Itaú Unibanco Holding S.A. Updates Reference Form with Revised 2026 Projections
Itaú Unibanco Holding S.A. has submitted an updated Reference Form 2025 (v5) to disclose revised projections for fiscal year 2026. As of November 2026, the company considers a cost of capital of around 15.25% p.y. in the management of its businesses. The issuer stated that the adjustment to the expected effective tax rate is mainly related to the change in the long-term interest rate (TJLP) trajectory.
The updated filing also details recent equity transactions, including the acquisition of a controlling interest in Avenue Holding Cayman Ltd. On January 30, 2026, through its subsidiary ITB Holding Brasil Participações Ltda., the issuer acquired an additional 17.2% stake in Avenue Holding Cayman Ltd., bringing its controlling interest to 50.1% of the total share capital. The transaction was completed through a primary capital contribution and a secondary acquisition of shares totaling approximately R$735 million.
Additionally, the issuer finalized the corporate reorganization of Banco Itaucard S.A. Following approval from the Extraordinary General Meeting of the Company held on 04/28/2026, the merger of Itaucard into the company was completed on 09/30/2026, after obtaining approval from the Central Bank of Brazil. At the time of the merger, Itaucard had no operational activities, and the transaction did not result in a capital increase or the issuance of new shares by the issuer.
View the company filing on SEC.gov
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This story originally appeared on Fintel.