4A.History and Development of the Company Our legal and commercial name is Itaú Unibanco Holding S.A. We were incorporated in Brazil on September 27, 1924. We are organized as a publicly held corporation for an indefinite term under the laws of Brazil. Our head offices are located at Praça Alfredo Egydio de Souza Aranha, 100, 04344-902, São Paulo, SP, Brazil and our telephone number is +55-11-2794-6545. Investor information can be found on our website at https://www.itau.com.br/relacoes-com-investidores/en/. In addition, the SEC maintains a website at www.sec.gov that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC. Information contained on our website or on any website mentioned in this annual report or any website directly or indirectly linked to these websites is not incorporated by reference in, and shall not be considered a part of, this annual report and you should not be relied upon. Our agent for service of process in the U.S is the general manager of our Miami branch, which is located at 200 South Biscayne Boulevard, Floor 22, Miami, FL – 33131. Our history began in 1924 when a retail company called Casa Moreira Salles, founded by João Moreira Salles in Poços de Caldas, state of Minas Gerais, Brazil, obtained a banking license from the Brazilian Government to operate in the banking sector as a correspondent bank (correspondente bancário) for the leading banks in the state of Minas Gerais. This entity later became União de Bancos Brasileiros – Unibanco, which operated as a retail, wholesale, insurance, and investment bank for over 70 years, with operations in Brazil and abroad. Two decades later, in 1943, members of the Egydio de Souza Aranha family founded Banco Central de Crédito S.A., with its first branch in the city of São Paulo, which later became Banco Itaú S.A., which by the time of the merger with Unibanco, was the second-largest bank in Brazil in terms of total assets. In 2008, Itaú and Unibanco became Itaú Unibanco Holding, as a result of the largest merger in Brazil’s history in terms of asset value. The partnership between Itaú and Unibanco meant the union of complementary mentalities, two groundbreaking banks in the use of technology and leaders of the sector in Brazil. This merger resulted in, at the time, the largest privately-owned financial conglomerate in the Southern Hemisphere and one of the 20 largest banks in the world as measured by total assets. As part of its longstanding commitment to social transformation, Itaú Unibanco operates through Fundação Itaú, which develops initiatives in the areas of education, culture, and productive inclusion (initiatives designed to support access to skills development, productive resources, and sustainable income-generating opportunities) through Itaú Social, Itaú Educação e Trabalho, and Itaú Cultural. During 2024, Itaú Social began to focus even more on two stages of education: pre-school and the final years of elementary school. Projects were developed throughout Brazil to improve learning and school trajectory, reducing educational inequalities of race/color, gender, disability, and socioeconomic level. In 2025, Itaú Cultural welcomed nearly 470,000 visitors at its headquarters, through activities that included exhibitions, musical and theatrical performances, activities for children, as well as research initiatives, digital content development, and collaboration with Brazilian artists to promote art and culture. In addition, the Itaú Cultural Play’s streaming platform reached approximately 500,000 users. Itaú Educação e Trabalho provided advisory services to state education departments in all regions of the country. The focus was on strengthening professional and technological education (“PTE”), to expand the availability of PTE programs, seeking to improve the quality of the PTE offer, and with a view to the productive inclusion of young graduates. Our Material Acquisitions Below is a description of our material acquisitions as of the date of this annual report. 24 Table of Contents Avenue On July 8, 2022, we announced that we entered into a share purchase and sale agreement with Avenue Controle Cayman Ltd, and certain other selling shareholders, for the acquisition of the controlling interest of Avenue Holding Cayman Ltd. (“Avenue”). The transaction was consummated in two phases. In the first phase, which closed on November 30, 2023, we purchased 35% of Avenue’s total and voting capital stock, through a primary capital contribution and a secondary acquisition of shares totaling approximately R$540 million. In the second phase, which closed on January 30, 2026, also through a primary capital contribution and a secondary acquisition of shares totaling approximately R$735 million, we acquired control of Avenue and, as of the date of this annual report, hold 50.1% of its total and voting capital stock. Five years after the closing date of the first phase, we will be entitled to exercise a call option to acquire the remaining interest held by the current shareholders of Avenue. Ideal On January 13, 2022, we announced that we entered into an agreement for the investment, purchase and sale of shares and other covenants with José Carlos Benfati, Vinicius Gonçalves Dalessandro, Gregorio Lara dos Santos Matai, Leandro Bolsoni, Lucas Namo Cury, among others (the “Sellers”) for the acquisition of the controlling interest in Ideal Holding Financeira S.A. and, indirectly, its wholly owned subsidiary, Ideal Corretora de Títulos e Valores Mobiliários S.A. (“Ideal”). This transaction is being carried out in two phases over five years. In the first phase, closed on March 31, 2023, we purchased 50.1% of Ideal’s total voting capital stock, by means of a primary capital contribution and a secondary acquisition of shares totaling approximately R$650 million, (adjusted by CDI from signing to closing date), and as result became the controlling shareholder of Ideal. In the second phase, expected to occur five years after consummation of the first phase, we will be entitled to exercise the right to buy the remaining share (49.9%) of Ideal’s capital stock. FIC and Investcred On December 5, 2025, we entered into an agreement with Companhia Brasileira de Distribuição (“GPA”), Lake Niassa Empreendimentos e Participações Ltda. (“GCB”) and Sendas Distribuidora S.A. (“Assaí”), among others, pursuant to which we expect to acquire, for R$786 million, subject to customary contractual price adjustments: (i) the equity interests currently held, directly or indirectly, by GPA and GCB in Financeira Itaú CBD S.A. – Crédito, Financiamento e Investimento (“FIC”); (ii) the equity interests currently held, directly or indirectly, by GCB in Banco Investcred Unibanco S.A. (“Investcred”); and (iii) the equity interest indirectly held by Assaí in FIC, on the second anniversary of the closing date of the transaction. The transaction was approved by CADE on January 5, 2026, and the closing of the transaction is still subject to the approval by the Central Bank and other customary conditions precedent. Upon completion of all steps of the transaction, we intend to hold 100% of the total capital stock of each of FIC and Investcred. Sale of Assets and Liabilities in Colombia On December 12, 2025, we entered into an agreement with Banco de Bogotá S.A. and Banco de Bogotá (Panamá) S.A., pursuant to which we will assign and transfer certain assets and liabilities related to our retail operations in Colombia and Panama. The purchase price will be determined at closing based on the book value of such assets and liabilities, subject to customary contractual price adjustments. The closing of the transaction is subject to customary conditions precedent, including the receipt of all applicable regulatory approvals. Capital Expenditures For a description of our capital expenditures, see “Item 5. Operating and Financial Review and Prospects—5B. Liquidity and Capital Resources—Capital Expenditures.” 4B.Business Overview Operations Overview We provide a diverse range of banking and non-banking financial services and products to a diverse client base that includes individuals and corporate clients in three business segments: (i) Retail Business, (ii) Wholesale Business, and (iii) Activities with the Market and Corporation. The Retail Business segment consists of products and services offered to both account holders and non-account holders, including: personal loans, mortgage loans, payroll loans, credit cards, acquiring services, vehicle financings, investments, 25 Table of Contents insurance and pension plans and premium bond products, among others. Current account holders are segmented into: (i) Retail; (ii) Uniclass; (iii) Personnalité; and (iv) Very Small and Small Companies. The Wholesale Business comprises: i) the activities of Itaú BBA, the unit responsible for commercial operations with large companies and for investment banking services; ii) the activities of our units abroad; iii) the products and services offered to high-net-worth clients (Private Banking), in addition to middle market companies and institutional clients. The Activities with the Market and Corporations Business includes: (i) results of the capital surplus, excess subordinated debt and the net balance of tax assets and liabilities; (ii) financial margin with the market; (iii) costs of treasury operations; and (iv) equity pickup from companies not linked to our Retail or Wholesale businesses. The following table sets forth the breakdown of our net operating revenue for each of our business segments: For the year ended December 31, 2025 2024 2023 ( In millions of R$) Retail Business 112,204 101,057 96,595 Wholesale Business 62,620 58,014 54,631 Activities with the Market and Corporations 9,569 9,887 5,572 For further information on the revenues of each of our business segments, see “Note 30 – Segment Information” to our consolidated financial statements included elsewhere in this annual report. Moreover, we carry out a wide range of operations outside of Brazil with units strategically located in the Americas and Europe. Our international presence generates synergies in foreign trade finance, placement of Eurobonds and offering of more sophisticated financial transactions to our clients. Retail Business The Retail Business division represents a cornerstone of our business, providing a specialized service framework to clients across Brazil, . We boast a comprehensive and varied array of products and services designed to meet our clients’ diverse needs, encompassing personal loans, mortgage loans, payroll loans, credit cards, acquiring services, vehicle financing, investment, insurance, pension plans and premium bond products and a suite of additional banking products and services. This division has been a significant contributor to our annual revenue, representing 61% of our credit portfolio in 2025, 60% in 2024, and 62% in 2023. The Retail Business is divided into two business units: (i) one that encompasses a suite of services tailored for individual clients, and (ii) another that specializes in meeting the diverse needs of small and medium enterprises. Both offer various banking products and services that match the needs of each of our clients. Retail Business for Individual Clients Based on the customer profile, we have strategically divided our Retail Business for Individual Clients, into three segments, so we can better understand our clients and help them with their financial needs. Those segments are: Retail, which serves mass clients, Uniclass, for mass-affluent customers, and Personnalité, our segment for affluent customers. Itaú Retail Business and Itaú Uniclass (banking services and products for mass clients and mass-affluent clients) The Itaú Retail Business segment serves individuals with a monthly income of up to R$7,000 and the Itaú Uniclass segment is focused on clients with a monthly income between R$7,000 and R$15,000. The Itaú Retail Business segment offers complete portfolio of financial products and services, with accessible solutions to meet clients’ daily financial needs. The main services include checking account, credit and debit cards, personal loans, vehicle financing and mortgages, payroll loans, consortium, insurance, premium bonds, in addition to investments that are compatible with the investor profile. Clients also have access to Itaú Shop, which allows them to purchase goods with exclusive advantages, and through different service channels, such as the Itaú app and brick and mortar branches. Itaú Uniclass clients are provided with a set of specialized services, including investment and insurance advisory services, access to customized credit solutions, and benefit from the Minhas Vantagens (My Advantages) relationship program and 26 Table of Contents from the expertise of dedicated relationship managers certified by ANBIMA. Additionally, Itaú Uniclass provides a “digital branch” platform, where relationship managers provide remote services through several communication channels (telephone, email, SMS, videoconference, chat and WhatsApp) from 9:00 a.m. to 6:00 p.m. on business days, at no additional cost. Our focus is to improve the customer experience and keep the value proposition of our business updated according to our client’s needs. We believe that, to sustain this competitive edge, we have to foster our “Phygital” approach, which means the ability to serve our clients using their preferred channel, and our “Omnichannel” approach, which translates into a higher integration level among our channels, enabling us to offer better services and products to our clients. Our clients already recognized these improvements, as evidenced by our satisfaction rates, Net Promoter Score (“NPS”). Itaú Uniclass achieved 76 NPS points on December 31, 2025, when compared to 74 points in 2024. Itaú Personnalité: Premier Banking Services for Affluent Clients Itaú Personnalité is dedicated to serving clients with a monthly income above R$15,000 or investments exceeding R$250,000. These clients benefit from a wide range of exclusive and personalized services. Our clients receive dedicated attention from highly trained relationship managers, who hold market-recognized certifications. With support from 246 branches across all Brazilian capitals and major cities, as well as digital branches for remote service, we offer a comprehensive portfolio that includes investment, insurance, foreign exchange, and credit advisory services. We have undertaken initiatives to reposition our high-income segment as part of our digital transformation strategy. These initiatives include updates to our client engagement program (Minhas Vantagens), the launch of “The One” credit card, the opening of Investment Centers, enhancements to our digital investment and banking platforms, a partnership with Avenue to provide access to international accounts, and the expansion of travel-related benefits. These efforts have contributed to accelerated results growth and improved client satisfaction. Market Share Retail Business According to the Central Bank, our market share of individuals loans as of December 31, 2025 was 10.7%, and we are ranked the largest privately-owned bank in this segment in Brazil. Also, according to the Central Bank and publicly available information, our main competitors are Caixa Econômica Federal, Banco do Brasil, Banco Bradesco and Banco Santander (Brasil). Itaú Empresas (Small and Medium Enterprises) Itaú Empresas serves small and medium-sized enterprises in Brazil with annual revenues of up to R$50 million. This market comprises approximately nine million companies, with financial needs that vary by company size, industry, and stage of business maturity. We operate in this market serving over 1.6 million customers. Itaú Empresas has shown a combination of growth and profitability. We have achieved double-digit growth in our key indicators (credit portfolio, revenue, and profit) over the past six years and we have been market leaders for the past four years. We offer service models tailored to different client profiles — from fully digital journeys like Itaú Emps to specialized formats that blend human interaction with data‑driven advice. Our strategy is to move toward a more digital, personalized, and scalable model powered by AI, improving efficiency and enhancing the SMEs client experience. Products and Services Our main products and services in the Retail Business segment are: (i) credit cards; (ii) personal loans; (iii) payroll loans; (iv) mortgages; (v) acquiring business; (vi) private pension plans; (vii) vehicle financing; (viii) insurance; (ix) premium bonds; (x) consórcios products; and (xi) microcredit. Credit Cards We are the leader in the Brazilian credit card segment with a market share in terms of purchase volume of 24% in the fourth quarter of 2025, according to ABECS. Revenues from our credit card operations are mostly generated through the interest rate we charge on revolving and financing transactions and also interchange fees and other service fees. 27 Table of Contents The relationship with our clients is carried out through our proprietary segments and partnerships with major retailers, tech companies and airlines established in Brazil. Our credit card operations are divided into three main business segmentations: Account Holders, Non-Account Holders and Retail Partnerships. We offer a range of credit and debit cards to account and non-account holders. Our purpose is to provide the best experience to our customers and customer satisfaction is one of our top priorities. We expanded our portfolio with the launch of additional products and enhancements to existing features. These included improvements to the limit transfer functionality, allowing clients to transfer limits between cards and other products, and the launch of a collateral-backed credit limit increase model, under which credit limits may be increased upon the allocation of eligible investments. Account Holder Credit Cards The account holders segment of our credit card operations (which relates to cardholders who have checking accounts at Itaú) was the focus of our portfolio growth. We grew 16% in terms of the transaction volume in 2025 when compared to 2024. Non-Account Holder Credit Cards In the Non‑Account Holder segment, we advanced our strategy to increase the share of higher‑income and lower‑risk clients in our credit card portfolio. Within this portfolio, the airline co-branded card recorded a 25% increase in purchase volume in 2025 compared to 2024. For higher‑income clients — holders of Platinum, Black and Infinite cards — purchase volume grew 29% over the same period. Retail Partnerships Credit Cards We maintain partnerships with major national retail companies such as Magazine Luiza, Ponto Frio, Pão de Açúcar, and Assaí. In connection with these partnerships, we entered into agreements to acquire the remaining equity interests held by GPA, Assaí and Grupo Casas Bahia in FIC and Banco Investcred S.A. For more information, see “Item 4A. History and Development of the Company—Our Material Acquisitions—FIC and Investcred.” In our partnership with Magazine Luiza, we focused on increasing the participation of lower-risk clients in our credit card portfolio. For new clients, the average spending increased 39% when compared to 2024 while the payment default decreased by 40 basis points in the same period. Although the partnership has shown improvements in portfolio credit quality and client activity levels, portfolio growth has been lower than in the Account Holder segment, consistent with our strategy of prioritizing clients who maintain their primary banking relationship with us. Total Credit Card Market Share According to the Central Bank, we are the leaders in terms of credit card balance in Brazil (which include balances from transactions paid in full, installment plans and revolving credit), with a 21.4% market share in the fourth quarter of 2025, a decrease of 1.9% compared to December 31, 2024. Our traditional competitors in the credit card segment are Banco Bradesco, Banco Santander (Brasil), Banco do Brasil and Caixa Econômica Federal. However, in recent years, a growing number of digital competitors have intensified competition in this market, most notably Nubank, Mercado Pago and Banco Inter. Personal Loans Personal loan is a product that mainly consists of overdraft and installment payment plans. The overdraft is a credit line that is available for checking account clients for unexpected expenses and for a short period. According to regulations, the maximum interest rate is 8% per month, and we notify the customer each time the limit is reached. The installment payment plan is a flexible credit line that caters to various customers with any type of financial need, with payment terms of up to 72 months. Additionally, there is a credit modality available with the customer’s investments as collateral, providing lower interest rates. Both products can be contracted at physical and digital branches and through the Itaú App (mobile). As of December 31, 2025, we achieved a market share of 10.4% of personal loans in Brazil, according to the Central Bank. It is a decrease of 0.8% compared to December 31, 2024. Payroll Loans In Brazil, payroll loans are a specific type of loan entered into by employees who receive wages from private and public companies or pensioners benefiting from the Brazilian social security system, as borrowers, and banks, as lenders. 28 Table of Contents Such loans require fixed monthly installments to be deducted directly from the borrower’s payroll or pension, as the case may be, for the repayment of the amount owed to the lender. There is also a category of loan based on the FGTS. Since 2020, workers can annually withdraw a portion of funds deposited in this account (as opposed to only under special circumstances, such as unemployment), creating a market for the early withdrawal of the funds. We turned the early withdrawal into a new type of loan, which has nearly zero default rates, advancing employees’ receivables and contributing to the diversification of our payroll loan portfolio. On March 12, 2025, the Brazilian Government issued Provisional Measure No. 1,292, which proposes significant changes to the payroll loan market, which aims to expand payroll lending. The main changes include (i) the creation of a public online platform for digitalizing the payroll loan contracting process, which became operational on March 21, 2025; (ii) the obligation of private employers to provide information on payroll, deductions, and terminations to the platform, as well as to manage the withholding of loan installments from employees’ salaries; and (iii) the right of employees to transfer their payroll loans between banks, subject to a lower interest rate than the original one. We mainly offer payroll loans in Brazil through two sales channels: (i) our branch network and digital channels, which focus on account holders, and (ii) the network of acquisition partners, which focuses on non-account holders. This strategy enables us to expand our business activities with historically lower credit risk and achieve a competitive position in the offer, distribution, and sale of payroll loans in Brazil. Moreover, it improves the risk profile of our loan portfolio for individual borrowers. According to the Central Bank, as of December 31, 2025, our market share in terms of payroll loans represented 10.2%, the fourth largest company in this segment in Brazil. Our main competitors in this business are Banco do Brasil, Caixa Econômica Federal, Banco Bradesco and Banco Santander (Brasil). Mortgage Loans Real estate financing products, such as mortgage loans, allow us to create long-lasting relationships with our clients. As of December 31, 2025, we had R$141,580 million in outstanding mortgage to individuals. We have been the market leaders among Brazilian private banks in mortgage loans to individuals in terms of the total value of our portfolio for the past four years. We offer mortgage products through the following sales channels: (i) our branch network and digital channels, (ii) construction and real estate companies, which are authorized to offer our products, (iii) mortgage agencies, and (iv) strategic partnerships with specialized mortgage companies such as CrediPronto, Loft, Quinto Andar and others. Our real estate financing services are tailored to our clients’ needs, and we also provide a specialized mortgage financing advisor to support them during the process. We believe that our process, which may also be carried out online, is expeditious and efficient. We are able to respond to our clients in less than one hour for mortgages up to R$3.0 million. Moreover, our mortgage simulator is included in the websites of partner real estate development companies and real estate agencies, placing our brand closer to clients when they are looking to acquire a property. In 2025, we entered into 70,600 mortgage agreements with individuals, in an aggregate amount of R$32.7 billion during the year. Also in 2025, our mortgage portfolio had an average loan-to-value, or LTV, which is calculated as the loan balance amount divided by the real property appraised value, of 39.3%, compared to 42.4% in 2024. With respect to commercial loans, which are debt-based funding arrangements between a business and a financial institution such as us, we financed 106 new real estate units during 2025 in an aggregate amount of R$10.1. billion. According to the Brazilian Association of Real Estate Financing Providers (Associação Brasileira das Entidades de Crédito Imobiliário e Poupança) (“ABECIP”), from January 1 to December 31, 2025, we were the second largest Brazilian bank in terms of amount of new loans to individuals, representing a 26.3% market share. Our main competitors in this segment are Caixa Econômica Federal, Banco Bradesco, Banco Santander (Brasil), and Banco do Brasil. Acquiring Business We, through our subsidiary Redecard Instituição de Pagamento S.A. (“Redecard”), also act in the merchant acquiring business. We are one of the leading companies in the electronic payment solutions industry in Brazil. Redecard’s activities include merchant acquiring, capturing, transmission, processing and settlement of credit and debit card transactions, prepayment of receivables to merchants (resulting from credit card transactions), rental of point-of-sale terminals, e-commerce solutions, e-wallet and check verification through points of sale terminals. Revenue from our merchant acquirer operations mostly consists of merchant discount rates charged to merchants based on the value of the transactions processed and costs related to these activities, such as equipment maintenance and processing handling, among others. 29 Table of Contents In 2025, we processed credit and debit card transactions in the aggregate amount of R$1,025.4 billion, representing an increase of 11.7% compared to 2024. Credit card transactions reached R$ 727.7 billion, representing a year-over-year growth of 16.4%, while debit card transactions totaled R$ 297.6 billion, a 1.8% increase over the previous year. We are one of the leading companies in the Brazilian market in volume of credit and debit cards transacted. According to ABECS, in the twelve-month period ended December 31, 2025, we were the largest player in the merchant acquisition business in Brazil in terms of total credit and debit card transactions volume generated by the acquiring services, representing a market share of 22.7%. Our traditional competitors in this business are Cielo and GetNet. In recent years, changes in legislation made by the Central Bank combined with the growing number of fintechs, contributed to an increase in competition in the segment. Among these players, we highlight PagSeguro and Stone. Private Pension Plans We offer private pension plans to our clients for wealth and inheritance planning purposes. These plans are also beneficial to our clients for income tax purposes as these products are tax-deferred. We provide our clients with a solution to ensure the maintenance of their quality of life through long-term investments, as a supplement to government general social security system plans. Revenue from our private pension plans operations is mostly generated by management fees. Product innovation has been important for the sustainable growth of our private sector pension operations. For instance, we offer specialized advice and develop customized solutions to our corporate clients and establish long-term partnerships with them, as well as a close relationship with their human resources departments. We also adopt an internal communication strategy focused on our employee’s financial education. According to FENAPREVI, contributions to our private pension plans (considering portability) reached R$30.6 billion in 2025, a decrease of R$3.5 billion, compared to 2024. Still according to FENAPREVI, as of December 2025, our balance of provisions represented 19.9% of the market share for private pension plans, positioning us as the third largest pension provider in Brazil. Considering individual plans, our market share reached 19.4%, positioning us as the second largest private bank in terms of balance of provisions. Our main competitors in private pension plan products are Banco BTG Pactual, XP, Banco Bradesco and Banco do Brasil. Vehicle Financing We offer our customers who are individuals and car dealers’ different products through sales channels in vehicle financing. Revenue from our vehicle financing operations is mostly generated by interest rates from consumer credit arrangements. We provide 100% digital vehicle financing through Credline, which is a tool that retailers use to submit proposals to Itaú Unibanco, protected by facial biometric assessment and electronic signatures, which enables customers to easily submit paperwork for vehicle financing and to pay interest on financing agreements in less than one minute in almost 75% of the cases. The Credline tool allows both our individual and corporate account holders to finance their vehicles in both our physical and digital branches through a simple and fast process that does not require any physical documentation or bureaucracy. In 2025, our end-to-end digital process in the Itaú super App continued to increase its relevance, becoming more representative than Itaú physical branches at the end of the year. Our vehicle financing platform ended the year more modernized, with emphasis on the implementation of new credit, pricing and fraud prevention engines. As of December 31, 2025, our individual and corporate vehicle financing portfolio (without taking into account vehicles financed by FINAME, a BNDES program) totaled R$51.8 billion, a 4.7% decrease as compared to December 31, 2024. In 2025, our new individual and corporate vehicle financing operations reached R$28.4 billion, a 16.0% decrease, compared to 2024. The average vehicle financing term in 2025 was 45 months. According to the Central Bank, as of December 31, 2025, we were the fourth largest Brazilian bank in vehicle financing to individuals, representing a market share of 9.1%. Our main bank competitors in this business are Banco Santander (Brasil), Banco BV and Banco Bradesco, besides manufacturer-owned banks (such as Volkswagen, Stellantis, GM, Honda and Toyota). 30 Table of Contents Insurance We provide a wide range of insurance products, including life and personal accident insurance, property insurance, credit life insurance and travel insurance through our subsidiaries Itaú Seguros S.A., Itaú Vida e Previdência S.A., and Itaú Corretora de Seguros S.A.. In addition, our subsidiary Itauseg Saúde S.A. offered a health insurance plan which is no longer available to our customers. We also have a 30.7% stake in Porto Seguro S.A, one of the largest insurance companies in Brazil. Revenue from our insurance operations is mostly generated by premiums paid by customers, commissions received for distributing insurance from partner insurers and financial income. Our insurance products are offered in synergy with the Retail Business and the Wholesale Business segments. These products have important characteristics such as a low combined ratio, low volatility in results and less use of capital, making them strategic and increasingly relevant in the diversification of our revenues. We have been improving our insurance products in terms of coverage and assistance. As a result, we sell our insurance products through our own physical and digital distribution channels, and we also act as insurance brokers and provide third-party insurance policies to our clients through a platform where customers have the possibility to contract the insurance that best suits them, either from Itaú Unibanco or from a partner insurance company. Sales of insurance products by value increased by 7.5% in 2025 compared to 2024. According to SUSEP, which is the Brazilian insurance regulator, taking into account our 30.7% equity interest in Porto Seguro S.A., in 2025, we were the fourth largest insurance provider in Brazil in terms of premium amounts received, representing a market share of 8.5%, excluding VGBL (an insurance structured as a pension plan). Considering only our recurring insurance activities, our market share reached 11.1% in 2025. Our main competitors are controlled by or have partnerships with large commercial banks, such as Banco Bradesco, Banco Santander (Brasil) and Banco do Brasil which, like us, take advantage of their branch network access clients. Despite the high concentration of Brazilian banks in the insurance market, the growing number of insurtechs (startup companies focused on insurance) has facilitated customer access to insurance companies, making this market even more competitive. Premium Bonds (títulos de capitalização, or capitalization plans) Premium bonds, or capitalization plans, are products that generally require a client to make a one-time deposit or monthly fixed deposits that will be returned at the end of a designated term, with accrued interest. Ownership of premium bonds automatically qualifies a customer to participate in periodic drawings, each time with the opportunity to win a significant cash prize. Revenue from our premium bonds operations is mostly generated by customer deposits less provisions made, and financial income. Through our subsidiary Cia. Itaú de Capitalização S.A., we currently market our premium bonds products portfolio through our branch network, digital channels, and ATMs. Customer deposits increased by 7.8% in 2025 when compared to 2024. According to SUSEP, as of December 31, 2025, we were the fourth largest provider of premium bonds in Brazil in terms of revenue from sale of these products, representing a market share of 11.1%. Our main competitors in premium bonds are controlled by or have partnerships with large commercial banks, such as Banco Bradesco, Banco do Brasil and Banco Santander (Brasil) which, like us, take advantage of their branch network to gain access to the retail market. Consórcio Products Consórcio is a collaborative finance product, where a group of individuals and/or legal entities participate in a group, formed with the purpose of allowing the members of the group to, on equal terms, acquire certain assets, such as vehicles, properties, or services through self-financing. Payments made by group members are applied to a common fund, used by one or more consórcio members at a time, to acquire the assets elected by the members when the product was contracted. Participants receive the assets during the term of the contract through random drawing and bid offers. There are three different types of bids that may be combined: (i) bid offer to be funded with the individual’s or the entity’s own resources; (ii) bid offer to be partially funded with a letter of credit; and (iii) bid offer to be funded with FGTS funds (only for real estate consórcio groups). Revenue from consórcio operations is primarily generated through management fees, which remain fixed for each consórcio share. These fees cover the resource management, financial health oversight of the groups, administration of bid offers and credit allocation for the acquisition of vehicles, properties, or services. As administrators, Itaú Administradora and Itaú Unibanco Veículos Administradora de Consorcio ensure that all participants within a consórcio group will have the right to acquire the selected assets before the group concludes. 31 Table of Contents As the resources used by a participant in the acquisition of assets are their own, the management of a consórcio, carried out by Itaú Administradora, does not generate a risk of default or regulatory capital requirements for us. For the year ended December 31, 2025, we reached a total of R$37 billions of sales during the year, focusing on journey improvements, communication, new features for sales, business-to-business-to-consumer onboarding and new product launch (Reduced Installment). According to the Central Bank, in 2025, we had a market share of 7.4% in total consórcios services fees. Taking only banks into account, we are the third largest provider of consórcios products in Brazil, in terms of fees collected. Our main competitors in the Brazilian consórcios market from the banking sector are Bradesco Consórcios and BB Consórcios. Within the non‑bank segment, our main competitors are Ademicon and Embracon. Microcredit Our microcredit operations are conducted under the National Program for Productive and Oriented Microcredit (“Programa Nacional de Microcrédito Produtivo Orientado ”, or, PNMPO), a Brazilian government program designed to support and finance productive activities carried out by micro-entrepreneurs. Under this program, we provide credit to entrepreneurs with annual revenues of up to R$360 thousand. Our microcredit activities are primarily concentrated in the Northeast region of Brazil. In 2025, our microcredit portfolio amounted to R$1.5 billion, reaching more than 324.4 thousand active clients and 380.3 thousand outstanding contracts. Women represented 64.4% of our microcredit client base at the same period. Wholesale Business Our Wholesale Business segment offers a wide range of products and services to middle-market, agribusiness, infrastructure, utilities, and large corporates, with annual revenues equal to or greater than R$50 million through (i) investment banking (Itaú BBA), (ii) asset management (mostly by Itaú Asset Management), (iii) investment services, (iv) private banking, through Itaú Private Bank, and (v) securities brokerage services (Itaú Corretora de Valores S.A). Our Wholesale Business segment offers a wide range of products and services to the largest economic groups of Brazil. Our activities in this business segment range from typical operations of a commercial bank to capital markets operations and advisory services for mergers and acquisitions. Our Wholesale Business segment accounted for 35%, 35%, and 37% of our revenue for the years ended December 31, 2023, 2024 and 2025, respectively. Revenue from our Wholesale Business segment is mostly generated by banking services and bank charges, such as credit financing, cash management, investment banking, foreign exchange and derivatives. One of the main strategies of our Wholesale Business segment is to improve operational efficiency by reducing costs and increasing revenues. This strategy is supported by a diversified and balanced approach, with specialized portfolios focused on middle-market, agribusiness, infrastructure and utilities companies. Investment Banking Our investment banking business is carried out by our subsidiary Itaú BBA and assists companies to raise capital through fixed income and equity instruments and provides advisory services in mergers and acquisitions operations. Through a highly qualified team we support most of the largest companies in Brazil, and our Investment Banking team is also present in Latin America and in the Northern Hemisphere, providing support and advisory services to many conglomerates worldwide. Revenue from our investment banking operations is mostly generated by banking fees on large and complex financial transactions, such as M&A advisory fees, and structuring and distributing fees from debt capital markets (“DCM”), and equity capital markets (“ECM”) deals. According to Dealogic Ltd. (“Dealogic”) and ANBIMA, as of December 31, 2025, Itaú BBA was the second largest investment bank in equity deals and the first in advisory of mergers and acquisitions in Brazil, based on the number of transactions. Itaú BBA ranked first in origination and in distribution in DCM transactions in the Brazilian market. In the investment banking division, Itau BBA’s main competitors include Bradesco BBI, BTG Pactual S.A., Santander, XP, UBS BB, Credit Suisse (Brazil) S.A., Merrill Lynch S.A. (Brazil), Morgan Stanley S.A. (Brazil) and JP Morgan S.A. (Brazil). 32 Table of Contents Asset Management We offer asset management services through our subsidiary Itaú Asset Management, which has more than 60 years of experience in investment management, and through Kinea Investimentos Ltda. (“Kinea”), an alternative investments management company controlled by us. Revenue from our asset management operations is mostly generated by administration fees and performance fees of our products. According to ANBIMA, as of December 31, 2025, Itaú Asset Management had R$1,236 billion in assets under management, representing a market share of 11.5%, considering that the asset management industry in Brazil held assets totaling R$10,753 billion. Additionally, according to the same institution, Itaú Asset Management had the second highest net new money in 2025, with R$33.7 billion. As of December 31, 2025, Itaú Asset Management was the largest privately-owned bank asset manager in Brazil in terms of assets under management, according to ANBIMA. Our main competitors are Banco do Brasil, Bradesco, BTG Pactual, and Santander. As of December 31, 2025, Kinea held R$162 billion in assets under management, compared to R$146 billion as of December 31, 2024, according to ANBIMA. Investment Services In our investment services division, we provide (i) custody and fiduciary services for investment funds, (ii) custody and representation services for non-resident investors, and (iii) corporate solutions where we act as transfer agent and stockholder servicer for Brazilian companies issuing equity, corporate bonds, promissory and bank credit notes in the Brazilian market. We also work as guarantor on project financings, and agent on escrow accounts and financing agreements. Revenue from our investment services division is mostly generated by basis points fees on our assets under service and banking fees on corporate solutions. We provide the technological tools to each service on a daily basis and rely on compliance and contingency procedures to ensure a safe and reliable service to our clients, so they can direct the focus on their business management. Nevertheless, we continue to improve our technological platform and tools regarding securities services and invest in new solutions for our clients. Our primary clients in our investment services division are pension funds, insurance companies, asset managers, international global custodians and equity and debt issuers, representing over 1,000 corporate groups. According to ANBIMA, as of December 31, 2025, Itaú Unibanco (including Intrag Distribuidora de Títulos e Valores Mobiliários Ltda. (“Intrag”), which offers investment services to third party asset management firms) was the leader in the Brazilian fiduciary services business in terms of total assets under administration, with R$1.8 trillion, representing a market share of 17.2%.The same source also indicates that, as of December 31, 2025, we were the second largest player in the custody market in terms of total assets under custody with R$2.5 trillion, representing a market share of 18.4%. As of December 31, 2025, we were the leader in the corporate solutions business, acting as agent and register provider to 189 companies listed on B3, which represents 53.8% of companies listed on that stock exchange. Moreover, we were the leader in transfer agent, with 152 debentures offerings in the Brazilian market, representing 23.9% of the debentures market in Brazil. Itaú Private Bank Itaú Private Bank offers tailored banking, investment, and wealth management services to high and ultra- high net worth individuals. With a full global wealth management platform, we are recognized as a leading private bank in Brazil and one of the main private bank players in Latin America. Our multidisciplinary team, supported by experienced investment advisors and product experts, provides comprehensive financial solutions aligned with each client’s needs, . Our services are provided from understanding and addressing their needs from 14 offices in Brazil and international offices located in the United States of America, Portugal, Switzerland, the Bahamas and Uruguay. Revenue from our private banking operations is mostly generated through asset and fund management fees, pension funds fees, performance fees, foreign exchange operations and brokerage services. In addition to the complete portfolio of products and services that Itaú Private Bank offers, our clients also have access to a wide-open platform from third party providers with alternative products. Our main competitors are Bradesco, Santander and BTG, for the Brazilian market, and UBS, JP Morgan and Citibank, for the offshore market. 33 Table of Contents As of December 31, 2025, we achieved a market share of 31.1% of private banking operations in Brazil, according to ANBIMA, an increase of 2.1% compared to December 31, 2024. Itaú Corretora de Valores (Securities Brokerage) Itaú Corretora de Valores S.A. (“Itaú Corretora de Valores”) has been providing securities brokerage services since 1965. We provide retail brokerage services in Brazil to over 661,000 clients with positions in the equity and fixed income markets, accounting for R$246.8 billion in trading volume in 2025. The brokerage services are also provided to international clients through Avenue, our digital securities brokerage based in the U.S. According to DATAWISE, a system affiliated with the B3, we were the third provider of retail brokerage services in terms of equity trading volume in 2025. Our main competitors in this division are XP Investimentos, BTG Pactual Corretora de Títulos e Valores Mobiliários S.A., Ágora Corretora de Títulos e Valores Mobiliários S.A., Genial Investimentos Corretora de Valores Mobiliários S.A. , Santander Corretora de Câmbio e Valores Mobiliários S.A. and Safra Corretora de Títulos e Valores Mobiliários S.A. International Operations Through our internationalization strategy, we seek to understand different markets, businesses, products and services and to identify opportunities to integrate our units . Our goal is to achieve the same management quality and level of results we have in Brazil in the other countries where we operate. The table below shows some of our operations in Latin America, excluding Brazil, as of December 31, 2025: Countries Branches & CSBs ATMs Employees Chile 130 134 4,670 Colombia (1) 60 116 1,899 Paraguay 29 276 1,354 Uruguay (2) 21 65 1,277 (1)Includes employees in Panama.(2)Does not include the 29 points of sale of OCA S.A., our credit card operator in Uruguay. Overview Latin America is a priority in our international expansion due to the geographic and cultural proximity to Brazil. Our goal is to be recognized as the “Latin American Bank,” becoming a reference in the region for all financial services provided to individuals and companies. Over the past years, we consolidated our presence in Chile, Paraguay and Uruguay. In these countries, we operate in the retail, small and middle-market companies, corporate and treasury segments, with commercial banking as our main focus. As a result of the merger between Banco Itaú Chile and CorpBanca, which reinforced our presence in Colombia and Panama, we expanded our operations in the region even further. In Mexico, we are present through an office dedicated to equity research activities. In August 2023, we announced the sale of all our shares held in Banco Itaú Argentina S.A. Nonetheless, we continue to serve Argentine corporate clients and individuals in wealth and private banking through our foreign units. As of December 31, 2025 we had a network of 240 brick-and-mortar branches, 17 digital branches, and client service branches in Latin America (excluding Brazil). In Paraguay, we had 71 non-bank correspondent locations, which are points of service with a simplified structure, strategically located in supermarkets to provide services to our clients in that country. As of December 31, 2025, we also had 29 points of service through OCA S.A., ours and the largest credit card operator in Uruguay. For further information on our distribution network in Latin America, see “Distribution Channels.” Banco Itaú Chile In April 2016, we closed the merger between Banco Itaú Chile with CorpBanca and, as a result, acquired control of the resulting entity: formerly Itaú Corpbanca. Over the years, we increased our ownership interest, primarily through: (a) the exercise of put options by Corp Group Banking S.A., the former controlling shareholder of CorpBanca in 2021; (b) shares received through affiliates in connection with the debt restructuring of the Corp Group’s companies, as approved by the 34 Table of Contents court-supervised reorganization proceeding in the United State (Chapter 11) in 2022; and (c) the settlement of a voluntary tender offer made in 2023. We currently hold 67.42% of Banco Itaú Chile’s total capital stock. Banco Itaú Chile (formerly named Itaú CorpBanca) provides a comprehensive range of wholesale and retail banking services in Chile and Colombia. Through its subsidiaries, Banco Itaú Chile also offers financial advisory services, mutual funds management, insurance brokerage and securities brokerage services. In addition, it provides banking services through its New York branch. Operations are organized into two primary geographic segments: Chile and Colombia. Chile also includes the activities of the New York branch and a representative office in Peru, while Colombia includes the operations of Itaú Panamá S.A. Business segments in Chile have been aligned with both customer needs and its strategy. Banco Itaú Chile’s business segment is organized in three areas: (1) Wholesale Banking (a. Corporate and Investment Banking, b. Large Corporate and c. Multinational and Institutional Banking, Real Estate Banking and Private Banking); (2) Retail Banking (including Itaú Personal Bank, Itaú Branches and Itaú Retail Companies and SMEs; and (3) Treasury. Itaú Colombia also provides a broad range of commercial and retail banking services to its customers in Colombia. According to the Comisión para el Mercado Financiero, as of December 31, 2025, our market share was 11.5% based on total outstanding loan balance in Chilean pesos, positioning us as the fifth largest private bank in Chile (includes privately-owned banks only). Our main competitors are Banco Santander-Chile, Banco de Chile, Scotiabank Chile and Banco de Crédito e Inversiones. Banco Itaú Paraguay Our operations in Paraguay began in 1978 under the brand “Interbanco,” which became part of Unibanco in 1995. After the merger between Itaú and Unibanco, Interbanco became Itaú Paraguay. Banco Itaú Paraguay operates through two commercial banking units - individuals and companies - which it serves its customers by providing credit products, insurance, payment services and cash management solutions. Banco Itaú Paraguay also provides in-person services through 25 full-service branches, six personal bank offices, 11 customer service centers and 66 Itaú Express (in-store banking service points) correspondent locations. Through this network, our Paraguayan branch operates in 29 cities nationwide. Banco Itaú Paraguay provides 24-hour banking services through its website, mobile applications, telephone channels and self-service areas in branches. In 2019 Banco Itaú Paraguay opened its first digital branch enhancing its presence in Paraguay's financial market. According to the Central Bank of Paraguay, as of December 31, 2025, we were the third largest private bank in Paraguay in terms of total outstanding loan balance in guaranis, representing a market share of 16.0%. Our main competitors in Paraguay are Banco Continental, Sudameris and GNB Paraguay. Banco Itaú Uruguay Our banking operations in Uruguay include Banco Itaú Uruguay, OCA (the largest credit card issuer in Uruguay, according to data from the Central Bank of Uruguay) and the pension fund management company Unión Capital. Our strategy in Uruguay is to serve a broad range of clients through customized banking solutions. Our retail business is focused on individuals and small companies. Retail products and services focus on the middle and upper-income segments, and also include current and savings accounts, payroll payment, self-service areas and ATMs in all branches, and phone and internet banking. The wholesale business division is focused on multinational companies, financial institutions, large and middle market companies and the public sector, providing lending, cash management, treasury, trade and investment services. In 2019 Banco Itaú Uruguay opened its first digital branch enhancing its presence in Uruguay’s financial market. In 2022, Itaú Unibanco further advanced in the Uruguayan market by acquiring (i) 56% of Resonance Uruguay, a merchant acquirer as part of our expansion in the payments solutions industry; (ii) 30% of Grupo Prex and Grupo Paigo, fintechs that are leaders in the market to improve the expansion in the digital banking market; and (iii) 100% of AFISA, a Uruguayan Asset Management company. We subsequently acquired the remaining 44% interest in Resonet (a merchant acquirer), a 40% interest in Handy, a fintech focused on collection and payment solutions for small businesses and independent workers, and 100% of Plexo in 2025, a 35 Table of Contents payment facilitator of digital transactions. In December 2025, we announced an additional investment in Handy, which was closed in March 20th, and increased our ownership interest from 40% to 75%. According to the Central Bank of Uruguay, as of December 31, 2025, we were the second largest private bank in Uruguay in terms of total outstanding loans in Uruguayan pesos, representing a market share of 29.6%. Our main competitors in Uruguay are Banco Santander Uruguay, BBVA Uruguay and Scotiabank Uruguay. Itau BBA International Our banking activities carried out under the corporate structure of Itau BBA International are mainly focused on two business lines: •Corporate and Investment Banking: through Itau BBA International, headquartered in the United Kingdom, and its subsidiary Itaú Europe, headquartered in Portugal, with a branch in Luxembourg and business platforms in Madrid, Spain, and Paris, France, this segment supports the financial needs of companies with international presence and operations, focusing on transactions related to financing and investment relationships between companies in Latin America and the Northern Hemisphere. The services offered include the origination of structured financing, hedging, trade financing and advisory to Latin American and U.S. companies undertaking business in the Northern Hemisphere and large economic groups investing into Latin America. •Private Banking: under the corporate structure of Itau BBA International, we manage private banking activities in Miami, U.S., and Zurich, Switzerland, offering specialized financial and asset management services for Latin American clients with high net worth by providing a diversified and specialized basis of investment funds, trading and managing on their account securities and other financial instruments, as well as by managing trusts and investment companies on behalf of customers. Other International Operations We have other international operations in the U.S., Cayman Islands, and the Bahamas, which have the following objectives: •Support our clients in cross-border financial transactions and services, providing our clients with a variety of financial products, such as trade financing, loans from multilateral credit agencies, off-shore loans, international cash management services, foreign exchange, letters of credit, guarantees required in international bidding processes, derivatives for hedging or proprietary trading purposes, structured transactions, and international capital markets offerings. Our international units offer a variety of financial products through their branches. •Manage proprietary portfolios and raise funds through the issuance of securities in the international market. Fundraising through the issuance of securities, certificates of deposit, commercial paper and trade notes can be conducted by our branches located in the Cayman Islands, the Bahamas, and the United States, as well as through Itaú Bank Ltd., a banking subsidiary incorporated in the Cayman Islands. Our proprietary portfolios are mainly held by Itaú Bank and our Nassau and Cayman Islands branches. These offices also enhance our ability to manage our international liquidity. Through our international operations, we establish and monitor trade-related lines of credit from foreign banks, maintain correspondent banking relationships with money centers and regional banks throughout the world and oversee our other foreign currency-raising activities. Revenues from Operations in Brazil and Abroad We conduct most of our business activities in Brazil, but we do not break down our revenues by geographic markets within Brazil. Our interest income from loans and leases, banking service fees and income from insurance, private pension plans and premium bonds transactions are divided between revenues earned in Brazil and outside of Brazil. The following table sets forth the consolidated statement of income with respect to our revenues from operations in Brazil and abroad for the years ended December 31, 2025, 2024 and 2023. The following information is presented in IFRS Accounting Standard as issued by the IASB, after eliminations on consolidation. 36 Table of Contents For the Year Ended December 31, Variation Revenues from operations in Brazil and abroad 2025 2024 2023 2025 - 2024 2024 - 2023 (In millions of R$, except percentages) Income related to interest and similar (1,2,3) 332,062 271,126 255,962 60,936 22.5% 15,164 5.9% Brazil 278,006 219,281 221,534 58,725 26.8% (2,253) (1.0)% Abroad 54,056 51,845 34,428 2,211 4.3% 17,417 50.6% Commissions and Banking Fees (3) 46,997 47,071 45,731 (74) (0.2)% 1,340 2.9% Brazil 41,062 41,888 41,147 (826) (2.0)% 741 1.8% Abroad 5,935 5,183 4,584 752 14.5% 599 13.1% Income from insurance contracts and private pension (3) 8,731 6,982 6,613 1,749 25.1% 369 5.6% Brazil 8,731 6,982 6,613 1,749 25.1% 369 5.6% Abroad - - - - - 1) Includes Interest and similar Income, of Financial Assets and Liabilities at Fair Value through Profit or Loss and Foreign exchange results and exchange variations in foreign transactions.2) Itaú Unibanco Holding does not have customers representing 10% or higher of its revenues.3) In "Brazil" geographic region the companies headquartered in the country and "Abroad" are considered; the other companies, the amounts consider the already eliminated values Competition The last several years have been characterized by increased competition and consolidation in the financial services industry in Brazil. According to the Central Bank, as of December 31, 2025, there were 222 conglomerates, commercial banks and multiple-service banks, development banks, non-bank credit, payment and capital markets institutions, and Caixa Econômica Federal, among a total of 1,466 institutions in Brazil. We, together with Banco Bradesco S.A. and Banco Santander Brasil S.A., are the leaders in the privately-owned multiple-services banking sector. As of December 31, 2025, these three banks accounted for 32.5% of the Brazilian banking sector’s total assets, according to the Central Bank. We also face competition from state-owned banks. According to the Central Bank, as of December 31, 2025, Banco do Brasil S.A., Caixa Econômica Federal, and BNDES accounted for 30.7% of the banking system’s total assets. 37 Table of Contents The following table sets for the total assets of the ten main banks in Brazil, classified according to their interest in the total assets of the Brazilian banking sector: (In billions of R$) Position Banks of total assets (1) Control Type 2025 % of Total 1st Itaú privately-owned 2,742 15.0 2nd Banco do Brasil state-owned 2,454 13.4 3rd Caixa Econômica Federal state-owned 2,203 12.0 4th Bradesco privately-owned 1,940 10.6 5th Santander privately-owned 1,281 7.0 6th BNDES state-owned 963 5.3 7th BTG Pactual privately-owned 770 4.2 8th XP privately-owned 305 1.7 9th Safra privately-owned 286 1.6 10th Nubank privately-owned 253 1.4 n.a. Others n.a 5,134 27.8 Total 18,331 100.0 1)Source: Central Bank (IF.data) In general, technology-driven competitors have traditionally concentrated their activities in specific business lines, such as credit cards, unsecured lending and payroll loans (e.g., Nubank), investment, wealth management and investment banking services (e.g., XP Investimentos and BTG Pactual), and acquiring services and loans (e.g., Mercado Pago), among others. Over time, however, these competitors have expanded beyond their initial areas of activity, increasingly offer a broader suite of financial products and services. The awareness that even companies outside of the financial industry could develop advanced technologies to provide financial services, keeps larger institutions in a state of constant alert to disrupt businesses. As technology advances rapidly and clients’ preferences and expectations change, boosted by innovations introduced by the new competition, traditional competitors are also changing and redesigning their products, distribution, and communication channels. Distribution Channels We provide a wide range of financial services and products to our clients, from commercial banking to asset management and investment banking services. Those products are distributed through two main channels: traditional and digital channels. The traditional channels are composed of brick-and-mortar branches – which could be either full-service branches or in-house corporate service centers – and ATMs. The digital channels are operated remotely via the internet or mobile phones. Our network of 2,277 branches and CSBs as of December 31, 2025, distributes all of our products and services in Brazil. We also have our own ATMs and an additional 14,196 machines via partnership with Technologia Bancaria S.A. (“Tecban”), (as of December 31, 2025), which are a very convenient and efficient way of serving clients, due to their low operating costs, 24/7 availability and very complete services offering. 38 Table of Contents Standard channels Branches & CSBs ATMs 2025 2024 2023 2025 2024 2023 Brazil 2,277 2,668 2,969 13,014 15,823 16,356 Latin America and IBBA 252 260 281 591 614 627 Total Brazil and Abroad 2,529 2,928 3,250 13,605 16,437 16,983 Digital Channels (Internet and Mobile Banking) Digital channels continue to play a pivotal role in Itaú’s ongoing transformation and digitalization journey. In 2025, more than 4.6 million accounts were opened through digital channels—nearly three million more than in 2024—accounting for 68% of all new accounts. Among our current account holders, we observed growth in the number of customers using our digital platforms (a 12% increase when comparing to 2024) while maintaining engagement levels, representing a 10% increase in total accesses to our digital platforms in comparison to 2024. Growth in total accesses to our super-app is even more significant—with a 15% increase—particularly when factoring in “credit card holders” and “iti” customers who migrated to the super-app as part of our “One Itaú” strategy, which aims to unify the user experience through a single app offering comprehensive banking services. Moreover, digitalization continues to play a dominant role in daily transactions, with over 99% of all transfers and payments at Itaú carried out via digital channels. We remain committed to improving the user experience by reinforcing our design principles, leveraging data analytics, and advancing technical modernization initiatives. These efforts have driven a notable increase in our super-app NPS across all customer segments - with gains of five points in the low-income segment and 8-9 points in the middle- and high-income segments over the past two years – maintaining levels in the “excellence zone.” Additionally, in 2025 we had 33% more deploys than previous year, allowing us to rapidly introduce new features and deliver enhanced services—all while upholding the highest quality standards. Environmental, Social and Corporate Governance Itaú Unibanco Group is committed to long-term ESG positive impacts, and those commitments are important drivers of our business and corporate strategy. In 2024, we announced our ESG strategy, which is focused on material issues and ensuring transparency in our accountability to the market and stakeholders. Underpinned by a solid base of governance, our ESG strategy focuses on three pillars: • Sustainable Finance: Our goal is to promote the integration of ESG factors into business strategies through research, advocacy and the development of sustainable products and services, and client engagement, with a focus on opportunities in the sustainable economy. • Climate Transition: We aim to improve the resilience of our operations and provide products and services that help customers transition to a low-carbon economy, with a focus on climate adaptation and mitigation. • Diversity and Development: Our goal is to promote diversity and inclusion, fostering social and economic development for individuals and businesses for a fairer and more prosperous country. Our ESG strategy and key objectives have advanced from previous agendas to promote sustainable and inclusive economic development. We continue to monitor and measure our ongoing commitments and the indicators embedded in our strategy. In this section, we provide an overview of our ESG strategy. Our ESG Report 2025 and Integrated Annual Report 2025, collectively referred to as the “Reports,” are available on our website. Neither the website nor the content of the Reports is incorporated by reference into this annual report. Additionally, the statements contained in this section are not indicative of any future results. We seek to continuously enhance our governance and management of material social, environmental, and climate-related risks and opportunities. We remain vigilant to challenges arising from new regulations and evolving stakeholders’ expectations. 39 Table of Contents We formalize our commitment to sustainability by adhering to leading national and international voluntary initiatives. These initiatives seek to support the development of our ESG practices. Our key commitments include, but are not limited to, the UN Principles for Responsible Investment (PRI), the UN Principles for Responsible Banking (PRB), the Equator Principles, the UN Global Compact, the Carbon Disclosure Project (CDP), the Brazilian GHG Protocol Program, and the local Charter for Human Rights – Ethos. Our strategic objectives are aligned with global agendas, including the UN Sustainable Development Goals (SDGs) and the climate action targets of the Paris Agreement. Also, we participate in initiatives intended to support emissions reduction efforts, which is aligned with the latest climate science recommendations. Environmental In 2021, we committed to allocate R$400 billion in sustainable finance by 2025 through a variety of instruments, including corporate loans, credit for ESG retail products, green bonds, social bonds, sustainability bonds, and sustainability-linked bonds. As of December 31, 2024, we exceeded our initial target, reaching R$469 billion. During 2024, we expanded our commitment to R$1 trillion in sustainable finance to be achieved by 2030. As of December 31, 2025, we reached R$565 billion. In November 2024, we were selected through a federal government auction to take part in the Eco Invest program, which offers subsidized credit supported by the Brazilian National Treasury. This blended finance initiative supports green economy projects and seeks to encourage private foreign investment to help reduce carbon emissions in the economy. In January 2025, we revised the criteria applied to sustainable finance to reflect updates introduced in the local sustainable finance taxonomy. Additional information is available on our sustainability website. Additionally, Itaú Asset Management, our asset management branch, remains committed to sustainable and responsible investing practices. As of December 31, 2025, Itaú Asset Management had R$1,236 billion under management, 99.7 % of its eligible portfolio (defined as total assets under management less currencies, commodities, derivatives, and ETFs) which underwent formal assessment via an ESG-integrated valuation framework. This model is designed to estimate the material financial implications of social and environmental issues, ensuring these factors are incorporated into the fundamental analysis of each investee. Recognizing the relevance of financed emissions for the financial sector, we joined the TCFD implementation working group in 2017 and in 2021, we committed to become a Net Zero Carbon bank by 2050. Our strategy involves delivering tailored solutions to assist clients in transitioning to a low-carbon economy. Our GHG emissions data is subject to annual third-party assurance, and we remain committed to adopting standardized methodologies for calculating financed emissions. In 2025, our progress was recognized with an ‘A’ score from the CDP, underscoring our adherence to global ESG best practices. Social Our commitment to diversity and inclusion is reflected in our evolving metrics. As of December 31, 2025, women occupied 51.6 % of management positions in Brazil, while employees of color occupied 30.4% – an increase from 52.1% and 30.1% in 2024, respectively. Pay equity remains a priority, and we continue to invest significant effort and time, especially in recent years. We conduct ongoing pay equity assessments and studies to ensure gender and racial pay equity across all departments and hierarchical levels, utilizing criteria established by Brazilian law, which mandates comparisons of employees performing the same jobs and possessing the same level of seniority, length of service, and workplace location. Our approach to monitor and report any wage gaps between its employees in terms of gender and race is fully based on Article 461 of the Brazilian Labor Law and Law No. 14,611/2023, which provides for equal pay and compensation criteria. In addition, we also disclose equity-related data in accordance with Law No. 15,177. We are dedicated to fostering a culture of human rights awareness among our employees and maintaining a respectable and healthy work environment. Furthermore, we seek to maintain rigorous monitoring processes for any reported violations within Itaú Unibanco Group’s operations. In 2025, we invested R$867.6 million in 1,850 projects focused on corporate social responsibility initiatives, related to the promotion of education, sports, culture, urban mobility, diversity, and innovation. Corporate Governance We have enhanced the accountability of our senior management by strengthening the transparency of our business and financial reports in line with best market practices. We publish annually the Reports based on international reporting standards, such as the Sustainability Accounting Standards Board, the TCFD and the Global Reporting Initiative standards. 40 Table of Contents As such, we provide our stakeholders with access to important indicators and results of Itaú Unibanco Group pertaining to ESG. We continue to be part of several sustainability indices, including the Dow Jones Sustainability World Index (DJSI World), as well as the ISE and the Carbon Efficient Index (ICO2) of the B3 S.A. Furthermore, our ESG risk ratings were upgraded in 2025, achieving a “Low Risk” classification from Sustainalytics and an “AA” rating from MSCI. Additionally, we have maintained a dedicated ESG Committee since 2020. Composed of senior management, the committee is responsible for institutionalizing ESG practices, monitoring key performance indicators, and driving our long-term strategy. Dependence on Patents, Licenses, Contracts and Processes We own, in Brazil and abroad, patents and patent applications related to methods for security code checking and a method that includes training of a machine learning engine for granting access to restricted area. Neither us nor our affiliates depend on such patents to perform our activities. Risk Management To undertake and manage risks is one of our activities and, to this end, we must have well-established risk management objectives. Our board of directors establishes our strategic direction and overall risk guidelines. Our risk appetite translates those strategies and guidelines into a structured framework that defines, limits and monitors the nature and level of risks we are prepared to assume. Our risk culture, in turn, guides the behaviors and attitudes necessary to manage those risks. We invest in robust risk management processes and capital management across the whole institution and that are the basis for our strategic decisions to ensure business sustainability and to maximize value creation for shareholders. Among our processes for proper risk and capital management are principally: the implementation of a continuous and integrated risk management structure; the risk appetite framework, which includes the risk appetite statement (“RAS”) approved by our board of directors, the risk appetite policy, and a the set of metrics to monitor key risks against established limits; the stress testing program; the organization of a risk committee; and the appointment of a CRO, with the Central Bank, including clearly defined roles, responsibilities, and independence requirements. These processes are aligned with the guidelines of our board of directors and the executives who, through collegiate bodies, define the global objectives expressed as targets and limits for the risk management business units. Control and capital management units, in turn, support our management by monitoring and analyzing risk and capital processes. The principles that determine our risk management and risk appetite foundations, as well as guidelines regarding actions taken by our employees in their daily routines are as follows: •Sustainability and customer satisfaction: our vision is to be the leading bank in sustainable performance and customer satisfaction. Accordingly, we are focused on creating shared value for employees, customers, shareholders and society to ensure the longevity of our business. •Risk Culture: Our risk culture is embedded in our organizational culture and it is supported by our Code of Ethics and Conduct, available on our Investors Relations website, which is not incorporated by reference to this annual report. This code emphasizes that ethical conduct and risk awareness are fundamental to sustainable results and that risk-taking should be conscious, discussed and managed responsibly. It also reinforces that every employee, individually and collectively, shares responsibility for managing risks, independent of role or hierarchy, and for acting in accordance with ethical standards and internal policies. •Risk pricing: we operate and assume risks in businesses we know and understand and try to avoid those we do not know or for which we have no competitive advantages, and carefully assess risk-return ratios. •Diversification: we have a low appetite for volatility in our results. For this reason, we operate with a diversified base of customers, products and businesses, seeking the diversification of risks, in addition to prioritizing less risky businesses. •Operational excellence: we intend to provide agility, as well as a robust and stable infrastructure, to offer high quality services. •Ethics and respect for regulations: for us ethics is non-negotiable. For this reason, we promote an institutional environment of integrity, educating all of our employees to cultivate ethical relationships and businesses, as well as respecting the norms, and therefore looking after our reputation. 41 Table of Contents Our board of directors is the body responsible for establishing guidelines, policies and approval levels for risk and capital management. The CGRC, in turn, is responsible for supporting our board of directors in managing capital and risk. At the executive level, collegiate bodies, chaired by our chief executive officer, who are responsible for risks and capital management performing delegated duties on these topics and their decisions are monitored by the CGRC. To support this structure, our risk department has specialized officers to ensure, on an independent and centralized basis, that our risks and capital are managed in compliance with the established policies and procedures. We are subject to applicable regulatory and supervisory standards in the jurisdictions in which we operate, including those issued by the Central Bank, the CVM, SUSEP, the BCBS, and the SEC. We also adhere to applicable international frameworks and guidelines, including FATCA, the Principles for Responsible Banking of the United Nations Environment Programme – Finance Initiative, the OECD Guidelines for Multinational Enterprises, IFRS, and globally recognized corporate governance best practices. Furthermore, to effectively manage reputational risks, as detailed in Item 3D – Risk Factors - Reputational Risk - Damage to our reputation could harm our business and outlook, we diligently monitor and mitigate these risks through the following measures: (i) risk appetite metrics; (ii) process for the prevention and fight against unlawful acts; (iii) crisis management process and business continuity; (iv) processes and guidelines of the governmental and institutional relations; (v) corporate communication process; (vi) brand management process; (vii) ombudsman offices initiatives and commitment to customer satisfaction; and (viii) ethics guidelines and prevention of corruption. Risk Management Overview Risk appetite reflects our board of directors’ guidelines about strategy and risk taking, defining the nature and level of risks acceptable to our organization, and considering management capacity on an effective and prudent way, the strategic objectives, the conditions of competitiveness and the regulatory environment. The risk appetite framework is composed of the RAS by the board of directors, the risk appetite policy, and the set of metrics for monitoring the main risks according to the limits established. Considering our strategic guidelines, our RAS is based on the following statement: “We are a universal bank, operating predominantly in Latin America. Supported by our risk culture, we operate based on rigorous ethical and regulatory compliance standards, seeking high and growing results, with low volatility, by means of long-lasting relationship with clients, correct risk pricing, diversified sources of funding and proper use of capital.” Our board of directors is responsible for establishing and approving risk appetite guidelines and limits, performing its activities with the support of the CGRC and the CRO. The governance of risk appetite is governed by internal policy, established, reviewed, and also approved by the board of directors. The RAS is implemented through six categories of risks , each supported by metrics aligned with key risks and acceptable risk levels. •Capitalization: reflects our level of protection against significant losses that could lead to regulatory non-compliance or insolvency. Establishes that we should have sufficient capital to protect us against a serious recession or stress events without the need to adjust our capital structure under adverse circumstances; •Liquidity: reflects our level of protection against a long period of funding stress that could lead to illiquidity and possible bankruptcy; •Breakdown of results: the purpose is to ensure the stability and sustainability of results, restricting excessive volatility and avoiding portfolio concentrations and significant deviations in pricing and provisions. Establishes that business will mainly focus on Latin America, where we will have a diversified range of customers and products, with low appetite for results volatility and high risk; •Operational risk: addresses operating risks that may jeopardize our business and operation, focusing on controlling events that could have an adverse impact on our business strategy and operations; •Reputation: deals with risks that could impact our brand value and reputation before our customers, employees, regulators, investors and the general public; and •Clients: addresses risks that might compromise customers’ experience and satisfaction. The metrics translate the RAS and dimensions into monitorable indicators, which capture the main risks we are subject to. They are periodically monitored and reported to our executive committee, the risk and capital management committee and 42 Table of Contents the board of directors, which guides preventive measures to ensure exposure remain within established limits and aligned with our strategy. Each of our international unit (“IU”) has its own RAS, approved by its own board of directors and reported monthly to our risk management department. Governance and Organizational Structure Our risk management organizational structure complies with Brazilian and applicable international regulations currently in place and is aligned with best market practices. There is a structure in place for coordination and consolidation of information and related processes, which are all subject to verification by independent validation, internal controls and audit areas. Our risk management committees are structured as follows: 43 Table of Contents Risk & Capital Management Committee (CGRC) The CGRC supports our board of directors in performing its duties related to our risk and capital management. It meets at least four times per year and submits reports and recommendations to assist our board of directors with respect to the resolution of certain matters including: •Decisions regarding our risk appetite in terms of capital, liquidity, composition of results, operational risk, reputation and customers, ensuring these aspects are aligned with our strategy, and including acceptable capital and liquidity levels and types of risks to which we may be exposed, as well as overall limits for each type of risk, tolerance for volatility of results and risk concentration, and general guidelines about tolerance for risks that may impact our brand; •Supervision of our risk management and control activities to ensure their suitability to the risk levels assumed and to the complexity of the operations as well as compliance with regulatory requirements; •Review and approval of policies and strategies for capital management, to establish mechanisms and procedures aimed at keeping capital consistent with the risks we incur; •Establishing our minimum expected return on capital as a whole and for our lines of business, as well as monitoring performance; •Supervision of our incentive structures, including compensation, aimed at ensuring its alignment with risk control and value creation goals; and •Fostering improvement in our risk culture. Superior Commission for Corporate Investment (CSIS) The CSIS meets on demand and its purpose is to evaluate corporate investments under management of the Wholesale Business segment. Superior Commission for Market Risk and Liquidity (CSRML) The CSRML meets monthly and is responsible for setting guidelines and governance for investments, market risk, IRRBB and liquidity risks regarding our consolidated positions and business lines. Superior Compliance & Operational Risk Commission (CSCOR) The CSCOR meets quarterly and is responsible for understanding the risks associated with our business processes and support areas, defining guidelines for managing operational and regulatory risks and evaluating the outcomes resulting from the operation of our internal control system. Superior Products Commission (CSP) The CSP meets on demand and is responsible for evaluating products, operations and processes that are beyond the authority of our product risks committees that report to the CSP. Superior Credit Commission (CSC) The CSC meets on a weekly basis and is responsible for evaluating and deciding on credit proposals that are beyond the authority of the credit committees that report to the CSC. It is also responsible for analyzing proposals for which a decision have not been made due to a lack of consensus at the respective committee or in case these credit committees decide to voluntarily submit the proposal for the CSC’s review. Superior Retail Credit and Collection Commission (CSCCV) The CSCCV meets on a monthly basis or on demand and is responsible for approving credit policies and assessing the performance of Retail Business’ credit and collection portfolios and strategies. Superior Wholesale Credit and Collection Commission (CSCCA) The CSCCA meets on a quarterly basis and is responsible for approving credit policies and assessing the performance of Wholesale Business’ credit and collection portfolios and strategies. 44 Table of Contents Superior Anti-Money Laundering Committee (CSPLD) The CSPLD meets on demand and its purpose is to analyze and deliberate on claims involving the opening and/or maintenance of transfers and other services and operations (M&A, credit granting, foreign exchange, KYC validation, among others) to bidders with greater exposure to money laundering risk. Asset Liability Capital Committee (ALCCO) The ALCCO meets on a monthly basis or on demand and evaluates our portfolio in light of active capital and liquidity restrictions, through monitoring capital and liquidity metrics and projections in normal and adverse scenarios, in addition to reviewing the assessment of the materiality of the risks, the need for additional capital for material risks and the quantification methodologies for calculating capital needed for risks. Superior ESG Commission (CSESG) The CSESG meets at least quarterly, and is responsible for enhancing ethical and sustainable practices, deliberating on rules and improvements to the Code of Ethics and Conduct and integrity policies, as well as interpreting guidelines on ethics, dilemmas, and conflicts of interest. It oversees and proposes actions for the Integrity and Ethics Program, ensures compliance with our sustainability and ESG strategy, monitors key indicators and projects, approves resources for ESG demands, tracks our competitiveness, ensures the implementation of the social, environmental, and climate responsibility policy, guides the organization on sustainability trends, promotes the topic internally and with stakeholders, and evaluates decisions on social investments and donations. Superior Social, Environmental and Climate Risk Committee (CRSAC Superior) The CRSAC Superior meets on demand and deliberates on matters that, at the discretion of the CRSAC, must be submitted to this forum, or that propose amendments to previous decisions of this forum. Additionally, we have sub-committees, chaired by our CRO, which are also responsible for risk and capital management. Any such sub-committee may report directly to the Risk and Capital Management Committee or to the sub-committees mentioned above. International Units Risk Committee (CRUI-R) The CRUI-R meets on a quarterly basis and presents and discusses major risks and mitigation strategies for the International Units, monitors their risk indicators and risk appetite, and deliberates on situations requiring joint actions between units and management areas in Brazil. Additionally, it assesses the evolution of governance and risk management maturity, ensuring alignment with our strategy. Technical Commission for Model Evaluation (CTAM) The CTAM meets every two months or on demand and is responsible for evaluating methodologies and model implementations based on independent opinions from Model Validation areas. Its main functions are to technically approve risk model opinions, decide on the use of disapproved models, recommend and monitor action plans for validated models, and deliberate on significant changes to models already in use. CTAM also monitors the performance of models over time, determining new developments if necessary. Risk Governance at Foreign Subsidiaries Our foreign subsidiaries follow the risk management and governance model established by Itaú Unibanco in its policies and guidelines, keeping an effective flow of information on risk levels between each subsidiary and alignment of strategies for maintaining such risks at an acceptable level. Each of our subsidiaries maintains its own risk management framework, overseen by a local CRO, who monitors, controls, and aligns risk management practices with the directives set by Itaú Unibanco. These local CROs report both to their respective local CEOs and to the designated regional CRO, ensuring their actions are consistent with the overall risk management system. Regional CROs carry the responsibility for proactive and comprehensive risk oversight within their regions, guaranteeing the efficiency of processes and submitting reports to the Itaú Unibanco Holding CRO. A monthly report containing key risk indicators is used to monitor the risk environment within our subsidiaries. This approach allows us to assess the risk profile of each subsidiary and supports key discussions and decisions to strengthen local control frameworks. 45 Table of Contents By closely overseeing our subsidiaries, we gain deeper insights into the distinct characteristics of each country and region in which we operate. This approach allows us to swiftly respond to shifts in various regulatory, social, and economic conditions, including during periods of heightened stress. Finally, advances in actions to strengthen the risk culture at our foreign subsidiaries have fostered individual and collective responsibilities of all our employees, empowering them to do the right thing, at the right time, and in the right way respecting the ethical and sustainable way of doing business. Operational Risk Overview Operational risk is defined as the possibility of losses arising from failure, deficiency or inadequacy of internal processes, people or systems or from external events that affect the achievement of strategic, tactical or operational goals. It includes legal risk associated with inadequacy or deficiency in agreements to which we are a party, as well as penalties due to noncompliance with applicable laws and damages to third parties arising from the activities undertaken by us. Internally, we classify these exposures to risk within the following categories: •Internal fraud; •External fraud; •Labor claims and deficient security in the workplace; •Inadequate practices related to clients, products and services; •Damage to our own physical assets or assets in use; •Interruption of our activities or the discontinuation of services provided, including payments; •Failures in information technology systems; and •Failures in the performance, compliance with deadlines and management of our activities, including those related to payment arrangements. Governance Our operational risk management unit is comprised of senior management individuals, and reports to our CRO, who in turn reports to the CEO. It has well-defined roles and responsibilities in order to segregate and ensure independence from the businesses seeing to achieve well-balanced risk management decisions. Accordingly, our operational risk management process is under the responsibility of all the different business areas using the risk management framework, established independently by the operational risk unit, which includes methodologies and procedures, training activities, risk assessments and monitoring of the control environment. Procedures and Key Indicators Our management uses corporate methods developed and made available by our compliance and operational risk unit. Among the methodologies, tools and controls used by our management are (i) the self-assessment and the mapping of our prioritized risks, (ii) testing of key controls by the second line, and (iii) the monitoring of key risk indicators and the database of operational losses, ensuring unity for our managing processes, systems, projects and new products and services. Reporting on risk monitoring, effectiveness of internal controls, remediation action plans and operational losses are regularly presented to the business area officers in specific forums. Crisis Management Overview A crisis is an event of high impact and complexity that is rare and poses a threat to the organization’s strategy, objectives, reputation, or operations. It demands urgent measures to implement corrective actions. Being prepared to manage a crisis event is crucial and can be a game changer for an organization, demonstrating readiness for unforeseen events. Crisis management is the organization’s capacity to be ready, anticipate, respond, and recover in the face of a high-impact event. Usually, crisis activities are not part of the daily routine of the company, but they should be consciously maintained and built through investments, research, and time. 46 Table of Contents The Itaú Unibanco Crisis team is responsible for dealing with any type of crisis, including but not limited to technology gaps or failures, cyber-attacks, regulatory issues, government issues, financial problems, operational gaps or failures, and reputational events. As a preventive practice, and to anticipate events, we take several actions in our routine, such as: •Benchmarks •Early detection of vulnerabilities •Tabletop exercises •Creating a knowledge database of events Governance Our procedures are managed by the crisis management team and frequently audited by the internal audit team. For every change, inclusion, or modification, there is an approval process that goes up to the risk director. We review our sensitive data, criteria, and main contacts every two months, and we conduct internal exercises to refine all procedures regarding crisis events. Additionally, we are responsible for the governance of the recovery runbooks for the main areas of the organization. Procedures and Key Indicators We use a crisis calculator that allows the team to classify any kind of event that demands action from the crisis team. The crisis calculator was developed to support the assessment of the criticality of events. This tool is used in Brazil by the Crisis Management team to classify and decide on actions to take in the event. The axes considered are recovery (resumption of operations) and impact (considering brand and customers), based on the scenario of the event and the impacted products. We register all events in a database to analyze tendencies, main issues, and critical products and areas. This database is used to create our productivity indicators as well. Business Continuity Overview Business continuity refers to an organization’s ability to maintain its essential operations during and after a significant disruption. This concept encompasses the preparation, response, and recovery from events that can negatively impact critical business processes. Business continuity management aims to ensure that the company can operate effectively, minimizing the impacts of crises and maintaining the trust of customers, shareholders, and strategic partners. Governance The governance of business continuity at Itaú Unibanco is managed by an independent area responsible for developing, implementing, and monitoring the BCP. This area is tasked with conducting BIA, identifying critical processes, establishing recovery and contingency plans, and ensuring that all procedures are aligned with best practices and applicable regulations. Additionally, governance includes conducting periodic tests, internal and external audits, and continuous review of continuity plans to ensure effectiveness and readiness in case of disruptions. Procedures and Key Indicators Itaú Unibanco’s Corporate Business Continuity Management Program follows a workflow based on ISO 22301 and BS 11200, best practice guides as the BCI, DRII and other regulatory requirements as determined by the local regulators of the various segments that we must follow (Central Bank, SUSEP, CVM, ANBIMA, etc.). Itaú Unibanco’s BCP was developed to protect its customers and employees, ensure the continuity and data integrity of our critical processes at tolerable levels of impact, safeguard revenues and sustain both the stability of the markets in which we operate and the trust of our customers, stockholders and strategic partners. As part of such programs, we apply a BIA, which is a process that assesses the potential effects of an interruption on critical business services, identifying the operations that are vital to our adequate functioning and estimating the impact of not being able to perform these functions during a specific period of time. This interruption may be caused by failures arising from human, natural, climatic, environmental, social, technological risks or due to data integrity failure. 47 Table of Contents Based on the findings, business continuity solutions are established to address the requirements necessary to the recovery, continuity and resumption of the process and its added value chain. Our plans are developed in a modular way and, depending on the type of interruption, one or more modules can be activated. The BCP consists of the main plans below: •Disaster Recovery Plan: Resilience strategies that, after technological failures or interruption of the main datacenter, resume and reestablish critical processes, activities and resources (e.g. technological infrastructure, telecommunications, systems, applications and data). •Workplace Contingency Plan: Defined strategies so that critical processes and products/services continue to operate at an alternative workplace if the primary location becomes inoperative or inaccessible, according to internal procedure. •Emergency Plan: Emergency procedures to ensure the safety of all affected people (e.g. employees, customers) in case of any emergency, provides instructions for evacuation, communication, etc. •Business Workaround Plan: Activation of an alternative procedure due to application or procedure unavailability. •External Events Contingency Plan: Activation of contingency procedure due to external events that affect the continuity of critical business processes, e.g., pandemic. The modules within our BCP are independent, meaning they can be activated individually, yet they remain integrated to ensure seamless functionality. For example, workplace contingency sites are designed to connect both to our primary site and to our disaster recovery site, ensuring operational resilience in the event of disruptions. Additionally, our BCP employs a communication tree structure, which facilitates the efficient dissemination of information to many employees, enhancing coordination during contingency events. Besides the internal audits, our BCP is subject to regulatory assessments, external audits and corporate governance practices. The BCP has also been evaluated in the DJSI, the ISE of B3, by independent authorities and by the Central Bank. The contingency plans are tested usually once a year or whenever a major change occurs (systems, market, regulations, etc.). In addition, our program is designed to assess potential crisis threats as well as ongoing ones that could impact us. This assessment enables the implementation of appropriate mitigation measures to reduce potential risks. The structure in place, as outlined above, provides a better performance in the face of a crisis, allows for an adequate response to significant events. Our framework further defines methodologies for identifying and classifying events with potential negative impacts. Based on this classification, it establishes response teams and action plans. Cybersecurity Management and Processes For information on our Cybersecurity and Management Process, see “Item 16K. Cybersecurity.” For further information on the adverse effects arising from cybersecurity risks, see “Item 3D. Risk Factors—Business Operations—Failure to adequately protect ourselves against risks relating to cybersecurity could materially adversely affect us.” Regulatory or Compliance Risk We consider regulatory or compliance risk as the risk of sanctions, financial losses or reputational damage resulting from non-compliance with: legal and regulatory requirements, failure to comply with local and international market standards, commitments to regulators, public commitments, self-regulatory codes and codes of conduct to which Itaú Unibanco subscribes. Compliance risk is managed through a structured process aimed at identifying changes in the regulatory environment, evaluating the impact on Itaú Unibanco’s areas, and monitoring actions taken to comply with the regulatory requirements and other obligations mentioned in the previous paragraph. This structured process includes the following actions: (i) to understand the changes in the regulatory environment; (ii) to monitor regulatory trends; (iii) to manage the relationship between us and the regulator, self-regulatory bodies and the representative entity; (iv) to monitor action plans on regulatory or self-regulatory compliance; (v) to coordinate a program to comply with significant norms, such as Integrity and Ethics; and (vi) to report regulatory issues in operational and compliance risk forums, according to the structure of committees as established by internal policies. 48 Table of Contents The Adequacy of Operating Structure and Internal Controls to Verify the Effectiveness of the Policy Adopted We believe that the structure adopted to monitor market risks in accordance with our policies and risk appetite statement is appropriate. The integrated management of operational risk, internal controls and compliance is organized under a three-lines-of-defense framework: •First line - Represented by the business and support areas: it is directly responsible for identifying, measuring, assessing, understanding and managing the risks of their departments in order to maintain exposures within the established limits, as well as documenting and storing information related to the losses incurred in their activities. It must promptly report to the Risk Department any unexpected potential risks identified in the development of the control activities; •Second Line - Represented by the risk department, its purpose is to ensure, in an independent and centralized manner, that our risks are managed in accordance with the established policies and procedures in order to define parameters for the risk management process and its supervision; •Third Line - Represented by the Internal Audit Department, it is responsible for, among other things, verifying, in an independent and periodic manner, the adequacy of processes and procedures for the identification and management of risks. Social and Environmental Risk Management We understand social, environmental and climate risks to represent the possibility of losses arising from events of social, environmental or climate origin related to our activities, whether arising from our business with counterparties, our relationships with suppliers, or even from our own operations. We carry out social, environmental and climate risks mitigation actions through the mapping of processes, risks and controls. Apart from dedicated teams in first, second and third lines of defense, we also have a dedicated social, environmental and climate risk committee, whose main role is to evaluate and deliberate on institutional and strategic matters, products, operations, services, among other related topics associated with social, environmental and climate risks, including climate change risks which also pose relevant risks for the whole financial industry. As we consistently seek to improve our social, environmental and climate risks management, we are always attentive to challenges arising not only from new regulations, but also from an evolving stakeholders’ expectations. For further details on our social, environmental and climate policies, procedures and practices, see “Item 4B. Business Overview—Environmental, Social and Corporate Governance” and our Public Access Report - Policy on Social, Environmental and Climate Risk, available at our Investor Relations website, which is not incorporated by reference in this annual report. Country Risk Country risk refers to potential losses arising from the inability of borrowers, issuers, counterparties, or guarantors to meet their obligations due to political, economic, or social events, as well as actions taken by the government of the country in which these entities are located. We believe we maintain a comprehensive risk governance framework for managing and controlling country risk, with roles and responsibilities clearly defined in our internal policies. This framework includes: (i) assigning country’s ratings; (ii) establishing country exposure limits; and (iii) monitoring adherence to those limits. In addition, we conduct ongoing monitoring of sovereign ratings and exposure levels to ensure timely adjustments, as appropriate, in accordance with our risk management policies. Reputational Risk We understand reputational risk to be the risk arising from internal practices, risk events and external factors that may generate a negative perception of us among clients, counterparties, shareholders, investors, supervisors and commercial partners, among others, which could affect the value of our brand and our ability to maintain our existing and create new commercial relations and continue to have access to financing sources. We believe that our reputation is extremely important for achieving our long-term goals. As a result, we strive to align our speech with ethical and transparent practices and work, which is essential to raise the confidence of our shareholders. Our reputation depends on our strategy (vision, culture and skills) and derives from our direct and indirect relationship between us and our shareholders. 49 Table of Contents Since reputational risk directly or indirectly permeates all of our operations and processes, we have governance procedures that are structured in a way to ensure that potential reputational risks are identified, analyzed and managed in the initial phases of our operations and the analysis of new products. The treatment given to reputational risk is structured by means of many processes and internal initiatives, which, in turn, are supported by our internal policies. Their main purpose is to provide mechanisms for the monitoring, management, control and mitigation of the main reputational risks. Among those processes and internal initiatives are (i) risk appetite statement; (ii) processes to prevent and remediate the use of Itaú Unibanco in unlawful acts; (iii) crisis management processes and business continuity procedures; (iv) processes and guidelines with respect to governmental and institutional relations; (v) corporate communication processes; (vi) brand management processes; (vii) ombudsman offices initiatives and commitment to customer satisfaction; and (viii) ethics and corruption prevention guidelines. Money Laundering Prevention Financial institutions play a key role in preventing and fighting illicit acts, which includes money laundering, terrorism financing and fraud. Itaú Unibanco became the first financial institution in Brazil to establish a board dedicated to Anti-Money Laundering. The challenge faced by financial institutions is to identify and prevent increasingly sophisticated operations that seek to conceal the source, ownership and transfer of goods and assets, derived from illegal activities. We have established a corporate policy to prevent our involvement in illicit activities, protecting our reputation and image among employees, customers, strategic partners, suppliers, service providers, regulators and the society. Our policy is based on a governance structure focused on transparency, strict compliance with the rules and regulations and cooperation with enforcement and judicial authorities. We also strive to conduct our business in accordance with the local and international best practices to prevent and fight illicit acts, through investments and training our employees on an ongoing basis. In order to comply with our corporate policy, we have established a program to prevent and fight illicit acts, which includes pillars, such as policies and procedures; identification processes such as KYC, KYP, KYS and KYE procedures; evaluation of new products and services; sanctions compliance; monitoring, selection and analysis of suspicious operations or situations; reporting suspicious transactions to regulators and authorities; and training. This program is applicable to us and our entities in Brazil and abroad. The oversight of prevention and detection of illegal activities is carried out by our board of directors, audit committee, compliance and operational risk committees, risks and capital management committee and the anti-money laundering committee. For further information on money laundering regulation, see “Item 4B. Business Overview––General Laws and Regulations Affecting the Financial System—Anti-Money Laundering Regulation.” Politically Exposed Persons (PEPs) Our commitment to compliance with applicable law and to the adoption of the best practices for prevention and detection of money laundering activity is also reflected in the identification, assessment and monitoring of PEPs, whether as individuals or entities. As per our policies, we conduct enhanced due diligence with respect to PEPs, in line with our risk-based approach. We require a higher level of approval prior to establishing any relationship with a PEP. For further information about politically exposed persons, see “Item 4B. Business Overview––Risk Management––Money Laundering Prevention––Politically Exposed Persons (PEPs).” Supervision and Regulation We are subject to regulation by, and supervision of, several entities. We have branches and subsidiaries in Brazil and in several other jurisdictions, such as Luxembourg, the Bahamas, the Cayman Islands, Colombia, Chile, Uruguay, Paraguay, Panama, the United States, the United Kingdom, Portugal and Switzerland. The Central Bank supervises Brazilian financial institutions, their foreign branches, corporate properties and, indirectly, its subsidiaries. In each jurisdiction in which we operate, we are subject to supervision by local authorities and, frequently, governmental approvals from local central banks and monetary authorities in foreign jurisdictions are needed before commencing business. 50 Table of Contents Brazilian Financial System Regulatory Framework We summarize below key rules and regulations that have been issued by the CMN and the Central Bank and other regulators, including those based on the BCBS and other international standards and guidance, and that have been consistently applied to Brazilian financial institutions and other institutions authorized to operate by the Central Bank throughout the years. We believe these rules and regulations are the base of the Brazilian financial system regulatory framework. This summary is qualified in its entirety by the full text of the rules and regulations that are publicly available, which is not incorporated by reference into this annual report. The basic institutional framework of the Brazilian financial system was established in 1964 through Law No. 4,595 of December 31, 1964, (the “Banking Law”). The Banking Law sets forth monetary, banking and credit policies and created the CMN. Main Banking Regulatory Entities in Brazil CMN The CMN, the highest authority of the Brazilian financial system, is the regulatory body responsible for establishing currency and credit policies to assure stability and social and economic development. Its main purpose is to disclose the general rules for the operation of the entire financial system. The CMN also oversees the activities of the Central Bank and the CVM. Central Bank The Central Bank is an autonomous authority responsible for implementing the policies of the CMN as they relate to monetary policy and exchange control matters, regulating and supervising Brazilian financial institutions of the public and private sectors, controlling and monitoring the flow of foreign currency to and from Brazil and overseeing the Brazilian financial markets. The Central Bank supervises financial institutions by: •setting minimum capital requirements, compulsory deposit requirements and operational limits; •authorizing corporate documents, capital increases, acquisition or increases of interest in companies and the establishment or transfer of principal places of business; •authorizing the establishment of subsidiaries, representative offices or branches, in Brazil or abroad (for further information, see “Item 4B. Business Overview––Capital Adequacy and Leverage––Regulation of Branches and Subsidiaries”); •authorizing changes in shareholder control of financial institutions; •requiring the submission of annual and semiannual audited financial statements, quarterly revised financial statements and monthly unaudited financial information; and •requiring full disclosure of loans and advances and foreign exchange transactions, import and export transactions and other directly related economic activities. The president and the officers of the Central Bank are appointed by the president of Brazil (with the Brazilian Senate’s approval of their names) for fixed mandates of four years, which only partially overlap with the mandate of the president of Brazil and its ministers. The resignation of the Central Bank’s president and officers only occurs in justified cases and may be subject to approval by an absolute majority of the Brazilian Senate. In addition, the Central Bank is considered an independent government agency of a special nature (autarquia de natureza especial), characterized by the absence of any ties to a ministry, guardianship or hierarchical subordination, with technical, operational, administrative and financial autonomy. CVM The CVM is the authority responsible for overseeing, standardizing, regulating and developing the Brazilian securities market in accordance with the general regulatory framework determined by the CMN. The CVM also regulates companies whose securities are traded on the Brazilian securities markets, as well as investment funds, investors, financial agents, such as custodians of instruments and securities, asset managers, independent auditors, consultants, as well as instruments and securities analysts. The CVM is linked to the ministry of finance of Brazil (Ministério da Fazenda). 51 Table of Contents Self-Regulatory Entities The Brazilian financial and capital markets are also subject to self-regulation by certain entities, divided by field of activity. These self-regulatory entities include, among others, market associations such as ANBIMA, ABECS, FEBRABAN, ABRASCA, and the B3. Main Insurance, Health and Pension Plan Regulatory Entities in Brazil CNSP is an authority linked to the ministry of finance of Brazil (Ministério da Fazenda), responsible mainly for establishing the guidelines and directives for private insurance, premium bond, capitalization and reinsurance companies, and open private pension entities. SUSEP is an authority linked to the ministry of finance of Brazil (Ministério da Fazenda), responsible for regulating and supervising the insurance, open private pension funds, capitalization and reinsurance markets in Brazil and their participants. The ANS is an authority linked to the ministry of health of Brazil (Ministério da Saúde) responsible for regulating and supervising the health insurance market in Brazil and its participants. Principal Limitations and Obligations of Brazilian Financial Institutions In line with leading international standards of regulation, Brazilian financial institutions are subject to a series of limitations and obligations. In general, the limitations and obligations concern the offering of credit, the concentration of risk, investments, operational procedures, loans and other transactions in foreign currency, and the management of third-party funds and microcredit. Under the Banking Law, financial institutions may not: •operate in Brazil without the prior approval of the Central Bank; •hold direct or indirect equity interests in any company located in Brazil or abroad without prior approval of the Central Bank, unless (i) the equity interest is held through the investment banking unit of a universal bank or through an investment bank, (ii) the equity is from a company located in Brazil and is accounted for on a temporary nature, or (iii) the equity represents minority shares in financial organizations and institutions abroad exclusively held for purposes of accessing export financing instruments and foreign exchange. In cases where the acquisition of equity interest is subject to the prior approval of the Central Bank, the subsidiaries’ activities should be complementary or related to the financial institution’s own main activities; •own real estate, except for properties it occupies and subject to certain limitations imposed by the CMN. When real estate is transferred to a financial institution in satisfaction of a debt, the property must be sold within one year, except if otherwise authorized by the Central Bank; •grant credit transactions above the regulation limits to certain related individuals and legal entities; •hold, on a consolidated basis, permanent assets, including investments in unconsolidated subsidiaries, real estate, equipment and intangible assets, exceeding 50.0% of its adjusted regulatory capital. For further information on the requirements, see “––Capital Adequacy and Leverage––Asset Composition and Exposure Requirements”; •grant loans or advances, and guarantees, including derivative transactions, underwrite or hold in their investment portfolio, securities of any clients or group of affiliated clients that, in the aggregate, give rise to exposure to such client or group of affiliated clients that exceeds the threshold determined by the Central Bank. For further information on the requirements, see “––Capital Adequacy and Leverage––Asset Composition and Exposure Requirements”; In addition, pursuant to the Banking Law, financial institutions are required, among others, to: •deposit a portion of the deposits received from clients with the Central Bank (compulsory reserve requirements). For further information on compulsory reserve requirements, see “––Capital Adequacy and Leverage—Basel III Framework” and “––Capital Adequacy and Leverage—Basel III Framework––Implementation of Basel III in Brazil”; •maintain enough capital reserves to absorb unexpected losses, pursuant to the rules proposed by BCBS and implemented by the Central Bank. For further information on the Basel requirements and their implementation in Brazil, see “––Capital Adequacy and Leverage—Basel III Framework” and “––Capital Adequacy and Leverage—Basel III Framework––Implementation of Basel III in Brazil”; 52 Table of Contents •if a domestic systemically important financial institution, prepare and submit, by December 31, annual recovery plans that aim to re-establish adequate levels of capital and liquidity and to preserve the viability of the institution under stress scenarios. For further information on our recovery plan, refer to our Investor Relations website (see “Menu - Results and Reports - Regulatory Reports - Pillar 3 - Risk and Capital Management – Pillar 3”) which is not incorporated by reference into this annual report; and •create, regarding financial guarantees, specific accounting procedures for the assessment and registration of passive provisions. Capital Adequacy and Leverage The Central Bank supervises the Brazilian banking system in accordance with the guidelines and other applicable regulations issued by the BCBS. For this purpose, banks provide the Central Bank with the information it deems useful to perform its supervisory functions, which includes supervising changes in solvency and capital adequacy of banks. The main principle behind the directives of BCBS is that a bank’s own resources must cover its main risks, including credit, market and operational risks. Brazilian financial institutions are subject to capital measurement and standards based on a risk-weighted asset ratio. The parameters of this methodology resemble the international framework for minimum capital measurements adopted by BCBS on the Basel III framework. Basel III Framework The Basel III framework, issued on December 16, 2010 and fully implemented by January 1, 2019, increased the minimum capital requirements, requiring banks to maintain minimum capital levels corresponding to the following percentages of risk-weighted assets: (i) a minimum common equity capital ratio of 4.5% composed of common shares; (ii) a minimum Tier 1 Capital ratio of 6.0%; and (iii) a minimum total capital ratio of 8.0%. In addition, Basel III requires a “capital conservation buffer” of 2.5% and each national regulator is given discretion to institute a “countercyclical buffer” if it perceives a greater system-wide risk to the banking system as the result of a build-up of excess credit growth in its jurisdiction. Further, Basel III introduced a new LR, defined as Tier 1 Capital divided by the bank’s total risk weighted exposure. Additionally, Basel III implemented a LCR, which requires affected banks to maintain sufficient high-quality liquid assets to cover the net cash outflows that could occur under a potential liquidity disruption scenario over a thirty-day period; and implemented a NSFR, which establishes a minimum amount of stable sources of funding that banks will be required to maintain based on the liquidity profile of the banks’ assets, as well as the potential for contingent liquidity needs arising from off-balance sheet commitments over a one-year period. Additional requirements apply to additional Common Equity Tier 1 Capital or Tier 2 Capital instruments issued by internationally active banks and to G-SIBs. The assessment of which financial institutions are G-SIBs is based on indicators that reflect size, interconnectedness, substitutability/financial infrastructure, cross-jurisdictional activity, and complexity. No Brazilian bank was included in the latest list of G-SIBs issued on November 26, 2024, by the Financial Stability Board (“FSB”). BCBS has also issued a framework for the regulation of D-SIBs, which supplements the G-SIBs framework by focusing on the impact that the distress or failure of systemically important banks would have on the domestic economy of each country. Implementation of Basel III in Brazil Financial institutions based in Brazil are subject to capital measurement and standards based on a weighted risk-asset ratio, according to CMN Resolutions No. 4,955/2021 and No. 4,958/2021. Brazilian banks’ minimum total capital ratio is calculated as the sum of two components: regulatory capital (patrimônio de referência); and additional core capital (adicional de capital principal), both aligned to the guidelines of the Basel III framework. Brazilian banks’ regulatory capital is comprised of Tier 1 Capital and Tier 2 Capital. Tier 1 Capital is divided into two elements: Common Equity Tier 1 Capital (capital principal), which represents common equity capital and profit reserves after adjustments and Additional Tier 1 Capital (capital complementar), which represents subordinated debt and equity instruments authorized by the Central Bank. To qualify as Additional Tier 1 Capital or Tier 2 Capital, according to CMN Resolution No. 4,955/21, all instruments issued by a Brazilian bank must contain loss-absorbency provisions, including a requirement that such instruments be 53 Table of Contents automatically written off or converted into equity upon a “trigger event.” A “trigger event” is the earlier of: (i) Common Equity Tier 1 Capital being less than 5.125% of the risk-weighted assets for Additional Tier 1 Capital instruments and 4.5% for Tier 2 Capital instruments; (ii) the execution of a firm irrevocable written agreement for the government to inject capital in the financial institution; (iii) the Central Bank declaring the beginning of a RAET or intervention in the financial institution; or (iv) a decision by the Central Bank, according to criteria established by the CMN, that the write-off or conversion of the instrument is necessary to maintain the bank as a viable financial institution and to mitigate relevant risks to the Brazilian financial system. Specific procedures and criteria for the conversion of shares and the write-off of outstanding debt related to funding instruments eligible to qualify as regulatory capital are established by CMN regulation. The legal framework applicable to financial bills (letras financeiras) was adapted to allow Brazilian financial institutions to issue Basel III-compliant debt instruments in the Brazilian market. For further information of our use of such instruments, see “5B. Liquidity and Capital Resources—Tier 2 Subordinated Financial Bills” and “5B. Liquidity and Capital Resources—Perpetual Subordinated Financial Bills Issuance.” The additional core capital requirement is subdivided into three elements: the capital conservation buffer (adicional de conservação de capital principal), the countercyclical capital buffer (adicional contracíclico de capital principal) and the additional principal capital of systemic importance (adicional de capital principal sistêmico). The capital conservation buffer is aimed at increasing the loss absorption ability of financial institutions. The countercyclical capital buffer can be imposed within a range by the Central Bank if it judges that credit growth is increasing systematic risk. The additional principal capital of systemic importance seeks to address the impact that the distress or failure of Brazilian banks may have on the local economy. In the event of non-compliance with the additional core capital requirements, certain restrictions will apply, including the inability of the financial institution to: (i) pay officers and directors their share of variable compensation; (ii) distribute dividends and interest on capital to stockholders; (iii) pay the instrument’s interest and (iv) repurchase its own shares and effect reductions in its share capital. We are considered a domestic systemically important financial institution, hence having to fulfill the 1% additional core capital for additional principal capital of systemic importance (adicional de capital principal sistêmico). For further information on our regulatory capital (patrimônio de referência) and our additional core capital (adicional de capital principal), see “5A. Operating Results—Capital Adequacy.” Also, since October 1, 2018, a minimum LCR in a standardized liquidity stress scenario requirement applies to banks with total assets that are equal or superior to 10% of the Brazilian GDP or to banks with relevant international activity (in such case, regardless of total assets). The calculation of the LCR follows the methodology set forth by the Central Bank which is aligned with the international guidelines. During periods of increased need for liquidity, banks may report a lower LCR than the minimum required ratio, provided that they also report to the Central Bank the causes for not meeting the minimum requirement, the contingent sources of liquidity it has available, and the measures it plans to adopt to be in compliance with the LCR requirement. Since April 1, 2016, banks must also publicly disclose their LCR on a quarterly basis. For further information on our LCR, see “5A. Operating Results—Liquidity Ratios” and “5A. Operating Results—Liquidity Ratios—Liquidity Coverage Ratio.” The following table sets forth the minimum capital ratios and LCR requirements under Basel III implemented by the Central Bank, as applicable to us as of December 31, 2025. The figures presented below refer to the percentage of our risk-weighted assets: Basel III Requirements 2025 Common Equity Tier I 4.5 % Tier I 6.0 % Total Capital 8.0 % Additional Capital Buffers (ACB) 3.6 % Conservation 2.5 % Countercyclical1 0.1 % Systemic 1.0 % Coommon Equity Tier I + ACB 8.1 % Total Capital + ACB 11.6 % Prudential adjustments deductions 100 % 54 Table of Contents (1)The Countercyclical capital buffer is set by the monetary authorities of the jurisdictions in which Banco Itaú has exposure, the most relevant being Brazil, in which the financial Stability (Comef) sets it at zero (BACEN Communication n* 42,457/24). and Chile, which is set at 0.5% Limit to be observed 2025 Liquidity Coverage Ratio (LCR) 100 % Since October 1, 2015, banks are required to prepare public disclosures of their LR on a quarterly basis. In November 2017, the CMN established the minimum limit for the NSFR and the LR to be observed by certain Brazilian financial institutions, including those classified as segment 1 (“S1”) pursuant to CMN regulation, such as us. According to CMN regulations, financial institutions and groups are classified in segments and authorized to operate for proportional application of the prudential regulation, considering the size, international activity and risk profile of members of each segment. Out of the five possible segments, we are classified as S1, which is composed of universal banks, commercial banks, investment banks, foreign exchange banks and federal saving banks that (a) have a size equivalent or superior to 10% of the Brazilian GDP; or that (b) perform relevant international activities, independently from the magnitude of the institution. The NSFR corresponds to the ratio between the ASF, and the RSF, of the financial institution. The minimum limit for the NSFR for Segment 1 financial institutions, such as us, is 100%. The LR consists of the ratio between the sum of the Common Equity Tier 1 Capital and the Additional Tier 1 Capital, and the total exposure of the financial institution ascertained as established by the applicable regulation. The LR rule determines the threshold of 3% as the minimum requirement for the LR for S1 financial institutions. For further information on our NSFR, see “5A. Operating Results—Liquidity Ratios—Net Stable Funding Ratio.” CMN regulation also defines the entities that compose the regulatory conglomerate (conglomerado prudencial) of Brazilian financial institutions and establishes certain financial statement requirements that apply to them. For further information on the requirements, see “4B. Business Overview—Capital Adequacy and Leverage—Consolidated Enterprise Level (conglomerado prudencial).” Brazilian financial institutions are also required to implement a capital management structure compatible with the nature of their transactions, the complexity of the products and services it offers, as well as with the extent of its exposure to risks. Disclosure and reporting of risk management matters, risk-weighted asset calculation, and adequate compliance with regulatory capital requirements are regulated by the Central Bank and reflect the so-called “Pillar 3” of regulatory capital recommended under Basel III, aimed at improving governance and disclosure. Pillar 3 Report Since January 1, 2020, the Central Bank requires certain financial institutions to furnish a Pillar 3 Report. On March 23, 2023, the Central Bank issued Resolution No. 306, altering several prudential rules. Among other changes, two new topic sections were included in the Pillar 3 report: (i) the comparison between the RWA, amounts calculated through the standard approach and through the internal ratings based (“IRB”) approaches, and (ii) the disclosure of information related to assets subject to any impediment or restriction of negotiation due to a legal, regulatory, statutory or contractual aspect. We are required to publish this report on a consolidated basis covering the following topics: •prudential indicators and risk management; •comparison between accounting and prudential information; •capital composition; •macroprudential indicators; •leverage ratio; •liquidity indicators; •credit risk; 55 Table of Contents •counterparty credit risk (CCR); •securitization exposures; •market risk; •risk of interest rate fluctuation in instruments classified in the banking book (IRRBB); •remuneration of administrators; •comparison between RWA calculated in the standardized approach and in the internal models approach; •linked assets (assets subject to any impediment or restriction of negotiation due to a legal, regulatory, statutory or contractual aspect); and •operational risks. The Pillar 3 Report must be furnished on a quarterly, biannual or annual basis, according to the type of information being disclosed. Risk Weighted Asset Calculation The calculation of risk exposure is based on several factors set forth by the Central Bank regulations and impacts the capital requirements. The components take into consideration the type of risk and include the parameters and procedures for calculation of RWA to determine the capital requirements resulting from each risk exposure. The Central Bank has been frequently changing and updating the rules and regulations for the RWA calculation, with updated rules available at “www.bcb.gov.br/estabilidadefinanceira/regulacao_prudencial_normas” which is not incorporated by reference into this annual report. For further information, see “5A. Operating Results—Capital Management––Requirements and Capital Composition” and “5A. Operating Results—Capital Adequacy.” Regulatory developments in Brazil continue to affect the calculation of risk-weighted assets and regulatory capital requirements. The Central Bank has adopted a revised framework for operational risk that replaces multiple existing methodologies with a single, more risk-sensitive approach, to be implemented on a phased basis through 2028. This framework is expected to change the way operational risk is reflected in risk-weighted assets and capital requirements and includes the incorporation of internal loss experience. In addition, Brazilian regulators have introduced new requirements for recovery and orderly resolution planning applicable to financial institutions under Central Bank supervision. These requirements, which will also be phased in through 2028, may affect capital planning, governance and risk management processes and are intended to enhance the resilience and stability of the Brazilian financial system. Regulators have also established a transition framework to mitigate the impact on regulatory capital arising from the adoption of a new expected credit loss provisioning model aligned with IFRS 9. This transition period, expected to occur from December 2025 to January 2028, is intended to partially offset potential reductions in regulatory capital resulting from higher provisioning requirements and is aligned with international banking regulatory standards. For recent developments regarding risk weighted asset calculation, see “Item 4B. Business Overview––Recent Developments in the Brazilian Financial and Payments Systems––Recent Developments on Prudential Regulation” and “Item 3D. Risk Factors—Regulatory, Compliance and Legal—We are subject to regulation on a consolidated basis and may be subject to liquidation or intervention on a consolidated basis.” Asset Composition and Exposure Requirements Permanent assets (defined as property and equipment other than commercial leasing operations, unconsolidated investments and deferred charges) of Brazilian financial institutions may not exceed 50% of their adjusted net equity, calculated in accordance with the criteria established by the Central Bank. In addition, we are legally prevented from granting loans or advances and guarantees, including derivative transactions, and from underwriting or holding in our investment portfolio securities of (i) any clients or group of affiliated clients that, in the aggregate, exceed the threshold of 25% of our Tier 1 regulatory capital, and (ii) any concentrated individual clients or group of connected clients that, in the aggregate, exceed the threshold of 600% of our Tier 1 regulatory capital (a concentrated individual client means, for the purpose of the rule, any one client to which exposure is equal to or higher than 10% of our Tier 1 regulatory capital). Banks must identify possible related counterparties, considering their economic interdependence in all cases where the sum of all exposures to one specific counterparty exceeds 5% of the eligible capital base. Two or more counterparties have an economic interdependence relationship whenever one is likely to be impacted financially if the other faces financial 56 Table of Contents difficulties. Counterparties identified as economically interdependent must be treated as a single counterparty that is subject to the aforementioned requirements. Repurchase transactions executed in Brazil are subject to operational capital limits based on the financial institution’s regulatory capital, as adjusted in accordance with Central Bank regulations. A financial institution may carry out repurchase transactions in an amount of up to 30 times its regulatory capital. Within that limit, repurchase transactions involving private securities may not exceed five times the regulatory capital. Exposures to receivables from public entities (precatórios) are also subject to specific prudential regulation issued by the Central Bank. Regulation of Branches and Subsidiaries The authorization to establish a branch abroad and/or to acquire and/or increase equity participation in companies incorporated in Brazil or abroad is regulated by CMN Resolution No. 5,043 of November 25, 2022 (which revoked the CMN Resolution No. 2,723). These rules determine, among other standards, a prior authorization issued by the Central Bank for a Brazilian financial institution, such as us, (i) to be able to participate or increase its participation, directly or indirectly and in any amount, in the share capital of any financial or non-financial company in Brazil or abroad, and (ii) to establish a branch or representative office abroad, with the institution being required to comply with capital, activities and operating limits. Additionally, in order to allocate or to increase fund allocation in branches or representative offices established abroad, Brazilian financial institutions are required to communicate their intention to the Central Bank 90 days prior to the execution of the transaction. The submission of a filling in order to seek for such prior approvals must comply with other regulatory requirements, such as the ones determined by the Central Bank Normative Ruling No. 342, of January 2, 2023, and Central Bank Circular No. 2,981, of April 28, 2000. Treatment of Past Due Debts Until 2024, Brazilian financial institutions classified credit transaction, including finance lease transactions and others characterized as credit advances, within risk levels ranging from AA to H, as defined by the Central Bank, with the purpose of recognizing credit loss provisions. The classification was based on the customer’s financial condition and credit profile, the terms and conditions of the transaction, and any past-due period on payments. As of 2025, the expected credit loss provision associated with credit risk incorporates the use of forward-looking information and the classification of financial instruments into three stages: •Stage 1 – expected credit losses over the next 12 months. Applicable to financial instruments that have not experienced a significant increase in credit risk. •Stage 2 – expected credit losses over the lifetime of the financial instrument. Applicable to financial instruments that have experienced a significant increase in credit risk since initial recognition. •Stage 3 – expected credit losses over the lifetime of the financial instrument. Applicable to assets with credit recovery issues (credit-impaired assets), evidenced by a delay of more than 90 days in the payment of principal or interest, or by an indication that the respective obligation will not be fully honored. At this stage, interest income is recognized on a cash basis. A financial instrument will migrate between stages as its credit risk increases or decreases. The expected credit loss provision is based on our internally developed models, which calculate the allowance by multiplying the probability of default of the customer or counterparty by the potential recovery of defaulted credits for each transaction, as described in “Note 2(c) – Accounting Policies, Critical Estimates and Significant Judgments – IV – Financial Assets and Liabilities” and in “Note 32 – Risk and Capital Management” of our audited consolidated financial statements. Risk levels are classified as: Lower risk: PD lower or equal than 4.44% Medium: PD from 4.44% up to 25.95% Higher risk: PD higher than 25.95% Credit-Impaired: loans classified in Stage 3 57 Table of Contents Bank Insolvency The insolvency of financial institutions is handled pursuant to applicable laws and Central Bank regulations, and the Central Bank initiates and monitors all applicable administrative proceedings. There are three types of special regimens that may be imposed to either privately held financial institutions or state-owned (other than federal government-owned) financial institutions or similar institutions: (i).Temporary special administration regime or RAET: a less severe special regime with limited duration which allows financial institutions to continue to operate – the whole management loses its office and is replaced by a steering committee appointed by the Central Bank with broad management powers, which will adopt measures aimed at the resumption of the financial institution’s regular activities. If resumption is not possible, this regime may be turned into an extrajudicial liquidation. (ii).Intervention: a time-limited regime in which the Central Bank appoints an intervenor that takes charge of the financial institution's management, suspending its regular activities and dismissing the financial institution’s management, with the main purpose of preventing the continuation of certain irregularities and the aggravation of the institution’s financial condition, which can expose assets to risk and harm the financial institution’s creditors – it suspends all actions related to payment obligations of the financial institution, prevents the early settlement or maturity of its obligations and freezes pre-existing deposits. (iii).Extrajudicial liquidation: a process of dissolution of the company in cases of unrecoverable insolvency or severe violations of the rules that regulate a financial institution’s activities. The extrajudicial liquidation aims at promoting the liquidation of the existing assets for the payment of creditors, with the return of any amounts left to stockholders. Controlling stockholders may be held responsible for remaining liabilities. (iv).In the course of the special regimens described above, the steering committee, the intervenor, and the liquidator may, when authorized by the Central Bank: (i) dispose of assets and rights of the financial institution to third parties and (ii) proceed with corporate restructuring processes in the financial institution or its subsidiaries, among other possible measures of similar effect. Deposit Insurance In the event of intervention, extrajudicial liquidation or liquidation of a financial institution in a bankruptcy proceeding, the FGC provides deposit insurance for certain financial products. It guarantees the maximum amount of R$250,000 for certain deposits and credit instruments held by an individual, a company or another legal entity with a financial institution (or financial institutions of the same economic group). Such deposits and credit instruments contracted as of December 22, 2017, are subject to an additional limit: the total coverage of the referred guarantee is R$1,000,000 per investor regardless of the number of accounts held in different financial groups and such limit is valid for a period of four years. The resources of the FGC come primarily from mandatory contributions from all Brazilian financial institutions that receive deposits from clients, currently at a monthly rate of 0.01% of the amount of the balances of accounts corresponding to the financial instruments that are covered by the ordinary guarantee, even if the related credits are not fully covered by FGC, and certain special contributions. Deposits and funds raised abroad are not guaranteed by the FGC. Credits of financial institutions and other institutions authorized to operate by the Central Bank, complementary welfare entities, insurance companies, capitalization companies, investment clubs and investment funds, as well as those representing any interest in or financial instrument held by such entities, are not protected by the ordinary guarantee of FGC. Payment of Creditors in Extrajudicial Liquidation In the event of extrajudicial liquidation of a financial institution or liquidation of a financial institution in a bankruptcy proceeding, the salaries of employees and the related labor claims up to a certain amount, secured credits and tax charges have priority in any claims against the entity in liquidation, except for specific credits legally considered out of the liquidation. The payment of unsecured credits, including deposits from regular retail clients that are not guaranteed by the FGC, is subject to the prior payment of preferred credits. Additionally, upon the payment of the deposits guaranteed by the FGC, the FGC becomes an unsecured creditor of the estate in liquidation. Law No. 14,112/20 replicates, with some adjustments, the provisions of the United Nations Commission on International Trade Law Model Law on Cross-Border Insolvency. It sets out rules on access of foreign representatives to courts in Brazil, the method and requirements for recognition of foreign main and ancillary proceedings, authorization for the debtor and his representatives to act in other countries, methods of communication and cooperation between foreign authorities and representatives and the Brazilian jurisdiction, and the processing of concurrent proceedings. 58 Table of Contents Bank Secrecy Brazilian financial institutions must maintain the secrecy of banking operations and services provided to their clients. Except as permitted under Brazilian legislation or by judicial order, a breach of bank secrecy is a criminal offense. The only circumstances under which information about clients, services or transactions by Brazilian financial institutions or credit card companies may be disclosed to third parties are the following: •the disclosure of information with the express consent of the interested parties; •the exchange of information between financial institutions for record purposes; •the disclosure of information to credit reference agencies based on data from the records of subscribers of checks drawn on accounts without sufficient funds and defaulting debtors; •the disclosure of information to the competent authorities relating to the actual or suspected occurrence of criminal acts or administrative wrongdoings, including the disclosure of information on transactions involving funds related to any unlawful activities; •the disclosure of some information established by law to tax authorities; and •the disclosure of information in compliance with a judicial order. Complementary Law No. 105, of January 10, 2001, also allows the Central Bank or the CVM to exchange information with foreign governmental authorities, provided that a specific treaty has previously been executed. The governments of Brazil and the United States executed an agreement on March 20, 2007, by means of which these governments established rules for the exchange of information (the “2007 Agreement”). Under the 2007 Agreement, the Brazilian tax authority would be able to send information it receives by virtue of Section 5 of the Bank Secrecy Law to the U.S. tax authority. Proceedings for Administrative Sanctions in the Brazilian SFN, the SPB and Capital Markets Legal violations under Brazilian banking, payments and/or securities laws may lead to administrative, civil and criminal liability. Offenders may be prosecuted under all three legal theories separately, before different courts and regulatory authorities, and face different sanctions with respect to the same legal offense. Law No. 13,506, dated November 13, 2017, as supplemented by Central Bank Resolution No. 131/21 and CVM Resolution No. 45/21, provides for the administrative sanctioning procedures within the competence of the Central Bank and CVM and significantly amended the punitive instruments in the context of banking supervision, of the capital market, of the SPB and of the consortium system. Some of the key aspects of Law No. 13,506 are: (i) the caps of the fines provisioned by the Central Bank and CVM are capped at R$2 billion (or 0.5% of revenues from services and financial products in the year preceding the violation, whichever is higher) and R$50 million (or twice the value of the issuance or irregular transaction; or three times the economic advantage obtained or loss avoided as a result of the violation; or twice the damage caused to investors, whichever is higher), respectively; (ii) new types of violations that are subject to penalties were added; (iii) the maximum penalty with respect to disqualification was increased to a period of twenty years; (iv) the Central Bank may enter into cease-and-desist commitments; and (v) the Central Bank and the CVM may enter into administrative agreements similar to leniency agreements. Leasing Regulation Leasing transactions are transactions in which a “lessor” (the bank), delivers an asset is owns to a “lessee” (the client), to be used by the lessee until the end of the contract, when the lessee may opt to either acquire it or return it to the lessor or renew the contract for a new period. Although leasing transactions are not classified as credit transactions under Brazilian legislation, the Central Bank regulates and oversees them. The laws and regulations applicable to financial institutions, such as those related to reporting requirements, capital adequacy and leverage, assets composition limits and allowance for losses, are also generally applicable to leasing companies. Insurance Regulation The insurance business in Brazil is regulated by CNSP and SUSEP. Insurance companies require SUSEP approval to offer their products. Insurance companies in Brazil may offer all types of insurance (except for workers’ compensation insurance) directly to clients or through qualified brokers. 59 Table of Contents Insurance companies must set aside reserves to be invested in specific types of securities. As a result, insurance companies are among the main investors in the Brazilian securities market and subject to CMN regulations regarding the investment of technical reserves. In the event that an insurance company is declared bankrupt, the insurance company will be subject to a special procedure administered by SUSEP or by ANS. If an insurance company is declared bankrupt and (i) its assets are not sufficient to guarantee at least half of the unsecured credits or (ii) procedures relating to acts that may be considered bankruptcy-related crimes are in place, the insurance company will be subject to ordinary bankruptcy procedures. There is currently no restriction on foreign investments in insurance companies in Brazil. Brazilian legislation establishes that insurance companies must buy reinsurance to the extent their liabilities exceed their technical limits under CNSP and SUSEP rules, and reinsurance contracts may be entered into through a direct negotiation between the insurance and reinsurance companies or through a reinsurance broker authorized to operate in Brazil. In December 2025, Law No. 15,040/2024 came into effect, establishing private insurance rules, repealing the previous provisions of the Brazilian Civil Code and amending Decree No. 73/1966. The new law aims at ensuring that insurers protect the legitimate interests of policyholders and beneficiaries against predetermined risks by paying a premium. The main points of the law include (i) strengthening transparency in contractual relationships; (ii) adjustments in claims regulation; and (iii) the need for prior authorization from SUSEP for the partial or total transfer of the insurance portfolio. Asset Management Regulation The Brazilian asset management regulation requires a previous registration with the CVM to perform the services of portfolio management and fund administration. We provide several services in the capital markets and, in particular, we perform activities related to fund administration and portfolio management under CVM registration and in accordance with CVM regulation. By providing these services, our entities engaged in the asset management business can be held civilly and administratively liable in certain circumstances for losses arising from either intentional acts or negligence in conducting their activities. The CVM has regulatory powers to oversee these activities, including powers to impose fines and other sanctions on registered asset managers. Compensation of Board of Directors and Board of Officers of Financial Institutions According to CMN, Brazilian financial institutions are required to have a compensation policy. If variable compensation is to be paid to management, at least 50% of the total variable compensation should be paid in shares or share-based instruments and at least 40% of the total compensation should be deferred for future payment for at least three years. If the company or business area records a significant decrease in the realized recurring profit or a negative result during the deferral period, the deferred and unpaid portions of the compensation may be reduced or not paid (“Malus”) in order to minimize the loss incurred by the financial institutions and their stockholders, except when the reduction or negative result arises from extraordinary, unpredictable and external events to the Itaú Unibanco Group, which also affect other financial institutions and are not related to management actions or omissions. The compensation committee may decide to apply the Malus even in these cases. Our compensation policy complies with CMN’s regulatory requirements and applies to the members of the board of directors and the board of officers in Brazil, which represent the majority of our management (“Compensation Policy”). Our compensation principles and practices worldwide comply with each local regulation and seek to increase alignment between the interests of our stockholders and our management. Furthermore, we adopted the clawback policy which consists of the recovery of compensation granted or paid in excess in the event of restatement of financial results. For further information, see “Item 6B. Compensation.” Regulation of Independent Auditors of Financial Institutions In accordance with CMN regulations establishing the rules that govern external audit services provided to financial institutions, the financial statements and financial information of financial institutions must be audited by independent auditors who are (i) duly registered with the CVM; (ii) qualified as specialists in audit of banks by the CFC (or, in the case of publicly-held companies, by entities indicated by the CVM); and (iii) meet the requirements that ensure auditor independence. 60 Table of Contents After issuing audit reports for five consecutive fiscal years, the responsible audit partner and audit team members with management responsibilities must rotate-off and cannot be part of the audit team of such financial institution for the following three consecutive fiscal years. In addition to the audit report, the independent auditor must prepare the following reports, as required by CMN regulation: •an internal control system quality and adequacy evaluation report, including regarding electronic data processing and risk management systems, evidencing any identified deficiencies; •a legal and regulatory provisions non-compliance report, regarding those which have, or may have, material impacts on the financial statements or on the audited financial institution’s operations; and •other reports required by the Central Bank and CVM. These reports, as well as working papers, correspondence, service agreements and other documents related to the audit work must be retained and made available for consultation by the Central Bank for at least five years. Independent auditors and the audit committee, individually or jointly, must formally notify the Central Bank of the existence or evidence of error or fraud, within three business days of the identification of the respective occurrence, including: •non-compliance with legal rules and regulations that place the continuity of the audited entity at risk; •frauds of any amount perpetrated by the management of the institution; •material frauds perpetrated by the institution’s employees or third parties; and •errors that result in major incorrectness in the financial statements of the audited entity. The executive office of the financial institution must inform the independent auditor and the audit committee, if any of the above situations occur. Moreover, such situations must also be reported by the audit committee to the board of directors. CVM regulations provide that the independent auditor must notify the CVM, in writing, of certain material irregularities (which encompasses existence or evidence of error or fraud) within twenty days as of the date such irregularity is identified. Under Brazilian law, our financial statements must be prepared in accordance with the accounting practices adopted in Brazil applicable to institutions authorized to operate by the Central Bank. We also prepare financial statements in accordance with the IFRS as issued by the IASB. For further information, see “Presentation of Financial and Other Information—About our Financial Information.” Financial institutions must have their financial statements audited every six months. Quarterly financial statements filed with the CVM must be reviewed by independent auditors of the financial institutions. CVM rules require publicly held companies, including financial institutions, to disclose information related to non-audit services provided by independent auditors when they represent more than 5% of the fees for audit services. Such information should include the type of service, the amount paid and the percentage that they represent of the fees for the audit of financial statements. For further information on fees and services of the principal auditors, see “Item 16C. Principal Accountant Fees and Services.” CMN regulation also requires financial institutions and certain other authorized entities to create a corporate body designated as the “audit committee,” if such entities are registered as publicly held companies; considered leaders of a regulatory conglomerate in the S1, S2 or S3 categories or considered S1, S2 or S3 companies. To obtain more information concerning our audit committee, see “Item 6C. Board Practices––Board of Directors Committees––Audit Committee.” Investments by Non-Resident Holders Brazilian law restricts foreign ownership of voting shares of financial institutions and requires prior authorization from the Central Bank. Such authorization has been obtained and foreign ownership of our voting share capital is currently limited to 30%. Foreign investments are subject to registration and other local regulatory requirements, although certain exemptions and simplified procedures apply to non-resident investors. For more information on investments by foreign investors, see “Item 10E. Taxation––Brazilian Tax Considerations––Non-Resident Holders Resident or Domiciled in Tax Haven Jurisdictions.” 61 Table of Contents Recent Developments in the Brazilian Financial and Payments Systems We summarize below rules and regulations that have been issued or modified by law or regulation of the CMN and the Central Bank and other authorities in recent years. We believe these laws and regulations are the most relevant and impactful to our business and the industry as a whole. This summary is qualified in its entirety by the full text of the rules and regulations that are publicly available, which is not incorporated by reference into this annual report. New Accounting Criteria and Accounting Standards In 2023, the CVM issued Resolution No. 193, which requires publicly listed companies in Brazil, such as us, as well as investment funds and securitization companies, to prepare and disclose sustainability- and climate-related financial information in accordance with IFRS S1 and IFRS S2, as issued by the International Sustainability Standards Board (“ISSB”). These standards establish a global baseline for sustainability disclosures: IFRS S1 requires the disclosure of material sustainability-related risks and opportunities that could reasonably be expected to affect enterprise value, while IFRS S2 focuses on climate-related disclosures, including governance, strategy, risk management and metrics and targets, aligned with the TCFD framework. For entities regulated by the CVM, mandatory disclosure under both standards begins in 2026. Subsequently, in 2024, the CMN issued Resolution No. 5,185, which requires financial institutions, including us, to prepare and disclose a sustainability-related financial report in accordance with IFRS S1 and IFRS S2, as locally approved under CBPS 01 and CBPS 02. To enhance the reliability of these disclosures, such reports are subject to reasonable assurance by an independent auditor. Although aligned with CVM Resolution No. 193 to mitigate information asymmetry, CMN Resolution No. 5,185 establishes a phased implementation schedule for financial institutions, under which IFRS S2 (climate-related disclosures) became mandatory beginning in 2026, while IFRS S1 (general sustainability-related disclosures) becomes mandatory beginning in 2027. For a discussion of the risks associated with these regulatory requirements, see “Item 3D.—Risk Factors—We may incur financial and reputational losses as result of environmental and social risks.” On April 30, 2025, the Central Bank issued Resolution No. 470 and CMN issued Resolution No. 5,207, which reflect a standardized sensitivity-based approach for market risk, called RWASENS. This change is part of the third phase of Brazil’s adoption of the FRTB under Basel III. Institutions classified in Segments S1, such as us, S2, and S3 will replace several existing market risk components (RWAmpad) with RWASENS, while Segment S4 institutions will continue to use the previous components. The new methodology is intended to simplify and standardize the calculation of capital requirements for market risk, aligning Brazil’s prudential framework with international standards. Additionally, the rule revokes the internal model-based market risk component (RWAMINT), requiring institutions that previously used internal models to adopt the new standardized approach. The new rule also amends the risk management regulation to include credit spread variation as a market risk factor that must be monitored internally. The changes are expected to take effect on January 1, 2027. On May 22, 2025, CMN issued Resolution No. 5,214, which defines the methodology for calculating the Regulatory Capital (Patrimônio de Referência, or PR), to address changes introduced by recent accounting standards. Since January 2025, accounting rules have required that variations in the fair value of derivative liabilities due to changes in an institution’s own credit risk, be recorded in equity accounts. While these adjustments affect our net worth, prudential regulation already neutralizes their impact on Regulatory Capital to prevent volatility in regulatory capital caused by short-term credit risk fluctuations. The new rule clarifies that these variations should not be combined with other equity valuation adjustments, avoiding double counting and ensuring consistency with the Basel Committee recommendations. The change explicitly states that gains and losses from own credit risk adjustments will only be considered under specific provisions already in place, rather than alongside other unrealized valuation adjustments. CMN Resolution No. 5,214 came into force on the date of its publication (May 26, 2025). On August 28, 2025, the CMN issued Resolution No. 5,244. The resolution refines the criteria for classifying financial instruments as problematic assets, particularly those with payment intervals equal to or greater than three months, and allows reclassification only after at least 90 days of full and timely performance without reliance on guarantees or collateral. The new rules aim to reduce the disproportionate impact of prior standards on long-term credit instruments and align domestic regulation with Basel Committee recommendations. The resolution also establishes recognition criteria for financial assets renegotiated after being written off due to expected credit losses, which must continue to be fully provisioned while classified as problematic. CMN Resolution No. 5,244 came into force on September 1, 2025. On November 4, 2025, the Central Bank issued the Public Consultation 127, proposing amendments to Resolution No. 139/2021 to expand and standardize the GRSAC Report. The proposal introduces a second phase of requirements focused on quantitative metrics and targets, while refining the qualitative tables adopted in 2021, and aligns disclosures with international standards, including IFRS S1 and S2 and the Basel Committee’s Pillar 3 framework for voluntary climate risk disclosures. The new framework structures the GRSAC Report into standardized qualitative and quantitative tables 62 Table of Contents covering governance, strategy, risk management and climate risk (transition and physical), as well as sectoral exposures and emissions, agriculture by biome, power generation by source, physical risk metrics for drought and heavy rain, transition plans, and social and environmental risk exposures. Disclosure of business opportunities remains voluntary; disclosure of national and international voluntary commitments follows new standardized tables (COMP1 and COMP2). The consultation also clarifies the use of climate scenario analysis, with parameters for narratives, time horizons and scientific bases. Implementation is phased. For S1 and S2 institutions, the new GRSAC format would take effect in January 2027, with the first publication in 2028 using a December 2027 reference date. S3 institutions become subject to all tables with the first required publication based on December 31, 2028; S4 institutions, previously limited to a qualitative governance table, must disclose standardized information on social, environmental or climate commitments via COMP1 and COMP2 on the same timeline as S3. S5 institutions remain exempt. The proposed rules preserve flexibility to add granularity or justify omissions where immaterial and allow complementing tables to meet the sustainability financial reporting requirements aligned with IFRS, subject to consolidation scope differences. The public consultation was open for comments until February 13, 2026. The Central Bank will now analyze all the comments received to decide if said comments will be incorporated into the final rules on the matter. Instant Payments In November 2020, pursuant to Central Bank Resolution No. 1/2020 (“Pix Regulation”), the Central Bank implemented the Instant Payment Arrangement (“Pix Arrangement”), an instant payment ecosystem which settlement is centralized at the Central Bank. In addition to increasing the speed at which payments or transfers are made and received, available 24 hours a day, seven days a week, all days of the year, the ecosystem increased market competitiveness and efficiency; lowered costs; and enhanced customer experience. Participation in the Pix Arrangement is mandatory for financial institutions and payment agents authorized to operate by the Central Bank that have more than 500,000 active customer accounts. Since then, the Central Bank continues to regulate the Pix Arrangement by also improving client protection measures, enhancing transaction security, expanding functionalities, and ensuring broader financial inclusion. Open Finance On May 4, 2020, the Central Bank and CMN published Joint Resolution No. 1/2020, amended by Joint Resolution No. 10 of July 4, 2024, setting out the framework for the implementation of open finance in Brazil. From that date on, CMN and the Central Bank have issued complementing regulations. The Brazilian open finance model comprises financial institutions, payment institutions and other entities authorized to operate by the Central Bank, making it possible to share, via integration of information systems and upon customer’s authorization, data on products and services, customer records and transactions. Open finance also includes, but is not limited to, the provision of initiation payment services and forwarding loan proposals through digital correspondent agents. Since May 2024, the Central Bank and the CMN continue to regulate the open finance, introducing new regulations aiming at enhancing payment transactions via the Pix Arrangement, simplifying payment initiation processes and facilitating contactless payments, providing for a new framework for governance (including the foundation of the Open Finance Association) and also making adjustments to mandatory participation requirements for institutions in the open finance ecosystem. Foreign Exchange Transactions and Exposure Transactions involving the sale and purchase of foreign currency in Brazil may only be conducted by institutions authorized to do so by the Central Bank, such as us. As of the date of this annual report, there are no limits for long or short positions in foreign currency for banks authorized to carry out transactions on the foreign exchange market and there is no compulsory deposit requirement rate on the foreign currency short position held by financial institutions. In accordance with CMN regulation, financial institutions in Brazil may raise funds abroad, either through direct loans or through the issuance of debt securities. Funds raised accordingly may be freely invested, including but not limited to on-lending to Brazilian companies and financial institutions. Cross-border loans, in which one the borrower is in Brazil and the other party is abroad, require reports to the Central Bank. Financial institutions may also grant loans indexed to a foreign currency to their clients on limited situations established in law. For further information about tax on foreign exchange transactions, see “Item 10E. Taxation.” In addition, Law No. 14,286/2021 sets forth that the total exposure in gold and other assets and liabilities indexed or linked to the foreign exchange rate variation undertaken by financial institutions (including their offshore branches), and their direct and indirect subsidiaries, on a consolidated basis, may not exceed 30% of their regulatory capital. 63 Table of Contents Virtual Assets and Virtual Asset Service Providers On November 10, 2025, the Central Bank issued Resolutions Nos. 519, 520 and 521, establishing a regulatory framework for the provision of virtual asset services in Brazil, including licensing requirements, operational standards and the treatment of certain virtual-asset transactions under foreign exchange regulations. Resolution No. 520 regulates virtual asset services and sets out the conditions under which Virtual Asset Service Providers (“VASPs”) may be incorporated and operate, subjecting such activities to requirements relating to governance, internal controls, customer due diligence, data protection and information disclosure. Certain virtual-asset services may also be provided by financial institutions authorized by the Central Bank, including commercial and multi-purpose banks, such as us, subject to applicable conditions and supervisory oversight. Resolution No. 519 establishes the authorization and approval processes applicable to VASPs, including requirements for authorization to operate and prior approval for certain corporate and control-related transactions. Resolution No. 521 addresses the foreign exchange treatment of specified virtual-asset transactions, including certain cross-border transfers and exchanges, and introduces data collection and periodic reporting obligations to the Central Bank in connection with such activities. The resolutions generally entered into force on February 2, 2026. Institutions already providing virtual asset services, such as us, will be required to seek authorization or notify the Central Bank, as applicable, within the transition periods established by the regulations, with certain reporting obligations becoming effective in May 2026. Changes to Rules Applicable to Agribusiness Receivables Certificates, Real Estate Receivables Certificates and Other Incentivized Instruments On May 22, 2025, CMN issued Resolution No. 5,215, to clarify existing rules regarding LCIs and LCAs. The resolution introduces clearer provisions on early repurchase for intermediation purposes, allowing issuing institutions to repurchase LCIs and LCAs before maturity exclusively for intermediation, while maintaining the prohibition on holding them in treasury for resale. The rule also establishes general rules for extending the maturity of LCIs and LCAs, requiring that any extension comply with the same conditions as a new issuance, including minimum maturity periods. Furthermore, the updated nominal value of LCIs and LCAs cannot exceed the gross book value of the underlying real estate or agribusiness credit rights, calculated according to the Central Bank’s accounting standards, and prohibits using credits written off as losses as collateral. CMN Resolution No. 5,215 came into effect on the date of its publication (May 26, 2025) regarding new minimum maturity periods of the LCIs and LCAs, while other changes came into force on August 1, 2025. Anti-Fraud Measures for Account Opening and Maintenance In 2025, the Central Bank and the CMN issued rules to strengthen controls for fraud prevention, anti-money laundering, and the integrity of banking, savings, and deposit accounts. These new rules require financial and payment institutions to reject payment transactions involving accounts subject to well-founded suspicion of fraud and to close payment or deposit accounts where serious irregularities are identified in customers registration information, or when such accounts are used as pass-through accounts or to provide unauthorized financial or payment services. These measures, implemented through Central Bank Resolutions No. 476, No. 501 and No. 518 and CMN Resolutions No. 5,218 and No. 5,261, expand institutions’ monitoring and compliance obligations and increase supervisory expectations regarding the detection of fraud, scams, and money laundering, account usage, and customer identification. Real Estate as Collateral for Credit Operations On October 10, 2025, the CMN issued Resolution No. 5,255, further amending Resolution No. 4,676 to redefine the rules for the allocation of savings and interbank real estate deposits to real estate credit operations. The new regulation progressively increases the mandatory allocation of these funds to up to 100%, introduces new eligibility and control criteria for credit operations, and allows greater flexibility and more efficient use of resources raised through savings deposits and alternative funding instruments, such as LCIs and LIGs, reducing reliance on savings deposits. Additionally, changes to the compulsory deposit regime enable deductions linked to the origination of new real estate loans, with phased implementation starting January 1, 2027 and a transition period of up to ten years, supporting market stability and predictability. Payroll Loans Regulation On March 12, 2025, the Brazilian Government issued Provisional Measure No. 1,292, which proposes significant changes to the payroll loan market, which aims to expand payroll lending. The main changes include (i) the creation of a public online platform for digitalizing the payroll loan contracting process, which became operational on March 21, 2025; (ii) the 64 Table of Contents obligation of private employers to provide information on payroll, deductions, and terminations to the platform, as well as to manage the withholding of loan installments from employees’ salaries; and (iii) the right of employees to transfer their payroll loans between banks, subject to a lower interest rate than the original one. Provisional Measure No. 1,292 is effective as of its publication date, March 12, 2025 On July 24, 2025, Provisional Measure No. 1,292/25 was converted into Law No. 15,179/25, which came into effect on the date of its publication (July 27, 2025). Regulation on Payment Agents and Payment Arrangements The regulation issued by the Central Bank, determines, among other aspects: (i) consumer protection, anti-money laundering compliance and risk prevention systems that should be observed by payment agents and payment arrangers; (ii) the procedures for incorporation, organization, authorization and operation of payment agents, as well as transfer of shareholding control, subject to the Central Bank’s prior approval; (iii) capital requirements; (iv) definition of arrangements excluded from the SPB; and (v) rules related to payment accounts, which are divided into prepaid and postpaid accounts and require the allocation of the totality of their balance to a special account at the Central Bank or investment in government bonds. CMN Resolution 522, published on October 10, 2025, reinforces the resilience of Brazil’s payment ecosystem by assigning card schemes ultimate responsibility for transaction settlement, ensuring security and trust even in the event of participant failures. The regulation introduces centralized risk management and continuous stress testing, by Card schemes, that raising transparency and governance standards across the industry. It also revises chargeback rules and mandates greater tariff disclosure, enhancing predictability for all stakeholders. Card schemes have 180 days from publication to submit updated regulatory frameworks to the Central Bank; until then, existing regulations remain in effect. Regulations on ESG Requirements Applicable to Financial Institutions Financial institutions are required by CMN regulation to have a Social, Environmental and Climatic Responsibility Policy (Política de Responsabilidade Social, Ambiental e Climática) (“PRSAC”), which must guide the institutions’ social, environmental and climate actions in conducting their businesses, activities and relationship with their customers, other users of their products and services, suppliers, investors, personnel, and any persons affected by the financial institution’s activities. The relevant regulation provides for specific definitions of social, environmental and climate risks and deals with the identification and monitoring of such risks incurred by financial institutions, including activities performed by their counterparties, controlled entities, suppliers and outsourced service providers, and seeks to contemplate the recommendations of the TCFD at the national regulatory level. It also requires the preparation of an annual GRSAC Report by financial institutions classified in segments S1, such as us, S2, S3 and S4. Authorized institutions classified in segments S1, such as us, S2, S3, and S4, must remit to the Central Bank information regarding social, environmental, and climate risks related to their exposures to credit and securities transactions, as well as those of the respective debtors under these transactions. CVM regulation also provides instructions and requirements regarding aspects of social, environmental and climate risk that must be observed by publicly traded companies in Brazil. Further, SUSEP regulation provides for sustainability requirements to be observed by insurance companies, open pension plan entities, capitalization companies and local reinsurers. These entities must implement environmental, social and climate risk management, as well as sustainability policies and reports, in line with the resolutions published by the Central Bank, as highlighted above. We are continuously improving our climate strategy. Our public reports are aligned with TCFD recommendations and seek to implement best practices on climate-related governance, strategy, risk management, metrics and targets. We are committed to achieving net zero GHG emissions across our operations and financing activities by 2050. As such, we disclose our financed emissions based on the PCAF. We report our direct emissions “Scope 1,” emissions from energy consumption “Scope 2,” and indirect emissions “Scope 3,” including those from our credit portfolio. Recognizing that financed emissions are the most significant for a bank, we acknowledge that reaching net zero depends on the decarbonization efforts of our clients and the broader real economy. To support this transition, we have published the decarbonization objectives for high GHG-emitting sectors we finance. Additionally, by 2030, Itaú Unibanco aims at reducing its combined Scope 1 and 2 emissions by 50%, as well as achieve a 50% reduction in Scope 3 emissions (except for category 15), using 2023 as the baseline year. 65 Table of Contents Recognizing that the innovation agenda is essential for our decarbonization and the transition of our clients, in 2022 we launched Cubo ESG, a platform for entrepreneurs who want to transform the environmental and social reality of Brazil and Latin America. In addition to positioning and communication, the hub aims at generating knowledge, innovation and connections for low-carbon solutions. We continue to advance our commitment to achieve sustainable development. At the end of 2024, we set a new target to mobilize R$1 trillion in sustainable finance between January 2020 and December 2030. To achieve these objectives, we collaborate with the financial industry, through working groups such as the Brazilian Business Council for Sustainable Development and the United Nations Environment Program and through commitments such the Principles for Responsible Banking. On November 21, 2024, the CMN issued Resolution No. 5,185, requiring larger financial institutions, such as us, to prepare and disclose a sustainability report along with their financial statements. The report must adhere to international standards (IFRS S1 and S2) and Brazilian sustainability pronouncements and we are working to adhere to such standards. Compliance with such standards will become mandatory as of the fiscal year beginning on January 1, 2026. We have assessed our compliance with the regulation in question, and created working groups involving various areas to ensure our compliance within the specified deadlines. Portability of Credit Transactions Portability of credit transactions refers to the transfer of a credit obligation from the original creditor to another institution, at the debtor´s request , maintaining the same outstanding balance and remaining term. The regulation establishes standardized procedures and deadlines for information exchange n and the mandatory use of an electronic system authorized by the Central Bank for the fund transfers between financial institutions, prohibiting any alternative procedures (Resolution No. 5,057, issued by the Central Bank and CMN). On December 21, 2023, the Central Bank and CMN regulated the portability of outstanding balances on credit card invoices (revolving credit and installment plans) and other post-paid payment instruments through Resolution No. 5,112, which came into effect on July 1, 2024. Among other provisions, Resolution No. 5,112 requires that a portability proposal for credit card financing from a new institution be structured as a single, consolidated credit operation. If the original creditor makes a counterproposal, it must offer at least one comparable, consolidated operation matching the repayment term of the proposal, ensuring cost comparability for the client. Additionally, on November 28, 2025, the Central Bank and CMN issued Resolution 5,265, allowing institutions to use the Open Finance Brazil infrastructure for information exchange related to this transactions. This procedure is aligned with the Open Finance Brazil regulatory framework. Recent Developments on Prudential Regulation On May 30, 2025, the Central Bank issued Resolution No. 478 and CMN issued Resolution No. 5,223, introducing a new regulatory framework for the Leverage Ratio and establishing an individualized requirement for institutions, alongside the possibility of excluding intragroup exposures within cooperative systems. The measure addresses the need for prudential regulation on a solo basis to complement consolidated supervision. The Leverage Ratio, calculated as the ratio between regulatory capital and total exposure without risk-weighting, will now apply individually or on a subconsolidated basis for certain institutions, ensuring sufficient resources in Brazil to meet local obligations and mitigate risks associated with cross-border resolution constraints. The minimum leverage ratio requirement for individual or subconsolidated bases will be set at 2.25%, lower than the consolidated requirement of 3%, and phased in between 2026 and 2028. Institutions opting for subconsolidated compliance must prepare specific financial statements and submit a Recovery and Organized Exit Plan. Central Bank Resolution No. 478 and CMN Resolution No. 5,223 come into force on July 1, 2026, with a gradual implementation schedule. Moreover, in November 2025, the Central Bank issued Public Consultation 128, proposing amendments to RWACPAD regulations to refine recognition of credit risk mitigation instruments (financial collateral, bilateral netting, personal guarantees, credit derivatives, and credit insurance) and to revise the CEM for derivatives by aligning key parameters with SA-CCR (including a 1.4 multiplier and PFE floor). By means of the proposed new rules, the Central Bank intends to allow single netting sets across derivatives and securities financing transactions. The draft rule also introduces preferential risk weights for specified payroll-deducted retail exposures, clarifies eligibility and haircuts for recognized collateral. However, the expected impact on our current portfolio is limited, as we do not use the CEM approach, nor do we apply netting across asset classes, derivatives, and SFTs, and while the reduction in risk weights for private‑sector payroll loans may create 66 Table of Contents opportunities for future expansion, our existing exposures are largely concentrated in public‑sector payroll loans. Additionally, credit insurance is not currently used as a credit risk mitigation instrument in our operations, so any effects in this regard would be prospective only. The Public Consultation was open for comments until February 3, 2026. The Central Bank will now analyze all the comments received to decide if said comments will be incorporated into the final rules on the matter. General Laws and Regulations Affecting the Financial System We summarize below other laws and regulations that generally affect the Brazilian financial system. This summary is qualified in its entirety by the full text of the rules and regulations that are publicly available, which is not incorporated by reference into this annual report. Anti-Corruption Law The Brazilian Anti-Corruption Law establishes that legal entities will have strict liability (that is, regardless of fault or willful misconduct) if they are involved in any form of bribery. The law also encompasses other injurious acts contrary to the Brazilian or foreign public administration, including bid rigging and obstruction of justice. The law provides for heavy penalties, both through administrative and judicial proceedings, including company dissolution, prohibition against obtaining financing from public entities and prohibition against participating in public biddings. A presidential decree also provides parameters for the application of the anti-corruption law, including with respect to penalties and compliance programs. Please refer: •To our Investor Relations website (see – “Itaú Unibanco – Corporate Governance – Policies – Corporate Corruption Prevention Policy”) from which you can electronically access further details about our anti-corruption Corporate Policy. •To our Investor Relations website (see – “Itaú Unibanco – Corporate Governance – Policies – Corporate Policy on Integrity, Ethics and Conduct”) from which you can electronically access further details about principles that guide the institution to act with integrity, ethics, and responsibility. •To our Investor Relations website (see – “Itaú Unibanco – Integrity and Ethics”) from which you can electronically access further details about our Integrity and Ethics Program. None of our Investor Relations website and the policies, programs and guidelines mentioned above are incorporated by reference into this annual report. Anti-Money Laundering Regulation Law No. 9,613, as amended, (“Brazilian Anti-Money Laundering Law”) establishes the basic framework to prevent and punish money laundering as a crime. It prohibits the concealment or dissimulation of origin, location, availability, handling or ownership of assets, rights or financial resources directly or indirectly originated from crimes, subjecting the agents of these illegal practices to imprisonment, temporary disqualification from managing enterprises for up to ten years and monetary fines. The Brazilian Anti-Money Laundering Law also created the COAF, which is subordinated to the Central Bank and performs a key role in the Brazilian system of preventing and combating money laundering, financing of terrorism and the proliferation of weapons of mass destruction. In compliance with the Brazilian Anti-Money Laundering Law and related regulations issued by the Central Bank, financial institutions in Brazil must establish internal control and procedures aiming at, among others: •identifying and knowing their clients, which includes determining if they are PEPs, and also identifying UBOs; •checking the origin of funds of a client, as well as the compatibility between the movement of its funds and its economic and financial capacity; •keeping records of all transactions carried out or financial services provided on behalf of a certain client or for that client; 67 Table of Contents •reporting to COAF, within one business day, any transaction deemed to be suspicious by the financial institution, as well as all transactions in cash equivalent to or higher than R$50,000, without informing the involved person or any third party; •applying special attention to (i) unusual transactions or proposed transactions with no apparent economic or legal bases; (ii) transactions involving PEPs, (iii) indication of evading client identification and transaction registering procedures; (iv) clients and transactions for which the UBO cannot be identified; (v) transactions originated from or destined to countries that do not fully comply with the recommendations of the FATF; and (vi) situations in which it is not possible to keep the clients’ identification records duly updated; •determining criteria for hiring personnel and offering anti-money laundering training for employees; •monitoring transactions and situations which could be considered suspicious for anti-money laundering purposes; •reporting to COAF the occurrence of suspicious transactions, as required under applicable regulations; •maintaining specific records of all operations carried out, products and services contracted by financial institutions, including deposit, contribution, withdrawal, payments, receipts and transfers of funds; and •unavailability, without delay, of goods, values and rights of possession or ownership and all other rights, real or personal, owned, directly or indirectly, of natural or legal persons subject to sanctions by the resolutions of the UNSC. Non-compliance with any of the obligations above subjects the financial institution and its officers to penalties, including: (i)formal notice, (ii)variable pecuniary fine (of up to twenty million reais) (iii)temporary ineligibility of executive officers to hold any management position in financial institutions (for up to ten years), and (iv)cancellation or suspension of the financial institution’s license to operate. Financial institutions, such as us, are also required to maintain Anti-Money Laundering Program (in compliance with regulatory standards) and conduct periodic Internal Risk Assessments. Politically Exposed Persons According to the Central Bank, PEPs are public agents who hold or have held a relevant public position, as well as their representatives, family members or other close associates. They are considered PEPs until five years after the end of their term of office. In Brazil or other countries, territories and foreign jurisdictions. It also includes their legal entities. Financial institutions must develop and implement internal procedures to identify PEPs and obtain higher level of approval than the person responsible for contracting, according to Risk-Based Approach, prior to establishing any relationship with those individuals. They should also adopt reinforced and continuous surveillance actions regarding transactions with PEPs and report all suspicious transactions to COAF. Such procedures must enable the identification of politically exposed persons, and the origin of the funds involved in the transactions of such customers. Consumer Protection The Brazilian Consumer Protection Code, which is applicable to financial institutions, sets forth consumer defense and protection rules applicable to relationships with suppliers of products or services. The basic consumer rights regarding financial institutions are, among others: •reverse burden of proof in court; •proportional reduction of interest charged in connection with personal credit and consumer-directed credit transactions in case of early payment of debts; •in limited circumstances, amounts charged improperly may have to be returned in an amount equal to twice what was paid in excess of due amounts, except in cases of justifiable mistakes (e.g., systemic failure or operational error); •the collection of credits cannot expose the client to embarrassment or be performed in a threatening manner; and 68 Table of Contents •liability for any damages caused to consumers by misrepresentations in their publicity or information provided. Law No. 14,181, known as the “over-indebtedness” law, which amended the Brazilian Consumer Protection Code and the Senior Citizens’ Statute (Law No. 10,741 of October 1, 2003), provides preventive rights and obligations against excessive consumer indebtedness reinforcing concepts and rules on transparency and security in credit contracting, including relevant provisions on indebtedness avoidance. Among other measures, Law No. 14,181 (i) implemented the concept of existential minimum (the minimum amount of income that a consumer should have for his subsistence), that cannot be compromised with the payment of credit contracts; and (ii) included a new chapter in the Brazilian Consumer Protection Code dedicated to the conciliation of individuals who are over-indebted, giving those individuals the opportunity for a judicial debt conciliation process, which would bring together all creditors in a single agreement. On July 26, 2022, the Brazilian Government published Decree No. 11,150, which regulates Law No. 14,181 and establishes key consumer rights, including responsible credit practices, financial education and measures to prevent and address over-indebtedness. The decree also specifies that the existential minimum (mínimo existencial) represents the portion of income that must be preserved to cover a consumer’s basic needs. However, it excludes certain debts and credit limits from the existential minimum safeguard, such as debts not related to consumption, real estate financings and refinancings; arising from loans and financings with real-property collateral; and arising from credit agreements guaranteed by surety or with endorsements. On June 20, 2023, Decree No. 11,567/2023 was published and entered into force introducing changes to Article 3 of Decree No. 11,150/2022. The amendment establishes a fixed existential minimum amount of R$600. It further revokes paragraph 2, which previously stated that annual adjustments to the minimum wage will not impact this amount. On July 1, 2024, Law No. 14,905/2024 was published. This law introduces significant changes to the Brazilian Civil Code regarding monetary restatement and interest accrual in cases of default. It allows parties to freely set the monetary restatement index and interest rates in contracts, subject to legal limits, with the IPCA used as a default for restatement and the SELIC rate minus the applicable index for statutory interest. The law also mandates the Central Bank to provide a public tool to simulate statutory interest rates and clarifies that the Usury Law does not apply to certain obligations outside the SFN, such as transactions between legal entities, debt instruments, and those involving financial institutions. The provisions of the law came into force on August 30, 2024. On November 4, 2025, Law No. 15,252/2025 was published, which established new rights for individuals in financial services, including: (i) automated salary portability; (ii) automatic debit on accounts between institutions; (iii) right to information; and (iv) access to a special type of loan with reduced fees. The Central Bank and CMN will issue detailed regulations within 180 days from November 4, 2025. [As of the date of this annual report, no such detailed regulation has been published by the Central Bank.] Central Bank Rules on Consumer Relations CMN Resolution No. 4,949 of September 30, 2021 provides the principles and procedures to be adopted in the relationship of financial institutions and other institutions authorized to operate by the Central Bank with their clients and users of financial products and services. On October 14, 2021, Central Bank Resolution No. 155 established almost identical principles and procedures to be adopted by payment institutions and consortium administrators. The regulations set forth new rules mainly with the goal of ensuring fair and equitable treatment at all stages of the relationship with institutions providing financial and payments services, as well as a convergence of the interests of such institutions with those of their consumers. Additionally, they define that institutions authorized to operate by the Central Bank (i) shall prepare and implement an institutional policy for the relation with consumers and users; (ii) must indicate to the Central Bank the officer responsible for complying with the obligations provided under the new rules; and (iii) must comply with other obligations within the scope of the new rules. On October 3, 2023, Law No. 14,690 was sanctioned, ratifying the emergency program for renegotiation of debts of individuals in default depending on the category the debtor is, which in turn depends on the amount of the debtor’s debt (Desenrola Brasil).The CMN and the Central Bank issued Resolution No. 5,112 and Resolution No. 365, respectively, establishing other measures to prevent debtor default and consumer over-indebtedness, including rules related to the portability of credit transactions granted in the context of post-paid payment instrument (such as credit cards) financings, among other issues. Furthermore, on December 26, 2023, the CMN and the Central Bank published Joint Resolution No. 8, which requires, from July, 1, 2024, the institutions authorized to operate by the Central Bank to adopt financial literacy measures designed 69 Table of Contents for their clients and natural person users, including individual entrepreneurs, by means of the publication of a financial literacy policy, the provision of financial literacy content and tools in an appropriate language, channel, and timing in order to suit them to the characteristics and needs of clients and users. Data Protection Law The LGPD has been in force since September 2020 (except for its administrative sanctions, which have been applicable since August 1, 2021, pursuant to Law No. 14,010/2020). The LGPD introduced significant changes to the legal framework applicable to the processing of personal data, including those governing activities such as the collection, processing, storage, use, transfer, sharing and erasure of information concerning identified or identifiable natural persons. The LGPD also grants data subjects a number of rights (such as rights of access, correction and others) and imposes corresponding obligations on data controllers, including requirements to rely on an appropriate legal basis for processing and to adopt security measures. The LGPD applies to any and all operations related to any form of processing of personal data, with exceptions provided by law, such as for exclusively private and non-economic purposes, or journalistic, artistic, or public security purposes, and it extends to individuals and public and private entities, regardless of the country where they are based or where the data is stored. The LGPD is also applicable whenever (i) data processing takes place in Brazil; (ii) the data processing activity is intended to offer or provide goods or services to or process data of individuals located in Brazil; or (iii) the data subjects are located in Brazil at the time their personal data are collected. The LGPD applies regardless of the industry or business sector when dealing with personal data and is not restricted to data processing activities carried out through digital media and/or on the internet. Further, Law No. 13,853/2019 amended the LGPD to create and establish the ANPD which, among others, is responsible for guaranteeing the protection of personal data, interpreting the LGPD and supervising compliance. In the event of non-compliance with the LGPD, administrative penalties may be imposed, depending on the nature and gravity of the offense, in accordance with criteria established by the ANPD through ANPD Resolution No. 4, of February 24, 2023), as amended from time to time, including (1) warnings; (2) a single fine of up to 2% (subject to an upper limit of R$50,000,000 per violation) of the gross revenues in the Brazil of the entity, group or conglomerate of companies in the preceding fiscal year, per violation; (3) a daily fine (subject to the same overall limits applicable to single fines); (4) public disclosure of the violation; (5) the restriction of access to the personal data to which the violation relates; (6) deletion of the personal data to which the violation relates; (7) partial suspension of the databases to which the violation relates for up to six months, extendable for an additional six months, until corrective measures are implemented; (8) suspension of the personal data processing activities to which the violation relates for up to six months, extendable for an additional six months; and (9) partial or full prohibition on personal data processing activities. These penalties may be applied individually or cumulatively. Additionally, other authorities in Brazil can also rely on the LGPD and related data protection principles in administrative procedures or lawsuits within their respective areas of competence. For example, consumer protection authorities, the Public Prosecutor’s Office (Ministério Público), public defender’s offices and non-governmental associations, as well as individuals, can file complaints or bring lawsuits based on violations of the LGPD that have caused or may cause harm to individuals. In administrative proceedings, fines may be imposed in some cases, under applicable sectoral legislation, and in legal proceedings, in addition to the obligation to cease the allegedly unlawful activity or to perform a specific action, compensation for moral and material damages may be imposed, including in collective actions. Cybersecurity Regulation We seek to comply with the requirements of the LGPD, especially in relation to the security and protection of personal data, as well as CMN Resolution No. 4,893/2021 and of Central Bank Resolution No 85/2021, which require financial and payment institutions to institute a Cybersecurity Policy, as well as regulates the outsourcing of relevant data processing and storage and cloud computing services. We also comply with (i) CVM Resolution No. 35/2021, which sets forth the standards and procedures to be observed in security transactions carried out in regulated securities markets requiring the implementation of cybersecurity controls and data protection,(ii) SUSEP Circular No. 638/2021, which provides for cyber security requirements to be observed by insurance companies, EAPCs, capitalization and local reinsurers and (iii) the SEC’s cybersecurity disclosure rules for foreign issuers, focusing on Risk Management, Strategy, Governance and Cybersecurity Incident Disclosure. Relevant service data location and processing may occur inside or outside of Brazil. In case of data location and processing, the relevant contract may not hinder Central Bank’s supervision and the financial institution must have a 70 Table of Contents contingency plan in place in case of termination or impossibility of provision of the services and management of information security risk of the third parties. In addition, there must be an agreement for the exchange of information between the Central Bank and the supervisory authorities of the countries where the services may be provided (in case there is no such agreement, the Central Bank must approve in advance the engagement of the relevant foreign service provider by the financial institution). For further information on cybersecurity, see “Item 16K. Cybersecurity.” Taxes on our operations We summarize below the main taxes levied on the transactions entered into by entities in the Itaú Unibanco Group in Brazil. This description does not represent a comprehensive analysis of all tax considerations applicable to the Itaú Unibanco Group. For a more in-depth analysis, we recommend that you consult with your own tax advisors. The main taxes we are subject to, with their respective nominal rates, are as follows: Tax Rate Tax calculation basis Corporate Income Tax (IRPJ) 15.0% plus a 10.0% surtax Net income with adjustments (exclusions, additions, and deductions) Social Contribution on Net Income (CSLL) 20.0% (banking institutions) and 15.0% (other institutions authorized to operate by the Central Bank and insurance and capitalization companies). As of April, 2026, some companies are subject to a gradual increase of CSLL, see below. Net income with adjustments (exclusions, additions, and deductions) 9.0% (other Itaú Unibanco Group companies). As of April, 2026, some companies are subject to a gradual increase of CSLL, see below. COFINS 4.0% (financial institutions, insurance companies, capitalization and similar entities) or 7.6% (other Itaú Unibanco Group companies) Gross revenue minus specific deductions PIS 0.65% (financial institutions, insurance companies, capitalization and similar entities) or 1.65% (other Itaú Unibanco Group companies) Gross revenue minus specific deductions ISS 2.0% to 5.0% Price of service rendered IOF Depends on the type of the transaction, as described below. Transaction nominal value Corporate Income Tax and Social Contribution on Net Income In accordance with applicable legislation, IRPJ and CSLL are determined by the taxable income regime. Under this regime, our taxable income, on which IRPJ and CSLL will be levied, must be adjusted by additions, deductions, and exclusions, such as nondeductible expenses, operating costs and equity accounting, respectively. The IRPJ is calculated at a rate of 15.0%, plus a surtax of 10.0% which is levied on profits exceeding R$240,000 per year, and the CSLL is calculated at (i) a rate of 20.0% for banks, (ii) a rate of 15.0% for other financial institutions except banks, and (iii) a rate of 9.0% for non-financial Brazilian legal entities, after adjustments determined by the tax legislation. On December 26, 2025, the Complementary Law No. 224/2025 became effective, which, among other measures, increased some of the Social Contribution on Net Income (CSLL) tax rates applicable to the financial sector, effective as of April 1,2026: (i) for credit, financing and investment companies and capitalization companies: rate of 17.5% until December 31,2027 and 20.0% as of January, 2028 and (ii) for payment institutions, organized over-the-counter market administrators, stock exchanges, clearing and other entities regulated by the CMN: rate of 12.0% until December 31, 2027 and 15.0% as of January, 2028. Our companies may offset the historical nominal amount of tax losses determined in prior years against results of subsequent years at any time (i.e., with no limitations with respect to time periods), provided that such offsetting does not exceed 30.0% of the annual taxable income of such future year. For purposes of IRPJ and CSLL taxation, companies should also consider their income abroad, rather than income solely from Brazilian operations. Therefore, profits, capital gains and other income earned abroad by Itaú Unibanco Group entities in Brazil, their branches, representations, affiliates or subsidiaries, will also be computed for determination of the entities’ taxable income. However, Brazilian legislation provides the possibility of deducting the amounts paid as corporate income tax abroad against the IRPJ and CSLL due in Brazil, provided certain limits are observed. 71 Table of Contents Contribution on Social Integration Program and Social Security Financing Contribution In addition to IRPJ and CSLL, Brazilian legal entities are subject to the following taxes on revenue: PIS and COFINS. According to applicable legislation, financial institutions are subject to the cumulative regime for calculation of these taxes. Under the cumulative regime, financial institutions are required to pay PIS at a 0.65% rate and COFINS at a 4.0% rate. The cumulative regime provides for rates lower than those levied under the non-cumulative regime, and although it prevents the use of tax credits, some exclusions for financial institutions are allowed, such as those connected with financial intermediation. Service Tax The ISS is generally levied on the price of services rendered (e.g., banking services) and is charged by the municipality where our branch or office rendering the service is located. The tax rates vary from 2.0% up to the maximum rate of 5.0%, depending on the municipality in which the service is provided and its respective nature. Tax on Financial Transactions The IOF, is levied on credit, currency exchange and securities transactions and is imposed on specific rates according to the transaction in question. The tax rate may be changed directly by a decree from the Executive Branch, rather than by a law issued by the Brazilian Congress which may become effective as of its publication date. Brazil committed to eliminate the IOF on foreign exchange (“IOF/FX”) transactions. In this regard, Decree No. 10,997/2022 and, later, Decree No. 11,153/2022 introduced a plan for a gradual yearly reduction of such tax, until the IOF/FX rate is reduced to 0% by 2029.Despite the previously established plan, in 2025 the Brazilian Government issued Decrees No. 12,466/2025, 12,467/2025 and 12,499/2025, which expanded IOF taxable events and increased the applicable rates. The Brazilian Congress, however, responded by issuing Legislative Decree No. 176/2025, suspending the effects of these measures. In response to the institutional impasse, the Executive and the Legislature brought the matter before the Supreme Federal Court through ADC No. 96 and ADIs No. 7,827 and No. 7,839, seeking a definitive assessment of the decrees’ compliance with constitutional requirements. STF granted an injunction suspending the IOF levy on advance payment transactions of receivables to suppliers (forfait or supplier risk), while upholding the increased rates established by Decree No. 12,499/2025.The table below summarizes the main IOF rates currently levied on our transactions and do not reflect an exhaustive list of transactions subject to IOF. Notwithstanding, we note that IOF is a very complex tax. Therefore, we recommend that tax advisors be consulted for an in-depth analysis. Type of transaction Applicable Rates (Rates may be changed by a decree enacted by the Brazilian Government up to a maximum rate, as described below, which may become effective as of its publication date) Foreign exchange transactions IOF/FX: zero to 3.50% (depending on the transaction). As a general rule, the rate is 0.38% for the inflow of funds, while a 3.5% applies to the outflow of funds.Maximum rate: 25% Foreign exchange transactions – Credit and debit card transactions, money withdrawal abroad and travel cheques 3.50% Foreign exchange transactions –Acquisition of foreign currency 3.50% Foreign exchange transactions – Cross-border transfer of funds to bank accounts held by resident persons 3.50% or 1.10%, if the remittance is intended for investment purposes Foreign exchange transactions – Inbound loans Foreign loans with a minimum average term of up to 364 days: 3,5%; in other cases, 0% Insurance transactions IOF/Insurance: zero to 7.38% Maximum rate: 25% Loans and credit transactions IOF/Credit: 0.0082% per day, until it reaches 365 days, plus a flat 0.38% rate.Maximum rate: 1.5% per day 72 Table of Contents Securities IOF/Securities: zero to 1.5% as a general rule Primary acquisition of shares in FIDCs: 0.38% Maximum rate: 1.5% per day Securities – Derivatives IOF/Securities – Derivatives: zeroMaximum rate: 25% Brazil’s Consumption Tax Reform was issued On December 20, 2023, the Tax Reform was approved and converted into Constitutional Amendment No. 132, effective as of December 21, 2023, and the new taxes will be implemented as from 2026. The Tax Reform provides for the replacement of five taxes by two new value-added taxes, the IBS and the CBS within a seven-year transition period. The current taxes on consumption that will be replaced by the IBS and CBS include (i) ICMS; (ii) ISS; (iii) IPI; (iv) PIS and COFINS. As of 2027, PIS and COFINS are expected to be fully replaced by CBS, and IPI rates are expected to be reduced to zero in most cases. The transition from ICMS and ISS to IBS will occur between 2029 and 2032, through a gradual replacement mechanism, whereby the share of revenues attributable to IBS will increase while ICMS and ISS will be proportionally reduced (10% in 2029, 20% in 2030, 30% in 2031 and 40% in 2032), with full implementation of IBS and extinction of ICMS and ISS as of 2033.The Constitutional Amendment stipulates that in relation to revenue from financial intermediation, there should be maintained the current tax burden applied to loan operations until the end of the fifth year after the regime comes into force (with no increase or decrease in the sector’s revenue). In addition, the new system is based on a non-cumulative model, which generally allows taxpayers to recognize tax credits depending on the nature of the specific goods and services being acquired. Specific credit appropriation methods apply to services acquired from financial institutions, including distinctions between financial transactions and fees and commissions. On January 16, 2025, the Brazilian Congress issued the Complementary Law No. 214/2025 providing general standards for the imposition of IBS and CBS, including the circumstances of incidence and calculation bases for these taxes. As a rule, for financial institutions, the CBS and the IBS shall be levied over the spread of financial transactions, although such tax base may vary depending on the specific services being rendered. Complementary Law No. 227/2026, published on January 14, 2026, complements and implements Complementary Law No. 214/2025. It also provides regulations applicable to the ITCMD, see “Item 10E. Taxation — Other federal Brazilian taxes". As the Tax Reform is subject to complementary regulations and even though these changes may or not lead to a possible increase in our tax burden, predicting the impacts on our gross margin is not possible at this time. Tax Reform on Income Law No. 15,270, published on November 27, 2025 and effective January 1, 2026, introduced significant changes to the taxation of profits and dividends in Brazil. Beginning in January 2026, profits and dividends paid by the same Brazilian legal entity to the same individual resident in Brazil in excess of R$50,000 per month are subject to a 10% withholding income tax (“IRRF”) on the total amount distributed. Profits and dividends relating to results accrued through 2025 that were approved for distribution by December 31, 2025 and are due under applicable law remain exempt from withholding tax, provided payment is made in accordance with the original approval terms. Dividends paid to nonresident beneficiaries are subject to a 10% IRRF, regardless of the amount. Exemptions apply to: (i) profits and dividends relating to results accrued through 2025 that were approved for distribution by December 31, 2025 and are due under applicable law, provided payment, credit or delivery occurs in accordance with the original approval terms; (ii) payments to foreign governments, subject to reciprocity; (iii) payments to sovereign wealth funds; and (iv) payments to foreign entities whose principal activity is the administration of pension or retirement benefit plans. If the combined 10% IRRF and the effective Brazilian corporate income tax burden exceed the combined nominal rates of IRPJ and CSLL, the nonresident beneficiary may elect to claim a tax credit. The procedures for exercising this election and claiming the credit remain subject to further regulation. In addition, Complementary Law No. 224, issued on December 26, 2025, increased the withholding income tax rate applicable to interest on shareholders’ equity from 15% to 17.5%, effective January 1, 2026. For more information on the risks associated with these reforms, see “Item 3D. Risk Factors––Macroeconomic and Geopolitical Risks––Regulatory, Compliance and Legal––Any changes in tax law, tax reforms or review of the tax treatment of our activities may adversely affect us.” 73 Table of Contents Brazil Adheres to Pillar 2 regulations Brazil has implemented Pillar 2 regulations under the GloBE of the OECD. Law No. 15,079, published on December 30, 2024, created an additional social contribution on net profits, which is based on the QDMTT rule. This law is further regulated by Normative Ruling No 2,228, published on October 3, 2024. The new rules came into effect on January 1, 2025, and taxpayers may apply transitional safe-harbor provisions in 2025 and 2026. Consistent with OECD’s model rules, if applicable, the additional CSLL rate is determined by the difference between the global minimum tax rate of 15% and the effective tax rate for GloBE profits of the taxpayer. Taxpayers with an effective tax rate for GloBE profits below 15%, will be subject to an additional CSLL adjustment, which may increase their tax burden in accordance with the provisions of Law No. 15,079. U.S. Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS) FATCA attempts to minimize tax avoidance by U.S. persons investing in foreign assets both through their own accounts and through their investments in foreign entities. FATCA requires U.S. withholding agents such as us to provide information to the IRS regarding their U.S. account holders including substantial U.S. owners of certain non-financial foreign entities (“NFFEs”), and specified U.S. persons having an interest in certain professionally managed investment vehicles and trusts known as owner-documented FFIs. To the extent a U.S. withholding agent is not able to properly document an account, it generally will be required to deduct 30% FATCA withholding on certain payments of U.S. source income. U.S. federal income tax law has detailed rules for determining the source of income. Different rules apply for each type of income. Interest and dividends, two of the most common types of income for investors, are generally sourced by reference to the residence of the obligor. Specifically, dividends are generally treated as U.S. source income when paid by a U.S. corporation with respect to its stock, and interest is generally treated as U.S. source income when paid by a U.S. borrower of money. The U.S. collaborated with other governments to develop IGAs, to implement FATCA. IGAs with partner jurisdictions facilitate the effective and efficient implementation of FATCA. The purpose of these agreements is essentially to remove domestic legal impediments to compliance with FATCA and sharing of information and to reduce burdens on FFIs located in partner jurisdictions. More than 70 jurisdictions have signed an IGA, including Brazil (which came into effect in Brazil on August 24, 2015), the Cayman Islands, Switzerland and United Kingdom. In addition, approximately 30 other jurisdictions are deemed as having an IGA in effect. Some countries signed a reciprocal agreement, meaning that the country (such as Brazil) and the U.S. will automatically exchange annually, on a reciprocal basis, specific account holder information. Furthermore, Normative Ruling No. 1,680, dated December 28, 2016, was issued to introduce the CRS in Brazil, which seeks to implement a system of reporting financial accounts in a manner similar to FATCA. CRS is the result of discussions on the necessity of exchanging information between tax authorities of many countries in the context of the Base Erosion and Profit Shifting (“BEPS Project”), coordinated by the OECD. In connection therewith, an ancillary obligation called “e-Financeira” provided by Normative Ruling No. 1,571, dated July 2, 2016, was created to be the mandatory report filed by financial institutions in order to fulfill FATCA and CRS obligations. Moreover, on May 6, 2016, Brazilian tax authorities issued the Normative Ruling No. 1,634, effective as of January 1, 2017, that amended the regulation applicable to the CNPJ. This regulation introduced a new rule providing an ancillary obligation by which certain entities have to indicate the “Final Beneficiary” in each CNPJ, which is defined as the natural person who ultimately, directly or indirectly, owns, controls or significantly influences a particular entity or on whose behalf a transaction is conducted. Currently, this subject is regulated by Normative Ruling No. 2,119, dated December 6, 2022, and this framework has been subsequently updated, most recently by Normative Ruling No. 2,290, which currently governs the beneficial ownership obligations applicable to entities registered with the CNPJ. In addition, Normative Ruling No. 1,681 was issued on December 28, 2016, providing the obligation to annually deliver the so-called Country-by-Country Statement, an ancillary obligation also arising from the discussions under the BEPS Project, before the Brazilian Federal Revenue Service (“RFB”), which in its turn is also expected to exchange such information with other countries’ tax authorities. 74 Table of Contents Pursuant to FATCA and related U.S. Treasury guidance, the issuer, any other financial institution or other entities subject to FATCA disclosure requirements to or through which any payment with respect to the preferred shares or ADSs is made may be required, pursuant to the IGA-BR or under applicable law, to (i) request certain information from holders or beneficial owners of our preferred shares or ADSs, whose information may be provided to the IRS; and (ii) withhold U.S. federal tax at a 30.0% rate on some portion or all of the payments considered “foreign passthru payments” made two years or more after the date on which final Treasury Regulations defining foreign passthru payments are published, with respect to the preferred shares or ADSs to an account held by a “recalcitrant account holder” or to a “nonparticipating FFI” (as defined under FATCA). If the issuer or any other person is required to withhold amounts under or in connection with FATCA from any payments made in respect of the preferred shares or ADSs, holders and beneficial owners of the preferred shares or ADSs will not be entitled to receive any gross up or other additional amounts to compensate them for such withholding. The above description is based on guidance issued to date by the U.S. Treasury Department, including the final U.S. Treasury regulations and IGA-BR. Future guidance may affect the application of FATCA to the preferred shares or ADSs. Selected Statistical Information The following information is included for analytical purposes and should be read together with our audited consolidated financial statements, included elsewhere in this annual report, and “Item 5. Operating and Financial Review and Prospects.” The data included or referenced in this section are presented in accordance with IFRS, unless otherwise indicated. Average Balance Sheet and Interest Rate Data The following tables outline the average balances of our interest-earning assets and interest-bearing liabilities, other assets and liabilities accounts, the related interest income and expense amounts and the average real yield/rate for each period.The majority of our business is comprised of operations with individuals and corporate entities without significant fluctuations over short periods. Non-performing loans and leases are disclosed as a non-interest earning asset in the table below: 2025 2024 2023 Assets Average balance Interest Average yield/rate Average balance Interest Average yield/rate Average balance Interest Average yield/rate (In millions of R$, except percentages) Interest-earning assets (1) 2,658,246 356,156 13.4% 2,468,652 298,768 12.1% 2,226,124 280,596 12.6% Interest-bearing deposits in other banks 63,657 1,881 3.0% 57,504 4,436 7.7% 54,713 4,122 7.5% Securities purchased under agreements to resell 245,466 37,079 15.1% 284,103 36,171 12.7% 245,683 33,898 13.8% Central Bank compulsory deposits 152,288 17,820 11.7% 139,623 12,505 9.0% 123,120 12,569 10.2% Financial Assets 1,054,012 143,028 13.6% 940,634 105,485 11.2% 809,296 98,800 12.2% Financial assets at fair value through profit or loss 619,933 101,366 16.4% 525,996 56,510 10.7% 444,115 58,211 13.1% Financial assets at fair value through other comprehensive income 130,217 15,642 12.0% 123,803 36,937 29.8% 130,226 27,463 21.1% Financial assets at amortized cost 303,862 26,020 8.6% 290,835 12,038 4.1% 234,955 13,126 5.6% Other Financial Assets 150,456 1,722 1.1% 132,881 1,390 1.0% 119,835 745 0.6% Loans and leases 992,367 154,626 15.6% 913,907 138,781 15.2% 873,477 130,462 14.9% Non-interest-earning assets 257,529 - 237,742 - - 221,302 - Cash and due from banks 35,662 34,776 32,614 Central Bank compulsory deposits 12,923 13,033 10,050 Derivatives 83,247 70,110 74,559 Non-performing loans 29,493 32,761 35,483 Provisions for Expected Loss (54,318) (49,383) (54,262) Premises and equipment, net 11,738 9,172 7,816 Investments in unconsolidated companies 10,439 9,722 8,289 Goodwill 2,472 2,356 2,154 Intangible assets, net 21,555 21,327 21,466 Tax assets 76,597 68,437 62,426 75 Table of Contents Assets held for sale 902 627 393 Other assets 26,819 24,804 20,314 Total 2,915,775 2,706,394 - - 2,447,426 1)For the net yield on total average interest-earning assets, see "Net Interest Margin and Spread". Liabilities 2025 2024 2023 Average balance Interest Average yield/rate Average balance Interest Average yield/rate Average balance Interest Average yield/rate (In millions of R$, except percentages) Interest-bearing liabilities 2,398,104 261,488 10.9% 2,218,722 190,957 8.6% 1,983,947 186,835 9.4% Interest-bearing deposits 918,264 99,322 10.8% 876,696 68,489 7.8% 798,378 71,508 9.0% Savings deposits 173,716 11,181 6.4% 176,347 12,093 6.9% 174,786 11,863 6.8% Deposits from banks and time deposits 744,548 88,141 11.8% 700,349 56,396 8.1% 623,592 59,645 9.6% Securities sold under repurchase agreements 410,757 57,127 13.9% 394,346 36,262 9.2% 328,637 41,624 12.7% Interbank market debt and Institutional market debt 524,235 61,328 11.7% 475,118 62,181 13.1% 438,861 44,782 10.2% Interbank market debt 376,123 48,158 12.8% 342,643 51,600 15.1% 316,590 34,543 10.9% Institutional market debt 148,112 13,170 8.9% 132,475 10,581 8.0% 122,271 10,239 8.4% Reserves for insurance and private pension and Liabilities for capitalization plans 335,378 42,150 12.6% 293,343 23,679 8.1% 254,228 28,585 11.2% Other interest-bearing liabilities 209,470 1,561 0.7% 179,219 346 0.2% 163,843 336 0.2% Non-interest bearing liabilities 299,611 - 282,320 — 275,243 - Non-interest bearing deposits 125,246 121,400 — 118,046 Other non-interest-bearing liabilities 174,365 160,920 — 157,197 Total stockholders’ equity attributed to the owners of the parent company 208,626 196,171 — 180,105 Non-controlling interests 9,434 9,181 — 8,131 Total 2,915,775 2,706,394 — 2,447,426 Changes in Interest Income and Expenses – Volume and Rate Analysis The following table sets forth the allocation of the changes in our interest income and expense in terms of average volume and changes in the average yields/rates for the periods indicated below. Volume balance and rate variations have been calculated based on variations of average balances over the period and changes in average interest yield/rates on interest earning assets and interest-bearing liabilities from one period to the other. Increase/(decrease) due to changes in: Increase/(decrease) due to changes in: 2025 2024 Volume (1) Yield/rate (2) Net change (3) Volume (1) Yield/rate (2) Net change (3) (In millions of R$, except percentages) Interest-earning assets 22,505 34,883 57,388 24,095 (5,923) 18,172 Interest-bearing deposits in other banks 431 (2,986) (2,555) 214 100 314 Securities purchased under agreements to resell (5,306) 6,214 908 5,027 (2,754) 2,273 Central Bank compulsory deposits 1,214 4,101 5,315 1,577 (1,641) (64) Financial Assets 13,819 23,724 37,543 11,075 (4,390) 6,685 Financial assets at fair value through profit or loss 11,435 33,421 44,856 9,754 (11,455) (1,701) 76 Table of Contents Financial assets at fair value through other comprehensive income 1,822 (23,117) (21,295) (1,414) 10,888 9,474 Financial assets at amortized cost 562 13,420 13,982 2,735 (3,823) (1,088) Other Financial Assets 194 138 332 89 556 645 Loans and leases 12,153 3,692 15,845 6,113 2,206 8,319 Interest-bearing liabilities 15,059 55,472 70,531 22,153 (18,032) 4,121 Interest-bearing deposits 3,579 27,254 30,833 6,939 (9,959) (3,020) Saving deposits (178) (734) (912) 106 123 229 Deposits from Banks and Time Deposits 3,757 27,988 31,745 6,833 (10,082) (3,249) Securities sold under repurchase agreements 1,567 19,298 20,865 7,360 (12,722) (5,362) Interbank market debt and Institutional market debt 6,065 (6,918) (853) 3,864 13,535 17,399 Interbank market debt 4,744 (8,186) (3,442) 3,035 14,022 17,057 Institutional market debt 1,321 1,268 2,589 829 (487) 342 Reserves for insurance and private pension and Liabilities for capitalization plans 3,780 14,691 18,471 3,960 (8,866) (4,906) Other Interest-bearing liabilities 68 1,147 1,215 30 (20) 10 1)Volume change has been computed as the change in the average interest earning assets or interest-bearing liabilities from one period to the other multiplied by the average yield/rate in the earlier period.2)Yield/rate change has been computed as the change in the yield/rate in the period multiplied by the average interest-bearing liabilities in the earlier period.3)We allocated the net change from the combined effects of volume and yield/rate proportionately to volume change and yield/rate change, in absolute terms. Net Interest Margin and Spread The following table sets forth our average interest-earning assets, total average interest-bearing liabilities, net interest income and the comparative net interest margin and net interest spread for the periods indicated below: 2025 2024 2023 (in millions of R$, except percentages) Total average interest-earning assets 2,658,246 2,468,652 2,226,124 Total average interest-bearing liabilities 2,398,104 2,218,722 1,983,947 Net Interest income (1) 94,668 107,811 93,761 Average yield on average interest-earning assets (2) 13.4% 12.1% 12.6% Average rate on average interest-bearing liabilities (3) 10.9% 8.6% 9.4% Net interest spread (4) 2.5% 3.5% 3.2% Net interest margin (5) 3.6% 4.4% 4.2% 1)Is the sum of total interest-earning and similar income and total interest-bearing and similar expenses.2)Total interest-earning and similar income divided by total average interest-earning assets.3)Total interest-bearing and similar expenses divided by total average interest-bearing liabilities.4)Difference between the average yield on interest-earning assets and the average rate on interest-bearing liabilities.5)Net interest income divided by total average interest-earning assets. 77 Table of Contents Assets Portfolio of Securities and Derivative Financial Instruments General Information We present below our portfolio of financial assets at fair value through profit or loss – Securities, Financial Assets at Fair Value Through Other Comprehensive Income, Financial Assets at Amortized Cost and Derivative Financial Instruments as of December 31, 2025, 2024 and 2023. The amounts exclude our investments in securities of unconsolidated companies. For further information on our investments in unconsolidated companies, see “Note 2(c) – Accounting Policies, Critical Estimates and Material Judgments – VI – Investments in Associates and Joint Ventures” to our audited consolidated financial statements. Financial assets held for trading and designated at fair value through profit or loss and financial assets at fair value through other comprehensive income are stated at fair value and financial assets at amortized cost - securities are stated at amortized cost. Please see “Note 2 – Material Accounting Policies” to our audited consolidated financial statements for further details. As of December 31, 2025, we held securities issued by the Brazilian Government classified as “Government Securities – Domestic” with an aggregate book value and an aggregate market value of R$583,956 million and R$583,679 million, respectively, which represented 271.5% of our consolidated stockholders’ equity as of that date. As of December 31, 2024, we held securities issued by the Brazilian Government classified as “Government Securities – Domestic” with an aggregate book value and an aggregate market value of R$537,924 million and R$537,665 million, respectively, which represented 243.1% of our consolidated stockholders’ equity as of that date. As of December 31, 2023, we held securities issued by the Brazilian Government classified as “Government Securities – Domestic” with an aggregate book value and an aggregate market value of R$520,964 million and R$520,747 million, respectively, which represented 261.7% of our consolidated stockholders’ equity as of that date. As of December 31, 2025, we did not hold securities of any other issuer the book value of which in the aggregate represented more than 10.0% of our consolidated stockholders’ equity. This is due to our conservative asset and liabilities management and our liquidity in local currency maintained in securities issued by the Brazilian Government. Additionally, securities issued by the Brazilian Government are accepted as deposits in our operations in the market on B3. Financial Assets at Fair Value Through Profit or Loss and Designated at Fair Value Through Profit or Loss - Securities Listed below are the assets acquired and accrued which are either available for sale in the short term or are part of a portfolio of financial instruments that are managed as a whole and for which there is a recent history of sales in the short term. Please see “Note 5 – Securities at Fair Value Through Profit or Loss (FVPL)” to our audited consolidated financial statements for further details. 78 Table of Contents Financial Assets at Fair Value Through Profit or Loss As of December 31, 2025 Fair value 2024 Fair value 2023 Fair value (In millions of R$) Investment funds 39,845 37,103 26,570 Brazilian government securities (1a) 396,458 361,696 342,092 Government securities – Latin America (1b) 6,015 4,381 2,875 Government securities – Other Countries (1c) 401 1,473 2,562 Corporate securities (1d) 170,550 155,172 137,653 Shares 25,175 25,880 26,535 Rural product note 636 941 4,203 Bank deposit certificates 1,108 450 128 Real estate receivables certificates 2,046 1,654 1,591 Debentures 97,906 87,142 76,548 Eurobonds and other 3,098 1,991 2,464 Financial bills 37,345 33,071 22,552 Promissory and commercial notes 1,174 1,216 2,602 Other 2,062 2,827 1,030 Total 613,269 559,825 511,752 Government securities (Designated at FVPL) 15,505 318 — Total 628,774 560,143 511,752 1) The securities pledged as guarantee of funding transactions with financial institutions and customers and post-employment benefits (See “Note 26(b) – Risk Management” to our consolidated financial statements), are: a) Government securities - Brazil R$86,481 (R$108,595 at 12/31/2024 and R$118,798 at 12/31/2023), b) Government securities - Latin America R$313 (R$2,539 at 12/31/2024 and R$87 at 12/31/2023), c) Government securities - Other Countries R$0 (R$0 at 12/31/2024 and R$0 at 12/31/2023) and d) Corporate securities R$139 (R$11,775 at 12/31/2024 and R$11,788 at 12/31/2023), totaling R$86,933 (R$122,909 at 12/31/2024 and R$130,673 at 12/31/2023). We note that Brazilian Government securities represented 63.1% of our portfolio of financial assets at fair value through profit or loss in 2025. Brazilian Government securities classified at fair value through profit or loss represented 12.9% of our total assets in the same period. Please see “Item 3D. Risk Factors––Credit––We may incur losses associated with counterparty exposure risks” for further details. 79 Table of Contents Assets at Fair Value Through Other Comprehensive Income Listed below are financial assets that, according to our management’s understanding, may be sold in response to, or before changes in, market conditions and are not classified as financial assets at fair value through profit or loss, loans and receivables or held to maturity. Please see “Note 8 – Securities at Fair Value Through Other Comprehensive Income (FVOCI)” to our audited consolidated financial statements for further details. Financial Assets at Fair Value Through Other Comprehensive Income As of December 31, 2025 2024 2023 Fair value Fair value Fair value (In millions of R$) Brazilian government securities (1a) 81,763 64,377 83,905 Government securities – Latin America (1b) 25,143 21,470 23,872 Government securities – Other Countries (1c) 13,984 13,026 9,910 Corporate securities (1d) 11,583 7,430 12,352 Shares 780 566 6,143 Rural product note — 126 — Bank deposit certificates 167 83 44 Real estate receivables certificates 222 57 67 Debentures 4,413 1,498 1,773 Eurobonds and others 5,871 4,812 4,057 Financial bills 5 53 — Other 125 235 268 Total 132,473 106,303 130,039 1) The securities pledged in guarantee of funding transactions of financial institutions and customers and Post-employment benefits (See “Note 26(b) – Risk Management” to our consolidated financial statements), are: a) Brazilian government securities R$ 29,581 (R$ 33,971 at 12/31/2024 and R$ 38,389 at 12/31/2023), b) Government securities - Latin America R$ 3,519 (R$ 3,050 at 12/31/2024 and R$ 2,932 at 12/31/2023), c) Government securities - Other Countries R$ 1,113 (R$ 0 at 12/31/2024 and R$ 0 at 12/31/2023) and d) Corporate securities R$ 3,125 (R$ 986 at 12/31/2024 and R$ 868 at 12/31/2023), totaling R$ 37,338 (R$ 38,007 at 12/31/2024 and R$ 42,189 at 12/31/2023). Brazilian Government securities and corporate securities represented 61.7% and 8.7%, respectively, of our portfolio of assets at fair value through other comprehensive income in 2025. Brazilian Government securities and corporate securities classified as assets at fair value through other comprehensive income, which are used as a hedge for our subordinated debt portfolio, represented 2.7% and 0.4%, respectively, of our total assets in the same period. 80 Table of Contents Financial Assets at Amortized Cost Listed below are non-derivative financial assets that we have the intention and financial ability to held to maturity. Please see “Note 9 – Securities at Amortized Cost” to our consolidated financial statements for further details. As of December 31, Financial Assets at Amortized Cost 2025 2024 2023 Net Amortized Cost Net Amortized Cost Net Amortized Cost (In millions of R$) Brazilian government securities (1a) 105,678 111,808 94,967 Government securities – Latin America (1b) 5,974 21,721 27,865 Government securities – Other Countries 15,035 25,123 22,708 Corporate securities (1c) 190,976 165,200 114,349 Rural product note 68,534 59,942 37,956 Bank deposit certificates 63 50 19 Securitized real estate loans 4,189 5,818 5,904 Debentures 78,051 74,243 56,813 Eurobonds and others 11,688 1,093 516 Financial bills 379 212 1,573 Promissory and commercial notes 21,272 16,280 10,230 Other 6,800 7,562 1,338 Investment Funds 9,810 — — Total 327,473 323,852 259,889 1) The securities pledged as collateral for funding transactions with financial institutions and customers and Post-employment benefits (See “Note 26(b) – Risk Management” to our consolidated financial statements), are: a) Brazilian government securities R$14,207 (R$39,289 at 12/31/2024 and R$ 16,738 at 12/31/2023) and b) Government securities – Latin America R$894 ( R$969 at 12/31/2024 and R$ 0 at 12/31/2023) and c) Corporate securities R$378 (R$29,964 at 12/31/2024 and R$ 20,114 at 12/31/2023), totaling R$15,479 (R$70,222 at 12/31/2024 and R$ 36,852 at 12/31/2023). We note that Brazilian Government securities represented 32.3% of our portfolio of financial assets at amortized cost in 2025. Brazilian Government securities classified at amortized cost represented 3.4% of our total assets in the same period. 81 Table of Contents Derivatives Derivatives are classified on the date of their acquisition in accordance with our management’s intention to use them as a hedging instrument, as determined by Brazilian regulations. For further information see “Note 6 – Derivatives” to our consolidated financial statements. Our derivatives portfolio (assets and liabilities) is comprised of futures, forward, swaps, options and credit derivatives, as stated in the table below: Derivative Financial Instruments ForThe Year Ended December 31, 2025 % of total 2024 % of total 2023 % of total (In millions of R$, except percentages) Assets Options agreements 11,726 16.0 21,170 22.9 7,718 14.0 Forwards 4,607 6.3 1,739 1.9 3,274 5.9 Swaps – adjustment receivable 47,184 64.3 55,428 60.0 37,957 68.7 Credit derivatives 615 0.8 633 0.7 282 0.5 NDF - Non Deliverable Foward 8,351 11.4 12,207 13.2 5,378 9.7 Others - derivative financial instruments 901 1.2 1,262 1.4 642 1.2 Total derivative financial instruments assets 73,384 100.0 92,439 100.0 55,251 100.0 Derivative financial instruments as percentage of total assets 2.4 % 3.2 % 2.2 % Liabilities Options agreements (8,402) 12.0 (20,588) 24.1 (8,972) 17.1 Forwards (4,381) 6.3 (1,450) 1.7 (2,982) 5.7 Swaps – adjustment payable (45,453) 65.2 (51,394) 60.2 (35,741) 68.1 Credit derivatives (367) 0.5 (795) 0.9 (149) 0.3 NDF - Non Deliverable Foward (10,929) 15.7 (10,761) 12.6 (4,478) 8.5 Others - derivative financial instruments (228) 0.3 (425) 0.5 (153) 0.3 Total derivative financial instruments liabilities (69,760) 100.0 (85,413) 100.0 (52,475) 100.0 Derivative financial instruments as percentage of total liabilities and stockholder's equity 2.3 % 3.0 % 2.1 % 82 Table of Contents Distribution of our financial assets by maturity December 31, 2025 No stated maturity Due in 1 year or less Due after 1 year to 5 years Due after 5 years to 10 years Due after 10 years Total R$ Weighted avarege yeld (%) R$ Weighted avarege yeld (%) R$ Weighted avarege yeld (%) R$ Weighted avarege yeld (%) R$ Weighted avarege yeld (%) R$ Weighted avarege yeld (%) (In millions of R$, except percentages) At Fair Value Through Profit or Loss 25,050 110,981 355,816 93,749 27,673 613,269 Investment funds (1) 5,150 0.2 25,940 0.0 5,373 0.0 2,359 0.0 1,023 0.0 39,845 0.0 Brazilian government securities — 0.0 62,237 0.2 271,181 0.7 48,284 0.7 14,756 0.0 396,458 0.6 Government securities - Latin America — 0.0 2,269 0.3 2,500 0.5 1,121 2.0 125 0.9 6,015 0.7 Government securities - Other Countries — 0.0 400 0.7 — 8.6 — 0.0 1 2.3 401 0.7 Corporate securities 19,900 0.0 20,135 11.3 76,762 8.5 41,985 29.3 11,768 13.5 170,550 Shares 19,900 5,275 — — — 25,175 Bank deposit certificates — 0.0 1,025 0.1 83 0.6 — 0.0 — 0.0 1,108 0.1 Real estate receivables certificates — 0.0 91 0.1 1,155 0.3 594 1.6 206 1.5 2,046 0.8 Debentures — 0.0 3,059 0.3 49,642 3.2 35,756 5.3 9,449 8.5 97,906 4.4 Eurobonds and other — 0.0 79 0.4 2,367 1.5 543 1.7 109 0.9 3,098 1.5 Financial bills — 0.0 9,900 0.4 21,915 0.1 3,666 1.3 1,864 0.0 37,345 0.3 Promissory and commercial notes — 0.0 332 1.8 532 0.0 310 15.0 — 0.0 1,174 4.5 Rural product note — 0.0 186 3.7 277 1.2 173 2.4 — 1.6 636 2.2 Other — 0.0 188 4.5 791 1.6 943 2.0 140 1.0 2,062 2.0 Financial assets held for trading and designated at fair value through — Brazilian government securities — 0.0 — 0.0 2 0.0 9 0.0 46 0.0 57 0.0 Government securities - Latin America — 0.0 14,727 8.7 721 11.5 — 0.0 — 0.0 15,448 8.9 Derivatives — 29,362 32,420 9,411 2,191 73,384 At Fair Value Through Other Comprehensive Income 616 41,982 66,208 15,155 8,512 132,473 Brazilian government securities — 0.0 18,729 0.9 45,528 0.6 10,739 0.5 6,767 10.6 81,763 1.5 Government securities - Latin America — 0.0 16,232 1.2 7,236 3.0 1,600 2.2 75 0.8 25,143 1.8 Government securities - Other Countries — 0.0 5,328 0.5 8,491 0.8 165 0.0 — 0.0 13,984 0.7 Corporate securities 616 1,693 4,953 2,651 1,670 11,583 Shares 616 36 — — 128 780 Bank deposit certificates — 0.0 74 2.8 93 1.7 — 0.0 — 0.0 167 2.2 Real estate receivables certificates — 0.0 — 0.0 46 0.6 176 0.4 — 0.0 222 0.5 Debentures — 0.0 12 7.2 1,071 6.1 2,094 4.9 1,236 7.1 4,413 5.8 Eurobonds and others — 0.0 1,542 0.6 3,642 1.4 381 2.7 306 31.6 5,871 2.9 Financial bills — 0.0 — 0.0 5 0.0 — 0.0 — 0.0 5 0.0 Rural product note — 0.0 — 0.0 — 0.0 — 0.0 — 0.0 — 0.0 Other — 0.0 29 0.0 96 0.3 — 0.0 — 0.0 125 0.2 At Amortized Cost 920 72,663 187,985 52,748 13,157 327,473 Investment funds (1) 321 0.0 1,582 0.0 6,405 0.0 1,148 1.1 355 0.0 9,811 0.1 Brazilian government securities — 0.0 16,399 1.0 80,416 0.9 4,928 6.4 3,934 3.8 105,677 1.3 Government securities - Latin America — 0.0 2,649 3.4 3,087 8.8 238 10.9 — 0.0 5,974 6.5 Government securities - Other Countries — 0.0 15,617 1.4 9,905 1.0 — 0.0 — 0.0 25,522 1.2 Corporate securities 599 36,416 88,172 46,434 8,868 180,489 Rural product note 599 0.0 23,798 4.5 37,007 2.7 7,087 2.4 45 0.0 68,536 3.3 Bank deposit certificates — 0.0 21 3.5 42 2.1 — 0.0 — 0.0 63 2.6 Real estate receivables certificates — 0.0 27 12.6 2,859 4.3 1,302 3.6 — 0.0 4,188 4.1 Debentures — 0.0 5,616 10.8 33,615 8.0 29,997 9.3 8,823 52.5 78,051 13.7 Eurobonds and other — 0.0 96 0.0 592 1.9 514 2.1 — 0.0 1,202 1.8 Financial bills — 0.0 307 22.6 72 3.5 — 0.0 — 0.0 379 19.0 Promissory and commercial notes — 0.0 5,660 8.7 10,845 2.5 4,766 3.9 — 0.0 21,271 4.4 Other — 0.0 891 20.1 3,140 2.7 2,768 3.4 — 0.0 6,799 5.3 83 Table of Contents Distribution of our financial assets by currency Securities Derivatives Amortized Cost Fair Value Through Profit or Loss Fair Value Through other Comprehensive Income Fair Value Through Profit or Loss Total (In millions of R$) December 31, 2025 327,474 628,774 132,473 73,384 1,162,105 Denominated in Brazilian currency 306,820 603,439 61,368 59,333 1,030,960 Denominated in foreign currency 20,654 25,335 71,105 14,051 131,145 December 31, 2024 323,852 560,143 106,303 92,439 1,082,737 Denominated in Brazilian currency 298,953 533,887 31,313 22,466 886,619 Denominated in foreign currency 24,898 26,256 74,990 69,973 196,117 December 31, 2023 259,889 511,752 130,039 55,251 956,931 Denominated in Brazilian currency 226,384 497,042 53,173 15,676 792,275 Denominated in foreign currency 33,505 14,710 76,866 39,575 164,656 For the purpose of analyzing the exposure of variations in foreign exchange rates, the table below presents the composition of our derivative financial instruments as of December 31, 2025 in Brazilian reais and in foreign currency, including the instruments denominated in foreign currencies. For the notional amount of derivative financial instruments, please see “Note 6 – Derivatives” to our audited consolidated financial statements. Derivative financial instruments (notional amounts) For The Year Ended December 31, 2025, Brazilian Currency Denominated in or linked to Foreign Currency Total (In millions of R$) Swap contracts Buy (Sale) commitments, net (134,124) (15,021) (149,145) Forward contracts Buy (Sale) commitments, net (2,170) (12,697) (14,867) Future contracts Buy (Sale) commitments, net (89,302) (7,910) (97,212) Buy (Sale) commitments, net (109,006) (8,027) (117,033) Others Buy (Sale) commitments, net 72,730 (179) 72,550 Reserve Requirements Brazilian financial institutions are required to place reserves with the Central Bank. The reserve requirements are tools utilized by the Central Bank to control the liquidity of the Brazilian financial system, for both monetary policy and risk 84 Table of Contents mitigation purposes. These requirements are applied to balances on demand deposits, saving account deposits and time deposits. The below table sets forth the required reserve for each type of deposit: December 31, Required reserve deposits Regulation (1) Yield 2025 2024 2023 Demand Deposits (4) Compulsory Resolution No. 189 '0% 21% 21% 21% Rural (2) Resolution No. 4903 '0% 31,5% 30% 30% Microcredit (2) Resolution No. 4861 / 4854 '0% 2% 2% 2% Savings Accounts (3) Compulsory Resolution No. 188 TR + 6.17% p.a. 20% 20% 20% Real estate financing (2) Resolution No. 4,676 80% (TR + 6.17% p.a.) 65% 65% 65% Time and Interbank Deposits Received from Leasing Companies Compulsory Resolution No. 145 Selic 20% 20% 20% 1)Most recent regulation on the matter.2)This is a compulsory investment of resources that is made in eligible transactions, that is, the funds are granted to other economic entities.3)Remuneration on funds in savings deposits: For deposits made until March 5, 2012, inclusive: TR + 6.17% per annum. For deposits made after March 5, 2012: (a) If the target of the Selic rate is higher than 8.5% per annum: TR + 6.17% per annum; (b) If the target of the Selic rate is lower than 8.5% per annum: TR + 70% of the target of the Selic rate per annum.4)Don't include voluntary deposit balances in the amount of R$10,000 as of 12/31/2025. Required reserve deposits 2025 2024 2023 R$ % of total required reserve deposits R$ % of total required reserve deposits R$ % of total required reserve deposits (In millions of R$, except percentages) Non-interest bearing deposits (1) 10,992 7.0 15,181 9.9 14,258 10.5 Interest-bearing deposits (2) 146,283 93.0 138,517 90.1 121,143 89.5 Total 157,275 100 153,698 100 135,401 100 1)Mainly related to demand deposits.2)Mainly related to time and savings deposits. Loan and Lease Operations Most of our loans are granted to clients domiciled in Brazil, and are denominated in Brazilian reais. Additionally, as of December 31, 2025, 61.2% of our credit portfolio consists of transactions with fixed interest rates and 38.8% consists of transactions with variable interest rates. Indexation Most of our portfolio is denominated in Brazilian reais. However, a portion of our portfolio is indexed to foreign currencies, primarily the U.S. dollar. The foreign currency portion of our portfolio consists of loans and financing for foreign trade and on lending operations. Our loans abroad represented 24.2%, 30.9% and 27.7% of our loan portfolio as of December 31, 2025, 2024 and 2023, respectively. See “Note 32(b) – Risk Management – I.IV – Maximum Exposure of Financial Instruments to Credit Risk” to our audited consolidated financial statements for further details. 85 Table of Contents Loan and Finance Lease by Type The following table sets forth the distribution of our credit portfolio according to the type of loan and finance lease, as follows: •The Individuals portfolio consists primarily of credit cards, personal loans (primarily including consumer finance and overdrafts), payroll loans, vehicle financing and residential mortgage loans; •The corporate loan portfolio comprises loans and financing facilities extended to large corporate clients, as well as to small and medium-sized enterprises, and •The Foreign Loans – Latin America portfolio consists of loans granted to individuals and companies by our operations in Chile, Colombia, Paraguay and Uruguay. As of December 31, Loan and Finance Lease, by type (1) 2025 2024 2023 Loan Allowance (2) Loan Allowance (2) Loan Allowance (2) (In millions of R$) Individuals 473,226 30,177 445,574 29,909 416,616 29,051 Corporate 380,288 11,590 357,633 11,081 307,645 15,199 Foreign Loans Latin America (3) 230,284 6,574 222,286 8,034 186,329 6,613 Total Loan and finance lease 1,083,798 48,341 1,025,493 49,024 910,590 50,863 1)Loans and finance lease classified as assets with credit recovery issues (problematic assets) have financial charges recognized on a cash basis. The contractual amount of credit operations classified as problematic assets amounted to R$47,837 million, R$55,131 million and R$60,237 million as of December 31, 2025, 2024 and 2023, respectively. The total amount of renegotiated credit operations included in the balance of credit operations classified as problematic assets amounted to R$19,398 million, R$26,657 million and R$30,137 million as of December 31, 2025, 2024 and 2023, respectively.2)Comprises Provision for Expected Loss for Financial Guarantees Pledged R$1,295 million (R$988 and R$887 million as of December 31, 2024 and 2023) and Commitments to be Released R$498 million (R$3,940 million and R$3,311 million as of December 31, 2024 and 2023).3)As of December 31, 2025 other than "Foreign Loans Latin America", 21% of Corporate correspond to cross-border outsanding. Loan and Finance Lease by Maturity The following table sets forth the distribution of our credit portfolio by maturity, including non-overdue and overdue installments, according to the type of loan and lease: Non-Overdue Installments As of December 31, 2025 Type of loan and lease Overdue in one year or less Overdue in one year to five years Overdue in five to fifteen years Overdue after fifteen years Total Non-Overdue Installments (In millions of R$) Individuals 261,061 139,430 40,264 14,316 455,071 Corporate 225,631 140,816 9,176 177 375,800 Foreign Loans Latin America 121,154 58,830 15,951 30,280 226,215 Total (1) 607,846 339,076 65,391 44,773 1,057,086 1)Includes R$ 31,324 million related to non-overdue installments of assets whit credit recovery issues. 86 Table of Contents Non-Overdue Installments As of December 31, 2024 Type of loan and lease Overdue in one year or less Overdue in one year to five years Overdue in five to fifteen years Overdue after fifteen years Total Non-Overdue Installments (In millions of R$) Individuals 225,122 135,223 55,700 13,358 429,403 Corporate 208,735 131,532 13,937 126 354,330 Foreign Loans Latin America 103,164 61,384 25,028 28,688 218,264 Total (1) 537,021 328,139 94,665 42,172 1,001,997 1)Includes R$37,366 million related to non-overdue installments of assets whit credit recovery issues. Non-Overdue Installments As of December 31, 2023 Type of loan and lease Overdue in one year or less Overdue in one year to five years Overdue in five to fifteen years Overdue after fifteen years Total Non-Overdue Installments (In millions of R$) Individuals 207,973 126,675 50,333 12,846 397,827 Corporate 181,715 112,345 8,704 162 302,926 Foreign Loans Latin America 88,632 48,849 20,703 24,123 182,307 Total (1) 478,320 287,869 79,740 37,131 883,060 1)Includes R$41,066 million related to non-overdue installments of assets whit credit recovery issues. Overdue Installments (1) As of December 31, 2025 Type of loan and lease Overdue in one year or less Overdue in one year to five years Overdue in five to fifteen years Overdue after fifteen years Total overdue installments Total gross loans Allowance for loan losses Total net (In millions of R$) Individuals 18,148 7 - - 18,155 473,226 (30,177) 443,049 Corporate 4,385 103 - - 4,488 380,288 (11,590) 368,698 Foreign Loans Latin America 4,020 49 - - 4,069 230,284 (6,574) 223,710 Total (2) 26,553 159 - - 26,712 1,083,798 (48,341) 1,035,457 1)Defined as loans and leases contractually past due as to payment of interest or principal.2)Includes R$16,513 million related to overdue installments of assets whit credit recovery assues. Overdue Installments (1) As of December 31, 2024 Type of loan and lease Overdue in one year or less Overdue in one year to five years Overdue in five to fifteen years Overdue after fifteen years Total overdue installments Total gross loans Allowance for loan losses Total net (In millions of R$) Individuals 14,676 1,495 - - 16,171 445,574 (29,909) 415,665 Corporate 3,107 196 - - 3,303 357,633 (11,081) 346,552 Foreign Loans Latin America 3,911 111 - - 4,022 222,286 (8,034) 214,252 Total (2) 21,694 1,802 - - 23,496 1,025,493 (49,024) 976,469 1)Defined as loans and leases contractually past due as to payment of interest or principal.2)Includes R$17,765 million related to overdue installments of assets whit credit recovery assues. 87 Table of Contents Overdue Installments (1) As of December 31, 2023 Type of loan and lease Overdue in one year or less Overdue in one year to five years Overdue in five to fifteen years Overdue after fifteen years Total overdue installments Total gross loans Allowance for loan losses Total net (In millions of R$) Individuals 17,322 1,467 - - 18,789 416,616 (29,051) 387,565 Corporate 4,546 173 - - 4,719 307,645 (15,199) 292,446 Foreign Loans Latin America 3,793 229 - - 4,022 186,329 (6,613) 179,716 Total (2) 25,661 1,869 - - 27,530 910,590 (50,863) 859,727 1)Defined as loans and leases contractually past due as to payment of interest or principal.2)Includes R$19,171 million related to overdue installments of assets whit credit recovery issues. Loan and Finance Lease by Interest Rate The following table sets forth the classification of our credit portfolio into fixed and variable rates, including non-overdue and overdue installments: Non-Overdue Installments As of December 31, 2025 Overdue in one year or less Overdue in one year to five years Overdue in five to fifteen years Overdue after fifteen years Total Non-Overdue Installments (In millions of R$) Interest rate of loans to customers by maturity Variable rates 175,798 143,660 52,865 44,773 417,096 Individuals 75,502 59,074 32,551 14,316 181,443 Corporate 65,256 59,661 7,418 177 132,512 Foreign Loans Latin America 35,040 24,925 12,896 30,280 103,141 Fixed rates 432,048 195,416 12,526 - 639,990 Individuals 185,559 80,356 7,713 - 273,628 Corporate 160,376 81,155 1,758 - 243,289 Foreign Loans Latin America 86,113 33,905 3,055 - 123,073 Total (1) 607,846 339,076 65,391 44,773 1,057,086 1)Includes R$31,324 million related to non-overdue installments of assets with credit recovery issues. 88 Table of Contents Non-Overdue Installments As of December 31,2024 Overdue in one year or less Overdue in one year to five years Overdue in five to fifteen years Overdue after fifteen years Total Non-Overdue Installments (In millions of R$) Interest rate of loans to customers by maturity Variable rates 205,887 185,769 89,183 42,172 523,011 Individuals 86,309 76,554 52,474 13,358 228,695 Corporate 79,029 74,464 13,130 126 166,749 Foreign Loans Latin America 40,549 34,751 23,579 28,688 127,567 Fixed rates 331,134 142,370 5,482 - 478,986 Individuals 138,813 58,669 3,226 - 200,708 Corporate 129,707 57,068 807 - 187,582 Foreign Loans Latin America 62,614 26,633 1,449 - 90,696 Total (1) 537,021 328,139 94,665 42,172 1,001,997 1)Includes R$37,366 million related to non-overdue installments of assets with credit recovery issues. Non-Overdue Installments As of December 31,2023 Overdue in one year or less Overdue in one year to five years Overdue in five to fifteen years Overdue after fifteen years Total Non-Overdue Installments (In millions of R$) Interest rate of loans to customers by maturity Variable rates 174,572 154,475 74,645 37,131 440,823 Individuals 75,903 67,976 47,117 12,846 203,842 Corporate 65,564 60,286 8,148 162 134,160 Foreign Loans Latin America 33,105 26,213 19,380 24,123 102,821 Fixed rates 303,748 133,394 5,095 - 442,237 Individuals 132,069 58,699 3,216 - 193,984 Corporate 116,151 52,059 556 - 168,766 Foreign Loans Latin America 55,528 22,636 1,323 - 79,487 Total (1) 478,320 287,869 79,740 37,131 883,060 1)Includes R$41,066 million related to non-overdue installments of assets whit credit recovery issues. 89 Table of Contents Overdue Installments (1) As of December 31,2025 Overdue in one year or less Overdue in one year to five years Overdue in five to fifteen years Overdue after fifteen years Total overdue installments Total gross loans (In millions of R$) Interest rate of loans to customers by maturity Variable rates 3,628 83 - - 3,711 420,807 Individuals 2,480 4 - - 2,484 183,927 Corporate 599 53 - - 652 133,164 Foreign Loans Latin America 549 26 - - 575 103,716 Fixed rates 22,925 76 - - 23,001 662,991 Individuals 15,668 3 - - 15,671 289,299 Corporate 3,786 49 - - 3,835 247,124 Foreign Loans Latin America 3,471 24 - - 3,495 126,568 Total (2) 26,553 159 - - 26,712 1,083,798 1)Defined as loans and leases contractually past due as to payment of interest or principal.2)Includes R$16,513 millon related to overdue installments of assets whit credit recovery issues. Overdue Installments (1) As of December 31,2024 Overdue in one year or less Overdue in one year to five years Overdue in five to fifteen years Overdue after fifteen years Total overdue installments Total gross loans (In millions of R$) Interest rate of loans to customers by maturity Variable rates 4,380 126 - - 4,506 527,517 Individuals 2,963 105 - - 3,068 231,763 Corporate 627 13 - - 640 167,389 Foreign Loans Latin America 790 8 - - 798 128,365 Fixed rates 17,314 1,676 - - 18,990 497,976 Individuals 11,713 1,390 - - 13,103 213,811 Corporate 2,479 183 - - 2,662 190,244 Foreign Loans Latin America 3,122 103 - - 3,225 93,921 Total (2) 21,694 1,802 - - 23,496 1,025,493 1)Defined as loans and leases contractually past due as to payment of interest or principal.2)Includes R$17,765 milion related to overdue installments of assets whit credit recovery issues. 90 Table of Contents Overdue Installments (1) As of December 31,2023 Overdue in one year or less Overdue in one year to five years Overdue in five to fifteen years Overdue after fifteen years Total overdue installments Total gross loans (In millions of R$) Interest rate of loans to customers by maturity Variable rates 4,353 237 - - 4,590 445,413 Individuals 2,939 186 - - 3,125 206,967 Corporate 771 22 - - 793 134,953 Foreign Loans Latin America 643 29 - - 672 103,493 Fixed rates 21,308 1,632 - - 22,940 465,177 Individuals 14,384 1,281 - - 15,665 209,649 Corporate 3,775 151 - - 3,926 172,692 Foreign Loans Latin America 3,149 200 - - 3,349 82,836 Total (2) 25,661 1,869 - - 27,530 910,590 1)Defined as loans and leases contractually past due as to payment of interest or principal.2)Includes R$19,171 million related to overdue installments of assets whit credit recovery issues. Loan and Finance Lease by Economic Activity The following table sets forth the composition of our credit portfolio, including non-performing loan operations, by economic activity of the borrower as of the periods indicated below. As of December 31, 2025 2024 2023 Economic Activities Loan portfolio % of Loan portfolio Loan portfolio % of Loan portfolio Loan portfolio % of Loan portfolio Industry and commerce 246,158 22.7 222,945 21.7 186,198 20.4 Services 207,447 19.2 207,437 20.2 182,795 20.1 Individuals 582,472 53.7 549,181 53.6 503,519 55.3 Other Sectors 47,721 4.4 45,930 4.5 38,078 4.2 Total 1,083,798 100.0 1,025,493 100.0 910,590 100.0 As of December 31, 2025, we did not have any concentration of loan and lease operations exceeding 10% of our total portfolio that we did not disclose in one of the categories of loans and losses above. Loan and Finance Lease by Concentration The following table sets forth the composition of our credit portfolio by concentration with respect to the amounts owed by the debtors as of the periods indicated below: 91 Table of Contents For the Year Ended December 31, Concentration 2025 2024 2023 Loan portfolio % of Loan portfolio Loan portfolio % of Loan portfolio Loan portfolio % of Loan portfolio (In millions of R$, except percentages) Largest debtor 7,032 0.6 6,658 0.6 5,378 0.6 10 largest debtors 49,933 4.6 44,294 4.3 34,637 3.8 20 largest debtors 73,601 6.8 66,407 6.5 54,100 5.9 50 largest debtors 118,551 10.9 106,980 10.4 87,446 9.6 100 largest debtors 162,236 15.0 148,748 14.5 121,866 13.4 Non-Performing Loans We consider a loan to be a non-performing loan if the payment of principal or interest is a asset with credit recovery issues. When this occurs, accrual of interest is no longer recognized. Write-offs of financial assets Financial assets are written off when there is no reasonable expectation of recovery. In such cases, the write-off is recognized concurrently with the utilization of the related allowance for expected credit losses, while collection efforts continue. Any subsequent recoveries are recognized in profit or loss, with a corresponding reinstatement of the financial asset and recognition of the related allowance for expected credit losses During the year ended December 31, 2025, we updated our expected credit loss estimates and recorded write-offs of financial assets. This change in estimates resulted in a shortening of the period used to write off financial assets, which, until December 31, 2024, was up to 24 months. This change in accounting estimate resulted in a negative impact of R$2.756 billion (R$1.453 billion net of taxes), recognized in profit or loss in 2025. Information on the Quality of Loans and Leases The table below shows our non-performing loans together with certain asset quality ratios. For The Year Ended December 31, 2025 2024 2023 (In millions of R$, except percentages) Allowance for loan losses 48,341 49,024 50,863 Total loans and lease operations 1,083,798 1,025,493 910,590 Allowance for loan losses as a percentage of total loans (%) 4.5% 4.8% 5.6% 1)Comprises Provision for Expected Loss for Financial Guarantees R$1,295 million (R$988 million and R$887 million as of December 31, 2024 and 2023) and Loan Commitments to be Released R$498 million (R$3,940 million and R$3,311 million as of December 31, 2024 and 2023). Impairment The requirements for assessing the impairment of financial assets are based on an expected credit loss model. The expected credit loss model includes the use of prospective information and classification of financial assets in three stages: •Stage 1 – 12-month expected credit loss: represents default events possible within 12 months. Applicable to financial assets originated or purchased without credit recovery issues; •Stage 2 – Lifetime expected credit loss of financial instrument: considers all possible default events. Applicable to financial assets originated or purchased without credit recovery issues and which credit risk has increased significantly; and 92 Table of Contents •Stage 3 – Credit loss expected for credit-impaired assets: considers all possible default events. Applicable to financial assets originated or purchased with credit recovery issues. The measurement of assets classified in this stage is different from Stage 2 due to the recognition of interest income by applying the effective interest rate at amortized cost (net of provision) rather than at the gross carrying amount. An asset will migrate from one stage to another as its credit risk increases or decreases. Therefore, a financial asset that began in Stage 1 and migrated to Stages 2 and 3 may return to Stage 1, unless it was originated or purchased with credit recovery issues. For The Year Ended December 31 Allowance for Loan and Leases Losses (1) 2025 2024 2023 (In millions of R$, except percentages) Amount Recognized in the Balance Sheet at the beginning of period 49,024 50,863 52,324 Write-offs (33,300) (31,307) (33,024) Individuals (25,110) (24,156) (25,133) Corporate (5,139) (5,595) (5,068) Foreign Loans Latin America (3,051) (1,556) (2,823) Expected Loss with Loan and Lease Operations 32,617 29,468 31,563 Amount Recognized in the Balance Sheet at the end of period 48,341 49,024 50,863 Ratio of Write-offs during the period to average loans outstanding during the period (%) 3.2 3.3 3.6 Individuals 2.4 2.5 2.8 Corporate 0.5 0.6 0.5 Foreign Loans Latin America 0.3 0.2 0.3 Ratio of allowance for loan losses to total loans and leases (%) 4.5 4.8 5.6 Individuals 2.8 2.9 3.2 Corporate 1.1 1.1 1.7 Foreign Loans Latin America 0.6 0.8 0.7 1)Credit and finance lease are written off when there are no reasonable expectations of recovery. Subsequent recoveries are recognized as income with a corresponding credit to the asset. As of December 31, 2025, the recovery of loans were R$5,081 million. The ratio of allowance for the Loan Losses over the total loans and leases for the year ended on December 31, 2025, reached 4.5%, compared to 4.8% for the year ended on December 31, 2024. This decrease of 30 basis point was mainly due to the quality of recent vintages with: (i) an increase in 2025 of 5.7% in loans portfolio; and (ii) a decrease of 1.4% in allowance for the Loan Losses when compared to the same period of 2024. 93 Table of Contents Allocation of the Allowance for Loan and Lease Losses The table below presents the details, by segment and class, as defined in the segmentation of our portfolio, of the allowance for loan and lease losses, of this allowance as a percentage of the total loan and lease losses for the corresponding segment or class, and the percentage of the total loan and leases in each segment and class in relation to the total loans and leases. 2025 2024 2023 Allocated allowance (1) Allocated allowance as a % of total loans and leases Loans category as a % of total loans Allocated allowance (1) Allocated allowance as a % of total loans and leases Loans category as a % of total loans Allocated allowance (1) Allocated allowance as a % of total loans and leases Loans category as a % of total loans Individuals 30,177 2.8 43.7 29,909 2.9 43.4 29,051 3.2 45.7 Corporate 11,590 1.1 35.1 11,081 1.1 34.9 15,199 1.7 33.6 Foreign Loans Latin America 6,574 0.6 21.2 8,034 0.8 21.7 6,613 0.7 20.7 Total 48,341 4.5 100.0 49,024 4.8 100.0 50,863 5.6 100.0 1)Comprises Provision for Expected Loan for Financial Guarantees Pledged R$1,295 million(R$988 million and R$887 million as of December 31, 2024 and 2023) and Commitments to be Released R$498 million (R$3,940 million and R$3,311 million as of December 31, 2024 and 2023). When the contractual cash flows of a financial asset are renegotiated or otherwise modified, Itaú Unibanco Group assesses whether the renegotiation or modification result in a concession to the counterparty that is considered significant as a result of a deterioration in the borrower’s credit quality. In these cases, the gross carrying amount of the renegotiated financial asset is recalculated based on the revised contractual terms. The fact that a credit or finance lease has been renegotiated, as well as the extent of any deterioration in the borrower’s credit quality, are considered in determining the expected credit loss allowance following the renegotiation. The past performance and the payment history of the customer, the type of transaction, the possibility of additional collateral being provided as well as the probability of a new default, are evaluated under our risk management guidelines. The resulting allowance levels are determined based on the risk profile of each transaction. In 2025, our management began disclosing the credit portfolio of renegotiated operations in accordance with CMN Resolution No. 4,966/21. In addition, the reported balance now includes the full amount of past-due operations, rather than being based on the number of days past due prior to renegotiation. Accordingly, the 2024 and 2023 comparative periods have been adjusted for comparability purposes. Our renegotiated loan and finance lease portfolio decreased to 3.1% of our total loan and finance lease portfolio as of December 31, 2025, compared to 3.5% as of December 31, 2024. As of December 31, 2025, the ratio of the renegotiated portfolio to the allowance for loan and lease losses was 45.0% compared to 31.1% as of December 31, 2024. Our renegotiated loan and finance lease portfolio decreased to 3.5% of our total loan and finance lease portfolio as of December 31, 2024, compared to 4.4% as of December 31, 2023. As of December 31, 2024, the ratio of the renegotiated portfolio to the allowance for loan and lease losses was 31.1% compared to 31.9% as of December 31, 2023. Since 2013, we have maintained our policy for the recovery of overdue loans, including loans written off as losses, and to reduce losses, we enhanced our collection and recovery initiatives. We have also adopted a policy of stricter selectivity in origination of loans, which has led to lower levels of delinquency and a decreased volume of renegotiated loans. 94 Table of Contents The tables below set forth an additional breakdown of renegotiated loans by portfolio, in segments and types, based on the type of modification, as of December 31, 2025, 2024 and 2023: Renegotiated loan and lease operations December 31, 2025 Stage 1 Stage 2 Stage 3 Total (In millions of R$) Individuals 987 7,389 10,973 19,349 Corporate 818 4,117 5,169 10,104 Foreign units Latin America 646 367 3,256 4,269 Total renegotiated loan and lease operations 2,451 11,873 19,398 33,722 Renegotiated loan and lease operations December 31, 2024 Stage 1 Stage 2 Stage 3 Total (In millions of R$) Individuals 885 4,021 17,159 22,065 Corporate 236 4,145 8,825 13,206 Foreign units Latin America 31 42 673 746 Total renegotiated loan and lease operations 1,152 8,208 26,657 36,017 Renegotiated loan and lease operations December 31, 2023 Stage 1 Stage 2 Stage 3 Total (In millions of R$) Individuals 824 4,244 19,847 24,915 Corporate 216 3,809 7,522 11,547 Foreign loans - Latin America 19 955 2,768 3,742 Total renegotiated loan and lease operations 1,059 9,008 30,137 40,204 Renegotiated Loans The following tables set forth additional breakdown of renegotiated loans and leases by segment and class, as of December 31, 2025, 2024 and 2023: Renegotiated loan and lease operations December 31, 2025 Impaired performing Non-impaired performing Impaired non-performing Non-impaired non-performing Total (In millions of R$) Individuals 4,508 5,524 6,464 2,853 19,349 Corporate 2,167 3,432 3,002 1,503 10,104 Foreign units Latin America 2,514 748 742 265 4,269 Total renegotiated loan and lease operations 9,189 9,704 10,208 4,621 33,722 95 Table of Contents Renegotiated loan and lease operations December 31, 2024 Impaired performing Non-impaired performing Impaired non-performing Non-impaired non-performing Total (In millions of R$) Individuals 8,024 3,475 9,135 1,431 22,065 Corporate 4,531 3,368 4,294 1,013 13,206 Foreign loans - Latin America 654 62 18 12 746 Total renegotiated loan and lease operations 13,209 6,905 13,447 2,456 36,017 Renegotiated loan and lease operations December 31, 2023 Impaired performing Non-impaired performing Impaired non-performing Non-impaired non-performing Total (In millions of R$) Individuals 9,436 3,907 10,411 1,161 24,915 Corporate 3,605 3,307 3,917 718 11,547 Foreign loans - Latin America 1,949 654 819 320 3,742 Total renegotiated loan and lease operations 14,990 7,868 15,147 2,199 40,204 For The Year Ended December 31, 2025 2024 2023 (In millions of R$, except percentages) Renegotiated loans (1) 33,722 36,017 40,204 Allowance for loan and lease losses 15,190 11,199 12,805 Allowance for loan and lease losses/renegotiated loans (%) 45.0 31.1 31.9 Total Redefaulted Renegotiated Loans(2) 5,581 7,617 8,089 Redefaulted Renegotiated Loans (%) 16.6 21.1 20.1 1)Includes debt consolidation, deferment or any other arrangement that modifies the periods or conditions, of operations originally overdue.2)Our redefaulted renegotiated loans are renegotiated transactions 90 days or more overdue. The table below presents the changes in our loan and lease portfolio with loss event, including the changes of the renegotiated loans and leases with loss event related to each year as of December 31, 2025, 2024 and 2023: For The Year Ended December, 31 Impaired loans 2025 2024 2023 (In millions of R$) Balance at the beginning of the period 55,131 60,237 59,168 (+) Loan operations added 73,214 56,381 61,995 (-) Loans removed due to write-off (33,300) (31,307) (33,024) (-) Loans removed due to total or partial pay-off (47,208) (30,180) (27,902) Balance at the end of the period 47,837 55,131 60,237 Please see “Note 10 – Loan and Finance Lease” to our audited consolidated financial statements for further details. 96 Table of Contents Liabilities Funding Main Sources Our current funding strategy is to continue to use all of our sources of funds in accordance with their costs and availability and our general asset and liability management strategy. In order to fund our operations, we intensified the use of the liquidity generated by savings deposits, interbank deposits, debt in the interbank market and debt in the institutional market during 2025, 2024 and 2023. We also used Brazilian debentures subject to repurchase as a source of funding, reported as deposits received under securities repurchase agreements and offered to institutional clients as well as private banking, corporate banking and retail clients. This funding is designed to provide increased profitability through higher spreads in our savings deposits and higher fees earned on market funds. Our ability to obtain funding depends on several factors, including credit ratings, general economic conditions and investors’ perception of emerging markets in general and of Brazil (particularly, current political and economic conditions in Brazil and government regulations for foreign currency funding). Part of our long-term debt provides for the advance payment of the outstanding principal balance upon the occurrence of certain facts, as is customary for long-term financing agreements. As of December 31, 2025, none of these events, including default events and non-compliance with any financial covenant, had occurred, and we have no reason to believe that any of these events are likely to occur in 2026. Our main sources of funding are our deposits, which are split into demand deposits, savings deposits, time deposits and interbank deposits. As of December 31, 2025, total deposits were R$1,114,482 million, which represented 52.8% of total funding. As of December 31, 2024, total deposits amounted to R$1,054,741 million, representing 53.9% of total funding. As of December 31, 2023, total deposits amounted to R$951,352 million, representing 54% of our total funding. Our time deposits represent one of our major sources of funding which, as of December 31, 2025, 2024 and 2023 accounted for 37.4%, 37.6% and 37.3% of total funding, respectively. 97 Table of Contents The table below shows the breakdown of our main sources of funds as of December 31, 2025, 2024 and 2023: Breakdown of the main sources of funds 2025 % of total funding 2024 % of total funding 2023 % of total funding (In millions of R$, except percentages) Deposits 1,114,482 52.8 1,054,741 53.9 951,352 54.0 Demand deposits 135,383 6.4 124,920 6.4 105,634 6.0 Savings deposits 177,305 8.4 180,730 9.2 174,765 9.9 Time deposits 789,643 37.4 735,376 37.6 656,591 37.3 Interbank deposits 11,530 0.5 7,224 0.4 6,448 0.4 Other deposits 621 — 6,491 0.3 7,914 0.4 Securities sold under repurchase agreements 434,607 20.6 388,787 19.9 362,786 20.6 Interbank market funds 406,170 19.3 372,294 19.0 328,645 18.6 Real estate credit bills 71,121 3.4 52,112 2.7 48,955 2.8 Rural credit bills 64,644 3.1 49,744 2.5 39,072 2.2 Financial bills 61,161 2.9 70,083 3.6 81,197 4.6 Guaranteed real estate bills 64,438 3.1 64,491 3.3 59,190 3.4 Import and export financing 114,138 5.4 117,921 6.0 87,144 4.9 On-lending-domestic 30,668 1.5 17,943 0.9 13,087 0.7 Institutional market funds 154,194 7.3 140,547 7.2 119,591 6.8 Subordinated debt 48,147 2.3 45,224 2.3 46,677 2.6 Debentures 4,122 0.2 — — — — Foreign loans through securities 76,348 3.6 75,912 3.9 62,692 3.6 Funding from structured operations certificates 25,577 1.2 19,411 1.0 10,222 0.6 Total 2,109,453 100.0 1,956,369 100.0 1,762,374 100.0 Deposits by Maturity The table below shows the maturity profile of our deposits as of December 31, 2025, 2024 and 2023: Deposits by maturity As of December 31, 2025 0-30 days 31-180 days 181-365 days Over 365 days Total (In millions of R$) Non-interest bearing deposits 136,004 - - - 136,004 Demand deposits 135,383 135,383 Other deposits 621 621 Interest bearing deposits 243,612 90,880 56,870 587,116 978,478 Savings deposits 177,305 177,305 Time deposits 65,322 89,448 48,197 586,676 789,643 Interbank deposits 985 1,432 8,673 440 11,530 Total 379,616 90,880 56,870 587,116 1,114,482 98 Table of Contents Deposits by maturity As of December 31, 2024 0-30 days 31-180 days 181-365 days Over 365 days Total (In millions of R$) Non-interest bearing deposits 131,411 - - - 131,411 Demand deposits 124,920 - - - 124,920 Other deposits 6,491 - - - 6,491 Interest bearing deposits 250,840 90,134 53,767 528,589 923,330 Savings deposits 180,730 - - - 180,730 Time deposits 68,624 88,892 50,041 527,819 735,376 Interbank deposits 1,486 1,242 3,726 770 7,224 Total 382,251 90,134 53,767 528,589 1,054,741 Deposits by maturity As of December 31, 2023 0-30 days 31-180 days 181-365 days Over 365 days Total (In millions of R$) Non-interest bearing deposits 113,548 - - - 113,548 Demand deposits 105,634 - - - 105,634 Other deposits 7,914 - - - 7,914 Interest bearing deposits 234,337 78,984 53,949 470,534 837,804 Savings deposits 174,765 - - - 174,765 Time deposits 58,676 78,286 49,098 470,531 656,591 Interbank deposits 896 698 4,851 3 6,448 Total 347,885 78,984 53,949 470,534 951,352 Uninsured Time Deposits The table below shows our domestic and foreign time deposits uninsured as of and for the years ended December 31, 2025, 2024, and 2023. In Brazil, a private entity, namely, the FGC, provides protection for local depositors, while in other countries, time deposits are insured by different local protection systems and institutions. For uninsured deposits, term deposits above R$250,000.00 and judicial deposit operations were considered, in compliance with FGC criteria. For The Year Ended December 31, 2025 2024 2023 Domestic Foreign Total Domestic Foreign Total Domestic Foreign Total (In millions of R$) Maturity within three months - 25,472 25,472 4 31,283 31,287 4 38,032 - Maturity after three months to six months - 10,286 10,286 - 20,224 20,224 - 9,460 38,036 Maturity after six months to twelve months 18,406 10,448 28,854 18,410 23,432 41,842 25,172 9,749 9,460 Maturity after twelve months 253,758 28,596 282,354 253,768 39,631 293,399 238,981 7,891 34,921 Total time deposits in Uninsured Accounts 272,163 74,803 346,966 272,182 74,939 293,399 25,176 57,241 246,872 99 Table of Contents Other Sources We also act as a financial agent in borrowing funds from BNDES and FINAME and lending such funds at a spread determined by the Brazilian Government to targeted sectors of the economy. We obtain U.S. dollar-denominated lines of credit from our affiliates, including Itaú Unibanco Holding – Grand Cayman branch, Banco Itaú Chile and Itaú BBA S.A. – Nassau branch to provide trade finance funding for Brazilian companies. For further details on domestic lending and import and export financing, please see “Note 17 – Securities Sold Under Repurchase Agreements and Interbank and Institutional Market Funds” to our audited consolidated financial statements. 4C.Organizational Structure We are a financial holding company controlled by IUPAR, a holding company jointly controlled by Itaúsa and Cia. E. Johnston de Participações. Itaúsa is controlled by members of the Egydio de Souza Aranha family, and Cia. E. Johnston de Participações is controlled by members of the Moreira Salles family. See “Item 7A. Major Shareholders” for further information. For further information about our significant subsidiaries as of December 31, 2025, see Exhibit 8.1 to this annual report. For further information about our subsidiaries see “Note 2 (c) – Accounting Policies, Critical Estimates and Material Judgments – I – Consolidation” to our consolidated financial statements. 4D.Property, Plant and Equipment As of December 31, 2025, we owned and leased our principal administrative offices, which include office buildings in ten different addresses, comprising a total area of 507,404 square meters, located primarily in São Paulo and Rio de Janeiro, Brazil. Such offices include our head office, and a number of other administrative buildings, where administrative 100 Table of Contents functions are performed, such as commercial departments, back offices, wholesale and investment bank activities, and also our data processing center. We lease most of our bank branches at competitive market rates through renewable leases for a minimum period of 5 years (under similar terms and conditions). Renewals occur periodically, according to the expiration date of each contract. As of December 31, 2025, we owned approximately 39% of our bank branches (including electronic service stations, banking sites and parking facilities) and leased approximately 61%.