Operating Results and Financial Review and Prospects The following discussion should be read in conjunction with our consolidated financial statements and accompanying notes and other financial information included elsewhere in this annual report, and in conjunction with the information included under “Item 4B. Business Overview––Selected Statistical Information.” The following discussion contains forward-looking statements that involve risks and uncertainties. Our actual results may differ materially from those discussed in forward-looking statements as a result of various factors, including those set forth in “Forward-Looking Statements” and “Item 3D. Risk Factors.” In this section, we discuss the results of our operations for the year ended December 31, 2025 compared to the year ended December 31, 2024. Our main accomplishments for the year of 2025 are described below: •The net income attributable to owners of the parent company totaled R$44.9 billion, up 9.2% year-on-year, while the return on average equity closed the year at 21.6%, up 70 basis points compared to 2024. •Our consolidated accumulated efficiency ratio in 2025 was 38.8%, being 36.9% in Brazil. For reference, the efficiency ratio is based on BRGAAP managerial disclosure, obtained by dividing the Non-Interest Expenses by the sum of Managerial Financial Margin, Commissions and Fees, Result of Insurance, Pension Plan and Premium Bonds Operations and Tax Expenses (ISS, PIS, COFINS and Other Taxes). •We distributed R$33.7 billion in gross dividends and interest on capital to shareholders, which are based on results measured in accordance with generally accepted BRGAAP, which represents a payout of 72.0%. The payout is obtained by dividing the total of Net Dividends and Interest on Capital Paid / Accrued / Identified by the Recurring Managerial Result. Financial Highlights as of December 31, 2025: •R$3,066.2 billion in total assets compared to R$2,854.5 billion as of December 31, 2024; •R$2,851.1 billion in liabilities compared to R$2,633.2 billion as of December 31, 2024; •R$204.5 billion in stockholders’ equity attributed to the owners of the parent company compared to R$211.1 billion as of December 31, 2024; •R$1,674.8 billion in customer funding and other funding compared to R$1,567.6 billion for the period ended on December 31, 2024; •R$1,083.8 billion in loan and lease operations compared to R$1,025.5 billion as of December 31, 2024; •As of December 31, 2025, our Tier 1 Capital ratio was 13.8% compared to 15.0% as of December 31, 2024. 5A.Operating Results Our results of operations are affected by, among others, the following factors: Macroeconomic Context In the U.S., economic activity remained resilient in 2025. After growing by 2.9% in 2023 and 2.8% in 2024, U.S. GDP growth moderated to an estimated 2.3% in 2025, reflecting some deceleration but still solid domestic demand and a tight labor market. In response to the surge in inflation observed in the post‑pandemic period, the Fed increased the federal funds 101 Table of Contents rate to 4.4% in 2022 and further to 5.4% in 2023. As inflation moderated, the Fed began a gradual easing cycle in 2024, reducing the policy rate to 4.4%, and continued reducing rates in 2025, bringing the federal funds rate to 3.6% by year‑end. Inflation dynamics in the U.S. improved over the period. Consumer inflation, as measured by the Consumer Price Index decreased from 6.4% in 2022 to 3.3% in 2023, 2.9% in 2024 and 2.7% in 2025, reflecting the effects of tighter monetary policy, easing supply constraints and lower commodity prices. However, the level of interest rates expected in 2026, in a context of resilient economic activity and a still tight-labor market, may pose upside risks to inflation, potentially leading to some reacceleration during of the year. In addition, while U.S. import tariffs introduced since mid-2025 have so far had a limited impact on domestic inflation, trade policy developments remain a source of uncertainty. Although a broad set of these measures was invalidated in February 2026 following a ruling by the U.S. Supreme Court, trade restrictions could be reintroduced or intensified through alternative legal or policy measures. Any such developments could disrupt global supply chains, increase production costs and contribute to sustained price pressures. In Europe, economic growth improved in 2025 following weak performance in the previous two years. After expanding by 0.5% in 2023 and 0.8% in 2024, euro area GDP growth increased to 1.5% in 2025, supported by stronger domestic demand, easing financial conditions, and a resilient labor market. Inflation continued to converge toward the European Central Bank’s target, reflecting tighter monetary policy implemented since 2022 and the normalization of energy prices after the shock triggered by the Russia–Ukraine conflict. With inflation near target and resilient economic activity, the European Central Bank reached neutral rates levels in 2025. Fiscal measures in core economies, such as Germany, are expected to be a key driver of growth in 2026. China’s economic growth remained broadly stable in 2025, with GDP expanding by approximately 5.0%, in line with the performance observed in 2024 and slightly below the pace recorded in 2023. Economic activity continued to be supported by exports and targeted fiscal measures, which helped offset structural challenges, including weaknesses in the real estate sector and subdued household confidence. Chinese authorities implemented selective stimulus focused on infrastructure, advanced manufacturing and strategic technologies, while maintaining a prudent monetary policy stance. Trade tensions with the U.S. remained a significant source of uncertainty during the year, particularly in sectors related to technology and industrial inputs, but China’s diversified export base and policy support contributed to sustaining economic activity in 2025. For information regarding the risks involving the global macroeconomic context, see “Item 3D.—Risk Factors—Macroeconomic and Geopolitical Risks.” Latin America Context Activity was mixed across the region in 2025. In Mexico, annual GDP growth slowed further to 0.6%, after growing 1.4% in 2024. While private consumption and a favorable external backdrop supported economic activity, investment remained weak, mainly reflecting trade policy uncertainty. Growth is projected to gradually pick up in 2026 to 1.5%, driven by external demand and resilient private consumption. In Chile and Peru, economic activity expanded roughly at potential, in 2025 in the context of looser global financial conditions and elevated terms of trade. Private investment is expected to increase, especially in the mining sector. Geopolitical uncertainty and higher oil prices may dent growth prospects in 2026. In Colombia, annual GDP growth rose to 2.6% in 2025, up from 1.5% in the previous year, in the context of resilient private and public consumption. In contrast, investment remained weak, especially in the construction sector. The unemployment rate drifted towards historical lows, supporting strong private consumption growth. Economic activity is expected to slow in 2026 to 2.3%, reflecting a moderation in private consumption. In Argentina, after contracting by 1.3% in 2024, GDP growth rose by 4.4% in 2025, and is expected to increase for a second consecutive year in 2026 by 3.5%. Private investment remains strong in the oil and gas sectors. After rising by 117.8% year over year in 2024, annual inflation decreased to 31.5% in 2025, and is expected to fall to 27.5% in 2026. The administration continues to pursue structural reforms that liberalize and deregulate the economy, which could, over time, increase potential growth in Argentina. Inflation continued to decline in several economies in 2025. In Mexico, Chile, and Peru, inflation decreased throughout the year, ending within the inflation target tolerance ranges in all three economies. Higher international oil prices are likely to push inflation above target throughout this year, yet anchored medium term inflation expectations limit second round effects. Separately, inflation in Mexico is likely to drift above the target’s tolerance range, pressured by food prices, in the context of a tight labor market. In contrast, the disinflation process slowed in Colombia, with inflation ending 2025 at 5.1%, above the central bank’s target, remaining at a similar level from 2024 (5.2%). Inflation is expected to increase to 102 Table of Contents 6.7% by the year end of 2026, reflecting resilient domestic demand and the expected effects of a significant minimum wage increase. Finally, central banks across the region are responding to divergent inflation and growth dynamics with differentiated policy stances, though caution has become the dominant theme. In Colombia, persistent inflation pressures and unanchored expectations justify further tightening to a terminal rate of 12%. Peru’s central bank retains greater flexibility. While inflation risks have increased, expectations remain close to target, allowing policymakers to remain data dependent and avoid aggressive tightening. Policy is expected to stay restrictive, without rate changes, unless upside inflation risks materialize more forcefully. In Mexico, although second round inflation effects remain limited, heightened global volatility, energy related risks, and exchange rate dynamics argue for a cautious stance. Rates are expected to remain at restrictive levels for an extended period, with FX developments playing a key role in future decisions. Chile’s central bank has shifted decisively into a “wait and see” mode. Despite a sharp rise in near-term inflation driven by energy prices, the shock is still viewed as temporary. With a slightly negative output gap and anchored medium term expectations, policy rates are expected to remain on hold. However, the balance of risks has tilted away from further cuts and toward potential hikes should inflation expectations drift above target. Argentina’s policymakers continue to grapple with the trade-off between reserve accumulation and disinflation. Thanks to higher expected inflation, we have revised our interest rate forecast up to 30.0%, whilst noting that the central has been targeting monetary aggregates. The table below shows the real GDP growth rates in seven Latin American countries as of and for the year ended December 31, 2025, 2024, 2023, 2022 and 2021, except as otherwise indicated. Real GDP Growth As of and for the Year Ended December 31, 2025 2024 2023 2022 2021 (%) Argentina(1) 4.4 (1.3) (1.9) 6.0 10.4 Chile(2) 2.5 2.8 0.7 2.1 11.3 Colombia(3) 2.6 1.5 0.8 7.3 10.8 Mexico(4) 0.6 1.4 3.1 3.7 6.0 Paraguay(5) 6.6 4.7 5.3 0.0 4.1 Peru(6) 3.4 3.5 (0.4) 2.8 13.4 Uruguay(7) 1.8 3.3 0.8 4.6 5.8 (1)Source: Instituto Nacional de Estadística y Censos (2)Source: Banco Central de Chile.(3)Source: Banco de la República.(4)Source: Instituto Nacional de Estadística y Geografía.(5)Source: Banco Central del Paraguay.(6)Source: Banco Central de Reserva del Perú.(7)Source: Banco Central de Uruguay. Brazilian Context As a Brazilian bank with most of our operations in Brazil, we are significantly affected by the economic, political and social conditions in the country. Brazilian GDP grew by 3.2% in 2023, by 3.4% in 2024, and by 2.3% in 2025, and is expected to grow by 1.9% in 2026. 103 Table of Contents Source: IBGE The IPCA reached 4.3% in the year ended December 31, 2025, a decrease from 4.8% in 2024. This decrease in inflation was driven by market‑set prices, which decelerated to 3.9% in 2025 from 4.9% in 2024. By contrast, regulated prices increased compared to the previous year, increasing from 4.7% in 2024 to 5.3% in 2025. We forecast IPCA at 4.0% in 2026. In August 2023, the COPOM started to ease the interest rate cycle, reducing the SELIC rate by 50 basis points, to 13.25%. At subsequent meetings, it maintained the pace of reduction, bringing the SELIC rate to 11.75% in December 2023 and 10.75% in March 2024. In May 2024, the SELIC rate was reduced to 10.50% and remained at this level until August of the same year. In September 2024, COPOM started increasing the SELIC rate, and, as a result, it reached 12.25% in December 2024. The SELIC rate increased during the first half of 2025, reaching 15.00% in June 2025. The COPOM maintained the rate at that level for the remainder of the year, citing the need for a prolonged restrictive stance to ensure inflation converges toward target. In March 2026, the SELIC rate decreased to 14.75%. Source: Itaú Unibanco Holding and Central Bank 104 Table of Contents In August 2023, a new fiscal framework was approved by the Brazilian Congress. The approval and implementation of measures to strengthen government revenues has been key for the success of the fiscal framework. Brazilian Government achieved the 2025 primary result target, considering the lower bound of the fiscal framework’s range and the significant volume of allowed deductions. The target was achieved mainly through revenue recovery measures. Despite the formal compliance, the continuing increase in public debt, the deceleration of revenue growth, and the limited control of expenditures suggest that current fiscal framework may not be sufficient to stabilize the public debt trajectory. In 2026, achieving the fiscal target is expected to remain challenging. Its achievement will depend on the realization of extraordinary revenues and on strict adherence to the fiscal framework, without the introduction of new exceptions or additional flexibility. Brazil has implemented a large number of regulatory changes, such as changes in reserve and capital requirements for financial institutions, as well as other macro-prudential policies. Please refer to “Item 4B. Business Overview—Capital Adequacy and Leverage—Basel III Framework—Implementation of Basel III in Brazil” and “Item 4B. Business Overview—Assets—Reserve Requirements” for further details. Total outstanding loans provided by Brazilian financial institutions increased by 5.7% in real terms on a year‑over‑year basis as of December 31, 2025, following an increase of 6.4% as of December 31, 2024. Total new loans grew by 3.9% in real terms on an annualized basis as of December 31, 2025, compared to an increase of 10.6% as of December 31, 2024. The NPL ratio published by the Central Bank increased in 2025. This trend partly reflects the accounting changes introduced by Resolution No. 4,966, which allow banks to retain delinquent loans on their balance sheets for longer periods before writing them off. Previously, write‑offs typically occurred within approximately one year of delinquency. Since January 2025, loans may be written off only after exceeding one year past due, and there is no fixed maximum delinquency period. As a result, comparisons with previous credit cycles are partially distorted. Including the effects of this accounting change, the NPL ratio for household loans increased by 1.5 percentage points to 5.1% as of December 31, 2025, compared to 2024. Over the same period, the NPL ratio for loans to non‑financial corporations rose to 2.5%, from 2.0%. The real depreciated against the U.S. dollar in 2024, with the exchange rate reaching R$6.1923 per U.S.$1.00 as of December 31, 2024, compared to R$4.8413 per U.S.$1.00 as of December 31, 2023. In 2025, the real partially reversed this movement and appreciated against the U.S. dollar, with the exchange rate reaching R$5.5024 per U.S.$1.00 as of December 31, 2025. Source: Itaú Unibanco Holding and Central Bank The current account ended 2025 with a deficit of 3.0% of GDP. Brazil has maintained its external solvency, with U.S.$358 billion in international reserves as of December 31, 2025. The table below shows the inflation rate, exchange rate variation and interest rates in Brazil as of and for the twelve-month periods ended December 31, 2025, 2024, 2023, 2022 and 2021, except as otherwise indicated. 105 Table of Contents As of and for the Year Ended December 31, 2025 2024 2023 2022 2021 % Inflation rate - IGP-DI (1) (1.10) 6.86 (3.30) 5.00 17.70 Inflation rate - IPCA (2) 4.30 4.83 4.60 5.80 10.10 Exchange rate variation (R$/U.S.$) (3) (11.10) 27.91 (7.20) (6.50) 7.40 CDI (interbank interest rate) (4) 14.90 11.77 11.87 13.65 8.76 SELIC (overnight interest rate) (4) 14.90 11.77 11.87 13.65 8.76 Sovereign 5-year CDS (5) 139.20 187.68 139.70 249.70 221.60 (1)Source: General Price Index – Internal Supply (Índice Geral de Preços – Disponibilidade Interna (“IGP-DI”) published by the Fundação Getúlio Vargas.(2)Source: IPCA published by IBGE.(3)Source: Bloomberg (cumulative rates for the period); positive numbers mean depreciation of the Brazilian real.(4)Source: Central Bank. Interest rate accumulated in the month in annual terms (basis 252).(5)Source: Bloomberg (period-end). Sovereign credit default swaps or CDS is a measure of country risk (and is measured using basis points). Material Accounting Policies General Information The preparation of our consolidated financial statements involves certain assumptions that are based on our historical experience and other factors that we deem reasonable and material. Although we review these estimates and assumptions in the ordinary course of business, the presentation of our financial condition and results of operations often requires our management to make judgments regarding the effects of matters that are uncertain by nature on our financial condition and results of operations. The following section describes those aspects that require material judgment or involve a higher degree of complexity in the application of the accounting policies that currently affect our financial condition and results of operations. Use of Estimates and Assumptions Estimates and judgments present material risk and may have a material impact on assets and liabilities values due to uncertainties and the high level of subjectivity involved in recognizing and measuring certain items. Therefore, actual results may differ from those obtained by these estimates and judgments. For further information see “Note 2(c) – Accounting Policies, Critical Estimates and Material Judgments” to our consolidated financial statements. Accounting Standards Applicable for Period Ended December 31, 2025 There were no new accounting standards or amendments that impacted our consolidated financial statements. For further information on material changes in accounting standards, see “Note 2(b) – Changes in New Accounting Standards and Interpretations of Existing Standards” to our consolidated financial statements. Derivative Instruments that Qualify for Hedge Accounting Hedging transactions may be classified into three categories: Fair value hedge, Cash flow hedge, and Hedge of net investment in foreign operations: •Fair value hedge: aimed at protecting us against changes in market risk due to changes in the fair value of interest subject to variable rates. •Cash flow hedge: aimed at protecting us against future cash flows of payments of interest. •Hedge of net investment of foreign operations: aimed at protecting us against changes in future cash flows of foreign exchange variations in net investments of foreign operations. For further information on our hedge accounting see “Item 11. Quantitative and Qualitative Disclosures about Market Risk––Liquidity Risk” and “Item 11. Quantitative and Qualitative Disclosures about Market Risk––Market Risk” 106 Table of Contents For further information see “Note 7 – Hedge Accounting” to our audited consolidated financial statements. With respect to the hedge accounting policy see “Note 2(c) Accounting Policies, Critical Estimates and Material Judgments – IV.IV – Derivatives and Use of Hedge Accounting” to our audited consolidated financial statements. Fair Value of Financial Instruments Financial instruments recorded at fair value on our balance sheet include securities classified as fair value through other comprehensive income and fair value through profit or loss, including derivatives. Other financial instruments are classified at historical amortized cost on our balance sheet, and their corresponding fair values are shown in the notes to our audited consolidated financial statements. We present information on the fair value of our financial instruments in the table below as of December 31, 2025, 2024 and 2023. Financial instruments recorded at fair value For The Year Ended December 31, 2025 2024 2023 (In millions of R$) Assets Securities at fair value through profit or loss 628,774 560,143 511,752 Derivatives 73,384 92,439 55,251 Securities at fair value through other comprehensive income 132,473 106,303 130,039 Other financial assets 3,092 1,612 1,351 Total 837,723 760,497 698,393 Liabilities Other financial liabilities 1,629 544 560 Structured notes 57 318 296 Derivatives 69,741 85,413 52,475 Total 71,427 86,275 53,331 We determine the fair value of our financial instruments based on IFRS 13, which defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. According to IFRS 13, there are different levels of inputs that may be used to measure the fair value of financial instruments classified as levels 1, 2 and 3. •Level 1: observable inputs reflect the quoted prices (unadjusted) of identical assets or liabilities in active markets; •Level 2: observable inputs reflect the information on assets and liabilities that are either directly (such as prices) or indirectly (derived from prices) observable, except for the quoted prices included in Level 1; and •Level 3: information on assets and liabilities that are not based on observable market data due to little market activity on the measurement date. We present information on our Level 3 financial instruments in the table below as of December 31, 2025 and 2024. Level 3 For The Year Ended December 31, 2025 2024 (In millions of R$) Financial assets at fair value through profit or loss 469 1,940 Financial assets at fair value through other comprehensive income 254 218 Net position of derivatives (1,201) 197 Total (478) 2,355 Please refer to “Note 28 – Fair Value” to our audited consolidated financial statements for further details. 107 Table of Contents Pursuant to the FAST Act Modernization and Simplification of Regulation S-K, discussions related to the results of operations for the year ended December 31, 2024 in comparison to the year ended December 31, 2023 have been omitted. For further information on such omitted discussions, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations” on our Form 20-F for the year ended December 31, 2024, which is not incorporated by reference into this annual report. Results of Operations – Year ended December 31, 2025, compared to year ended December 31, 2024 The table below presents our summarized consolidated statement of income for the years ended December 31, 2025 and 2024. The interest rates presented are expressed in Brazilian reais and include the effect of the variation of the real against foreign currencies. For more information on the products and services we offer, see “Item 4. Information on the Company.” Summarized Consolidated Statement of Income For the year ended December 31, Variation 2025 2024 R$ million % (In millions of R$) Operating revenues 167,780 168,050 (270) (0.2) Net interest income(1) 112,724 103,848 8,876 8.5 Non-interest income(2) 55,056 64,202 (9,146) (14.2) Expected credit loss from financial assets (28,833) (32,311) 3,478 (10.8) Other operating income (expenses) (88,697) (88,183) (514) 0.6 Net income before income tax and social contribution 50,250 47,556 2,694 5.7 Current and deferred income and social contribution taxes (4,401) (5,428) 1,027 (18.9) Net income 45,849 42,128 3,721 8.8 Net income attributable to owners of the parent company 44,857 41,085 3,772 9.2 (1)Includes: (i)interest and similar income (R$254,790 million and R$242,258 million in the years ended December 31, 2025 and 2024, respectively);(ii)interest and similar expenses (R$(219,338) million and R$(167,278) million in the years ended December 31, 2025 and 2024, respectively);(iii)income of financial assets and liabilities at fair value through profit or loss (R$58,054 million and R$32,011 million in the years ended December 31, 2025 and 2024, respectively); and(iv)foreign exchange results and exchange variations in foreign transactions (R$19,218 million and R$(3,143) million in the years ended December 31, 2025 and 2024, respectively).(2)Includes commissions and banking fees (R$46,997 million and R$47,071 million in the years ended December 31, 2025 and 2024, respectively), Income from insurance contracts and private pension (R$8,731 million and R$6,982 million in the years ended December 31, 2025 and 2024, respectively) and other income/expenses (R$(672) million and R$10,149 million in the years ended December 31, 2025 and 2024, respectively). Net income attributable to owners of the parent company increased by 9.2% to R$44,857 million for the year ended December 31, 2025, from R$41,085 million for the same period of 2024. This is mainly due to an 8.5%, or R$8,876 million increase in net interest income, a 10.8% or R$3,478 million decrease in expected credit loss from financial assets and a 18.9%, or R$1,027 million decrease in current and deferred income and social contribution taxes, partially offset by a 14.2%, or R$9,146 million, decrease in non-interest income. These line items are further described below: Net interest income increased by R$8,876 million, or 8.5%, for the year ended December 31, 2025, compared to the same period of 2024, mainly due to increases in the following line items (i) R$26,043 million in income of financial assets and liabilities at fair value through profit or loss; (ii) R$22,361 million in foreign exchange results and exchange variations in foreign transactions; and (iii) R$12,532 million in interest and similar income. These increases were partially offset by an increase of R$52,060 million in interest and similar expenses. •Interest and similar income increased by 5.2% for the year ended December 31, 2025, compared to the same period of 2024, mainly due to increases of (i) R$15,845 million in loan operations income, as a result of an increase in the volume of loan and lease operations; and (ii) R$13,982 million in financial assets at amortized cost. These increases were partially offset by decreases of: (i) R$21,295 million in interest and similar income from financial assets at fair value through other comprehensive income, mainly due to a decrease in the average portfolio balance during the period; and (ii) R$2,555 million in interbank deposits. 108 Table of Contents •Interest and similar expenses increased by 31.1% for the year ended December 31, 2025 compared to the same period of 2024, due to increases of R$30,833 million in expenses from deposits and R$20,865 million in expenses from securities sold under repurchase agreements, both mainly due to an increase in the volume of our operations. Please see “Note 21 – Interest and Similar Income and Expenses and Income of Financial Assets and Liabilities at Fair Value Through Profit or Loss” to our audited consolidated financial statements for further details on interest and similar expenses. The managerial adjustments of tax effects represented R$7,316 million of our net interest income for the year ended December 31, 2025, compared to R$6,694 million for the same period of 2024. Considering this managerial adjustment, net interest income was R$120,040 million, an increase of R$9,498 million, for the year ended December 31, 2025, compared to the same period of 2024. Non-interest income increased by 14.2%, or R$9,146 million for the year ended December 31, 2025 compared to the same period of 2024. This decrease was mainly due to a 106.6%, or R$10,821 million, decrease in other income, mainly due to the adherence to a new tax-settlement initiative launched by the Brazilian Ministry of Finance (the “Comprehensive Transaction Program,” or Programa de Transação Integral). Our income from insurance contracts and private pension increased by 25.1%, or R$1,749 million, as a result of the higher financial result for the period and higher insurance sales, mainly related to life and credit life products. The following chart shows the main components of our banking service fees for the years ended December 31, 2025 and 2024: Please see “Note 22 – Commissions and Banking Fees” to our audited consolidated financial statements for further details on banking service fees. 109 Table of Contents Expected Credit Loss from Financial Assets Our expected credit loss from financial assets decreased by R$3,478 million, or 10.8%, for the year ended December 31, 2025, compared to the same period of 2024, mainly due to a decrease in expected credit loss with other financial assets of R$6,627 million for year ended December 31, 2025, compared to the same period of 2024, partially offset by an increase of R$3,149 million in expected credit loss with loan and lease operations, as a result of an increase in the volume of loan and lease operations of 5.7%. Please see “Note 10 – Loan and Lease Operations” to our audited consolidated financial statements for further details on our loan and lease operations portfolio. •Non-performing loans: We calculate our 90-day non-performing loan, or NPL ratio, as the value of our 90-day non-performing loans to our loan portfolio. As of December 31, 2025, our 90-day NPL ratio was 2.3%, a decrease of 30 basis points compared to December 31, 2024. This decrease was due to a decrease of 60 basis points in the 90-day NPL ratio in respect of our individuals loan portfolio, due to the reductions in personal loan and vehicle financing ratios. The NPL ratio of our companies loan portfolio remained stable at 1.1%, compared to December 31, 2024. We calculate our 15 to 90 days non-performing loan ratio as the value of our 15 to 90 days NPL to our loan portfolio. The 15 to 90 days NPL ratio is an indicator of early delinquency. As of December 31, 2025, our 15 to 90 days NPL ratio was 2.0%, remaining stable when compared to December 31, 2024. During this period our 15 to 90-day NPL ratio decreased by 10 basis points in the 15 to 90-day NPL ratio of our individuals loan portfolio. Additionally, the NPL ratio of our companies loan portfolio increased by 10 basis points as of December 31, 2025 compared to December 31, 2024. The chart below shows a comparison of both NPL ratios for each quarter as of December 31, 2024, through December 31, 2025: 110 Table of Contents Other Operating Income / (Expenses) increased by 0.6% to an expense of R$88,697 million for the year ended December 31, 2025, from an expense of R$88,183 million for the same period of 2024. This increase was mainly due to the R$1,124 million, or 11.5%, increase in tax expenses (Social Integration Program Contribution, Contribution for the Financing of Social Security and Service Tax), primarily due to a larger taxable base resulting from higher net interest income, commissions and banking fees and income from insurance contracts and private pension. Our general and administrative expenses for the year ended December 31, 2025 decreased by 0.3%, due to lower expenses from provision for tax and social security lawsuits and other risks, partially offset by an increase in personnel expenses, due to the effects of our annual collective wage agreement, which includes a 5.68% adjustment on salaries and benefits from September 2025 onwards (and of 4.64% on salaries and benefits from September 2024). Please see “Note 23 – General and Administrative Expenses” to our audited consolidated financial statements for further details. Current and deferred income and social contribution taxes amounted to an expense of R$4,401 million for the year ended December 31, 2025, from an expense of R$5,428 million in the same period of 2024, mainly driven by our adherence to the Comprehensive Transaction Program. The managerial adjustments of tax effects, as mentioned in “net interest income,” amounted to R$7,080 million in current and deferred income and social contribution taxes for the year ended December 31, 2025, compared to R$5,781 million for the same period of 2024. Considering this fiscal effect, current and deferred income and social contribution taxes were R$11,481 million, a decrease of R$272 million during this period. Please see “Note 24 – Taxes” to our audited consolidated financial statements for further details. Basis for Presentation of Segment Information We maintain segment information based on reports used by senior management to assess the financial performance of our businesses and to make decisions regarding the allocation of funds for investment and other purposes. These reports are prepared using a variety of information which we deem important for management purposes, including financial and non-financial information which differs from the information prepared in accordance with accounting practices adopted in Brazil. The main indicators used for monitoring business performance are Recurring Income and Return on Economic Capital allocated to each business segment. However, the information by segment below has been prepared in accordance with accounting practices adopted in Brazil. For more information on our segments, see “Item 4. Information on the Company” and “Note 30 – Segment Information” to our audited consolidated financial statements. The table below sets forth the summarized consolidated statement of income from our operating segments for the year ended December 31, 2025: 111 Table of Contents Summarized Consolidated Statement of Incomefrom January 1, 2025 to December 31, 2025(1) Retail Business (a) Wholesale Business (b) Activities with the Market + Corporation (c) Total (a)+(b)+(c) Adjustments IFRS consolidated(2) (In millions of R$) Operating revenues 112,204 62,620 9,569 184,393 (16,613) 167,780 Cost of Credit (31,616) (4,994) - (36,610) 7,777 (28,833) Claims (1,624) (34) - (1,658) 1,658 - Other operating income (expenses) (51,604) (23,175) (2,777) (77,556) (11,141) (88,697) Income tax and social contribution (7,701) (10,652) (2,043) (20,396) 15,995 (4,401) Non-controlling interest in subsidiaries (529) (759) (55) (1,343) 351 (992) Net income 19,130 23,006 4,694 46,830 (1,973) 44,857 (1)The first three columns are our business segments. Additional information about each of our business segments can be found below under the headings "(a) Retail Business", "(b) Wholesale Business" and "(c) Activities with the Market + Corporation". The adjustments column includes the following pro forma adjustments: (i) the recognition of the impact of capital allocation using a proprietary model; (ii) the use of funding and cost of capital at market prices, using certain managerial criteria; (iii) the exclusion of non-recurring events from our results; and (iv) the reclassification of the tax effects from hedging transactions we enter into for our investments abroad. The IFRS consolidated column is the total result of our three segments plus adjustments. .(2)The IFRS Consolidated figures do not represent the sum of the parties because there are intercompany transactions that were eliminated only in the consolidated statements. Segments are assessed by top management, net of income and expenses between related parties. The following discussion should be read in conjunction with our audited consolidated financial statements, especially “Note 30 – Segment Information.” The adjustments column shown in this note shows the effects of the differences between the segmented results (substantially in accordance with BRGAAP) and those calculated according to the principles adopted in our audited consolidated financial statements in IFRS accounting standards as issued by the IASB. (a) Retail Business This 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, 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. 112 Table of Contents The following table sets forth our summarized consolidated statement of income with respect to our Retail Business segment for the years ended December 31, 2025 and 2024: Summarized Consolidated Statement of Income - Retail Business For the year ended December 31, Variation 2025 2024 R$ million % (In millions of R$) Operating revenues 112,204 101,057 11,147 11.0 Interest margin 70,383 61,956 8,427 13.6 Non-interest income (1) 41,821 39,101 2,720 7.0 Cost of credit and claims (33,240) (31,408) (1,832) 5.8 Other operating income (expenses) (51,604) (48,552) (3,052) 6.3 Income tax and social contribution (7,701) (5,482) (2,219) 40.5 Non-controlling interest in subsidiaries (529) (491) (38) 7.7 Net income 19,130 15,124 4,006 26.5 (1)Non-interest income include: commissions and banking fees; income from insurance and private pension operations before claim and selling expenses and other revenues. Net income from our Retail Business segment increased by 26.5%, to R$19,130 million for year ended December 31, 2025, from R$15,124 million for the same period of 2024. These results are explained as follows: •Operating revenues: increased by R$11,147 million for the year ended December 31, 2025, compared to the same period of 2024, as a result of an increase of 13.6% in the interest margin, due to the growth in the average credit volume. Moreover, non-interest income increased by 7.0% in the year ended December 31, 2025, compared to the same period of 2024, due to the increase in commissions and banking fees, as a result of: (i) higher revenues from card-issuing activities, due to the increase in the volume of credit card transactions; (ii) higher gains from acquiring services due to the increase in automatic transactions for the anticipation of receivables; (iii) higher revenues from fund management, due to a growth in gains from performance fees and the increase in the balance in the period; and (iv) higher revenues from brokerage services for individuals. There was also an increase in revenues from insurance products, due to the increases in earned premiums, in commissions and fees. •Cost of credit and claims decreased by R$1,832 million for the year ended December 31, 2025, compared to the same period of 2024, as a result of the increase in expected loss expenses. •Other operating income/ (expenses) increased by R$3,052 million for the year ended December 31, 2025, compared to the same period of 2024, mainly driven by an increase in expenses with cloud processing volumes and systems development, in addition to the effects of our annual collective wage agreement, and the increase in profit sharing expenses. •Income tax and social contribution for the Retail Business, Wholesale Business and Activities with the Market + Corporation segments, is calculated by adopting the full income tax rate, net of the tax effect of any payment of interest on capital. The difference between the income tax amount determined for each business segment and the effective income tax amount, as stated in our audited consolidated financial statements, is recorded under the Activities with the Market + Corporation segment. As discussed above under “Net income attributable to owners of the parent company” and “Current and deferred income and social contribution taxes,” our current and deferred income and social contribution taxes increased due to a tax benefit from interest on capital. (b) Wholesale Business This segment comprises: (i) the activities of Itaú BBA, the unit responsible for commercial operations with large companies and for investment banking services; (ii) the activities of our units abroad; (iii) the products and services offered to high-net-worth clients (Private Banking), in addition to middle market companies and institutional clients. 113 Table of Contents The following table sets forth our summarized consolidated statement of income with respect to our Wholesale Business segment for the years ended December 31, 2025 and 2024: Summarized Consolidated Statement of Income - Wholesale Business For the year ended December 31, Variation 2025 2024 R$ million % (In millions of R$) Operating revenues 62,620 58,014 4,606 7.9 Interest margin 45,248 41,259 3,989 9.7 Non-interest income (1) 17,372 16,755 617 3.7 Cost of credit and claims (5,028) (4,701) (327) 7.0 Other operating income (expenses) (23,175) (21,248) (1,927) 9.1 Income tax and social contribution (10,652) (10,502) (150) 1.4 Non-controlling interest in subsidiaries (759) (650) (109) 16.8 Net income 23,006 20,913 2,093 10.0 (1)Non-interest income include: commissions and banking fees; income from insurance and private pension operations before claim and selling expenses and other revenues. Net income from the Wholesale Business segment increased by 10.0%, to R$23,006 million for the year ended December 31, 2025 from R$20,913 million for the same period of 2024. These results are explained as follows: •Operating revenues:increased by R$4,606 million, or 7.9%, for the year ended December 31, 2025 compared to the same period of 2024, due to an increase of 9.7% in the interest margin, driven by the increase in the margin of liabilities recorded during the period. The 3.7% increase in non-interest income was driven by the increase in asset management fees due to the increase in the balance of fund management fees, in addition to higher consortia (consórcio) administration fees. These effects were partially offset by the decrease in revenues from advisory services and brokerage, due to lower volumes of fixed income transactions. As of December 31, 2025, we participated in 517 local fixed-income transactions, which included debentures and promissory notes issuance, as well as securitizations, totaling R$145.0 billion in originated volume and R$70.1 billion in distribution, ranking first in both originated volume and distribution, according to a ranking published by ANBIMA. In the equity markets, we ranked second both in number of operations, participating in 7 operations (not considering Block Trades), and in terms of volume with R$1.6 billion, both in Dealogic’s ranking, as of December 31, 2025. We also provided financial advisory services for 49 M&A transactions in Brazil, totaling R$70.3 billion. As of December 31, 2025, we were ranked first place in number of M&A deals and third place in volume in Dealogic’s ranking and excluding proprietary operations we were ranked first place in number of M&A (45 transactions) and third place in terms of volume (R$69.5 billion). •Cost of credit and claims increased by R$327 million for the year ended December 31, 2025 compared to the same period of 2024, due to the negative impact of the sale of assets of a specific customer in the segment and the lower recovery of loans written off as losses. •Other operating income / (expenses) increased by R$1,927 million for the year ended December 31, 2025, compared to the same period of 2024, driven by an increase in expenses with (i) cloud processing volumes and systems development; and (ii) the effects of our annual collective wage agreement, in addition to the increase in profit share expenses. •Income tax and social contribution for our Wholesale Business, Retail Business and Activities with the Market + Corporation segments is calculated by adopting the full income tax rate, net of the tax effect of any payment of interest on capital. The difference between the income tax amount determined for each segment and the effective income tax amount, as stated in our consolidated financial statements, is recorded under the Activities with the Market + Corporation segment. As discussed above, our current and deferred income and social contribution taxes increased mainly due to a tax benefit from interest on capital. 114 Table of Contents (c) Activities with the Market + Corporation This segment includes: (i) results of the capital surplus, excess subordinated debt and the net balance of tax assets and liabilities; (ii) financial margin with the market; (iii) costs of Treasury operations; and (iv) equity pickup from companies not linked to our Retail or Wholesale businesses. The following table sets forth our summarized consolidated statement of income with respect to our Activities with the Market + Corporation segment for the years ended December 31, 2025 and 2024: Summarized Consolidated Statement of Income - Activities with the Market + Corporation For the year ended December 31, Variation 2025 2024 R$ million % (In millions of R$) Operating revenues 9,569 9,887 (318) (3.2) Interest margin 8,778 9,232 (454) (4.9) Non-interest income (1) 791 655 136 20.8 Other operating income (expenses) (2,777) (2,541) (236) 9.3 Income tax and social contribution (2,043) (1,879) (164) 8.7 Non-controlling interest in subsidiaries (55) (101) 46 (45.5) Net income 4,694 5,366 (672) (12.5) (¹) Non-interest income include: commissions and banking fees; income from insurance and private pension operations before claim and selling expenses and other revenues. Net income from the Activities with the Market + Corporation segment decreased by R$672 million, or 12.5%, for the year ended December 31, 2025, compared to the same period of 2024, due to a decrease of R$318 million in operating revenues as a result of the decrease of R$454 million in the interest margin driven by the lower margin with the market. This was partially offset by (i) higher results from the remuneration of our own working capital; and (ii) the increase of R$136 million in non-interest income, driven by higher results from equity of affiliates. Additionally, there was an increase of R$236 million in other operating income / (expenses) due to higher other expenses. •Income tax and social contribution for our Activities with the Market + Corporation, Retail Business and Wholesale Business segments is calculated by adopting the full income tax rate, net of the tax effect of any payment of interest on capital. The difference between the income tax amount determined for each segment and the effective income tax amount, as stated in our consolidated financial statements, is recorded under the Activities with the Market + Corporation segment. As discussed above, our current and deferred income and social contribution taxes increased mainly due to an increase in the effective tax rate in 2025. 115 Table of Contents Balance Sheet The table below sets forth our summarized balance sheet as of December 31, 2025 and 2024. Please see our consolidated financial statements for further details about our Consolidated Balance Sheet. Summarized Balance Sheet - Assets As of Variation December 31, 2025 December 31, 2024 R$ million % (In millions of R$) Cash 37,144 36,127 1,017 2.8 Financial assets at amortized cost 2,042,788 1,912,804 129,984 6.8 Central Bank of Brazil deposits 167,275 160,698 6,577 4.1 Interbank deposits, securities purchased under agreements to resell and securities 676,755 637,658 39,097 6.1 Loan and lease operations 1,083,798 1,025,493 58,305 5.7 Other financial assets 164,029 136,713 27,316 20.0 (-) Provision for Expected Credit Loss (49,069) (47,758) (1,311) 2.7 Financial assets at fair value through other comprehensive income 132,473 106,303 26,170 24.6 Financial assets at fair value through profit or loss 705,250 654,194 51,056 7.8 Insurance contracts, Investments in associates and join ventures, Fixed assets, Goodwill and Intangible assets and other assets 69,411 72,394 (2,983) (4.1) Tax assets 79,103 72,653 6,450 8.9 Total assets 3,066,169 2,854,475 211,694 7.4 Total assets increased by R$211,694 million, as of December 31, 2025, compared to December 31, 2024, mainly due to an increase in financial assets at amortized cost, financial assets at fair value through profit or loss and financial assets at fair value through other comprehensive income. This result is further described below: Financial assets at amortized cost increased by R$129,984 million, or 6.8%, as of December 31, 2025, compared to December 31, 2024, mainly due to increases in (i) loan and lease operations; (ii) interbank deposits, securities purchased under agreements to resell and securities at amortized cost; and (iii) other financial assets. •Interbank deposits, securities purchased under agreements to resell, securities at amortized cost increased by R$39,097 million, or 6.1%, as of December 31, 2025 compared to December 31, 2024, mainly due to an increase of R$37,375 million in securities purchased under agreements to resell. Please see “Note 4 – Interbank Deposits and Securities Purchased Under Agreements to Resell” and “Note 9 – Securities at Amortized Cost (AC)” to our audited consolidated financial statements for further details. •Loan and lease operations increased by R$58,305 million, or 5.7%, as of December 31, 2025, compared to December 31, 2024, mainly due to the increases of: (i) R$27,652 million in our individuals loan portfolio, especially due to increases of (a) R$16,319 million in mortgage loans; and (b) R$10,478 million in credit card loans; (ii) R$16,329 million in loans to micro/small and medium companies, mainly in agribusiness and government programs; (iii) R$7,998 million in foreign loans – Latin America, as a result of the impact of foreign exchange variations; and (iv) R$6,326 million in loans to large companies. 116 Table of Contents As of Variation Loan and Lease Operations, by asset type December 31, 2025 December 31, 2024 R$ million % (In millions of R$) Individuals 473,226 445,574 27,652 6.2 Credit card 153,526 143,048 10,478 7.3 Personal loan 66,498 66,104 394 0.6 Payroll loans 75,319 74,524 795 1.1 Vehicles 36,303 36,637 (334) (0.9) Mortgage loans 141,580 125,261 16,319 13.0 Large Companies 158,738 152,412 6,326 4.2 Micro/Small and Medium companies 221,550 205,221 16,329 8.0 Foreign Loans - Latin America 230,284 222,286 7,998 3.6 Total Loans and lease operations 1,083,798 1,025,493 58,305 5.7 Please see “Note 10 – Loan and Lease Operations” to our audited consolidated financial statements for further details. Financial assets at fair value through other comprehensive income increased by R$26,170 million, or 24.6%, as of December 31, 2025, compared to December 31, 2024, due to an increase in securities, with the majority being government securities. Financial assets at fair value through profit or loss increased by R$51,056 million, or 7.8%, as of December 31, 2025, compared to December 31, 2024, mainly due to an increase in securities, with the majority being government securities in Brazil and corporate securities, especially debentures. The table below sets forth our summarized balance sheet – liabilities and stockholders’ equity as of December 31, 2025 and 2024. Please see our consolidated financial statements for further details about our Consolidated Balance Sheet. Summarized Balance Sheet - Liabilities and Stockholders' Equity As of Variation December 31, 2025 December 31, 2024 R$ million % (In millions of R$) Financial Liabilities 2,424,121 2,239,979 184,142 8.2 At Amortized Cost 2,350,901 2,148,776 202,125 9.4 Deposits 1,114,482 1,054,741 59,741 5.7 Securities sold under repurchase agreements 434,607 388,787 45,820 11.8 Interbank market funds, Institutional market funds and other financial liabilities 801,812 705,248 96,564 13.7 At Fair Value Through Profit or Loss 71,427 86,275 (14,848) (17.2) Provisions for financial guarantees, credit commitments and credits to be released 1,793 4,928 (3,135) (63.6) Insurance contracts and private pension 353,253 306,899 46,354 15.1 Provisions 17,791 19,209 (1,418) (7.4) Tax liabilities 11,582 11,345 237 2.1 Other liabilities 44,346 55,759 (11,413) (20.5) Total liabilities 2,851,093 2,633,191 217,902 8.3 Total stockholders’ equity attributed to the owners of the parent company 204,501 211,090 (6,589) (3.1) Non-controlling interests 10,575 10,194 381 3.7 Total stockholders’ equity 215,076 221,284 (6,208) (2.8) Total liabilities and stockholders' equity 3,066,169 2,854,475 211,694 7.4 117 Table of Contents Total liabilities and stockholders’ equity increased by R$211,694 million, as of December 31, 2025, compared to December 31, 2024, mainly due to an increase in financial liabilities at amortized cost. These results are detailed as follows: Financial liabilities at amortized cost increased by R$202,125 million, or 9.4%, as of December 31, 2025, compared to December 31, 2024, mainly due to increases in (i) interbank market funds, institutional market funds and other financial liabilities; (ii) deposits; and (iii) securities sold under repurchase agreements. •Deposits increased by R$59,741 million, or 5.7%, as of December 31, 2025, compared to December 31, 2024, mainly due to an increase of R$54,267 million in time deposits, as a result of the higher demand for fixed income products and other products. Please see “Note 15 – Deposits” to our consolidated financial statements for further details. •Securities sold under repurchase agreements increased by R$45,820 million, or 11.8%, as of December 31, 2025 compared to December 31, 2024, mainly due to an increase of: (i) R$45,580 million in assets received as collateral; and (ii) R$22,783 million in assets pledged as collateral, especially with foreign securities and corporate securities. These increases were partially offset by a decrease of R$22,543 million in right to sell or repledge the collateral. Please see “Note 17 – Securities Sold Under Repurchase Agreements and Interbank and Institutional Market Funds” to our consolidated financial statements for further details. •Interbank market funds, institutional market funds and other financial liabilities increased by R$96,564 million, or 13.7%, as of December 31, 2025 compared to December 31, 2024, mainly due to increases of (i) R$49,041 million in other financial liabilities, especially with credit card operations and trading and intermediation of securities; (ii) R$33,876 million in interbank market funds, especially in real estate and rural credit bills and onlending domestic; and (ii) R$13,647 million in institutional market funds, especially in funding from structured operations certificates, debentures and subordinated debt. Please see “Note 17 – Securities Sold Under Repurchase Agreements and Interbank and Institutional Market Funds” and “Note 18 – Other Assets and Liabilities” to our consolidated financial statements for further details. •Insurance contracts and private pension increased by R$46,354 million, or 15.1%, as of December 31, 2025 compared to December 31, 2024, mainly due to the update of private pension contracts known as Free Benefit Generating Plan (PGBL) and Free Benefit Generating Life Plan (VGBL), as a result of the performance of the funds due to the increase in the index used to adjust private pension contracts and the higher portability volume.. Funding The chart below presents historical data on the ratio between our loan portfolio and funding from December 31, 2024 to December 31, 2025: _____________ (1)Includes demand, savings and time deposits plus debentures, mortgage-backed notes, onlending, borrowings, funds from acceptance and issuance of securities abroad, net of reserve requirements and available funds; (2) Gross funding, ex-deductions of reserve requirements and cash and cash equivalents; (3) The loan portfolio balance does not include financial guarantees provided and corporate securities. 118 Table of Contents Capital Management Key Indicators Our board of directors is the main body responsible for our capital management, and for approving our capital management policies and guidelines regarding our capitalization level. It is also responsible for approving the ICAAP report, a process which is intended to assess our capital adequacy. At the executive level, corporate bodies are responsible for approving risk assessment and capital calculation methodologies, as well as reviewing, monitoring and recommending capital-related documents and topics to the Board of Directors. Annual Assessment of Capital Adequacy Annual assessment of capital adequacy refers to the combination of identification of the risks to which we are exposed and Analysis of their materiality, resulting in assessments of the need for capital to cover the material risks, through development of methods of quantifying additional capital and quantification of capital and internal capital adequacy assessment. These analyses result in the development of a capital and contingency plan, followed by submission of report to the Central Bank. In accordance with the CMN and Central Bank regulations, we implemented a capital management structure and ICAAP, taking a prospective stance in relation to capital management. In addition, we have a Recovery Plan, which is a report which aims at defining how to reestablish adequate levels of capital and liquidity in response to stress situations. Requirements and Capital Composition Our minimum capital requirements are expressed as ratios of the capital available (“Total Capital”) and RWA. These ratios follow the set of resolutions and circulars disclosed by the Central Bank that implemented, in Brazil, the global capital requirement standards known as Basel III. 119 Table of Contents The Total Capital is the sum of three items, as shown below: For purposes of calculating these minimum capital requirements, the total RWA is determined as the sum of the risk-weighted asset amounts for credit, market and operational risks. The minimum Total Capital ratio required is 8.0% as from January 1st, 2019. The Central Bank rules call for Additional Capital Buffers (“ACP”), corresponding to the sum of the components ACPConservation, ACPCountercyclical and ACPSystemic, which, in conjunction with the requirements mentioned, increase capital requirements over time, as provided for CMN Resolution 4,958 of October 21, 2021 as amended (CMN Resolution 4,958). According to CMN Resolution 4,958, for assessing the minimum capital requirements, the RWA must be calculated by adding the following portions: •RWAOPAD– portion related to the operational risk capital requirement, calculated using standardized approach; •RWACPAD– portion related to exposures to credit risk, calculated using standardized approach; •RWACIRB– portion related to exposures to credit risk, calculated according to internal credit risk rating systems (IRB - Internal Ratings-Based approaches), authorized by the Central Bank; •RWAMPAD– portion related to the market risk capital requirement, calculated using standardized approach; •RWAMINT–portion related to the market risk capital requirement, calculated according to internal model approaches, authorized by the Central Bank. Capital Adequacy Through our ICAAP, we assess the adequacy of our capital to face the risks to which we are subject. For ICAAP, capital is composed of regulatory capital for credit, market and operational risks, and by the necessary capital to cover other risks. 120 Table of Contents In order to ensure our capital soundness and availability to support business growth, we maintain capital levels above the minimum requirements, according to the Common Equity Tier I, Additional Tier I Capital and Tier II minimum ratios. As of December 31, 2025 2024 (In R$ million, except percentages) Available capital (amounts) Common Equity Tier I (CET1) 185,595 188,265 Tier I 208,161 206,196 Total capital 228,589 227,602 Risk-weighted assets (amounts) Total risk-weighted assets (RWA) 1,505,475 1,379,056 Risk-based capital ratios as a percentage of RWA Common Equity Tier I ratio (%) 12.3% 13.7% Tier I ratio (%) 13.8% 15.0% Total capital ratio (%) 15.2% 16.5% Additional CET1 buffer requirements as a percentage of RWA Capital conservation buffer requirement (%) 2.5% 2.5% Countercyclical buffer requirement (%) (1) 0.1% 0.1% Bank G-SIB and/or D-SIB additional requirements (%) 1.0% 1.0% Total of bank CET1 specific buffer requirements (%) 3.6% 3.6% 1)The countercyclical capital buffer is fixed by the monetary authorities of the jurisdictions in which Itaú has exposure, the most relevant of which are Brazil, where the Financial Stability Committee (Comef) sets it at zero (in accordance with Central Bank of Brazil Communiqué No. 44,254, dated November 19, 2025) and Chile, which is set at 0.5%. Our Total Capital, Tier I Capital and Common Equity Tier I Capital ratios are calculated on a consolidated basis, which is applied to institutions included in our Prudential Conglomerate which comprises not only financial institutions but also consortia (consórcios), payment entities, factoring companies or companies that directly or indirectly assume credit risk, and investment funds in which our Itaú Unibanco Group retains substantially all risks and rewards. As of December 31, 2025, our Total Capital reached R$228,589 million, an increase of R$987 million as compared to December 31, 2024. Our Basel Ratio (calculated as the ratio between our Total Capital and the total amount of RWA) reached 15.2%, as of December 31, 2025, a drop of 1.3 p.p. compared to 16.5% as of December 31, 2024, due to interest payments on capital and additional dividends, share repurchase and growth in risk-weighted assets, offset by the positive impact of income in the period. Additionally, the Fixed Assets Ratio (Índice de Imobilização) indicates the level of total capital committed to adjusted permanent assets. Itaú Unibanco Holding is within the maximum limit of 50% of the adjusted total capital, as established by the Central Bank. As of December 31, 2025, our Fixed Assets Ratio reached 19.4%, which presents a buffer of R$69,887 million. 121 Table of Contents (1) Includes Prudential and Equity adjustments. (2) The issuance of the Perpetual Subordinated Financial Bills described in the announcement to the market dated October 8, 2025, take the AT1 to 1.5%. As of December 31, 2025, our Tier I Capital ratio reached 13.8%, consisting of 12.3% Common Equity Tier I and of 1.5% Additional Tier I. Our Tier I Capital ratio decreased 1.2 p.p. in relation to September 30, 2025, mainly due to the payment of dividends and interest on capital, stock buyback and the RWA growth, partially offset by the positive net income of the period. Please see “Note 32 – Risk and Capital Management” of our audited consolidated financial statements for further details about regulatory capital. Liquidity Ratios The Basel III Framework introduced global liquidity standards, providing for minimum liquidity requirements and aims at ensuring that banks can rely on their own sources of liquidity, leaving central banks as a lender of last resort. Basel III provides for two liquidity ratios to ensure that financial institutions have sufficient liquidity to meet their short-term and long-term obligations: (i) LCR, and (ii) NSFR. We believe that the LCR and NSFR provide more relevant information than an analysis of summarized cash flows. Set forth below is a discussion of our LCR for the three-month periods ended on December 31, 2025 and 2024 and our NSFR as of December 31, 2025 and 2024. Liquidity Coverage Ratio The LCR measures the short-term resistance of a bank’s liquidity risk profile. It is the ratio of the stock of high-quality liquid assets to expected net cash outflows over the next 30 days, assuming a scenario of idiosyncratic or systemic liquidity stress. We calculate our LCR according to the methodology established in Central Bank Circular No. 3,749/2015. We measure our total high liquidity assets for the end of each period to cash outflows and inflows as the daily average value for each period. Pursuant to Central Bank regulations, effective as of January 1, 2019, the minimum LCR is 100%. 122 Table of Contents The following table presents our LCR for the three-month periods ended December 31, 2025 and 2024: Three-month periods ended December 31, Liquidity Coverage Ratio 2025 2024 Total Weighted Value (average) (In millions of R$) Total High Liquidity Assets (HQLA) (1) 389,723 362,609 Cash Outflows (2) 440,453 409,051 Cash Inflows (3) 259,163 245,188 Total Net Cash Outflows 181,290 163,863 LCR% 215.0% 221.3% 1)High Quality Liquidity Assets correspond to inventories, in some cases weighted by a discount factor, of assets that remain liquid in the market even in periods of stress, that can easily be converted into cash and that are classified as low risk.2)Outflows — total potential cash outflows for a 30-day horizon, calculated for a standard stress scenario as defined by BACEN Circular 3,749.3)Inflows — total potential cash inflows for a 30-day horizon, calculated for a standard stress scenario as defined by BACEN Circular 3,749. Our average LCR for the three-month period ended December 31, 2025 was 215.0%, which is above the Central Bank’s requirements. Net Stable Funding Ratio The NSFR measures long-term liquidity risk. It is the ratio of available stable funding to required stable funding over a one-year time period, assuming a stressed scenario. We calculate our NSFR according to the methodology established in Central Bank Circular No. 3,869/2017. The NSFR corresponds to the ratio of our ASF for the end of each period to our RSF for the end of each period. Pursuant to Central Bank regulations, effective as of October 1, 2018, the minimum NSFR is 100%. The following table presents our NSFR as of December 31, 2025 and 2024: As of December 31, Net Stable Funding Ratio 2025 2024 Total Ajusted Value (In millions of R$) Total Available Stable Funding (ASF) (1) 1,499,680 1,375,854 Total Required Stable Funding (RSF) (2) 1,202,060 1,127,870 NSFR (%) 124.8% 122.0% 1)ASF – Available Stable Funding – refers to liabilities and equity weighted by a discount factor according to their stability, pursuant to Central Bank Circular 3,869/2017.2)RSF – Required Stable Funding – refers to assets and off-balance exposures weighted by a discount factor to their necessity, pursuant to Central Bank Circular 3,869/2017. As of December 31, 2025, our ASF totaled R$1,499.7 billion, mainly due to capital funding and Retail Business and Wholesale Business funding, and our RSF totaled R$1,202.1 billion, particularly due to loans and financing with Wholesale Business and Retail Business customers, governments and transactions with banks. As of December 31, 2025, our NSFR was 124.8%, which is above the Central Bank’s requirements. 123 Table of Contents 5B.Liquidity and Capital Resources Our Board of Directors determines our policy regarding liquidity risk management and establishes broad quantitative liquidity risk management limits in line with our risk appetite. The CSRML, composed of members of senior management, is responsible for strategic liquidity risk management in line with the board-approved liquidity risk framework and risk appetite. In establishing our guidelines, the CSRML considers the liquidity implications of each market segment and product. Our institutional treasury unit is responsible for the day-to-day management of the Itaú Unibanco Group’s liquidity profile, within the parameters set by our managing body and the CSRML. This includes an oversight responsibility with respect to all business units operating outside of Brazil. We maintain separate liquidity pools at our Brazilian operations and at each of our subsidiaries outside of Brazil. Our Brazilian operations include financial institutions in Brazil and the entities used by the Brazilian operations for funding and serving their clients abroad. Each of our subsidiary has its own treasury function with appropriate autonomy to manage liquidity according to local needs and regulations, while remaining in compliance with the liquidity limits established by our senior management. In general, there are rarely liquidity transfers between subsidiaries or between the head office and a subsidiary, except under very specific circumstances (e.g., targeted capital increases). CMN regulations establish capital conservation and countercyclical buffers for Brazilian financial institutions such as us, and determines their minimum percentages as well as which sanctions and limitations will apply in case of non-compliance with such additional requirements. We define our consolidated group operational liquidity reserve as the total amount of assets that can be rapidly turned into cash, based on local market practices and legal restrictions. The operational liquidity reserve generally includes cash and deposits on demand, funded positions of securities purchased under agreements to resell and unencumbered government securities. The following table presents our operational liquidity reserve as of December 31, 2025, 2024 and 2023: As of December 31, Operational Liquidity Reserve 2025 2024 2023 2025 Average Balance ⁽¹⁾ (In millions of R$) Cash 37,144 36,127 32,001 35,742 Securities purchased under agreements to resell – Funded position (2) 80,339 50,461 58,714 104,580 Unencumbered government securities (3) 263,915 154,526 147,861 212,220 Operational reserve 381,398 241,114 238,576 352,542 1)Average calculated based on audited interim financial statements.2)Net of R$19,306 (R$7,038 at 12/31/2024 and R$9,008 at 12/31/2023), which securities are restricted to guarantee transactions at B3 S.A. - Brasil, Bolsa, Balcão (B3) and the Central Bank.3)Present values are included as a result of the change in the reporting of future flows of assets that are now reported as future value as of September 2016. Our management controls our liquidity reserves by projecting the resources that will be available for investment by our treasury department. The technique we employ involves the statistical projection of scenarios for our assets and liabilities, considering the liquidity profiles of our counterparties. Short-term minimum liquidity limits are defined according to guidelines set by the CSRML. These limits aim to ensure that the Itaú Unibanco Group always has sufficient liquidity available to cover unforeseen market events. These limits are revised periodically, based on the projection of cash needs in atypical market situations (i.e., stress scenarios). Management of liquidity makes it possible for us to simultaneously meet our operating requirements, protect our capital and exploit market opportunities. Our strategy is to maintain adequate liquidity to meet our present and future financial obligations and to capitalize on business opportunities as they arise. We are exposed to effects of the disruptions and volatility in the global financial markets and the economies in those countries where we do business, especially Brazil. However, due to our stable sources of funding, which include a large deposit base, the large number of correspondent banks with which we have long-standing relationships, as well as facilities 124 Table of Contents in place which enable us to access further funding when required, we have not historically experienced liquidity challenges, even during periods of disruption in the international financial markets. Our main sources of funding are interest-bearing deposits, deposits received under repurchase agreements, on-lending from government financial institutions, lines of credit with foreign banks and the issuance of securities abroad. For further information on our sources of funding see “Note 15 – Deposits” to our audited consolidated financial statements. We may from time to time seek to retire or purchase our outstanding debt, including our subordinated notes (subject to the approval of the Central Bank), and senior notes, through cash purchases in the open market purchases, privately negotiated transactions or otherwise. Such repurchases, if any, will depend on prevailing market conditions, our liquidity requirements, contractual restrictions and other factors. Notes repurchased may be held, cancelled or resold and any resale thereof will need to comply with applicable requirements or exemptions under the relevant securities laws. Some of our long-term debt provides for acceleration of the outstanding principal balance upon the occurrence of specified events, which are events ordinarily found in long-term financing agreements. Until December 31, 2024, none of these events, including any events of default or failure to satisfy financial covenants, have occurred. Under Brazilian law, cash dividends may only be paid if the subsidiary paying such dividends has reported a profit in its financial statements. In addition, subsidiaries that are financial institutions are prohibited from making loans to us, but they are allowed to make deposits to us which represent interbank certificates of deposit (Certificado de Depósito Interbancário). These restrictions have not had, and are not expected to have, a material impact on our ability to meet our cash obligations. For more information on our dividend policy, see “Item 8A. Consolidated Statements and Other Financial Information—Shareholders’ Payment” of this annual report. Tier 2 Subordinated Financial Bills On March 26, 2026, we issued Tier 2 subordinated financial bills in the total amount of R$3.3 billion, in negotiations with professional investors. These notes have maturity in 2036, with repurchase option from 2031 subject to prior authorization from the Central Bank of Brazil. The impact of the call of these notes on our Tier 2 capital ratio was 22 basis points (calculated on the capital base of December 31, 2025). Tier 2 Subordinated Notes Early Redemption On January 15, 2026, we exercised a call option under our Tier 2 subordinated notes, issued on January 15, 2021, in the amount of U.S.$500 million. These notes have a coupon of 3.875% per year and were originally scheduled to mature on April 15, 2031. The impact of the call of these notes on our Tier 2 capital ratio was 18 basis points (considering the exchange rate as of December 31, 2025 of R$5.5024/U.S. dollar and calculated on our capital base of December 31, 2025). Tier 2 Subordinated Financial Bills On November 13, 16, 18, 19 and 24 and December 2, 2025, we exercised the option to repurchase all of our Tier 2 subordinated financial bills, indexed to the DI rate, issued by us in the period between November 12 and December 2, 2020, and with maturities in November and December 2030, respectively, totaling R$3.6 billion. The impact of the repurchase of these financial bills on our Tier 2 capital ratio is 24 basis points (calculated on our capital base as of December 31, 2025). Perpetual Subordinated Financial Bills On October 8, 2025, we issued perpetual subordinated financial bills in the total amount of R$3.0 billion, in private negotiations with professional investors. These financial bills are perpetual in nature and may be repurchased from 2031 onwards, subject to the prior authorization of the Central Bank. In accordance with the Central Bank Resolutions No. 122 and No. 5,007, these financial bills constitute the Additional Tier 1 of the Company’s Total Capital with an impact of 20 basis points on Tier 1 capital ratio (calculated on our capital base of December 31, 2025). For more information on capital structure and requirements, see “Item 4B. Business Overview––Capital Adequacy and Leverage.” Tier 1 Subordinated Notes On August 5, 2025, we announced the exercise of call options on Tier 1 Subordinated Notes totaling US$1.45 billion, consisting of (i) US$700 million issued on February 27, 2020 with a 7.562% coupon, redeemed on August 27, 2025, and 125 Table of Contents (ii) US$750 million issued on March 19, 2018 with a 7.859% coupon, redeemed on September 19, 2025. The combined impact on our capital ratio was 53 basis points, based on our capital position as of December 31, 2025. On February 27, 2025, we decided not to exercise our call option under the perpetual subordinated Tier 1 notes issued by us on February 27, 2020, in a total amount of U.S.$700 million with a fixed rate of interest of 4.625% per year. As a result of the decision to not to redeem the notes, in accordance with the conditions set forth in the final terms, the coupon was reset to 7.562% per year. This coupon will be valid until February 27, 2030 or until the call is exercised, whichever occurs before. Perpetual Subordinated Financial Bills On June 3, 2025, we issued perpetual subordinated financial bills in the total amount of R$5.0 billion, in private negotiations with professional investors. These financial bills are perpetual in nature and may be repurchased from 2030 onwards, subject to the prior authorization of the Central Bank. In accordance with Central Bank Resolution No. 122 and CMN Resolution No. 5,007, these perpetual subordinated financial bills will constitute the additional capital of our reference equity with an impact of 33 basis points on our Tier 1 market capitalization rate (calculated on our capital base of December 31, 2025). For more information on capital structure and requirements, see “Item 4B. Business Overview––Capital Adequacy and Leverage.” Capital Expenditures In accordance with our practice in recent years, our capital expenditures for the year ended December 31, 2025 were funded with internal resources. We cannot assure that we will make capital expenditures in the future and, if made, that the amounts will correspond to the current estimates. The table below shows our capital expenditures as of December 31, 2025, 2024 and 2023: Capital Expenditures As of December 31, Variation 2025 2024 2023 2025 - 2024 2024 - 2023 (In millions of R$, except percentages) Fixed Assets 1,694 1,833 3,815 (139) (7.6)% (1,982) (52.0)% Fixed assets under construction 774 1,112 1,277 (338) (30.4)% (165) (12.9)% Land and buildings 11 6 1,510 5 83.3% (1,504) (99.6)% Leasehold improvements 45 105 57 (60) (57.1)% 48 84.2% Installations, furniture and data processing equipment 796 546 942 250 45.8% (396) (42.0)% Other 68 64 29 4 6.3% 35 120.7% Intangible Assets 6,212 5,535 5,376 677 12.2% 159 3.0% Goodwill 60 135 603 (75) (55.6)% (468) (77.6)% Software acquired and Internally developed software 5,345 4,537 4,086 808 17.8% 451 11.0% Other intangibles 807 863 687 (56) (6.5)% 176 25.6% Total 7,906 7,368 9,191 538 7.3% (1,823) (19.8)% See “Note 13 – Fixed Assets” and “Note 14 – Goodwill and Intangible Assets” to our audited consolidated financial statements for details about our capital expenditures. Capitalization The table below presents our capitalization as of December 31, 2025. The information described is derived from our consolidated financial statements as of and for the year ended December 31, 2025. As of the date of this annual report, there has been no material change in our capitalization since December 31, 2025. You should read the table below in conjunction with the information included in “Item 4B. Business Overview – Selected Statistical Information” for further details. 126 Table of Contents Capitalization As of December 31, 2025 R$ U.S.$ (1) (In millions, except percentages) Current liabilities Deposits 527,366 95,843 Securities sold under repurchase agreements 363,308 66,027 Derivatives 28,595 5,197 Interbank market funds 199,796 36,311 Institutional market funds 11,423 2,076 Other financial liabilities 238,725 43,386 lnsurance contracts and private pension 16,898 3,071 Provisions 5,297 963 Income tax and social contribution - current 6,436 1,170 Other Non-financial liabilities 37,970 6,901 Total 1,435,815 260,943 Long-term liabilities Deposits 587,116 106,702 Securities sold under repurchase agreements 71,299 12,958 Structured notes 57 10 Derivatives 41,146 7,478 Interbank market funds 206,374 37,506 Institutional market funds 142,771 25,947 Other financial liabilities 4,352 791 lnsurance contracts and private pension 336,355 61,129 Provision for Expected Loss 1,793 326 Provisions 12,494 2,271 Other tax liabilities 4,655 846 Other Non-financial liabilities 6,375 1,159 Total 1,414,787 257,122 Income tax and social contribution - deferred 491 89 Non-controlling interests 10,575 1,922 Stockholders’ equity attributed to the owners of the parent company (2) 204,501 37,166 Total capitalization (3) 3,066,169 557,242 BIS ratio (4) 15.2 % (1)Convenience translation at R$5.5024 reais per U.S. dollar, the exchange rate in effect on December 31, 2025. (2)Itaú Unibanco Holding’s authorized and outstanding share capital consists of 5,617,742,977 common shares and 5,408,781,553 preferred shares, all of which are fully paid. For more information regarding our share capital see Note 19 to our audited consolidated financial statements as of and for the period ended December 31, 2025.(3)Total capitalization corresponds to the sum of total current liabilities, long-term liabilities, deferred income, minority interest in subsidiaries and stockholders’ equity. (4)Calculated by dividing total regulatory capital by risk weight assets. Contractual Obligations In the ordinary course of business, we enter into contractual obligations that may require future cash payments, including products in interbank market debt and institutional market debt lines, time deposits and other cash commitments. For more information regarding these obligations, see “Note 15 – Deposits” and “Note 17 – Securities Sold Under Repurchase Agreements and Interbank and Institutional Market Funds” to our audited consolidated financial statements. 127 Table of Contents Off-Balance Sheet Arrangements We do not have any off-balance sheet arrangements, other than the guarantees, financial guarantees, commitments to be released, letters of credit to be released and contractual commitments we granted that are described in “Note 13 – Fixed Assets,” “Note 14 – Goodwill and Intangible Assets,” “Note 32(b) Risk Management – I.I – Collateral and Policies for Mitigating Credit Risk” and “– III.II – Control over liquidity” to our consolidated financial statements. Sensitivity Analysis (Trading and Banking Portfolios) We conduct sensitivity analysis for market risk factors considered important. The highest resulting losses are presented below, with impact on result, by risk factor, in each such scenario and are calculated net of tax effects, providing a view of our exposure under different circumstances. The sensitivity analysis of the trading portfolio and banking portfolio presented here are based on a static assessment of the portfolio exposure. Therefore, such analyses do not consider the dynamic response capacity of management (e.g., treasury and market risk control unit) to initiate mitigating measures, whenever a situation of high loss or risk is identified, minimizing the possibility of significant losses. In addition, the analysis is intended to assess risk exposure and the respective protective actions, taking into account the fair value of financial instruments, regardless of whether or not financial instruments are accounted for on an accrual basis. Exposures Trading Portfolio (1) Trading and Banking Portfolios (1) December 31, 2025 December 31, 2025 Risk Factors Risk of variations in: Scenario I Scenario II Scenario III Scenario I Scenario II Scenario III (In millions of R$) Interest Rate Fixed Income Interest Rates in reais (0.9) (238.0) (433.8) (16.6) (5,103.1) (9,717.4) Foreign Exchange Linked Foreign Exchange Linked Interest Rates (0.2) (62.5) (123.7) (2.7) (498.1) (969.5) Foreign Exchange Rates Prices of Foreign Currencies (6.0) (243.4) (367.2) 0.3 (326.0) (648.7) Price Index Linked Interest of Inflation coupon (0.2) (32.1) (71.6) (3.9) (536.5) (1,030.4) TR TR Linked Interest Rates - - - (0.3) (103.0) (220.5) Equities Prices of Equities 0.3 187.1 284.4 3.8 95.1 89.5 Other Exposures that do not fall under the definitions above 0.3 (9.6) 18.3 0.2 (12.0) 15.1 Total (6.7) (398.5) (693.6) (19.2) (6,483.6) (12,481.9) 1) Amounts net of tax effects.•Scenario I: Addition of one basis point to fixed interest rates, currency coupon, inflation and interest rate indexes and one percentage point to currency and equity prices;•Scenario II: Shocks of 25% in fixed interest rates, currency coupon, inflation, interest rate indices and currency and share prices, both for growth and fall, considering the largest resulting losses per risk factor; and•Scenario III: Shocks of 50% in fixed interest rates, currency coupon, inflation, interest rate indices and currency and share prices, both for growth and fall, considering the largest resulting losses per risk factor. Interest Rate Sensitivity Interest rate sensitivity is the relationship between market interest rates and net interest income arising from the maturity or the renegotiation of prices of interest-bearing assets and liabilities. Our strategy for interest rate sensitivity considers the return rates, the underlying risk level and the liquidity requirements, including our minimum regulatory cash reserves, mandatory liquidity ratios, withdrawals and maturity of deposits, capital costs and additional demand for funds. The pricing structure is matched when equal amounts of these assets or liabilities mature are renegotiated. Any mismatch of interest-bearing assets and liabilities is known as a gap position. The interest rate sensitivity may vary in the renegotiation periods presented due to the different renegotiation dates within the period. Also, variations among the different currencies in which the interest rate positions are denominated may arise. 128 Table of Contents These relationships are material for a particular date, and significant fluctuations may occur on a daily basis as a result of both market forces and management decisions. Our CSRML analyzes Itaú Unibanco Group’s gap position on a monthly basis and establishes limits for market risk exposure, interest rate positions and foreign currency positions. For further information on the position of our interest-bearing assets and liabilities as of December 31, 2025 see “Note 32(b) Risk Management – II – Market Risk” of our audited consolidated financial statements. This note provides a snapshot view, and accordingly, does not reflect the interest rate gaps that may exist at other times, due to changing asset and liability positions, and management’s actions to manage risk in these changing positions. IRRBB – Interest Rate Risk in the Banking Book The Central Bank’s Circular No. 3,876, published in January 2018, states on methodologies and procedures for evaluation of the capital adequacy, held to cover interest rates risk from instruments held in the banking book. IRRBB is based on the following key metrics: •ΔEVE (Delta Economic Value of Equity): is defined as the difference between the present value of the sum of repricing flows of instruments subject to IRRBB in a base scenario, and the present value of the sum of repricing flows of the same instruments in an interest-rate shocked scenario; •ΔNII (Delta Net Interest Income): is defined as the difference between the result of financial intermediation of instruments subject to IRRBB in a base scenario, and the result of financial intermediation of the same instruments in an interest-rate shocked scenario. The sensibility analysis is a static evaluation of the portfolio interest rate exposure, and, therefore, doesn’t consider the dynamic management of the treasury desk and risk control areas, which are in charge of measures to mitigate risk under an adverse situation, minimizing significant losses. Moreover, the analysis does not translate into accountable or economic results for certain, because this analysis has, only, an interest rate risk disclosure purpose to demonstrate the main protection actions, considering the instruments fair value, regardless of any accounting practices adopted by Itaú Unibanco. The institution uses an internal model to measure ΔEVE and ΔNII. ΔEVE results do not represent immediate impact in the stockholders’ equity. Meanwhile, ΔNII results indicate potential volatility in the projected interest rates results. IRRBB Framework and Treatment Interest rate risk in the banking book refers to the potential risk of impact on capital sufficiency and/or on the results of financial intermediation due to adverse movements in interest rates, taking into account the principal flows of instruments held in the banking book. The main point of assets and liabilities management is to maximize the risk-return ratio of positions held in the banking book, taking into account the economic value of these assets/liabilities and the impact on actual and future bank’s results. The interest rate risk management for transactions held in the banking book occurs within the governance and hierarchy of decision-making bodies and under a limit structure and alerts approved specifically for these purposes, which is sensitive due to different levels and classes of market risk. The management structure of IRRBB has it owns risk policies and controls intended to ensure adherence to the bank’s risk appetite. The IRRBB framework has granular management limits for several other risk metrics and consolidated limits for ΔEVE and ΔNII results, besides the limits associated with stress tests. The asset and liability management unit is responsible for managing timing mismatches between asset and liability flows, and minimizes interest rate risk by through strategies as economic hedge and accounting hedge. All the models associated with IRRBB have a robust independent validation process and are approved by a CTAM. In addition, all the models and processes are assessed by internal audit. The interest rate risk framework in the banking book uses management measurements that are calculated daily for limit control. The ΔEVE and ΔNII metrics are calculated according to the risk appetite limits and the other risk metrics in terms of management risk limits. In the process of managing the interest rate risk of the banking book, transactions subject to automatic options are calculated according to internal market models which split the products, as far as possible, into linear and nonlinear payoffs. The linear payoffs are treated similarly to any other instruments without options, and for non-linear payoffs an additional value is computed and added on the ΔEVE and ΔNII metrics. 129 Table of Contents In general terms, transactions subject to behavioral options are classified as deposits with no contractual maturity date defined or products subject to early repayment. Non-maturity deposits are classified according to their nature and stability to guarantee compliance with regulatory limits. A survival analysis model treats the products subject to pre-payment, using the historical dataset to calibrate its parameters. The instruments flows with homogeneous characteristics are adjusted by specific models to reflect, in the most appropriate way, the repricing flows of these instruments. The banking book consists of asset and liability transactions originating from different commercial channels (retail and wholesale) of Itaú Unibanco. The market risk exposures inherent in the banking book consists of various risk factors, which are primary components of the market in price formation. IRRBB also includes hedging transactions intended to minimize risks deriving from strong fluctuations of market risk factors and their accounting asymmetries. Market risk generated from structural mismatches is managed through a variety of financial instruments, such as exchange-traded and over-the-counter derivatives. In some cases, operations using derivative financial instruments can be classified as accounting hedges, depending on their risk and cash flow characteristics. In these cases, the supporting documentation is analyzed to enable the effectiveness of the hedge and other changes in the accounting process to be continuously monitored. The accounting and administrative procedures for hedging are defined in the Central Bank Circular No. 3,082. The IRRBB model includes a series of premises: •ΔEVE and ΔNII are measured on the basis of the cash flows of the banking book instruments, broken down into their risk factors to isolate the effect of the interest rate and the spread components; •For non-maturity deposits, the models are classified according to their nature and stability and distributed over time considering the regulatory limits; •The institution uses survival analysis models to handle credit transactions subject to prepayment, and empirical models for transactions subject to early redemption; ΔEVE and ΔNII are calculated using the standard shock scenarios described in article 11 of the Central Bank Circular No. 3,876: •Parallel Up: increases in the short-term and in the long-term interest rates; •Parallel Down: decreases in the short-term and in the long-term interest rates; •Short-term increase: increases in the short-term interest rates; •Short-term reduction: decreases in the short-term interest rates; •Steepener: decreases in the short-term interest rates and increasing the in the long-term interest rates; •Flattener: increases in the short-term interest rates and decreasing the in the long-term interest rates. Exchange Rate Sensitivity Most of our banking operations are denominated in or indexed to Brazilian reais. We also have assets and liabilities denominated in foreign currency, mainly in U.S. dollars, as well as assets and liabilities that, although denominated in Brazilian reais, are indexed to U.S. dollars and, therefore, expose us to exchange rate risk. The Central Bank regulates our foreign currency positions. For further information, see “Note 32(b) Risk Management – II – Market Risk” of our audited consolidated financial statements. The gap management adopted by the CSRML takes into consideration the tax effects with respect to our foreign exchange positions. We set up a hedge (a liability in foreign currency derivative instruments) in an amount sufficient so that our total foreign exchange exposure, net of tax effects, is consistent with our exposure strategy. Our foreign exchange position on the liability side is composed of various elements, including the issuance of securities in international capital markets, credit from foreign banks used to finance import and export transactions, dollar-linked onlendings from government financial institutions and deposits in currencies of Latin America countries. The proceeds of these financial operations are usually invested in loans and in the purchase of dollar-linked securities. The information set forth in the table below was prepared on a consolidated basis, eliminating transactions between related parties. Our investments abroad, which are eliminated when we consolidate the accounting information, represented 130 Table of Contents R$111.5 billion as of December 31, 2025, under the gap management policy adopted, as mentioned above. We apply either economic hedges or hedge accounting to those net investments abroad. Exchange Rate Sensitivity For The Year Ended December 31, 2025 Brazilian currency Denominated in foreign currency (1) Total % of amounts denominated in currency of total (In millions of R$, except percentages) Assets 2,493,597 572,572 3,066,169 18.7 Cash 7,694 29,450 37,144 79.3 At Amortized Cost 1,621,857 420,931 2,042,788 20.6 Deposits in the Central Bank of Brazil 167,275 - 167,275 - Interbank deposits 26,399 39,796 66,195 60.1 Securities purchased under agreements to resell 277,939 2,656 280,595 0.9 Securities 309,311 20,654 329,965 6.3 Loan operations and lease operations portfolio 743,262 340,536 1,083,798 31.4 Other financial assets 139,618 24,411 164,029 14.9 (-) Provision for Expected Loss (41,947) (7,122) (49,069) 14.5 At Fair Value Through Other Comprehensive Income 61,368 71,105 132,473 53.7 Securities 61,368 71,105 132,473 53.7 At Fair Value Through Profit or Loss 665,864 39,386 705,250 5.6 Securities 603,439 25,335 628,774 4.0 Derivatives 59,333 14,051 73,384 19.1 Other financial assets 3,092 - 3,092 - Insurance contracts 212 - 212 - Investments in associates and joint ventures 10,834 6 10,840 0.1 Fixed assets, net 12,033 602 12,635 4.8 Goodwill and Intangible assets, net 22,493 1,606 24,099 6.7 Tax assets 74,536 4,567 79,103 5.8 Other assets 16,708 4,917 21,625 22.7 Percentage of total assets 81.3 18.7 - 18.7 Liabilities and Stockholders’ Equity 2,504,937 561,232 3,066,169 18.3 At Amortized Cost 1,818,614 532,287 2,350,901 22.6 Deposits 801,146 313,336 1,114,482 28.1 Securities sold under repurchase agreements 401,623 32,984 434,607 7.6 Interbank market debt 314,271 91,899 406,170 22.6 Institutional market debt 76,909 77,285 154,194 50.1 Other financial liabilities 224,665 16,783 241,448 7.0 At Fair Value Through Profit or Loss 55,423 16,004 71,427 22.4 Derivatives 53,794 15,947 69,741 22.9 Structured notes - 57 57 100.0 Other financial liabilities 1,629 - 1,629 - Provision for financial guarantees, credit commitments and credits to be released 1,607 186 1,793 10.4 Insurance contracts and private pension 353,123 130 353,253 - Provisions 17,691 100 17,791 0.6 Tax liabilities 9,501 2,081 11,582 18.0 131 Table of Contents Other liabilities 33,901 10,445 44,346 23.6 Non-controlling interests 10,575 - 10,575 - Total stockholders’ equity attributed to the owners of the parent company 204,501 - 204,501 - Percentage of total liabilities and stockholders’ equity 81.7 18.3 100.0 1)Predominantly U.S. dollar. 5C.Research and Development, Patents and Licenses, Etc. For the past three years, we have not had any research and development policies in effect. 5D.Trend Information We expect many factors to affect our future results of operations, liquidity and capital resources, including: •the Brazilian economic environment, see “Item 5A. Operating Results—Macroeconomic Context––Brazilian Context” and “Item 3D. Risk Factors—Macroeconomic and Geopolitical Risks” for further details; •legal and regulatory developments, see “Item 4B. Business Overview—Supervision and Regulation,” “Item 5A. Operating Results—Macroeconomic Context––Brazilian Context” and “Item 3D. Risk Factors—Regulatory, Compliance and Legal” for further details; •the effects of any ongoing international financial turmoil, including on the liquidity and capital requirement, see “Item 4B. Business Overview— Supervision and Regulation,” “Item 5A. Operating Results—Macroeconomic Context––Global Context” and “Item 3D. Risk Factors—Macroeconomic and Geopolitical Risks” for further details; •the inflation effects on the results of our operations, see “Item 5A. Operating Results—Macroeconomic Context––Brazilian Context” and “Item 3D. Risk Factors—Macroeconomic and Geopolitical Risks” for further details; •the effects of the variations in the value of the real, foreign exchange rates and interest rates on our net interest income, see “Item 5A. Operating Results” and “Item 3D. Risk Factors—Macroeconomic and Geopolitical Risks” for further details; and •any acquisitions we may make in the future, see “Item 3D. Risk Factors—Strategy—The integration of acquired or merged businesses involves certain risks that may have a material adverse effect on us” for further details. As part of our strategy, we continue to review growth opportunities, both in Brazil and outside of Brazil. Additionally, see “Item 3D. Risk Factors” for comments on the risks faced in our operations and that could affect our business, results of operations or financial condition. 5E.Critical Accounting Estimates Not Applicable.