,816 | |
| DISCOUNT | -18.4% |
(A) Closing prices at August 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 June 30, 2026, available on Results Center.
(D) The estimated value of Aegea considers: (i) the price per common share of R$55.29 achieved in the recent capital increase, resulting in a fair value of Itaúsa’s interest in Aegea’s voting capital of R$4,549 million; and (ii) the book value of Aegea’s preferred shares held by Itaúsa, which totaled R$828 million as of June 30, 2026.
(E) Considers the investment value recorded in the Statement of Financial Position as of June 30, 2026.
(F) Considers the fair value recorded in the Statement of Financial Position as of June 30, 2026.
(G) Considers the individual balance sheet as of June 30, 2026.
Holding historical discount (%)
Note: considers the discount at the end of each period.
