EX-99.1 2 ex99-1.htm EX-99.1

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 UNDER

THE SECURITIES EXCHANGE ACT OF 1934

For the month of February 2025

Commission File Number: 001-15276

Itaú Unibanco Holding S.A.

(Exact name of registrant as specified in its charter)

Itaú Unibanco Holding S.A.

(Translation of Registrant’s Name into English)

Praça Alfredo Egydio de Souza Aranha, 100-Torre Conceição

CEP 04344-902 São Paulo, SP, Brazil

(Address of Principal Executive Office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F [X] Form 40-F ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

Yes ¨ No [X]

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

Yes ¨ No [X]

TABLE OF CONTENTS

Page

CERTAIN TERMS AND CONVENTIONS | 1
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS | 2
PRESENTATION OF FINANCIAL AND OTHER INFORMATION | 4
SELECTED FINANCIAL DATA | 5
OPERATING AND FINANCIAL REVIEW AND PROSPECTS | 7
REGULATORY RECENT DEVELOPMENTS | 24
CHANGES TO OUR 2023 FORM 20-F | 28
SIGNATURES | 29
FINANCIAL STATEMENTS | 30

CERTAIN TERMS AND CONVENTIONS

All references in this Form 6-K to (i) “Itaú Unibanco Holding,” “Itaú Unibanco Group,” “we,” “us” or “our” are references to Itaú Unibanco Holding S.A. and its consolidated subsidiaries, except where otherwise specified or required by the context; (ii) the “Brazilian government” are references to the federal government of the Federative Republic of Brazil, or Brazil; (iii) “preferred shares” are references to our authorized and outstanding preferred shares with no par value; and (iv) “common shares” are references to our authorized and outstanding common shares with no par value. All references to “ADSs” are to American Depositary Shares, each representing one preferred share, without par value. The ADSs are evidenced by American Depositary Receipts, or “ADRs,” issued by The Bank of New York Mellon, or BNY Mellon. All references herein to the “real,” “reais” or “R$” are to the Brazilian real, the official currency of Brazil. All references to “US$,” “dollars” or “U.S. dollars” are to United States dollars.

Additionally, unless specified or the context indicates otherwise, the following definitions apply throughout this Form 6-K:

| · | “Itaú Unibanco” means Itaú Unibanco S.A., together with its consolidated subsidiaries;

| · | “Itaú BBA” means Banco Itaú BBA S.A., together with its consolidated subsidiaries;

| · | “Itaú Corpbanca” means Itaú Corpbanca, together with its consolidated subsidiaries; and

| · | “Central Bank” means the Central Bank of Brazil.

Acronyms used repeatedly, defined and technical terms, specific market expressions and the full names of our main subsidiaries and other entities referenced in this report on Form 6-K are explained or detailed in the glossary of terms beginning on page 193 to our annual report on Form 20-F for the year ended December 31, 2023, filed with the SEC on April 29, 2024, or our 2023 Form 20-F.

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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This report on Form 6-K contains statements that are or may constitute forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the United States Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended, or the Exchange Act. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends affecting our business. These forward-looking statements are subject to risks, uncertainties and assumptions including, among other risks:

| · | Political instability in Brazil, including developments and the perception of risks in connection with the Brazilian elected government, ongoing corruption investigations and other investigations and increasing fractious relations and infighting within the administration of the Brazilian government, as well as policies and potential changes to address these matters or otherwise, including economic and fiscal reforms, any of which may negatively affect growth prospects in the Brazilian economy as a whole;

| · | General economic, political, and business conditions in Brazil and variations in inflation indices, interest rates, foreign exchange rates, and the performance of financial markets in Brazil and the other markets in which we operate;

| · | Global economic and political conditions, as well as geopolitical instability, in particular in the countries where we operate, including in relation to the new administration in the United States after the 2024 presidential elections in the United States, the Russian invasion of Ukraine and conflicts in the Middle East;

| · | Changes in laws or regulations, including in respect of tax matters, compulsory deposits and reserve requirements, that adversely affect our business;

| · | The effect of any changes in tax law, tax reforms or review of the tax treatment on our activities, our operations and profitability;

| · | Disruptions and volatility in the global financial markets;

| · | Costs and availability of funding;

| · | Failure or hacking of our security and operational infrastructure or systems;

| · | Our ability to protect personal data;

| · | Our level of capitalization;

| · | Increases in defaults by borrowers and other loan delinquencies, which result in increases in loan loss allowances;

| · | Competition in our industry;

| · | Changes in our loan portfolio and changes in the value of our securities and derivatives;

| · | Customer losses or losses of other sources of revenues;

| · | Our ability to execute our strategies and capital expenditure plans and to maintain and improve our operating performance;

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| · | Our exposure to Brazilian public debt;

| · | Incorrect pricing methodologies for insurance, pension plan and premium bond products and inadequate reserves;

| · | The effectiveness of our risk management policies;

| · | Our ability to successfully integrate acquired or merged businesses;

| · | Adverse legal or regulatory disputes or proceedings;

| · | Environmental damage and climate change and effects from socio-environmental issues, including new and/or more stringent regulations relating to these issues; and

| · | Other risk factors as set forth in our 2023 Form 20-F.

The words “believe”, “may”, “will”, “estimate”, “continue”, “anticipate”, “intend”, “expect” and similar words are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. We undertake no obligation to update publicly or revise any forward-looking statements because of new information, future events or otherwise. In light of these risks and uncertainties, the forward-looking information, events and circumstances discussed in this report on Form 6-K might not occur. Our actual results and performance could differ substantially from those anticipated in such forward-looking statements. Given these risks and uncertainties, you should not place undue reliance on forward-looking statements as a prediction of actual results. You should interpret all subsequent written or oral forward-looking statements attributable to us or to persons acting on our behalf as being qualified by the cautionary statements in this report on Form 6-K.

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PRESENTATION OF FINANCIAL AND OTHER INFORMATION

The information found in this Form 6-K is accurate only as of the date of such information or as of the date of this Form 6-K, as applicable. Our activities, our financial position and assets, the results of operations and our prospects may have changed since that date.

Information contained in or accessible through our website or any other websites referenced herein does not form part of this Form 6-K unless we specifically state that it is incorporated by reference and forms part of this Form 6-K. All references in this Form 6-K to websites are inactive textual references and are for information only.

Effect of Rounding

Certain amounts and percentages included in this Form 6-K, including in the section of this Form 6-K entitled “Operating and Financial Review and Prospects” have been rounded according to established commercial standards. Percentage figures included in this Form 6-K have not been calculated in all cases on the basis of the rounded figures but on the basis of the original amounts prior to rounding. For this reason, certain percentage amounts in this Form 6-K may vary from those obtained by performing the same calculations using the figures in our audited consolidated financial statements. Certain other amounts that appear in this Form 6-K may vary slightly and figures shown as totals in certain tables may not be an arithmetical aggregation of the figures preceding them.

About our Financial Information

The reference date for the quantitative information derived from our consolidated balance sheet included in this Form 6-K is as of December 31, 2024 and 2023 and the reference dates for information derived from our audited consolidated statements of income are the years ended December 31, 2024 and 2023, except where otherwise indicated.

Our audited consolidated financial statements as of December 31, 2024 and 2023 and for the years ended December 31, 2024, 2023 and 2022, included at the end of this Form 6-K, are prepared in accordance with International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board, or IASB (currently referred to by the IFRS Foundation as “IFRS accounting standards”).

Our audited consolidated financial statements as of December 31, 2024 and 2023 and for the years ended December 31, 2024, 2023 and 2022 were audited in accordance with International Standards on Auditing by PricewaterhouseCoopers Auditores Independentes Ltda., or PwC, our independent auditors. Such financial statements are referred to herein as our audited consolidated financial statements.

Please see “Note 30 – Segment Information” to our audited consolidated financial statements for further details about the main differences between our management reporting systems and our audited consolidated financial statements prepared in accordance with IFRS accounting standards issued by the IASB.

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SELECTED FINANCIAL DATA

We present below our selected financial data derived from our audited consolidated financial statements included in this Form 6-K. Our audited consolidated financial statements are presented as of December 31, 2024 and 2023 and for the years ended December 31, 2024, 2023 and 2022 and have been prepared in accordance with IFRS accounting standards issued by the IASB. A discussion of the results of our operations for the year ended December 31, 2023 compared to the year ended December 31, 2022 can be found in our 2023 Form 20-F.

Additionally, we present a summarized version of our Consolidated Statement of Income, Consolidated Balance Sheet and Consolidated Statement of Cash Flows in the section “Operating and Financial Review and Prospects.”

The following selected financial data should be read together with “Presentation of Financial and Other Information” and “Operating and Financial Review and Prospects.”

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Income Information | For the year ended December 31, | Variation
2024 | 2023
(In millions of R$, except percentages and basis points) | %
Operating Revenues | 168,050 | 154,971 | 8.4
Net interest income(1) | 103,848 | 97,712 | 6.3
Non-interest income(2) | 64,202 | 57,259 | 12.1
Expected Loss from Financial Assets | (32,311) | (30,445) | 6.1
Other operating income (expenses) | (88,183) | (84,826) | 4.0
Net income attributable to owners of the parent company | 41,085 | 33,105 | 24.1
Recurring Return on Average Equity - Annualized - Consolidated (3) | 21.1% | 19.4% | 170 bps
Return on Average Equity – Annualized - Consolidated(4) | 20.9% | 18.6% | 230 bps
(1) Includes: (i) interest and similar income; (ii) interest and similar expenses; (iii) income of financial assets and liabilities at fair value through profit or loss; and (iv) foreign exchange results and exchange variations in foreign transactions. (2) Includes commissions and banking fees, income from insurance contracts and private pension and other income.
(3) The Recurring Return on Average Equity is obtained by dividing the Recurring Result (R$41,431 million and R$34,664 million in the years ended December 31, 2024 and 2023, respectively) by the Average Stockholders’ Equity (R$196,386 million and R$178,387 million in the years ended December 31, 2024 and 2023, respectively). The resulting amount is multiplied by the number of periods in the year to derive the annualized rate.
(4) The Return on Average Equity is calculated by dividing the Net Income (R$41,085 million and R$33,105 million in the years ended December 31, 2024 and 2023, respectively) by the Average Stockholders’ Equity (R$196,386 million and R$178,387 million in the years ended December 31, 2024 and 2023, respectively). This average considers the Stockholders’ Equity from the four previous quarters. The resulting amount is multiplied by the number of periods in the year to derive the annualized rate.

Balance Sheet Information | As of December 31, | As of December 31, | Variation
2024 | 2023 |
| (In millions of R$, except percentages and basis points) | %
Total assets | 2,854,475 | 2,543,100 | 12.2
Total loan and lease operations | 1,025,493 | 910,590 | 12.6
(-) Provision for expected loss(1) | (49,024) | (50,863) | (3.6)
Common Equity Tier I Ratio - in % | 13.7% | 13.7% | -
Tier I Ratio - in % | 15,0% | 15.2% | -20 bps
Total Capital Ratio - in % | 16,5% | 17.0% | -50 bps
(1) Comprises Expected Credit Loss for Financial Guarantees Pledged R$(988) million at 12/31/2024 (R$(887) million at 12/31/2023) and Loan Commitments R$(3,940) million at 12/31/2024 (R$(3,311) million at 12/31/2023). Please see “Note 10 — Loan and Lease operations” to our audited consolidated financial statements for further details.

Other Information | For the year ended December 31, | Variation
2024 | 2023 | %
Net income per share – R$ (1) | 4.20 | 3.38 | 24.3
Weighted average number of outstanding shares - basic | 9,789,394,360 | 9,799,174,221 | (0.1)
Total Number of Employees | 96,219 | 95,702 | 0.5
Brazil | 86,228 | 85,855 | 0.4
Abroad | 9,991 | 9,847 | 1.5
Total Branches and CSBs – Client Service Branches | 2,928 | 3,250 | (9.9)
ATM – Automated Teller Machines (2) | 40,030 | 41,694 | (4.0)
(1) Calculated based on the weighted average number of outstanding shares for the period.
(2) Includes ESBs (electronic service branches) and service points at third-party locations and Banco24Horas ATMs.

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OPERATING AND FINANCIAL REVIEW AND PROSPECTS

The following discussion should be read in conjunction with our audited consolidated financial statements and accompanying notes and other financial information included elsewhere in this Form 6-K and the description of our business in “Item 4. Information on the Company” in our 2023 Form 20-F. 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” herein and in our 2023 Form 20-F.

Results of Operations – Year ended December 31, 2024, compared to year ended December 31, 2023.

Our statement of income for the year ended December 31, 2023 reflects the results of Banco Itaú Argentina for the seven-month period ended July 31, 2023, whereas our statement of income for the year ended December 31, 2024 no longer reflects any results from Banco Itaú Argentina. The table below presents our summarized consolidated statement of income for the years ended December 31, 2024 and 2023. 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” in our 2023 Form 20-F.

Please see our audited consolidated financial statements for further details about our Consolidated Statement of Income, included elsewhere in this Form 6-K.

Summarized Consolidated Statement of Income | For the year ended December 31, | Variation
2024 | 2023 | R$ million | %
| (In millions of R$) |  |
Operating revenues | 168,050 | 154,971 | 13,079 | 8.4
Net interest income(1) | 103,848 | 97,712 | 6,136 | 6.3
Non-interest income(2) | 64,202 | 57,259 | 6,943 | 12.1
Expected loss from financial assets | (32,311) | (30,445) | (1,866) | 6.1
Other operating income (expenses) | (88,183) | (84,826) | (3,357) | 4.0
Net income before income tax and social contribution | 47,556 | 39,700 | 7,856 | 19.8
Current and deferred income and social contribution taxes | (5,428) | (5,823) | 395 | (6.8)
Net income | 42,128 | 33,877 | 8,251 | 24.4
Net income attributable to owners of the parent company | 41,085 | 33,105 | 7,980 | 24.1
(1) Includes:
(i) interest and similar income (R$242,258 million and R$222,385 million in the years ended December 31, 2024 and 2023, respectively); (ii) interest and similar expenses (R$(167,278) million and R$(158,250) million in the years ended December 31, 2024 and 2023, respectively); (iii) income of financial assets and liabilities at fair value through profit or loss (R$32,011 million and R$29,145 million in the years ended December 31, 2024 and 2023, respectively); and (iv) foreign exchange results and exchange variations in foreign transactions (R$(3,143) million and R$4,432 million in the years ended December 31, 2024 and 2023, respectively).
(2) Includes commissions and banking fees (R$47,071 million and R$45,731 million in the years ended December 31, 2024 and 2023, respectively), Income from insurance contracts and private pension (R$6,982 million and R$6,613 million in the years ended December 31, 2024 and 2023, respectively) and other income (R$10,149 million and R$4,915 million in the years ended December 31, 2024 and 2023, respectively).

Net income attributable to owners of the parent company increased by 24.1% to R$41,085 million for the year ended December 31, 2024, from R$33,105 million for the same period of 2023. This is mainly due to an 8.4%, or R$13,079 million increase in operating revenues, partially offset by a 4.0%, or R$3,357 million, increase in other operating expenses, and a 6.1%, or R$1,866 million, increase in expected loss from financial assets. These line items are further described below:

Net interest income increased by R$6,136 million, or 6.3%, for the year ended December 31, 2024, compared to the same period of 2023, mainly due to increases in the following line items (i) R$19,873 million in interest and similar income, mainly due to increases of R$9,474 million in financial assets at fair value through other comprehensive income, and R$8,319 million in loan operations income mainly as a result of an increase in the volume of loan and lease operations of 12.6%; and (ii) R$2,866 million in income of financial assets and liabilities at fair value through profit or loss. These increases were partially offset by an increase of R$9,028 million in interest and similar expense and a decrease of R$7,575 million in foreign exchange results and exchange variations in foreign transactions.

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| o | Interest and similar income increased by 8.9% for the year ended December 31, 2024, compared to the same period of 2023, as a result of an increase in interest income from financial assets at fair value through other comprehensive income, and the growth of our loan portfolio, across all business segments.

| o | Interest and similar expenses increased by 5.7% for the year ended December 31, 2024 compared to the same period of 2023, due to an increase of R$17,057 million in expenses from interbank market funds, mainly due to an increase in the volume of our operations. This increase was offset by decreases in the following line items: (i) R$5,362 million in expenses from securities sold under repurchase agreements, driven by lower market rates; and (ii) R$3,019 million in expenses from deposits, as a result of the lower average remuneration rate, which has led to efficiencies in our funding.

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$6,694 million of our net interest income for the year ended December 31, 2024, compared to R$4,991 million for the same period of 2023. Considering this managerial adjustment, net interest income was R$110,542 million, an increase of R$7,839 million, for the year ended December 31, 2024, compared to the same period of 2023.

Non-interest income increased by 12.1%, or R$6,943 million for the year ended December 31, 2024 compared to the same period of 2023. This increase was mainly due to (i) a 106.5%, or R$5,234 million, increase in other income, mainly due to the increase in income from the energy trading desk, as a result of higher energy prices being traded in the market; (ii) a 2.9%, or R$1,340 million, increase in commissions and banking fees, as a result of higher revenue from investment banking activities. Our income from insurance contracts and private pension increased by 5.6%, or R$369 million, as a result of the higher insurance sales, mainly related to life and credit life, offset by the lower financial result for the period.

The following chart shows the main components of our banking service fees for the years ended December 31, 2024 and 2023:

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Please see “Note 22 – Commissions and Banking Fees” to our audited consolidated financial statements for further details on banking service fees.

Expected Loss from Financial Assets

Our expected loss from financial assets increased by R$1,866 million, or 6.1%, for the year ended December 31, 2024, compared to the same period of 2023, mainly due to an increase in expected loss with other financial asset of R$3,961 million for the year ended December 31, 2024, compared to the same period of 2023. This increase was partially offset by a reduction in expected loss with loan and lease operations.

Please see “Note 10 — Loan and Lease operations” to our audited consolidated financial statements for further details on our loan and lease operations portfolio.

| o | 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, 2024, our 90-day NPL ratio was 2.6%, a decrease of 50 basis points compared to December 31, 2023. This decrease was due to the decrease of 60 basis points in the 90-day NPL ratio in respect of our individuals loan portfolio, due to the better quality of recent vintages and to the decrease of 30 basis points in the NPL ratio of our companies loan portfolio, compared to December 31, 2023.

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, 2024, our 15 to 90 days NPL ratio was 2.0%, a decrease of 30 basis points when compared to December 31, 2023. During this period our 15 to 90-day NPL ratio decreased by 20 basis points in the 15 to 90-day NPL ratio of our individuals loan portfolio. Additionally, the NPL ratio of our companies loan portfolio decreased by 20 basis points as of December 31, 2024 compared to December 31, 2023.

The chart below shows a comparison of both NPL ratios for each quarter as of December 31, 2023, through December 31, 2024:

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| o | Coverage ratio (90 days): We calculate our coverage ratio as provisions for expected losses to 90-day non-performing loans. As of December 31, 2024, our coverage ratio in accordance with accounting practices adopted in Brazil applicable to institutions authorized to operate by the Central Bank, or BRGAAP, was 215% compared to a ratio of 216% as of December 31, 2023. The decrease in the total coverage ratio was mainly driven by the lower allowance for loan losses, which was mainly impacted by the reversal of a provision for a specific client in the corporate segment in Brazil.

The chart below shows a comparison in the coverage ratios for each quarter as of December 31, 2023, through December 31, 2024:

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Other Operating Expenses increased by 4.0% to an expense of R$88,183 million for the year ended December 31, 2024, from an expense of R$84,826 million for the same period of 2023. This increase was mainly due to the R$3,657 million, or 4.8%, increase in our general and administrative expenses for the year ended December 31, 2024. This increase was due to: (i) the effects of our annual collective wage agreement, which includes a 4.64% adjustment on salaries and benefits from September 2024 onwards; (ii) the increase in profit sharing expenses; and (iii) higher expenses from the energy trading desk, due to higher energy prices being traded in the market.

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$5,428 million for the year ended December 31, 2024, from an expense of R$5,823 million in the same period of 2023, mainly driven by the increase in other non-deductible expenses net of non-taxable income.

The managerial adjustments of tax effects, as mentioned in “net interest income,” amounted to R$5,781 million in current and deferred income and social contribution taxes for the year ended December 31, 2024, compared to R$4,855 million for the same period of 2023. Considering this fiscal effect, current and deferred income and social contribution taxes was R$11,209 million, an increase of R$531 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” in our 2023 Form 20-F 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, 2024:

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Summarized Consolidated Statement of Income from January 1, 2024 to December 31, 2024(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 | 101,057 | 58,014 | 9,887 | 168,958 | (908) | 168,050
Cost of Credit | (29,819) | (4,675) | - | (34,494) | 2,183 | (32,311)
Claims | (1,589) | (26) | - | (1,615) | 1,615 | -
Other operating income (expenses) | (48,552) | (21,248) | (2,541) | (72,341) | (15,842) | (88,183)
Income tax and social contribution | (5,482) | (10,502) | (1,879) | (17,863) | 12,435 | (5,428)
Non-controlling interest in subsidiaries | (491) | (650) | (101) | (1,242) | 199 | (1,043)
Net income | 15,124 | 20,913 | 5,366 | 41,403 | (318) | 41,085
(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 business with retail customers, account holders and non-account holders, individuals and legal entities, high income clients (Itaú Uniclass and Personnalité) and the companies’ segment (microenterprises and small companies). It includes financing and credit offers made outside the branch network, in addition to credit cards and payroll loans.

The following table sets forth our summarized consolidated statement of income with respect to our Retail Business segment for the years ended December 31, 2024 and 2023:

Summarized Consolidated Statement of Income - Retail Business | For the year ended December 31, | Variation
2024 | 2023 | R$ million | %
| (In millions of R$) |  |
Operating revenues | 101,057 | 96,595 | 4,462 | 4.6
Interest margin | 61,956 | 59,099 | 2,857 | 4.8
Non-interest income (1) | 39,101 | 37,496 | 1,605 | 4.3
Cost of credit and claims | (31,408) | (33,626) | 2,218 | (6.6)
Other operating income (expenses) | (48,552) | (45,560) | (2,992) | 6.6
Income tax and social contribution | (5,482) | (4,232) | (1,250) | 29.5
Non-controlling interest in subsidiaries | (491) | (78) | (413) | 529.5
Net income | 15,124 | 13,099 | 2,025 | 15.5
(1) Non-interest income include: commissions and banking fees; income from insurance and private pension operations before claim and selling expenses and other revenues.

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Net income from our Retail Business segment increased by 15.5%, to R$15,124 million for year ended Decembercome from our Retail Business segment increased by 15.5%, to R$15,124 million for year ended December 31, 2024, from R$13,099 million for the same period of 2023. These results are explained as follows:

| o | Operating revenues: increased by R$4,462 million for the year ended December 31, 2024, compared to the same period of 2023, as a result of an increase of 4.8% in the interest margin, as a result of a higher average credit volume. Moreover, non-interest income increased by 4.3% in the year ended December 31, 2024, compared to the same period of 2023, caused by higher revenues from insurance products, caused by the increase in earned premiums, mainly in the following products: (i) life and personal accident, (ii) credit life, and (iii) protected card, in addition to higher revenue from the issuance of credit and debit cards.

| o | Cost of credit and claims decreased by R$2,218 million for the year ended December 31, 2024, compared to the same period of 2023, as a result of the decreases in provisions for loan losses and in discounts granted, and the increase in the recovery of loans written off as losses.

| o | Other operating expenses increased by R$2,992 million for the year ended December 31, 2024, compared to the same period of 2023, mainly due to the increase in expenses with (i) personnel, driven by the effects of our annual collective wage agreement and the increase in profit sharing expenses; (ii) third-party services; and (iii) data processing and depreciation and amortization.

| o | 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 - 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 consists of products and services offered to middle-market companies, high net worth clients (Private Banking), and the operation of Latin American units and Itaú BBA, which is the unit responsible for business with large companies and Investment Banking operations.

The following table sets forth our summarized consolidated statement of income with respect to our Wholesale Business segment for the years ended December 31, 2024 and 2023:

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Summarized Consolidated Statement of Income - Wholesale Business | For the year ended December 31, | Variation
2024 | 2023 | R$ million | %
| (In millions of R$) |  |
Operating revenues | 58,014 | 54,631 | 3,383 | 6.2
Interest margin | 41,259 | 39,980 | 1,279 | 3.2
Non-interest income (1) | 16,755 | 14,651 | 2,104 | 14.4
Cost of credit and claims | (4,701) | (4,825) | 124 | (2.6)
Other operating income (expenses) | (21,248) | (20,373) | (875) | 4.3
Income tax and social contribution | (10,502) | (9,022) | (1,480) | 16.4
Non-controlling interest in subsidiaries | (650) | (655) | 5 | (0.8)
Net income | 20,913 | 19,756 | 1,157 | 5.9
(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 5.9%, to R$20,913 million for the year ended December 31, 2024 from R$19,756 million for the same period of 2023. These results are explained as follows:

| o | Operating revenues: increased by R$3,383 million, or 6.2%, for the year ended December 31, 2024 compared to the same period of 2023, as a result of an increase of 3.2% in the interest margin, driven by the higher average credit volume and the higher margin of liabilities recorded during the period. The 14.4% increase in non-interest income was driven by the increase in asset management fees and higher revenues from advisory services and brokerage, as a result of higher volumes of fixed income transactions. As of November 30, 2024, we participated in 408 local fixed-income transactions, which included debentures and promissory notes issuance, as well as securitizations, totaling R$130.2 billion in originated volume and R$67.4 billion in distribution, ranking first in originated volume and distribution pursuant to a ranking published by the Brazilian Financial and Capital Markets Association (Associação Brasileira das Entidades dos Mercados Financeiro e de Capitais, or ANBIMA). In the equity markets, we ranked first in number of operations, participating in 8 operations (not considering Block Trades), and first in terms of volume with R$2.3 billion, both in Dealogic´s ranking, as of December 31, 2024. We also provided financial advisory services for 43 M&A transactions in Brazil, totaling R$66.6 billion. As of December 31, 2024, we were ranked second place in number of M&A deals and in volume in Dealogic’s ranking and excluding proprietary operations we were ranked first place in number of M&A (39 transactions) and first place in terms of volume (R$ 65.2 billion).

| o | Cost of credit and claims decreased by R$124 million for the year ended December 31, 2024 compared to the same period of 2023, as a result of lower provision for loan losses and discounts granted, partially offset by higher impairment charges on private securities in the Wholesale Business segment in Brazil.

| o | Other operating expenses increased by R$875 million for the year ended December 31, 2024, compared to the same period of 2023, driven by an increase in expenses with (i) personnel, driven by the effects of our annual collective wage agreement and the increase in profit sharing expenses; (ii) third-party services; (iii) data processing; and (iv) depreciation and amortization.

| o | 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 audited 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.

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(c) Activities with the Market + Corporation

This segment consists of results from capital surplus, subordinated debt surplus and the net balance of tax credits and debits. It also includes the financial margin on market trading, treasury operating costs, and equity in earnings of companies not included in either of the other segments.

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, 2024 and 2023:

Summarized Consolidated Statement of Income - Activities with the Market + Corporation | For the year ended December 31, | Variation
2024 | 2023 | R$ million | %
| (In millions of R$) |  |
Operating revenues | 9,887 | 5,572 | 4,315 | 77.4
Interest margin | 9,232 | 5,019 | 4,213 | 83.9
Non-interest income (1) | 655 | 553 | 102 | 18.4
Other operating income (expenses) | (2,541) | (1,864) | (677) | 36.3
Income tax and social contribution | (1,879) | (935) | (944) | 101.0
Non-controlling interest in subsidiaries | (101) | (10) | (91) | 910.0
Net income | 5,366 | 2,763 | 2,603 | 94.2
(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 increased by R$2,603 million, or 94.2%, for the years ended December 31, 2024, compared to the same period of 2023. We recorded an increase of R$4,315 million in operating revenues, as a result of (i) higher remuneration of excess capital; (ii) higher income with interest on capital; and (iii) higher results from the banking desk due to their asset liability management.

| o | 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 audited 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 income before tax and social contribution.

Balance Sheet

The table below sets forth our summarized balance sheet as of December 31, 2024 and 2023. Please see our audited consolidated financial statements for further details about our Consolidated Balance Sheet.

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Summarized Balance Sheet - Assets | As of | Variation
December 31, 2024 | December 31, 2023 | R$ million | %
|  |  | (In millions of R$) |  |
Cash | 36,127 | 32,001 | 4,126 | 12.9
Financial assets at amortized cost | 1,912,804 | 1,686,225 | 226,579 | 13.4
|  | Central Bank of Brazil deposits | 160,698 | 145,404 | 15,294 | 10.5
|  | Interbank deposits, securities purchased under agreements to resell and securities at amortized cost | 637,658 | 550,071 | 87,587 | 15.9
|  | Loan and lease operations | 1,025,493 | 910,590 | 114,903 | 12.6
|  | Other financial assets | 136,713 | 127,699 | 9,014 | 7.1
|  | (-) Provision for Expected Loss | (47,758) | (47,539) | (219) | 0.5
Financial assets at fair value through other comprehensive income | 106,303 | 130,039 | (23,736) | (18.3)
Financial assets at fair value through profit or loss | 654,194 | 568,354 | 85,840 | 15.1
Insurance contracts, Investments in associates and join ventures, Fixed assets, Goodwill and Intangible assets and other assets | 72,394 | 61,960 | 10,434 | 16.8
Tax assets | 72,653 | 64,521 | 8,132 | 12.6
Total assets | 2,854,475 | 2,543,100 | 311,375 | 12.2

Total assets increased by R$311,375 million, as of December 31, 2024, compared to December 31, 2023, mainly due to an increase in financial assets at amortized cost and in financial assets at fair value through profit or loss. This result is further described below:

Financial assets at amortized cost increased by R$226,579 million, or 13.4%, as of December 31, 2024, compared to December 31, 2023, mainly due to increases in (i) our loan and lease operations; (ii) interbank deposits, securities purchased under agreements to resell and securities at amortized cost; (iii) Central Bank of Brazil deposits; and (iv) other financial assets.

Interbank deposits, securities purchased under agreements to resell, securities at amortized cost increased by R$87,587 million, or 15.9%, as of December 31, 2024 compared to December 31, 2023, mainly due to an increase of (i) R$66,764 million in securities, mainly in corporate securities, especially in rural product notes (Cédula do Produtor Rural) and debentures; (ii) R$15,924 million in interbank deposits; and (iii) R$4,899 million in securities purchased under agreements to resell.

Please see “Note 4 - Interbank Deposits and Securities Purchased Under Agreements to Resell”, “Note 9 - Financial assets at amortized cost – Securities” to our audited consolidated financial statements for further details.

Loan and lease operations increased by R$114,903 million, or 12.6%, as of December 31, 2024, compared to December 31, 2023, mainly due to the increases of (i) R$36,484 million in foreign loans – Latin America, as a result of the impact of foreign exchange variation; (ii) R$28,958 million in our individuals loan portfolio, especially due to increases of (a) R$12,750 million in mortgage loans; (b) R$6,731 million in credit card; and (c) R$5,112 million in personal loans; (iii) R$25,082 million in micro/small and medium companies; and (iv) R$24,379 million in corporate loans.

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Loan and Lease Operations, by asset type | As of | Variation
December 31, 2024 | December 31, 2023 | R$ million | %
| (In millions of R$) |  |
Individuals | 445,574 | 416,616 | 28,958 | 7.0
Credit card | 143,048 | 136,317 | 6,731 | 4.9
Personal loan | 66,104 | 60,992 | 5,112 | 8.4
Payroll loans | 74,524 | 73,472 | 1,052 | 1.4
Vehicles | 36,637 | 33,324 | 3,313 | 9.9
Mortgage loans | 125,261 | 112,511 | 12,750 | 11.3
Corporate | 160,840 | 136,461 | 24,379 | 17.9
Micro/Small and Medium companies | 194,192 | 169,110 | 25,082 | 14.8
Foreign Loans - Latin America | 224,887 | 188,403 | 36,484 | 19.4
Total Loans and lease operations | 1,025,493 | 910,590 | 114,903 | 12.6

Please see “Note 10 – Loan and Lease Operations” to our audited consolidated financial statements for further details.

The table below sets forth our summarized balance sheet – liabilities and stockholders’ equity as of December 31, 2024 and 2023. Please see our audited consolidated financial statements for further details about our Consolidated Balance Sheet.

Summarized Balance Sheet - Liabilities and Stockholders' Equity | As of | Variation |
December 31, 2024 | December 31, 2023 | R$ million | % |
|  |  | (In millions of R$) |  |  |
Financial Liabilities | 2,239,979 | 2,001,691 | 238,288 | 11.9 |
| At Amortized Cost | 2,148,776 | 1,944,162 | 204,614 | 10.5 |
|  | Deposits | 1,054,741 | 951,352 | 103,389 | 10.9 |
|  | Securities sold under repurchase agreements | 388,787 | 362,786 | 26,001 | 7.2 |
|  | Interbank market funds, Institutional market funds and other financial liabilities | 705,248 | 630,024 | 75,224 | 11.9 |
| At Fair Value Through Profit or Loss | 86,275 | 53,331 | 32,944 | 61.8 |
| Provision for Expected Loss | 4,928 | 4,198 | 730 | 17.4 |
Insurance contracts and private pension | 306,899 | 271,546 | 35,353 | 13.0 |
Provisions | 19,209 | 19,744 | (535) | (2.7) |
Tax liabilities | 11,345 | 9,202 | 2,143 | 23.3 |
Other liabilities | 55,759 | 41,867 | 13,892 | 33.2 |
Total liabilities | 2,633,191 | 2,344,050 | 289,141 | 12.3 |
Total stockholders’ equity attributed to the owners of the parent company | 211,090 | 190,177 | 20,913 | 11.0 |
Non-controlling interests | 10,194 | 8,873 | 1,321 | 14.9 |
Total stockholders’ equity | 221,284 | 199,050 | 22,234 | 11.2 |
Total liabilities and stockholders' equity | 2,854,475 | 2,543,100 | 311,375 | 12.2 |

Total liabilities and stockholders’ equity increased by R$311,375 million, as of December 31, 2024, compared to December 31, 2023, mainly due to an increase in financial liabilities at amortized cost. These results are detailed as follows:

Deposits increased by R$103,389 million, or 10.9%, as of December 31, 2024, compared to December 31, 2023, mainly due to an increase of R$78,785 million in time deposits, as a result of our commercial strategy to focus on this product in the Retail Business segment and higher demand for fixed income products.

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Please see “Note 15 – Deposits” to our audited consolidated financial statements for further details.

Securities sold under repurchase agreements increased by R$26,001 million, or 7.2%, as of December 31, 2024 compared to December 31, 2023, mainly due to an increase of R$25,418 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 audited consolidated financial statements for further details.

Interbank market funds, institutional market funds and other financial liabilities increased by R$75,224 million, or 11.9%, as of December 31, 2024 compared to December 31, 2023, mainly due to increases of (i) R$43,649 million in interbank market funds, especially in import and export financing; and (ii) R$20,956 million in institutional market funds, especially in foreign loans through securities.

Please see “Note 17 – Securities Sold Under Repurchase Agreements and Interbank and Institutional Market Funds” and “Note 18 – Other assets and liabilities” to our audited consolidated financial statements for further details.

Insurance contracts and private pension increased by R$35,353 million, or 13.0%, as of December 31, 2024 compared to December 31, 2023, 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 as a result of an 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, 2023 to December 31, 2024:

(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.

Capital Management

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.

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.

Our Total Capital, Tier I Capital and Common Equity Tier I Capital ratios are calculated on a consolidated basis, applied to institutions included in our Prudential Conglomerate which comprises not only financial institutions but also consortium administrators (administradoras de consórcios), payment institutions (instituições de pagamento), factoring companies or companies that directly or indirectly assume credit risk, and investment funds in which we retain substantially all risks and rewards.

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As of December 31, 2024, our Total Capital reached R$227,602 million, an increase of R$20,740 million compared to December 31, 2023. Our Basel Ratio (calculated as the ratio between our Total Capital and the total amount of RWA) reached 16.5% as of December 31, 2024, a decrease of 50 basis points compared to 17.0% as of December 31, 2023, as a result of repurchases of debts that make up Tier I and II capital.

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, 2024, our Fixed Assets Ratio reached 18.5%, representing a buffer of R$71,704 million. The leverage ratio reached 7.4% on December 31, 2024, remaining stable compared to December 31, 2023.

On December 31, 2024, our Tier I Capital ratio reached 15.0%, consisting of 13.7% Common Equity Tier I and of 1.3% Additional Tier I. Our Tier I Capital ratio decreased 0.2 percentage points in relation to September 30, 2024, mainly due to repurchases of debts that composed capital.

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 to ensure 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) the liquidity coverage ratio, or LCR, and (ii) the net stable funding ratio, or NSFR.

We believe that the LCR and NSFR provide more relevant information than an analysis of summarized cash flows.

We present below a discussion of our LCR for the average of the three-month period ended on December 31, 2024, and our NSFR as of December 31, 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%.

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The following table presents our liquidity coverage ratio for the three-month periods ended December 31, 2024 and 2023:

| Three-month period ended December 31,
Liquidity Coverage Ratio | 2024 | 2023
Total Weighted Value (average)
| (In millions of R$)
Total High Liquidity Assets (HQLA)1 | 362,609 | 371,763
Cash Outflows2 | 409,051 | 384,959
Cash Inflows3 | 245,188 | 191,181
Total Net Cash Outflows | 163,863 | 193,779
LCR% | 221.3% | 191.8%
(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 as of December 31, 2024 was 221.3% and, accordingly, above Central Bank 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 available stable funds for the end of each period (recursos estáveis disponíveis, or ASF) to our required stable funds for the end of each period (recursos estáveis requeridos, or RSF).

Pursuant to Central Bank regulations, effective as of October 1, 2018, the minimum NSFR is 100%.

The following table presents our net stable funding ratio as of December 31, 2024 and 2023:

| As of December 31,
Net Stable Funding Ratio | 2024 | 2023
Total Ajusted Value
| (In millions of R$)
Total Available Stable Funding (ASF)¹ | 1,375,854 | 1,246,214
Total Required Stable Funding (RSF)² | 1,127,870 | 982,376
NSFR (%) | 122.0% | 126.9%
(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, 2024, our ASF totaled R$1,375.9 billion, mainly due to capital and Retail Business and Wholesale Business funding, and our RSF totaled R$1,127.9 billion, particularly due to loans and financings with Wholesale Business and Retail Business customers, central governments and transactions with central banks.

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As of December 31, 2024, our NSFR was 122.0% and, accordingly, above Central Bank requirements.

Liquidity and Capital Resources

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: (i) cash and deposits on demand; (ii) funded positions of securities purchased under agreements to resell; and (iii) unencumbered government securities.

The following table presents our operational liquidity reserve as of December 31, 2024 and 2023:

Operational Liquidity Reserve | As of December 31, | 2024 Average Balance(1)
2024 | 2023
| (In millions of R$) |
Cash | 36,127 | 32,001 | 35,550
Securities purchased under agreements to resell – Funded position (2) | 50,461 | 58,714 | 71,185
Unencumbered government securities (3) | 154,526 | 147,861 | 142,177
Operational reserve | 241,114 | 238,576 | 248,912
(1) Average calculated based on audited consolidated financial statements. |  |  |
(2) Net of R$7,031 (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 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.

Please see “Note 15 – Deposits” to our audited consolidated financial statements for further details about funding.

Capital Expenditures

In accordance with our practice in the last few years, our capital expenditures in the year ended December 31, 2024 were funded with internal resources. We cannot provide assurance 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 for the years ended December 31, 2024 and 2023:

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| For the year ended December 31,
Capital Expenditures | 2024 | 2023
(In millions of R$, except percentages)
Fixed Assets | 1,833 | 3,815
Fixed assets under construction | 1,112 | 1,277
Land and buildings | 6 | 1,510
Leasehold improvements | 105 | 57
Installations, furniture and data processing equipment | 546 | 942
Other | 64 | 29
Intangible Assets | 5,535 | 5,376
Goodwill | 135 | 603
Software acquired or internally developed | 4,537 | 4,086
Other intangibles | 863 | 687
Total | 7,368 | 9,191

Please 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, 2024. The information described is derived from our audited consolidated financial statements. As of the date of this Form 6-K, there has been no material change in our capitalization since December 31, 2024.

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Capitalization | As of December 31, 2024
R$ | US$ (1)
| (In millions, except percentages)
Current liabilities |  |
Deposits | 526,152 | 91,049
Securities sold under repurchase agreements | 345,633 | 59,811
Structured notes | - | -
Derivatives | 40,580 | 7,022
Interbank market funds | 218,138 | 37,748
Institutional market funds | 17,033 | 2,947
Other financial liabilities | 188,877 | 32,685
lnsurance contracts and private pension | 631 | 109
Provisions | 5,093 | 881
Income tax and social contribution - current | 4,364 | 755
Other Non-financial liabilities | 49,387 | 8,546
Total | 1,395,888 | 241,553
Long-term liabilities |  |
Deposits | 528,589 | 91,470
Securities sold under repurchase agreements | 43,154 | 7,468
Structured notes | 318 | 55
Derivatives | 44,833 | 7,758
Interbank market funds | 154,156 | 26,676
Institutional market funds | 123,514 | 21,374
Other financial liabilities | 4,074 | 705
lnsurance contracts and private pension | 306,268 | 52,999
Provision for Expected Loss | 4,928 | 853
Provisions | 14,116 | 2,443
Other tax liabilities | 6,378 | 1,104
Other Non-financial liabilities | 6,372 | 1,103
Total | 1,236,700 | 214,006
Income tax and social contribution - deferred | 603 | 104
Non-controlling interests | 10,194 | 1,764
Stockholders’ equity attributed to the owners of the parent company (2) | 211,090 | 36,528
Total capitalization (3) | 2,854,475 | 493,956
BIS ratio (4) | 16.5% |
(1) Convenience translation at 5.7788 reais per U.S. dollar, the exchange rate in effect on February 11, 2025. |  |
(2) Itaú Unibanco Holding’s authorized and outstanding share capital consists of 4,958,290,359 common shares and 4,817,814,156 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, 2024.
(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.

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 that are described in “Note 13 – Fixed assets,” “Note 14 – Goodwill and Intangible assets,” “Note 32 – Risk and Capital Management, I.I – Collateral and policies for mitigating credit risk” and “Note 32 – Risk and Capital Management – I.IV – Maximum Exposure of Financial Assets to Credit Risk” to our audited consolidated financial statements.

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REGULATORY RECENT DEVELOPMENTS

We are subject to the regulation and supervision of various regulatory entities in the segments we operate. The supervision of these entities is essential to the structure of our business and directly impacts our growth strategies. Our 2023 Form 20-F contains disclosure of the regulations and supervision of various regulatory entities to which we are subject in “Item 4B. Business Overview - Supervision and Regulation.”

We describe below the material regulatory developments applicable to us that took place from the date of the filing of our 2023 Form 20-F and through the date of this Form 6-K.

Consumer Protection

On July 1, 2024, Law No. 14,905 of 2024 was published. This law introduces significant changes to the Brazilian Civil Code regarding monetary restatement and interest accrual in cases of default. It allows parties to freely set the monetary restatement index and interest rates in contracts, subject to legal limits, with the IPCA being used as a default for restatement and SELIC rate minus the applicable index for statutory interest. The law also that mandates the Central Bank provides a public tool to simulate statutory interest rates and clarifies that Decree No. 22,626 dated April 7, 1933 (the “Usury Law”) does not apply to certain obligations outside the SFN, such as transactions between legal entities, debt instruments, and those involving financial institutions. These provisions of the law came into force on August 30, 2024.

Credit Derivatives

On August 22, 2024, the CMN issued Resolution No. 5,166, which updates the regulations for issuing Structured Operations Certificates, or COEs, by financial institutions, and Resolution No. 5,167, which expands the list of credit events recognized in credit derivative transactions. Resolution No. 5,167 enhances the credit derivative framework, enabling institutions to manage risks, thus promoting greater use in the Brazilian market; while Resolution No. 5,166 introduces a new COE tied to credit risk, requiring returns based on protection against credit events and market value fluctuations. Both align with international practices and allow self-regulatory entities to define new credit events. These resolutions came into effect on September 2, 2024.

Regulation on Payment Agents and Payment Arrangements

In 2024, the Central Bank proposed two public consultations regarding structural regulatory changes on relevant topics to the payments market: banking as a service and improvement in the management of financial risks in the credit card payment arrangement. In respect of banking as a service, on October 31, 2024, the Central Bank announced Public Consultation No. 108, which aims to establish the regulatory framework for banking as a service activities and products and to mitigate risks related to transparency, standards of conduct, prevention of money laundering and terrorist financing, internal controls, and accountability for the services provided. In relation to credit card payment arrangements, on September 2, 2024, the Central Bank launched Public Consultation No. 104 to develop regulations aimed at strengthening centralized risk management frameworks within Brazil’s payments system and focusing on enhancing and standardizing risk management practices across payment networks. It is expected that a new regulation will be adopted in the course of 2025, bringing clearer stronger provisions for regulating the payment market.

DREX, Real Digital

On April 27, 2023, the Central Bank issued Resolution No. 315, which establishes formal rules applicable to the pilot of the former “Real Digital”, now called “Drex”, and institutes the Executive Management Committee of the “Real Digital” platform (now called “Drex” platform). Resolution No. 315 provides that a select group of financial institutions subject to Central Bank supervision who have the capacity to test (based on their corresponding business model) transactions involving the issuance, redemption or transfer of financial assets, as well as to execute the simulation of financial flows resulting from trading events when applicable to financial assets subject to the test, would be allowed to participate in the pilot. On May 25, 2023, the Central Bank published a list of 14 selected participants, including us. The Central Bank began incorporating participants into the Drex pilot platform in June 2023.

Resolution No. 315 was amended by Resolution No. 382 on May 22, 2024, and based on that, the Central Bank published the second phase of Drex pilot project. On September 23, 2024, the Central Bank disclosed a list of 13 selected projects, which included a project that will be developed by Itaú, Bradesco and Banco do Brasil relating to the use of Bank Deposit Certificates as collateral in loans.

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Recent Developments on Prudential Regulation

On April 26, 2023, the Central Bank issued Resolution No. 313, which came into effect in July 2024 and addresses the second phase of the Central Bank’s market risk framework (Fundamental Review of the Trading Book or “FRTB”). This resolution establishes the procedures for the daily calculation, using a standardized approach, of the portion of risk-weighted assets (RWA) related to the calculation of the capital required for exposures to the credit risk of financial instruments classified in the trading book (RWADRC). The changes provided by the resolution include the separation of the calculation of capital requirement for exposures subject to credit risk in the trading book from those classified in the banking book. This separation enables the elimination of exposure protected by credit derivatives and encourages institutions to incorporate hedging mechanisms into their portfolios to reduce effective exposure to risk.

In respect of operational risk, the Central Bank issued Resolution No. 356, on November 28, 2023, which came into effect by January 2025 and will be implemented gradually until 2028, softening its impact on the capital requirements of supervised entities. This resolution replaces the three calculation methodologies for required capital for risk-weighted assets (RWAOPAD) currently in use (BIA, ASA and ASA2), with a single, more robust and risk-sensitive method, including an internal loss component that modulates the capital required.

On September 24, 2024, the Central Bank launched Public Consultation 106 to introduce the minimum leverage ratio requirement on individual or sub-consolidated basis, in the case where there is free transfer of resources between the entities on the same prudential conglomerate, as well as applying minimum limits for the Liquidity Covered Ratio (“LCR”) on a sub-consolidated basis, adapting national regulation to Basel III standards.

Additionally, the CMN issued Resolution No. 5,187, which establishes requirements for the planning and resolution processes of institutions under the supervision of the Central Bank. Pursuant to this resolution, financial institutions, including us, must prepare the Recovery and Organized Exit Plan (“PRSO”), which is designed to contribute to the solidity, stability and regular functioning of the National Financial System.

On December 23, 2024, the CMN and the Central Bank issued CMN Resolution No. 5,199 and Central Bank Resolution No. 448 to establish a transition schedule to incorporate the impacts on regulatory capital due to the new provisioning model set forth under those rules and by based on IFRS9 (CMN Resolution No. 4,966). This transition schedule aligns with the Basel Committee on Banking Supervision recommendations, which allow jurisdictions to phase in the effects on regulatory capital resulting from increased provisions following the adoption of IFRS9. The approved regulation partially restores regulatory capital that may have been reduced due to the shift to the new provisioning model. Details on the implementation will be communicated in due course and the rules came into force on January 1, 2025.

Regulations on ESG Requirements Applicable to Financial Institutions

On November 21, 2024, the CMN issued Resolution No. 5,185, requiring larger financial institutions, including us, to prepare and disclose a sustainability report along with their financial statements, starting in 2026. The report must adhere to international standards (IFRS S1 and S2) and Brazilian sustainability pronouncements. This requirement also applies to institutions that voluntarily publish consolidated financial statements, and the report must be audited by an independent auditor. The resolution, effective from January 1, 2025, allows early adoption, with a 2028 deadline for institutions in the S3 segment and others voluntarily publishing their consolidated statements. As of the date of this Form 6-K, we have not implemented these changes yet.

Foreign Exchange Transactions and Non-Resident Accounts

The Brazilian Constitution allows foreign individuals or companies to invest in the voting shares of financial institutions based in Brazil only if they have specific authorization from the Brazilian government, declaring that the participation of foreign capital is in the interest of the Brazilian government by means of a presidential decree, pursuant

25

to article 52 of the Act of Transitional Constitutional Provisions. On September 26, 2019, the Brazilian government published Decree No. 10,029, delegating to the Central Bank the power to recognize the government’s interest in the viability of investment operations. On January 22, 2020, the Central Bank issued Circular No. 3,977/20, which recognizes the shareholding in the capital of financial institutions headquartered in Brazil, of natural persons or legal entities resident or domiciled abroad, as of interest to the Brazilian government, provided that the requirements provided for in the Central Bank regulations are met.

Accordingly, the analysis of the capital composition of financial institutions is performed for foreign shareholders in the same way that it is performed for Brazilian shareholders. Any investment in common shares would be dependent on the Central Bank's authorization. Foreign investors that do not comply with the requirements and procedures laid down in the regulations of the Central Bank may acquire publicly traded non-voting shares of financial institutions based in Brazil or depositary receipts representing non-voting shares offered abroad. Foreign investments in Brazil shall be registered with the Central Bank and/or the CVM, as applicable, subject to the restrictions and requirements set forth in the local regulation. For over 25 years, we have been trading ADRs for our preferred shares in the U.S. market. Foreign interest in our share voting capital is currently limited to 30% (thirty percent).

On February 7, 2022, the CVM issued Resolution No. 64, which exempts non-resident individual investors from the specific registration requirement with the CVM, provided that their representatives (who must register with the CVM prior to the non-resident investor operating in Brazil, through the filing of an application) send information about the investor, as required by the CVM, through CVM’s electronic systems.

On December 3, 2024, the Central Bank and the CVM issued Joint Resolution No. 13 (“Joint Resolution No. 13”), which facilitates the entry of foreign investors in the Brazilian financial and capital markets. The rule introduced the possibility for foreign investors of making investments in local currency with funds held in foreign bank accounts of the non-resident investor, or with bills of payment denominated in reais but issued abroad, without the need of converting these availabilities into portfolio investments by means of the execution of a simultaneous and symbolic FX transaction, which was previously required under CMN Resolution No. 4,373, as well as the possibility of the foreign investor making an investment directly from a nonresident checking or payment account in reais opened with a local financial or payment institution. Reporting and local representation requirements applicable to this type of investment were also simplified.

Insurance Regulation

The insurance business in Brazil is regulated by CNSP and SUSEP. Insurance companies require SUSEP approval to offer their products. Insurance companies in Brazil may offer all types of insurance (except for workers’ compensation insurance) directly to clients or through qualified brokers.

Insurance companies must set aside reserves to be invested in specific types of securities. As a result, insurance companies are among the main investors in the Brazilian securities market and subject to CMN regulations regarding the investment of technical reserves.

In the event that an insurance company is declared bankrupt, the insurance company will be subject to a special procedure administered by SUSEP or by ANS. If an insurance company is declared bankrupt and (i) its assets are not sufficient to guarantee at least half of the unsecured credits or (ii) procedures relating to acts that may be considered bankruptcy-related crimes are in place, the insurance company will be subject to ordinary bankruptcy procedures.

There is currently no restriction on foreign investments in insurance companies in Brazil.

Brazilian legislation establishes that insurance companies must buy reinsurance to the extent their liabilities exceed their technical limits under CNSP and SUSEP rules, and reinsurance contracts may be entered into through a direct negotiation between the insurance and reinsurance companies or through a reinsurance broker authorized to operate in Brazil.

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On December 10, 2024, the new Law No. 15.040/2024 was published, establishing private insurance rules, repealing the previous provisions of the Brazilian Civil Code and amending Decree No. 73/1966. The new law aims to ensure that insurers protect the legitimate interests of policyholders and beneficiaries against predetermined risks by paying a premium. The main points of the law include (i) strengthening transparency in contractual relationships; (ii) adjustments in claims regulation; and (iii) the need for prior authorization from SUSEP for the partial or total transfer of the insurance portfolio. The Law will come into force in December 2025.

Also, on January 15, 2025, Law No. 213/2025 was published providing complimentary changes on Decree No 73/1966, including provisions regarding administrative sanctioning proceedings, cease-and-desist commitments (termos de compromisso) and legal authorization to insurance unions (cooperativas de seguro) and mutual associations.

Real Estate as Credit Operations Guarantees

On December 19, 2024, the CMN issued CMN Resolution No. 5,197, which amends CMN Resolution No. 4,646 of July 31, 2018 to update definitions and establish innovations for credit transactions, including the possibility of using property as collateral in more than one real estate credit operation and deals with members of the Brazilian Savings and Loan System, or SBPE, the Housing Finance System, or SFH, and the Real Estate Financing System, or SFI. This change is established pursuant to Law No. 14,711, known as the Legal Framework for Guarantees. In addition to establishing the general conditions and criteria for the contracting of real estate financing by financial institutions such as us, the rule also regulates the allocation of funds raised in savings to real estate credit operations and establishes the criteria for contracting such operations. CMN Resolution No. 5.197 will come into force on July 1, 2025.

Brazil Implementation of Pillar 2 Regulations

Brazil has implemented Pillar 2 regulations under the OECD’s Global Rules Against Base Erosion (“GloBE”). Law No. 15,079, published on December 30, 2024, created an additional social contribution on net profits, which is based on the qualified domestic minimum top-up tax (QDMTT) rule. This law is further regulated by Normative Ruling No 2,228, published on October 3, 2024.

The new rules take effect on January 1, 2025, and taxpayers may apply transitional safe-harbor provisions in 2025 and 2026. Consistent with OECD’s model rules, if applicable, the additional CSLL rate is determined by the difference between the global minimum tax rate of 15% and the effective tax rate for GloBE profits of the taxpayer.

Taxpayers with an effective tax rate for GloBE profits below 15%, will be subject to an additional CSLL adjustment, which may increase their tax burden in accordance with the provisions of Law No. 15,079.

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CHANGES TO OUR 2023 FORM 20-F

The information is deemed included in “Item 3. Key Information—Risk Factors—Macroeconomic and Geopolitical Risks” of our 2023 Form 20-F.

Any downgrade in Brazil’s Credit Rating May Adversely Affect Us

Credit ratings affect investors’ perceptions of risk and, as a result, the yields required on debt issuances in the financial markets. Rating agencies regularly evaluate Brazil and its sovereign ratings, taking into account several factors including macroeconomic trends, fiscal and budgetary conditions, indebtedness, and the prospect of change in these factors. Since 2020, Moody’s Ratings had been reaffirming Brazil’s long-term foreign currency sovereign credit rating at Ba2, maintaining the stable outlook. On October 1, 2024, Brazil’s rating was upgraded to Ba1 with a positive outlook. As of the date of this Form 6-K, Brazil’s sovereign credit ratings were (i) BB with a stable outlook by S&P, (ii) Ba1 with a positive outlook by Moody’s, and (iii) BB with stable outlook by Fitch, which is below investment grade. Any downgrading in Brazil’s sovereign credit ratings may increase the perception of risk of investors and, as a result, adversely affect the price of securities issued by Brazilian companies, including us, adversely affecting our rating.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: February 13, 2025

Itaú Unibanco Holding S.A.

By: /s/ Renato Lulia Jacob
Name: Renato Lulia Jacob
Title: Group Head of Corporate Strategy, Investor Relations and Corporate Development

By: /s/ Gustavo Lopes Rodrigues
Name: Gustavo Lopes Rodrigues
Title: Investor Relations Officer

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FINANCIAL STATEMENTS

| 30 |

Itaú Unibanco Holding S.A.
Consolidated Balance Sheet
(In millions of reais)
Assets | Note | 12/31/2024 | 12/31/2023
Cash |  | 36,127 | 32,001
Financial assets |  | 2,673,301 | 2,384,618
At Amortized Cost |  | 1,912,804 | 1,686,225
Central Bank of Brazil deposits |  | 160,698 | 145,404
Interbank deposits | 4 | 66,931 | 51,007
Securities purchased under agreements to resell | 4 | 243,220 | 238,321
Securities | 9 | 327,507 | 260,743
Loan and lease operations | 10 | 1,025,493 | 910,590
Other financial assets | 18a | 136,713 | 127,699
(-) Provision for expected loss | 4, 9, 10 | (47,758) | (47,539)
At Fair Value through Other Comprehensive Income |  | 106,303 | 130,039
Securities | 8 | 106,303 | 130,039
At Fair Value through Profit or Loss |  | 654,194 | 568,354
Securities | 5 | 560,143 | 511,752
Derivatives | 6, 7 | 92,439 | 55,251
Other financial assets | 18a | 1,612 | 1,351
Insurance contracts | 27 | 66 | 141
Tax assets |  | 72,653 | 64,521
Income tax and social contribution - current | 2c XIII | 2,576 | 993
Income tax and social contribution - deferred | 2c XIII, 24b I | 58,859 | 53,691
Other |  | 11,218 | 9,837
Other assets | 18a | 29,064 | 20,027
Investments in associates and joint ventures | 11 | 10,074 | 9,293
Fixed assets, net | 13 | 9,193 | 9,135
Goodwill and Intangible assets, net | 14 | 23,997 | 23,364
Total assets |  | 2,854,475 | 2,543,100
The accompanying notes are an integral part of these consolidated financial statements.

F-1

Itaú Unibanco Holding S.A.
Consolidated Balance Sheet
(In millions of reais)
Liabilities and stockholders' equity | Note | 12/31/2024 | 12/31/2023
Financial Liabilities |  | 2,239,979 | 2,001,691
At Amortized Cost |  | 2,148,776 | 1,944,162
Deposits | 15 | 1,054,741 | 951,352
Securities sold under repurchase agreements | 17a | 388,787 | 362,786
Interbank market funds | 17b | 372,294 | 328,645
Institutional market funds | 17c | 140,547 | 119,591
Other financial liabilities | 18b | 192,407 | 181,788
At Fair Value through Profit or Loss |  | 86,275 | 53,331
Derivatives | 6, 7 | 85,413 | 52,475
Structured notes | 16 | 318 | 296
Other financial liabilities | 18b | 544 | 560
Provision for Expected Loss | 10 | 4,928 | 4,198
Loan commitments |  | 3,940 | 3,311
Financial guarantees |  | 988 | 887
Insurance contracts and private pension | 27 | 306,899 | 271,546
Provisions | 29 | 19,209 | 19,744
Tax liabilities | 24c | 11,345 | 9,202
Income tax and social contribution - current | 2c XIII | 4,364 | 3,970
Income tax and social contribution - deferred | 2c XIII, 24b II | 603 | 560
Other |  | 6,378 | 4,672
Other liabilities | 18b | 55,759 | 41,867
Total liabilities |  | 2,633,191 | 2,344,050
Total stockholders’ equity attributed to the owners of the parent company |  | 211,090 | 190,177
Capital | 19a | 90,729 | 90,729
Treasury shares | 19a | (909) | (11)
Capital reserves | 19c | 2,732 | 2,620
Profit reserves | 19c | 121,428 | 104,465
Other comprehensive income |  | (2,890) | (7,626)
Non-controlling interests | 19d | 10,194 | 8,873
Total stockholders’ equity |  | 221,284 | 199,050
Total liabilities and stockholders' equity |  | 2,854,475 | 2,543,100
The accompanying notes are an integral part of these consolidated financial statements.

F-2

Itaú Unibanco Holding S.A.
Consolidated Statement of Income
(In millions of reais, except for number of shares and earnings per share information)
| Note | 01/01 to 12/31/2024 | 01/01 to 12/31/2023 | 01/01 to 12/31/2022
Operating Revenues |  | 168,050 | 154,971 | 142,279
Interest and similar income | 21a | 242,258 | 222,385 | 189,165
Interest and similar expenses | 21b | (167,278) | (158,250) | (116,747)
Income of Financial Assets and Liabilities at Fair Value through Profit or Loss | 21c | 32,011 | 29,145 | 13,325
Foreign exchange results and exchange variations in foreign transactions |  | (3,143) | 4,432 | 1,280
Commissions and Banking Fees | 22 | 47,071 | 45,731 | 44,566
Income from Insurance Contracts and Private Pension |  | 6,982 | 6,613 | 5,407
Income from Insurance Contracts and Private Pension, net of Reinsurance | 27 | 6,536 | 6,132 | 5,328
Financial Income from Insurance Contracts and Private Pension, net of Reinsurance | 27 | (23,679) | (28,585) | (21,873)
Income from Financial Assets related to Insurance Contracts and Private Pension |  | 24,125 | 29,066 | 21,952
Other income |  | 10,149 | 4,915 | 5,283
Expected Loss from Financial Assets |  | (32,311) | (30,445) | (27,737)
Expected Loss with Loan and Lease Operations | 10c | (29,468) | (31,563) | (28,150)
Expected Loss with Other Financial Asset, net |  | (2,843) | 1,118 | 413
Operating Revenues Net of Expected Losses from Financial Assets |  | 135,739 | 124,526 | 114,542
Other operating income / (expenses) |  | (88,183) | (84,826) | (77,848)
General and administrative expenses | 23 | (79,416) | (75,759) | (68,930)
Tax expenses |  | (9,814) | (9,987) | (9,590)
Share of profit or (loss) in associates and joint ventures | 11 | 1,047 | 920 | 672
Income / (loss) before income tax and social contribution |  | 47,556 | 39,700 | 36,694
Current income tax and social contribution | 24a | (9,433) | (8,685) | (6,595)
Deferred income tax and social contribution | 24a | 4,005 | 2,862 | 143
Net income / (loss) |  | 42,128 | 33,877 | 30,242
Net income attributable to owners of the parent company | 25 | 41,085 | 33,105 | 29,207
Net income / (loss) attributable to non-controlling interests | 19d | 1,043 | 772 | 1,035
Earnings per share - basic | 25 |  |  |
Common |  | 4.20 | 3.38 | 2.98
Preferred |  | 4.20 | 3.38 | 2.98
Earnings per share - diluted | 25 |  |  |
Common |  | 4.16 | 3.36 | 2.96
Preferred |  | 4.16 | 3.36 | 2.96
Weighted average number of outstanding shares - basic | 25 |  |  |
Common |  | 4,958,290,359 | 4,958,290,359 | 4,958,290,359
Preferred |  | 4,831,104,001 | 4,840,883,862 | 4,840,703,872
Weighted average number of outstanding shares - diluted | 25 |  |  |
Common |  | 4,958,290,359 | 4,958,290,359 | 4,958,290,359
Preferred |  | 4,911,006,957 | 4,908,283,361 | 4,900,469,300
The accompanying notes are an integral part of these consolidated financial statements.

F-3

Itaú Unibanco Holding S.A.
Consolidated Statement of Comprehensive Income
(In millions of reais)
| Note | 01/01 to 12/31/2024 | 01/01 to 12/31/2023 | 01/01 to 12/31/2022
Net income / (loss) |  | 42,128 | 33,877 | 30,242
Financial assets at fair value through other comprehensive income | 8 | (2,015) | 4,681 | (3,442)
Change in fair value |  | (7,030) | 5,443 | (5,659)
Tax effect |  | 2,867 | (1,105) | 1,373
(Gains) / losses transferred to income statement |  | 3,905 | 624 | 1,534
Tax effect |  | (1,757) | (281) | (690)
Hedge |  | (2,156) | 684 | (34)
Cash flow hedge | 7 | (488) | 236 | 65
Change in fair value |  | (941) | 457 | 162
Tax effect |  | 453 | (221) | (97)
Hedge of net investment in foreign operation | 7 | (1,668) | 448 | (99)
Change in fair value |  | (3,207) | 848 | (148)
Tax effect |  | 1,539 | (400) | 49
Insurance contracts and private pension |  | 470 | (710) | 796
Change in discount rate |  | 976 | (1,192) | 1,349
Tax effect |  | (506) | 482 | (553)
Remeasurements of liabilities for post-employment benefits (1) |  | (115) | (324) | (34)
Remeasurements | 26 | (205) | (584) | (65)
Tax effect |  | 90 | 260 | 31
Foreign exchange variation in foreign investments |  | 8,552 | (327) | (3,026)
Total other comprehensive income |  | 4,736 | 4,004 | (5,740)
Total comprehensive income |  | 46,864 | 37,881 | 24,502
Comprehensive income attributable to the owners of the parent company |  | 45,821 | 37,109 | 23,467
Comprehensive income attributable to non-controlling interests |  | 1,043 | 772 | 1,035
1) Amounts that will not be subsequently reclassified to income.
The accompanying notes are an integral part of these consolidated financial statements.

F-4

Itaú Unibanco Holding S.A.
Consolidated Statement of Changes in Stockholders’ Equity
(In millions of reais)
|  | Note | Attributed to owners of the parent company | Total stockholders’ equity – owners of the parent company | Total stockholders’ equity – non-controlling interests | Total
|  | Capital | Treasury shares | Capital reserves | Profit reserves | Retained earnings | Other comprehensive income
|  | Financial assets at fair value through other comprehensive income (1) | Insurance contracts and private pension | Remeasurements of liabilities of post-employment benefits | Conversion adjustments of foreign investments | Gains and losses – hedge (2)
Total - | 01/01/2022 |  | 90,729 | (528) | 2,250 | 65,985 | - | (2,542) | - | (1,486) | 6,531 | (8,393) | 152,546 | 11,612 | 164,158
Transactions with owners |  | - | 457 | 230 | - | - | - | - | - | - | - | 687 | (2,964) | (2,277)
Result of delivery of treasury shares | 19, 20 | - | 457 | 64 | - | - | - | - | - | - | - | 521 | - | 521
Recognition of share-based payment plans |  | - | - | 166 | - | - | - | - | - | - | - | 166 | - | 166
(Increase) / Decrease to the owners of the parent company | 2c I, 3 | - | - | - | - | - | - | - | - | - | - | - | (2,964) | (2,964)
Dividends |  | - | - | - | - | - | - | - | - | - | - | - | (293) | (293)
Interest on capital |  | - | - | - | - | (9,844) | - | - | - | - | - | (9,844) | - | (9,844)
Unclaimed dividends and Interest on capital |  | - | - | - | - | 119 | - | - | - | - | - | 119 | - | 119
Corporate reorganization | 2c I, 3 | - | - | - | 36 | - | - | - | - | - | - | 36 | - | 36
Other (3) |  | - | - | - | 774 | - | - | - | - | - | - | 774 | - | 774
Total comprehensive income |  | - | - | - | - | 29,139 | (3,442) | 796 | (34) | (3,026) | (34) | 23,399 | 1,035 | 24,434
Net income |  | - | - | - | - | 29,207 | - | - | - | - | - | 29,207 | 1,035 | 30,242
Other comprehensive income for the period |  | - | - | - | - | (68) | (3,442) | 796 | (34) | (3,026) | (34) | (5,808) | - | (5,808)
Appropriations: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Legal reserve |  | - | - | - | 1,485 | (1,485) | - | - | - | - | - | - | - | -
Statutory reserve |  | - | - | - | 17,929 | (17,929) | - | - | - | - | - | - | - | -
Total - | 12/31/2022 | 19 | 90,729 | (71) | 2,480 | 86,209 | - | (5,984) | 796 | (1,520) | 3,505 | (8,427) | 167,717 | 9,390 | 177,107
Change in the period |  | - | 457 | 230 | 20,224 | - | (3,442) | 796 | (34) | (3,026) | (34) | 15,171 | (2,222) | 12,949
Total - | 01/01/2023 |  | 90,729 | (71) | 2,480 | 86,209 | - | (5,984) | 796 | (1,520) | 3,505 | (8,427) | 167,717 | 9,390 | 177,107
Transactions with owners |  | - | 60 | 140 | - | - | - | - | - | - | - | 200 | (924) | (724)
Acquisition of treasury shares | 19, 20 | - | (689) | - | - | - | - | - | - | - | - | (689) | - | (689)
Result of delivery of treasury shares | 19, 20 | - | 749 | (2) | - | - | - | - | - | - | - | 747 | - | 747
Recognition of share-based payment plans |  | - | - | 142 | - | - | - | - | - | - | - | 142 | - | 142
(Increase) / Decrease to the owners of the parent company | 2c I, 3 | - | - | - | - | - | - | - | - | - | - | - | (924) | (924)
Dividends |  | - | - | - | 11,000 | (11,000) | - | - | - | - | - | - | (365) | (365)
Interest on capital |  | - | - | - | - | (12,315) | - | - | - | - | - | (12,315) | - | (12,315)
Unclaimed dividends and Interest on capital |  | - | - | - | - | 53 | - | - | - | - | - | 53 | - | 53
Corporate reorganization | 2c I, 3 | - | - | - | 265 | - | - | - | - | - | - | 265 | - | 265
Other (3) |  | - | - | - | (2,852) | - | - | - | - | - | - | (2,852) | - | (2,852)
Total comprehensive income |  | - | - | - | - | 33,105 | 4,681 | (710) | (324) | (327) | 684 | 37,109 | 772 | 37,881
Net income |  | - | - | - | - | 33,105 | - | - | - | - | - | 33,105 | 772 | 33,877
Other comprehensive income for the period |  | - | - | - | - | - | 4,681 | (710) | (324) | (327) | 684 | 4,004 | - | 4,004
Appropriations: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Legal reserve |  | - | - | - | 1,669 | (1,669) | - | - | - | - | - | - | - | -
Statutory reserve |  | - | - | - | 8,174 | (8,174) | - | - | - | - | - | - | - | -
Total - | 12/31/2023 | 19 | 90,729 | (11) | 2,620 | 104,465 | - | (1,303) | 86 | (1,844) | 3,178 | (7,743) | 190,177 | 8,873 | 199,050
Change in the period |  | - | 60 | 140 | 18,256 | - | 4,681 | (710) | (324) | (327) | 684 | 22,460 | (517) | 21,943
Total - | 01/01/2024 |  | 90,729 | (11) | 2,620 | 104,465 | - | (1,303) | 86 | (1,844) | 3,178 | (7,743) | 190,177 | 8,873 | 199,050
Transactions with owners |  | - | (898) | 112 | - | - | - | - | - | - | - | (786) | 867 | 81
Acquisition of treasury shares | 19, 20 | - | (1,775) | - | - | - | - | - | - | - | - | (1,775) | - | (1,775)
Result of delivery of treasury shares | 19, 20 | - | 877 | (17) | - | - | - | - | - | - | - | 860 | - | 860
Recognition of share-based payment plans |  | - | - | 129 | - | - | - | - | - | - | - | 129 | - | 129
(Increase) / Decrease to the owners of the parent company | 2c I, 3 | - | - | - | - | - | - | - | - | - | - | - | 867 | 867
Dividends |  | - | - | - | 12,229 | (12,229) | - | - | - | - | - | - | (589) | (589)
Interest on capital |  | - | - | - | 3,260 | (15,875) | - | - | - | - | - | (12,615) | - | (12,615)
Dividends / Interest on capital - declared after previous period |  | - | - | - | (11,000) | - | - | - | - | - | - | (11,000) | - | (11,000)
Unclaimed dividends and Interest on capital |  | - | - | - | - | 32 | - | - | - | - | - | 32 | - | 32
Corporate reorganization | 2c I, 3 | - | - | - | (359) | - | - | - | - | - | - | (359) | - | (359)
Other |  | - | - | - | (180) | - | - | - | - | - | - | (180) | - | (180)
Total comprehensive income |  | - | - | - | - | 41,085 | (2,015) | 470 | (115) | 8,552 | (2,156) | 45,821 | 1,043 | 46,864
Net income |  | - | - | - | - | 41,085 | - | - | - | - | - | 41,085 | 1,043 | 42,128
Other comprehensive income for the period |  | - | - | - | - | - | (2,015) | 470 | (115) | 8,552 | (2,156) | 4,736 | - | 4,736
Appropriations: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Legal reserve |  | - | - | - | 1,406 | (1,406) | - | - | - | - | - | - | - | -
Statutory reserve |  | - | - | - | 11,607 | (11,607) | - | - | - | - | - | - | - | -
Total - | 12/31/2024 | 19 | 90,729 | (909) | 2,732 | 121,428 | - | (3,318) | 556 | (1,959) | 11,730 | (9,899) | 211,090 | 10,194 | 221,284
Change in the period |  | - | (898) | 112 | 16,963 | - | (2,015) | 470 | (115) | 8,552 | (2,156) | 20,913 | 1,321 | 22,234
1) Includes the share in other comprehensive income of investments in associates and joint ventures related to financial assets at fair value through other comprehensive income. 2) Includes cash flow hedge and hedge of net investment in foreign operation. 3) Includes Argentina´s hyperinflation adjustment.
The accompanying notes are an integral part of these consolidated financial statements.

F-5

Itaú Unibanco Holding S.A.
Consolidated Statement of Cash Flows
(In millions of reais)
| Note | 01/01 to 12/31/2024 | 01/01 to 12/31/2023 | 01/01 to 12/31/2022
Adjusted net income |  | 38,186 | 91,638 | 96,446
Net income |  | 42,128 | 33,877 | 30,242
Adjustments to net income: |  | (3,942) | 57,761 | 66,204
Share-based payment |  | 217 | 200 | 234
Effects of changes in exchange rates on cash and cash equivalents |  | (8,404) | 11,529 | 24,279
Expected loss from financial assets |  | 32,311 | 30,445 | 27,737
Income from interest and foreign exchange variation from operations with subordinated debt |  | (1,794) | 2,948 | 1,708
Financial income from insurance contracts and private pension | 27 | 23,679 | 28,585 | 21,873
Depreciation and amortization |  | 6,440 | 5,652 | 4,796
Expense from update / charges on the provision for civil, labor, tax and legal obligations |  | 1,180 | 799 | 1,288
Provision for civil, labor, tax and legal obligations |  | 5,077 | 4,418 | 2,882
Revenue from update / charges on deposits in guarantee |  | (775) | (913) | (1,018)
Deferred taxes (excluding hedge tax effects) | 24b | 2,689 | 2,130 | 3,209
Income from share in the net income of associates and joint ventures and other investments |  | (1,047) | (920) | (672)
Income from financial assets - at fair value through other comprehensive income |  | 3,905 | 612 | 1,534
Income from interest and foreign exchange variation of financial assets at fair value through other comprehensive income |  | (45,778) | (20,133) | (16,863)
Income from interest and foreign exchange variation of financial assets at amortized cost |  | (19,995) | (7,697) | (7,364)
(Gain) / loss on sale of investments and fixed assets |  | (395) | 1,255 | -
Other | 23 | (1,252) | (1,149) | 2,581
Change in assets and liabilities |  | (31,117) | (14,145) | 33,187
(Increase) / decrease in assets |  |  |  |
Interbank deposits |  | (14,419) | 4,583 | 10,379
Securities purchased under agreements to resell |  | (9,800) | 3,137 | (42,595)
Central Bank of Brazil deposits |  | (15,294) | (29,656) | (5,356)
Loan operations |  | (146,210) | (34,191) | (106,975)
Derivatives (assets / liabilities) |  | (6,406) | (745) | 4,460
Financial assets designated at fair value through profit or loss |  | (48,391) | (126,653) | (20,132)
Other financial assets |  | (8,500) | (16,853) | (15,215)
Other tax assets |  | (2,964) | (2,819) | (409)
Other assets |  | (3,128) | (6,606) | (9,506)
(Decrease) / increase in liabilities |  |  |  |
Deposits |  | 103,389 | 79,914 | 21,066
Deposits received under securities repurchase agreements |  | 26,001 | 69,346 | 40,592
Funds from interbank markets |  | 43,649 | 34,058 | 117,442
Funds from institutional markets |  | 22,409 | (1,928) | 11,243
Other financial liabilities |  | 10,603 | 15,114 | 32,971
Financial liabilities at fair value throught profit or loss |  | 21 | 233 | (50)
Insurance contracts and private pension |  | 12,144 | 9,125 | (2,603)
Provisions |  | 380 | 1,165 | (1,551)
Tax liabilities |  | 980 | 3,234 | 41
Other liabilities |  | 13,892 | (6,523) | 5,259
Payment of income tax and social contribution |  | (9,473) | (8,080) | (5,874)
Net cash from / (used in) operating activities |  | 7,069 | 77,493 | 129,633
Dividends / Interest on capital received from investments in associates and joint ventures |  | 450 | 583 | 336
Cash upon sale of investments in associates and joint ventures |  | 47 | 244 | -
Cash upon sale of fixed assets |  | 575 | 193 | 505
Termination of intangible asset agreements |  | 270 | 134 | 17
(Purchase) / Cash from the sale of financial assets at fair value through other comprehensive income |  | 60,204 | 18,219 | (2,190)
(Purchase) / redemptions of financial assets at amortized cost |  | (46,811) | (40,087) | (62,783)
(Purchase) of investments in associates and joint ventures |  | (399) | (1,325) | (660)
(Purchase) of fixed assets |  | (1,833) | (3,815) | (2,727)
(Purchase) of intangible assets | 14 | (5,535) | (5,376) | (5,768)
Net cash from / (used in) investment activities |  | 6,968 | (31,230) | (73,270)
Subordinated debt obligations raisings |  | 7,860 | 2,170 | 1,004
Subordinated debt obligations redemptions |  | (7,519) | (12,981) | (23,208)
Change in non-controlling interests stockholders |  | 867 | (923) | (2,964)
Acquisition of treasury shares |  | (1,775) | (689) | -
Result of delivery of treasury shares |  | 772 | 689 | 453
Dividends and interest on capital paid to non-controlling interests |  | (589) | (366) | (293)
Dividends and interest on capital paid |  | (21,314) | (10,348) | (6,706)
Net cash from / (used in) financing activities |  | (21,698) | (22,448) | (31,714)
Net increase / (decrease) in cash and cash equivalents | 2c III | (7,661) | 23,815 | 24,649
Cash and cash equivalents at the beginning of the period |  | 116,543 | 104,257 | 103,887
Effects of changes in exchange rates on cash and cash equivalents |  | 8,404 | (11,529) | (24,279)
Cash and cash equivalents at the end of the period |  | 117,286 | 116,543 | 104,257
Cash |  | 36,127 | 32,001 | 35,381
Interbank deposits |  | 10,087 | 8,582 | 12,584
Securities purchased under agreements to resell - Collateral held |  | 71,072 | 75,960 | 56,292
Additional information on cash flow (Mainly operating activities) |  |  |  |
Interest received |  | 219,741 | 208,243 | 213,820
Interest paid |  | 131,096 | 115,518 | 107,468
Non-cash transactions |  |  |  |
Increase of Equity Interest in ITAÚ CHILE |  | - | - | 961
Dividends and interest on capital declared and not yet paid |  | 5,436 | 4,799 | 4,506
The accompanying notes are an integral part of these consolidated financial statements.

F-6

Itaú Unibanco Holding S.A.

Notes to the Consolidated Financial Statements

At 12/31/2024 and 12/31/2023 for balance sheet accounts and from 01/01 to 12/31 of 2024, 2023 and 2022 for income statement

(In millions of reais, except when indicated)

Note 1 - Operations

Itaú Unibanco Holding S.A. (ITAÚ UNIBANCO HOLDING) is a publicly held company, organized and existing under the laws of Brazil. The head office is located at Praça Alfredo Egydio de Souza Aranha, n° 100, in the city of São Paulo, state of São Paulo, Brazil.

ITAÚ UNIBANCO HOLDING has a presence in 18 countries and territories and offers a wide variety of financial products and services to personal and corporate customers in Brazil and abroad, not necessarily related to Brazil, through its branches, subsidiaries and international affiliates. It offers a full range of banking services, through its different portfolios: commercial banking; investment banking; real estate lending; loans, financing and investment; leasing and foreign exchange business. Its operations are divided into three segments: Retail Business, Wholesale Business and Activities with the Market + Corporation.

ITAÚ UNIBANCO HOLDING is a financial holding company controlled by Itaú Unibanco Participações S.A. (“IUPAR”), a holding company which owns 51.71% of ITAU UNIBANCO HOLDING's common shares, and which is jointly controlled by (i) Itaúsa S.A. (“ITAÚSA”), a holding company controlled by members of the Egydio de Souza Aranha family, and (ii) Companhia E. Johnston de Participações (“E. JOHNSTON”), a holding company controlled by the Moreira Salles family. Itaúsa also directly holds 39.21% of ITAÚ UNIBANCO HOLDING’s common shares.

These Consolidated Financial Statements were approved by the Board of Directors on February 05, 2025.

Note 2 - Material accounting policies

a) Basis of preparation

The Consolidated Financial Statements of ITAÚ UNIBANCO HOLDING were prepared in accordance with the requirements and guidelines of the National Monetary Council (CMN), which require that annual Consolidated Financial Statements, in accordance with international financial reporting standards (IFRS) issued by the International Accounting Standards Board (IASB) (currently referred to by the IFRS Foundation as “IFRS accounting standards”).

ITAÚ UNIBANCO HOLDING adopted the criteria for recognition, measurement and disclosure established in the IFRS and in the interpretations of the International Financial Reporting Interpretation Committee (IFRIC).

The information in the Financial Statements and accompanying notes evidences all relevant information inherent in the financial statements, and only them, which is consistent with information used by management in its administration.

In the 3rd quarter of 2018, ITAÚ UNIBANCO HOLDING started adjusting the financial statements of its subsidiaries in Argentina to reflect the effects of hyperinflation.

F-7

b) New accounting standards changes and interpretations of existing standards

I - Applicable for period ended December 31, 2024

• Amendments to IAS 1 – Presentation of Financial Statements:

Segregation between Current and Non-current Liabilities - clarifies when to consider contractual conditions (covenants) that may affect the unconditional right to defer the settlement of the liabilities for at least 12 months after the reporting period and includes disclosure requirements for liabilities with covenants classified as non-current. These changes are effective for fiscal years starting January 1st, 2024, with retrospective application and there are no impacts on the Consolidated Financial Statements of ITAÚ UNIBANCO HOLDING.

II - Applicable for future periods

• IFRS 18 - Presentation and Disclosure in Financial Statements:

Replaces IAS 1 – Presentation of Financial Statements. IFRS 18 introduces new subtotals and three categories for income and expenses (operating, investment and financing) into the structure of the statement of income. It also requires companies to disclose explanations about the performance measures established by management related to the statement of income.

These amendments are effective for years beginning January 1st, 2027. Possible impacts are being evaluated and will be concluded by the date the standard becomes effective.

• IFRS 9 - Financial Instruments and IFRS 7 - Financial Instruments - Disclosures:

Published in May 2024, the amendments mainly address the following topics: date of recognition and write-off of financial instruments and significant characteristics in the assessment of the cash flows of financial instruments for classification and measurement. In addition, disclosures relating to equity instruments designated at fair value are enhanced through other comprehensive income and financial instruments linked to contingent events.

These amendments are effective for years starting on January 1st, 2026, early adoption being permitted, with retrospective application. Possible impacts are being evaluated and will be completed by the date the standard comes into force.

c) Accounting policies, critical estimates and material judgments

This note presents the main critical estimates and judgments used in the preparation and application of ITAÚ UNIBANCO HOLDING’s specific accounting policies. These estimates and judgments present a material risk and may have a material impact on the values of assets and liabilities due to uncertainties and the high level of subjectivity involved in the recognition and measurement of certain items. Therefore, actual results may differ from those obtained by these estimates and judgments.

I - Consolidation

The Consolidated Financial Statements of ITAÚ UNIBANCO HOLDING relate to transactions carried out by its branches and subsidiaries in Brazil and abroad, including investment funds, in which ITAÚ UNIBANCO HOLDING holds either direct or indirect control. The main judgment exercised in the control assessment is the analysis of facts and circumstances that indicate whether ITAÚ UNIBANCO HOLDING is exposed or is entitled to variable returns and has the ability to affect these returns through its influence over the entity on a continuous basis.

The Consolidated Financial Statements are prepared using consistent accounting policies. Intercompany asset and liability account balances, income accounts and transaction values have been eliminated.

F-8

The following table shows the main consolidated companies, which together represent over 95% of total consolidated assets, as well as the interests of ITAÚ UNIBANCO HOLDING in their voting capital:
|  | Functional Currency (1) | Incorporation Country | Activity | Interest in voting capital % |  | Interest in total capital %
|  | 12/31/2024 | 12/31/2023 |  | 12/31/2024 | 12/31/2023
In Brazil |  |  |  |  |  |  |  |  |
Banco Itaú BBA S.A. (2) |  | Real | Brazil | Financial institution | - | 100.00% |  | - | 100.00%
Banco Itaú Consignado S.A. |  | Real | Brazil | Financial institution | 100.00% | 100.00% |  | 100.00% | 100.00%
Banco Itaucard S.A. |  | Real | Brazil | Financial institution | 100.00% | 100.00% |  | 100.00% | 100.00%
Cia. Itaú de Capitalização |  | Real | Brazil | Premium Bonds | 100.00% | 100.00% |  | 100.00% | 100.00%
Dibens Leasing S.A. - Arrendamento Mercantil |  | Real | Brazil | Leasing | 100.00% | 100.00% |  | 100.00% | 100.00%
Financeira Itaú CBD S.A. Crédito, Financiamento e Investimento |  | Real | Brazil | Consumer finance credit | 50.00% | 50.00% |  | 50.00% | 50.00%
Hipercard Banco Múltiplo S.A. |  | Real | Brazil | Financial institution | 100.00% | 100.00% |  | 100.00% | 100.00%
Itaú Corretora de Valores S.A. |  | Real | Brazil | Securities Broker | 100.00% | 100.00% |  | 100.00% | 100.00%
Itaú Seguros S.A. |  | Real | Brazil | Insurance | 100.00% | 100.00% |  | 100.00% | 100.00%
Itaú Unibanco S.A. |  | Real | Brazil | Financial institution | 100.00% | 100.00% |  | 100.00% | 100.00%
Itaú Vida e Previdência S.A. |  | Real | Brazil | Pension plan | 100.00% | 100.00% |  | 100.00% | 100.00%
Luizacred S.A. Sociedade de Crédito, Financiamento e Investimento |  | Real | Brazil | Consumer finance credit | 50.00% | 50.00% |  | 50.00% | 50.00%
Redecard Instituição de Pagamento S.A. |  | Real | Brazil | Acquirer | 100.00% | 100.00% |  | 100.00% | 100.00%
Foreign |  |  |  |  |  |  |  |  |
Itaú Colombia S.A. |  | Colombian peso | Colombia | Financial institution | 67.06% | 67.06% |  | 67.06% | 67.06%
Banco Itaú (Suisse) S.A. |  | Swiss franc | Switzerland | Financial institution | 100.00% | 100.00% |  | 100.00% | 100.00%
Banco Itaú Paraguay S.A. |  | Guarani | Paraguay | Financial institution | 100.00% | 100.00% |  | 100.00% | 100.00%
Banco Itaú Uruguay S.A. |  | Uruguayan peso | Uruguay | Financial institution | 100.00% | 100.00% |  | 100.00% | 100.00%
Itau Bank, Ltd. |  | Real | Cayman Islands | Financial institution | 100.00% | 100.00% |  | 100.00% | 100.00%
Itau BBA International plc |  | US Dollar | United Kingdom | Financial institution | 100.00% | 100.00% |  | 100.00% | 100.00%
Itau BBA USA Securities Inc. |  | US Dollar | United States | Securities Broker | 100.00% | 100.00% |  | 100.00% | 100.00%
Banco Itaú Chile |  | Chilean peso | Chile | Financial institution | 67.42% | 67.42% |  | 67.42% | 67.42%
1) All overseas offices of ITAÚ UNIBANCO HOLDING CONSOLIDATED have the same functional currency as the parent company, except for Itaú Chile New York Branch and Itaú Unibanco S.A. Miami Branch, which use the US Dollar. 2) Company spun-off by Itaú Unibanco Holdind S.A. and Itaú BBA Assessoria Financeira at 05/31/2024.

F-9

I.I - Business combinations

When accounting for business combinations, ITAÚ UNIBANCO HOLDING exercises judgments in the identification, recognition, and measurement of: price adjustments, contingent considerations, and options or obligations to buy or sell ownership interest of the acquired entity.

Non-controlling shareholders’ ownership interest is measured on the date of acquisition according to the proportional interest in Stockholders’ Equity of the acquired entity.

I.II - Capital transactions with non-controlling stockholders

Changes in an ownership interest in a subsidiary, which do not result in a loss of control, are accounted for as capital transactions and any difference between the amount paid and the carrying amount of non-controlling stockholders is recognized directly in stockholders' equity.

II - Functional and presentation currency

The Consolidated Financial Statements of ITAÚ UNIBANCO HOLDING are presented in Brazilian Reais, which is its functional and presentation currency. For each subsidiary, associate and joint venture, ITAÚ UNIBANCO HOLDING exercised judgment to determine its functional currency, considering the currency of the primary economic environment in which the entity operates.

Foreign currency operations are translated currency using the exchange rates prevailing on the dates of the transactions, and exchange gains and losses are recognized in the Consolidated Statement of Income.

For conversion of the Financial Statements of foreign entities with a functional currency other than Reais, ITAÚ UNIBANCO HOLDING uses the exchange rate on the closing date to convert assets and liabilities, and the average monthly exchange rate to convert income and expenses, except for foreign entities located in hyperinflationary economies. Exchange differences generated by this conversion are recognized in Other Comprehensive Income, net of tax effects, and reclassified, either in total or partially, to income when ITAÚ UNIBANCO HOLDING loses control of the foreign entity. When exposure to these exchange rate differences is material, ITAÚ UNIBANCO HOLDING conducts hedge of net investment in foreign operation, whose effective portion is recognized in Stockholders’ Equity.

III - Cash and cash equivalents

They are defined as cash and cash equivalents, current accounts with banks and financial investments, which are promptly convertible into cash, this is, which original term is equal to or lower than 90 days and are subject to an insignificant risk of change in value, shown in the Balance Sheet under the headings Cash, Interbank Deposits and Securities purchased under agreements to resell (Collateral Held).

IV - Financial assets and liabilities

Financial assets and liabilities are initially recognized at fair value on the trading date.

Financial assets are partially or fully written off, on the trading date, if:

• the contractual rights to the cash flows of the financial asset expire.

• there are no reasonable expectations of its recovery, considering historical curves of similar operations. In this case, the total or partial write-off is carried out concurrently with the use of the related allowance for expected credit loss. Subsequent recoveries of amounts previously written off are accounted for as income.

• ITAÚ UNIBANCO HOLDING transfers substantially the risks and benefits of the financial asset.

The main judgments exercised by ITAÚ UNIBANCO HOLDING in the write-off of financial assets are: assessment of the time when contractual rights to cash flows of financial assets expire; reasonable expectation of recovery of the financial asset, and substantial transfer of risks and benefits or control.

F-10

When the contractual cash flow of a financial asset is renegotiated or otherwise modified, but ITAÚ UNIBANCO HOLDING estimates that the modification event has not caused total write-off of the contract, the gross book value of this financial asset is recalculated by comparing the original and renegotiated cash flows, and the effects of the modification are recognized in income.

Financial liabilities are written off when extinguished, this is, when the obligation specified in the contract is released, canceled, expired, or substantially modified. ITAÚ UNIBANCO HOLDING considers that the obligation was substantially modified when the present value of cash flows under the new terms is at least 10% different from the present value of the cash flows remaining from the original obligation.

IV.I Classification of financial assets

Financial assets are classified and subsequently measured in the following categories:

• Amortized cost: used when financial assets are managed to obtain contractual cash flows, consisting solely of payments of principal and interest.

• Fair value through other comprehensive income: used when financial assets are held both for obtaining contractual cash flows, consisting solely of payments of principal and interest, and for sale.

• Fair value through profit or loss: used for financial assets that do not meet the aforementioned criteria above and the financial assets irrevocably designated in the initial recognition at fair value through profit or loss.

The category depends on the business model under which they are managed and the characteristics of their cash flows (Solely Payment of Principal and Interest Test – SPPI Test).

Financial assets designated as fair value through profit or loss: ITAÚ UNIBANCO HOLDING has financial assets designated at fair value through profit or loss to reduce an accounting mismatch.

Business models: are established according to the objectives of the business areas, considering the risks that affect the performance of the business model; how is assessed and reported to Management and how the managers of the business are compensated.

SPPI Test: is the assessment of cash flows generated by a financial instrument for the purpose of checking whether they represent solely payments of principal and interest (consideration for the time value of money, credit risk and profit margin). ITAÚ UNIBANCO HOLDING assesses mainly the following situations to determine compliance with the SPPI Test: changes in rate due to modification in credit risk; interest rates determined by regulatory bodies; leverage; embedded derivatives; and term extension clauses and exchange rate variation. If contractual terms introduce risk exposure or cash flow volatilities, the financial asset do not meet to the SPPI Test and its classified in the category at fair value through profit or loss.

Hybrid Contracts: to identify if a contract contains embedded derivatives, ITAÚ UNIBANCO HOLDING considers especially if there is any indexing to different components of interest and uncertainty regarding the link with the final indexing.

Hybrid contracts in which the main component is a financial asset are accounted for on a jointly basis, this is, the whole instrument (principal and derivative component) is measured at fair value through profit or loss.

In other cases, embedded derivatives are treated as separate financial instruments if: their characteristics and economic risks are not closely related to those of the main component; the separate instrument meets the definition of a derivative; the underlying instrument is not booked at fair value through profit or loss.

Equity instruments: the shares and quotas are classified at fair value through profit or loss, except when the financial instrument is held with a purpose other than its negotiation, situation in which ITAÚ UNIBANCO HOLDING designates it, on an irrevocable basis, at fair value through other comprehensive income.

F-11

IV.II - Classification of financial liabilities

Financial liabilities are subsequently measured at amortized cost, except for:

• Financial liabilities at fair value through profit or loss: classification applied to financial liabilities designated, irrevocably, at fair value through profit or loss for the purpose to reduce accounting asymmetries and to derivatives.

• Loan commitments and financial guarantees: measured at the higher amount between (i) the provision for expected credit losses; and (ii) the balance of the fee on the service to be deferred in income, according to the contract term.

• Premium bonds plans: they are classified as financial liabilities at the amortized cost, although they are regulated by the body that regulates the Brazilian insurance market. Revenue from premium bonds plans is recognized during the contract period and measured according to the contractual conditions of each plan.

IV.III - Subsequent measurement of financial instruments

Fair value of financial instruments: to measure fair value, assessment techniques applying information classified in three levels of hierarchy are used, prioritizing prices listed in active markets of the instruments. ITAÚ UNIBANCO HOLDING classifies this information according to the relevance of data observed in the fair value measurement process:

Level 1: Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. An active market is a market in which transactions for the asset or liability being measured occur often enough and with sufficient volume to provide pricing information on an ongoing basis.

Level 2: Inputs that are not observable for the asset or liability either directly or indirectly. Level 2 generally includes: (i) quoted prices for similar assets or liabilities in active markets; (ii) quoted prices for identical or similar assets or liabilities in markets that are not active, that is, markets in which there are few transactions for the asset or liability, the prices are not current, or quoted prices vary substantially either over time or among market makers, or in which little information is released publicly; (iii) inputs other than quoted prices that are observable for the asset or liability (for example, interest rates and yield curves observable at commonly quoted intervals, volatilities, etc.); (iv) inputs that are mainly derived from or corroborated by observable market data through correlation or by other means.

Level 3: Inputs that are not observable for the asset or liability allowing the use of internal models and techniques.

The adjustment to fair value of financial assets and liabilities is recognized in Stockholders' equity for financial assets measured at fair value through other comprehensive income or in the Consolidated Statement of Income for the other financial assets and liabilities.

To determine the gains and losses realized in the disposal of financial assets at fair value, average cost is used, which are recorded in the Consolidated Statement of Income as Interest and similar income and Income of Financial Assets and Liabilities at Fair Value through Profit or Loss.

For financial instruments measured at fair value on a recurring basis, including derivatives, that are not traded in active markets, the fair value is calculated by using valuation techniques based on assumptions, that consider market information and conditions. The estimated fair value obtained through these techniques cannot be substantiated by comparison with independent markets and, in many cases, cannot be realized on immediate settlement of the instrument.

The main assumptions considered to estimate the fair value are: historical data base, information on similar transactions, discount rate and estimate of future cash flows.

The main judgments applied in the calculation of the fair value of more complex financial instruments, or those that are not negotiated in active markets or do not have liquidity, are: determining the model used with the selection of specific inputs and, in certain cases, evaluation adjustments are applied to the model amount or price quoted for financial instruments that are not actively traded.

F-12

The application of these judgments may result in a fair value that is not indicative of the net realizable value or future fair values. However, ITAÚ UNIBANCO HOLDING believes that all the methods used are appropriate and consistent with other market participants.

The fair value of financial instruments as well as the hierarchy of fair value are detailed in Note 28.

Amortized cost: is the amount at which the financial asset or liability is measured at initial recognition, plus adjustments made under the effective interest method, less repayments of principal and interest, and any provision for expected credit loss.

Effective interest rate: ITAÚ UNIBANCO HOLDING uses the effective interest method to calculate interest income or expense for financial instruments at amortized cost, which considers costs and fees directly attributable to the contract, such as commissions paid or received by the parties to the contract, transaction costs and other premiums and discounts.

ITAÚ UNIBANCO HOLDING classifies a loan as non-performing if the payment of the principal or interest has been overdue for 60 days or more. In this case, accrual of interest is no longer recognized.

Expected credit loss: ITAÚ UNIBANCO HOLDING makes a assessment of the expected credit loss on financial assets measured at amortized cost, through other comprehensive income, loan commitments and financial guarantee contracts applying a three-stage approach to demonstrate changes in credit risk.

• Stage 1 – considers default events possible within 12 months. Applicable to financial assets which are not credit impaired when purchased or originated or which credit risk has decreased significantly.

• Stage 2 – considers all possible default events over the life of the financial instrument. Applicable to financial instruments which credit risk has increased significantly since the initial recognition or that no longer have credit recovery problems, but their credit risk has not decreased significantly.

• Stage 3 – applicable to financial instruments which are credit impaired, for which a probability of default (PD) of 100% is considered (problem assets).

The measurement of expected credit loss requires the application of significant assumptions and use of quantitative models. Management exercises its judgment in the assessment of the adequacy of the expected loss amounts resulting from models and, according to its experience, makes adjustments that may result from certain clients’ credit status or temporary adjustments resulting from situations or new circumstances that have not been reflected in the modeling yet.

The main assumptions considered to estimate the expected credit loss are:

• Determining criteria for significant increase or decrease in credit risk: ITAÚ UNIBANCO HOLDING determines triggers (indicators) of significant increase in the credit risk of a financial asset since its initial recognition on an individual or collective basis. For collective assessment purposes, financial assets are grouped based on characteristics of shared credit risk, considering the type of instrument, credit risk classifications, initial recognition date, remaining term, industry, among other significant factors. For wholesale business portfolios, the assessment is conducted on an individual basis, at the economic subgroup level.

The migration of the financial asset to an earlier stage occurs with a consistent reduction in credit risk, mainly characterized by the non-activation of credit deterioration triggers for at least 6 months.

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• Maximum contractual period: ITAÚ UNIBANCO HOLDING estimates the useful life of assets that do not have fixed maturity date is based on the period of exposure to credit risk and contractual terms, including prepayment and rollover options.

• Prospective information: ITAÚ UNIBANCO HOLDING uses macroeconomic forecasts and public information with projections prepared internally to determine the impact of these estimates on the calculation of expected credit loss. The main prospective information used to determine the expected loss is related to Selic Rate, Credit Default Swap (CDS), unemployment rate, Gross Domestic Product (GDP), wages, industrial production and retail sales. Macroeconomic scenarios are reassessed annually or when market conditions so require.

• Macroeconomic scenarios: this information involves inherent risks, market uncertainties and other factors that may give rise to results different from those expected.

• Probability-weighted loss scenarios: ITAÚ UNIBANCO HOLDING uses weighted scenarios to determine credit loss expected over a suitable observation horizon adequate to classification in stages, considering the projection based on economic variables.

The main judgments exercised to calculate the expected credit loss are: selection of quantitative models to assess the expected credit loss; determination of triggers to significantly increase or decrease credit risk; identification and grouping of portfolios with similar credit risk characteristics; establishment of the maximum contractual period for assets with no determined maturity; determination of prospective information, macroeconomic scenarios and probability-weighted scenarios.

IV.IV - Derivatives and use of hedge accouting

Derivatives: all derivatives are measured at fair value through profit or loss and accounted for as financial assets when the fair value is positive and as financial liabilities when the fair value is negative.

Accounting Hedge: the risk management conducted with derivative and non-derivative financial instruments may give rise to accounting asymmetries due to the different methods to account for each instrument. In view of this, ITAÚ UNIBANCO HOLDING sometimes qualifies economic hedge operations as accounting hedge operations, changing the usual accounting of hedge items or hedging instruments, and, consequently, eliminating existing accounting asymmetry, in order to reflect the economic effects of hedge activity in the financial statements.

ITAÚ UNIBANCO HOLDING continues applying all the hedge accounting requirements of IAS 39, that describes three types of hedges: cash flow hedge, hedge of net investment in foreign operations and fair value hedge, which are detailed in Note 7.

At the beginning of a hedge transaction, the relationship between the hedging instruments and the hedged items, its risk management objective and strategy are documented. They can be designated as hedging instruments for accounting purposes, derivatives, financial and qualifiable financial assets and liabilities.

To maintain the accounting hedge strategies, ITAÚ UNIBANCO HOLDING assesses the effectiveness of strategies on a continuous basis. In the event the hedge becomes ineffective, the designation is revoked, or the derivative expires or is sold, the accounting hedge should be prospectively discontinued.

The main judgments exercised in the assessment of hedge strategies are: identification of qualifiable assets and liabilities; determination of the risk to be hedged; selection of quantitative models for effectiveness assessment.

• Cash flow hedge: the effective portion of gains or losses on hedging instrument is recognized directly in Other Comprehensive Income (hedge reserve). The ineffective portion or hedge components excluded from the assessment of effectiveness are recognized in income.

To evaluate the effectiveness of the cash flow hedge, ITAÚ UNIBANCO HOLDING uses the hypothetical derivative method.

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At the time the corresponding income or expense of the hedged financial item affects income, the hedge reserve is reclassified to Income on Financial Assets and Liabilities at Fair Value through Profit or Loss. For non-financial hedged items, the hedge reserve is incorporated into the initial cost of the corresponding asset or liability.

If the accounting hedge is discontinued, the hedge reserve will be reclassified to income at the time the expected transaction occurs or is no longer expected to occur.

• Hedge of net investment in foreign operations: is accounted for in a manner similar to a cash flow hedge: the effective portion of hedge instrument gains or losses is recorded directly in Other Comprehensive Income (hedge reserve). The ineffective portion or hedge components excluded from the effectiveness analysis are recognized in income.

To evaluate the effectiveness of the hedge of net investments in foreign operations, ITAÚ UNIBANCO HOLDING uses the dollar offset method.

In the period the foreign operation is partially or completely disposed of, hedge is discontinued, and the hedge reserve is reclassified proportionally to income.

• Fair value hedge: gains or losses arising from the measurement at fair value of the covered item, which correspond to the effective portion of the hedge, are recognized in income.

If the accounting hedge is discontinued, any adjustment in the book value of the covered item should be amortized in income.

To evaluate the effectiveness of the fair value hedge, ITAÚ UNIBANCO HOLDING uses the percentage approach and dollar offset method.

V - Other non-financial assets

Other non-financial assets are composed of Prepaid expenses, Sundry domestic, Lease right-of-use, Encrypted digital assets, Assets held for sale, among others.

Encrypted digital assets can be used as a means of exchange or value reserve and are acquired for trading. Recognition and measurement are carried at fair value and are classified in the level 1 of the fair value hierarchy, since their values reflect quoted (unadjusted) prices available in active markets. Subsequent appreciation and depreciation are recognized in income for the period.

Assets Held for Sale are registered upon their receipt in the settlement of financial assets or by the decision to sell own assets. These assets are initially accounted for at the lower of: (i) the fair value of the good less the estimated selling costs (ii) their book value.

ITAÚ UNIBANCO HOLDING exercises judgment when assessing the fair value of the asset, either upon the initial recognition or in the subsequent measurement, considering, when applicable, evaluation reports and the likelihood of definitive hindrance to sale.

VI - Investments in associates and joint ventures

Associates are companies in which ITAÚ UNIBANCO HOLDING has a significant influence, mainly represented by participation in the Board of Directors or Executive Board, and in the processes of development of operating and financial policies, including the distribution of dividends, provided that they are not considered rights to protect minority interest.

Joint ventures are arrangements in which the parties are entitled to the net assets of the business, which is jointly controlled, this is, decisions about the business are made unanimously between the parties, regardless their percentage of interest.

Investments in associates and joint ventures include goodwill identified in the acquisition, net of any accumulated impairment loss. They are recognized at acquisition cost and are accounted for under the equity method.

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VII - Lease operations (Lessee)

To conduct its commercial activities, ITAÚ UNIBANCO HOLDING is the lessee, mainly of real estate (underlying assets) in the execution of the contract; future rent payments are recognized at present value discounted by an average funding rate (incremental rate) in the heading Other liabilities and the financial expense is recognized in income. In counterparty to this financial liability, a right of use is recognized, depreciated under the straight-line method for the lease term and tested semiannually to identify possible impairment losses. In cases the underlying asset is of low value (except real estate), payments are recognized in liabilities as a counterparty to expense, when due.

To establish the lease period, ITAÚ UNIBANCO HOLDING considers the non-cancellable period of the contract, the expectation of renewal, contractual termination, and the expected vacancy period, as the case may be.

The main judgments exercised in lease operations are: determination of the discount rate that reflects the cost that would be incurred to buy the asset; establishment of low-value assets; and assessment of the expectation of contractual renewal.

VIII - Fixed assets

Fixed assets are booked at their acquisition cost less accumulated depreciation, and adjusted for impairment, if applicable. Depreciation is calculated on the straight-line method using rates based on the estimated useful lives of these assets.

ITAÚ UNIBANCO HOLDING recognizes in fixed assets expenses that increase (i) productivity, (ii) efficiency or (iii) the useful life of the asset for more than one fiscal year.

The main judgements are about the definition of the residual values and useful life of assets.

IX - Goodwill and lntangible assets

Goodwill is generated in business combinations and acquisitions of ownership interests in associates and joint ventures. It represents the future economic benefits expected from the transaction that are neither individually identified nor separately recognized, not being amortized.

Intangible assets are immaterial goods acquired or internally developed, they include the Association for the promotion and offer of financial products and services, softwares and rights for acquisition of payrolls.

Intangible assets are measured at amortized cost after initial recognition and amortized using the straight-line method over their estimated useful lives.

X - Impairment of non-financial assets

The recoverable amount of investments in associates and joint ventures, right-of-use assets, fixed assets, goodwill and intangible assets is assessed semiannually or when there is an indication of loss. The assessment is conducted individually by asset class whenever possible or by cash-generating unit (CGU).

To assess the recoverable amount, ITAÚ UNIBANCO HOLDING considers the materiality of the assets, except for goodwill, which is evaluated regardless of its amount. The main internal and external indications which can impact the recoverable amount are: business strategies established by management; obsolescence and/or disuse of software/hardware; and the macroeconomic, market and regulatory scenario.

Depending on the asset class, the recoverable amount is estimated using especially the methodologies: Discounted Cash Flow, Multiple and Dividend Flow, using a discount rate that in general reflects financial and economic variables, such as risk-free interest rate and a risk premium.

The assessment of recoverable amount reflects the Management’s best estimate for the expected future cash flows from individual assets or CGU, as the case may be.

The main judgments exercised in the assessment of recoverable amount of non-financial assets are: the choice of the most appropriate methodology, the discount rate and assumptions for cash inflows and outflows.

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XI - Insurance contracts and private pension

To measure the groups of insurance contracts and private pension, ITAÚ UNIBANCO HOLDING uses the three measurement approaches below, considering the characteristics of the contracts:

• Standard Model (Building Block Approach - BBA): insurance contracts without direct participation feature with coverage longer than 1 year or that are onerous. The Insurance portfolio basically includes Life, Health, Credit Life and Housing, the first two of which are onerous. The Private Pension portfolio includes Traditional Plans and Death and Disability Risk Coverage Plans, the former being onerous. Insurance contracts and private pension classified as onerous are not actively sold, and the contractual conditions of the life insurance contracts in force are different and classified as profitable.

• Variable Fee Approach (VFA): applicable to insurance contracts with direct participation features are insurance contracts that are substantially investment-related service contracts under which an entity promises an investment return based on underlying items. ITAÚ UNIBANCO HOLDING applies this approach to the Free Benefit Generating Plan (PGBL) and Free Benefit Generating Life Plan (VGBL) private pension plans, whose contributions are remunerated at the fair value of the investment fund specially organized in which funds are invested and the insured party has the possibility of earning income after the accumulation period.

• Simplified Model (Premium Allocation Approach - PAA): insurance contracts and reinsurance contracts held, whose coverage periods are equal to or less than one year or when they produce results similar to those that would be obtained if the standard model were used, comprising mainly: Personal Accidents and Protected Card. As these are short-term contracts, Liability for Remaining Coverage are not discounted at present value. However, the cash flows of Liability for Incurred Claims are discounted at present value and adjusted to reflect non-financial risks, since they have payments that are made one year after a claim occurs.

The initial recognition of groups of insurance contracts and private pension is performed by the total of:

• Contractual service margin, which represents the unearned profit that will be recognized as it provides insurance contract service in the future.

• Fulfillment cash flows, composed of the present value of estimated cash inflows and outflows of funds over the period covered by the portfolio, risk adjusted for non-financial risk. The risk adjustment for non-financial risk is the compensation that the entity requires for bearing the uncertainty about the amount and timing of the cash flows that arises from non-financial risk.

The Assets and Liabilities of insurance contracts and private pension are subsequently segregated between:

• Asset or Liability for Remaining Coverage: represented by the fulfillment cash flows related to future services and the contractual service margin. The appropriation of the contractual service margin and losses (or reversals) in onerous contracts are recognized in the Income from Insurance Contracts and Private Pension, net of Reinsurance. In the Private Pension PGBL and VGBL portfolios, the contractual service margin is recognized according to the provision of the management service and insurance risks, and in the other portfolios, recognition is on a straight-line basis over the term of the contract.

• Asset or Liability for Incurred Claims: represented by the fulfillment cash flows referring to services already provided, that are, amounts pending financial settlement related to claims and other expenses incurred. Changes in the fulfillment cash flows, including those arising from an increase in the amount recognized due to claims and expenses incurred in the period, are recognized in the Income from Insurance Contracts and Private Pension, net of Reinsurance.

To estimate fulfillment cash flows and expected profitability (contractual service margin), ITAÚ UNIBANCO HOLDING uses actuarial models and assumptions, exercising judgment mainly to establish: (i) the aggregation of contracts; (ii) the period of service provided; (iii) discount rate; (iv) actuarial calculation models; (v) risk adjustment for non-financial risk models and confidence levels; (vi) the group's level of profitability; and (vii) contract coverage unit. The main assumptions used are: (i) inflow assumptions: contributions and premiums; (ii) outflow assumptions: conversion rates into income, redemptions, cancellation rate and loss ratio; (iii) discount rate; (iv) biometric tables; and (v) risk adjustment for non-financial risk.

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Regarding the assessment components separation of an insurance contract, the investment component that exists in ITAÚ UNIBANCO HOLDING’s private pension contracts of is highly interrelated with the insurance component, that is, the investment component (accumulation phase) is necessary to measure the payments to be made to the insured party (benefit granting phase).

For portfolios of long-term insurance contracts and private pension, except for Private Pension PGBL and VGBL portfolios, ITAÚ UNIBANCO HOLDING opted for recognizing changes in discount rates in Other Comprehensive Income, that is, the Financial Income from Insurance Contracts and Private Pension will be segregated between Other Comprehensive Income and income for the period. In the portfolios of short-term insurance and Private Pension PGBL and VGBL, the financial income is fully recognized in income for the period.

The assumptions used in the measurement of insurance contracts and private pension are reviewed periodically and are based on best practices and analysis of the experience of ITAÚ UNIBANCO HOLDING.

The discount rate used by ITAÚ UNIBANCO HOLDING to bring the projected cash flows from insurance contracts and private pension to present value is obtained by building a Term Structure of Interest Rates with internal modeling, which represents a set of vertices that contain the expectation of an interest rate associated with the term of portfolio (or maturity). In addition to considering the characteristics of the indexing units of each portfolio (IGPM, IPCA and TR), the discount rate has a component that aims at reflecting the differences between the liquidity characteristics of the financial instruments that substantiate the rates observed in the market and the liquidity characteristics of insurance contracts (a “bottom-up” approach).

Specifically for insurance products, cash flows are projected using the method known as the run-off triangle on a quarterly basis. For private pension plans, cash flows are projected based on assumptions applicable to the product.

Risk adjustment for non-financial risk is obtained by resampling based on claims data with portfolio by grouping, using the Monte Carlo statistical method. Resampling is brought to present value using the discount rate applied to future cash flows. Based on this, percentiles proportional to the confidence level are calculated, determined in an interval between 60% and 70%, depending on the group.

Biometric tables represent the probability of death, survival or disability of an insured party. For death and survival estimates, the latest Brazilian Market Insurer Experience tables (BR-EMS) are used, adjusted by the criterion of development of longevity expectations of the G Scale, and for the estimates of entry into disability, the Álvaro Vindas table is used.

The conversion rate into income reflects the historical expectation of converting the balances accumulated by insured parties into retirement benefits, and the decision is influenced by behavioral, economic and tax factors.

XII - Provisions, contingent assets and contingent liabilities

Provisions and contingent liabilities are assessed based on the Management’s best estimates considering the opinion of legal advisors. The accounting treatment of provisions and contingent liabilities depends on the likelihood of disbursing funds to settle obligations:

• Probable: a provision is recognized.

• Possible: no provision is recognized, and contingent liabilities are disclosed in the Financial Statements.

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• Remote: no provision is recognized, and contingent liabilities are not disclosed in the Financial Statements.

Provisions and contingent liabilities are estimated in a mass or individualized basis:

• Mass Lawsuits: civil lawsuits and labor claims with similar characteristics, whose individual amounts are not relevant. The expected amount of the loss is estimated on a monthly basis, according to statistical model. Civil and labor provision and contingencies are adjusted to the amount of the performance guarantee deposit when it is made. For civil lawsuits, their nature, and characteristics of the court in which they are being processed (Small Claims Court or Ordinary Court) is observed. For labor claims, the estimated amount is reassessed considering the court decisions rendered.

• Individual Lawsuits: civil lawsuits, labor claims, tax claims and social security lawsuits with peculiar characteristics or relevant amounts. For civil lawsuits and labor claims, the expected amount of the loss is periodically estimated, as the case may be, based on the determination of the amount claimed and the particularities of the lawsuits. The likelihood of loss is assessed according to the characteristics of facts and points of law regarding that lawsuit. Tax and social security lawsuits are assessed individually and are accounted for at the amount due.

Assets pledged as guarantees of civil lawsuits, labor claims, tax claims and social security lawsuits should be conducted in court and are retained until a definitive court decision is made. Cash deposits, surety insurance, sureties and government securities are offered, and in case of unfavorable decision, the amount is paid to the counterparty. The amount of judicial deposits is updated in accordance with the regulations in force.

Civil, labor, tax, and social security provisions, guaranteed by indemnity clauses in privatization and other procedures, in which there is liquidity, are recognized upon judicial notice, simultaneously with amounts receivable, not having effect on income.

The main judgments exercised in the measurement of provisions and contingencies are: assessment of the probability of loss; aggregation of mass lawsuits; selection of the statistical model for loss assessment; and estimated provisions amount.

Information on provisions and contingencies for legal proceedings are detailed in Note 29.

XIII - Income tax and social contribution

The provision for income tax and social contribution is composed for current taxes, which are recovered or paid during the reporting period, and deferred taxes, represented by deferred tax assets and liabilities, arising from the differences between the tax bases of assets and liabilities and the amounts reported at the end of each period.

Deferred tax assets may arise from: temporary differences, which may be deductible in future periods, and income tax losses and social contribution tax loss on net income, which may be offset in the future.

The expected realization of deferred tax assets is estimated based on the projection of future taxable profits and other technical studies, observing the history of profitability for each subsidiary and for the consolidated taken as whole.

The main assumptions considered in the projections of future taxable income are: macroeconomic variables, exchange rates, interest rates, volume of financial operations, service fees, internal business information, among others, which may present variations in relation to actual data and amounts.

The main judgments that ITAÚ UNIBANCO HOLDING exercises in recognition of deferred tax assets and liabilities are: identification of deductible and taxable temporary differences in future periods; and evaluation of the likelihood of the existence of future taxable profit against which the deferred tax assets may be used.

ITAÚ UNIBANCO HOLDING applies the normative exception and does not recognize and disclose deferred tax assets and liabilities related to taxes on profits under Pillar II of the Organization for Economic Cooperation and Development (OECD). Currently no material impacts on current tax are expected in the jurisdictions applicable to ITAÚ UNIBANCO HOLDING.

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The income tax and social contribution expense is recognized in the Statement of Income under Income Tax and Social Contribution, except when it refers to items directly recognized in Other Comprehensive Income, which will be recognized in income upon realization of the gain/loss on the instruments.

Changes in tax legislation and rates are recognized in the period in which they are enacted.

In cases where tax treatment of a tax is uncertain, ITAÚ UNIBANCO HOLDING assesses the need for recognizing a provision to cover this uncertainty.

XIV - Post-employment benefits

ITAÚ UNIBANCO HOLDING sponsors post-employment benefit plans for employees in Defined Benefit, Defined Contribution and Variable Contribution modalities.

The present value of obligations, net of fair value of assets, is recognized in the actuarial liabilities according to the characteristics of the plan and actuarial estimates. When the fair value of the plan assets exceeds the present value of obligations, an asset is recognized, limited to the rights of ITAÚ UNIBANCO HOLDING.

Actuarial estimates are based on assumptions of the following nature: (i) demographic: mainly the mortality table; and (ii) financial: the most relevant ones are the projection of inflation and the discount rate used to determine the present value of the obligations that considers the yields of government securities and the maturity of respective obligations.

Annual remeasurements of the plans are recognized under Stockholders’ Equity, in other Comprehensive Income.

The main judgments exercised in calculating the obligation of post-employment benefit plans are: selection of the mortality table and the discount rate.

XV - Share-based payments

Share-based payments are measured at the fair value, with recognition in Stockholders’ Equity during the vesting period of the instruments.

In case the manager or employee leaves before the end of the vesting period, ITAÚ UNIBANCO HOLDING exercises judgment on the departure conditions, considering the specificity of each plan.

The plans are settled with shares and are made up of variable compensation programs in shares and partner program.

XVI - Treasury shares

The purchase and sale of common and preferred shares are recorded in Stockholders’ Equity under Treasury shares at average share price.

The difference between the sale price and the average price of the treasury shares is accounted for as a reduction or increase in Capital Reserves. The cancellation of treasury shares is conducted at the average price of shares and its effect is accounted for in Capital Reserves.

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XVII - Capital compensation

ITAÚ UNIBANCO HOLDING compensates its shareholders with dividends and Interest on Capital. Interest on capital is treated for accounting purposes as a dividend, and it is presented as a reduction of Stockholders' Equity in the Consolidated Financial Statements.

Dividends are calculated and paid on the basis of the financial statements prepared under Brazilian accounting standards.

Minimum dividend amounts ascertained based on percentages established in the bylaws are recorded as liabilities. Any other amount above the mandatory minimum dividend is accounted for as a liability when approved by of the Board of Directors.

Dividends and interest on capital are presented in Note 19.

XVIII - Commissions and banking fees

Commissions and Banking Fees are recognized when ITAÚ UNIBANCO HOLDING provides or offers services to customers, in an amount that reflects the consideration ITAÚ UNIBANCO HOLDING expects to collect in exchange for those services. Incremental costs, when material, are recognized in assets and appropriated in income according to the expected term of the contract.

Service revenues related to credit cards, debit, current account, economic, financial and brokerage advisory are recognized when said services are provided.

Revenue from certain services, such as fees from funds management, collection and custody, are recognized over the life of the respective agreements, as services are provided.

ITAÚ UNIBANCO HOLDING exercises judgment to identify whether the performance obligation is satisfied over the life of the contract or at the time the service is provided.

Note 3 - Business development

Banco Itaú Chile

ITAÚ UNIBANCO HOLDING began controlling Banco Itaú Chile (ITAÚ CHILE) on April 1st, 2016, after the execution of a shareholders’ agreement with Corp Group. In July 2022, the shareholders’ agreement was fully terminated and ITAÚ UNIBANCO HOLDING, after a series of corporate events, now holds 65.62% of ITAÚ CHILE’s capital.

During 2023, ITAÚ UNIBANCO HOLDING, through its subsidiary ITB Holding Brasil Participações Ltda., acquired a total of 3,707,104 shares and 554,650 ADS (equivalent to 184,883 shares), including through the voluntary offering for the acquisition of shares, for the total amount of R$ 193 (CLP 33,012 million), then holding 67.42% of ITAÚ CHILE’s capital.

Acquisition of Ideal Holding Financeira S.A.

On January 13, 2022, ITAÚ UNIBANCO HOLDING, through its subsidiary Itaú Corretora de Valores S.A., entered into a purchase and sale agreement of up to 100% of capital of Ideal Holding Financeira S.A. (IDEAL). The purchase will be carried out in two phases over five years. In the first phase, ITAÚ UNIBANCO HOLDING acquired 50.1% of IDEAL’s total voting capital for R$ 700, starting to hold control of the company. In the second phase, after five years, ITAÚ UNIBANCO HOLDING may exercise the right to purchase the remaining ownership interest, in order to reach 100% of IDEAL’s capital.

IDEAL is a 100% digital broker and currently offers electronic trading and DMA (direct market access) solutions, within a flexible and cloud-based platform.

The management and development of IDEAL's business will continue to be autonomous in relation to ITAÚ UNIBANCO HOLDING, according to the terms and conditions of the Shareholders' Agreement for this transaction and ITAÚ UNIBANCO HOLDING will not have exclusivity in the provision of services.

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The effective acquisitions and financial settlements occured on March 31, 2023, after the required regulatory approvals are received.

Zup I.T. Serviços em Tecnologia e Inovação S.A.

On October 31, 2019, ITAÚ UNIBANCO HOLDING, through its subsidiary Redecard Instituição de Pagamento S.A. (REDE), entered into a purchase and sale agreement for 100% of Zup I.T. Serviços em Tecnologia e Inovação S.A.'s (ZUP) capital in three phases, and the first phase, was performed in March 2020, granted control to ITAÚ UNIBANCO HOLDING.

In 2023, ITAÚ UNIBANCO HOLDING increased its ownership interest by 20.57% (2,228,342 shares) for the amount of R$ 199, then holding 72.51%.

In 2024, there was a dilution of 1.32% (issuance of 200,628 new shares) in the ownership interest of ITAÚ UNIBANCO HOLDING and the completion of the third stage, with the acquisition of the remaining ownership interest of 28.81% (3,178,623 shares) in the ZUP's capital for the amount of R$ 312.

The effective acquisitions occurred on May 31, 2023, June 14, 2023 and March 28, 2024.

Totvs Techfin S.A.

On April 12, 2022, ITAÚ UNIBANCO HOLDING, through its subsidiary Itaú Unibanco S.A., with TOTVS S.A. (TOTVS) entered into an agreement for the organization of a joint venture, called Totvs Techfin S.A. (TECHFIN), which combined technology and financial solutions, adding the supplementary expertise of the partners to provide corporate clients with, in an expeditious and integrated manner, the best experiences in buying products directly from the platforms already offered by TOTVS.

TOTVS contributed with assets of its current TECHFIN operation to a company of which ITAÚ UNIBANCO HOLDING became a partner with a 50% ownership interest in capital, and each partner may appoint half of the members of the Board of Directors and the Executive Board. For the ownership interest, ITAÚ UNIBANCO HOLDING paid TOTVS the amount of R$ 610 and, as a complementary price (earn-out), it will pay up to R$ 450 after five years upon achievement of goals aligned with the growth and performance purposes. Additionally, ITAÚ UNIBANCO HOLDING will contribute the funding commitment for current and future operations, credit expertise and development of new products at TECHFIN.

The effective acquisition and financial settlement occurred on July 31, 2023, after the required regulatory approvals.

Banco Itaú Argentina S.A.

After obtaining the authorization of the Central Bank of the Argentine Republic on November 2, 2023, ITAÚ UNIBANCO HOLDING, through Itaú Unibanco S.A., consummated the operation for disposing of the totality of their shares held in Banco Itaú Argentina S.A. and its controlled companies to Banco Macro S.A.

On November 3, 2023, ITAÚ UNIBANCO HOLDING received from Banco Macro S.A., for the completion of the transaction, the approximate amount of R$ 253 (US$ 50 million), thus generating an impact on the result of the third quarter of 2023 of R$ (1,211).

Avenue Holding Cayman Ltd

On July 08, 2022, ITAÚ UNIBANCO HOLDING entered into a share purchase agreement with Avenue Controle Cayman Ltd and other selling stockholders for the acquisition of control of Avenue Holding Cayman Ltd (AVENUE). The purchase will be carried out in three phases over five years. In the first phase, ITAÚ UNIBANCO HOLDING, through its subsidiary ITB Holding Brasil Participações Ltda., acquired 35% of AVENUE’s capital, which became a joint venture, for approximately R$ 563. In the second phase, in the 4th quarter of 2025, ITAÚ UNIBANCO HOLDING will acquire additional ownership equivalent to control with 50.1% of AVENUE’s capital. After five years of the first phase, ITAÚ UNIBANCO HOLDING may exercise a call option for the remaining ownership interest.

AVENUE holds a U.S. digital securities broker aimed to democratize the access of Brazilian investors to the international market.

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Regulatory approvals were completed on October 31, 2023, and the process for the acquisition and financial settlement occurred on November 30, 2023.

In August 2024, AVENUE issued new shares which resulted in the reduction of ITAÚ UNIBANCO HOLDING’s ownership interest to 33.6% in AVENUE’s capital.

Note 4 - Interbank deposits and securities purchased under agreements to resell

| 12/31/2024 |  | 12/31/2023
| Current | Non-current | Total |  | Current | Non-current | Total
Securities purchased under agreements to resell | 242,542 | 677 | 243,219 |  | 238,227 | 81 | 238,308
Collateral held | 77,521 | 677 | 78,198 |  | 79,577 | 23 | 79,600
Collateral repledge | 117,108 | - | 117,108 |  | 125,753 | 58 | 125,811
Assets received as collateral with right to sell or repledge | 7,223 | - | 7,223 |  | 3,733 | - | 3,733
Assets received as collateral without right to sell or repledge | 109,885 | - | 109,885 |  | 122,020 | 58 | 122,078
Collateral sold | 47,913 | - | 47,913 |  | 32,897 | - | 32,897
Interbank deposits | 53,529 | 13,396 | 66,925 |  | 43,857 | 7,143 | 51,000
Total | 296,071 | 14,073 | 310,144 |  | 282,084 | 7,224 | 289,308

In Securities purchased under agreements to resell, the amounts of R$ 7,031 (R$ 0 at 12/31/2023) are pledged in guarantee of operations on B3 S.A. - Brasil, Bolsa, Balcão (B3) and BACEN and the amounts of R$ 165,020 (R$ 158,708 at 12/31/2023) are pledged in guarantee of repurchase commitment transactions.

In the total portfolio, includes losses in the amounts of R$ (7) (R$ (20) at 12/31/2023).

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Note 5 - Financial assets at fair value through profit or loss and designated at fair value through profit or loss - Securities

The accounting policy on financial assets and liabilities is presented in Note 2c IV.

| 12/31/2024 |  | 12/31/2023
| Cost | Adjustments to Fair Value (in Income) | Fair value |  | Cost | Adjustments to Fair Value (in Income) | Fair value
Investment funds | 37,642 | (539) | 37,103 |  | 27,041 | (471) | 26,570
Brazilian government securities | 366,857 | (5,161) | 361,696 |  | 340,818 | 1,274 | 342,092
Government securities – Latin America | 4,404 | (23) | 4,381 |  | 2,854 | 21 | 2,875
Government securities – Abroad | 1,490 | (17) | 1,473 |  | 2,599 | (37) | 2,562
Corporate securities | 161,447 | (6,275) | 155,172 |  | 141,467 | (3,814) | 137,653
Shares | 27,860 | (1,980) | 25,880 |  | 27,844 | (1,309) | 26,535
Rural product note | 972 | (31) | 941 |  | 4,192 | 11 | 4,203
Bank deposit certificates | 450 | - | 450 |  | 128 | - | 128
Real estate receivables certificates | 1,754 | (100) | 1,654 |  | 1,655 | (64) | 1,591
Debentures | 91,544 | (4,402) | 87,142 |  | 79,026 | (2,478) | 76,548
Eurobonds and other | 2,017 | (26) | 1,991 |  | 2,460 | 4 | 2,464
Financial bills | 33,062 | 9 | 33,071 |  | 22,552 | - | 22,552
Promissory and commercial notes | 1,214 | 2 | 1,216 |  | 2,611 | (9) | 2,602
Other | 2,574 | 253 | 2,827 |  | 999 | 31 | 1,030
Total | 571,840 | (12,015) | 559,825 |  | 514,779 | (3,027) | 511,752

The Securities pledged as Guarantee of Funding of Financial Institutions and Customers and Post-employment benefits (Note 26b), are: a) Brazilian government securities R$ 108,595 (R$ 118,798 at 12/31/2023), b) Government securities - Latin America R$ 2,539 (R$ 87 at 12/31/2023) and c) Corporate securities R$ 11,775 (R$ 11,788 at 12/31/2023), totaling R$ 122,909 (R$ 130,673 at 12/31/2023).

F-24

The cost and fair value per maturity of Financial Assets at Fair Value Through Profit or Loss - Securities were as follows:
| 12/31/2024 |  | 12/31/2023
| Cost | Fair value |  | Cost | Fair value
Current | 135,385 | 133,168 |  | 129,409 | 127,597
Non-stated maturity | 48,007 | 45,488 |  | 44,899 | 43,119
Up to one year | 87,378 | 87,680 |  | 84,510 | 84,478
Non-current | 436,455 | 426,657 |  | 385,370 | 384,155
From one to five years | 337,427 | 332,301 |  | 289,917 | 289,490
From five to ten years | 64,355 | 62,410 |  | 62,474 | 62,451
After ten years | 34,673 | 31,946 |  | 32,979 | 32,214
Total | 571,840 | 559,825 |  | 514,779 | 511,752

Financial assets at fair value through profit or loss - Securities include assets with a fair value of R$ 287,919 (R$ 253,287 at 12/31/2023) that belong to investment funds wholly owned by Itaú Vida e Previdência S.A. The return of those assets (positive or negative) is fully transferred to customers of our PGBL and VGBL private pension plans whose premiums (net of fees) are used by our subsidiary to purchase quotas of those investment funds.

The financial assets that ITAÚ UNIBANCO HOLDING adopted the option of designating at fair value through profit or loss are:
|  | 12/31/2024
|  | Cost | Adjustments to Fair Value (in Income) | Fair value
Brazilian government securities |  | 38 | 5 | 43
Government securities - Latin America |  | 275 | - | 275
Total |  | 313 | 5 | 318
|  | 12/31/2023
|  | Cost | Adjustments to Fair Value (in Income) | Fair value
Brazilian government securities |  | - | - | -
Total | 1 | - | - | -

The cost and fair value by maturity of Financial assets designated as fair value through profit or loss - Securities were as follows:
| 12/31/2024 |  | 12/31/2023
| Cost | Fair Value |  | Cost | Fair Value
Non-current | 313 | 318 |  | - | -
From one to five years | 12 | 12 |  | - | -
From five to ten years | 249 | 249 |  | - | -
After ten years | 52 | 57 |  | - | -
Total | 313 | 318 |  | - | -

Note 6 - Derivatives

ITAÚ UNIBANCO HOLDING trades in derivative financial instruments with various counterparties to manage its overall exposures and to assist its customers in managing their own exposures.

Futures - Interest rate and foreign currency futures contracts are commitments to buy or sell a financial instrument at a future date, at an agreed price or yield, and may be settled in cash or through delivery. The notional amount represents the face value of the underlying instrument. Commodity futures contracts or financial instruments are commitments to buy or sell commodities (mainly gold, coffee and orange juice) on a future date, at an agreed price, which are settled in cash. The notional amount represents the quantity of such commodities multiplied by the future price on the contract date. Daily cash settlements of price movements are made for all instruments.

F-25

Forwards - Interest rate forward contracts are agreements to exchange payments on a specified future date, based on the variation in market interest rates from trade date to contract settlement date. Foreign exchange forward contracts represent agreements to exchange the currency of one country for the currency of another at an agreed price, on an agreed settlement date. Financial instrument forward contracts are commitments to buy or sell a financial instrument on a future date at an agreed price and are settled in cash.

Swaps - Interest rate and foreign exchange swap contracts are commitments to settle in cash on a future date or dates the differentials between two specific financial indices (either two different interest rates in a single currency or two different rates each in a different currency), as applied to a notional principal amount. Swap contracts shown under Other in the table below correspond substantially to inflation rate swap contracts.

Options - Option contracts give the purchaser, for a fee, the right, but not the obligation, to buy or sell a financial instrument within a limited time, including a flow of interest, foreign currencies, commodities, or financial instruments at an agreed price that may also be settled in cash, based on the differential between specific indices.

Credit Derivatives - Credit derivatives are financial instruments with value deriving from the credit risk on debt issued by a third party (the reference entity), which permit one party (the buyer of the hedge) to transfer the risk to the counterparty (the seller of the hedge). The seller of the hedge must pay out as provided for in the contract if the reference entity undergoes a credit event, such as bankruptcy, default or debt restructuring. The seller of the hedge receives a premium for the hedge but, on the other hand, assumes the risk that the underlying instrument referenced in the contract undergoes a credit event, and the seller may have to make payment to the purchaser of the hedge for up to the notional amount of the credit derivative.

The total value of margins pledged in guarantee by ITAÚ UNIBANCO HOLDING was R$ 24,254 (R$ 24,812 at 12/31/2023) and was basically composed of government securities.

Further information on parameters used to manage risks, may be found in Note 32 – Risk and Capital Management.

F-26

a) Derivatives Summary

See below the composition of the Derivative financial instruments portfolio (assets and liabilities) by type of instrument, stated fair value and maturity date.
| 12/31/2024
| Fair value | % | 0-30 | 31-90 | 91-180 | 181-365 | 366-720 | Over 720 days
Assets |  |  |  |  |  |  |  |
Swaps – adjustment receivable | 55,428 | 59.9% | 4,511 | 1,276 | 1,653 | 2,610 | 8,237 | 37,141
Option agreements | 21,170 | 22.9% | 6,209 | 2,371 | 1,892 | 8,767 | 1,454 | 477
Forwards | 1,739 | 1.9% | 1,568 | 62 | 87 | 5 | - | 17
Credit derivatives | 633 | 0.7% | 2 | 1 | 25 | 26 | 19 | 560
NDF - Non Deliverable Forward | 12,207 | 13.2% | 2,227 | 2,565 | 2,254 | 2,478 | 1,614 | 1,069
Other Derivative Financial Instruments | 1,262 | 1.4% | 715 | 130 | 5 | 2 | 6 | 404
Total | 92,439 | 100.0% | 15,232 | 6,405 | 5,916 | 13,888 | 11,330 | 39,668
% per maturity date |  |  | 16.5% | 6.9% | 6.4% | 15.0% | 12.3% | 42.9%
| 12/31/2024
| Fair value | % | 0-30 | 31-90 | 91-180 | 181-365 | 366-720 | Over 720 days
Liabilities |  |  |  |  |  |  |  |
Swaps – adjustment payable | (51,394) | 60.2% | (3,187) | (1,889) | (2,403) | (3,665) | (10,065) | (30,185)
Option agreements | (20,588) | 24.1% | (3,902) | (2,424) | (2,177) | (10,224) | (1,065) | (796)
Forwards | (1,450) | 1.7% | (1,435) | - | - | (2) | - | (13)
Credit derivatives | (795) | 0.9% | - | - | (153) | (58) | (6) | (578)
NDF - Non Deliverable Forward | (10,761) | 12.6% | (2,048) | (2,884) | (2,235) | (1,676) | (1,415) | (503)
Other Derivative Financial Instruments | (425) | 0.5% | (203) | (9) | (5) | (1) | (15) | (192)
Total | (85,413) | 100.0% | (10,775) | (7,206) | (6,973) | (15,626) | (12,566) | (32,267)
% per maturity date |  |  | 12.6% | 8.4% | 8.2% | 18.3% | 14.7% | 37.8%

F-27

| 12/31/2023
| Fair value | % | 0-30 | 31-90 | 91-180 | 181-365 | 366-720 | Over 720 days
Assets |  |  |  |  |  |  |  |
Swaps – adjustment receivable | 37,957 | 68.7% | 4,310 | 1,063 | 1,177 | 2,915 | 7,921 | 20,571
Option agreements | 7,718 | 14.0% | 1,374 | 3,095 | 675 | 1,638 | 710 | 226
Forwards | 3,274 | 5.9% | 3,129 | 85 | 32 | 9 | - | 19
Credit derivatives | 282 | 0.5% | 2 | - | 5 | 11 | 73 | 191
NDF - Non Deliverable Forward | 5,378 | 9.7% | 1,048 | 1,191 | 1,025 | 1,032 | 789 | 293
Other Derivative Financial Instruments | 642 | 1.2% | 464 | 2 | 7 | 8 | 7 | 154
Total | 55,251 | 100.0% | 10,327 | 5,436 | 2,921 | 5,613 | 9,500 | 21,454
% per maturity date |  |  | 18.7% | 9.8% | 5.3% | 10.2% | 17.2% | 38.8%
| 12/31/2023
| Fair value | % | 0-30 | 31-90 | 91-180 | 181-365 | 366-720 | Over 720 days
Liabilities |  |  |  |  |  |  |  |
Swaps – adjustment payable | (35,741) | 63.8% | (3,231) | (745) | (1,245) | (2,074) | (6,476) | (21,970)
Option agreements | (8,972) | 20.4% | (903) | (775) | (1,542) | (4,693) | (595) | (464)
Forwards | (2,982) | 5.3% | (2,965) | - | - | - | (1) | (16)
Credit derivatives | (149) | 0.5% | - | - | (1) | (2) | (32) | (114)
NDF - Non Deliverable Forward | (4,478) | 9.6% | (887) | (812) | (1,037) | (1,027) | (443) | (272)
Other Derivative Financial Instruments | (153) | 0.4% | (2) | (4) | (4) | (2) | (6) | (135)
Total | (52,475) | 100.0% | (7,988) | (2,336) | (3,829) | (7,798) | (7,553) | (22,971)
% per maturity date |  |  | 15.2% | 4.5% | 7.3% | 14.9% | 14.4% | 43.7%

F-28

b) Derivatives by index and Risk Factor

|  | Off-balance sheet / notional amount | Balance sheet account receivable / (received) (payable) / paid | Adjustment to fair value (in income / stockholders' equity) | Fair value
|  | 12/31/2024
Future contracts |  | 868,983 | - | - | -
Purchase commitments |  | 322,323 | - | - | -
Shares |  | 11,490 | - | - | -
Commodities |  | 1,266 | - | - | -
Interest |  | 275,950 | - | - | -
Foreign currency |  | 33,617 | - | - | -
Commitments to sell |  | 546,660 | - | - | -
Shares |  | 14,438 | - | - | -
Commodities |  | 6,878 | - | - | -
Interest |  | 490,906 | - | - | -
Foreign currency |  | 34,438 | - | - | -
Swap contracts |  |  | (7,451) | 11,485 | 4,034
Asset position |  | 2,844,414 | 24,685 | 30,743 | 55,428
Shares |  | 24,730 | 128 | (45) | 83
Commodities |  | 147 | 1 | 4 | 5
Interest |  | 2,613,244 | 15,244 | 27,868 | 43,112
Foreign currency |  | 206,293 | 9,312 | 2,916 | 12,228
Liability position |  | 2,844,414 | (32,136) | (19,258) | (51,394)
Shares |  | 30,542 | (1,484) | 985 | (499)
Commodities |  | 757 | - | (4) | (4)
Interest |  | 2,586,466 | (18,387) | (18,067) | (36,454)
Foreign currency |  | 226,649 | (12,265) | (2,172) | (14,437)
Option contracts |  | 2,325,428 | 871 | (289) | 582
Purchase commitments – long position |  | 415,232 | 15,680 | 2,908 | 18,588
Shares |  | 57,471 | 13,309 | 21 | 13,330
Commodities |  | 4,761 | 252 | 114 | 366
Interest |  | 302,455 | 725 | 1,705 | 2,430
Foreign currency |  | 50,545 | 1,394 | 1,068 | 2,462
Commitments to sell – long position |  | 745,131 | 3,651 | (1,069) | 2,582
Shares |  | 66,670 | 1,351 | 35 | 1,386
Commodities |  | 1,762 | 59 | (4) | 55
Interest |  | 623,204 | 162 | (153) | 9
Foreign currency |  | 53,495 | 2,079 | (947) | 1,132
Purchase commitments – short position |  | 423,455 | (15,629) | (3,077) | (18,706)
Shares |  | 53,380 | (11,592) | 262 | (11,330)
Commodities |  | 4,822 | (153) | (85) | (238)
Interest |  | 304,499 | (2,191) | (1,708) | (3,899)
Foreign currency |  | 60,754 | (1,693) | (1,546) | (3,239)
Commitments to sell – short position |  | 741,610 | (2,831) | 949 | (1,882)
Shares |  | 66,041 | (1,130) | (256) | (1,386)
Commodities |  | 2,720 | (124) | - | (124)
Interest |  | 623,629 | (159) | 134 | (25)
Foreign currency |  | 49,220 | (1,418) | 1,071 | (347)
Forward operations |  | 5,273 | 287 | 2 | 289
Purchases receivable |  | 328 | 373 | (1) | 372
Shares |  | 37 | 37 | (1) | 36
Interest |  | 291 | 336 | - | 336
Purchases payable obligations |  | - | (305) | - | (305)
Commodities |  | - | (15) | - | (15)
Interest |  | - | (290) | - | (290)
Sales receivable |  | 2,110 | 1,366 | 1 | 1,367
Shares |  | 286 | 281 | 1 | 282
Commodities |  | 18 | 18 | - | 18
Interest |  | - | 1,066 | - | 1,066
Foreign currency |  | 1,806 | 1 | - | 1
Sales deliverable obligations |  | 2,835 | (1,147) | 2 | (1,145)
Interest |  | 1,066 | (1,146) | 4 | (1,142)
Foreign currency |  | 1,769 | (1) | (2) | (3)
Credit derivatives |  | 100,812 | (210) | 48 | (162)
Asset position |  | 72,064 | 584 | 49 | 633
Shares |  | 4,976 | 94 | 80 | 174
Commodities |  | 26 | - | - | -
Interest |  | 67,062 | 490 | (31) | 459
Liability position |  | 28,748 | (794) | (1) | (795)
Shares |  | 2,963 | (41) | (78) | (119)
Interest |  | 25,785 | (753) | 77 | (676)
NDF - Non Deliverable Forward |  | 632,408 | 1,166 | 280 | 1,446
Asset position |  | 316,826 | 11,541 | 666 | 12,207
Commodities |  | 2,689 | 284 | (32) | 252
Foreign currency |  | 314,137 | 11,257 | 698 | 11,955
Liability position |  | 315,582 | (10,375) | (386) | (10,761)
Commodities |  | 3,854 | (310) | 5 | (305)
Foreign currency |  | 311,728 | (10,065) | (391) | (10,456)
Other derivative financial instruments |  | 18,128 | 125 | 712 | 837
Asset position |  | 15,649 | 200 | 1,062 | 1,262
Shares |  | 1,137 | (1) | 25 | 24
Commodities |  | 143 | - | 6 | 6
Interest |  | 6,696 | 201 | 188 | 389
Foreign currency |  | 7,673 | - | 843 | 843
Liability position |  | 2,479 | (75) | (350) | (425)
Shares |  | 1,970 | (5) | (20) | (25)
Commodities |  | 184 | - | (6) | (6)
Interest |  | 275 | (36) | (86) | (122)
Foreign currency |  | 50 | (34) | (238) | (272)
|  | Asset | 58,080 | 34,359 | 92,439
|  | Liability | (63,292) | (22,121) | (85,413)
|  | Total | (5,212) | 12,238 | 7,026
Derivative contracts mature as follows (in days):
Off-balance sheet / notional amount | 0 - 30 | 31 - 180 | 181 - 365 | Over 365 days | 12/31/2024
Future contracts | 205,732 | 342,884 | 113,961 | 206,406 | 868,983
Swap contracts | 442,179 | 391,153 | 329,901 | 1,681,181 | 2,844,414
Option contracts | 845,197 | 289,010 | 1,139,192 | 52,029 | 2,325,428
Forwards (onshore) | 1,535 | 758 | 2,963 | 17 | 5,273
Credit derivatives | 7,044 | 21,839 | 17,740 | 54,189 | 100,812
NDF - Non Deliverable Forward | 159,559 | 235,623 | 113,305 | 123,921 | 632,408
Other derivative financial instruments | 5,245 | 3,139 | 782 | 8,962 | 18,128

F-29

|  | Off-balance sheet notional amount | Balance sheet account receivable / (received) (payable) / paid | Adjustment to fair value (in income / stockholders' equity) | Fair value
|  | 12/31/2023
Future contracts |  | 844,005 | - | - | -
Purchase commitments |  | 267,803 | - | - | -
Shares |  | 6,721 | - | - | -
Commodities |  | 774 | - | - | -
Interest |  | 236,105 | - | - | -
Foreign currency |  | 24,203 | - | - | -
Commitments to sell |  | 576,202 | - | - | -
Shares |  | 6,580 | - | - | -
Commodities |  | 4,982 | - | - | -
Interest |  | 547,150 | - | - | -
Foreign currency |  | 17,490 | - | - | -
Swap contracts |  |  | 230 | 1,986 | 2,216
Asset position |  | 2,396,474 | 19,890 | 18,067 | 37,957
Shares |  | 369 | 7 | 6 | 13
Commodities |  | 708 | 19 | 1 | 20
Interest |  | 2,213,528 | 17,807 | 15,079 | 32,886
Foreign currency |  | 181,869 | 2,057 | 2,981 | 5,038
Liability position |  | 2,396,474 | (19,660) | (16,081) | (35,741)
Shares |  | 3,416 | (612) | 405 | (207)
Commodities |  | 2,088 | (37) | 4 | (33)
Interest |  | 2,175,623 | (17,168) | (13,225) | (30,393)
Foreign currency |  | 215,347 | (1,843) | (3,265) | (5,108)
Option contracts |  | 1,648,851 | (1,005) | (249) | (1,254)
Purchase commitments – long position |  | 226,918 | 4,313 | 688 | 5,001
Shares |  | 42,955 | 3,072 | 1,529 | 4,601
Commodities |  | 3,130 | 280 | (123) | 157
Interest |  | 146,915 | 241 | (103) | 138
Foreign currency |  | 33,918 | 720 | (615) | 105
Commitments to sell – long position |  | 588,977 | 3,364 | (647) | 2,717
Shares |  | 45,623 | 2,332 | (887) | 1,445
Commodities |  | 1,409 | 55 | 5 | 60
Interest |  | 521,735 | 306 | 74 | 380
Foreign currency |  | 20,210 | 671 | 161 | 832
Purchase commitments – short position |  | 212,969 | (4,679) | (447) | (5,126)
Shares |  | 41,220 | (2,905) | (1,048) | (3,953)
Commodities |  | 1,799 | (79) | (2) | (81)
Interest |  | 140,310 | (1,001) | 123 | (878)
Foreign currency |  | 29,640 | (694) | 480 | (214)
Commitments to sell – short position |  | 619,987 | (4,003) | 157 | (3,846)
Shares |  | 46,400 | (2,776) | 653 | (2,123)
Commodities |  | 2,947 | (122) | (48) | (170)
Interest |  | 545,656 | (340) | (51) | (391)
Foreign currency |  | 24,984 | (765) | (397) | (1,162)
Forward operations |  | 6,022 | 290 | 2 | 292
Purchases receivable |  | 2,533 | 2,602 | (2) | 2,600
Shares |  | 38 | 38 | (2) | 36
Interest |  | 2,495 | 2,564 | - | 2,564
Purchases payable obligations |  | - | (2,511) | - | (2,511)
Commodities |  | - | (16) | - | (16)
Interest |  | - | (2,495) | - | (2,495)
Sales receivable |  | 2,869 | 671 | 3 | 674
Shares |  | 225 | 223 | - | 223
Commodities |  | 16 | 16 | 3 | 19
Interest |  | 1 | 432 | - | 432
Foreign currency |  | 2,627 | - | - | -
Sales deliverable obligations |  | 620 | (472) | 1 | (471)
Interest |  | 431 | (472) | 1 | (471)
Foreign currency |  | 189 | - | - | -
Credit derivatives |  | 53,033 | (17) | 150 | 133
Asset position |  | 38,069 | (196) | 478 | 282
Shares |  | 4,255 | 69 | 75 | 144
Commodities |  | 15 | - | - | -
Interest |  | 33,799 | (265) | 403 | 138
Liability position |  | 14,964 | 179 | (328) | (149)
Shares |  | 1,347 | (18) | (12) | (30)
Commodities |  | 1 | - | - | -
Interest |  | 13,616 | 197 | (316) | (119)
NDF - Non Deliverable Forward |  | 316,620 | 682 | 218 | 900
Asset position |  | 175,223 | 4,769 | 609 | 5,378
Commodities |  | 2,406 | 269 | (45) | 224
Foreign currency |  | 172,817 | 4,500 | 654 | 5,154
Liability position |  | 141,397 | (4,087) | (391) | (4,478)
Commodities |  | 2,734 | (134) | (12) | (146)
Foreign currency |  | 138,663 | (3,953) | (379) | (4,332)
Other derivative financial instruments |  | 8,415 | 180 | 309 | 489
Asset position |  | 6,279 | 188 | 454 | 642
Shares |  | 855 | - | 17 | 17
Commodities |  | 196 | - | 4 | 4
Interest |  | 5,194 | 188 | (33) | 155
Foreign currency |  | 34 | - | 466 | 466
Liability position |  | 2,136 | (8) | (145) | (153)
Shares |  | 1,385 | (1) | (14) | (15)
Commodities |  | 209 | - | (4) | (4)
Interest |  | 382 | (7) | (15) | (22)
Foreign currency |  | 160 | - | (112) | (112)
|  | Asset | 35,601 | 19,650 | 55,251
|  | Liability | (35,241) | (17,234) | (52,475)
|  | Total | 360 | 2,416 | 2,776
Derivative contracts mature as follows (in days):
Off-balance sheet – notional amount | 0 - 30 | 31 - 180 | 181 - 365 | Over 365 days | 12/31/2023
Future contracts | 257,896 | 282,162 | 98,490 | 205,457 | 844,005
Swap contracts | 363,159 | 529,896 | 232,080 | 1,271,339 | 2,396,474
Option contracts | 1,043,317 | 201,220 | 371,901 | 32,413 | 1,648,851
Forwards | 3,291 | 977 | 1,738 | 16 | 6,022
Credit derivatives | 3,919 | 827 | 8,228 | 40,059 | 53,033
NDF - Non Deliverable Forward | 116,815 | 110,717 | 51,623 | 37,465 | 316,620
Other derivative financial instruments | 218 | 706 | 873 | 6,618 | 8,415

F-30

c) Derivatives by notional amount

See below the composition of the Derivative Financial Instruments portfolio by type of instrument, stated at their notional amounts, per trading location (organized or over-the-counter market) and counterparties.
| 12/31/2024
| Future contracts | Swap contracts | Option contracts | Forwards | Credit derivatives | NDF - Non Deliverable Forward | Other derivative financial instruments
Stock exchange | 868,953 | 123,051 | 2,169,517 | 3,897 | 49,473 | 237,917 | 106
Over-the-counter market | 30 | 2,721,363 | 155,911 | 1,376 | 51,339 | 394,491 | 18,022
Financial institutions | - | 2,443,581 | 103,011 | 1,357 | 51,339 | 160,989 | 6,190
Companies | 30 | 251,138 | 49,989 | 19 | - | 228,292 | 11,832
Individuals | - | 26,644 | 2,911 | - | - | 5,210 | -
Total | 868,983 | 2,844,414 | 2,325,428 | 5,273 | 100,812 | 632,408 | 18,128
| 12/31/2023
| Future contracts | Swap contracts | Option contracts | Forwards | Credit derivatives | NDF - Non Deliverable Forward | Other derivative financial instruments
Stock exchange | 843,998 | 1,270,415 | 1,567,679 | 3,080 | 23,672 | 97,152 | -
Over-the-counter market | 7 | 1,126,059 | 81,172 | 2,942 | 29,361 | 219,468 | 8,415
Financial institutions | - | 972,002 | 45,513 | 2,926 | 29,361 | 87,784 | 5,225
Companies | 7 | 137,068 | 33,826 | 16 | - | 129,034 | 3,190
Individuals | - | 16,989 | 1,833 | - | - | 2,650 | -
Total | 844,005 | 2,396,474 | 1,648,851 | 6,022 | 53,033 | 316,620 | 8,415

F-31

d) Credit derivatives

ITAÚ UNIBANCO HOLDING buys and sells credit protection in order to meet the needs of its customers, to manage and mitigate its portfolios' risk.
CDS (credit default swap) is a credit derivative in which, upon a default related to the reference entity, the protection buyer is entitled to receive the amount equivalent to the difference between the face value of the CDS contract and the fair value of the liability on the date the contract was settled, also known as the recovered amount. The protection buyer does not need to hold the reference entity's debt instrument in order to receive the amounts due when a credit event occurs, as per the terms of the CDS contract.
TRS (total return swap) is a transaction in which a party swaps the total return of an asset or of a basket of assets for regular cash flows, usually interest and a guarantee against capital loss. In a TRS contract, the parties do not transfer the ownership of the assets.
ITAÚ UNIBANCO HOLDING assesses the risk of a credit derivative based on the credit ratings attributed to the reference entity by independent credit rating agencies. Investment grade entities are those for which credit risk is rated as Baa3 or higher, as rated by Moody's, and BBB- or higher, by Standard & Poor’s and Fitch Ratings.
| 12/31/2024
| Maximum potential of future payments, gross | Up to 1 year | From 1 to 3 years | From 3 to 5 years | Over 5 years
By instrument |  |  |  |  |
CDS | 37,066 | 6,463 | 11,940 | 18,192 | 471
TRS | 36,037 | 36,037 | - | - | -
Total by instrument | 73,103 | 42,500 | 11,940 | 18,192 | 471
By risk rating |  |  |  |  |
Investment grade | 10,014 | 1,222 | 1,544 | 7,153 | 95
Below investment grade | 63,089 | 41,278 | 10,396 | 11,039 | 376
Total by risk | 73,103 | 42,500 | 11,940 | 18,192 | 471
By reference entity |  |  |  |  |
Brazilian government | 59,799 | 40,664 | 8,678 | 10,284 | 173
Governments – abroad | 411 | 78 | 141 | 192 | -
Private entities | 12,893 | 1,758 | 3,121 | 7,716 | 298
Total by entity | 73,103 | 42,500 | 11,940 | 18,192 | 471
| 12/31/2023
| Maximum potential of future payments, gross | Up to 1 year | From 1 to 3 years | From 3 to 5 years | Over 5 years
By instrument |  |  |  |  |
CDS | 20,268 | 1,141 | 6,492 | 12,528 | 107
TRS | 18,738 | 11,569 | 7,169 | - | -
Total by instrument | 39,006 | 12,710 | 13,661 | 12,528 | 107
By risk rating |  |  |  |  |
Investment grade | 3,086 | 55 | 1,291 | 1,706 | 34
Below investment grade | 35,920 | 12,655 | 12,370 | 10,822 | 73
Total by risk | 39,006 | 12,710 | 13,661 | 12,528 | 107
By reference entity |  |  |  |  |
Brazilian government | 33,341 | 12,168 | 11,355 | 9,745 | 73
Governments – abroad | 193 | 1 | 69 | 123 | -
Private entities | 5,472 | 541 | 2,237 | 2,660 | 34
Total by entity | 39,006 | 12,710 | 13,661 | 12,528 | 107

The following table presents the notional amount of credit derivatives purchased. The underlying amounts are identical to those for which ITAÚ UNIBANCO HOLDING has sold credit protection.
| 12/31/2024
| Notional amount of credit protection sold | Notional amount of credit protection purchased with identical underlying amount | Net position
CDS | (37,066) | 27,708 | (9,358)
TRS | (36,037) | - | (36,037)
Total | (73,103) | 27,708 | (45,395)
| 12/31/2023
| Notional amount of credit protection sold | Notional amount of credit protection purchased with identical underlying amount | Net position
CDS | (20,268) | 14,027 | (6,241)
TRS | (18,738) | - | (18,738)
Total | (39,006) | 14,027 | (24,979)

F-32

e) Financial instruments subject to offsetting, enforceable master netting arrangements and similar agreements

The following tables set forth the financial assets and liabilities that are subject to offsetting, enforceable master netting arrangements and similar agreements, as well as how these financial assets and liabilities have been presented in ITAÚ UNIBANCO HOLDING's consolidated financial statements. These tables also reflect the amounts of collateral pledged or received in relation to financial assets and liabilities subject to enforceable arrangements that have not been presented on a net basis in accordance with IAS 32.
Financial assets subject to offsetting, enforceable master netting arrangements and similar agreements:
| 12/31/2024
| Gross amount of recognized financial assets (1) | Gross amount offset in the Balance Sheet | Net amount of financial assets presented in the Balance Sheet | Related amounts not offset in the Balance Sheet (2) | Total
| Financial instruments (3) | Cash collateral received
Securities purchased under agreements to resell | 243,219 | - | 243,219 | (11,648) | - | 231,571
Derivative financial instruments | 92,439 | - | 92,439 | (637) | (367) | 91,435
| 12/31/2023
| Gross amount of recognized financial assets (1) | Gross amount offset in the Balance Sheet | Net amount of financial assets presented in the Balance Sheet | Related amounts not offset in the Balance Sheet (2) | Total
| Financial instruments (3) | Cash collateral received
Securities purchased under agreements to resell | 238,308 | - | 238,308 | (1,504) | - | 236,804
Derivative financial instruments | 55,251 | - | 55,251 | (16,409) | (356) | 38,486
Financial liabilities subject to offsetting, enforceable master netting arrangements and similar agreements:
| 12/31/2024
| Gross amount of recognized financial liabilities (1) | Gross amount offset in the Balance Sheet | Net amount of financial liabilities presented in the Balance Sheet | Related amounts not offset in the Balance Sheet (2) | Total
| Financial instruments (3) | Cash collateral pledged
Securities sold under repurchase agreements | 388,787 | - | 388,787 | (309,008) | - | 79,779
Derivative financial instruments | 85,413 | - | 85,413 | (637) | - | 84,776
| 12/31/2023
| Gross amount of recognized financial liabilities (1) | Gross amount offset in the Balance Sheet | Net amount of financial liabilities presented in the Balance Sheet | Related amounts not offset in the Balance Sheet (2) | Total
| Financial instruments (3) | Cash collateral pledged
Securities sold under repurchase agreements | 362,786 | - | 362,786 | (39,708) | - | 323,078
Derivative financial instruments | 52,475 | - | 52,475 | (16,409) | - | 36,066
1) Includes amounts of master offset agreements and other such agreements, both enforceable and unenforceable. 2) Limited to amounts subject to enforceable master offset agreements and other such agreements. 3) Includes amounts subject to enforceable master offset agreements and other such agreements, and guarantees in financial instruments.
Financial assets and financial liabilities are offset in the balance sheet only when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis, or realize the asset and settle the liability simultaneously.
Derivative financial instruments and repurchased agreements not set off in the balance sheet relate to transactions in which there are enforceable master netting agreements or similar agreements, but the offset criteria have not been met in accordance with paragraph 42 of IAS 32 mainly because ITAÚ UNIBANCO HOLDING has no intention to settle on a net basis, or realize the asset and settle the liability simultaneously.

F-33

Note 7 - Hedge accounting

The accounting policy on hedge accounting is presented in Note 2c IV.

In hedge accounting, the groups of risk factors measured by ITAÚ UNIBANCO HOLDING are:

• Interest Rate: Risk of loss in transactions subject to interest rate variations.

• Currency: Risk of loss in transactions subject to foreign exchange variation.

The structure of risk limits is extended to the risk factor level, where specific limits aim at improving the monitoring and understanding process, as well as avoiding concentration of these risks.

The structures designed for interest rate and exchange rate categories take into account partial or total risk when there are compatible hedging instruments. In certain cases, management may decide to hedge a risk for the risk factor term and limit of the hedging instrument.

The other risk factors hedged by the institution are shown in Note 32.

To protect cash flows and fair value of instruments designated as hedged items, ITAÚ UNIBANCO HOLDING uses derivative financial instruments, financial assets and liabilities. Currently Futures Contracts, NDF (Non Deliverable Forward), Forwards, Swaps and Financial Assets are used.

ITAÚ UNIBANCO HOLDING manages risks through the economic relationship between hedging instruments and hedged items, where the expectation is that these instruments will move in opposite directions and in the same proportion, with the purpose of neutralizing risk factors.

The designated coverage ratio is always 100% of the risk factor eligible for coverage. Sources of ineffectiveness are in general related to the counterparty’s credit risk and possible mismatches of terms between the hedging instrument and the hedged item.

a) Cash flow hedge

The cash flow hedge strategies of ITAÚ UNIBANCO HOLDING consist of hedging exposure to variations in cash flows, in interest payment and currency exposure which are attributable to changes in interest rates on recognized and unrecognized assets and liabilities.

ITAÚ UNIBANCO HOLDING applies cash flow hedge strategies as follows:

Interest rate risks:

• Hedge of time deposits and repurchase agreements: to hedge fluctuations in cash flows of interest payments resulting from changes in the DI interest rate, through futures contracts.

• Hedge of asset transactions: to hedge fluctuations in cash flows of interest receipts resulting from changes in the DI rate, through futures contracts.

• Hedge of assets denominated in UF*: to hedge fluctuations in cash flows of interest receipts resulting from changes in the UF*, through swap contracts.

• Hedge of Funding: to hedge fluctuations in cash flows of interest payments resulting from changes in the TPM* rate, through swap contracts.

• Hedge of loan operations: to hedge fluctuations in cash flows of interest receipts resulting from changes in the TPM* rate, through swap contracts.

• Hedge of repurchase agreements: to hedge fluctuations in cash flows of interest received from changes in Selic (benchmark interest rate), through futures contracts.

F-34

• Hedging of expected highly probable transactions: to hedge the risk of variation in the amount of the commitments assumed when resulting from variation in the exchange rates.

*UF – Chilean unit of account / TPM – Monetary policy rate

Strategies | Heading | 12/31/2024
Hedged item |  | Hedge instrument
Book Value | Variation in value recognized in Other comprehensive income | Cash flow hedge reserve |  | Notional Amount | Variation in fair value used to calculate hedge ineffectiveness
Assets | Liabilities |
Interest rate risk |  |  |  |  |  |  |  |
Hedge of deposits and repurchase agreements | Securities sold under agreements to resell | - | 110,405 | 2,672 | 2,672 |  | 107,677 | 2,728
Hedge of assets transactions | Loans and lease operations and Securities | 2,420 | - | (155) | (155) |  | 1,966 | (155)
Hedge of asset-backed securities under repurchase agreements | Securities purchased under agreements to resell | 66,795 | - | (3,428) | (3,429) |  | 63,261 | (3,428)
Hedge of loan operations | Loans and lease operations | 10,955 | - | 44 | 59 |  | 10,910 | 44
Hedge of funding | Deposits | - | 9,732 | 3 | (61) |  | 9,735 | 3
Hedge of assets denominated in UF | Securities | 39,842 | - | (54) | (54) |  | 39,894 | (54)
Foreign exchange risk |  |  |  |  |  |  |  |
Hedge of highly probable forecast transactions |  | - | 1,606 | (193) | (90) |  | 1,437 | (193)
Hedge of funding | Deposits | - | 1,176 | (11) | (11) |  | 1,165 | (11)
Total |  | 120,012 | 122,919 | (1,122) | (1,069) |  | 236,045 | (1,066)
Strategies | Heading | 12/31/2023
Hedged item |  | Hedge instrument
Book Value | Variation in value recognized in Other comprehensive income | Cash flow hedge reserve |  | Notional Amount | Variation in fair value used to calculate hedge ineffectiveness
Assets | Liabilities |
Interest rate risk |  |  |  |  |  |  |  |
Hedge of deposits and repurchase agreements | Securities sold under agreements to resell | - | 119,464 | (1,086) | (1,070) |  | 120,550 | (1,086)
Hedge of assets transactions | Loans and lease operations and Securities | 7,395 | - | (4) | (4) |  | 7,394 | (4)
Hedge of asset-backed securities under repurchase agreements | Securities purchased under agreements to resell | 41,761 | - | 1,132 | 830 |  | 42,570 | 1,132
Hedge of loan operations | Loans and lease operations | 18,449 | - | 185 | 211 |  | 18,265 | 184
Hedge of funding | Deposits | - | 5,993 | (95) | (162) |  | 5,899 | (95)
Hedge of assets denominated in UF | Securities | 10,664 | - | 21 | 21 |  | 10,704 | 21
Foreign exchange risk |  |  |  |  |  |  |  |
Hedge of highly probable forecast transactions |  | - | 1,287 | 35 | 195 |  | 1,323 | 35
Hedge of funding | Deposits | - | 2,300 | (12) | (12) |  | 2,288 | (12)
Total |  | 78,269 | 129,044 | 176 | 9 |  | 208,993 | 175

For strategies of deposits and repurchase agreements to resell, asset transactions and asset-backed securities under repurchase agreements, ITAÚ UNIBANCO HOLDING frequently reestablishes the coverage ratio, since both the hedged item and the instruments change over time. This occurs because they are portfolio strategies that reflect the risk management strategy guidelines approved in the proper authority level.

The remaining balance in the reserve of cash flow hedge for which the hedge accounting is no longer applied is R$ 53 (R$ (167) at 12/31/2023).

Hedge Instruments | 12/31/2024
Notional amount | Book Value (1) | Variations in fair value used to calculate hedge ineffectiveness | Variation in value recognized in Other comprehensive income | Hedge ineffectiveness recognized in income | Amount reclassified from Cash flow hedge reserve to income
Assets | Liabilities
Interest rate risk |  |  |  |  |  |  |
Futures | 172,904 | 76 | 133 | (855) | (911) | 56 | (285)
Forward | 33,218 | - | 132 | (45) | (45) | - | -
Swaps | 27,321 | 106 | 31 | 38 | 38 | - | (59)
Foreign exchange risk |  |  |  |  |  |  |
Futures | 1,186 | 4 | - | (181) | (181) | - | (3)
Forward | 1,416 | 34 | 15 | (23) | (23) | - | -
Total | 236,045 | 220 | 311 | (1,066) | (1,122) | 56 | (347)
Hedge Instruments | 12/31/2023
Notional amount | Book Value (1) | Variations in fair value used to calculate hedge ineffectiveness | Variation in value recognized in Other comprehensive income | Hedge ineffectiveness recognized in income | Amount reclassified from Cash flow hedge reserve to income
Assets | Liabilities
Interest rate risk |  |  |  |  |  |  |
Futures | 170,514 | 53 | 43 | 42 | 42 | - | (168)
Forward | 10,582 | 44 | - | 21 | 21 | - | 4
Swaps | 24,286 | 179 | 101 | 89 | 90 | (1) | (1)
Foreign exchange risk |  |  |  |  |  |  |
Futures | 1,278 | - | 7 | 36 | 36 | - | (9)
Forward | 2,333 | - | 276 | (13) | (13) | - | -
Total | 208,993 | 276 | 427 | 175 | 176 | (1) | (174)
1) Amounts recorded under heading Derivatives.

F-35

b) Hedge of net investment in foreign operations

ITAÚ UNIBANCO HOLDING's net investment hedge strategies consist of reducing exposure to foreign exchange variation arising from foreign investments in a foreign currency other than the head office’s functional currency.
The risk hedged in this type of strategy is the currency risk.
Strategies | 12/31/2024
Hedged item |  | Hedge instrument
Book Value (2) | Variation in value recognized in Other comprehensive income | Foreign currency conversion reserve |  | Notional amount | Variation in fair value used to calculate hedge ineffectiveness
Assets | Liabilities |
Foreign exchange risk |  |  |  |  |  |  |
Hedge of net investment in foreign operations (1) | 23,701 | - | (17,404) | (17,404) |  | 19,363 | (17,428)
Total | 23,701 | - | (17,404) | (17,404) |  | 19,363 | (17,428)
Strategies | 12/31/2023
Hedged item |  | Hedge instrument
Book Value (2) | Variation in value recognized in Other comprehensive income | Foreign currency conversion reserve |  | Notional amount | Variation in fair value used to calculate hedge ineffectiveness
Assets | Liabilities |
Foreign exchange risk |  |  |  |  |  |  |
Hedge of net investment in foreign operations (1) | 18,849 | - | (13,986) | (13,986) |  | 19,208 | (14,210)
Total | 18,849 | - | (13,986) | (13,986) |  | 19,208 | (14,210)
1) Hedge instruments consider the gross tax position. 2) Amounts recorded under heading Derivatives.

The remaining balance in the reserve of foreign currency conversion, for which the accounting hedge is no longer applied, is R$ (1,462) (R$ (23) at 12/31/2023), with no effect on the result due to the maintenance of investments abroad.

Hedge instruments | 12/31/2024
Notional amount | Book Value (1) | Variations in fair value used to calculate hedge ineffectiveness | Variation in the value recognized in Other comprehensive income | Hedge ineffectiveness recognized in income | Amount reclassified from foreign currency conversion reserve into income
Assets | Liabilities
Foreign exchange risk |  |  |  |  |  |  |
Future | 5,234 | 21 | - | (6,093) | (6,053) | (40) | -
Future / NDF - Non Deliverable Forward | 7,933 | 129 | 107 | (2,640) | (2,610) | (30) | (1)
Future / Financial Assets | 6,196 | 6,490 | 1,961 | (8,695) | (8,741) | 46 | -
Total | 19,363 | 6,640 | 2,068 | (17,428) | (17,404) | (24) | (1)
Hedge instruments | 12/31/2023
Notional amount | Book Value (1) | Variations in fair value used to calculate hedge ineffectiveness | Variation in the value recognized in Other comprehensive income | Hedge ineffectiveness recognized in income | Amount reclassified from foreign currency conversion reserve into income
Assets | Liabilities
Foreign exchange risk |  |  |  |  |  |  |
Future | 2,109 | 10 | - | (5,638) | (5,596) | (42) | 136
Future / NDF - Non Deliverable Forward | 12,539 | 120 | 57 | (4,951) | (4,733) | (218) | (104)
Future / Financial Assets | 4,560 | 5,525 | 350 | (3,621) | (3,657) | 36 | -
Total | 19,208 | 5,655 | 407 | (14,210) | (13,986) | (224) | 32
1) Amounts recorded under heading Derivatives.

c) Fair value hedge

The fair value hedging strategy of ITAÚ UNIBANCO HOLDING consists of hedging the exposure to variation in fair value on the receipt and payment of interest on recognized assets and liabilities.

ITAÚ UNIBANCO HOLDING applies fair value hedges as follows:

Interest rate risk and Foreign exchange risk:

• To protect the risk of variation in the fair value of receipt and payment of interest resulting from variations in the fair value of the variable rates and future foreign exchange rates involved, by contracting swaps and futures.

The effects of hedge accounting on the financial position and performance of ITAÚ UNIBANCO HOLDING are presented below:

F-36

Strategies | 12/31/2024
Hedge Item |  | Hedge Instruments
Book Value (1) | Fair Value | Variation in fair value recognized in income |  | Notional amount | Variation in fair value used to calculate hedge ineffectiveness
Assets | Liabilities | Assets | Liabilities |
Interest rate risk |  |  |  |  |  |  |  |
Hedge of loan operations | 37,116 | - | 37,423 | - | 307 |  | 37,116 | (304)
Hedge of funding | - | 25,287 | - | 25,088 | 199 |  | 25,287 | (199)
Hedge of securities | 38,527 | - | 38,313 | - | (214) |  | 38,743 | 214
Foreign exchange risk |  |  |  |  |  |  |  |
Hedge of firm commitments | - | 90 | - | 112 | (22) |  | 297 | 22
Total | 75,643 | 25,377 | 75,736 | 25,200 | 270 |  | 101,443 | (267)
Strategies | 12/31/2023
Hedge Item |  | Hedge Instruments
Book Value (1) | Fair Value | Variation in fair value recognized in income |  | Notional amount | Variation in fair value used to calculate hedge ineffectiveness
Assets | Liabilities | Assets | Liabilities |
Interest rate risk |  |  |  |  |  |  |  |
Hedge of loan operations | 12,592 | - | 12,597 | - | 5 |  | 12,589 | (5)
Hedge of funding | - | 16,304 | - | 16,185 | 119 |  | 16,304 | (120)
Hedge of securities | 25,179 | - | 25,386 | - | 207 |  | 25,105 | (197)
Foreign exchange risk |  |  |  |  |  |  |  |
Hedge of firm commitments | - | 265 | - | 269 | (4) |  | 245 | 4
Total | 37,771 | 16,569 | 37,983 | 16,454 | 327 |  | 54,243 | (318)
1) Amounts recorded under heading Deposits, Securities, Funds from Interbank Markets and Loan and Lease Operations.

The remaining accumulated amount of fair value hedge adjustments for items that are no longer hedged is R$ (226) (R$ 51 at 12/31/2023), with effect on the result of R$ 8 (R$ 38 at 12/31/2023).

For loan operations strategies, the entity reestablishes the coverage ratio, since both the hedged item and the instruments change over time. This occurs because they are portfolio strategies that reflect the risk management strategy guidelines approved in the proper authority level.

Hedge Instruments | 12/31/2024
Notional amount | Book value (1) | Variation in fair value used to calculate hedge ineffectiveness | Hedge ineffectiveness recognized in income
Assets | Liabilities
Interest rate risk |  |  |  |  |
Swaps | 90,201 | 1,557 | 737 | (328) | 8
Futures | 10,945 | 17 | - | 39 | (5)
Foreign exchange risk |  |  |  |  |
Futures | 297 | - | - | 22 | -
Total | 101,443 | 1,574 | 737 | (267) | 3
Hedge Instruments | 12/31/2023
Notional amount | Book value (1) | Variation in fair value used to calculate hedge ineffectiveness | Hedge ineffectiveness recognized in income
Assets | Liabilities
Interest rate risk |  |  |  |  |
Swaps | 45,430 | 893 | 563 | (331) | 7
Futures | 8,568 | 62 | - | 9 | 2
Foreign exchange risk |  |  |  |  |
Futures | 245 | 1 | - | 4 | -
Total | 54,243 | 956 | 563 | (318) | 9
1) Amounts recorded under heading Derivatives.

F-37

The table below presents, for each strategy, the notional amount and the fair value adjustments of hedge instruments and the book value of the hedged item:
| 12/31/2024 |  | 12/31/2023
Hedge instruments | Hedged item |  | Hedge instruments | Hedged item
Notional amount | Fair value adjustments | Book Value |  | Notional amount | Fair value adjustments | Book Value
Hedge of deposits and repurchase agreements | 107,677 | 76 | 110,405 |  | 120,550 | 53 | 119,464
Hedge of highly probable forecast transactions | 1,437 | (11) | 1,606 |  | 1,323 | (8) | 1,287
Hedge of net investment in foreign operations | 19,363 | 4,572 | 23,701 |  | 19,208 | 5,248 | 18,849
Hedge of loan operations (Fair value) | 37,116 | 333 | 37,116 |  | 12,589 | 430 | 12,592
Hedge of loan operations (Cash flow) | 10,910 | 54 | 10,955 |  | 18,265 | 130 | 18,449
Hedge of funding (Fair value) | 25,287 | (294) | 25,287 |  | 16,304 | (299) | 16,304
Hedge of funding (Cash flow) | 10,900 | 82 | 10,908 |  | 8,187 | (328) | 8,293
Hedge of assets transactions | 1,966 | (10) | 2,420 |  | 7,394 | - | 7,395
Hedge of asset-backed securities under repurchase agreements | 63,261 | (123) | 66,795 |  | 42,570 | (43) | 41,761
Hedge of assets denominated in UF | 39,894 | (159) | 39,842 |  | 10,704 | 45 | 10,664
Hedge of securities | 38,743 | 798 | 38,527 |  | 25,105 | 261 | 25,179
Hedge of firm commitments | 297 | - | 90 |  | 245 | 1 | 265
Total |  | 5,318 |  |  |  | 5,490 |

The table below shows the breakdown by maturity of the hedging strategies:
| 12/31/2024
| 0-1 year | 1-2 years | 2-3 years | 3-4 years | 4-5 years | 5-10 years | Over 10 years | Total
Hedge of deposits and repurchase agreements | 67,617 | 27,835 | 9,146 | 1,467 | 1,174 | 438 | - | 107,677
Hedge of highly probable forecast transactions | 1,437 | - | - | - | - | - | - | 1,437
Hedge of net investment in foreign operations (1) | 19,363 | - | - | - | - | - | - | 19,363
Hedge of loan operations (Fair value) | 8,227 | 12,446 | 6,090 | 4,334 | 4,092 | 1,647 | 280 | 37,116
Hedge of loan operations (Cash flow) | 7,310 | 1,148 | 746 | 1,272 | 434 | - | - | 10,910
Hedge of funding (Fair value) | 12,942 | 3,574 | 535 | 1,556 | 2,930 | 3,328 | 422 | 25,287
Hedge of funding (Cash flow) | 9,404 | 504 | - | 126 | 415 | 451 | - | 10,900
Hedge of assets transactions | - | - | 1,247 | 719 | - | - | - | 1,966
Hedge of asset-backed securities under repurchase agreements | 22,629 | 15,489 | 17,016 | 5,170 | 2,957 | - | - | 63,261
Hedge of assets denominated in UF | 16,801 | 23,093 | - | - | - | - | - | 39,894
Hedge of securities | 12,256 | 8,639 | 3,741 | 4,384 | 2,965 | 5,251 | 1,507 | 38,743
Hedge of firm commitments (Fair value) | 297 | - | - | - | - | - | - | 297
Total | 178,283 | 92,728 | 38,521 | 19,028 | 14,967 | 11,115 | 2,209 | 356,851
| 12/31/2023
| 0-1 year | 1-2 years | 2-3 years | 3-4 years | 4-5 years | 5-10 years | Over 10 years | Total
Hedge of deposits and repurchase agreements | 78,786 | 17,167 | 12,556 | 8,672 | 1,562 | 1,807 | - | 120,550
Hedge of highly probable forecast transactions | 1,323 | - | - | - | - | - | - | 1,323
Hedge of net investment in foreign operations (1) | 19,208 | - | - | - | - | - | - | 19,208
Hedge of loan operations (Fair value) | 2,230 | 2,173 | 3,114 | 1,577 | 2,523 | 972 | - | 12,589
Hedge of loan operations (Cash flow) | 10,353 | 5,376 | 1,280 | - | 1,256 | - | - | 18,265
Hedge of funding (Fair value) | 6,133 | 2,575 | 1,048 | 532 | 734 | 4,979 | 303 | 16,304
Hedge of funding (Cash flow) | 2,288 | 2,008 | - | 678 | 2,833 | 380 | - | 8,187
Hedge of assets transactions | 7,394 | - | - | - | - | - | - | 7,394
Hedge of asset-backed securities under repurchase agreements | - | 20,813 | 10,624 | 11,133 | - | - | - | 42,570
Hedge of assets denominated in UF | 10,704 | - | - | - | - | - | - | 10,704
Hedge of securities | 7,894 | 5,538 | 2,714 | 1,345 | 3,179 | 3,655 | 780 | 25,105
Hedge of firm commitments (Fair value) | 245 | - | - | - | - | - | - | 245
Total | 146,558 | 55,650 | 31,336 | 23,937 | 12,087 | 11,793 | 1,083 | 282,444
1) Classified as current, since instruments are frequently renewed.

F-38

Note 8 - Financial assets at fair value through other comprehensive income - Securities

The accounting policy on financial assets and liabilities is presented in Note 2c IV.

The fair value and corresponding cost of Financial Assets at Fair Value through Other Comprehensive Income - Securities are as follows:
| 12/31/2024 |  | 12/31/2023
| Cost | Fair value adjustments (in stockholders' equity) | Expected loss | Fair value |  | Cost | Fair value adjustments (in stockholders' equity) | Expected loss | Fair value
Brazilian government securities | 67,954 | (3,577) | - | 64,377 |  | 84,567 | (662) | - | 83,905
Other government securities | 36 | - | (36) | - |  | 36 | - | (36) | -
Government securities – Latin America | 21,421 | 56 | (7) | 21,470 |  | 23,715 | 158 | (1) | 23,872
Government securities – Abroad | 13,072 | (46) | - | 13,026 |  | 9,923 | (12) | (1) | 9,910
Corporate securities | 8,981 | (1,337) | (214) | 7,430 |  | 13,252 | (771) | (129) | 12,352
Shares | 1,762 | (1,196) | - | 566 |  | 6,960 | (817) | - | 6,143
Rural product note | 127 | (1) | - | 126 |  | - | - | - | -
Bank deposit certificates | 82 | 1 | - | 83 |  | 44 | 1 | (1) | 44
Real estate receivables certificates | 60 | (3) | - | 57 |  | 65 | 2 | - | 67
Debentures | 1,708 | (38) | (172) | 1,498 |  | 1,837 | 21 | (85) | 1,773
Eurobonds and other | 4,957 | (107) | (38) | 4,812 |  | 4,081 | 16 | (40) | 4,057
Financial bills | 51 | 2 | - | 53 |  | - | - | - | -
Other | 234 | 5 | (4) | 235 |  | 265 | 6 | (3) | 268
Total | 111,464 | (4,904) | (257) | 106,303 |  | 131,493 | (1,287) | (167) | 130,039

The Securities pledged in guarantee of funding transactions of financial institutions and customers and Post-employment benefits (Note 26b), are: a) Brazilian government securities R$ 33,971 (R$ 38,389 at 12/31/2023), b) Government securities - Latin America R$ 3,050 (R$ 2,932 at 12/31/2023) and c) Corporate securities R$ 986 (R$ 868 at 12/31/2023), totaling R$ 38,007 (R$ 42,189 at 12/31/2023).

The cost and the fair value of financial assets through other comprehensive income - securities by maturity are as follows:
| 12/31/2024 |  | 12/31/2023
| Cost | Fair value |  | Cost | Fair value
Current | 41,123 | 39,877 |  | 49,545 | 48,643
Non-stated maturity | 1,762 | 566 |  | 6,960 | 6,143
Up to one year | 39,361 | 39,311 |  | 42,585 | 42,500
Non-current | 70,341 | 66,426 |  | 81,948 | 81,396
From one to five years | 49,121 | 47,809 |  | 56,984 | 56,886
From five to ten years | 11,201 | 10,803 |  | 14,518 | 14,585
After ten years | 10,019 | 7,814 |  | 10,446 | 9,925
Total | 111,464 | 106,303 |  | 131,493 | 130,039

Equity instruments that ITAÚ UNIBANCO HOLDING adopted the option of designating at fair value through other comprehensive income, due to the particularities of a certain market, are presented in the table below:
| 12/31/2024 |  | 12/31/2023
| Cost | Adjustments to fair value (in Stockholders' equity) | Expected loss | Fair value |  | Cost | Adjustments to fair value (in Stockholders' equity) | Expected loss | Fair value
Current |  |  |  |  |  |  |  |  |
Non-stated maturity |  |  |  |  |  |  |  |  |
Shares | 1,762 | (1,196) | - | 566 |  | 6,960 | (817) | - | 6,143
Total | 1,762 | (1,196) | - | 566 |  | 6,960 | (817) | - | 6,143

In the period, there were no receipt of dividends (R$ 275 from 01/01 to 12/31/2023) and there were reclassifications in the Stockholders' equity in the amount of R$ 150 due to total sale of Pismo Holdings shares in January 2024, and the fair value of R$ 192. The total sales of XP INC occurred over the March to September 2024, represent amount of R$ (657), and the fair value of R$ 4,508. In 2023, the amount of partial sales of XP INC shares in June 2023 and September 2023 was the R$ (78), and the fair value was R$ 1,121 and R$ 387, respectively.

F-39

Reconciliation of expected loss for Other financial assets, segregated by stages:
01/01/2024 |  |  |  |  |  |  |  |  |  |
Stage 1 |  | Expected loss | Gains / (Losses) | Purchases | Settlements | Transfer to stage 2 | Transfer to stage 3 | Cure from stage 2 | Cure from stage 3 | Expected loss
| 12/31/2023 | 12/31/2024
Financial assets at fair value through other comprehensive income |  | (117) | (41) | (2) | 10 | 55 | - | (21) | - | (116)
Brazilian government securities |  | (36) | - | - | - | - | - | - | - | (36)
Other |  | (36) | - | - | - | - | - | - | - | (36)
Government securities - Latin America |  | (1) | (6) | - | - | - | - | - | - | (7)
Government securities - Abroad |  | (1) | 1 | - | - | - | - | - | - | -
Corporate securities |  | (79) | (36) | (2) | 10 | 55 | - | (21) | - | (73)
Debentures |  | (46) | (43) | - | 5 | 54 | - | (15) | - | (45)
Eurobonds and other |  | (30) | 8 | (2) | 5 | 1 | - | (6) | - | (24)
Other |  | (3) | (1) | - | - | - | - | - | - | (4)
Stage 2 |  | Expected loss | Gains / (Losses) | Purchases | Settlements | Cure to stage 1 | Transfer to stage 3 | Transfer from stage 1 | Cure from stage 3 | Expected loss
| 12/31/2023 | 12/31/2024
Financial assets at fair value through other comprehensive income |  | (24) | (83) | (41) | 55 | 21 | - | (55) | - | (127)
Corporate securities |  | (24) | (83) | (41) | 55 | 21 | - | (55) | - | (127)
Bank deposit certificate |  | (1) | 1 | - | - | - | - | - | - | -
Debentures |  | (13) | (86) | (24) | 49 | 15 | - | (54) | - | (113)
Eurobonds and other |  | (10) | 2 | (17) | 6 | 6 | - | (1) | - | (14)
Stage 3 |  | Expected loss | Gains / (Losses) | Purchases | Settlements | Cure to stage 1 | Cure to stage 2 | Transfer from stage 1 | Transfer from stage 2 | Expected loss
| 12/31/2023 | 12/31/2024
Financial assets at fair value through other comprehensive income |  | (26) | (14) | - | 26 | - | - | - | - | (14)
Corporate securities |  | (26) | (14) | - | 26 | - | - | - | - | (14)
Debentures |  | (26) | (14) | - | 26 | - | - | - | - | (14)
01/01/2023 |  |  |  |  |  |  |  |  |  |
Stage 1 |  | Expected loss | Gains / (Losses) | Purchases | Settlements | Transfer to stage 2 | Transfer to stage 3 | Cure from stage 2 | Cure from stage 3 | Expected loss
| 12/31/2022 | 12/31/2023
Financial assets at fair value through other comprehensive income |  | (114) | (44) | (5) | 17 | 38 | 8 | (17) | - | (117)
Brazilian government securities |  | (36) | - | - | - | - | - | - | - | (36)
Other |  | (36) | - | - | - | - | - | - | - | (36)
Government securities - Latin America |  | (1) | (2) | - | - | 7 | - | (5) | - | (1)
Government securities - Abroad |  | - | (1) | - | - | - | - | - | - | (1)
Corporate securities |  | (77) | (41) | (5) | 17 | 31 | 8 | (12) | - | (79)
Rural product note |  | (1) | - | - | 1 | - | - | - | - | -
Bank deposit certificate |  | - | (12) | (1) | 5 | - | 8 | - | - | -
Debentures |  | (45) | (17) | (2) | 4 | 14 | - | - | - | (46)
Eurobonds and other |  | (27) | (12) | (2) | 6 | 17 | - | (12) | - | (30)
Other |  | (4) | - | - | 1 | - | - | - | - | (3)
Stage 2 |  | Expected loss | Gains / (Losses) | Purchases | Settlements | Cure to stage 1 | Transfer to stage 3 | Transfer from stage 1 | Cure from stage 3 | Expected loss
| 12/31/2022 | 12/31/2023
Financial assets at fair value through other comprehensive income |  | - | (25) | (8) | 4 | 17 | 26 | (38) | - | (24)
Government securities - Latin America |  | - | - | - | 2 | 5 | - | (7) | - | -
Corporate securities |  | - | (25) | (8) | 2 | 12 | 26 | (31) | - | (24)
Bank deposit certificate |  | - | (1) | - | - | - | - | - | - | (1)
Debentures |  | - | (25) | - | - | - | 26 | (14) | - | (13)
Eurobonds and other |  | - | 1 | (8) | 2 | 12 | - | (17) | - | (10)
Stage 3 |  | Expected loss | Gains / (Losses) | Purchases | Settlements | Cure to stage 1 | Cure to stage 2 | Transfer from stage 1 | Transfer from stage 2 | Expected loss
| 12/31/2022 | 12/31/2023
Financial assets at fair value through other comprehensive income |  | - | - | - | 8 | - | - | (8) | (26) | (26)
Corporate securities |  | - | - | - | 8 | - | - | (8) | (26) | (26)
Bank deposit certificate |  | - | - | - | 8 | - | - | (8) | - | -
Debentures |  | - | - | - | - | - | - | - | (26) | (26)

F-40

Note 9 - Financial assets at amortized cost - Securities

The accounting policy on financial assets and liabilities is presented in Note 2c IV.

The Financial assets at amortized cost - Securities are as follows:
| 12/31/2024 |  | 12/31/2023
| Amortized Cost | Expected Loss | Net Amortized Cost |  | Amortized Cost | Expected Loss | Net Amortized Cost
Brazilian government securities | 111,824 | (16) | 111,808 |  | 94,990 | (23) | 94,967
Government securities – Latin America | 21,730 | (9) | 21,721 |  | 27,874 | (9) | 27,865
Government securities – Abroad | 25,126 | (3) | 25,123 |  | 22,712 | (4) | 22,708
Corporate securities | 168,827 | (3,627) | 165,200 |  | 115,167 | (818) | 114,349
Rural product note | 60,358 | (416) | 59,942 |  | 38,146 | (190) | 37,956
Bank deposit certificates | 50 | - | 50 |  | 19 | - | 19
Real estate receivables certificates | 5,827 | (9) | 5,818 |  | 5,911 | (7) | 5,904
Debentures | 77,344 | (3,101) | 74,243 |  | 57,399 | (586) | 56,813
Eurobonds and other | 1,102 | (9) | 1,093 |  | 516 | - | 516
Financial bills | 212 | - | 212 |  | 1,575 | (2) | 1,573
Promissory and commercial notes | 16,312 | (32) | 16,280 |  | 10,253 | (23) | 10,230
Other | 7,622 | (60) | 7,562 |  | 1,348 | (10) | 1,338
Total | 327,507 | (3,655) | 323,852 |  | 260,743 | (854) | 259,889

The Securities pledged as collateral of funding transactions of financial institutions and customers and Post-employment benefits (Note 26b), are: a) Brazilian government securities R$ 39,289 (R$ 16,738 at 12/31/2023) and b) Government securities – Latin America R$ 969 ( R$ 0 at 12/31/2023 ) and Corporate securities R$ 29,964 (R$ 20,114 at 12/31/2023), totaling R$ 70,222 (R$ 36,852 at 12/31/2023).

The amortized cost of Financial assets at amortized cost - Securities by maturity is as follows:
| 12/31/2024 |  | 12/31/2023
| Amortized Cost | Net Amortized Cost |  | Amortized Cost | Net Amortized Cost
Current | 90,213 | 88,582 |  | 82,120 | 81,745
Up to one year | 90,213 | 88,582 |  | 82,120 | 81,745
Non-current | 237,294 | 235,270 |  | 178,623 | 178,144
From one to five years | 165,759 | 164,332 |  | 132,365 | 131,918
From five to ten years | 60,289 | 59,694 |  | 42,062 | 42,031
After ten years | 11,246 | 11,244 |  | 4,196 | 4,195
Total | 327,507 | 323,852 |  | 260,743 | 259,889

F-41

Reconciliation of expected loss to financial assets at amortized cost - securities, segregated by stages:
Stage 1 | Expected loss | Gains / (Losses) | Purchases | Settlements | Transfer to Stage 2 | Transfer to Stage 3 | Cure from Stage 2 | Cure from Stage 3 | Expected loss
12/31/2023 | 12/31/2024
Financial assets at amortized cost | (183) | (244) | (317) | 76 | 449 | 149 | (166) | (88) | (324)
Brazilian government securities | (23) | 7 | - | - | - | - | - | - | (16)
Government securities - Latin America | (9) | 10 | (20) | 10 | - | - | - | - | (9)
Government securities - Abroad | (4) | (4) | - | 5 | - | - | - | - | (3)
Corporate securities | (147) | (257) | (297) | 61 | 449 | 149 | (166) | (88) | (296)
Rural product note | (60) | (63) | (179) | 15 | 90 | 149 | (57) | (45) | (150)
Real estate receivables certificates | (7) | 2 | (3) | 5 | 3 | - | (5) | - | (5)
Debentures | (52) | (229) | (32) | 22 | 312 | - | (80) | - | (59)
Eurobond and other | - | (2) | (7) | - | - | - | - | - | (9)
Promissory and commercial notes | (23) | 1 | (24) | 8 | 30 | - | (11) | - | (19)
Other | (5) | 34 | (52) | 11 | 14 | - | (13) | (43) | (54)
Stage 2 | Expected loss | Gains / (Losses) | Purchases | Settlements | Cure to Stage 1 | Transfer to Stage 3 | Transfer from Stage 1 | Cure from Stage 3 | Expected loss
12/31/2023 | 12/31/2024
Financial assets at amortized cost | (122) | 2 | (264) | 139 | 166 | 416 | (449) | (13) | (125)
Corporate securities | (122) | 2 | (264) | 139 | 166 | 416 | (449) | (13) | (125)
Rural product note | (10) | (48) | (64) | 7 | 57 | 82 | (90) | (12) | (78)
Real estate receivables certificates | - | 30 | (35) | - | 5 | - | (3) | (1) | (4)
Debentures | (105) | 23 | (160) | 116 | 80 | 334 | (312) | - | (24)
Financial bills | (2) | - | - | 2 | - | - | - | - | -
Promissory and commercial notes | - | - | (4) | 10 | 11 | - | (30) | - | (13)
Other | (5) | (3) | (1) | 4 | 13 | - | (14) | - | (6)
Stage 3 | Expected loss | Gains / (Losses) | Purchases | Settlements | Cure to Stage 1 | Cure to Stage 2 | Transfer from Stage 1 | Transfer from Stage 2 | Expected loss
12/31/2023 | 12/31/2024
Financial assets at amortized cost | (549) | (34) | (2,858) | 699 | 88 | 13 | (149) | (416) | (3,206)
Corporate securities | (549) | (34) | (2,858) | 699 | 88 | 13 | (149) | (416) | (3,206)
Rural product note | (120) | 13 | (53) | 146 | 45 | 12 | (149) | (82) | (188)
Real estate receivables certificates | - | (1) | - | - | - | 1 | - | - | -
Debentures | (429) | (2) | (2,805) | 552 | - | - | - | (334) | (3,018)
Other | - | (44) | - | 1 | 43 | - | - | - | -

Stage 1 | Expected loss | Gains / (Losses) | Purchases | Settlements | Transfer to Stage 2 | Transfer to Stage 3 | Cure from Stage 2 | Cure from Stage 3 | Expected loss
12/31/2022 | 12/31/2023
Financial assets at amortized cost | (208) | 63 | (329) | 60 | 120 | 173 | (30) | (32) | (183)
Brazilian government securities | (30) | 7 | - | - | - | - | - | - | (23)
Government securities - Latin America | (7) | 8 | (13) | 3 | - | - | - | - | (9)
Government securities - Abroad | (4) | 2 | (2) | - | - | - | - | - | (4)
Corporate securities | (167) | 46 | (314) | 57 | 120 | 173 | (30) | (32) | (147)
Rural product note | (105) | 128 | (131) | 20 | 44 | 38 | (22) | (32) | (60)
Real estate receivables certificates | (4) | (4) | (6) | 7 | - | - | - | - | (7)
Debentures | (44) | (78) | (164) | 25 | 74 | 135 | - | - | (52)
Eurobond and other | - | (1) | - | 1 | - | - | - | - | -
Promissory and commercial notes | (13) | 1 | (9) | 4 | 2 | - | (8) | - | (23)
Other | (1) | - | (4) | - | - | - | - | - | (5)
Stage 2 | Expected loss | Gains / (Losses) | Purchases | Settlements | Cure to Stage 1 | Transfer to Stage 3 | Transfer from Stage 1 | Cure from Stage 3 | Expected loss
12/31/2022 | 12/31/2023
Financial assets at amortized cost | (114) | (221) | (45) | 16 | 30 | 347 | (120) | (15) | (122)
Corporate securities | (114) | (221) | (45) | 16 | 30 | 347 | (120) | (15) | (122)
Rural product note | (24) | (46) | (25) | 7 | 22 | 115 | (44) | (15) | (10)
Debentures | (86) | (6) | (10) | 9 | - | 62 | (74) | - | (105)
Financial bills | - | - | (2) | - | - | - | - | - | (2)
Promissory and commercial notes | - | (168) | (8) | - | 8 | 170 | (2) | - | -
Other | (4) | (1) | - | - | - | - | - | - | (5)
Stage 3 | Expected loss | Gains / (Losses) | Purchases | Settlements | Cure to Stage 1 | Cure to Stage 2 | Transfer from Stage 1 | Transfer from Stage 2 | Expected loss
12/31/2022 | 12/31/2023
Financial assets at amortized cost | (1,716) | (344) | (51) | 2,035 | 32 | 15 | (173) | (347) | (549)
Corporate securities | (1,716) | (344) | (51) | 2,035 | 32 | 15 | (173) | (347) | (549)
Rural product note | (11) | - | (31) | 28 | 32 | 15 | (38) | (115) | (120)
Debentures | (1,705) | (344) | (20) | 1,837 | - | - | (135) | (62) | (429)
Promissory and commercial notes | - | - | - | 170 | - | - | - | (170) | -

F-42

Note 10 - Loan and lease operations

The accounting policy on financial assets and liabilities is presented in Note 2c IV.

a) Composition of loans and lease operations portfolio

Below is the composition of the carrying amount of loan operations and lease operations by type, sector of debtor, maturity and concentration:
Loans and lease operations by type | 12/31/2024 | 12/31/2023
Individuals | 445,574 | 416,616
Credit card | 143,048 | 136,317
Personal loan | 66,104 | 60,992
Payroll loans | 74,524 | 73,472
Vehicles | 36,637 | 33,324
Mortgage loans | 125,261 | 112,511
Corporate | 160,840 | 136,461
Micro / small and medium companies | 194,192 | 169,110
Foreign loans - Latin America | 224,887 | 188,403
Total loans and lease operations | 1,025,493 | 910,590
Provision for Expected Loss | (49,024) | (50,863)
Total loans and lease operations, net of Expected Credit Loss | 976,469 | 859,727

By maturity | 12/31/2024 | 12/31/2023
Overdue as from 1 day | 23,496 | 27,531
Falling due up to 3 months | 273,729 | 241,247
Falling due from 3 months to 12 months | 262,710 | 236,555
Falling due after 1 year | 465,558 | 405,257
Total loans and lease operations | 1,025,493 | 910,590
By concentration | 12/31/2024 | 12/31/2023
Largest debtor | 6,658 | 5,378
10 largest debtors | 44,294 | 34,637
20 largest debtors | 66,407 | 54,100
50 largest debtors | 106,980 | 87,446
100 largest debtors | 148,748 | 121,866

The Expected loss comprises Expected Credit Loss for Financial Guarantees Pledged R$ (988) (R$ (887) at 12/31/2023) and Loan Commitments R$ (3,940) (R$ (3,311) at 12/31/2023).

The breakdown of the loans and lease operations portfolio by debtor’s industry is described in Note 32, item 1.4.1 - By business sector.

F-43

b) Gross Carrying Amount (Loan Portfolio)

Reconciliation of gross portfolio of loans and lease operations, segregated by stages:
01/01/2024 |  |  |  |  |  |  |  |
Stage 1 | Balance at | Transfer to Stage 2 | Transfer to Stage 3 (1) | Cure from Stage 2 | Cure from Stage 3 | Derecognition | Acquisition / (Settlement) | Closing balance
12/31/2023 | 12/31/2024
Individuals | 317,335 | (53,024) | (1,189) | 35,139 | 243 | - | 49,245 | 347,749
Corporate | 130,916 | (938) | (19) | 475 | 42 | - | 27,497 | 157,973
Micro / Small and medium companies | 145,422 | (11,902) | (1,715) | 4,864 | 170 | - | 35,027 | 171,866
Foreign loans - Latin America | 166,981 | (8,863) | (884) | 3,378 | 22 | - | 38,431 | 199,065
Total | 760,654 | (74,727) | (3,807) | 43,856 | 477 | - | 150,200 | 876,653
Stage 2 | Balance at | Cure to Stage 1 | Transfer to Stage 3 | Transfer from Stage 1 | Cure from Stage 3 | Derecognition | Acquisition / (Settlement) | Closing balance
12/31/2023 | 12/31/2024
Individuals | 63,579 | (35,139) | (14,153) | 53,024 | 1,307 | - | (2,150) | 66,468
Corporate | 956 | (475) | (564) | 938 | 11 | - | 149 | 1,015
Micro / Small and medium companies | 13,087 | (4,864) | (5,410) | 11,902 | 527 | - | (3,020) | 12,222
Foreign loans - Latin America | 12,077 | (3,378) | (4,601) | 8,863 | 475 | - | 568 | 14,004
Total | 89,699 | (43,856) | (24,728) | 74,727 | 2,320 | - | (4,453) | 93,709
Stage 3 | Balance at | Cure to Stage 1 | Cure to Stage 2 | Transfer from Stage 1 | Transfer from Stage 2 | Derecognition | Acquisition / (Settlement) | Closing balance
12/31/2023 | 12/31/2024
Individuals | 35,702 | (243) | (1,307) | 1,189 | 14,153 | (24,156) | 6,019 | 31,357
Corporate | 4,589 | (42) | (11) | 19 | 564 | (160) | (3,107) | 1,852
Micro / Small and medium companies | 10,601 | (170) | (527) | 1,715 | 5,410 | (5,435) | (1,490) | 10,104
Foreign loans - Latin America | 9,345 | (22) | (475) | 884 | 4,601 | (1,556) | (959) | 11,818
Total | 60,237 | (477) | (2,320) | 3,807 | 24,728 | (31,307) | 463 | 55,131
Consolidated 3 Stages |  |  |  |  | Balance at | Derecognition (2) | Acquisition / (Settlement) | Closing balance
|  |  |  | 12/31/2023 | 12/31/2024
Individuals |  |  |  |  | 416,616 | (24,156) | 53,114 | 445,574
Corporate |  |  |  |  | 136,461 | (160) | 24,539 | 160,840
Micro / Small and medium companies |  |  |  |  | 169,110 | (5,435) | 30,517 | 194,192
Foreign loans - Latin America |  |  |  |  | 188,403 | (1,556) | 38,040 | 224,887
Total |  |  |  |  | 910,590 | (31,307) | 146,210 | 1,025,493
1) In the movement of transfer of operations from stage 1 to stage 3 over the period, a representative part there of have first gone through stage 2. 2) Includes updating the estimate regarding the write-off of operations.

Reconciliation of gross portfolio of loans and lease operations, segregated by stages:
01/01/2023 |  |  |  |  |  |  |  |
Stage 1 | Balance at | Transfer to Stage 2 | Transfer to Stage 3 (1) | Cure from Stage 2 | Cure from Stage 3 | Derecognition | Acquisition / (Settlement) | Closing balance
12/31/2022 | 12/31/2023
Individuals | 305,210 | (58,899) | (2,256) | 37,760 | 186 | - | 35,334 | 317,335
Corporate | 133,205 | (1,040) | (31) | 421 | 118 | - | (1,757) | 130,916
Micro / Small and medium companies | 142,621 | (14,081) | (1,328) | 5,786 | 422 | - | 12,002 | 145,422
Foreign loans - Latin America | 182,516 | (8,899) | (903) | 4,281 | 14 | - | (10,028) | 166,981
Total | 763,552 | (82,919) | (4,518) | 48,248 | 740 | - | 35,551 | 760,654
Stage 2 | Balance at | Cure to Stage 1 | Transfer to Stage 3 | Transfer from Stage 1 | Cure from Stage 3 | Derecognition | Acquisition / (Settlement) | Closing balance
12/31/2022 | 12/31/2023
Individuals | 59,639 | (37,760) | (14,261) | 58,899 | 1,299 | - | (4,237) | 63,579
Corporate | 901 | (421) | (297) | 1,040 | 13 | - | (280) | 956
Micro / Small and medium companies | 12,299 | (5,786) | (5,376) | 14,081 | 682 | - | (2,813) | 13,087
Foreign loans - Latin America | 13,863 | (4,281) | (4,222) | 8,899 | 339 | - | (2,521) | 12,077
Total | 86,702 | (48,248) | (24,156) | 82,919 | 2,333 | - | (9,851) | 89,699
Stage 3 | Balance at | Cure to Stage 1 | Cure to Stage 2 | Transfer from Stage 1 | Transfer from Stage 2 | Derecognition | Acquisition / (Settlement) | Closing balance
12/31/2022 | 12/31/2023
Individuals | 35,254 | (186) | (1,299) | 2,256 | 14,261 | (25,133) | 10,549 | 35,702
Corporate | 5,162 | (118) | (13) | 31 | 297 | (138) | (632) | 4,589
Micro / Small and medium companies | 9,976 | (422) | (682) | 1,328 | 5,376 | (4,930) | (45) | 10,601
Foreign loans - Latin America | 8,776 | (14) | (339) | 903 | 4,222 | (2,823) | (1,380) | 9,345
Total | 59,168 | (740) | (2,333) | 4,518 | 24,156 | (33,024) | 8,492 | 60,237
Consolidated 3 Stages |  |  |  |  | Balance at | Derecognition | Acquisition / (Settlement) | Closing balance
|  |  |  | 12/31/2022 | 12/31/2023
Individuals |  |  |  |  | 400,103 | (25,133) | 41,646 | 416,616
Corporate |  |  |  |  | 139,268 | (138) | (2,669) | 136,461
Micro / Small and medium companies |  |  |  |  | 164,896 | (4,930) | 9,144 | 169,110
Foreign loans - Latin America |  |  |  |  | 205,155 | (2,823) | (13,929) | 188,403
Total |  |  |  |  | 909,422 | (33,024) | 34,192 | 910,590
1) In the movement of transfer of operations from stage 1 to stage 3 over the period, a representative part thereof have first gone through stage 2.

Modification of contractual cash flows

The amortized cost of financial assets classified in stages 2 and stage 3, which had their contractual cash flows modified was R$ 1,885 (R$ 1,641 at 12/31/2023) before the modification, which gave rise to an effect on profit or loss of R$ 23 (R$ 23 from 01/01 to 12/31/2023). At 12/31/2024, the gross carrying amount of financial assets which had their contractual cash flows modified in the period and were transferred to stage 1 corresponds to R$ 266 (R$ 384 at 12/31/2023).

F-44

c) Expected credit loss

Reconciliation of expected credit loss of loans and lease operations, segregated by stages:
01/01/2024 |  |  |  |  |  |  |  |
Stage 1 | Balance at | Transfer to Stage 2 | Transfer to Stage 3 (1) | Cure from Stage 2 | Cure from Stage 3 | Derecognition | (Increase) / Reversal | Closing balance
12/31/2023 | 12/31/2024
Individuals | (4,923) | 1,131 | 18 | (1,809) | (7) | - | (707) | (6,297)
Corporate | (780) | 14 | - | (18) | (13) | - | 114 | (683)
Micro / Small and medium companies | (1,148) | 203 | 28 | (310) | (33) | - | (49) | (1,309)
Foreign loans - Latin America | (1,892) | 223 | 19 | (129) | (3) | - | (870) | (2,652)
Total | (8,743) | 1,571 | 65 | (2,266) | (56) | - | (1,512) | (10,941)
Stage 2 | Balance at | Cure to Stage 1 | Transfer to Stage 3 | Transfer from Stage 1 | Cure from Stage 3 | Derecognition | (Increase) / Reversal | Closing balance
12/31/2023 | 12/31/2024
Individuals | (6,127) | 1,809 | 4,769 | (1,131) | (153) | - | (5,049) | (5,882)
Corporate | (697) | 18 | 63 | (14) | (5) | - | 202 | (433)
Micro / Small and medium companies | (1,864) | 310 | 1,410 | (203) | (129) | - | (1,184) | (1,660)
Foreign loans - Latin America | (1,497) | 129 | 928 | (223) | (124) | - | (841) | (1,628)
Total | (10,185) | 2,266 | 7,170 | (1,571) | (411) | - | (6,872) | (9,603)
Stage 3 | Balance at | Cure to Stage 1 | Cure to Stage 2 | Transfer from Stage 1 | Transfer from Stage 2 | Derecognition | (Increase) / Reversal | Closing balance
12/31/2023 | 12/31/2024
Individuals | (18,001) | 7 | 153 | (18) | (4,769) | 24,156 | (19,258) | (17,730)
Corporate | (5,213) | 13 | 5 | - | (63) | 160 | 3,014 | (2,084)
Micro / Small and medium companies | (5,496) | 33 | 129 | (28) | (1,410) | 5,435 | (3,557) | (4,894)
Foreign loans - Latin America | (3,225) | 3 | 124 | (19) | (928) | 1,556 | (1,283) | (3,772)
Total | (31,935) | 56 | 411 | (65) | (7,170) | 31,307 | (21,084) | (28,480)
Consolidated 3 Stages |  |  |  |  | Balance at | Derecognition | (Increase) / Reversal | Closing balance
|  |  |  | 12/31/2023 | 12/31/2024
Individuals |  |  |  |  | (29,051) | 24,156 | (25,014) | (29,909)
Corporate |  |  |  |  | (6,690) | 160 | 3,330 | (3,200)
Micro / Small and medium companies |  |  |  |  | (8,508) | 5,435 | (4,790) | (7,863)
Foreign loans - Latin America |  |  |  |  | (6,614) | 1,556 | (2,994) | (8,052)
Total |  |  |  |  | (50,863) | 31,307 | (29,468) | (49,024)
1) In the movement of transfer of operations from stage 1 to stage 3 over the period, a representative part thereof have first gone through stage 2.

Reconciliation of expected credit loss of loans and lease operations, segregated by stages:
01/01/2023 |  |  |  |  |  |  |  |
Stage 1 | Balance at | Transfer to Stage 2 | Transfer to Stage 3 (1) | Cure from Stage 2 | Cure from Stage 3 | Derecognition | (Increase) / Reversal | Closing balance
12/31/2022 | 12/31/2023
Individuals | (5,414) | 1,111 | 49 | (1,381) | (8) | - | 720 | (4,923)
Corporate | (480) | 16 | 1 | (40) | (4) | - | (273) | (780)
Micro / Small and medium companies | (1,431) | 251 | 22 | (418) | (110) | - | 538 | (1,148)
Foreign loans - Latin America | (2,339) | 201 | 21 | (155) | (2) | - | 382 | (1,892)
Total | (9,664) | 1,579 | 93 | (1,994) | (124) | - | 1,367 | (8,743)
Stage 2 | Balance at | Cure to Stage 1 | Transfer to Stage 3 | Transfer from Stage 1 | Cure from Stage 3 | Derecognition | (Increase) / Reversal | Closing balance
12/31/2022 | 12/31/2023
Individuals | (5,647) | 1,381 | 4,719 | (1,111) | (128) | - | (5,341) | (6,127)
Corporate | (503) | 40 | 46 | (16) | (4) | - | (260) | (697)
Micro / Small and medium companies | (2,227) | 418 | 1,312 | (251) | (133) | - | (983) | (1,864)
Foreign loans - Latin America | (1,546) | 155 | 851 | (201) | (110) | - | (646) | (1,497)
Total | (9,923) | 1,994 | 6,928 | (1,579) | (375) | - | (7,230) | (10,185)
Stage 3 | Balance at | Cure to Stage 1 | Cure to Stage 2 | Transfer from Stage 1 | Transfer from Stage 2 | Derecognition | (Increase) / Reversal | Closing balance
12/31/2022 | 12/31/2023
Individuals | (19,220) | 8 | 128 | (49) | (4,719) | 25,133 | (19,282) | (18,001)
Corporate | (4,470) | 4 | 4 | (1) | (46) | 138 | (842) | (5,213)
Micro / Small and medium companies | (5,932) | 110 | 133 | (22) | (1,312) | 4,930 | (3,403) | (5,496)
Foreign loans - Latin America | (3,115) | 2 | 110 | (21) | (851) | 2,823 | (2,173) | (3,225)
Total | (32,737) | 124 | 375 | (93) | (6,928) | 33,024 | (25,700) | (31,935)
Consolidated 3 Stages |  |  |  |  | Balance at | Derecognition | (Increase) / Reversal | Closing balance
|  |  |  | 12/31/2022 | 12/31/2023
Individuals |  |  |  |  | (30,281) | 25,133 | (23,903) | (29,051)
Corporate |  |  |  |  | (5,453) | 138 | (1,375) | (6,690)
Micro / Small and medium companies |  |  |  |  | (9,590) | 4,930 | (3,848) | (8,508)
Foreign loans - Latin America |  |  |  |  | (7,000) | 2,823 | (2,437) | (6,614)
Total |  |  |  |  | (52,324) | 33,024 | (31,563) | (50,863)
1) In the movement of transfer of operations from stage 1 to stage 3 over the period, a representative part thereof have first gone through stage 2.

The consolidated balance of 3 Stages comprises Expected credit loss for Financial guarantees of R$ (988) (R$ (887) at 12/31/2023) and Loan commitments of R$ (3,940) (R$ (3,311) at 12/31/2023).

F-45

d) Lease operations - Lessor

Finance leases are composed of vehicles, machines, equipment and real estate in Brazil and abroad. The analysis of portfolio maturities is presented below:
| 12/31/2024 |  | 12/31/2023
| Payments receivable | Future financial income | Present value |  | Payments receivable | Future financial income | Present value
Current | 2,505 | (462) | 2,043 |  | 2,208 | (482) | 1,726
Up to 1 year | 2,505 | (462) | 2,043 |  | 2,208 | (482) | 1,726
Non-current | 8,987 | (2,687) | 6,300 |  | 8,690 | (2,739) | 5,951
From 1 to 2 years | 1,918 | (507) | 1,411 |  | 1,584 | (434) | 1,150
From 2 to 3 years | 1,481 | (392) | 1,089 |  | 1,338 | (416) | 922
From 3 to 4 years | 1,024 | (309) | 715 |  | 1,022 | (333) | 689
From 4 to 5 years | 960 | (256) | 704 |  | 770 | (275) | 495
Over 5 years | 3,604 | (1,223) | 2,381 |  | 3,976 | (1,281) | 2,695
Total | 11,492 | (3,149) | 8,343 |  | 10,898 | (3,221) | 7,677

Financial lease revenues are composed of: |
| 01/01 to 12/31/2024 | 01/01 to 12/31/2023 | 01/01 to 12/31/2022
Financial income | 811 | 884 | 901
Variable payments | 11 | 7 | 7
Total | 822 | 891 | 908

e) Operations of securitization or transfer and acquisition of financial assets

ITAÚ UNIBANCO HOLDING carried out operations of securitization or transfer of financial assets in which there was retention of credit risks of financial assets transferred under co-obligation covenants. Thus, these credits are still recorded in the Balance Sheet and are represented as follows:
Nature of operation | 12/31/2024 |  | 12/31/2023
Assets | Liabilities (1) |  | Assets | Liabilities (1)
Book value | Fair value | Book value | Fair value |  | Book value | Fair value | Book value | Fair value
Mortgage loan | 115 | 112 | 115 | 111 |  | 139 | 140 | 139 | 139
Working capital | 397 | 397 | 397 | 397 |  | 502 | 502 | 502 | 502
Total | 512 | 509 | 512 | 508 |  | 641 | 642 | 641 | 641
1) Under Other liabilities.

From 01/01 to 12/31/2024, operations of transfer of financial assets with no retention of risks and benefits generated impact on the result of R$ 424 (R$ 219 from 01/01 to 12/31/2023), net of the Allowance for Loan Losses.

F-46

Note 11 - Investments in associates and joint ventures

a) Non-material individual investments of ITAÚ UNIBANCO HOLDING

| 12/31/2024 |  | 01/01 to 12/31/2024 |
| Investment |  | Equity in earnings | Other comprehensive income | Total Income |
Associates | 8,548 |  | 1,169 | (3) | 1,166 |
Joint ventures | 1,526 |  | (122) | 9 | (113) |
Total | 10,074 |  | 1,047 | 6 | 1,053 |
| 12/31/2023 |  | 01/01 to 12/31/2023 | 01/01 to 12/31/2022
| Investment |  | Equity in earnings | Other comprehensive income | Total Income | Equity in earnings
Associates | 7,853 |  | 993 | 21 | 1,014 | 736
Joint ventures | 1,440 |  | (73) | - | (73) | (64)
Total | 9,293 |  | 920 | 21 | 941 | 672

At 12/31/2024, the balances of Associates include interest in total capital and voting capital of the following companies: Pravaler S.A. (50.45% total capital and 41.62% voting capital; 50.92% total capital and 41.67% voting capital at 12/31/2023); Porto Seguro ltaú Unibanco Participações S.A. (42.93% total and voting capital; 42.93% at 12/31/2023); BSF Holding S.A. (49% total and voting capital; 49% at 12/31/2023); Gestora de Inteligência de Crédito S.A (15.71% total capital and 16% voting capital; 15.71% total capital and 16% voting capital at 12/31/2023); Rias Redbanc S.A. (25% total and voting capital; 25% at 12/31/2023); Kinea Private Equity Investimentos S.A. (80% total capital and 49% voting capital; 80% total capital and 49% voting capital at 12/31/2023); Tecnologia Bancária S.A. (28.05% total capital and 28.95% voting capital; 28.05% total capital and 28.95% voting capital at 12/31/2023); CIP S.A. (22.89% total and voting capital; 22.89% at 12/31/2023); Prex Holding LLC (30% total and voting capital; 30% at 12/31/2023); Banfur lnternational S.A. (30% total and voting capital; 30% at 12/31/2023); Biomas – Serviços Ambientais, Restauração e Carbono S.A. (16.67% total and voting capital; 16.67% at 12/31/2023); Rede Agro Fidelidade e Intermediação S.A. (12.82% total and voting capital; 12.82% at 12/31/2023) and Riblinor S.A. (40% total and voting capital). At 05/31/2024 ocurred the disposal of the investment of Compañia Uruguaya de Medios de Procesamiento S.A. (31.42% at 12/31/2023)

At 12/31/2024, the balances of Joint ventures include interest in total and voting capital of the following companies: Olímpia Promoção e Serviços S.A. (50% total and voting capital; 50% at 12/31/2023); ConectCar Instituição de Pagamento e Soluções de Mobilidade Eletrônica S.A. (50% total and voting capital; 50% at 12/31/2023); TOTVS Techfin S.A. (50% total and voting capital; 50% at 12/31/2023); Avenue Holding Cayman Ltd (33.60% total and 34.11% voting capital; 35% at 12/31/2023) and includes result not arising from subsidiaries' net income.

F-47

Note 12 - Lease Operations - Lessee

The accounting policy on lease operations (lessee) is presented in Note 2c VII.

During the period ended 12/31/2024, total cash outflow with lease amounted to R$ 987 and lease agreements in the amount of R$ 200 were renewed. There are no relevant sublease agreements.

Total liabilities in accordance with remaining contractual maturities, considering their undiscounted flows, are presented below:

| 12/31/2024 | 12/31/2023
Up to 3 months | 244 | 275
3 months to 1 year | 716 | 706
From 1 to 5 years | 2,728 | 2,588
Over 5 years | 1,348 | 1,197
Total Financial Liability | 5,036 | 4,766

Lease amounts recognized in the Consolidated Statement of Income: |
| 01/01 to 12/31/2024 | 01/01 to 12/31/2023 | 01/01 to 12/31/2022
Sublease revenues | 34 | 26 | 26
Depreciation expenses | (710) | (863) | (951)
Interest expenses | (261) | (367) | (414)
Lease expenses for low value assets | (95) | (104) | (102)
Variable expenses not include in lease liabilities | (51) | (57) | (58)
Total | (1,083) | (1,365) | (1,499)

In the periods from 01/01 to 12/31/2024, from 01/01 to 12/31/2023 and from 01/01 to 12/31/2022, there was no impairment adjustment.

F-48

Note 13 - Fixed assets

The accounting policy on fixed assets and impairment of non-financial assets is presented in Notes 2c VIII, 2c X.

Fixed assets | 12/31/2024
Anual depreciation rates | Cost | Depreciation | Impairment | Residual
Real Estate |  | 9,738 | (3,934) | (244) | 5,560
Land |  | 1,997 | - | - | 1,997
Buildings and Improvements | 4% to 10% | 7,741 | (3,934) | (244) | 3,563
Other fixed assets |  | 15,745 | (12,044) | (68) | 3,633
Installations and furniture | 10% to 20% | 3,524 | (2,693) | (17) | 814
Data processing systems | 20% to 50% | 9,424 | (7,991) | (51) | 1,382
Other (1) | 10% to 20% | 2,797 | (1,360) | - | 1,437
Total |  | 25,483 | (15,978) | (312) | 9,193
1) Other refers to negotiations of Fixed assets in progress and other Communication, Security and Transportation equipments.
Fixed assets | 12/31/2023
Anual depreciation rates | Cost | Depreciation | Impairment | Residual
Real Estate |  | 9,075 | (3,706) | (198) | 5,171
Land |  | 2,039 | - | - | 2,039
Buildings and Improvements | 4% to 10% | 7,036 | (3,706) | (198) | 3,132
Other fixed assets |  | 15,353 | (11,321) | (68) | 3,964
Installations and furniture | 10% to 20% | 3,347 | (2,530) | (17) | 800
Data processing systems | 20% to 50% | 9,330 | (7,480) | (51) | 1,799
Other (1) | 10% to 20% | 2,676 | (1,311) | - | 1,365
Total |  | 24,428 | (15,027) | (266) | 9,135
1) Other refers to negotiations of Fixed assets in progress and other Communication, Security and Transportation equipments.

At 12/31/2024 there were no contractual commitments for purchase of the fixed assets (R$ 3 at 12/31/2023).

F-49

Note 14 - Goodwill and Intangible assets

The accounting policies on goodwill and intangible assets and impairment of non-financial assets are presented in Note 2c IX, 2c X.

|  | Goodwill and intangible from incorporation | Intangible assets | Total
|  | Association for the promotion and offer of financial products and services | Software acquired | Internally developed software | Other intangible assets (1)
Annual amortization rates |  | 8% | 20% | 20% | 10% to 20% |
Cost |  |  |  |  |  |
Balance at | 12/31/2023 | 12,255 | 2,227 | 5,177 | 19,577 | 7,602 | 46,838
Acquisitions | 135 | - | 412 | 4,125 | 863 | 5,535
Termination / disposals | - | (7) | (5) | (269) | (591) | (872)
Exchange variation | 927 | 162 | 263 | 138 | 122 | 1,612
Other | - | (16) | 22 | (3) | - | 3
Balance at | 12/31/2024 | 13,317 | 2,366 | 5,869 | 23,568 | 7,996 | 53,116
Amortization |  |  |  |  |  |
Balance at | 12/31/2023 | - | (1,242) | (3,713) | (8,422) | (3,766) | (17,143)
Amortization expense | - | (82) | (448) | (3,048) | (1,278) | (4,856)
Termination / disposals | - | 6 | 4 | 1 | 591 | 602
Exchange variation | - | (76) | (162) | (88) | (116) | (442)
Other | - | 16 | 1 | - | - | 17
Balance at | 12/31/2024 | - | (1,378) | (4,318) | (11,557) | (4,569) | (21,822)
Impairment |  |  |  |  |  |
Balance at | 12/31/2023 | (4,420) | (648) | (174) | (1,089) | - | (6,331)
Increase | - | - | - | (237) | (100) | (337)
Exchange variation | (548) | (81) | - | - | - | (629)
Balance at | 12/31/2024 | (4,968) | (729) | (174) | (1,326) | (100) | (7,297)
Book value |  |  |  |  |  |
Balance at | 12/31/2024 | 8,349 | 259 | 1,377 | 10,685 | 3,327 | 23,997
1) Includes amounts paid to the rights for acquisition of payrolls, proceeds, retirement and pension benefits and similar benefits.

F-50

|  | Goodwill and intangible from incorporation | Intangible assets | Total
| 31/12/2023 | Association for the promotion and offer of financial products and services | Software acquired | Internally developed software | Other intangible assets (1)
Annual amortization rates |  | 8% | 20% | 20% | 10% to 20% |
Cost | 01/01/2023 |  |  |  |  |  |
Balance at | 12/31/2022 | 12,431 | 2,366 | 5,423 | 16,088 | 7,634 | 43,942
Acquisitions | 603 | - | 452 | 3,634 | 687 | 5,376
Termination / disposals | - | (246) | (100) | (43) | (599) | (988)
Exchange variation | (777) | 133 | (56) | (95) | (120) | (915)
Other | (2) | (26) | (542) | (7) | - | (577)
Balance at | 12/31/2023 | 12,255 | 2,227 | 5,177 | 19,577 | 7,602 | 46,838
Amortization |  |  |  |  |  |
Balance at | 12/31/2022 | - | (1,357) | (3,737) | (6,133) | (3,166) | (14,393)
Amortization expense | - | (87) | (431) | (2,295) | (1,276) | (4,089)
Termination / disposals | - | 227 | 58 | - | 569 | 854
Exchange variation | - | (49) | 18 | 56 | 107 | 132
Other | - | 24 | 379 | (50) | - | 353
Balance at | 12/31/2023 | - | (1,242) | (3,713) | (8,422) | (3,766) | (17,143)
Impairment |  |  |  |  |  |
Balance at | 12/31/2022 | (4,881) | (559) | (171) | (824) | - | (6,435)
Increase | - | - | (3) | (265) | - | (268)
Exchange variation | 461 | (89) | - | - | - | 372
Balance at | 12/31/2023 | (4,420) | (648) | (174) | (1,089) | - | (6,331)
Book value |  |  |  |  |  |
Balance at | 12/31/2023 | 7,835 | 337 | 1,290 | 10,066 | 3,836 | 23,364
1) Includes amounts paid to the rights for acquisition of payrolls, proceeds, retirement and pension benefits and similar benefits.

Amortization expense related to the rights for acquisition of payrolls and associations, in the amount of R$ (1,313) (R$ (1,249) at 12/31/2023) is disclosed in the General and administrative expenses (Note 23).

Goodwill and Intangible Assets from Incorporation are mainly represented by Banco Itaú Chile’s goodwill in the amount of R$ 3,073 (R$ 2,709 at 12/31/2023).

F-51

Note 15 - Deposits

| 12/31/2024 |  | 12/31/2023
| Current | Non-current | Total |  | Current | Non-current | Total
Interest-bearing deposits | 394,741 | 528,589 | 923,330 |  | 367,270 | 470,534 | 837,804
Savings deposits | 180,730 | - | 180,730 |  | 174,765 | - | 174,765
Interbank deposits | 6,454 | 770 | 7,224 |  | 6,445 | 3 | 6,448
Time deposits | 207,557 | 527,819 | 735,376 |  | 186,060 | 470,531 | 656,591
Non-interest bearing deposits | 131,411 | - | 131,411 |  | 113,548 | - | 113,548
Demand deposits | 124,920 | - | 124,920 |  | 105,634 | - | 105,634
Other deposits | 6,491 | - | 6,491 |  | 7,914 | - | 7,914
Total | 526,152 | 528,589 | 1,054,741 |  | 480,818 | 470,534 | 951,352

Note 16 - Financial liabilities designated at fair value through profit or loss

The accounting policy on financial assets and liabilities is presented in Note 2c IV.

| 12/31/2024 |  | 12/31/2023
| Current | Non-current | Total |  | Current | Non-current | Total
Structured notes |  |  |  |  |  |  |
Debt securities | - | 318 | 318 |  | 2 | 294 | 296
Total | - | 318 | 318 |  | 2 | 294 | 296

The effect of credit risk of these instruments is not significant at 12/31/2024 and 12/31/2023.

Debt securities do not have a defined amount on maturity, since they vary according to market quotation and an exchange variation component, respectively.

Note 17 - Securities sold under repurchase agreements and interbank and institutional market funds

a) Securities sold under repurchase agreements

| Interest rate (p.a.) | 12/31/2024 |  | 12/31/2023
| Current | Non-current | Total |  | Current | Non-current | Total
Assets pledged as collateral |  | 168,870 | 2 | 168,872 |  | 159,712 | 7 | 159,719
Government securities | 11.8% to 12.15% | 126,565 | - | 126,565 |  | 128,600 | - | 128,600
Corporate securities | 40% to 100% of CDI | 41,275 | - | 41,275 |  | 30,714 | - | 30,714
Own issue | 10.88% to 13.8% | - | 2 | 2 |  | 1 | 7 | 8
Foreign | 3.4% to 7.9% | 1,030 | - | 1,030 |  | 397 | - | 397
Assets received as collateral | 11.8% to 12.15% | 118,867 | - | 118,867 |  | 127,437 | - | 127,437
Right to sell or repledge the collateral | 0.12% to 13.65% | 57,896 | 43,152 | 101,048 |  | 44,256 | 31,374 | 75,630
Total |  | 345,633 | 43,154 | 388,787 |  | 331,405 | 31,381 | 362,786

b) Interbank market funds

| Interest rate (p.a.) | 12/31/2024 |  | 12/31/2023
| Current | Non-current | Total |  | Current | Non-current | Total
Financial bills | 4.43% to 15.06% | 23,878 | 46,205 | 70,083 |  | 38,061 | 43,136 | 81,197
Real estate credit bills | 7% to 13% | 36,871 | 15,241 | 52,112 |  | 28,476 | 20,479 | 48,955
Rural credit bills | 5% to 13.72% | 34,803 | 14,941 | 49,744 |  | 17,037 | 22,035 | 39,072
Guaranteed real estate bills | 5.11% to 14% | 13,252 | 51,239 | 64,491 |  | 6,131 | 53,059 | 59,190
Import and export financing | 0% to 10.20% | 102,796 | 15,125 | 117,921 |  | 81,594 | 5,550 | 87,144
Onlending domestic | 0% to 18% | 6,538 | 11,405 | 17,943 |  | 4,472 | 8,615 | 13,087
Total |  | 218,138 | 154,156 | 372,294 |  | 175,771 | 152,874 | 328,645
Funding for import and export financing represents credit facilities available for financing of imports and exports of Brazilian companies, in general denominated in foreign currency.

F-52

c) Institutional market funds

| Interest rate (p.a.) | 12/31/2024 |  | 12/31/2023
| Current | Non-current | Total |  | Current | Non-current | Total
Subordinated debt | IPCA to 100% of CDI | 27 | 45,197 | 45,224 |  | 836 | 45,841 | 46,677
Foreign loans through securities | 0.09% to 5.61% | 14,166 | 61,746 | 75,912 |  | 9,442 | 53,250 | 62,692
Funding from structured operations certificates | 5.39% to 19.88% | 2,840 | 16,571 | 19,411 |  | 975 | 9,247 | 10,222
Total |  | 17,033 | 123,514 | 140,547 |  | 11,253 | 108,338 | 119,591

The fair value of Funding from structured operations certificates is R$ 21,280 (R$ 11,448 at 12/31/2023).

d) Subordinated debt, including perpetual debts

Name of security / currency | Principal amount (original currency) | Issue | Maturity | Return p.a. | 12/31/2024 | 12/31/2023
| (original currency) |  |  |  |  |
Subordinated financial bills - BRL |  |  |  |  |  |
| 2,146 | 2019 | Perpetual | 114% of SELIC | 1,294 | 2,237
| 935 | 2019 | Perpetual | SELIC + 1.17% to 1.19% | 1,033 | 1,052
| 50 | 2019 | 2028 | CDI + 0.72% | - | 71
| 2,281 | 2019 | 2029 | CDI + 0.75% | - | 3,227
| 450 | 2020 | 2029 | CDI + 1.85% | 715 | 633
| 106 | 2020 | 2030 | IPCA + 4.64% | 166 | 151
| 1,556 | 2020 | 2030 | CDI + 2% | 2,486 | 2,199
| 5,488 | 2021 | 2031 | CDI + 2% | 8,443 | 7,469
| 1,005 | 2022 | Perpetual | CDI + 2.4% | 1,027 | 1,029
| 1,161 | 2023 | 2034 | 102% of CDI | 1,198 | 1,141
| 108 | 2023 | 2034 | CDI + 0.2% | 112 | 107
| 122 | 2023 | 2034 | 10.63% | 126 | 121
| 700 | 2023 | Perpetual | CDI + 1.9% | 712 | 713
| 107 | 2023 | 2034 | IPCA + 5.48% | 114 | 106
| 530 | 2024 | 2034 | 100% of CDI | 541 | -
| 3,100 | 2024 | 2034 | CDI + 0.65% | 3,226 | -
| 1,000 | 2024 | Perpetual | CDI + 0.9% | 1,033 | -
| 2,830 | 2024 | Perpetual | CDI + 1.1% | 2,834 | -
| 470 | 2024 | 2039 | 102% of CDI | 481 | -
|  |  |  | Total | 25,541 | 20,256
Subordinated euronotes - USD |  |  |  |  |  |
| 1,250 | 2017 | Perpetual | 7.72% | - | 6,042
| 750 | 2018 | Perpetual | 7.86% | 4,746 | 3,709
| 750 | 2019 | 2029 | 4.50% | - | 3,640
| 700 | 2020 | Perpetual | 4.63% | 4,404 | 3,441
| 501 | 2021 | 2031 | 3.88% | 3,080 | 2,430
|  |  |  | Total | 12,230 | 19,262
Subordinated bonds - CLP |  |  |  |  |  |
| 180,351 | 2008 | 2033 | 3.50% to 4.92% | 1,578 | 1,366
| 97,962 | 2009 | 2035 | 4.75% | 1,248 | 1,060
| 1,060,250 | 2010 | 2032 | 4.35% | 124 | 105
| 1,060,250 | 2010 | 2035 | 3.90% to 3.96% | 286 | 242
| 1,060,250 | 2010 | 2036 | 4.48% | 1,363 | 1,152
| 1,060,250 | 2010 | 2038 | 3.93% | 993 | 839
| 1,060,250 | 2010 | 2040 | 4.15% to 4.29% | 765 | 647
| 1,060,250 | 2010 | 2042 | 4.45% | 373 | 315
| 57,168 | 2014 | 2034 | 3.80% | 488 | 412
|  |  |  | Total | 7,218 | 6,138
Subordinated bonds - COP |  |  |  |  |  |
| 146,000 | 2013 | 2028 | IPC + 2% | 208 | 186
| 780,392 | 2014 | 2024 | LIB | - | 835
|  |  |  | Total | 208 | 1,021
Subordinated bonds - USD |  |  |  |  |  |
| 172 | 2023 | 2024 | 8.90% | 22 | -
| 878 | 2024 | 2024 | 7.18% | 5 | -
|  |  |  | Total | 27 | -
Total |  |  |  |  | 45,224 | 46,677

F-53

Note 18 - Other assets and liabilities

a) Other assets

| Note | 12/31/2024 | 12/31/2023
Financial |  | 138,325 | 129,050
At amortized cost |  | 136,713 | 127,699
Receivables from credit card issuers |  | 82,014 | 80,957
Deposits in guarantee for contingent liabilities, provisions and legal obligations | 29d | 13,662 | 13,277
Trading and intermediation of securities |  | 24,152 | 18,655
Income receivable |  | 4,080 | 3,784
Operations without credit granting characteristics, net of provisions |  | 9,759 | 10,016
Net amount receivables from reimbursement of provisions | 29c | 358 | 943
Deposits in guarantee of fund raisings abroad |  | 40 | 67
Foreign exchange portfolio |  | 2,648 | -
At fair value through profit or loss |  | 1,612 | 1,351
Other financial assets |  | 1,612 | 1,351
Non-financial |  | 29,064 | 20,027
Sundry foreign |  | 4,524 | 771
Prepaid expenses |  | 8,503 | 7,714
Sundry domestic |  | 4,028 | 4,629
Assets of post-employment benefit plans | 26e | 301 | 343
Encrypted digital assets |  | 2,345 | -
Lease right-of-use |  | 4,070 | 3,351
Other |  | 5,293 | 3,219
Current |  | 144,402 | 127,104
Non-current |  | 22,987 | 21,973

b) Other liabilities

| Note | 12/31/2024 | 12/31/2023
Financial |  | 192,951 | 182,348
At amortized cost |  | 192,407 | 181,788
Credit card operations |  | 164,872 | 156,406
Trading and intermediation of securities |  | 18,636 | 15,510
Foreign exchange portfolio |  | - | 2,354
Finance leases |  | 3,681 | 3,302
Other |  | 5,218 | 4,216
At fair value through profit or loss |  | 544 | 560
Other financial liabilities |  | 544 | 560
Non-financial |  | 55,759 | 41,867
Funds in transit |  | 25,124 | 15,250
Charging and collection of taxes and similar |  | 398 | 608
Social and statutory |  | 12,487 | 10,675
Deferred income |  | 1,258 | 1,316
Sundry domestic |  | 5,076 | 3,435
Personnel provision |  | 2,731 | 2,386
Provision for sundry payments |  | 2,260 | 1,865
Obligations on official agreements and rendering of payment services |  | 2,433 | 2,035
Liabilities from post-employment benefit plans | 26e | 2,361 | 2,772
Other |  | 1,631 | 1,525
Current |  | 237,767 | 212,882
Non-current |  | 10,943 | 11,333

F-54

Note 19 - Stockholders’ equity

The accounting policies on treasury shares and capital compensation are presented in Notes 2c XVI, 2c XVII.

a) Capital

Capital is represented by 9,804,135,348 book-entry shares with no par value, of which 4,958,290,359 are common shares and 4,845,844,989 are preferred shares with no voting rights, but with tag-along rights in a public offering of shares, in a possible transfer of control, assuring them a price equal to 80% (eighty per cent) of the amount paid per voting share in the controlling block, and a dividend at least equal to that of the common shares.

The breakdown and change in shares of paid-in capital in the beginning and end of the period are shown below:

|  | 12/31/2024
|  | Number | Amount
|  | Common | Preferred | Total
Residents in Brazil | 12/31/2023 | 4,923,277,339 | 1,508,035,689 | 6,431,313,028 | 59,516
Residents abroad | 12/31/2023 | 35,013,020 | 3,337,809,300 | 3,372,822,320 | 31,213
Shares of capital stock | 12/31/2023 | 4,958,290,359 | 4,845,844,989 | 9,804,135,348 | 90,729
Shares of capital stock | 12/31/2024 | 4,958,290,359 | 4,845,844,989 | 9,804,135,348 | 90,729
Residents in Brazil | 12/31/2024 | 4,918,480,340 | 1,325,492,746 | 6,243,973,086 | 57,783
Residents abroad | 12/31/2024 | 39,810,019 | 3,520,352,243 | 3,560,162,262 | 32,946
Treasury shares (1) | 12/31/2023 | - | 436,671 | 436,671 | (11)
Acquisition of treasury shares |  | - | 54,000,000 | 54,000,000 | (1,775)
Result from delivery of treasury shares |  | - | (26,405,838) | (26,405,838) | 877
Treasury shares (1) | 12/31/2024 | - | 28,030,833 | 28,030,833 | (909)
Number of total shares at the end of the period (2) | 12/31/2024 | 4,958,290,359 | 4,817,814,156 | 9,776,104,515 |
Number of total shares at the end of the period (2) | 12/31/2023 | 4,958,290,359 | 4,845,408,318 | 9,803,698,677 |
|  | 12/31/2023
|  | Number | Amount
|  | Common | Preferred | Total
Residents in Brazil | 12/31/2022 | 4,927,867,243 | 1,629,498,182 | 6,557,365,425 | 60,683
Residents abroad | 12/31/2022 | 30,423,116 | 3,216,346,807 | 3,246,769,923 | 30,046
Shares of capital stock | 12/31/2022 | 4,958,290,359 | 4,845,844,989 | 9,804,135,348 | 90,729
Shares of capital stock | 12/31/2023 | 4,958,290,359 | 4,845,844,989 | 9,804,135,348 | 90,729
Residents in Brazil | 12/31/2023 | 4,923,277,339 | 1,508,035,689 | 6,431,313,028 | 59,516
Residents abroad | 12/31/2023 | 35,013,020 | 3,337,809,300 | 3,372,822,320 | 31,213
Treasury shares (1) | 12/31/2022 | - | 3,268,688 | 3,268,688 | (71)
Acquisition of treasury shares |  | - | 26,000,000 | 26,000,000 | (689)
Result from delivery of treasury shares |  | - | (28,832,017) | (28,832,017) | 749
Treasury shares (1) | 12/31/2023 | - | 436,671 | 436,671 | (11)
Number of total shares at the end of the period (2) | 12/31/2023 | 4,958,290,359 | 4,845,408,318 | 9,803,698,677 |
Number of total shares at the end of the period (2) | 12/31/2022 | 4,958,290,359 | 4,842,576,301 | 9,800,866,660 |
1) Own shares, purchased based on authorization of the Board of Directors, to be held in Treasury, for subsequent cancellation or replacement in the market. 2) Shares representing total capital stock net of treasury shares.

F-55

We detail below the cost of shares purchased in the period, as well the average cost of treasury shares and their market price:
Cost / market value | 12/31/2024 | 12/31/2023
Common |  | Preferred | Common |  | Preferred
Minimum |  | - |  | 31.42 | - |  | 25.52
Weighted average |  | - |  | 32.83 | - |  | 26.49
Maximum |  | - |  | 33.66 | - |  | 27.13
Treasury shares |  |  |  |  |  |  |
Average cost |  | - |  | 32.43 | - |  | 25.98
Market value on the last day of the base date | 26.90 |  | 30.73 | 28.84 |  | 33.97

b) Dividends

Shareholders are entitled to a mandatory minimum dividend in each fiscal year, corresponding to 25% of adjusted net income, as set forth in the Bylaws. Common and preferred shares participate equally in income distributed, after common shares have received dividends equal to the minimum annual priority dividend payable to preferred shares (R$ 0.022 non-cumulative per share).

ITAÚ UNIBANCO HOLDING monthly advances the mandatory minimum dividend, using the share position of the last day of the previous month as the calculation basis, and the payment made on the first business day of the subsequent month in the amount of R$ 0.015 per share.

I - Calculation of dividends and interest on capital

| 12/31/2024 | 12/31/2023 | 12/31/2022
Statutory net income | 37,318 | 33,389 | 29,695
Adjustments: |  |  |
(-) Legal reserve - 5% (1) | (1,406) | (1,669) | (1,485)
Dividend calculation basis | 35,912 | 31,720 | 28,210
Minimum mandatory dividend - 25% | 8,978 | 7,930 | 7,053
Dividends and interest on capital paid / accrued / identified | 25,724 | 21,468 | 8,368
1) Legal reserve must be constituted up to the limit of 20% of the Capital.

F-56

II - Stockholders' compensation

|  | 12/31/2024
|  | Gross value per share (R$) | Value | WHT (With holding tax) | Net
Paid / prepaid |  | 6,729 | (1,009) | 5,720
Interest on capital - 11 monthly installments paid from February to December 2024 | 0.0150 | 1,901 | (285) | 1,616
Interest on capital - paid on 08/30/2024 | 0.2055 | 2,370 | (356) | 2,014
Interest on capital - paid on 08/30/2024 | 0.2134 | 2,458 | (368) | 2,090
Accrued (Recorded in Other liabilities - Social and statutory) |  | 5,886 | (882) | 5,004
Interest on capital - 1 monthly installment paid on 01/02/2025 | 0.0150 | 173 | (26) | 147
Interest on capital - credited on 08/29/2024 to be paid until 04/30/2025 | 0.2320 | 2,673 | (400) | 2,273
Interest on capital - credited on 11/28/2024 to be paid on 04/30/2025 | 0.2640 | 3,040 | (456) | 2,584
Identified in Profit Reserves in Stockholders' Equity |  | 15,489 | (489) | 15,000
Interest on capital | 0.2834 | 3,260 | (489) | 2,771
Dividends | 1.2509 | 12,229 | - | 12,229
Total - 01/01 to 12/31/2024 |  | 28,104 | (2,380) | 25,724
|  | 12/31/2023
|  | Gross value per share (R$) | Value | WHT (With holding tax) | Net
Paid / prepaid |  | 7,079 | (1,061) | 6,018
Interest on capital - 11 monthly installments paid from February to December 2023 | 0.0150 | 1,902 | (285) | 1,617
lnterest on capital - paid on 08/25/2023 | 0.2227 | 2,567 | (385) | 2,182
lnterest on capital - paid on 08/25/2023 | 0.2264 | 2,610 | (391) | 2,219
Accrued (Recorded in Other liabilities - Social and statutory) |  | 5,236 | (786) | 4,450
Interest on capital - 1 monthly installment paid on 01/02/2024 | 0.0150 | 173 | (26) | 147
Interest on capital - credited on 09/06/2023 to be paid until 04/30/2024 | 0.2289 | 2,639 | (396) | 2,243
Interest on capital - credited on 11/24/2023 to be paid until 04/30/2024 | 0.2102 | 2,424 | (364) | 2,060
Identified in Profit Reserves in Stockholders' Equity |  | 11,000 | - | 11,000
Dividends | 1.1251 | 11,000 | - | 11,000
Total - 01/01 to 12/31/2023 |  | 23,315 | (1,847) | 21,468

|  | 12/31/2022
|  | Gross value per share (R$) | Value | WHT (With holding tax) | Net
Paid / prepaid |  | 4,906 | (735) | 4,171
Interest on capital - 11 monthly installment paids from February to December 2022 | 0.0150 | 1,902 | (285) | 1,617
Interest on capital - paid on 08/30/2022 | 0.2605 | 3,004 | (450) | 2,554
Accrued (Recorded in Other liabilities - Social and statutory) |  | 4,938 | (741) | 4,197
Interes on capital - 1 monthly installment paid on 01/02/2023 | 0.0150 | 173 | (26) | 147
Interest on capital - credited on 12/08/2022 to be paid until 04/28/2023 | 0.4133 | 4,765 | (715) | 4,050
Total - 01/01 to 12/31/2022 |  | 9,844 | (1,476) | 8,368

c) Capital reserves and profit reserves

|  | 12/31/2024 |  | 12/31/2023
Capital reserves |  | 2,732 |  | 2,620
Premium on subscription of shares |  | 284 |  | 284
Share-based payment |  | 2,444 |  | 2,332
Reserves from tax incentives, restatement of equity securities and other |  | 4 |  | 4
Profit reserves (1) |  | 121,428 |  | 104,465
Legal (2) |  | 18,146 |  | 16,740
Statutory (3) |  | 87,793 |  | 76,725
Special revenue (4) |  | 15,489 |  | 11,000
Total reserves at parent company |  | 124,160 |  | 107,085
1) Possible surplus of Profit reserves in relation to the Capital will be distributed or capitalized as required by the following Annual General Stockholders' Meeting/Extraordinary General Stockholders' Meeting. 2) Its purpose is to ensure the integrity of capital, compensate loss or increase capital. 3) Its main purpose is to ensure the yield flow to shareholders. 4) Refers to Dividends declared after 12/31/2024 and 12/31/2023.

F-57

Statutory reserves include R$ 854, which refers to net income remaining after the distribution of dividends and appropriations to statutory reserves in the statutory accounts of ITAÚ UNIBANCO HOLDING.

d) Non-controlling interests

| Stockholders’ equity |  | Income
| 12/31/2024 | 12/31/2023 |  | 01/01 to 12/31/2024 | 01/01 to 12/31/2023 | 01/01 to 12/31/2022
Banco Itaú Chile | 8,009 | 6,690 |  | 627 | 598 | 887
Itaú Colombia S.A. | 21 | 19 |  | - | - | 3
Financeira Itaú CBD S.A. Crédito, Financiamento e Investimento | 706 | 853 |  | 174 | 147 | 123
Luizacred S.A. Soc. Cred. Financiamento Investimento | 976 | 328 |  | 148 | (49) | (50)
Other | 482 | 983 |  | 94 | 76 | 72
Total | 10,194 | 8,873 |  | 1,043 | 772 | 1,035

Note 20 - Share-based payment

The accounting policy on share-based payments is presented in Note 2c XV.

ITAÚ UNIBANCO HOLDING and its subsidiaries have share-based payment plans aimed at involving their management members and employees in the medium and long term corporate development process.
The grant of these benefits is only made in years in which there are sufficient profits to permit the distribution of mandatory dividends, limiting dilution to 0.5% of the total shares held by the controlling and minority stockholders at the balance sheet date. These programs are settled through the delivery of ITUB4 treasury shares to stockholders.
Expenses on share-based payment plans are presented in the table below:
| 01/01 to 12/31/2024 | 01/01 to 12/31/2023 | 01/01 to 12/31/2022
Partner plan | (336) | (264) | (180)
Share-based plan | (482) | (473) | (418)
Total | (818) | (737) | (598)

a) Partner plan

The program enables employees and managers of ITAÚ UNIBANCO HOLDING to invest a percentage of their bonus to acquire shares and share-based instruments. There is a lockup period of from three to five years, counted from the initial investment date, and the shares are thus subject to market price variations. After complying with the preconditions outlined in the program, beneficiaries are entitled to receive shares as consideration, in accordance with the number of shares indicated in the regulations.
The acquisition price of shares and share-based instruments is established every six months as the average of the share price over the last 30 days, which is performed on the seventh business day prior to the remuneration grant date.
The fair value of the consideration in shares is the market price at the grant date, less expected dividends.
Change in the partner program |  |
| 01/01 to 12/31/2024 |  | 01/01 to 12/31/2023
| Quantity |  | Quantity
Opening balance | 62,425,428 |  | 48,253,812
New | 23,264,639 |  | 24,920,268
Delivered | (7,991,750) |  | (9,533,753)
Cancelled | (3,394,551) |  | (1,214,899)
Closing balance | 74,303,766 |  | 62,425,428
Weighted average of remaining contractual life (years) | 2.19 |  | 2.36
Market value weighted average (R$) | 26.93 |  | 21.88

F-58

b) Variable compensation

In this plan, part of the administrators variable remuneration is paid in cash and part in shares during a period of three years. Shares are delivered on a deferred basis, of which one-third per year, upon compliance with the conditions provided for in internal regulation. The deferred unpaid portions may be reversed proportionally to a significant reduction in the recurring income realized or the negative income for the period.
Management members become eligible for the receipt of these benefits according to individual performance, business performance or both. The benefit amount is established according to the activities of each management member who meets at least the performance and conduct requirements.
The fair value of the share is the market price at its grant date.
Change in share-based variable compensation |  |  |
| 01/01 to 12/31/2024 |  | 01/01 to 12/31/2023
| Quantity |  | Quantity
Opening balance | 43,494,634 |  | 44,230,077
New | 20,149,613 |  | 21,725,220
Delivered | (20,728,831) |  | (22,097,907)
Cancelled | (714,417) |  | (362,756)
Closing balance | 42,200,999 |  | 43,494,634
Weighted average of remaining contractual life (years) | 0.84 |  | 0.89
Market value weighted average (R$) | 32.50 |  | 25.76

Note 21 - Interest and similar income and expenses and income of financial assets and liabilities at fair value through profit or loss

a) Interest and similar income

| 01/01 to 12/31/2024 | 01/01 to 12/31/2023 | 01/01 to 12/31/2022
Central Bank of Brazil deposits | 12,505 | 12,569 | 10,228
Interbank deposits | 4,436 | 4,122 | 3,145
Securities purchased under agreements to resell | 36,171 | 33,898 | 25,467
Financial assets at fair value through other comprehensive income | 36,937 | 27,463 | 20,546
Financial assets at amortized cost | 12,038 | 13,126 | 11,823
Loan operations | 138,781 | 130,462 | 116,844
Other financial assets | 1,390 | 745 | 1,112
Total | 242,258 | 222,385 | 189,165

b) Interest and similar expense

| 01/01 to 12/31/2024 | 01/01 to 12/31/2023 | 01/01 to 12/31/2022
Deposits | (68,489) | (71,508) | (52,358)
Securities sold under repurchase agreements | (36,262) | (41,624) | (28,399)
Interbank market funds | (51,600) | (34,543) | (22,878)
Institutional market funds | (10,581) | (10,239) | (12,757)
Other | (346) | (336) | (355)
Total | (167,278) | (158,250) | (116,747)

F-59

c) Income of financial assets and liabilities at fair value through profit or loss

| 01/01 to 12/31/2024 | 01/01 to 12/31/2023 | 01/01 to 12/31/2022
Securities | 12,170 | 31,399 | 8,882
Derivatives (1) | 19,781 | (2,954) | 3,477
Financial assets designated at fair value through profit or loss | (3) | 479 | 660
Other financial assets at fair value through profit or loss | 2 | 1,897 | 1,800
Financial liabilities at fair value through profit or loss | (14) | (1,731) | (1,535)
Financial liabilities designated at fair value | 75 | 55 | 41
Total | 32,011 | 29,145 | 13,325
1) Includes the ineffective derivatives portion related to hedge accounting.

During the period ended 12/31/2024, ITAÚ UNIBANCO HOLDING derecognized/(recognized) R$ (2,891) (R$ 1,131 from 01/01 to 12/31/2023) of Expected losses, R$ (90) (R$ (53) from 01/01 to 12/31/2023) for Financial assets at fair value through other comprehensive income and R$ (2,801) (R$ 1,184 from 01/01 to 12/31/2023) for Financial assets at amortized cost.

Note 22 - Commissions and banking fees

The accounting policy on commissions and banking fees is presented in Note 2c XVIII.

The main services provided by ITAÚ UNIBANCO HOLDING are:

• Credit and debit cards: refer mainly to fees charged by card issuers and acquirers for processing card transactions, annuities charged for the availability and management of credit card and the rental of Rede machines.

• Current account services: substantially composed of current account maintenance fees, according to each service package granted to the customer, transfers carried through PIX (Central Bank of Brazil's instant payments system) in corporate packages, withdrawals from demand deposit account and money order.

• Funds management: refers to fees charged for the management and performance of investment funds and consortia administration.

• Economic, financial and brokerage advisory: refer mainly to financial transaction structuring services, placement of securities and intermediation of operations on stock exchange.

| 01/01 to 12/31/2024 | 01/01 to 12/31/2023 | 01/01 to 12/31/2022
Credit and debit cards | 20,076 | 21,177 | 19,989
Current account services | 6,379 | 6,877 | 7,528
Asset management | 6,539 | 5,792 | 5,872
Funds | 4,983 | 4,395 | 4,952
Consortia | 1,556 | 1,397 | 920
Credit operations and financial guarantees provided | 2,782 | 2,544 | 2,539
Credit operations | 1,171 | 1,100 | 1,185
Financial guarantees provided | 1,611 | 1,444 | 1,354
Collection services | 2,126 | 2,031 | 1,971
Advisory services and brokerage | 4,920 | 3,596 | 3,348
Custody services | 641 | 602 | 617
Other | 3,608 | 3,112 | 2,702
Total | 47,071 | 45,731 | 44,566

F-60

Note 23 - General and administrative expenses

| 01/01 to 12/31/2024 | 01/01 to 12/31/2023 | 01/01 to 12/31/2022
Personnel expenses | (35,618) | (32,400) | (31,317)
Compensation, Payroll charges, Welfare benefits, Provision for labor claims, Dismissals, Training and Other | (27,365) | (25,389) | (24,558)
Employees’ profit sharing and Share-based payment | (8,253) | (7,011) | (6,759)
Administrative expenses | (19,289) | (18,523) | (17,825)
Third-Party and Financial System Services, Security, Transportation and Travel expenses | (8,051) | (7,851) | (7,873)
Data processing and telecommunications | (5,190) | (5,027) | (4,359)
Installations and Materials | (2,395) | (2,243) | (2,201)
Advertising, promotions and publicity | (1,976) | (1,996) | (2,003)
Other | (1,677) | (1,406) | (1,389)
Depreciation and amortization | (7,177) | (6,529) | (5,750)
Other expenses | (17,332) | (18,307) | (14,038)
Selling - credit cards | (6,286) | (6,114) | (6,183)
Claims losses | (801) | (1,007) | (1,143)
Selling of non-financial products | (4,990) | (641) | (365)
Loss on sale of other assets, fixed assets and investments in associates and joint ventures | (353) | (1,595) | (133)
Provision for lawsuits civil | (1,609) | (1,679) | (1,072)
Provision for tax and social security lawsuits and other risks | (1,019) | (726) | (553)
Refund of interbank costs | (530) | (409) | (354)
Impairment | (383) | (338) | (16)
Other | (1,361) | (5,798) | (4,219)
Total | (79,416) | (75,759) | (68,930)

F-61

Note 24 - Taxes

The accounting policy on income tax and social contribution is presented in Note 2c XIII.

ITAÚ UNIBANCO HOLDING and each one of its subsidiaries calculate separately, in each fiscal year, Income tax and social contribution on net income.
Taxes are calculated at the rates shown below and consider, for effects of respective calculation bases, the legislation in force applicable to each charge.
Income tax | 15.00%
Additional income tax | 10.00%
Social contribution on net income | 20.00%

a) Expenses for taxes and contributions

Breakdown of income tax and social contribution calculation on net income: |
Due on operations for the period | 01/01 to 12/31/2024 | 01/01 to 12/31/2023 | 01/01 to 12/31/2022
Income / (loss) before income tax and social contribution | 47,556 | 39,700 | 36,694
Charges (income tax and social contribution) at the rates in effect (1) | (21,401) | (17,865) | (16,665)
Increase / decrease in income tax and social contribution charges arising from: |  |  |
Share of profit or (loss) of associates and joint ventures | 1,478 | 1,168 | 954
Interest on capital | 5,559 | 5,419 | 4,449
Other nondeductible expenses net of non taxable income (2) | 4,931 | 2,593 | 4,667
Income tax and social contribution expenses | (9,433) | (8,685) | (6,595)
Related to temporary differences |  |  |
Increase / (reversal) for the period | 4,005 | 2,862 | 143
(Expenses) / Income from deferred taxes | 4,005 | 2,862 | 143
Total income tax and social contribution expenses | (5,428) | (5,823) | (6,452)
1) In 2022, it considers the current IRPJ and CSLL rate equal to 45% in the period from January to July and it is equal to 46% in the period from August to December. 2) Includes temporary (additions) and exclusions.

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b) Deferred taxes

I - The deferred tax assets balance and its changes, segregated based on its origin and disbursements, are represented by:

01/01/2024 | 12/31/2023 | Realization / Reversal | Increase | 12/31/2024
Reflected in income | 58,714 | (17,283) | 23,205 | 64,636
Provision for expected loss | 37,658 | (6,430) | 10,552 | 41,780
Related to tax losses and social contribution loss carryforwards | 2,325 | (385) | 529 | 2,469
Provision for profit sharing | 2,794 | (2,794) | 3,258 | 3,258
Provision for devaluation of securities with permanent impairment | 1,006 | (1,006) | 1,738 | 1,738
Provisions | 5,869 | (2,354) | 2,762 | 6,277
Civil lawsuits | 1,227 | (730) | 742 | 1,239
Labor claims | 2,867 | (1,509) | 1,816 | 3,174
Tax and social security obligations | 1,775 | (115) | 204 | 1,864
Legal obligations | 279 | (15) | 111 | 375
Adjustments of operations carried out on the futures settlement market | - | - | 787 | 787
Adjustment to fair value of financial assets - At fair value through profit or loss | 755 | (755) | 245 | 245
Provision relating to health insurance operations | 395 | (30) | - | 365
Other | 7,633 | (3,514) | 3,223 | 7,342
Reflected in stockholders’ equity | 2,954 | (244) | 2,860 | 5,570
Adjustment to fair value of financial assets - At fair value through other comprehensive income | 2,022 | (244) | 2,490 | 4,268
Cash flow hedge | 108 | - | 284 | 392
Other | 824 | - | 86 | 910
Total | 61,668 | (17,527) | 26,065 | 70,206

01/01/2023 | 12/31/2022 | Realization / Reversal | Increase | 12/31/2023
Reflected in income | 55,806 | (19,135) | 22,043 | 58,714
Provision for expected loss | 34,160 | (9,142) | 12,640 | 37,658
Related to tax losses and social contribution loss carryforwards | 2,496 | (547) | 376 | 2,325
Provision for profit sharing | 2,635 | (2,635) | 2,794 | 2,794
Provision for devaluation of securities with permanent impairment | 812 | (812) | 1,006 | 1,006
Provisions | 5,734 | (2,224) | 2,359 | 5,869
Civil lawsuits | 1,230 | (781) | 778 | 1,227
Labor claims | 3,010 | (1,328) | 1,185 | 2,867
Tax and social security obligations | 1,494 | (115) | 396 | 1,775
Legal obligations | 464 | (207) | 22 | 279
Adjustments of operations carried out on the futures settlement market | 171 | (171) | - | -
Adjustment to fair value of financial assets - At fair value through profit or loss | 804 | (804) | 755 | 755
Provision relating to health insurance operations | 400 | (5) | - | 395
Other | 8,130 | (2,588) | 2,091 | 7,633
Reflected in stockholders’ equity | 3,453 | (1,196) | 697 | 2,954
Adjustment to fair value of financial assets - At fair value through other comprehensive income | 2,546 | (962) | 438 | 2,022
Cash flow hedge | 342 | (234) | - | 108
Other | 565 | - | 259 | 824
Total | 59,259 | (20,331) | 22,740 | 61,668

Deferred income tax and social contribution assets and liabilities are recorded in the balance sheet offset by a taxable entity and amounting to R$ 58,859 (R$ 53,691 at 12/31/2023) and R$ 603 (R$ 560 at 12/31/2023), respectively.

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II - The deferred tax liabilities balance and its changes are represented by:

01/01/2024 | 12/31/2023 | Realization / reversal | Increase | 12/31/2024
Reflected in income | 7,148 | (2,368) | 4,285 | 9,065
Depreciation in excess finance lease | 130 | (23) | - | 107
Adjustment of deposits in guarantee and provisions | 1,572 | (9) | 191 | 1,754
Post-employment benefits | 15 | (15) | 260 | 260
Adjustments of operations carried out on the futures settlement market | 416 | (416) | - | -
Adjustment to fair value of financial assets - At fair value through profit or loss | 1,450 | (1,450) | 3,538 | 3,538
Taxation of results abroad – capital gains | 740 | - | 24 | 764
Other | 2,825 | (455) | 272 | 2,642
Reflected in stockholders’ equity | 1,389 | (147) | 1,643 | 2,885
Adjustment to fair value of financial assets - At fair value through other comprehensive income | 1,381 | (143) | 1,643 | 2,881
Post-employment benefits | 8 | (4) | - | 4
Total | 8,537 | (2,515) | 5,928 | 11,950
| 12/31/2022 | Realization / reversal | Increase | 12/31/2023
Reflected in income | 7,111 | (2,300) | 2,337 | 7,148
Depreciation in excess finance lease | 141 | (11) | - | 130
Adjustment of deposits in guarantee and provisions | 1,439 | (92) | 225 | 1,572
Post-employment benefits | 17 | (17) | 15 | 15
Adjustments of operations carried out on the futures settlement market | 42 | (42) | 416 | 416
Adjustment to fair value of financial assets - At fair value through profit or loss | 1,554 | (1,554) | 1,450 | 1,450
Taxation of results abroad – capital gains | 734 | (10) | 16 | 740
Other | 3,184 | (574) | 215 | 2,825
Reflected in stockholders’ equity | 859 | (331) | 861 | 1,389
Adjustment to fair value of financial assets - At fair value through other comprehensive income | 854 | (331) | 858 | 1,381
Post-employment benefits | 5 | - | 3 | 8
Total | 7,970 | (2,631) | 3,198 | 8,537

Deferred income tax and social contribution assets and liabilities are recorded in the balance sheet offset by a taxable entity and amounting to R$ 58,859 (R$ 53,691 at 12/31/2023) and R$ 603 (R$ 560 at 12/31/2023), respectively.

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III - The estimate of realization and present value of deferred tax assets and deferred tax liabilities are:

| Deferred tax assets | Deferred tax liabilities | % | Net deferred taxes | %
Year of realization | Temporary differences | % | Tax loss / social contribution loss carryforwards | % | Total | %
2025 | 12,140 | 17.9% | 404 | 16.4% | 12,544 | 17.9% | (1,209) | 10.1% | 11,335 | 19.5%
2026 | 7,872 | 11.6% | 171 | 6.9% | 8,043 | 11.5% | (313) | 2.6% | 7,730 | 13.3%
2027 | 7,468 | 11.0% | 99 | 4.0% | 7,567 | 10.8% | (272) | 2.3% | 7,295 | 12.5%
2028 | 7,093 | 10.5% | 100 | 4.1% | 7,193 | 10.2% | (405) | 3.4% | 6,788 | 11.7%
2029 | 6,758 | 10.0% | 170 | 6.9% | 6,928 | 9.9% | (851) | 7.1% | 6,077 | 10.4%
After 2029 | 26,406 | 39.0% | 1,525 | 61.7% | 27,931 | 39.7% | (8,900) | 74.5% | 19,031 | 32.6%
Total | 67,737 | 100.0% | 2,469 | 100.0% | 70,206 | 100.0% | (11,950) | 100.0% | 58,256 | 100.0%
Present value (1) | 52,656 |  | 1,806 |  | 54,462 |  | (8,021) |  | 46,441 |
1) The average funding rate, net of tax effects, was used to determine the present value.
Net income in the financial statements is not directly related to the taxable income for income tax and social contribution, due to differences between accounting criteria and the tax legislation, in addition to corporate aspects. Accordingly, it is recommended that changes in realization of deferred tax assets presented above are not considered as an indication of future net income.

IV - Deferred tax assets not accounted

At 12/31/2024, deferred tax assets not accounted for correspond to R$ 88 (R$ 273 at 12/31/2023) and result from Management’s evaluation of their perspectives of realization in the long term.

c) Tax liabilities

| Note | 12/31/2024 | 12/31/2023
Taxes and contributions on income payable |  | 4,364 | 3,970
Deferred tax liabilities | 24b II | 603 | 560
Other |  | 6,378 | 4,672
Total |  | 11,345 | 9,202
Current |  | 8,444 | 7,915
Non-current |  | 2,901 | 1,287

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Note 25 - Earnings per share

a) Basic earnings per share

Net income attributable to ITAÚ UNIBANCO HOLDING's shareholders is divided by the average number of outstanding shares in the period, excluding treasury shares.
| 01/01 to 12/31/2024 | 01/01 to 12/31/2023 | 01/01 to 12/31/2022
Net income attributable to owners of the parent company | 41,085 | 33,105 | 29,207
Minimum non-cumulative dividends on preferred shares | (106) | (106) | (106)
Retained earnings to be distributed to common equity owners in an amount per share equal to the minimum dividend payable to preferred equity owners | (109) | (109) | (109)
Retained earnings to be distributed, on a pro rata basis, to common and preferred equity owners: |  |  |
Common | 20,701 | 16,642 | 14,669
Preferred | 20,169 | 16,248 | 14,323
Total net income available to equity owners |  |  |
Common | 20,810 | 16,751 | 14,778
Preferred | 20,275 | 16,354 | 14,429
Weighted average number of outstanding shares |  |  |
Common | 4,958,290,359 | 4,958,290,359 | 4,958,290,359
Preferred | 4,831,104,001 | 4,840,883,862 | 4,840,703,872
Basic earnings per share – R$ |  |  |
Common | 4.20 | 3.38 | 2.98
Preferred | 4.20 | 3.38 | 2.98

b) Diluted earnings per share

Calculated similarly to the basic earnings per share; however, it includes the conversion of all preferred shares potentially dilutable in the denominator.
| 01/01 to 12/31/2024 | 01/01 to 12/31/2023 | 01/01 to 12/31/2022
Net income available to preferred equity owners | 20,275 | 16,354 | 14,429
Dividends on preferred shares after dilution effects | 168 | 115 | 90
Net income available to preferred equity owners considering preferred shares after the dilution effect | 20,443 | 16,469 | 14,519
Net income available to ordinary equity owners | 20,810 | 16,751 | 14,778
Dividend on preferred shares after dilution effects | (168) | (115) | (90)
Net income available to ordinary equity owners considering preferred shares after the dilution effect | 20,642 | 16,636 | 14,688
Adjusted weighted average of shares |  |  |
Common | 4,958,290,359 | 4,958,290,359 | 4,958,290,359
Preferred | 4,911,006,957 | 4,908,283,361 | 4,900,469,300
Preferred | 4,831,104,001 | 4,840,883,862 | 4,840,703,872
Incremental as per share-based payment plans | 79,902,956 | 67,399,499 | 59,765,428
Diluted earnings per share – R$ |  |  |
Common | 4.16 | 3.36 | 2.96
Preferred | 4.16 | 3.36 | 2.96
There was no potentially antidulitive effect of the shares in share-based payment plans, in both periods.

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Note 26 - Post-employment benefits

The accounting policies on post-employment benefits are presented in Note 2c XIV.

Retirement plans are managed by Closed-end Private Pension Entities (EFPC) and are closed to new applicants. These entities have an independent structure and manage their plans according to the characteristics of their regulations.

There are three types of retirement plan:

• Defined Benefit Plans (BD): plans for which scheduled benefits have their value established in advance, based on salaries and/or length of service of employees, and the cost is actuarially determined. The plans classified in this category are: Plano de Aposentadoria Complementar; Plano de Aposentadoria Complementar Móvel Vitalícia; Plano de Benefício Franprev; Plano de Benefício 002; Plano de Benefícios Prebeg; Plano BD UBB PREV; Plano de Benefícios II; Plano Básico Itaulam; Plano BD Itaucard; Plano de Aposentadoria Principal Itaú Unibanco managed by Fundação Itaú Unibanco - Previdência Complementar (FIU); and Plano de Benefícios I, managed by Fundo de Pensão Multipatrocinado (FUNBEP).

• Defined Contribution Plans (CD): plans for which scheduled benefits have their value permanently adjusted to the investments balance, kept in favor of the participant, including in the benefit concession phase, considering net proceedings of its investment, amounts contributed and benefits paid. Defined Contribution plans include pension funds consisting of the portions of sponsor's contributions not included in a participant's account balance due to loss of eligibility for the benefit, and of monies arising from the migration of retirement plans in defined benefit modality. These funds are used for future contributions to individual participant's accounts, according to the respective benefit plan regulations. The plans classified in this category are: Plano Itaubanco CD; Plano de Aposentadoria Itaubank; Plano de Previdência REDECARD managed by FIU.

• Variable Contribution Plans (CV): in this type of plan, scheduled benefits present a combination of characteristics of defined contribution and defined benefit modalities, and the benefit is actuarially determined based on the investments balance accumulated by the participant on the retirement date. The plans classified in this category are: Plano de Previdência Unibanco Futuro Inteligente; Plano Suplementar Itaulam; Plano CV Itaucard; Plano de Aposentadoria Suplementar Itaú Unibanco managed by FIU and Plano de Benefícios II managed by FUNBEP.

a) Main actuarial assumptions

The table below shows the actuarial assumptions of demographic and financial nature used to calculate the defined benefit obligation:
Type | Assumption | 12/31/2024 | 12/31/2023
Demographic | Mortality table | AT-2000 softned by 10% | AT-2000 softned by 10%
Financial | Discount rate (1) | 11.59% p.a. | 9.56% p.a.
Financial | Inflation (2) | 4.00% p.a. | 4.00% p.a.
1) Considers the interest rates of the National Treasury Notes (NTN-B) with maturity dates near the terms of the respective obligations, compatible with the economic scenario observed on the balance sheet closing date, considering the volatility of interest market and models used. 2) Long-term inflation projected by the market, according to the maturity of each plan.
Retirement plans sponsored by foreign subsidiaries - Banco Itaú (Suisse) S.A., Itaú Colombia S.A. and PROSERV - Promociones y Servicios S.A. de C.V. - are structured as Defined Benefit modality and adopt actuarial assumptions adequate to masses of participants and the economic scenario of each country.

b) Risk management

The EFPCs sponsored by ITAÚ UNIBANCO HOLDING are regulated by the National Council for Complementary Pension (CNPC) and PREVIC, and have an Executive Board, Advisory and Tax Councils.

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Benefits offered have long-term characteristics and the main factors involved in the management and measurement of their risks are financial risk, inflation risk and demographic risk.

• Financial risk – the actuarial liability is calculated by adopting a discount, which may differ from rates earned in investments. If real income from plan investments is lower than yield expected, this may give rise to a deficit. To mitigate this risk and assure the capacity to pay long-term benefits, the plans have a significant percentage of fixed-income securities pegged to the plan commitments, aiming at minimizing volatility and risk of mismatch between assets and liabilities. Additionally, adherence tests are carried out in financial assumptions to ensure their adequacy to obligations of respective plans.

• Inflation risk - a large part of liabilities is pegged to inflation risk, making actuarial liabilities sensitive to increase in rates. To mitigate this risk, the same financial risks mitigation strategies are used.

• Demographic risk - plans that have any obligation actuarially assessed are exposed to demographic risk. In the event the mortality tables used are not adherent to the mass of plan participants, a deficit or surplus may arise in actuarial evaluation. To mitigate this risk, adherence tests to demographic assumptions are conducted to ensure their adequacy to liabilities of respective plans.

For purposes of registering in the balance sheet of the EFPCs that manage them, actuarial liabilities of plans use discount rate adherent to their asset portfolio and income and expense flows, according to a study prepared by an independent actuarial consulting company. The actuarial method used is the aggregate method, through which the plan costing is defined by the difference between its equity coverage and the current value of its future liabilities, observing the methodology established in the respective actuarial technical note.

When a deficit in the concession period above the legally defined limits is noted, debt agreements are entered into with the sponsor according to costing policies, which affect the future contributions of the plan, and a plan for solving such deficit is established respecting the guarantees set forth by the legislation in force. The plans that are in this situation are resolved through extraordinary contributions that affect the values of the future contribution of the plan.

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c) Asset management

The purpose of the management of the funds is the long-term balance between pension assets and liabilities with payment of benefits by exceeding actuarial goals(discount rate plus benefit adjustment index, established in the plan regulations).
Below is a table with the allocation of assets by category, segmented into Quoted in an active market and Not quoted in an active market:
Types | Fair value |  | % Allocation
12/31/2024 | 12/31/2023 |  | 12/31/2024 | 12/31/2023
Fixed income securities | 20,732 | 22,363 |  | 96.5% | 94.2%
Quoted in an active market | 20,117 | 21,705 |  | 93.6% | 91.4%
Non quoted in an active market | 615 | 658 |  | 2.9% | 2.8%
Variable income securities | 9 | 640 |  | - | 2.7%
Quoted in an active market | 4 | 630 |  | - | 2.7%
Non quoted in an active market | 5 | 10 |  | - | -
Structured investments | 120 | 128 |  | 0.6% | 0.5%
Non quoted in an active market | 120 | 128 |  | 0.6% | 0.5%
Real estate | 546 | 544 |  | 2.5% | 2.3%
Loans to participants | 83 | 79 |  | 0.4% | 0.3%
Total | 21,490 | 23,754 |  | 100.0% | 100.0%

The defined benefit plan assets include shares of ITAÚ UNIBANCO HOLDING, its main parent company (ITAÚSA) and of subsidiaries of the latter, with a fair value of R$ 1 (R$ 1 at 12/31/2023), and real estate rented to group companies, with a fair value of R$ 472 (R$ 464 at 12/31/2023).

d) Other post-employment benefits

ITAÚ UNIBANCO HOLDING and its subsidiaries do not have additional liabilities related to post-employment benefits, except in cases arising from maintenance commitments assumed in acquisition agreements which occurred over the years, as well as those benefits originated from court decision in the terms and conditions established, in which there is total or partial sponsorship of health care plans for a specific group of former employees and their beneficiaries. Its costing is actuarially determined so as to ensure coverage maintenance. These plans are closed to new applicants.

Assumptions for discount rate, inflation, mortality table and actuarial method are the same as those used for retirement plans. ITAÚ UNIBANCO HOLDING used the percentage of 4% p.a. for medical inflation, additionally considering, inflation rate of 4% p.a.

Particularly in other post-employment benefits, there is medical inflation risk associated with above expectation increases in medical costs. To mitigate this risk, the same financial risks mitigation strategies are used.

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e) Change in the net amount recognized in the balance sheet

The net amount recognized in the Balance Sheet is limited by the asset ceiling and it is computed based on estimated future contributions to be realized by the sponsor, so that it represents the maximum reduction amount in the contributions to be made.
|  | 12/31/2024
| Note | BD and CV plans |  | CD plans |  | Other post-employment benefits |  | Total
|  | Net asset | Actuarial liabilities | Asset ceiling | Recognized amount |  | Pension plan fund | Asset ceiling | Recognized amount |  | Liabilities |  | Recognized amount
Amounts at the beginning of the period |  | 23,754 | (21,590) | (4,130) | (1,966) |  | 393 | (80) | 313 |  | (776) |  | (2,429)
Amounts recognized in income (1+2+3+4) |  | 2,226 | (2,015) | (397) | (186) |  | 105 | (7) | 98 |  | (65) |  | (153)
1 - Cost of current service |  | - | (29) | - | (29) |  | - | - | - |  | - |  | (29)
2 - Cost of past service |  | - | - | - | - |  | - | - | - |  | - |  | -
3 - Net interest |  | 2,226 | (1,986) | (397) | (157) |  | 41 | (7) | 34 |  | (65) |  | (188)
4 - Other revenues and expenses (1) |  | - | - | - | - |  | 64 | - | 64 |  | - |  | 64
Amount recognized in stockholders' equity - other comprehensive income (5+6+7) |  | (3,240) | 2,762 | 290 | (188) |  | (133) | 6 | (127) |  | 88 |  | (227)
5 - Effects on asset ceiling |  | - | - | 290 | 290 |  | - | 6 | 6 |  | - |  | 296
6 - Remeasurements |  | (3,244) | 2,790 | - | (454) |  | (133) | - | (133) |  | 88 |  | (499)
Changes in demographic assumptions |  | - | - | - | - |  | - | - | - |  | - |  | -
Changes in financial assumptions |  | - | 3,197 | - | 3,197 |  | - | - | - |  | 91 |  | 3,288
Experience of the plan (2) |  | (3,244) | (407) | - | (3,651) |  | (133) | - | (133) |  | (3) |  | (3,787)
7 - Exchange variation |  | 4 | (28) | - | (24) |  | - | - | - |  | - |  | (24)
Other (8+9+10) |  | (1,250) | 1,808 | - | 558 |  | - | - | - |  | 191 |  | 749
8 - Receipt by Destination of Resources |  | - | - | - | - |  | - | - | - |  | - |  | -
9 - Benefits paid |  | (1,808) | 1,808 | - | - |  | - | - | - |  | 191 |  | 191
10 - Contributions and investments from sponsor |  | 558 | - | - | 558 |  | - | - | - |  | - |  | 558
Amounts at the end of period |  | 21,490 | (19,035) | (4,237) | (1,782) |  | 365 | (81) | 284 |  | (562) |  | (2,060)
Amount recognized in Assets | 18a |  |  |  | 17 |  |  |  | 284 |  | - |  | 301
Amount recognized in Liabilities | 18b |  |  |  | (1,799) |  |  |  | - |  | (562) |  | (2,361)
|  | 12/31/2023
|  | BD and CV plans |  | CD plans |  | Other post-employment benefits |  | Total
|  | Net assets | Actuarial liabilities | Asset ceiling | Recognized amount |  | Pension plan fund | Asset ceiling | Recognized amount |  | Liabilities |  | Recognized amount
Amounts at the beginning of the period |  | 21,933 | (19,637) | (3,734) | (1,438) |  | 420 | (42) | 378 |  | (849) |  | (1,909)
Amounts recognized in income (1+2+3+4) |  | 2,193 | (1,969) | (388) | (164) |  | (39) | (4) | (43) |  | (79) |  | (286)
1 - Cost of current service |  | - | (28) | - | (28) |  | - | - | - |  | - |  | (28)
2 - Cost of past service |  | - | - | - | - |  | - | - | - |  | - |  | -
3 - Net interest |  | 2,193 | (1,941) | (388) | (136) |  | 40 | (4) | 36 |  | (79) |  | (179)
4 - Other revenues and expenses (1) |  | - | - | - | - |  | (79) | - | (79) |  | - |  | (79)
Amount recognized in stockholders' equity - other comprehensive income (5+6+7) |  | 1,136 | (1,685) | (8) | (557) |  | 12 | (34) | (22) |  | (37) |  | (616)
5 - Effects on asset ceiling |  | - | - | (8) | (8) |  | - | (34) | (34) |  | - |  | (42)
6 - Remeasurements |  | 1,138 | (1,667) | - | (529) |  | 12 | - | 12 |  | (37) |  | (554)
Changes in demographic assumptions |  | - | - | - | - |  | - | - | - |  | - |  | -
Changes in financial assumptions |  | - | (1,331) | - | (1,331) |  | - | - | - |  | (39) |  | (1,370)
Experience of the plan (2) |  | 1,138 | (336) | - | 802 |  | 12 | - | 12 |  | 2 |  | 816
7 - Exchange variation |  | (2) | (18) | - | (20) |  | - | - | - |  | - |  | (20)
Other (8+9+10) |  | (1,508) | 1,701 | - | 193 |  | - | - | - |  | 189 |  | 382
8 - Receipt by Destination of Resources |  | - | - | - | - |  | - | - | - |  | - |  | -
9 - Benefits paid |  | (1,701) | 1,701 | - | - |  | - | - | - |  | 189 |  | 189
10 - Contributions and investments from sponsor |  | 193 | - | - | 193 |  | - | - | - |  | - |  | 193
Amounts at the end of period |  | 23,754 | (21,590) | (4,130) | (1,966) |  | 393 | (80) | 313 |  | (776) |  | (2,429)
Amount recognized in Assets | 18a |  |  |  | 30 |  |  |  | 313 |  | - |  | 343
Amount recognized in Liabilities | 18b |  |  |  | (1,996) |  |  |  | - |  | (776) |  | (2,772)
1) Corresponds to the use of asset amounts allocated in pension funds of the defined contribution plans. 2) Correspond to the income obtained above / below the expected return and comprise the contributions made by participants.

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Net interest correspond to the amount calculated on 01/01/2024 based on the initial amount (Net assets, Actuarial liabilities and Restriction of assets), taking into account the estimated amount of payments/receipts of benefits/contributions, multiplied by the discount rate of 9.56% p.a. (On 01/01/2023 the rate used was 10.34% p.a.).

As of 2023, ITAÚ UNIBANCO HOLDING started sponsoring the Plano de Benefícios II. The amount recognized in Liabilities is R$ 53, in Other Comprehensive Income is R$ 8 and in income/(expense) is R$ 2.

f) Defined benefit contributions

| Estimated contributions |  | Contributions made
| 2025 |  | 01/01 to 12/31/2024 |  | 01/01 to 12/31/2023
Retirement plan - FIU | 17 |  | 70 |  | 69
Retirement plan - FUNBEP | 94 |  | 453 |  | 91
Total (1) | 111 |  | 523 |  | 160
1) Include extraordinary contributions agreed upon in deficit equation plans.

g) Maturity profile of defined benefit liabilities

| Duration (1) | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 | to | 2034
Pension plan - FIU | 8.08 | 1,244 | 1,192 | 1,230 | 1,264 | 1,298 | 6,886
Pension plan - FUNBEP | 7.60 | 716 | 733 | 750 | 767 | 782 | 4,084
Other post-employment benefits | 7.29 | 85 | 91 | 72 | 45 | 47 | 258
Total |  | 2,045 | 2,016 | 2,052 | 2,076 | 2,127 | 11,228
1) Average duration of plan´s actuarial liabilities.

h) Sensitivity analysis

To measure the effects of changes in the key assumptions, sensitivity tests are conducted in actuarial liabilities annually. The sensitivity analysis considers a vision of the impacts caused by changes in assumptions, which could affect the income for the period and stockholders’ equity at the balance sheet date. This type of analysis is usually carried out under the ceteris paribus condition, in which the sensitivity of a system is measured when only one variable of interest is changed and all the others remain unchanged. The results obtained are shown in the table below:
Main assumptions | BD and CV plans |  | Other post-employment benefits
Present value of liability | Income | Stockholders´ equity (Other comprehensive income) (1) |  | Present value of liability | Income | Stockholders´ equity (Other comprehensive income) (1)
Discount rate |  |  |  |  |  |  |
Increase by 0.5 p.p. | (654) | - | 242 |  | (18) | - | 18
Decrease by 0.5 p.p. | 701 | - | (264) |  | 20 | - | (20)
Mortality table |  |  |  |  |  |  |
Increase by 5% | (203) | - | 77 |  | (9) | - | 9
Decrease by 5% | 212 | - | (81) |  | 10 | - | (10)
Medical inflation |  |  |  |  |  |  |
Increase by 1 p.p. | - | - | - |  | 44 | - | (44)
Decrease by 1 p.p. | - | - | - |  | (38) | - | 38
1) Net of effects of asset ceiling

Note 27 - Insurance contracts and private pension

The accounting policy on insurance contracts and private pension is presented in Note 2c XI.

Insurance products sold by ITAÚ UNIBANCO HOLDING are divided into (i) non-life insurance, which guarantees loss, damage or liability for objects or people; and (ii) life insurance, which includes coverage against the risk of death and personal accidents. Insurance products are substantially offered through the electronic channels and branches of ITAÚ UNIBANCO HOLDING.

F-71

ITAÚ UNIBANCO HOLDING reinsures the portion of the underwritten risks that exceed the maximum liability limits it deems to be appropriate for each segment and product. These reinsurance contracts allow the recovery of a portion of the losses with the reinsurer, although they do not release ITAÚ UNIBANCO HOLDING from the main obligation.

Private pension products are essentially divided into: (i) Free Benefit Generating Plan (PGBL) and Free Benefit Generating Life Plan (VGBL): whose main objective is to accumulate financial resources, the payment of which is made by means of income; and (ii) traditional: pension plan with a minimum guarantee of profitability, which is no longer sold.

Financial assets related to insurance and private pension contracts are composed mainly of government securities measured at amortized cost and fair value through other comprehensive income, the latter being preferably related to the assets guaranteeing long-term obligations. Therefore, effects at present value of projected cash flows from insurance and private pension contracts are substantially neutralized by these FVOCI financial assets.

The liquidity management of insurance and private pension contracts is detailed in Note 32.

Insurance contracts and private pension portfolios and measurement approach are presented below:

| Note | 12/31/2024 | 12/31/2023
| (Assets) / Liabilities | Income |  | (Assets) / Liabilities | Income
| Contractual | Financial |  | Contractual | Financial
General Model (BBA) |  | 16,399 | 2,332 | (1,385) |  | 15,762 | 2,361 | (538)
lnsurance | 27a I | 5,752 | 2,463 | (268) |  | 5,134 | 2,461 | (242)
Private pension | 27a II | 10,647 | (131) | (1,117) |  | 10,628 | (100) | (296)
Variable Fee Approach (VFA) | 27a II | 289,823 | 1,869 | (22,310) |  | 255,193 | 1,709 | (28,044)
Private pension |  | 289,823 | 1,869 | (22,310) |  | 255,193 | 1,709 | (28,044)
Simplified Model (PAA) | 27a I | 611 | 2,335 | 16 |  | 450 | 2,062 | (3)
lnsurance |  | 631 | 2,382 | 11 |  | 488 | 2,068 | (2)
Reinsurance |  | (20) | (47) | 5 |  | (38) | (6) | (1)
Total Insurance contracts and private pension |  | 306,833 | 6,536 | (23,679) |  | 271,405 | 6,132 | (28,585)
lnsurance |  | 6,383 | 4,845 | (257) |  | 5,622 | 4,529 | (244)
Reinsurance |  | (20) | (47) | 5 |  | (38) | (6) | (1)
Private pension |  | 300,470 | 1,738 | (23,427) |  | 265,821 | 1,609 | (28,340)
Current |  | 611 | - | - |  | 450 |  |
Non-current |  | 306,222 | - | - |  | 270,955 |  |

Insurance of General Model (BBA) are composed of assets of R$ (46) (R$ (103) at 12/31/2023) and liabilities of R$ 5,798 (R$ 5,237 at 12/31/2023).

F-72

a) Reconciliation of insurance and private pension portfolios

I - Insurance

| 12/31/2024 |  | 12/31/2023
| Liability for Remaining Coverage | Loss Component of the Liability for Remaining Coverage | Liability for Incurred Claims | Total |  | Liability for Remaining Coverage | Loss Component of the Liability for Remaining Coverage | Liability for Incurred Claims | Total
Opening Balance - 01/01 | 3,015 | 1,960 | 609 | 5,584 |  | 2,248 | 1,936 | 697 | 4,881
Income from Insurance Contracts and Private Pension | (6,446) | (39) | 1,687 | (4,798) |  | (5,791) | (150) | 1,418 | (4,523)
Financial Income from Insurance Contracts and Private Pension | 233 | (71) | - | 162 |  | 137 | 174 | 25 | 336
Premiums Received, Claims and Other Expenses Paid | 7,066 | - | (1,651) | 5,415 |  | 6,421 | - | (1,531) | 4,890
Closing Balance | 3,868 | 1,850 | 645 | 6,363 |  | 3,015 | 1,960 | 609 | 5,584
| 12/31/2024 |  | 12/31/2023
| Estimate of Present Value of Future Cash Flows | Contractual Service Margin | Risk Adjustment for Non-financial Risk | Total |  | Estimate of Present Value of Future Cash Flows | Contractual Service Margin | Risk Adjustment for Non-financial Risk | Total
Opening Balance - 01/01 | 86 | 5,215 | 283 | 5,584 |  | (145) | 4,756 | 270 | 4,881
Realization of Insurance Contractual Margin | - | (5,194) | - | (5,194) |  | - | (4,554) | - | (4,554)
Actuarial Remeasurements | 1,557 | (1,151) | (10) | 396 |  | 1,266 | (1,198) | (37) | 31
Income from Insurance Contracts and Private Pension | 1,557 | (6,345) | (10) | (4,798) |  | 1,266 | (5,752) | (37) | (4,523)
New Recognized Insurance Contracts | (6,760) | 6,743 | 17 | - |  | (5,943) | 5,921 | 22 | -
Financial Income from Insurance Contracts and Private Pension | (152) | 315 | (1) | 162 |  | 18 | 290 | 28 | 336
Recognized in Income for the period | (76) | 315 | 13 | 252 |  | (59) | 290 | 14 | 245
Recognized in Other Comprehensive Income | (76) | - | (14) | (90) |  | 77 | - | 14 | 91
Premiums Received, Claims and Other Expenses Paid | 5,415 | - | - | 5,415 |  | 4,890 | - | - | 4,890
Closing Balance | 146 | 5,928 | 289 | 6,363 |  | 86 | 5,215 | 283 | 5,584

II - Private pension

| 12/31/2024 |  | 12/31/2023
| Liability for Remaining Coverage | Loss Component of the Liability for Remaining Coverage | Liability for Incurred Claims | Total |  | Liability for Remaining Coverage | Loss Component of the Liability for Remaining Coverage | Liability for Incurred Claims | Total
Opening Balance - 01/01 | 265,128 | 595 | 98 | 265,821 |  | 227,952 | 184 | 86 | 228,222
Income from Insurance Contracts and Private Pension | (89,794) | 137 | 87,919 | (1,738) |  | (84,584) | 148 | 82,827 | (1,609)
Financial Income from Insurance Contracts and Private Pension | 22,753 | (16) | (1) | 22,736 |  | 29,186 | 263 | 6 | 29,455
Premiums Received, Claims and Other Expenses Paid | 101,575 | - | (87,924) | 13,651 |  | 92,574 | - | (82,821) | 9,753
Closing Balance | 299,662 | 716 | 92 | 300,470 |  | 265,128 | 595 | 98 | 265,821
| 12/31/2024 |  | 12/31/2023
| Estimate of Present Value of Future Cash Flows | Contractual Service Margin | Risk Adjustment for Non-financial Risk | Total |  | Estimate of Present Value of Future Cash Flows | Contractual Service Margin | Risk Adjustment for Non-financial Risk | Total
Opening balance - 01/01 | 245,564 | 19,936 | 321 | 265,821 |  | 210,255 | 17,696 | 271 | 228,222
Realization of Insurance Contractual Margin | - | (1,899) | - | (1,899) |  | - | (1,829) | - | (1,829)
Actuarial Remeasurements | 379 | (196) | (22) | 161 |  | (1,330) | 1,534 | 16 | 220
Income from Insurance Contracts and Private Pension | 379 | (2,095) | (22) | (1,738) |  | (1,330) | (295) | 16 | (1,609)
New Recognized Insurance Contracts | (3,103) | 3,097 | 6 | - |  | (2,520) | 2,514 | 6 | -
Financial Income from Insurance Contracts and Private Pension | 22,729 | 6 | 1 | 22,736 |  | 29,406 | 21 | 28 | 29,455
Recognized in Income for the period | 23,410 | 6 | 11 | 23,427 |  | 28,309 | 21 | 10 | 28,340
Recognized in Other Comprehensive Income | (681) | - | (10) | (691) |  | 1,097 | - | 18 | 1,115
Premiums Received, Claims and Other Expenses Paid | 13,651 | - | - | 13,651 |  | 9,753 | - | - | 9,753
Closing Balance | 279,220 | 20,944 | 306 | 300,470 |  | 245,564 | 19,936 | 321 | 265,821

The underlying assets of the portfolio of private pension contracts with direct participation features (PGBL and VGBL) are composed of specially organized investment funds, which are mostly consolidated in ITAÚ UNIBANCO HOLDING, whose fair value of the quotas is R$ 287,919 (R$ 253,287 at 12/31/2023).

F-73

b) Contractual service margin

ITAÚ UNIBANCO HOLDING expects to recognize the Contractual Service Margin in income according to the terms and amounts shown below:
Period | 12/31/2024 |  | 12/31/2023
lnsurance | Private Pension | Total |  | lnsurance | Private Pension | Total
1 year | 2,388 | 2,068 | 4,456 |  | 1,944 | 1,736 | 3,680
2 years | 1,638 | 2,084 | 3,722 |  | 1,222 | 1,861 | 3,083
3 years | 1,188 | 2,115 | 3,303 |  | 1,011 | 1,897 | 2,908
4 years | 580 | 2,077 | 2,657 |  | 717 | 1,903 | 2,620
5 years | 115 | 1,935 | 2,050 |  | 295 | 1,806 | 2,101
Over 5 years | 19 | 10,665 | 10,684 |  | 26 | 10,733 | 10,759
Total | 5,928 | 20,944 | 26,872 |  | 5,215 | 19,936 | 25,151

During the period, the recognized amount of revenue from insurance contracts and private pension referring to groups of contracts measured by the modified retrospective approach (contracts in force on the transition date) is R$ 2,241 (R$ 2,532 from 01/01 to 12/31/2023), with the balance of margin of these contracts corresponding to R$ 17,798 (R$ 19,809 at 12/31/2023).

c) Discount rates

The rates used by indexing unit to discount cash flows from insurance contracts and private pension are as follows:

| 12/31/2024 |  | 12/31/2023
Indexes | 1 year | 3 years | 5 years | 10 years | 20 years |  | 1 year | 3 years | 5 years | 10 years | 20 years
IGPM | 7.43% | 5.69% | 6.29% | 6.18% | 5.88% |  | 5.56% | 4.91% | 5.25% | 5.59% | 5.65%
IPCA | 7.63% | 8.05% | 7.79% | 7.59% | 7.36% |  | 5.87% | 5.09% | 5.09% | 5.20% | 5.31%
TR | 13.07% | 13.48% | 13.24% | 12.78% | 12.58% |  | 9.35% | 9.10% | 9.32% | 9.48% | 9.45%

d) Claims development

Occurrence date |  | 12/31/2020 | 12/31/2021 | 12/31/2022 | 12/31/2023 | 12/31/2024 | Total
At the end of event period |  | 1,016 | 1,262 | 1,164 | 1,122 | 1,201 |
After 1 year |  | 1,248 | 1,529 | 1,414 | 1,383 |  |
After 2 years |  | 1,283 | 1,571 | 1,444 |  |  |
After 3 years |  | 1,298 | 1,584 |  |  |  |
After 4 years |  | 1,308 |  |  |  |  |
Accumulated payments through base date | 1,292 | 1,554 | 1,431 | 1,384 | 1,104 | 6,765
Liabilities recognized in the balance sheet |  |  |  |  |  | 705
Liabilities in relation to prior periods |  |  |  |  |  |  | 17
Other estimates |  |  |  |  |  |  | 19
Adjustment to present value |  |  |  |  |  |  | (44)
Risk adjustment to non-financial risk |  |  |  |  |  |  | 40
Liability for Claims incurred at | 12/31/2024 |  |  |  |  |  | 737

F-74

Note 28 - Fair value

The accounting policy on fair value of financial instruments is presented in Note 2c IV.

a) Assets and liabilities measured at fair value

The following table presents the assets and liabilities measured at fair value on a recurring basis, segregated between levels of the fair value hierarchy.
| 12/31/2024 |  | 12/31/2023
| Level 1 | Level 2 | Level 3 | Book Value / Fair Value |  | Level 1 | Level 2 | Level 3 | Book Value / Fair Value
Financial assets | 535,394 | 130,188 | 2,158 | 667,740 |  | 523,741 | 117,030 | 2,371 | 643,142
Financial assets at fair value through profit or loss | 432,075 | 127,422 | 1,940 | 561,437 |  | 396,210 | 114,775 | 2,118 | 513,103
Investment funds | 1,280 | 35,823 | - | 37,103 |  | 225 | 26,345 | - | 26,570
Brazilian government securities | 358,886 | 2,810 | - | 361,696 |  | 333,539 | 8,553 | - | 342,092
Government securities – Latin America | 4,381 | - | - | 4,381 |  | 2,875 | - | - | 2,875
Government securities – Abroad | 1,473 | - | - | 1,473 |  | 2,562 | - | - | 2,562
Corporate securities | 66,055 | 87,177 | 1,940 | 155,172 |  | 57,009 | 78,526 | 2,118 | 137,653
Shares | 7,659 | 18,115 | 106 | 25,880 |  | 9,089 | 17,375 | 71 | 26,535
Rural product note | - | 941 | - | 941 |  | - | 4,203 | - | 4,203
Bank deposit certificates | - | 450 | - | 450 |  | - | 128 | - | 128
Real estate receivables certificates | 265 | 1,289 | 100 | 1,654 |  | 197 | 1,268 | 126 | 1,591
Debentures | 55,942 | 29,466 | 1,734 | 87,142 |  | 45,070 | 29,583 | 1,895 | 76,548
Eurobonds and other | 1,968 | 23 | - | 1,991 |  | 2,459 | - | 5 | 2,464
Financial bills | - | 33,071 | - | 33,071 |  | - | 22,548 | 4 | 22,552
Promissory and commercial notes | - | 1,216 | - | 1,216 |  | - | 2,585 | 17 | 2,602
Other | 221 | 2,606 | - | 2,827 |  | 194 | 836 | - | 1,030
Other Financial Assets | - | 1,612 | - | 1,612 |  | - | 1,351 | - | 1,351
Financial assets at fair value through other comprehensive income | 103,319 | 2,766 | 218 | 106,303 |  | 127,531 | 2,255 | 253 | 130,039
Brazilian government securities | 64,377 | - | - | 64,377 |  | 83,672 | 233 | - | 83,905
Government securities – Latin America | 21,470 | - | - | 21,470 |  | 23,872 | - | - | 23,872
Government securities – Abroad | 13,026 | - | - | 13,026 |  | 9,910 | - | - | 9,910
Corporate securities | 4,446 | 2,766 | 218 | 7,430 |  | 10,077 | 2,022 | 253 | 12,352
Shares | 509 | 57 | - | 566 |  | 5,900 | 50 | 193 | 6,143
Rural product note | - | 126 | - | 126 |  | - | - | - | -
Bank deposit certificates | - | 83 | - | 83 |  | - | 44 | - | 44
Real estate receivables certificates | - | 57 | - | 57 |  | - | 67 | - | 67
Debentures | 761 | 519 | 218 | 1,498 |  | 1,045 | 728 | - | 1,773
Eurobonds and other | 3,162 | 1,650 | - | 4,812 |  | 3,061 | 936 | 60 | 4,057
Financial credit bills | - | 53 | - | 53 |  | - | - | - | -
Other | 14 | 221 | - | 235 |  | 71 | 197 | - | 268
Designated as fair value through profit or loss | 318 | - | - | 318 |  | - | - | - | -
Brazilian government securities | 43 | - | - | 43 |  | - | - | - | -
Government securities – Latin America | 275 | - | - | 275 |  | - | - | - | -
Non-financial assets | 2,345 | - | - | 2,345 |  | - | - | - | -
Financial liabilities at fair value through profit or loss | - | (862) | - | (862) |  | - | (856) | - | (856)
Structured notes | - | (318) | - | (318) |  | - | (296) | - | (296)
Other financial liabilities | - | (544) | - | (544) |  | - | (560) | - | (560)

F-75

The following table presents the breakdown of fair value hierarchy levels for derivative assets and liabilities.
| 12/31/2024 |  | 12/31/2023
| Level 1 | Level 2 | Level 3 | Total |  | Level 1 | Level 2 | Level 3 | Total
Assets | 5 | 92,062 | 372 | 92,439 |  | 6 | 54,983 | 262 | 55,251
Swap Contracts – adjustment receivable | - | 55,106 | 322 | 55,428 |  | - | 37,721 | 236 | 37,957
Option Contracts | - | 21,139 | 31 | 21,170 |  | - | 7,712 | 6 | 7,718
Forward Contracts | - | 1,721 | 18 | 1,739 |  | - | 3,255 | 19 | 3,274
Credit derivatives | - | 632 | 1 | 633 |  | - | 281 | 1 | 282
NDF - Non Deliverable Forward | - | 12,207 | - | 12,207 |  | - | 5,378 | - | 5,378
Other derivative financial instruments | 5 | 1,257 | - | 1,262 |  | 6 | 636 | - | 642
Liabilities | (67) | (85,171) | (175) | (85,413) |  | (112) | (51,974) | (389) | (52,475)
Swap Contracts – adjustment payable | - | (51,242) | (152) | (51,394) |  | - | (35,369) | (372) | (35,741)
Option Contracts | - | (20,580) | (8) | (20,588) |  | - | (8,971) | (1) | (8,972)
Forward Contracts | - | (1,435) | (15) | (1,450) |  | - | (2,966) | (16) | (2,982)
Credit derivatives | - | (795) | - | (795) |  | - | (149) | - | (149)
NDF - Non Deliverable Forward | - | (10,761) | - | (10,761) |  | - | (4,478) | - | (4,478)
Other derivative financial instruments | (67) | (358) | - | (425) |  | (112) | (41) | - | (153)
In all periods, there were no material transfer between Level 1 and Level 2. Transfers to and from Level 3 are presented in movements of Level 3.

The assets and liabilities measured at fair value on a recurring basis are classified as follows:

Level 1: Securities and Other non-financial assets with liquid prices available in an active market and derivatives traded on stock exchanges. This classification level includes most of the Brazilian government securities, government securities from Latin America, government securities from other countries, shares, debentures with price published by Associação Brasileira das Entidades dos Mercados Financeiros e de Capitais (ANBIMA) and other traded in an active market.

Level 2: Securities, derivatives and others that do not have price information available and are priced based on conventional or internal models. The inputs used by these models are captured directly or built from observations of active markets. Most derivatives traded over-the-counter, certain Brazilian government bonds, debentures and other corporate securities whose credit component effect is not considered relevant, are at this level.

Level 3: Securities and derivatives for which pricing inputs are generated by statistical and mathematical models. Debentures and other corporate securities that do not fit into level 2 rule and derivatives with maturities greater than the last observable vertices of the discount curves are at this level.

Governance of Level 3 recurring fair value measurement

The departments in charge of defining and applying the pricing models are segregated from the business areas. The models are documented, submitted to validation by an independent area and approved by a specific committee. The daily processes of price capture, calculation and disclosure are periodically checked according to formally defined tests and criteria and the information is stored in a single corporate data base.

The most frequent cases of assets classified as Level 3 are justified by the discount factors used and corporate bonds whose credit component is relevant. Factors such as the fixed interest curve in Brazilian Reais and the TR coupon curve – and, as a result, their related factors – have inputs with terms shorter than the maturities of fixed-income assets.

Level 3 recurring fair value changes

The tables below show balance sheet changes for financial instruments classified by ITAÚ UNIBANCO HOLDING in Level 3 of the fair value hierarchy. Derivative financial instruments classified in Level 3 correspond to swap and option.

F-76

| Fair value at | Total gains or losses (realized / unrealized) | Purchases | Settlements | Transfers in and / or out of Level | Fair value at | Total Gains or Losses (unrealized)
01/01/2024 | 12/31/2023 | Recognized in income | Recognized in other comprehensive income | 12/31/2024
Financial assets at fair value through profit or loss | 2,118 | 286 | - | 1,209 | (585) | (1,088) | 1,940 | (994)
Corporate securities | 2,118 | 286 | - | 1,209 | (585) | (1,088) | 1,940 | (994)
Shares | 71 | 36 | - | 3 | (4) | - | 106 | (98)
Real estate receivables certificates | 126 | (27) | - | 83 | (95) | 13 | 100 | (78)
Debentures | 1,895 | 306 | - | 950 | (259) | (1,158) | 1,734 | (818)
Promissory notes | 17 | - | - | - | - | (17) | - | -
Eurobonds and other | 5 | (41) | - | 132 | (87) | (9) | - | -
Financial bills | 4 | - | - | - | (4) | - | - | -
Other | - | 12 | - | 41 | (136) | 83 | - | -
Financial assets at fair value through other comprehensive income | 253 | 12 | 6 | 504 | (372) | (185) | 218 | -
Corporate securities | 253 | 12 | 6 | 504 | (372) | (185) | 218 | -
Shares | 193 | - | - | - | (193) | - | - | -
Debentures | - | 7 | (1) | 216 | (144) | 140 | 218 | -
Eurobonds and other | 60 | 5 | 7 | 288 | (35) | (325) | - | -
| Fair value at | Total gains or losses (realized / unrealized) | Purchases | Settlements | Transfers in and / or out of Level | Fair value at | Total Gains or Losses (unrealized)
| 12/31/2023 | Recognized in income | Recognized in other comprehensive income | 12/31/2024
Derivatives - assets | 262 | 176 | - | 235 | (216) | (85) | 372 | 270
Swap Contracts – adjustment receivable | 236 | 164 | - | 168 | (169) | (77) | 322 | 271
Option Contracts | 6 | 13 | - | 67 | (47) | (8) | 31 | (2)
Forward contracts | 19 | (1) | - | - | - | - | 18 | -
Credit derivatives | 1 | - | - | - | - | - | 1 | 1
Derivatives - liabilities | (389) | (215) | - | (306) | 239 | 496 | (175) | 13
Swap Contracts – adjustment payable | (372) | (233) | - | (252) | 216 | 489 | (152) | 6
Option Contracts | (1) | 17 | - | (54) | 23 | 7 | (8) | 7
Forward contracts | (16) | 1 | - | - | - | - | (15) | -
| Fair value at | Total gains or losses (realized / unrealized) | Purchases | Settlements | Transfers in and / or out of Level | Fair value at | Total Gains or Losses (unrealized)
01/01/2023 | 12/31/2022 | Recognized in income | Recognized in other comprehensive income | 12/31/2023
Financial assets at fair value through profit or loss | 339 | (5) | - | 920 | (300) | 1,164 | 2,118 | (1,009)
Corporate securities | 339 | (5) | - | 920 | (300) | 1,164 | 2,118 | (1,009)
Shares | 86 | (14) | - | 9 | (10) | - | 71 | (100)
Real estate receivables certificates | 151 | (38) | - | 2 | - | 11 | 126 | (64)
Debentures | 84 | (36) | - | 740 | (67) | 1,174 | 1,895 | (845)
Rural Product Note | 7 | 5 | - | 2 | - | (14) | - | -
Promissory notes | - | (3) | - | 20 | - | - | 17 | -
Eurobonds and other | 4 | 84 | - | 137 | (220) | - | 5 | -
Financial bills | 7 | (3) | - | 10 | (3) | (7) | 4 | -
Financial assets at fair value through other comprehensive income | 58 | (19) | 153 | 51 | (8) | 18 | 253 | -
Corporate securities | 58 | (19) | 153 | 51 | (8) | 18 | 253 | -
Shares | 45 | (3) | 151 | - | - | - | 193 | -
Bank deposit certificates | 13 | (13) | - | - | - | - | - | -
Debentures | - | - | (1) | 35 | - | (34) | - | -
Eurobonds and other | - | (3) | 3 | 16 | (8) | 52 | 60 | -
| Fair value at | Total gains or losses (realized / unrealized) | Purchases | Settlements | Transfers in and / or out of Level | Fair value at | Total Gains or Losses (unrealized)
| 12/31/2022 | Recognized in income | Recognized in other comprehensive income | 12/31/2023
Derivatives - assets | 671 | 80 | - | 157 | (104) | (542) | 262 | 244
Swap Contracts – adjustment receivable | 631 | 108 | - | 133 | (94) | (542) | 236 | 240
Option Contracts | 34 | (32) | - | 14 | (10) | - | 6 | 1
Forward contracts | 6 | 3 | - | 10 | - | - | 19 | 3
Credit derivatives | - | 1 | - | - | - | - | 1 | -
Derivatives - liabilities | (569) | (74) | - | (387) | 189 | 452 | (389) | 273
Swap Contracts – adjustment payable | (561) | (70) | - | (369) | 176 | 452 | (372) | 274
Option Contracts | (2) | (3) | - | (9) | 13 | - | (1) | (1)
Forward contracts | (6) | (1) | - | (9) | - | - | (16) | -

F-77

Sensitivity analysis of Level 3 operations
The fair value of financial instruments classified in Level 3 is measured through valuation techniques based on correlations and associated products traded in active markets, internal estimates and internal models.
Material unobservable inputs used for measurement of the fair value of instruments classified in Level 3 are: interest rates, underlying asset prices and volatility. Material variations in any of these inputs separately may give rise to material changes in the fair value.
The table below shows the sensitivity of these fair values in scenarios of changes of interest rates, in asset prices and in scenarios with varying shocks to prices and volatilities for nonlinear assets, considering:
Interest rate: Based on reasonably possible changes in assumptions of 1, 25 and 50 basis points (scenarios I, II and III respectively) applied to the interest curves, both up and down, taking the largest losses resulting in each scenario.
Commodities, Index and Shares: Based on reasonably possible changes in assumptions of 5 and 10 percentage points (scenarios I and II respectively) applied to share prices, both up and down, taking the largest losses resulting in each scenario.
Nonlinear:
Scenario I: Based on reasonably possible changes in assumptions of 5 percentage points on prices and 25 percentage points on the volatility level, both up and down, taking the largest losses resulting in each scenario.
Scenario II: Based on reasonably possible changes in assumptions of 10 percentage points on prices and 25 percentage points on the volatility level, both up and down, taking the largest losses resulting in each scenario.
Sensitivity – Level 3 Operations |  | 12/31/2024 |  | 12/31/2023
Market risk factor groups | Scenarios | Impact |  | Impact
Income | Stockholders' equity |  | Income | Stockholders' equity
Interest rates | I | (7.4) | (0.1) |  | (3.5) | -
II | (185.8) | (3.1) |  | (89.2) | (0.9)
III | (372.2) | (6.2) |  | (178.9) | (1.8)
Commodities, Indexes and Shares | I | (5.7) | - |  | (13.3) | (9.6)
II | (11.4) | - |  | (26.7) | (19.2)
Nonlinear | I | (25.1) | - |  | (0.1) | -
II | (45.8) | - |  | (0.2) | -

b) Financial assets and liabilities not measured at fair value

The following table presents the book value and estimated fair value for financial assets and liabilities not measured at fair value.

| 12/31/2024 |  | 12/31/2023
| Book value | Fair value |  | Book value | Fair value
Financial assets | 1,912,804 | 1,913,073 |  | 1,686,225 | 1,693,038
At Amortized Cost | 1,912,804 | 1,913,073 |  | 1,686,225 | 1,693,038
Central Bank of Brazil deposits | 160,698 | 160,698 |  | 145,404 | 145,404
Interbank deposits | 66,931 | 66,931 |  | 51,007 | 51,009
Securities purchased under agreements to resell | 243,220 | 243,220 |  | 238,321 | 238,321
Securities | 327,507 | 325,734 |  | 260,743 | 260,427
Loan and lease operations | 1,025,493 | 1,027,535 |  | 910,590 | 917,717
Other financial assets | 136,713 | 136,713 |  | 127,699 | 127,699
(-) Provision for expected loss | (47,758) | (47,758) |  | (47,539) | (47,539)
Financial liabilities | 2,153,704 | 2,155,880 |  | 1,948,360 | 1,948,549
At Amortized Cost | 2,148,776 | 2,150,952 |  | 1,944,162 | 1,944,351
Deposits | 1,054,741 | 1,054,745 |  | 951,352 | 951,332
Securities sold under repurchase agreements | 388,787 | 388,787 |  | 362,786 | 362,786
Interbank market funds | 372,294 | 372,587 |  | 328,645 | 328,667
Institutional market funds | 140,547 | 142,426 |  | 119,591 | 119,778
Other financial liabilities | 192,407 | 192,407 |  | 181,788 | 181,788
Provision for Expected Loss | 4,928 | 4,928 |  | 4,198 | 4,198
Loan commitments | 3,940 | 3,940 |  | 3,311 | 3,311
Financial guarantees | 988 | 988 |  | 887 | 887

The methods used to estimate the fair value of financial instruments measured at fair value on a non-recurring basis are:

• Central Bank of Brazil deposits, Securities purchased under agreements to resell and Securities sold under repurchase agreements - The carrying amounts for these instruments are close to their fair values.

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• Interbank deposits, Deposits, lnterbank market funds and lnstitutional market funds - They are calculated by discounting estimated cash flows at market interest rates.

• Securities - Under normal conditions, the prices quoted in the market are the best indicators of the fair values of these financial instruments. However, not all instruments have liquidity or quoted market prices and, in such cases, are priced by conventional or internal models, with inputs captured directly, built based on observations of active markets, or generated by statistical and mathematical models.

• Loan and lease operations - Fair value is estimated for groups of loans with similar financial and risk characteristics, using valuation models. The fair value of fixed-rate loans is determined by discounting estimated cash flows, at interest rates applicable to similar loans. For the majority of loans at floating rates, the carrying amount is considered to be close to their market value. The fair value of loan and lease operations not overdue is calculated by discounting the expected payments of principal and interest to maturity. The fair value of overdue loan and lease transactions is based on the discount of estimated cash flows, using a rate proportional to the risk associated with the estimated cash flows, or on the underlying collateral. The assumptions for cash flows and discount rates rely on information available in the market and knowledge of the individual debtor.

• Other financial assets / liabilities - Primarily composed for receivables from credit card issuers, deposits in guarantee for contingent liabilities, provisions and legal obligations and trading and intermediation of securities. The carrying amounts for these assets/liabilities substantially approximate to their fair values, since they principally represent amounts to be received in the short term from credit card holders and to be paid to credit card issuers, deposits in guarantee (indexed to market rates) made by ITAÚ UNIBANCO HOLDING to secure lawsuits or very short-term receivables (generally with a maturity of approximately 5 business days). All of these items represent assets/liabilities without material associated market, credit or liquidity risks.

Financial instruments not included in the Balance Sheet (Note 32) are represented by Letters of credit to be released and Financial guarantees, which amount to R$ 196,845 (R$ 123,471 at 12/31/2023) with an estimated fair value of R$ 111 (R$ 123 at 12/31/2023).

Note 29 - Provisions, contingent assets and contingent liabilities

The accounting policy on provisions, contingent assets and contingent liabilities is presented in Note 2c XII.

In the ordinary course of its business, ITAÚ UNIBANCO HOLDING may be a party to legal proceedings labor, civil and tax nature. The contingencies related to these lawsuits are classified as follows:

a) Contingent assets

There are no contingent assets recorded.

b) Provisions and contingencies

ITAÚ UNIBANCO HOLDING’s provisions for judicial and administrative challenges are long-term, considering the time required for their questioning, and this prevents the disclosure of a deadline for their conclusion.

The legal advisors believe that ITAÚ UNIBANCO HOLDING is not a party to this or any other administrative proceedings or lawsuits, in addition to those highlighted throughout this note, that could significantly affect the results of its operations.

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Civil lawsuits

In general, provisions and contingencies arise from claims related to the revision of contracts and compensation for material and moral damages.

ITAÚ UNIBANCO HOLDING, despite having complied with the rules in force at the time, is a defendant in lawsuits filed by individuals referring to payment of inflation adjustments to savings accounts resulting from economic plans implemented in the 1980s and the 1990s, as well as in collective lawsuits filed by: (i) consumer protection associations; and (ii) the Public Attorney’s Office, on behalf of the savings accounts holders. In relation to these lawsuits, ITAÚ UNIBANCO HOLDING recognizes provisions upon receipt of summons, and when individuals demand the enforcement of a ruling handed down by the courts, using the same criteria as for provisions for individual lawsuits.

The Federal Supreme Court (STF) has issued some decisions favorable to savings account holders, but it has not established its understanding with respect to the constitutionality of the economic plans and their applicability to savings accounts. Currently, the appeals involving these matters are suspended, by order of the STF, until it pronounces its final decision.

In December 2017, through mediation of the Federal Attorney’s Office (AGU) and supervision of the BACEN, savers (represented by two civil associations, FEBRAPO and IDEC) and FEBRABAN entered into an instrument of agreement aiming at resolving lawsuits related to the economic plans, and ITAÚ UNIBANCO HOLDING has already accepted its terms. Said agreement was approved on March 1, 2018, by the Plenary Session of the Federal Supreme Court (STF) and savers could adhere to its terms for a 24-month period.

Due to the end of this term, the parties signed an amendment to the instrument of agreement to extend this period in order to contemplate a higher number of holders of savings accounts and, consequently, to extend the end of lawsuits. In May, 2020 the Federal Supreme Court (STF) approved this amendment and granted a 30-month term for new adhesions, and this term may be extended for another 30 months, subject to the reporting of the number of adhesions over the first period.

Labor claims

Provisions and contingencies arise from lawsuits in which labor rights provided for in labor legislation specific to the related profession are discussed, such as: overtime, salary equalization, reinstatement, transfer allowance, and pension plan supplement, among others.

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Other risks

These are quantified and accrued on the basis of the amount of rural credit transactions with joint liability and FCVS (salary variations compensation fund) credits assigned.

I - Civil, labor and other risks provisions

Below are the changes in civil, labor and other risks provisions:
|  |  | 12/31/2024
|  | Note | Civil | Labor | Other Risks | Total
Opening balance - 01/01 |  | 3,203 | 7,821 | 2,141 | 13,165
(-) Provisions guaranteed by indemnity clause | 2c XII | (205) | (962) | - | (1,167)
Subtotal |  | 2,998 | 6,859 | 2,141 | 11,998
Adjustment / Interest | 23 | 122 | 515 | - | 637
Changes in the period reflected in income | 23 | 1,487 | 3,539 | 325 | 5,351
Increase |  | 2,062 | 3,958 | 325 | 6,345
Reversal |  | (575) | (419) | - | (994)
Payment / Transfer |  | (1,569) | (3,371) | (1,400) | (6,340)
Subtotal |  | 3,038 | 7,542 | 1,066 | 11,646
(+) Provisions guaranteed by indemnity clause | 2c XII | 169 | 671 | - | 840
Closing balance |  | 3,207 | 8,213 | 1,066 | 12,486
Current |  | 1,535 | 3,443 | 115 | 5,093
Non-current |  | 1,672 | 4,770 | 951 | 7,393
|  |  | 12/31/2023
|  | Note | Civil | Labor | Other Risks | Total
Opening balance - 01/01 |  | 3,231 | 8,186 | 1,844 | 13,261
(-) Provisions guaranteed by indemnity clause | 2c XII | (207) | (952) | - | (1,159)
Subtotal |  | 3,024 | 7,234 | 1,844 | 12,102
Adjustment / Interest | 23 | 129 | 288 | - | 417
Changes in the period reflected in income | 23 | 1,340 | 2,373 | 332 | 4,045
Increase |  | 1,913 | 2,729 | 363 | 5,005
Reversal |  | (573) | (356) | (31) | (960)
Payment / Transfer |  | (1,495) | (3,036) | (35) | (4,566)
Subtotal |  | 2,998 | 6,859 | 2,141 | 11,998
(+) Provisions guaranteed by indemnity clause | 2c XII | 205 | 962 | - | 1,167
Closing balance |  | 3,203 | 7,821 | 2,141 | 13,165
Current |  | 1,499 | 2,922 | 2,141 | 6,562
Non-current |  | 1,704 | 4,899 | - | 6,603

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II - Tax and social security provisions

Tax and social security provisions correspond to the principal amount of taxes involved in administrative or judicial tax lawsuits, subject to tax assessment notices, plus interest and, when applicable, fines and charges.
The table below shows the change in the provisions:
|  | Note | 12/31/2024 | 12/31/2023
Opening balance - 01/01 |  | 6,579 | 6,214
(-) Provisions guaranteed by indemnity clause | 2c XII | (79) | (75)
Subtotal |  | 6,500 | 6,139
Adjustment / Interest (1) |  | 543 | 382
Changes in the period reflected in income |  | (274) | 373
Increase (1) |  | 61 | 722
Reversal (1) |  | (335) | (349)
Payment |  | (129) | (394)
Subtotal |  | 6,640 | 6,500
(+) Provisions guaranteed by indemnity clause | 2c XII | 83 | 79
Closing balance |  | 6,723 | 6,579
Current |  | - | -
Non-current |  | 6,723 | 6,579
1) The amounts are included in the headings Tax Expenses, General and Administrative Expenses and Current Income Tax and Social Contribution.

The main discussions related to tax and social security provisions are described below:

• INSS – Non-compensatory Amounts – R$ 2,219: the non-levy of social security contribution on amounts paid as profit sharing is defended. The balance of the deposits in guarantee is R$ 1,389.

• PIS and COFINS – Calculation Basis – R$ 741: defending the levy of PIS and COFINS on revenue, a tax on revenue from the sales of assets and services. The balance of the deposits in guarantee is R$ 719.

III - Contingencies not provided for in the balance sheet

Amounts involved in administrative and judicial arguments with the risk of loss estimated as possible are not provided for. They are mainly composed of:

Civil lawsuits and labor claims

In Civil Lawsuits with possible loss, total estimated risk is R$ 5,480 (R$ 5,569 at 12/31/2023), and in this total there are no amounts arising from interests in Joint Ventures.

For Labor Claims with possible loss, estimated risk is R$ 1,048 (R$ 870 at 12/31/2023).

Tax and social security obligations

Tax and social security obligations of possible loss totaled R$ 52,872 (R$ 45,080 at 12/31/2023), and the main cases are described below:

• INSS – Non-compensatory Amounts – R$ 11,552: defends the non-levy of this contribution on these amounts, among which are profit sharing and stock options.

• ISS – Banking Activities/Provider Establishment – R$ 8,412: the levy and/or payment place of ISS for certain banking revenues are discussed.

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• IRPJ, CSLL, PIS and COFINS – Funding Expenses – R$ 5,957: the deductibility of raising costs (Interbank deposits rates) for funds that were capitalized between group companies.

• IRPJ and CSLL – Goodwill – Deduction – R$ 4,141: the deductibility of goodwill for future expected profitability on the acquisition of investments.

• PIS and COFINS - Reversal of Revenues from Depreciation in Excess – R$ 3,886: discussing the accounting and tax treatment of PIS and COFINS upon settlement of leasing operations.

• IRPJ, CSLL, PIS and COFINS – Requests for Offsetting Dismissed – R$ 2,356: cases in which the liquidity and the certainty of credits offset are discussed.

• IRPJ and CSLL – Disallowance of Losses – R$ 5,933: discussion on the amount of tax loss (IRPJ) and/or social contribution (CSLL) tax loss carryforwards used by the Federal Revenue Service when drawing up tax assessment notes that are still pending a final decision.

• IRPJ and CSLL - Deductibility of Loss in Loan Operations - R$ 2,965: assessments drawn up for the requirement of IRPJ and CSLL due to the alleged noncompliance with legal criteria for deducting losses in receipt of loans.

c) Accounts receivable – Reimbursement of provisions

The receivables balance arising from reimbursements of contingencies totals R$ 358 (R$ 943 at 12/31/2023) (Note 18a), arising mainly from the collateral established in Banco Banerj S.A. privatization process occurred in 1997, when the State of Rio de Janeiro created a fund to guarantee the equity recomposition in provisions for civil, labor and tax and social security claims.

d) Guarantees of contingencies, provisions and legal obligations

The guarantees related to legal proceedings involving ITAÚ UNIBANCO HOLDING and basically consist of:
|  | 12/31/2024 |  | 12/31/2023
| Note | Civil | Labor | Tax | Total |  | Total
Deposits in guarantee | 18a | 1,961 | 2,094 | 9,607 | 13,662 |  | 13,277
Investment fund quotas |  | 458 | 74 | 2 | 534 |  | 574
Surety |  | 73 | 60 | 5,320 | 5,453 |  | 5,683
Insurance bond |  | 2,024 | 1,716 | 18,692 | 22,432 |  | 21,011
Guarantee by government securities |  | - | - | 361 | 361 |  | 325
Total |  | 4,516 | 3,944 | 33,982 | 42,442 |  | 40,870

Note 30 - Segment Information

The current operational and reporting segments of ITAÚ UNIBANCO HOLDING are described below:

• Retail Business

The segment comprises retail customers, account holders and non-account holders, individuals and legal entities, high income clients (Itaú Uniclass and Personnalité) and the companies segment (microenterprises and small companies). It includes financing and credit offers made outside the branch network, in addition to credit cards and payroll loans.

• Wholesale Business

It comprises products and services offered to middle-market companies, high net worth institutional clients (Private Banking), and the operation of Latin American units and Itaú BBA, which is the unit responsible for business with large companies and Investment Banking operations.

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• Activities with the Market + Corporation

Basically, corresponds to the result arising from capital surplus, subordinated debt surplus and the net balance of tax credits and debits. It also includes the financial margin on market trading, Treasury operating costs, and equity in earnings of companies not included in either of the other segments.

a) Basis of Presentation

Segment information is based on the reports used by senior management of ITAÚ UNIBANCO HOLDING to assess performance and to make decisions about allocation of funds for investment and other purposes.

These reports use a variety of information for management purposes, including financial and non-financial information supported by bases different from information prepared according to 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.

Information by segment has been prepared in accordance with accounting practices adopted in Brazil and is adjusted by the items below:

Allocated capital: The statements for each segment consider capital allocation based on a proprietary model and consequent impacts on results arising from this allocation. This model includes the following components: credit risk, operating risk, market risk and insurance underwriting risk.

Income tax rate: We take the total income tax rate, net of the tax effect from the payment of interest on capital, for the Retail Business, Wholesale Business and Activities with the Market + Corporation. The difference between the income tax amount calculated by segment and the effective income tax amount, as stated in the consolidated financial statements, is allocated to the Trading + Institutional column.

• Reclassification and application of managerial criteria

The managerial statement of income was used to prepare information per segment. These statements were obtained based on the statement of income adjusted by the impact of non-recurring events and the managerial reclassifications in income.

The main reclassifications between the accounting and managerial results are:

Operating revenues: Considers the opportunity cost for each operation. The financial statements were adjusted so that the stockholders' equity was replaced by funding at market price. Subsequently, the financial statements were adjusted to include revenues related to capital allocated to each segment. The cost of subordinated debt and the respective remuneration at market price were proportionally allocated to the segments, based on the economic capital allocated.

Tax effects of hedging: The tax effects of hedging of investments abroad were adjusted – they were originally recorded as tax expenses (PIS and COFINS) and Income Tax and Social Contribution on Net Income – and are now reclassified to financial margin.

Insurance: The main reclassifications of revenues refer to the financial margins obtained from technical provisions for insurance, pension plans and premium bonds, in addition to revenue from management of pension plan funds.

Other reclassifications: Other Income, Share of profit or (loss) in Associates and joint ventures, Non-Operating Income, Profit Sharing of Management Members and Expenses for Credit Card Reward Program were reclassified to those lines representing the way the ITAÚ UNIBANCO HOLDING manages its business, to provide a clearer understanding of our performance.

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The adjustments and reclassifications column shows the effects of the differences between the accounting principles followed for the presentation of segment information, which are substantially in line with the accounting practices adopted for financial institutions in Brazil, except as described above, and the policies used in the preparation of these consolidated financial statements according to IFRS. Significant adjustments are as follows:

• Requirements for impairment testing of financial assets are based on the expected loan losses model.

• Adjustment to fair value due to reclassifications of financial assets to categories of measurement at amortized cost, at fair value through profit or loss or at fair value through other comprehensive income, as a result of the concept of business models of IFRS 9.

• Financial assets modified and not written-off, with their balances recalculated in accordance with the requirements of IFRS 9.

• Effective interest rate of financial assets and liabilities measured at amortized cost, appropriating revenues and costs directly attributable to their acquisition, issue or disposal over the transaction term, whereas in the standards adopted in Brazil, recognition of expenses and revenues from fees occurs at the time these transactions are contracted.

• Goodwill generated in a business combination is not amortized, whereas in the standards adopted in Brazil, it is amortized.

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b) Consolidated Statement of Managerial Result

|  | 01/01 to 12/31/2024
| Retail Business | Wholesale Business | Activities with the Market + Corporation | ITAÚ UNIBANCO | Adjustments | IFRS consolidated (1)
Operating revenues | 101,057 | 58,014 | 9,887 | 168,958 | (908) | 168,050
Interest margin | 61,956 | 41,259 | 9,232 | 112,447 | (8,599) | 103,848
Commissions and Banking Fees | 28,559 | 16,176 | 375 | 45,110 | 1,961 | 47,071
Income from insurance and private pension operations before claim and selling expenses | 10,542 | 579 | 280 | 11,401 | (4,419) | 6,982
Other revenues | - | - | - | - | 10,149 | 10,149
Cost of Credit | (29,819) | (4,675) | - | (34,494) | 2,183 | (32,311)
Claims | (1,589) | (26) | - | (1,615) | 1,615 | -
Operating margin | 69,649 | 53,313 | 9,887 | 132,849 | 2,890 | 135,739
Other operating income / (expenses) | (48,552) | (21,248) | (2,541) | (72,341) | (15,842) | (88,183)
Non-interest expenses | (41,946) | (18,438) | (1,755) | (62,139) | (17,277) | (79,416)
Tax expenses for ISS, PIS and COFINS and Other | (6,606) | (2,810) | (786) | (10,202) | 388 | (9,814)
Share of profit or (loss) in associates and joint ventures | - | - | - | - | 1,047 | 1,047
Income before income tax and social contribution | 21,097 | 32,065 | 7,346 | 60,508 | (12,952) | 47,556
Income tax and social contribution | (5,482) | (10,502) | (1,879) | (17,863) | 12,435 | (5,428)
Non-controlling interests | (491) | (650) | (101) | (1,242) | 199 | (1,043)
Net income | 15,124 | 20,913 | 5,366 | 41,403 | (318) | 41,085
12/31/2024 | Total assets (*) - | 1,842,885 | 1,418,456 | 243,230 | 3,048,537 | (194,062) | 2,854,475
Total liabilities - | 1,774,738 | 1,333,954 | 185,422 | 2,838,080 | (204,889) | 2,633,191
(*) Includes: |  |  |  |  |  |
Investments in associates and joint ventures | 2,343 | - | 6,214 | 8,557 | 1,517 | 10,074
Fixed assets, net |  | 7,490 | 1,590 | - | 9,080 | 113 | 9,193
Goodwill and Intangible assets, net |  | 8,808 | 9,383 | - | 18,191 | 5,806 | 23,997
1) 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.

Interest margin includes interest and similar income and expenses of R$ 74,980 (R$ 64,135 from 01/01 to 12/31/2023), result of financial assets and liabilities at fair value through profit or loss of R$ 32,011 (R$ 29,145 from 01/01 to 12/31/2023) and foreign exchange results and exchange variations in foreign transactions of R$ (3,143) (R$ 4,432 from 01/01 to 12/31/2023).

Non-interest expenses refer to general and administrative expenses, including depreciation and amortization expenses of R$ (7,177) (R$ (6,529) from 01/01 to 12/31/2023).

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|  | 01/01 to 12/31/2023
| Retail Business | Wholesale Business | Activities with the Market + Corporation | ITAÚ UNIBANCO | Adjustments | IFRS consolidated (1)
Operating revenues |  | 96,595 | 54,631 | 5,572 | 156,798 | (1,827) | 154,971
Interest margin |  | 59,099 | 39,980 | 5,019 | 104,098 | (6,386) | 97,712
Commissions and Banking Fees |  | 28,016 | 14,274 | 309 | 42,599 | 3,132 | 45,731
Income from insurance and private pension operations before claim and selling expenses | 9,480 | 377 | 244 | 10,101 | (3,488) | 6,613
Other revenues |  | - | - | - | - | 4,915 | 4,915
Cost of Credit |  | (32,139) | (4,803) | - | (36,942) | 6,497 | (30,445)
Claims |  | (1,487) | (22) | - | (1,509) | 1,509 | -
Operating margin |  | 62,969 | 49,806 | 5,572 | 118,347 | 6,179 | 124,526
Other operating income / (expenses) |  | (45,560) | (20,373) | (1,864) | (67,797) | (17,029) | (84,826)
Non-interest expenses |  | (39,085) | (17,722) | (1,360) | (58,167) | (17,592) | (75,759)
Tax expenses for ISS, PIS and COFINS and Other | (6,475) | (2,651) | (504) | (9,630) | (357) | (9,987)
Share of profit or (loss) in associates and joint ventures | - | - | - | - | 920 | 920
Income before income tax and social contribution | 17,409 | 29,433 | 3,708 | 50,550 | (10,850) | 39,700
Income tax and social contribution |  | (4,232) | (9,022) | (935) | (14,189) | 8,366 | (5,823)
Non-controlling interests | (78) | (655) | (10) | (743) | (29) | (772)
Net income |  | 13,099 | 19,756 | 2,763 | 35,618 | (2,513) | 33,105
12/31/2023 | Total assets (*) - | 1,677,189 | 1,228,153 | 195,290 | 2,696,522 | (153,422) | 2,543,100
Total liabilities - | 1,610,852 | 1,150,141 | 150,705 | 2,507,587 | (163,537) | 2,344,050
(*) Includes: |  |  |  |  |  |  |
Investments in associates and joint ventures | 2,156 | - | 5,946 | 8,102 | 1,191 | 9,293
Fixed assets, net |  | 7,333 | 1,690 | - | 9,023 | 112 | 9,135
Goodwill and Intangible assets, net |  | 9,419 | 8,338 | - | 17,757 | 5,607 | 23,364
1) 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.

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|  | 01/01 to 12/31/2022
| Retail Business | Wholesale Business | Activities with the Market + Corporation | ITAÚ UNIBANCO | Adjustments | IFRS consolidated (1)
Operating revenues | 90,509 | 49,229 | 2,983 | 142,721 | (442) | 142,279
Interest margin | 54,881 | 34,701 | 2,979 | 92,561 | (5,538) | 87,023
Commissions and Banking Fees | 26,787 | 14,143 | 177 | 41,107 | 3,459 | 44,566
Income from insurance and private pension operations before claim and selling expenses | 8,841 | 385 | (173) | 9,053 | (3,646) | 5,407
Other revenues | - | - | - | - | 5,283 | 5,283
Cost of Credit | (29,908) | (2,392) | - | (32,300) | 4,563 | (27,737)
Claims | (1,538) | (11) | - | (1,549) | 1,549 | -
Operating margin | 59,063 | 46,826 | 2,983 | 108,872 | 5,670 | 114,542
Other operating income / (expenses) | (43,512) | (19,482) | (374) | (63,368) | (14,480) | (77,848)
Non-interest expenses | (37,302) | (17,019) | (312) | (54,633) | (14,297) | (68,930)
Tax expenses for ISS, PIS and COFINS and Other | (6,210) | (2,463) | (62) | (8,735) | (855) | (9,590)
Share of profit or (loss) in associates and joint ventures | - | - | - | - | 672 | 672
Income before income tax and social contribution | 15,551 | 27,344 | 2,609 | 45,504 | (8,810) | 36,694
Income tax and social contribution | (4,594) | (9,076) | (14) | (13,684) | 7,232 | (6,452)
Non-controlling interests | 45 | (825) | (254) | (1,034) | (1) | (1,035)
Net income | 11,002 | 17,443 | 2,341 | 30,786 | (1,579) | 29,207
12/31/2022 | Total assets (*) - | 1,524,983 | 1,175,209 | 171,983 | 2,469,958 | (148,892) | 2,321,066
Total liabilities - | 1,455,227 | 1,102,834 | 144,379 | 2,300,224 | (156,265) | 2,143,959
(*) Includes: |  |  |  |  |  |
Investments in associates and joint ventures |  | 2,114 | - | 4,798 | 6,912 | 531 | 7,443
Fixed assets, net |  | 5,781 | 1,282 | - | 7,063 | 704 | 7,767
Goodwill and Intangible assets, net |  | 8,660 | 9,062 | - | 17,722 | 5,392 | 23,114
1) 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.

Interest margin includes interest and similar income and expenses of R$ 72,418, result of financial assets and liabilities at fair value through profit or loss of R$ 13,325 and foreign exchange results and exchange variations in foreign transactions of R$ 1,280.

Non-interest expenses refers to general and administrative expenses, including depreciation and amortization expenses of R$ (5,750).

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c) Result of Non-Current Assets and Main Services and Products by Geographic Region

| 12/31/2024 |  | 12/31/2023 |  |  |
| Brazil | Abroad | Total |  | Brazil | Abroad | Total |  |  |
Non-current assets | 27,940 | 5,250 | 33,190 |  | 27,855 | 4,644 | 32,499 |  |  |
| 01/01 to 12/31/2024 |  | 01/01 to 12/31/2023 | 01/01 to 12/31/2022
| Brazil | Abroad | Total |  | Brazil | Abroad | Total | Brazil | Abroad | Total
Income related to interest and similar (1,2,3) | 219,281 | 51,845 | 271,126 |  | 221,534 | 34,428 | 255,962 | 173,746 | 30,024 | 203,770
Income from insurance contracts and private pension (3) | 6,982 | - | 6,982 |  | 6,613 | - | 6,613 | 5,407 | - | 5,407
Commissions and Banking Fees (3) | 41,888 | 5,183 | 47,071 |  | 41,147 | 4,584 | 45,731 | 40,062 | 4,504 | 44,566
1) Includes Interest and similar Income, of Financial Assets and Liabilities at Fair Value through Profit or Loss and Foreign exchange results and exchange variations in foreign transactions. 2) ITAÚ UNIBANCO HOLDING does not have customers representing 10% or higher of its revenues. 3) In "Brazil" geographic region the companies headquartered in the country and "Abroad" are considered; the other companies, the amounts consider the already eliminated values.

Note 31 - Related parties

Transactions between related parties are carried out for amounts, terms and average rates in accordance with normal market practices during the period, and under reciprocal conditions.

Transactions between companies and investment funds, included in consolidation (Note 2c I), have been eliminated and do not affect the consolidated statements.

The principal unconsolidated related parties are as follows:

• Parent companies: IUPAR, E. JOHNSTON and ITAÚSA.

• Associates and joint ventures: of which stand out: Avenue Holding Cayman Ltd.; Biomas Serviços Ambientais, Restauração e Carbono S.A.; BSF Holding S.A.; Conectcar Instituição de Pagamento e Soluções de Mobilidade Eletrônica S.A.; Kinea Private Equity Investimentos S.A.; Olímpia Promoção e Serviços S.A.; Porto Seguro Itaú Unibanco Participações S.A.; Pravaler S.A. and Tecnologia Bancária S.A.

• Other related parties:

• Direct and indirect equity interests of ITAÚSA, in particular: Aegea Saneamento e Participações S.A.; Águas do Rio 1 SPE S.A., Águas do Rio 4 SPE S.A.; Alpargatas S.A.; CCR S.A.; Copa Energia Distribuidora de Gás S.A. and Dexco S.A.

• Pension plans, in particular: Fundação Itaú Unibanco – Previdência Complementar and FUNBEP – Fundo de Pensão Multipatrocinado, closed-end supplementary pension entities, that administer retirement plans sponsored by ITAÚ UNIBANCO HOLDING, created exclusively for employees.

• Associations, in particular: Associação Cubo Coworking Itaú and Associação Itaú Viver Mais.

• Foundations and Institutes, in particular: Fundação Saúde Itaú; Instituto Itaú Ciência, Tecnologia e Inovação and Instituto Unibanco.

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a) Transactions with related parties:

ITAÚ UNIBANCO HOLDING | 12/31/2024 |  | 12/31/2023
Parent companies | Associates and joint ventures | Other related parties | Total |  | Parent companies | Associates and joint ventures | Other related parties | Total
Assets |  |  |  |  |  |  |  |  |
lnterbank investments | - | 820 | - | 820 |  | - | 321 | - | 321
Loan operations | - | 141 | 448 | 589 |  | - | 355 | 324 | 679
Securities and derivatives (asset and liability position) | 527 | 373 | 3,211 | 4,111 |  | 1,307 | 317 | 3,096 | 4,720
Other assets | - | 437 | 54 | 491 |  | 1 | 357 | 39 | 397
Total assets | 527 | 1,771 | 3,713 | 6,011 |  | 1,308 | 1,350 | 3,459 | 6,117
Liabilities |  |  |  |  |  |  |  |  |
Deposits | - | (129) | (1,157) | (1,286) |  | - | (92) | (1,306) | (1,398)
Deposits received under securities repurchase agreements | - | (279) | (71) | (350) |  | - | (119) | (75) | (194)
Funds from acceptances and issuance of securities | - | (29) | (146) | (175) |  | - | - | (82) | (82)
Other liabilities | (2) | (13) | (1,576) | (1,591) |  | (8) | (9) | (1,072) | (1,089)
Total Liabilities | (2) | (450) | (2,950) | (3,402) |  | (8) | (220) | (2,535) | (2,763)

ITAÚ UNIBANCO HOLDING | 01/01 to 12/31/2024 |  | 01/01 to 12/31/2023 |  | 01/01 to 12/31/2022
Parent companies | Associates and joint ventures | Other related parties | Total |  | Parent companies | Associates and joint ventures | Other related parties | Total |  | Parent companies | Associates and joint ventures | Other related parties | Total
Statement of lncome |  |  |  |  |  |  |  |  |  |  |  |  |  |
lncome | 156 | 91 | 914 | 1,161 |  | 173 | 48 | 629 | 850 |  | 166 | 51 | 969 | 1,186
Expenses | - | (74) | (482) | (556) |  | - | (20) | (298) | (318) |  | - | (7) | (187) | (194)
Other operating revenues / (expenses) | 14 | (167) | (839) | (992) |  | 14 | (81) | (196) | (263) |  | 13 | (98) | (60) | (145)
lncome | 170 | (150) | (407) | (387) |  | 187 | (53) | 135 | 269 |  | 179 | (54) | 722 | 847

Operations with Key Management Personnel of ITAÚ UNIBANCO HOLDING present Assets of R$ 191, Liabilities of R$ (7,641) and Results of R$ 19 (R$ 185, R$ (7,099) at 12/31/2023 and R$ (62) and R$ 16 from 01/01 to 12/31/2023 and 01/01 to 12/31/2022, respectively).

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b) Compensation and Benefits of Key Management Personnel

Compensation and benefits attributed to Managers Members, members of the Audit Committee and the Board of Directors of ITAÚ UNIBANCO HOLDING in the period correspond to:
| 01/01 to 12/31/2024 | 01/01 to 12/31/2023 | 01/01 to 12/31/2022
Fees | (711) | (686) | (603)
Profit sharing | (321) | (275) | (255)
Post-employment benefits | (10) | (6) | (5)
Share-based payment plan | (229) | (179) | (142)
Total | (1,271) | (1,146) | (1,005)

Total amount related to share-based payment plans, personnel expenses and post-employment benefits is detailed in Notes 20, 23 and 26, respectively.

Note 32 - Risk and Capital Management

a) Corporate Governance

To undertake and manage risks is one of the activities of ITAÚ UNIBANCO HOLDING. For this reason, the institution must have clearly established risk management objectives. In this context, the risk appetite defines the nature and the level of risks acceptable for the institution, while the risk culture guides the attitudes required to manage them. ITAÚ UNIBANCO HOLDING invests in robust risk management processes and capital management, that are the basis for its strategic decisions to ensure business sustainability and maximize shareholder value creation.

Foremost among processes for proper risk and capital management are the Risk Appetite Statement (RAS) and the implementation of a continuous, integrated risk management structure, the stress test program, the establishment of a Risk Committee, and the nomination at BACEN of a Chief Risk Officer (CRO), with roles and responsibilities assigned, and requirements for independence.

These processes are aligned with the guidelines of the Board of Directors and Executive which, through collegiate bodies, define the global objectives expressed as targets and limits for the business units that manage risk. Control and capital management units, in turn, support ITAÚ UNIBANCO HOLDING’s management by monitoring and analyzing risk and capital.

The principles that provide the risk management and the risk appetite foundations, as well as guidelines regarding the actions taken by ITAÚ UNIBANCO HOLDING’s employees in their daily routines are as follows:

• Sustainability and customer satisfaction: the vision of ITAÚ UNIBANCO HOLDING is to be a leading bank in sustainable performance and customer satisfaction. For this reason, the institution is concerned about creating shared values for employees, customers, shareholders and society to ensure the longevity of the business. ITAÚ UNIBANCO HOLDING is concerned about doing business that is good for customers and for the institution.

• Risk culture: the institution's risk culture goes beyond policies, procedures and processes. It strengths the individual and collective responsibility of all employees so that they will do the right thing at the right time and in the proper manner, respecting the ethical way of doing business. It is based on four principles: conscious risk taking, discussions and actions on the institution’s risks and everyone's responsibility for risk management, which encourage the understanding and the open discussion about risks, so that they are kept within the risk appetite levels established and each employee individually, regardless of their position, area or duties, may also assume responsibility for managing the risks of the business.

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• Risk Pricing: ITAÚ UNIBANCO HOLDING operates and assumes risks in business that it knows and understands, avoids the ones that are unknown or that do not provide competitive advantages, and carefully assesses risk-return ratios.

• Diversification: the institution has low appetite for volatility in its results. Accordingly, it operates with a diversified base of customers, products and business.

• Operational excellence: ITAÚ UNIBANCO HOLDING intends to provide agility, as well as a robust and stable infrastructure, in order to offer high quality services.

• Ethics and respect for regulations: at ITAÚ UNIBANCO HOLDING, ethics is non-negotiable. For this reason, the institution promotes an institutional environment of integrity, educating its employees to cultivate ethical relationships and businesses, as well as respecting the norms, and therefore looking after the institution’s reputation.

The Board of Directors is the main body responsible for establishing guidelines, policies and approval levels for risk and capital management. The Capital and Risk Management Committee (CGRC), in turn, is responsible for supporting the Board of Directors in managing capital and risk. At the executive level, collegiate bodies, that perform delegated duties in the risk and capital management, presided over by the Chief Executive Officer (CEO) of ITAÚ UNIBANCO HOLDING, are responsible for capital and risk management, and their decisions are monitored by the CGRC.

To support this structure, the Risk Department has departments to ensure, on an independent and centralized basis, that the institution’s risks and capital are managed in compliance with the defined policies and procedures.

ITAÚ UNIBANCO HOLDING’s risk management organizational structure complies with Brazilian and international regulations in place and is aligned with the market’s best practices, including governance for identifying emerging risks, which are those with medium and long-term impact potentially material about the business.

Responsibilities for risk management at ITAÚ UNIBANCO HOLDING are structured according to the concept of three lines of defense, namely:

• 1st line of defense: business areas and corporate support areas manage risks they give rise to, by identifying, assessing, controlling and reporting such risks.

• 2nd line of defense: risk area, an independent unit that provides central control, ensuring that risks of ITAÚ UNIBANCO HOLDING are managed and are supported by risk management principles (risk appetite, policies, established procedures and dissemination of the risk culture in the business). This centralized control provides the Board of Directors and executives with a global overview of ITAÚ UNIBANCO HOLDING’s exposure, to ensure correct and timely corporate decisions.

• 3rd line of defense: internal audit, which is linked to the Board of Directors and provides an independent assessment of the institution’s activities, so that senior management can see that controls are adequate, risk management is effective and institutional standards and regulatory requirements are being complied with.

ITAÚ UNIBANCO HOLDING uses robust automated systems for compliance with capital regulations, as well as for measuring risks in accordance with the regulatory determinations and models in place. It also monitors adherence to the qualitative and quantitative regulators’ minimum capital and risk management requirements.

Aiming at strengthening its values and aligning the behavior of its employees with risk management guidelines, ITAÚ UNIBANCO HOLDING adopts several initiatives to disseminate and strengthen a risk culture based on four principles: conscious risk taking, discussions and actions on the institution’s risks and everyone's responsibility for risk management. These principles serve as a basis for ITAÚ UNIBANCO HOLDING guidelines, helping employees to conscientiously understand, identify, measure, manage and mitigate risks.

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b) Risk Management

Risk Appetite

Risk Appetite articulates the Board of Directors' set of guidelines about strategy and risk taking, defining the nature and level of risks acceptable to the organization, and considering management capacity on an effective and prudent way, the strategic objectives, the conditions of competitiveness and the regulatory environment.

ITAÚ UNIBANCO HOLDING has a risk appetite policy, which was established and approved by the Board of Directors and guides the institution’s business strategy. The risk appetite of ITAÚ UNIBANCO HOLDING is based on the Board of Director’s statement:

“We are a universal bank, operating predominantly in Latin America. Supported by our risk culture, we operate based on rigorous ethical and regulatory compliance standards, seeking high and growing results, with low volatility, by means of the long-lasting relationship with clients, correctly pricing risks, well-distributed fund-raising and proper use of capital.”

Based on this declaration, the bank established six dimensions, each of which comprising a set of metrics associated with the key risks involved, combining complementary measurements and seeking a comprehensive view of its exposure:

• Capitalization: establishes that ITAÚ UNIBANCO HOLDING should have sufficient capital to protect itself against a serious recession or stress events without the need to adjust its capital structure under adverse circumstances. It is monitored by following up the ITAÚ UNIBANCO HOLDING’s capital ratios, in usual or stress situations, and the institution’s debt issue ratings.

• Liquidity: establishes that the ITAÚ UNIBANCO HOLDING’s liquidity should be able to support long stress periods. It is monitored by following up on liquidity ratios.

• Composition of results: establishes that business will mainly focus on Latin America, where ITAÚ UNIBANCO HOLDING will have a diversified range of customers and products, with low appetite for results volatility and high risk. This dimension includes business and profitability, as well as market risk and IRRBB, underwriting and credit risk, including social, environmental and climate dimensions. The metrics monitored by the bank seek to ensure, by means of exposure concentration limits such as, for example, industry sectors, quality of counterparties, countries and geographic regions and risk factors, a suitable composition of the bank’s portfolios, aiming at low volatility of results and business sustainability.

• Operational risk: focuses on controlling operational risk events that may adversely impact the bank’s business strategy and operations. This control is carried out by monitoring key operational risk events and incurred losses.

• Reputation: deals with risks that may impact brand value and the institution’s reputation before its customers, employees, regulators, investors and the general public. In this dimension, risks are monitored by observation of the institution’s conduct.

• Customer: addresses risks that may compromise customer satisfaction and experience, and is monitored by tracking customer satisfaction, direct impacts on customers, and suitability indicators.

The Board of Directors is responsible for approving risk appetite guidelines and limits, performing its activities with the support of the Risk and Capital Management Committee (CGRC) and the Chief Risk Officer (CRO).

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Metrics are regularly monitored and must comply with the limits defined. The monitoring is reported to the risk commissions and to the Board of Directors, which will guide the use of preventive measures to ensure that exposures are in line with the ITAÚ UNIBANCO HOLDING’s strategy.

I - Credit risk

The possibility of losses arising from failure by a borrower, issuer or counterparty to meet their financial obligations, the impairment of a loan due to downgrading of the risk rating of the borrower, the issuer or the counterparty, a decrease in earnings or remuneration, advantages conceded on renegotiation or the costs of recovery.

There is a credit risk control and management structure, centralized and independent from the business units, that provides for operating limits and risk mitigation mechanisms, and also establishes processes and tools to measure, monitor and control the credit risk inherent in all products, portfolio concentrations and impacts of potential changes in the economic environment.

The credit policy of ITAÚ UNIBANCO HOLDING is based on internal criteria such as: classification of customers, portfolio performance and changes, default levels, rate of return and economic capital allocated, among others, and also take into account external factors such as interest rates, market default indicators, inflation, changes in consumption, and so on.

With respect to individuals, small and medium companies, retail public, the credit ratings are assigned based on statistical application (in the early stages of relationship with a customer) and behavior score (used for customers with whom ITAÚ UNIBANCO HOLDING already has a relationship) models.

For wholesale public and agro, the classification is based on information such as the counterparty’s economic and financial situation, its cash-generating capacity, and the business group to which it belongs, the current and prospective situation of the economic sector in which it operates, in accordance with the guidelines of the Sustainability and Social and Environmental Responsibility Policy (PRSA) and specific manuals and procedures of ITAÚ UNIBANCO HOLDING. Credit proposals are analyzed on a case-by-case basis through the approval governance. The concentrations are monitored continuously for economic sectors and largest debtors, allowing preventive measures to be taken to avoid the violation of the established limits.

ITAÚ UNIBANCO HOLDING strictly controls the credit exposure of customers and counterparties, taking action to address situations in which the current exposure exceeds what is desirable. For this purpose, measures provided for in loan agreements are available, such as accelerated maturity or a requirement for additional collateral.

I.I - Collateral and policies for mitigating credit risk

ITAÚ UNIBANCO HOLDING uses guarantees to increase its capacity for recovery in operations exposed to credit risk. The guarantees may be personal, secured, legal structures with mitigating power and offset agreements.

Managerially, for collateral to be considered instruments that mitigate credit risk, it must comply with the requirements and standards that regulate such instruments, both internal and external ones, and they must be legally valid (effective), enforceable, and assessed on a regular basis.

ITAÚ UNIBANCO HOLDING also uses credit derivatives, such as single-name CDS, to mitigate credit risk of its portfolios of loans and securities. These instruments are priced based on models that use the fair value of market inputs, such as credit spreads, recovery rates, correlations and interest rates.

I.II - Governance and measurement of expected credit loss

Both the credit risk and the finance areas are responsible for defining the methods used to measure expected credit loss and for periodically assessing changes in the provision amounts.

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These areas monitor the trends observed in provisions for expected credit losses by business, in addition to establishing an initial understanding of the variables that may trigger changes in the allowance for loan losses, the probability of default (PD) or the loss given default (LGD).

Once the trends have been identified and an initial assessment of the variables has been made at the corporate level, the business areas are responsible for further analyzing these trends in more detail and for each business, in order to understand the underlying reasons for the trends and to decide whether changes are required in credit policies.

ITAÚ UNIBANCO HOLDING calculates the expected credit loss of the Retail business portfolio by multiplying the expected historical credit loss by the EAD (Exposure at Default) amount. For the Wholesale business portfolio, the PD, LGD and EAD parameters are multiplied.

Sensitivity analysis |  |  |  |  |  |  |  |  |
ITAÚ UNIBANCO HOLDING prepares studies on the impact of estimates in the calculation of expected credit loss. The expected loss models use three different scenarios: Optimistic, Base and Pessimistic. In Brazil, where operations are substantially carried out, these scenarios are combined by weighting their probabilities: 15%, 55% and 30%, respectively, which are updated so as to reflect the new economic conditions. For loan portfolios originated in other countries, the scenarios are weighted by different probabilities, considering regional economic aspects and conditions.
The table below shows the amount of financial assets at amortized cost and at fair value through other comprehensive income, expected loss and the impacts on the calculation of expected credit loss in the adoption of 100% of each scenario:
12/31/2024 |  | 12/31/2023
Financial Assets (1) | Expected Loss | Reduction/(Increase) of Expected Loss |  | Financial Assets (1) | Expected Loss | Reduction/(Increase) of Expected Loss
Pessimistic scenario | Base scenario | Optimistic scenario |  | Pessimistic scenario | Base scenario | Optimistic scenario
1,464,464 | (52,936) | (2,183) | 538 | 1,347 |  | 1,302,826 | (51,884) | (2,298) | 422 | 1,090
1) Composed of Loan operations, lease operations and securities.

Expected loss comprises Expected credit loss for Financial guarantees R$ (988) (R$ (887) at 12/31/2023) and Loan commitments R$ (3,940) (R$ (3,311) at 12/31/2023).

I.III - Classification of Stages of Credit Impairment

The accounting policy on expected credit loss is presented in Note 2c IV.

ITAÚ UNIBANCO HOLDING uses customers’ internal information, statistic models, days of default and quantitative analysis in order to determine the credit risk of the financial assets.

The rules to change stage are determined according to historical behavior of ITAÚ UNIBANCO HOLDING’s product portfolios and consider:

• Stage 1 to stage 2: delay or evaluation of probability of default (PD) triggers.

For Retail business portfolios, ITAÚ UNIBANCO HOLDING migrates credit contracts overdue for over 30 days to stage 2, except payroll loans to public bodies (45 days in arrears) and INSS (45 days in arrears) due to the dynamics of product transfer payments and portfolio risk.

For agreements with delay less than 30 days, the migration to stage 2 occurs if the financial asset exceeds the allowance for loan losses established by the risk appetite approved by ITAÚ UNIBANCO HOLDING’s Management for each portfolio, whereas the others remain in stage 1.

For the Wholesale business portfolio, ITAÚ UNIBANCO HOLDING migrates to stage 2 the contracts of the same economic subgroup when there is a delay exceeding 30 days in an amount considered material.

For contracts overdue for less than 30 days, ITAÚ UNIBANCO HOLDING determines a rating limit by economic subgroup that, if exceeded, causes the migration of all economic subgroup’s contracts to stage 2. If the economic subgroup’s rating is lower than the limit established for stage 2, the significant increase in credit risk is verified through the relative variation of the economic subgroup’s rating in relation to the rating established 12 months before.

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• Stage 3: default parameters are used to identify stage 3, the main ones are: 90 days in arrears in the payment of principal and charges, except for the mortgage loan portfolio, which are considered 180 days in arrears; debt restructuring; filing for bankruptcy; loss; and court-supervised recovery. The financial asset, at any stage, can migrate to stage 3 when showing default parameters.

After a certain credit status has been defined for an agreement, it is classified in one of the three stages of credit deterioration. Based on this classification, rules for measuring expected credit loss in each stage are used, as described in Note 2c IV.

I.IV - Maximum Exposure of Financial Assets to Credit Risk
| 12/31/2024 |  | 12/31/2023
| Brazil | Abroad | Total |  | Brazil | Abroad | Total
Financial assets | 1,929,282 | 583,321 | 2,512,603 |  | 1,772,360 | 466,854 | 2,239,214
At Amortized Cost | 1,340,099 | 412,007 | 1,752,106 |  | 1,206,141 | 334,680 | 1,540,821
Interbank deposits | 26,709 | 40,222 | 66,931 |  | 22,248 | 28,759 | 51,007
Securities purchased under agreements to resell | 238,593 | 4,627 | 243,220 |  | 235,656 | 2,665 | 238,321
Securities | 302,599 | 24,908 | 327,507 |  | 227,232 | 33,511 | 260,743
Loan and lease operations | 708,917 | 316,576 | 1,025,493 |  | 658,471 | 252,119 | 910,590
Other financial assets | 103,711 | 33,002 | 136,713 |  | 102,555 | 25,144 | 127,699
(-) Provision for expected loss | (40,430) | (7,328) | (47,758) |  | (40,021) | (7,518) | (47,539)
At Fair Value through Other Comprehensive Income | 31,268 | 75,035 | 106,303 |  | 53,130 | 76,909 | 130,039
Securities | 31,268 | 75,035 | 106,303 |  | 53,130 | 76,909 | 130,039
At Fair Value through Profit or Loss | 557,915 | 96,279 | 654,194 |  | 513,089 | 55,265 | 568,354
Securities | 533,887 | 26,256 | 560,143 |  | 497,042 | 14,710 | 511,752
Derivatives | 22,416 | 70,023 | 92,439 |  | 14,696 | 40,555 | 55,251
Other financial assets | 1,612 | - | 1,612 |  | 1,351 | - | 1,351
Financial liabilities - Provision for expected loss | 4,298 | 630 | 4,928 |  | 3,706 | 492 | 4,198
Loan commitments | 3,648 | 292 | 3,940 |  | 3,062 | 249 | 3,311
Financial guarantees | 650 | 338 | 988 |  | 644 | 243 | 887
Off-balance sheet | 609,945 | 86,714 | 696,659 |  | 485,517 | 68,033 | 553,550
Financial guarantees | 95,890 | 28,025 | 123,915 |  | 83,413 | 19,209 | 102,622
Letters of credit to be released | 72,930 | - | 72,930 |  | 20,850 | - | 20,850
Loan commitments | 441,125 | 58,689 | 499,814 |  | 381,254 | 48,824 | 430,078
Mortgage loans | 21,136 | - | 21,136 |  | 16,368 | - | 16,368
Overdraft accounts | 187,426 | - | 187,426 |  | 171,725 | - | 171,725
Credit cards | 228,347 | 4,703 | 233,050 |  | 189,141 | 3,297 | 192,438
Other pre-approved limits | 4,216 | 53,986 | 58,202 |  | 4,020 | 45,527 | 49,547
Total | 2,534,929 | 669,405 | 3,204,334 |  | 2,254,171 | 534,395 | 2,788,566
Amounts shown for credit risk exposure are based on gross book value and do not take into account any collateral received or other added credit improvements.
The contractual amounts of financial guarantees and letters of credit cards represent the maximum potential of credit risk in the event that a counterparty does not meet the terms of the agreement. The vast majority of loan commitments (mortgage loans, overdraft accounts and other pre-approved limits) mature without being drawn, since they are renewed monthly and can be cancelled unilaterally.
As a result, the total contractual amount does not represent our real future exposure to credit risk or the liquidity needs arising from such commitments.

I.IV.I - By business sector |  |  |  |
Loan and lease operations |  |  |  |
| 12/31/2024 | % | 12/31/2023 | %
Industry and commerce | 222,945 | 21.7% | 186,198 | 20.4%
Services | 207,437 | 20.2% | 182,795 | 20.1%
Other sectors | 45,930 | 4.5% | 38,078 | 4.2%
Individuals | 549,181 | 53.6% | 503,519 | 55.3%
Total | 1,025,493 | 100.0% | 910,590 | 100.0%

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Other financial assets (1)
| 12/31/2024 | % | 12/31/2023 | %
Public sector | 871,579 | 62.4% | 831,963 | 66.7%
Services | 196,419 | 14.1% | 150,100 | 12.0%
Other sectors | 181,722 | 13.0% | 145,163 | 11.7%
Financial | 146,823 | 10.5% | 119,887 | 9.6%
Total | 1,396,543 | 100.0% | 1,247,113 | 100.0%
1) Includes Financial Assets at Fair Value through Profit or Loss, Financial Assets at Fair Value through Other Comprehensive Income and Financial Assets at Amortized Cost, except for Loan and lease operations and Other financial assets.
The exposure of Off-balance sheet financial instruments (Financial guarantees and Loan commitments) is neither categorized nor managed by business sector.

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I.IV.II - By type and classification of credit risk
Loan and lease operations
|  | 12/31/2024
|  | Stage 1 |  | Stage 2 |  | Stage 3 |  | Total Consolidated of 3 Stages
|  | Loan operations | Loan commitments | Financial guarantees | Total |  | Loan operations | Loan commitments | Financial guarantees | Total |  | Loan operations | Loan commitments | Financial guarantees | Total |  | Loan operations | Loan commitments | Financial guarantees | Total
Individuals | 347,749 | 290,397 | 816 | 638,962 |  | 66,468 | 11,946 | 2 | 78,416 |  | 31,357 | 48 | - | 31,405 |  | 445,574 | 302,391 | 818 | 748,783
Corporate | 157,973 | 36,191 | 81,401 | 275,565 |  | 1,015 | 60 | 800 | 1,875 |  | 1,852 | 165 | 2,870 | 4,887 |  | 160,840 | 36,416 | 85,071 | 282,327
Micro/small and medium companies | 171,866 | 106,004 | 13,163 | 291,033 |  | 12,222 | 1,195 | 159 | 13,576 |  | 10,104 | 82 | 175 | 10,361 |  | 194,192 | 107,281 | 13,497 | 314,970
Foreign loans - Latin America | 199,065 | 50,716 | 23,965 | 273,746 |  | 14,004 | 2,862 | 534 | 17,400 |  | 11,818 | 148 | 30 | 11,996 |  | 224,887 | 53,726 | 24,529 | 303,142
Total | 876,653 | 483,308 | 119,345 | 1,479,306 |  | 93,709 | 16,063 | 1,495 | 111,267 |  | 55,131 | 443 | 3,075 | 58,649 |  | 1,025,493 | 499,814 | 123,915 | 1,649,222
% | 59.3% | 32.7% | 8.0% | 100.0% |  | 84.2% | 14.4% | 1.4% | 100.0% |  | 94.0% | 0.8% | 5.2% | 100.0% |  | 62.2% | 30.3% | 7.5% | 100.0%
|  | 12/31/2023
|  | Stage 1 |  | Stage 2 |  | Stage 3 |  | Total Consolidated of 3 Stages
|  | Loan operations | Loan commitments | Financial guarantees | Total |  | Loan operations | Loan commitments | Financial guarantees | Total |  | Loan operations | Loan commitments | Financial guarantees | Total |  | Loan operations | Loan commitments | Financial guarantees | Total
Individuals | 317,335 | 246,809 | 550 | 564,694 |  | 63,579 | 10,972 | 2 | 74,553 |  | 35,702 | 147 | - | 35,849 |  | 416,616 | 257,928 | 552 | 675,096
Corporate | 130,916 | 30,053 | 70,585 | 231,554 |  | 956 | 461 | 146 | 1,563 |  | 4,589 | 35 | 2,666 | 7,290 |  | 136,461 | 30,549 | 73,397 | 240,407
Micro/small and medium companies | 145,422 | 95,886 | 11,053 | 252,361 |  | 13,087 | 1,216 | 110 | 14,413 |  | 10,601 | 90 | 201 | 10,892 |  | 169,110 | 97,192 | 11,364 | 277,666
Foreign loans - Latin America | 166,981 | 42,206 | 16,325 | 225,512 |  | 12,077 | 2,091 | 958 | 15,126 |  | 9,345 | 112 | 26 | 9,483 |  | 188,403 | 44,409 | 17,309 | 250,121
Total | 760,654 | 414,954 | 98,513 | 1,274,121 |  | 89,699 | 14,740 | 1,216 | 105,655 |  | 60,237 | 384 | 2,893 | 63,514 |  | 910,590 | 430,078 | 102,622 | 1,443,290
% | 59.7% | 32.6% | 7.7% | 100.0% |  | 84.9% | 14.0% | 1.1% | 100.0% |  | 94.8% | 0.6% | 4.6% | 100.0% |  | 63.1% | 29.8% | 7.1% | 100.0%

Internal rating | 12/31/2024 |  | 12/31/2023
Stage 1 | Stage 2 | Stage 3 | Total loan operations |  | Stage 1 | Stage 2 | Stage 3 | Total loan operations
Low | 817,782 | 68,406 | - | 886,188 |  | 702,746 | 65,971 | - | 768,717
Medium | 58,817 | 14,214 | - | 73,031 |  | 57,893 | 12,087 | - | 69,980
High | 54 | 11,089 | - | 11,143 |  | 15 | 11,641 | - | 11,656
Credit-impaired | - | - | 55,131 | 55,131 |  | - | - | 60,237 | 60,237
Total | 876,653 | 93,709 | 55,131 | 1,025,493 |  | 760,654 | 89,699 | 60,237 | 910,590
% | 85.5% | 9.1% | 5.4% | 100.0% |  | 83.5% | 9.9% | 6.6% | 100.0%

F-98

Other financial assets
| 12/31/2024
| Fair value |  | Stage 1 |  | Stage 2 |  | Stage 3
| Cost | Fair value |  | Cost | Fair value |  | Cost | Fair value
Investment funds | 37,103 |  | 3,891 | 3,501 |  | 33,707 | 33,558 |  | 44 | 44
Government securities | 625,393 |  | 634,227 | 625,393 |  | - | - |  | - | -
Brazilian government | 537,924 |  | 546,673 | 537,924 |  | - | - |  | - | -
Other government | - |  | 36 | - |  | - | - |  | - | -
Latin America | 47,847 |  | 47,830 | 47,847 |  | - | - |  | - | -
Abroad | 39,622 |  | 39,688 | 39,622 |  | - | - |  | - | -
Corporate securities | 327,802 |  | 325,789 | 319,114 |  | 4,247 | 3,686 |  | 9,219 | 5,002
Rural product note | 61,009 |  | 60,013 | 59,842 |  | 880 | 797 |  | 564 | 370
Real estate receivables certificates | 7,529 |  | 6,970 | 6,867 |  | 530 | 521 |  | 141 | 141
Bank deposit certificate | 583 |  | 582 | 583 |  | - | - |  | - | -
Debentures | 162,883 |  | 161,571 | 157,825 |  | 941 | 757 |  | 8,084 | 4,301
Eurobonds and other | 7,896 |  | 7,932 | 7,754 |  | 144 | 142 |  | - | -
Financial bills | 33,336 |  | 33,324 | 33,335 |  | 1 | 1 |  | - | -
Promissory and commercial notes | 17,496 |  | 17,350 | 17,333 |  | 176 | 163 |  | - | -
Other | 37,070 |  | 38,047 | 35,575 |  | 1,575 | 1,305 |  | 430 | 190
Total | 990,298 |  | 963,907 | 948,008 |  | 37,954 | 37,244 |  | 9,263 | 5,046

F-99

| 12/31/2023
| Fair value |  | Stage 1 |  | Stage 2 |  | Stage 3
| Cost | Fair value |  | Cost | Fair value |  | Cost | Fair value
Investment funds | 26,570 |  | 21,030 | 20,559 |  | 5,971 | 5,971 |  | 40 | 40
Government securities | 610,756 |  | 610,088 | 610,756 |  | - | - |  | - | -
Brazilian government | 520,964 |  | 520,375 | 520,964 |  | - | - |  | - | -
Other government | - |  | 36 | - |  | - | - |  | - | -
Latin America | 54,612 |  | 54,443 | 54,612 |  | - | - |  | - | -
Abroad | 35,180 |  | 35,234 | 35,180 |  | - | - |  | - | -
Corporate securities | 264,354 |  | 262,020 | 258,662 |  | 6,433 | 5,135 |  | 1,433 | 557
Rural product note | 42,159 |  | 41,685 | 41,646 |  | 322 | 310 |  | 331 | 203
Real estate receivables certificates | 7,562 |  | 7,631 | 7,562 |  | - | - |  | - | -
Bank deposit certificate | 191 |  | 181 | 181 |  | 10 | 10 |  | - | -
Debentures | 135,134 |  | 132,727 | 131,279 |  | 4,693 | 3,530 |  | 842 | 325
Eurobonds and other | 7,037 |  | 6,858 | 6,859 |  | 175 | 171 |  | 24 | 7
Financial bills | 24,125 |  | 24,114 | 24,114 |  | 13 | 11 |  | - | -
Promissory and commercial notes | 12,832 |  | 12,503 | 12,472 |  | 361 | 360 |  | - | -
Other | 35,314 |  | 36,321 | 34,549 |  | 859 | 743 |  | 236 | 22
Total | 901,680 |  | 893,138 | 889,977 |  | 12,404 | 11,106 |  | 1,473 | 597

F-100

Other financial assets - Internal classification by level of risk
12/31/2024
Internal rating | Financial assets - At amortized cost | Financial assets at fair value through profit or loss | Financial assets at fair value through other comprehensive income | Total
Interbank deposits and securities purchased under agreements to resell | Securities
Low | 310,151 | 318,322 | 630,444 | 106,267 | 1,365,184
Medium | - | 5,133 | 21,735 | 18 | 26,886
High | - | 4,052 | 403 | 18 | 4,473
Total | 310,151 | 327,507 | 652,582 | 106,303 | 1,396,543
% | 22.2% | 23.5% | 46.7% | 7.6% | 100.0%
12/31/2023
Internal rating | Financial assets - At amortized cost | Financial assets at fair value through profit or loss | Financial assets at fair value through other comprehensive income | Total
Interbank deposits and securities purchased under agreements to resell | Securities
Low | 289,328 | 257,238 | 564,288 | 129,990 | 1,240,844
Medium | - | 3,084 | 2,604 | 49 | 5,737
High | - | 421 | 111 | - | 532
Total | 289,328 | 260,743 | 567,003 | 130,039 | 1,247,113
% | 23.2% | 20.9% | 45.5% | 10.4% | 100.0%

Financial assets at fair value through profit or loss includes Derivatives in the amount of R$ 92,439 (R$ 55,251 at 12/31/2023).

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I.IV.III - Collateral for loan and lease operations
| 12/31/2024 |  | 12/31/2023
Over-collateralized assets | Under-collateralized assets |  | Over-collateralized assets | Under-collateralized assets
Carrying value of the assets | Fair value of collateral | Carrying value of the assets | Fair value of collateral |  | Carrying value of the assets | Fair value of collateral | Carrying value of the assets | Fair value of collateral
Individuals | 172,391 | 456,428 | 3,127 | 2,736 |  | 154,321 | 398,935 | 3,601 | 3,173
Personal (1) | 8,128 | 25,156 | 1,673 | 1,556 |  | 4,359 | 16,157 | 1,881 | 1,760
Vehicles (2) | 31,859 | 70,772 | 1,119 | 1,026 |  | 31,230 | 73,967 | 1,315 | 1,240
Mortgage loans (3) | 132,404 | 360,500 | 335 | 154 |  | 118,732 | 308,811 | 405 | 173
Micro/small, medium companies and corporates (4) | 166,845 | 592,523 | 63,892 | 60,395 |  | 167,843 | 596,817 | 45,885 | 43,484
Foreign loans - Latin America (4) | 188,756 | 374,316 | 12,731 | 4,201 |  | 160,734 | 304,597 | 8,340 | 2,508
Total | 527,992 | 1,423,267 | 79,750 | 67,332 |  | 482,898 | 1,300,349 | 57,826 | 49,165
1) In general requires financial guarantees. 2) Vehicles themselves are pledged as collateral, as well as assets leased in lease operations. 3) Properties themselves are pledged as collateral. 4) Any collateral set forth in the credit policy of ITAÚ UNIBANCO HOLDING (chattel mortgage, surety/joint debtor, mortgage and other).

Of the total of loan and lease operations, R$ 417,751 (R$ 369,866 at 12/31/2023) represent unsecured loans.

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I.IV.IV - Repossessed assets

The accounting policy on assets held for sale is presented in Note 2c V.

The repossessed assets intended for sale comprise, mainly, real estate and their sale includes periodic auctions that are previously disclosed to the market. Total repossessed assets in the period were R$ 794 (R$ 494 from 01/01 to 12/31/2023).

II - Market risk

Defined as the possibility of incurring financial losses from changes in the market value of positions held by a financial institution, including the risks of transactions subject to fluctuations in currency rates, interest rates, share prices, price indexes and commodity prices, as set forth by CMN. Price Indexes are also treated as a risk factor group.

Market risk is controlled by an area independent from the business areas, which is responsible for the daily activities of (i) risk measurement and assessment, (ii) monitoring of stress scenarios, limits and alerts, (iii) application, analysis and testing of stress scenarios, (iv) risk reporting to those responsible within the business areas, in compliance with the governance of ITAÚ UNIBANCO HOLDING, (v) monitoring of actions required to adjust positions and risk levels to make them realistic, and (vi) providing support for the safe launch of new financial products.

The market risk structure categorizes transactions as part of either the banking portfolio or the trading portfolio, in accordance with general criteria established by CMN Resolution No. 4,557, of February 23, 2017, and BCB Resolution No. 111, of July 6, 2021 and later changes. The trading portfolio consists of all transactions involving financial instruments and commodities, including derivatives, which are held for trading. The banking portfolio is basically characterized by transactions for the banking business, and transactions related to the management of the balance sheet of the institution, where there is no intention of sale and time horizons are medium and long term.

Market risk management is based on the following metrics:

• Value at risk (VaR): a statistical measure that estimates the expected maximum potential economic loss under normal market conditions, considering a certain time horizon and confidence level.

• Losses in stress scenarios (Stress Test): simulation technique to assess the behavior of assets, liabilities and derivatives of a portfolio when several risk factors are taken to extreme market situations (based on prospective and historical scenarios).

• Stop loss/Max drawdown: metrics used to revise positions, should losses accumulated in a fixed period reach a certain level.

• Concentration: cumulative exposure of a certain financial instrument or risk factor, calculated at market value (MtM – Mark to Market).

• Stressed VaR: statistical metric derived from the VaR calculation, with the purpose of simulating higher risk in the trading portfolio, taking returns that can be seen in past scenarios of extreme volatility.

Management of Interest Rate Risk in the Banking Book (IRRBB) is based on the following metrics:

• ΔEVE (Delta Economic Value of Equity): 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 these instruments in a scenario of shock in interest rates.

F-103

• ΔNII (Delta Net Interest Income): difference between the result of financial intermediation of instruments subject to IRRBB in a base scenario and the result of financial intermediation of these instruments in a scenario of shock in interest rates.

In addition, sensitivity and loss control measures are also analyzed. They include:

• Mismatching analysis (GAPS): accumulated exposure by risk factor of cash flows expressed at market value, allocated at the maturity dates.

• Sensitivity (DV01- Delta Variation): impact on the fair value of cash flows when a 1 basis point change is applied to current interest rates or on the index rates.

• Sensitivity to Sundry Risk Factors (Greeks): partial derivatives of an option portfolio in relation to the prices of underlying assets, implied volatilities, interest rates and time.

In order to operate within the defined limits, ITAÚ UNIBANCO HOLDING hedges transactions with customers and proprietary positions, including its foreign investments. Derivatives are commonly used for these hedging activities, which can be either accounting or economic hedges, both governed by the institutional polices of ITAÚ UNIBANCO HOLDING.

The structure of limits and alerts obeys the Board of Directors’ guidelines, and it is reviewed and approved on an annual basis. This structure has specific limits aimed at improving the process of monitoring and understanding risk, and at avoiding concentration. These limits are quantified by assessing the forecast balance sheet results, the size of stockholders’ equity, market liquidity, complexity and volatility, and ITAÚ UNIBANCO HOLDING’s appetite for risk.

The consumption of market risk limits is monitored and disclosed daily through exposure and sensitivity maps. The market risk area analyzes and controls the adherence of these exposures to limits and alerts and reports them in a timely manner to the Treasury desks and other structures foreseen in the governance.

ITAÚ UNIBANCO HOLDING uses proprietary systems to measure the consolidated market risk. The processing of these systems occurs in a high-availability access-controlled environment, which has data storage and recovery processes and an infrastructure that ensures business continuity in contingency (disaster recovery) situations.

II.I - VaR - Consolidated ITAÚ UNIBANCO HOLDING

VaR is calculated by Historical Simulation, i.e. the expected distribution for profits and losses (P&L) of a portfolio over time, which can be estimated from past behavior of returns of market risk factors for this portfolio. VaR is calculated at a confidence level of 99%, historical period of 4 years (1.000 business days) and a holding period of one day. In addition, in a conservative approach, VaR is calculated daily, with and without volatility weighting, and the final VaR is the more restrictive of the values given by the two methods.

From 01/01 to 12/31/2024, the average total VaR in historical simulation was R$ 939 or 0.4% of total stockholders’ equity (R$ 931 or 0.5% of total stockholders’ equity from 01/01 to 12/31/2023).

| VaR Total (Historical Simulation) (in millions of reais) (1)
12/31/2024 |  | 12/31/2023
Average | Minimum | Maximum | Var Total |  | Average | Minimum | Maximum | Var Total
VaR by Risk Factor Group |  |  |  |  |  |  |  |  |
Interest rates | 1,179 | 988 | 2,120 | 2,009 |  | 1,251 | 1,059 | 1,585 | 1,408
Currencies | 36 | 18 | 64 | 50 |  | 29 | 12 | 74 | 20
Shares | 51 | 35 | 86 | 46 |  | 30 | 14 | 55 | 41
Commodities | 17 | 8 | 41 | 19 |  | 12 | 2 | 33 | 7
Effect of diversification | - | - | - | (381) |  | - | - | - | (382)
Total risk | 939 | 756 | 1,902 | 1,743 |  | 931 | 718 | 1,247 | 1,094
1) VaR by Risk Factor Group considers information from foreign units.

F-104

II.I.I - Interest rate risk
The table below shows the accounting position of financial assets and liabilities exposed to interest rate risk, distributed by maturity (remaining contractual terms). This table is not used directly to manage interest rate risks, it is mostly used to permit the assessment of mismatching between accounts and products associated thereto and to identify possible risk concentration.
| 12/31/2024 |  | 12/31/2023
| 0-30 days | 31-180 days | 181-365 days | 1-5 years | Over 5 years | Total |  | 0-30 days | 31-180 days | 181-365 days | 1-5 years | Over 5 years | Total
Financial assets | 617,119 | 433,855 | 245,916 | 923,202 | 338,412 | 2,558,504 |  | 600,522 | 345,039 | 243,631 | 795,985 | 294,149 | 2,279,326
At amortized cost | 533,678 | 347,519 | 200,787 | 507,268 | 208,755 | 1,798,007 |  | 506,280 | 307,520 | 174,806 | 428,529 | 163,798 | 1,580,933
Central Bank of Brazil deposits | 138,518 | - | - | - | - | 138,518 |  | 121,146 | - | - | - | - | 121,146
Interbank deposits | 33,082 | 10,559 | 9,888 | 13,382 | 14 | 66,925 |  | 28,178 | 5,608 | 10,071 | 7,121 | 22 | 51,000
Securities purchased under agreements to resell | 201,082 | 41,460 | - | - | 677 | 243,219 |  | 207,697 | 30,530 | - | - | 81 | 238,308
Securities | 12,910 | 38,878 | 36,794 | 164,332 | 70,938 | 323,852 |  | 16,384 | 37,026 | 28,335 | 131,917 | 46,227 | 259,889
Loan and lease operations | 148,086 | 256,622 | 154,105 | 329,554 | 137,126 | 1,025,493 |  | 132,875 | 234,356 | 136,400 | 289,491 | 117,468 | 910,590
At fair value through other comprehensive income | 17,377 | 16,118 | 6,382 | 47,809 | 18,617 | 106,303 |  | 24,844 | 9,683 | 14,116 | 56,885 | 24,511 | 130,039
At fair value through profit or loss | 66,064 | 70,218 | 38,747 | 368,125 | 111,040 | 654,194 |  | 69,398 | 27,836 | 54,709 | 310,571 | 105,840 | 568,354
Securities | 50,816 | 57,814 | 24,538 | 332,313 | 94,662 | 560,143 |  | 59,071 | 19,439 | 49,087 | 289,490 | 94,665 | 511,752
Derivatives | 15,232 | 12,321 | 13,888 | 35,285 | 15,713 | 92,439 |  | 10,327 | 8,357 | 5,613 | 20,484 | 10,470 | 55,251
Other financial assets | 16 | 83 | 321 | 527 | 665 | 1,612 |  | - | 40 | 9 | 597 | 705 | 1,351
Financial liabilities | 777,435 | 217,860 | 153,291 | 745,329 | 152,728 | 2,046,643 |  | 698,247 | 175,283 | 148,366 | 686,826 | 110,138 | 1,818,860
At amortized cost | 766,631 | 203,641 | 137,520 | 710,423 | 142,153 | 1,960,368 |  | 690,259 | 169,109 | 140,559 | 666,315 | 99,287 | 1,765,529
Deposits | 382,252 | 90,133 | 53,767 | 503,422 | 25,167 | 1,054,741 |  | 347,884 | 78,985 | 53,949 | 467,682 | 2,852 | 951,352
Securities sold under repurchase agreements | 322,797 | 21,378 | 1,458 | 5,279 | 37,875 | 388,787 |  | 326,025 | 1,180 | 4,200 | 13,250 | 18,131 | 362,786
Interbank market funds | 56,173 | 87,015 | 74,950 | 148,059 | 6,097 | 372,294 |  | 15,099 | 83,409 | 77,263 | 142,023 | 10,851 | 328,645
Institutional market funds | 5,005 | 5,057 | 6,971 | 50,500 | 73,014 | 140,547 |  | 805 | 5,325 | 5,123 | 40,885 | 67,453 | 119,591
Premium bonds plans | 404 | 58 | 374 | 3,163 | - | 3,999 |  | 446 | 210 | 24 | 2,475 | - | 3,155
At fair value through profit or loss | 10,804 | 14,219 | 15,771 | 34,906 | 10,575 | 86,275 |  | 7,988 | 6,174 | 7,807 | 20,511 | 10,851 | 53,331
Derivatives | 10,775 | 14,179 | 15,626 | 34,756 | 10,077 | 85,413 |  | 7,988 | 6,165 | 7,798 | 20,162 | 10,362 | 52,475
Structured notes | - | - | - | 12 | 306 | 318 |  | - | - | 2 | 19 | 275 | 296
Other financial liabilities | 29 | 40 | 145 | 138 | 192 | 544 |  | - | 9 | 7 | 330 | 214 | 560
Difference assets / liabilities (1) | (160,316) | 215,995 | 92,625 | 177,873 | 185,684 | 511,861 |  | (97,725) | 169,756 | 95,265 | 109,159 | 184,011 | 460,466
Cumulative difference | (160,316) | 55,679 | 148,304 | 326,177 | 511,861 |  |  | (97,725) | 72,031 | 167,296 | 276,455 | 460,466 |
Ratio of cumulative difference to total interest-bearing assets | (6.3)% | 2.2% | 5.8% | 12.7% | 20.0% |  |  | (4.3)% | 3.2% | 7.3% | 12.1% | 20.2% |
1) The difference arises from the mismatch between the maturities of all remunerated assets and liabilities, at the respective period-end date, considering the contractually agreed terms.

F-105

II.I.II - Currency risk

The purpose of ITAÚ UNIBANCO HOLDING's management of foreign exchange exposure is to mitigate the effects arising from variation in foreign exchange rates, which may present high-volatility periods.

The currency (or foreign exchange) risk arises from positions that are sensitive to oscillations in foreign exchange rates. These positions may be originated by financial instruments that are denominated in a currency other than the functional currency in which the balance sheet is measured or through positions in derivative instruments (for negotiation or hedge). Sensitivity to currency risk is disclosed in the table VaR Total (Historical Simulation) described in item II.I – VaR Consolidated – ITAÚ UNIBANCO HOLDING.

II.I.III - Share Price Risk

The exposure to share price risk is disclosed in Note 5, related to Financial Assets through Profit or Loss - Securities, and Note 8, related to Financial Assets at Fair Value through Other Comprehensive Income - Securities.

III - Liquidity risk

Defined as the possibility that the institution may be unable to efficiently meet its expected and unexpected obligations, both current and future, including those arising from guarantees issued, without affecting its daily operations and without incurring significant losses.

Liquidity risk is controlled by an area independent from the business area and responsible for establishing the reserve composition, estimating the cash flow and exposure to liquidity risk in different time horizons, and for monitoring the minimum limits to absorb losses in stress scenarios for each country where ITAÚ UNIBANCO HOLDING operates. All activities are subject to verification by independent validation, internal control and audit areas.

Liquidity management policies and limits are based on prospective scenarios and senior management’s guidelines. These scenarios are reviewed on a periodic basis, by analyzing the need for cash due to atypical market conditions or strategic decisions by ITAÚ UNIBANCO HOLDING.

ITAÚ UNIBANCO HOLDING manages and controls liquidity risk on a daily basis, using procedures approved in superior committees, including the adoption of liquidity minimum limits, sufficient to absorb possible cash losses in stress scenarios, measured with the use of internal and regulatory methods.

Among the main regulatory liquidity indicators, the following indicators stand out:

Liquidity Coverage Ratio (LCR): can be defined as a sufficiency index over a 30-day horizon, measuring the available amount of assets available to honor potential liquid outflows in a stress scenario.

Net Stable Funding Ratio (NSFR): can be defined as an analysis of funding available for the financing of long-term assets.

Both metrics are managed by the liquidity risk area and they have limits approved by superior committees, as well as governance of action plans in possible liquidity stress scenarios.

Additionally, the following items for monitoring and supporting decisions are periodically prepared and submitted to senior management:

• Different scenarios projected for changes in liquidity.

• Contingency plans for crisis situations.

• Reports and charts that describe the risk positions.

• Assessment of funding costs and alternative sources of funding.

F-106

• Monitoring of changes in funding through a constant control of sources of funding, considering the type of investor, maturities and other factors.

III.I - Primary sources of funding

ITAÚ UNIBANCO HOLDING has different sources of funding, of which a significant portion is from the retail segment. Of total customers’ funds, 69.5% or R$ 1,089,345, is immediately available to customers. However, the historical behavior of the accumulated balance of the two largest items in this group – time deposit and interbank market funds - is relatively consistent with the balances increasing over time and inflows exceeding outflows for monthly average amounts.

Funding from customers | 12/31/2024 |  | 12/31/2023
0-30 days | Total | % |  | 0-30 days | Total | %
Deposits | 894,482 | 1,054,741 |  |  | 817,050 | 951,352 |
Demand deposits | 124,920 | 124,920 | 8.0% |  | 105,634 | 105,634 | 7.6%
Savings deposits | 180,730 | 180,730 | 11.5% |  | 174,765 | 174,765 | 12.5%
Time deposits (1) | 580,855 | 735,376 | 46.9% |  | 527,841 | 656,591 | 46.9%
Other | 7,977 | 13,715 | 0.9% |  | 8,810 | 14,362 | 1.0%
Interbank market funds (1) | 189,700 | 372,294 | 23.7% |  | 200,886 | 328,645 | 23.5%
Funds from own issue (2) | - | 2 | - |  | - | 8 | -
Institutional market funds | 5,163 | 140,547 | 9.0% |  | 1,106 | 119,591 | 8.5%
Total | 1,089,345 | 1,567,584 | 100.0% |  | 1,019,042 | 1,399,596 | 100.0%
1) The settlement date is considered as the closest period in which the client has the possibility of withdrawing funds. 2) Refers to Deposits received under securities repurchase agreements with securities from own issue.

III.II - Control over liquidity

Under the LCR metric, ITAÚ UNIBANCO HOLDING has High-quality Liquid Assets (HQLA) which totaled an average of R$ 362,609 in the period, mainly made up of sovereign securities, reserves in central banks and cash. Net cash outflows totaled an average of R$ 163,863 in the period, mainly made up of retail, wholesale funds, additional requirements, contractual and contingent obligations, offset by cash inflows from loans and other expected cash inflows.

The average LCR in the period is 221.3% (191.8% at 12/31/2023) above the 100% threshold, and therefore the entity comfortably has sufficient stable funds available to support losses under the standardized stress scenario for LCR.

From the NSFR perspective, ITAÚ UNIBANCO HOLDING has Available Stable Funding (ASF) that totaled R$ 1,375,854 in the period, mainly made up of capital, retail and wholesale funds. The required stable funding (RSF) totaled R$ 1,127,870 in the period, mainly made up of loans and financing granted to wholesale and retail clients, central governments, and operations with central banks.

The NSFR at the period closing is 122.0% (126.9% at 12/31/2023), above the 100% threshold, and therefore the entity comfortably has sufficient stable funds available to support the stable funds required in the long term, in accordance with the metric.

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Liabilities according to their remaining contractual maturities, considering their undiscounted flows, are presented below:
Undiscounted future flows, except for derivatives which are fair value | 12/31/2024 |  | 12/31/2023
Financial liabilities | 0 – 30 | 31 – 365 | 366 – 720 | Over 720 days | Total |  | 0 – 30 | 31 – 365 | 366 – 720 | Over 720 days | Total
Deposits | 894,493 | 132,640 | 14,588 | 18,118 | 1,059,839 |  | 817,054 | 83,175 | 29,089 | 25,015 | 954,333
Demand deposits | 124,920 | - | - | - | 124,920 |  | 105,634 | - | - | - | 105,634
Savings deposits | 180,730 | - | - | - | 180,730 |  | 174,765 | - | - | - | 174,765
Time deposit | 580,855 | 131,189 | 10,740 | 17,348 | 740,132 |  | 527,841 | 82,376 | 24,238 | 25,012 | 659,467
Interbank deposits | 1,497 | 1,451 | 3,848 | 770 | 7,566 |  | 900 | 799 | 4,851 | 3 | 6,553
Other deposits | 6,491 | - | - | - | 6,491 |  | 7,914 | - | - | - | 7,914
Central Bank of Brazil deposits | (137,510) | (19,100) | (1,564) | (2,524) | (160,698) |  | (127,312) | (11,322) | (3,332) | (3,438) | (145,404)
Demand deposits | (22,180) | - | - | - | (22,180) |  | (24,258) | - | - | - | (24,258)
Savings deposits | (30,763) | - | - | - | (30,763) |  | (30,505) | - | - | - | (30,505)
Time deposit | (84,567) | (19,100) | (1,564) | (2,524) | (107,755) |  | (72,549) | (11,322) | (3,332) | (3,438) | (90,641)
Securities sold under repurchase agreements | 352,257 | 23,772 | 572 | 77,597 | 454,198 |  | 352,654 | 4,909 | 4,217 | 65,524 | 427,304
Government securities | 274,340 | 7,511 | 290 | 76,463 | 358,604 |  | 282,119 | 4,504 | 4,029 | 64,160 | 354,812
Corporate securities | 27,191 | 15,642 | 282 | 1,134 | 44,249 |  | 31,059 | 401 | 188 | 1,364 | 33,012
Foreign | 50,726 | 619 | - | - | 51,345 |  | 39,476 | 4 | - | - | 39,480
Interbank market funds | 189,700 | 114,859 | 33,650 | 60,238 | 398,447 |  | 200,886 | 65,124 | 33,361 | 43,284 | 342,655
Institutional market funds | 5,163 | 15,436 | 54,277 | 100,802 | 175,678 |  | 1,106 | 12,227 | 48,240 | 81,110 | 142,683
Derivative financial instruments - Net position | 10,775 | 29,805 | 12,566 | 32,267 | 85,413 |  | 7,988 | 13,963 | 7,553 | 22,971 | 52,475
Swaps | 3,187 | 7,957 | 10,065 | 30,185 | 51,394 |  | 3,231 | 4,064 | 6,476 | 21,970 | 35,741
Options | 3,902 | 14,825 | 1,065 | 796 | 20,588 |  | 903 | 7,010 | 595 | 464 | 8,972
Forwards | 1,435 | 2 | - | 13 | 1,450 |  | 2,965 | - | 1 | 16 | 2,982
Other derivatives | 2,251 | 7,021 | 1,436 | 1,273 | 11,981 |  | 889 | 2,889 | 481 | 521 | 4,780
Other financial liabilities | 29 | 185 | 138 | 192 | 544 |  | - | 3 | 205 | 352 | 560
Total financial liabilities | 1,314,907 | 297,597 | 114,227 | 286,690 | 2,013,421 |  | 1,252,376 | 168,079 | 119,333 | 234,818 | 1,774,606

Off-balance commitments |  | 12/31/2024 |  | 12/31/2023
Note | 0 – 30 | 31 – 365 | 366 – 720 | Over 720 days | Total |  | 0 – 30 | 31 – 365 | 366 – 720 | Over 720 days | Total
Financial guarantees |  | 3,323 | 42,924 | 21,910 | 55,758 | 123,915 |  | 2,875 | 32,938 | 14,264 | 52,545 | 102,622
Loan commitments |  | 192,814 | 53,056 | 19,647 | 234,297 | 499,814 |  | 176,017 | 51,101 | 10,313 | 192,647 | 430,078
Letters of credit to be released |  | 72,930 | - | - | - | 72,930 |  | 20,850 | - | - | - | 20,850
Contractual commitments - Fixed and Intangible assets | 13, 14 | - | - | - | - | - |  | - | 3 | - | - | 3
Total |  | 269,067 | 95,980 | 41,557 | 290,055 | 696,659 |  | 199,742 | 84,042 | 24,577 | 245,192 | 553,553

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IV - Emerging Risks

Defined as those with a potentially material impact on the business in the medium and long term, but for which there are not enough elements yet for their complete assessment and mitigation due to the number of factors and impacts not yet totally known, such as geopolitical and macroeconomic risk and climate change. Their causes can be originated by external events and result in the emergence of new risks or in the intensification of risks already monitored by ITAÚ UNIBANCO HOLDING.

The identification and monitoring of Emerging Risks are ensured by ITAÚ UNIBANCO HOLDING’s governance, allowing these risks to be incorporated into risk management processes too.

V - Social, Environmental and Climate Risks

Social, environmental and climate risks are the possibility of losses due to exposure to social, environmental and/or climatic events related to the activities developed by ITAÚ UNIBANCO HOLDING.

Social, environmental and climatic factors are considered relevant to the business of ITAÚ UNIBANCO HOLDING, since they may affect the creation of shared value in the short, medium and long term.

The Policy of Social, Environmental and Climatic Risks (Risks SAC Policy) establishes the guidelines and underlying principles for social, environmental and climatic risk management, addressing the most significant risks for the institution’s operation through specific procedures.

Actions to mitigate the Social, Environmental and Climatic Risks are taken based on the mapping of processes, risks and controls, monitoring of new standards related to the theme and recording of occurrence in internal systems. In addition to the identification, the phases of prioritization, response to risk, mitigation, monitoring and reporting of assessed risks supplement the management of these risks at ITAÚ UNIBANCO HOLDING.

In the management of Social, Environmental and Climatic Risks, business areas manage the risk in its daily activities, following the Risks SAC Policy guidelines and specific processes, with the support of specialized assessment from dedicated technical teams located in Credit, which serves the Wholesale segment, Credit Risk and Modeling, and Institutional Legal teams, that act on an integrated way in the management of all dimensions of the Social, Environmental and Climatic Risks related to the conglomerate’s activities. As an example of specific guidelines for the management of these risks, ITAÚ UNIBANCO HOLDING has specific governance for granting and renewing credit in senior approval levels for clients in certain economic sectors, classified as Sensitive Sectors (Mining, Steel & Metallurgy, Oil & Gas, Textiles Industry and Retail Clothing, Paper & Pulp, Chemicals & Petrochemicals, Agri - Meatpacking, Agri - Crop Protection and Fertilizers, Wood, Energy, Rural Producers and Real Estate), for which there is an individualized analysis of Social, Environmental and Climate Risks. The institution also counts with specific procedures for the Institution’s operation (stockholders’ equity, branch infrastructure, technology and suppliers), credit, investments and key controls. SAC Risks area, Internal Controls and Compliance areas, in turn, support and ensure the governance of the activities of the business and credit areas that serves the business. The Internal Audit acts on an independent manner, assessing risk management, controls and governance.

Governance also counts on the Social, Environmental and Climatic Risks Committee, whose main responsibility is to assess and deliberate about institutional and strategic matters, as well as to resolve on products, operations, services, among others involving the Social, Environmental and Climatic Risks.

Climate Risk includes: (i) physical risks, arising from changes in weather patterns, such as increased rainfall, and temperature and extreme weather events, and (ii) transition risks, resulting from changes in the economy, as a result of climate actions, such as carbon pricing, climate regulation, market risks and reputational risks.

Considering its relevance, climate risk has become one of the main priorities for ITAÚ UNIBANCO HOLDING, which supports the Task Force on Climate-related Financial Disclosures (TCFD) and it is committed to maintaining a process of evolution and continuous improvement within the pillars recommended by the TCFD. With this purpose, ITAÚ UNIBANCO HOLDING is strengthening the governance and strategy related to Climate Risk and developing tools and methodologies to assess and manage these risks.

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ITAÚ UNIBANCO HOLDING measures the sensitivity of the credit portfolio to climate risks by applying the Climate Risk Sensitivity Assessment Tool, developed by Febraban. The tool combines relevance and proportionality criteria to identify the sectors and clients within the portfolio that are more sensitive to climate risks, considering physical and transition risks. The sectors with the highest probability of suffering financial impacts from climate change, following the TCFD guidelines, are: energy, transport, materials and construction, agriculture, food and forestry products.

c) Capital Management Governance

ITAÚ UNIBANCO HOLDING is subject to the regulations of BACEN, which determines minimum capital requirements, procedures to obtain information to assess the global systemic importance of banks, fixed asset limits, loan limits and accounting practices, and requires banks to conform to the regulations based on the Basel Accord for capital adequacy. Additionally, CNSP and SUSEP issue regulations on capital requirements that affect our insurance operations and private pension and premium bonds plans.

The capital statements were prepared in accordance with BACEN’s regulatory requirements and with internationally accepted minimum requirements according to the Bank for International Settlements (BIS).

I - Composition and Capital Adequacy

The Board of Directors is the body responsible for approving the institutional capital management policy and guidelines for the capitalization level of ITAÚ UNIBANCO HOLDING. The Board is also responsible for the full approval of the ICAAP (Internal Capital Adequacy Assessment Process) report, the purpose of which is to assess the capital adequacy of ITAÚ UNIBANCO HOLDING.

The result of the last ICAAP, which comprises stress tests – which was dated December 2023 – indicated that ITAÚ UNIBANCO HOLDING has, in addition to capital to cover all material risks, a significant capital surplus, thus assuring the solidity of the institution’s equity position.

In order to ensure that ITAÚ UNIBANCO HOLDING is sound and has the capital needed to support business growth, the institution maintains PR levels above the minimum level required to face risks, as demonstrated by the Common Equity Tier I, Tier I Capital and Total Capital ratios.

| 12/31/2024 | 12/31/2023
Available capital (amounts) |  |
Common Equity Tier 1 (CET 1) | 188,265 | 166,389
Tier 1 | 206,196 | 185,141
Total capital (PR) | 227,602 | 206,862
Risk-weighted assets (amounts) |  |
Total risk-weighted assets (RWA) | 1,379,056 | 1,215,019
Risk-based capital ratios as a percentage of RWA |  |
Common Equity Tier 1 ratio (%) | 13.7% | 13.7%
Tier 1 ratio (%) | 15.0% | 15.2%
Total capital ratio (%) | 16.5% | 17.0%
Additional CET1 buffer requirements as a percentage of RWA |  |
Capital conservation buffer requirement (%) | 2.5% | 2.5%
Countercyclical buffer requirement (%) | 0.1% | -
Bank G-SIB and/or D-SIB additional requirements (%) | 1.0% | 1.0%
Total of bank CET1 specific buffer requirements (%) | 3.6% | 3.5%

At 12/31/2024, the amount of perpetual subordinated debt that makes up Tier I capital is R$ 16,957 (R$ 18,028 at 12/31/2023) and the amount of perpetual subordinated debt that makes up Tier capital II is R$ 20,497 (R$ 21,208 at 12/31/2023).

The Basel Ratio reached 16.5% at 12/31/2024, a decrease of (0.5) p.p. compared to 12/31/2023, mainly due to repurchases of debts that composing the Tier I and Tier II capital.

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Additionally, ITAÚ UNIBANCO HOLDING has a surplus over the required minimum Total capital of R$ 117,278 (R$ 109,660 at 12/31/2023), well above the Capital Buffer requirement of R$ 49,049 (R$ 42,526 at 12/31/2023), widely covered by available capital.

The fixed assets ratio indicates the commitment percentage of adjusted Total capital with adjusted permanent assets. ITAÚ UNIBANCO HOLDING falls within the maximum limit of 50% of adjusted Total capital, established by BACEN. At 12/31/2024, fixed assets ratio reached 18.5% (21.5% at 12/31/2023), showing a surplus of R$ 71,704 (R$ 58,879 at 12/31/2023).

II - Risk-Weighted Assets (RWA)

For calculating minimum capital requirements, RWA must be obtained by taking the sum of the following risk exposures:

• 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 of Brazil.

• 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 of Brazil.

• RWAOPAD = portion related to the operational risk capital requirement, calculated using standardized approach.

| RWA
| 12/31/2024 | 12/31/2023
Credit risk (excluding counterparty credit risk) | 1,108,011 | 976,915
Of which: standardised approach for credit risk | 1,038,238 | 924,518
Of which: foundation internal rating-based approach (F-IRB) | - | -
Of which: advanced internal rating-based approach (A-IRB) | 69,773 | 52,397
Counterparty credit risk (CCR) | 44,837 | 30,804
Of which: standardized approach for counterparty credit risk (SA-CCR) | 35,148 | 22,259
Of which: other CCR | 9,689 | 8,545
Equity investments in funds - look-through approach | 4,667 | 5,871
Equity investments in funds - mandate-based approach | - | -
Equity investments in funds - fall-back approach | 716 | 1,543
Securitisation exposures in banking book | 9,242 | 4,141
Market Risk | 43,189 | 43,179
Of which: standardized approach (RWAMPAD) | 52,643 | 52,299
Of which: internal models approach (RWAMINT) | 28,471 | 18,871
Operational Risk | 112,827 | 103,094
Payment Services risk (RWASP) | NA | NA
Amounts below the thresholds for deduction | 55,567 | 49,472
Total | 1,379,056 | 1,215,019

III - Recovery Plan

In response to the latest international crises, the Central Bank published Resolution No. 4,502, which requires the development of a Recovery Plan by financial institutions within Segment 1, with total exposure to GDP of more than 10%. This plan aims to reestablish adequate levels of capital and liquidity above regulatory operating limits in the face of severe systemic or idiosyncratic stress shocks. In this way, each institution could preserve its financial viability while also minimizing the impact on the National Financial System.

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IV - Stress testing

The stress test is a process of simulating extreme economic and market conditions on ITAÚ UNIBANCO HOLDING’s results, liquidity and capital. The institution has been carrying out this test in order to assess its solvency in plausible scenarios of crisis, as well as to identify areas that are more susceptible to the impact of stress that may be the subject of risk mitigation.

For the purposes of the test, the economic research area estimates macroeconomic variables for each stress scenario. The elaboration of stress scenarios considers the qualitative analysis of the Brazilian and the global conjuncture, historical and hypothetical elements, short and long term risks, among other aspects, as defined in CMN Resolution 4,557.

In this process, the main potential risks to the economy are assessed based on the judgment of the bank's team of economists, endorsed by the Chief Economist of ITAÚ UNIBANCO HOLDING and approved by the Board of Directors. Projections for the macroeconomic variables (such as GDP, basic interest rate, exchange rates and inflation) and for variables in the credit market (such as raisings, lending, rates of default, margins and charges) used are based on exogenous shocks or through use of models validated by an independent area.

Then, the stress scenarios adopted are used to influence the budgeted result and balance sheet. In addition to the scenario analysis methodology, sensitivity analysis and the Reverse Stress Test are also used.

ITAÚ UNIBANCO HOLDING uses the simulations to manage its portfolio risks, considering Brazil (segregated into wholesale and retail) and External Units, from which the risk-weighted assets and the capital and liquidity ratios are derived.

The stress test is also an integral part of the ICAAP, the main purpose of which is to assess whether, even in severely adverse situations, the institution would have adequate levels of capital and liquidity, without any impact on the development of its activities.

This information enables potential offenders to the business to be identified and provides support for the strategic decisions of the Board of Directors, the budgeting and risk management process, as well as serving as an input for the institution’s risk appetite metrics.

V - Leverage Ratio

The Leverage Ratio is defined as the ratio between Tier I Capital and Total Exposure, calculated according to BACEN Circular 3,748, which minimum requirement is of 3%. The ratio is intended to be a simple measure of non-risk-sensitive leverage, and so it does not take into account risk weights or risk mitigation.

d) Management risks of insurance contracts and private pension

I - Management structure, roles and responsibilities

ITAÚ UNIBANCO HOLDING has specific committees, whose assignment is to define and establish guidelines for the management of funds from insurance contracts and private pension, with the objective of long-term profitability, and to establish assessment models, risk limits and resource allocation strategies in defined financial assets.

II - Underwriting risk

In addition to the risks inherent in financial instruments related to insurance contracts and private pension, operations carried out at ITAÚ UNIBANCO HOLDING cause exposure to underwriting risk.

Underwriting risk is the risk of significant deviations in the methodologies and/or assumptions used for pricing products that may adversely affect ITAÚ UNIBANCO HOLDING, which may be consummated in different ways, depending on the product offered:

(i) Insurance: results from the change in risk behavior in relation to the increase in the frequency and/or severity of claims incurred, contrary to pricing estimates.

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(ii) Private Pension: is observed in the increase in life expectancy or deviation from the assumptions adopted in the estimates of future cash flows.

The measurement of exposure to underwriting risk is based on the analysis of the actuarial assumptions adopted in the recognition of liabilities and pricing of products through i) monitoring the evolution of equity required to mitigate the risk of insolvency or liquidity; ii) follow-up of portfolios, products, and coverage, from the perspective of results, adherence to expected rates and expected behavior of loss ratio.

Exposure to underwriting risk is managed and monitored in accordance with risk appetite levels approved by Management and is controlled using indicators that allow the creation of stress scenarios and simulations of the portfolio.

II.I Risk Concentrations

For ITAÚ UNIBANCO HOLDING there is no concentration of products in relation to insurance premiums, thus reducing the risk of concentration in products and distribution channels. ITAÚ UNIBANCO HOLDING's insurance and private pension operations are mainly related to death and survivorship coverage.

II.II - Sensitivity analysis |  |  |  |  |
The sensitivity analysis considers a vision impacts caused by changes in assumptions, which could affect the income and stockholders’ equity at the report date. This type of analysis is usually conducted under the ceteris paribus condition, in which the sensitivity of a system is measured when one variable of interest is changed and all the others remain unchanged. The results obtained are shown in the table below:
Assumptions |  | 12/31/2024
| Impact in Income | Impact in Stockholders’ Equity
| Insurance | Private pension | Insurance | Private pension
Discount rate |  |  |  |  |
0.5 p.p. increase |  | - | (28) | 49 | 653
0.5 p.p. decrease |  | - | 24 | (53) | (722)
Biometric tables |  |  |  |  |
5% increase |  | (10) | 51 | - | -
5% decrease |  | 11 | (53) | - | -
Claims |  |  |  |  |
5% increase |  | (32) | - | - | -
5% decrease |  | 32 | - | - | -

III - Liquidity risk

Liquidity risk management for insurance and private pension operations is performed on an ongoing basis, based on monitoring the flow of payments related to its liabilities, the flow of receipts generated by operations and the portfolio of financial assets.

Financial assets are managed with the purpose of optimizing the relationship between risk and return on investments, considering the characteristics of their liabilities. Accordingly, investments are concentrated in government and corporate securities with good credit quality in active and liquid markets, keeping a considerable amount invested in short-term assets, with immediate liquidity, to meet regular and contingent liquidity needs. In addition, ITAÚ UNIBANCO HOLDING constantly monitors the solvency conditions of its operations.

Below is a maturity analysis of estimated undiscounted future cash flows from insurance contracts and private pension, considering assumptions of inflows, outflows and discount rates (Note 27c):

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Period | 12/31/2024 |  | 12/31/2023
Insurance | Private pension | Total |  | Insurance | Private pension | Total
1 year | (817) | 9,483 | 8,666 |  | (806) | 15,247 | 14,441
2 years | (333) | 13,240 | 12,907 |  | (310) | 19,187 | 18,877
3 years | (240) | 14,702 | 14,462 |  | (220) | 18,409 | 18,189
4 years | (126) | 15,991 | 15,865 |  | (109) | 17,850 | 17,741
5 years | (4) | 17,096 | 17,092 |  | 5 | 17,354 | 17,359
Over 5 years | 2,108 | 1,111,776 | 1,113,884 |  | 1,963 | 425,166 | 427,129
Total (1) | 588 | 1,182,288 | 1,182,876 |  | 523 | 513,213 | 513,736
1) Refers to (inflows) and outflows of cash flows related to insurance contracts and private pension. Variations observed in private pension plans are due to the increase in future contributions and reduction of exit assumptions that consequently impacted the volume of rescues and deaths.

ITAÚ UNIBANCO HOLDING holds R$ 295,823 (R$ 261,530 at 12/31/2023) referring to amounts that are payable or demand, which represent contributions made by insured parties that can be redeemed at any time. All these amounts refer to contracts issued that are liabilities, and no group of contracts was in asset position in the period.

IV - Credit risk

The credit risk arising from insurance contract premiums is not material, as cases with unpaid coverage are canceled after 90 days.

Reinsurance operations are controlled through an internal policy, observing the regulator's guidelines regarding the reinsurers with which ITAÚ UNIBANCO HOLDING operates.

Taking out reinsurance is subject to an assessment of the reinsurer's credit risk and the operational limits for its consummation, and monitoring is carried out during the effectiveness to identify signs of deterioration that lead to changes in the analyzes conducted.

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Note 33 - Supplementary information

a) Monitoring of the climate event in Rio Grande do Sul

ITAÚ UNIBANCO HOLDING monitors the economic effects arising from the climate event in the State of Rio Grande do Sul, which affected its results. Since the beginning of the rains, ITAÚ UNIBANCO HOLDING follows the impacts of floods on its operations and clients, in addition to emergency government actions to face this disaster. The National Monetary Council and the Central Bank of Brazil issued regulations to be complied with regarding credit, compulsory and consortium operations. Thus ITAÚ UNIBANCO HOLDING identified, based on its best estimates and critical judgements, the following events with impact on its Consolidated Financial Statements:

a) ITAÚ UNIBANCO HOLDING adopts expected loss to recognize a provision for its operations, which is updated periodically according to macroeconomic and circumstantial variables; therefore, the provision for expected loss was recognized in an amount sufficient to face the exposure to credit risk in Rio Grande do Sul. The governance of credit risk allows ITAÚ UNIBANCO HOLDING to respond quickly to the monitoring of potential impacts on its credit exposures, enabling quick access to information required for discussions and related actions. No significant impacts on this portfolio have been identified.

b) Immaterial increase in claims expenses related to insurance against damage in property and housing lines.

c) Expenses with donations in the total of R$ 16, with the purpose of assisting in emergency actions in the region.

Note 34 - Subsequent event

​On February 05, 2025, the Board of Directors approved the proposal: (i) to increase the capital in the amount of R$ 33,334, from R$ 90,729 to R$ 124,063, through capitalization of amounts recorded in the Profit Reserves - Statutory Reserves; (ii) that the capital increase will be effective with the issuance of 980,413,535 new book-entry shares, with no par value, being 495,829,036 common and 484,584,499 preferred shares, which will be allocated free of charge to the holders of shares in ITAÚ UNIBANCO HOLDING, as a bonus, in the proportion of 1 new share of the same type for every 10 shares held, and the shares held in treasury will also receive the bonus.

Additionally, on the same date, the Board of Directors resolved on the Program for the repurchase of own issue shares: (i) to terminate as from this date, in advance, the current program that would expire on 08/04/2025; and (ii) to approve the new program, which will be effective as from this date until 02/05/2026, authorizing the acquisition of up to 200,000,000 preferred shares of own issue, with no reduction in the capital amount. The new repurchase of shares ​program aims to: (a) cancel the shares issued by ITAÚ UNIBANCO HOLDING, ​as the Board of Directors decided to allocate the amount of R$ 3 billion from the 2024 result for this purpose; and (b) provide the delivery of shares to employees and management members of ITAÚ UNIBANCO HOLDING and its subsidiaries in the scope of their compensation models, their long-term incentive plans, and their institutional projects. Acquisitions will occur on a stock exchange, at market value and intermediated by Itaú Corretora de Valores S.A.

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