Itau Unibanco Model Update

Research evidence excerpt

J P M O R G A N

Latin America Equity Research

05 August 2026

Itau Unibanco

Model Update

We have updated our Itau model following 2Q26 results (link).

Latin American Financials

Yuri R Fernandes AC

For 2026, we keep our recurring earnings estimate mostly unchanged at R

$51,100mn, up 9% Y-o-Y and implying a 25.2% ROE. For 2027, we lower our

recurring earnings forecast by ~2% to R$56,743mn, up 11% Y-o-Y and implying

a 25.8% ROE. We now stand in line with Bloomberg consensus for 2026 and 1%

above for 2027 (12 estimates).

(1-212) 622-3400

J.P. Morgan Securities LLC

Guilherme Grespan

(55-11) 4950-3058

Banco J.P. Morgan S.A.

All in, we maintain our December 2027 price target of R$51 per share and ADR

price target of US$10.0 converted at R$5.20. We maintain our Overweight rating.

Fernanda Sayao

(55-11) 4950-6588

Banco J.P. Morgan S.A.

Diego Marquez Antonio

(52-55) 5339-94899

J.P. Morgan Casa de Bolsa, S.A. de C.V., J.P.

Morgan Grupo Financiero

Equity Ratings and Price Targets

Mkt Cap

Price

Rating

Company

Ticker

($ mn)

CCY

Price

Cur

Prev

Itau Unibanco

Itau Unibanco ADR

ITUB4 BZ

ITUB US

90,919.46

90,699.86

BRL

USD

42.10

8.19

OW

n/c

Price Target

End

Cur

Prev End Date

Date

51.00 Dec-27

n/c

10.00 Dec-27

n/c

Source: Company data, Bloomberg Finance L.P., J.P. Morgan estimates. n/c = no change.All prices as of 04 Aug 26.