Who Owns Itaúsa Company?

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Who Owns Itaúsa?

Understanding a company's ownership is key to grasping its strategy and accountability. Itaúsa's shift from an investment bank to a diversified holding company in 1975 highlights how ownership shapes a company's path.

Founded in 1966, Itaúsa S.A. has grown into one of Brazil's largest private conglomerates. Its diverse portfolio spans financial services, industrial products, consumer goods, infrastructure, and energy.

As of July 2025, Itaúsa holds a market capitalization of $20.7 billion, with 11 billion shares outstanding. This structure allows for a broad range of stakeholders to influence its direction.

We will explore Itaúsa's ownership journey, from its founders to its current major shareholders, including families, institutional investors, and the public. The influence of its Board of Directors and recent ownership shifts are also crucial factors in understanding this Brazilian powerhouse. Analyzing its Itaúsa BCG Matrix can provide further strategic insights.

Itaúsa was established in 1966, with its ownership historically concentrated among the Setubal and Villela families, complemented by a minority interest from the Camargo family. The company's structure evolved significantly in 1975 when it was incorporated, merging the investment banking and holding company operations of the Itaú conglomerate, transitioning into a holding entity with over 50 investments.

Founding Families

The Setubal and Villela families are the primary controlling shareholders of Itaúsa. The Camargo family also holds a significant minority stake in the company.

Incorporation and Evolution

Itaúsa was incorporated in 1975, marking its transformation from an investment bank to a diversified holding company. This move consolidated its position with over 50 investees.

Public Trading History

The company's shares have been available on stock exchanges since its inception in 1966. Itaúsa secured its registration with the Brazilian Securities and Exchange Commission (CVM) in 1977.

Share Structure

Itaúsa's bylaws permit the issuance of common (ON) and preferred (PN) shares. Brazilian law allows for up to two non-voting shares for each voting share, enabling control with less than 50% ownership.

Voting Rights

Common shares grant holders one vote per share at General Stockholders' Meetings. Preferred shares typically do not carry voting rights, except in specific circumstances defined by law.

Dividend Preference

Preferred shares offer priority in receiving non-cumulative minimum annual dividends. These dividends are set at R$0.022 per share, providing a consistent return for preferred shareholders.

The ownership of Itaúsa is characterized by a strong influence from its founding families, the Setubal and Villela families, who have historically maintained control. This family-driven ownership structure is a key element in understanding Itaúsa's corporate governance and strategic direction, as detailed in analyses of the Target Market of Itaúsa. The company's share structure, which includes both voting common shares and non-voting preferred shares, is designed to allow for concentrated control by a core group of shareholders, even if their total equity stake is below 50%. This approach is common in Brazil and allows the controlling families to maintain significant influence over the company's decisions and long-term strategy.

Itaúsa Ownership Overview

Itaúsa's ownership is primarily held by the Setubal and Villela families, with the Camargo family also being a significant shareholder. The company's public trading history dates back to 1966, and its corporate structure evolved significantly in 1975.

• Founding families: Setubal and Villela
• Minority stake: Camargo family
• Incorporation year: 1975
• Shares traded since: 1966
• CVM registration: 1977
• Share classes: Common (ON) and Preferred (PN)

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Itaúsa's ownership journey has been marked by significant milestones since its inception, shaping its current corporate landscape. The company's free float, representing shares available for public trading, stood at approximately 66% as of June 30, 2025.

The ESA Family, identified as the controlling group, maintains a significant stake in Itaúsa, holding 33.62% of the total shares. This includes a dominant 63.66% of common shares and 17.89% of preferred shares, underscoring their influence over the company's voting power and strategic direction. Fundação Antonio e Helena Zerrenner (FAHZ) is another key shareholder, with 6.62% of the total outstanding shares as of June 30, 2025. The remaining 59.74% of Itaúsa's shares are held by other shareholders, contributing to a diverse ownership base.

Key Institutional Investors in Itaúsa

Itaúsa's ownership structure reflects broad market participation, with numerous institutional investors holding significant stakes. These entities play a crucial role in the Itaúsa stock ownership landscape.

• BlackRock, Inc.
• The Vanguard Group, Inc.
• Boston Partners Global Investors, Inc.
• Franklin Resources, Inc.
• Schroder Investment Management North America Inc.
• Invesco Ltd.
• Goldman Sachs Asset Management, L.P.
• Morgan Stanley Administradora de Carteiras S.A.
• BB Gestão de Recursos - Distribuidora de Títulos e Valores Mobiliários S.A.

As a publicly traded entity, Itaúsa's major shareholders include prominent institutional investors such as BlackRock, Inc., The Vanguard Group, Inc., and Boston Partners Global Investors, Inc. The company's dedication to transparency is evident in its practice of voluntarily publishing annual reports since the 1980s and its adoption of International Integrated Reporting Council (IIRC) principles in 2019, aligning with best practices in corporate disclosure. This commitment provides valuable insights into the Itaúsa corporate structure. For a deeper understanding of the company's historical trajectory, refer to the Brief History of Itaúsa. Financially, as of March 31, 2025, Itaúsa reported a trailing 12-month revenue of $1.46 billion and a net income of $2.71 billion, illustrating its robust financial performance.

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Itaúsa's Board of Directors is structured to ensure robust corporate governance, with a significant emphasis on independent oversight. As of May 12, 2025, Raul Calfat chairs the board as an Independent Member, supported by Vice Chairpersons Ana Lúcia de Mattos Barretto Villela and Roberto Egydio Setubal. The board composition reflects a commitment to best practices, with 50% independent members, including the chairman, in 2024.

The voting power within Itaúsa is primarily concentrated through its common shares (ITSA3). Each common share carries one vote at General Stockholders' Meetings, whereas preferred shares (ITSA4) generally do not possess voting rights, with exceptions for specific legal circumstances like prolonged dividend non-payment. Preferred shareholders are entitled to priority in dividend distributions and a tag-along right of 80% of the price paid to the controlling group upon a change of control, a provision voluntarily extended by Itaúsa. The ESA Family, as the primary controlling group, holds a substantial portion of the common shares, thereby wielding significant voting influence. This structure supports an environment where investees can operate with autonomy while maintaining strategic alignment and effective risk management, a key aspect of Itaúsa's Marketing Strategy of Itaúsa.

Understanding Itaúsa's Ownership Dynamics

Itaúsa's ownership is characterized by a clear distinction between voting and non-voting shares, with the controlling family holding significant voting power. This structure influences strategic decision-making and shareholder rights.

• Common shares (ITSA3) grant voting rights.
• Preferred shares (ITSA4) generally lack voting rights but have dividend priority.
• The ESA Family is the primary controlling shareholder group.
• A 80% tag-along right is provided to preferred shareholders in control disposal events.

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Over the past few years, Itaúsa has actively managed its investment portfolio and ownership structure. Recent developments include a significant stock buyback program by Itaú Unibanco Holding S.A. and strategic divestments, reflecting a focus on shareholder value and efficient capital allocation.

Itaúsa's financial performance in recent years demonstrates a commitment to growth and profitability. For the full year 2023, the company reported a recurring net profit of R$14.1 billion, a 3.0% increase from 2022. Net earnings for 2023 were R$8.0 billion, a substantial 100% increase from the previous year. Looking ahead, Itaúsa reported sales of BRL 8,235 million and a net income of BRL 14,778 million for the full year ended December 31, 2024. The company has also proactively managed its debt, with a R$1 billion pre-payment and R$1.3 billion refinancing in Q4 2023, extending its average debt term to 6.5 years and pushing principal maturities to 2027.

Shareholder Value Focus

Itaúsa consistently aims to maximize shareholder value. This is achieved through strategic portfolio adjustments and capital allocation decisions.

Active Portfolio Management

The divestment of shares in XP Inc. in 2023 exemplifies Itaúsa's active approach. This strategy allows for capital redeployment into more promising opportunities.

Financial Health and Liquidity

Itaúsa's debt management, including pre-payments and refinancing, strengthens its financial position. The recent capital increase further bolsters liquidity.

Profitability and Growth

The company's reported net profits for 2023 and 2024 indicate a positive trend. This sustained profitability is a key indicator for investors assessing Itaúsa ownership.

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