Morning everyone, and welcome to another edition of [Foreign language]. I am Priscila Grecco Toledo, I'm the CFO of Itaúsa, and it's a pleasure to be with all of you. We can present the results of the first trimester of the first semester of 2025, speaking of the expectations for the second semester. This is a very special one. It's the first one that we talk from the headquarters of Itaúsa and with the new brand that is launched as the celebration of our 50 years. We are modern, more modern, more digital. This future reflects upon our evolution and reinforces the values that we place every day. To comment this live, we have Alfredo Setubal, CEO and Head of Investor Relations of Itaúsa. Alfredo, welcome to another edition of [Foreign language] . Now, directly from Itaúsa. Yes, very exciting to see our multi-use space.
We can publish our results and our events. Let's continue.
Before talking about the agenda of the event, we'd like to tell you that we have the simultaneous translation into English. If you need it, click on the English button so you can access the translation. You can take part of our event, submitting your questions, comments, clicking in the message box of the platform in YouTube. We're also on YouTube in the comments, using the Resultados Itaúsa hashtag. Of course, we want to answer all of your questions. Let's talk about the agenda of the event. We're going to talk about the business environment, bringing some outlook from Alfredo on how he saw the first semester, the results of our invested companies and Itaúsa. Let's talk about liquidity management, which is an issue that we've been working on since 2022.
We're going to talk about the results, important profit sharing, and then we're going to close with the Q&A session. To warm up our event, I want to bring Alfredo so we can talk about the business environment. I think that we had a first semester that was challenging. A lot of volatility in the capital markets, global markets. Why don't you give your outlook? How do you see this first semester and how it impacted our invested companies? And to have your perspective for the second semester.
Thank you, Priscila. It was a challenging semester. We're seeing an interest rate that is very high. It has gone up, and of course, that brings challenges to all the companies. This is not different. We had an international scenario that is very difficult with the wars that continue, and mainly with the new commercial policy of the United States.
We have the tariffs, and regardless of this environment, we are working with an inflation that is controlled. Even though it's higher than the target goal, 15% is a bit high. We have an economy growing less than 2%, but showing a few signs of more deceleration. It's an environment that is challenging for the companies. For Itaú Unibanco, which would be our biggest invested company, the results of the first quarter are very positive. We see them above the budget that was done at the end of last year for this year. The companies in general, in the industry and services and infrastructure, and Itaú Unibanco with growing results, solid results with good provisioning levels. We continue to perform an important role, and we're adapting to the new environment, the new competition of the fintechs, the digital world. An efficiency level that is very high.
We have the revenue costs, and Itaú Unibanco is our biggest highlight here. In the second semester, we don't see a different scenario. We see the interest rates still high. I do not foresee how this can be reduced anymore in a significant way for the companies. As I told you, we have good companies, good brands, good provisioning, and companies that are leaders in their sectors. We are trusting that we're going to have a second semester that is very positive for Itaúsa.
Very good. Now, I want to go over our results in the first semester. Even with this challenging scenario that Alfredo has discussed, we have a record result.
Considering all the historical records, we closed the recurrent net revenue of BRL 7.9 billion, growth of two digits in regards to the first semester of 2024, 10% growth, which leads us to a recurrent ROE of 17.9% year on year. Important growth in regards to the previous year. The net and the ROI of the partnership, we haven't had any big hiccups. Our net patrimony has gotten to almost BRL 90 billion, a growth of 7%. The market value of our portfolio is getting to practically BRL 160 billion in this period, 24% in regards to the growth of the previous period. Even if we consider the volatile capital markets, our portfolio valuing in 24%. The market value is 12%. It shows the resilience of our portfolio, the quality of it. It shows that we invest in leaders and companies that are leaders in their market shares.
These strong results show our consistency and our value creation possibilities. Let's see the share, the performance, considering ITSA4 performing in all the periods that we have for analysis, short term, five years, ten years, much higher than any benchmark here. We have for reference Ibovespa, IBrX 100, S&P 500, and the shares of Itaúsa, 28% valuation, while Ibovespa, once again, 12%, and the S&P growing 13.6%. It shows our capacity of Itaúsa of creating value in a consistent and recurrent way all throughout the years. Let's talk about the share, the discounted share, and we are talking to the market about this, our discount. Closing in July, still with a threshold very high, which is 25%. Our market value of Itaúsa getting to BRL 113 billion in this period. The sum of all of our assets in the portfolio getting to BRL 152 billion.
Once again, we negotiate our shares with discounts, even in regards to our stake of Itaú Unibanco, our participation at Itaú Unibanco. The market still hasn't priced the end of the fiscal inefficiencies for 2027, where the PIS/COFINS, which is incident over the distributed profits, is no longer being considered. The discount is still very expressive, very high. I think it doesn't make sense, specifically when we look at the quality of the portfolio. A discount where our market value is less than our participation at Itaú Unibanco. In fact, there is an excessive discount, in our opinion, and as you commented. Fiscal inefficiencies represent BRL 500 million, BRL 600 million per year, which we are not going to have these expenses taxed in our portfolios, in our balance sheets. It's very relevant. Also the fact that some companies are not listed in the stock exchange, NTS, Aegea, Copagaz, and NRG.
If we get them on the fair value, that would consume about 2%, 3% in our opinion. Very high discount therefore. We have good news as the end of the fiscal inefficiency, which we will adjust through time. I wanted to talk about doing a deep dive in our results on the first quarter, looking at the overview of our invested companies. Most of them did the report to the market, so Itaú Unibanco continues with a trajectory that is sustainable for the results, very solid. We got to a net revenue in IFRS of BRL 21,600 million, an important growth in regards to the previous year. It got a recurrent ROE of 21%. Dexco, very good, very favorable. It's an operation of LT Cellulose, still a challenging in the finishing sector, a challenging moment, but a bit in recurrent adjusted of BRL 1 billion.
The net recurrent revenue of BRL 94 million, a drop of 6% affected by financial expenses. Increase of the salient rate, such as Alfredo has commented, but less impact for the biologic assets, which happen in a very expressive way last year. Alpargatas, a report of results that is very positive, very favorable. Here we are getting to an EBITDA with a growth of 100%, over 100%, BRL 400 million in the first semester. Net revenue, BRL 221 million. Here reflecting more revenues and a better mix of products, channels, less costs, and a lot of efficiency gains. Motiva, an important growth. EBITDA and net revenue, 100%. An impact of the growth of volumes where they operate, a growth in revenue due to the tariffs, and also a reflection of all the movement of efficiencies. Improvement of operational efficiencies, even with the increase of financial expenses. Reporting an expressive growth.
ISA CTEEP, an operational impact, a very important growth of its revenues. The concessions, new acquired concessions by the company, but also a reflection of higher volumes and higher adjustments in the tariffs. Net revenue drop in regards to the previous years, which is a reflection of the higher financial expense. The result of the controller with an increase by the partnership reorganization involving Corsan, where the company started to capture more results of this concession of Corsan. An important movement for the company. Copagaz with double-digit results, EBITDA and net revenue, EBITDA got into BRL 470 million in a period very impacted by the best spreads of the operations and gains of efficiency, and by a positive result by the deleveraging of the company. The recurrent net revenue of BRL 295 million, very expressive.
EBITDA NTS got into a growth of 13%, a reflection of the IGBM and the correction of the contracts. Net revenue BRL 1.8 billion, very positive. As Alfredo commented, our invested companies, even in a challenging scenario, have reported robust results. Important growth of results of EBITDA. Of course, the interest rate eats away, let's just say, a great deal of this EBITDA for the more leveraged companies, such as the infrastructure sector, and naturally the more leveraged, highly invested in the concessions, utilities, trains, but these highlights are what we have. Itaú Unibanco with solid results, facing these issues and positioning very well in a very competitive digital world. I think that Alpargatas, that has been displaying results that are weaker, and the cash generation has restarted with a normal rhythm of growth of EBITDA and results.
We are continuing to grow, and the perspectives of Alpargatas for the next quarters are very positive. We have a capital reduction. The company has a positive cash than the debt. It's positive. Last week, the board of directors has approved at the shareholding meeting the reduction of capital of BRL 850 million, which is a dividend for the shareholders. It's a proceed that will be paid in the second semester, given the legal issues that you have to go through for the profit sharing. Let's talk about how these results impacted our net revenue. It got to almost BRL 8 billion. We got BRL 67 million positive of non-recurring effects for invested companies, Motiva mainly. Out of the 7,913 of the net recurring revenue, BRL 8.5 billion come from our invested companies.
The main one being Itaú Unibanco, contributing with BRL 8 billion, a growth of 10% in regards to what we recognized last year as the financial results for the fiscal year. The non-financial already contributing with BRL 500 million of this result. You have to highlight a growth that is very expressive of 23%, more than double the growth of the financial sector in the same period. It shows the quality of our assets and the capacity of growth of these assets, mainly the infrastructure with the new concessions that are to come in these times. Our own result is negative because of our administrative expenses, tax expenses. We saw an increase of these expenses, tax in regards to the previous year. I will talk about this and the financial result that is stable in the period.
Even with the impact of the Selic rate, we could keep a stable result, very much as a reflection of the liability management initiatives that we've been implementing over the years. Now, the details of our invested companies. As I commented, the non-financial sector has grown BRL 513 million, the 23% growth in the combined. These are the main invested companies that have brought contribution to our results. We're talking about Copagaz NTS, Alpargatas, generating results that are more positive for the holding. Let's talk about the result of our own results and tax results that are worsening year on year, due to a higher expense of the PIS/COFINS over the profit sharing.
We have the PIS/COFINS on Itaú Unibanco and some invested companies, but we have a reflection on Itaúsa that at the end leads us to a scenario that is even positive of higher receivables and results of our invested companies because of this financial fiscal benefit of the invested companies of the interest over capital. The worsening of the results comes from the invested companies. Let's talk about the financial result. It was BRL 120- million in the period. With this composition, we got a higher profitability of cash in this period that was compensated by the higher expenses and interest rates that would be even higher if we hadn't done all the movements of prepayment, refinancing of the expenses that allowed us to have the result in the period. Now, let's talk about the next session, liquidity management. Let's do a retrospective of the movement since 2022.
You followed Itaúsa. We've done a lot of initiatives of reduction of debt, the reduction of the prepayment, and I'm going to do a retrospect. This movement started in 2022 where we got the biggest gross debt of BRL 8.4 billion after our last cycle of investments. Then we did the first movement using the resources of the sales of the shares of XP Inc. with a prepayment of debt of BRL 1.8 billion, which had a reduction of our net debt in, as you've seen. We did another prepayment of the debt while also using the resources of XP Inc. We did a refinance with the objective of reducing our net debt, but also improving the profile of our debt. In 2024, we did another movement of refinancing, seeking the, I think that this is an important movement.
We delayed our debt in one year, and still we reduced in 52 basis points the cost of our debt. Last but not least, you should have seen in July that we used the resource that comes from the increase in capital that we've done in BRL 1 billion. Also, we built our own cash in BRL 250 million to do another prepayment of BRL 1.25 billion. Here we reduced our gross debt in another 28%. We had a reflection that was positive for the reduction of the average cost. We did a prepayment of the debt, which in terms of spread is more expensive, a reduction of 17 basis points in the cost of our debt.
Considering all of these movements since 2022, these are the main results, very expressive, 57% drop, reduction in our gross debt, our net debt reducing 90%, the service of the debt, an important drop, with a delay of the debt profile in 2.2 years, very positive scenario of the reflection of these strategies. It is what brings us a lot of comfort. We zeroed any amortization of the debt until 2028. All of these movements were recognized by the three agencies of rating that follow us and evaluate our credit risk and classified Itaúsa as a AAA credit rating. Let's see the schedule of amortization. We zeroed our debts, the payment of the main one until 2028 with a prepayment that we did in July. We reduced the concentration of amortization at 2029 and 2031. We have an amortization flow that is very comfortable.
Our net debt of getting to BRL 587 million, the average cost of the debt was getting to 1.37%, 61 basis points below what we reported in June 2024. Our average deadline, an increase to 6.5 years. When we see all the indicators and the leveraging, very comfortable in terms of interest rate coverage. It shows a lot of solidity in our balance sheet and the capacity to leverage our company if we have another cycle of investment when the scenario allows. The last investment that we've done was at the end of 2022, when we purchased our participation at CCR, current Motiva, changed the name. With the interest rate increase and the international uncertainties, political national uncertainties, economic uncertainties, our strategy has been of reducing the interest rate, our debt, and we've reduced in BRL 5 billion throughout these years, using the resources of the selling of the XP Inc.
shares, the small calls of capital to complement the reduction of debt. Our strategy has been adequate because our scenario of the interest rate salient could have some reduction over the next 12 months, but it will continue. It generates resources and dividends, interest over capital received of our invested companies. We have the company, and we have to understand the best policy for the interest rate reduction. It doesn't mean that we don't continue to see new alternatives for investments. We have a team dedicated for this. We continue to analyze the opportunities, but with an interest rate of 15% + another spread of Brazil risk, we would be talking today that we need to have an investment to generate share value for the shareholders around 20% per year.
In this context, and with the deceleration of the interest rates very high, it's very difficult to find such opportunities at this time. At this moment, the strategy is increasing the debt and decreasing the debt over the year. This is important for the investors. We reduce the financial expenses. We will keep our practice of paying out the dividends received by Itaú Unibanco for our shareholders. We will have, as I commented, and we're going to have a reduction of the fiscal inefficiency, which is BRL 500 million, BRL 600 million. It's about what we have in the financial flow to amortize. From the structural standpoint, we're very good, very at ease in the financial standpoint. If the scenario changes, the cycle changes, we will take a look at this in new investments. We're going to have the company very deleveraged, and we can leverage it again.
It's a scenario that we still are very cautious. Let's talk about the payouts, the proceeds. It's a theme that is expected by our audience. We have had good news. We talked in the board, the payment of BRL 2.3 billion in interest over capital on August 25, net, out of which BRL 553 million net were deliberated on June 16. We deliberated at yesterday's meeting of the board another BRL 1.7 billion in interest in proceeds. They're going to be paid on August 29. It was discussed in the previous meeting. With that, we closed the semester with a payment of BRL 2.3 billion in proceeds for our shareholders, a growth that is very expressive in regards to the previous quarter, 47% of growth.
This gets us to a payout of 36% in regards to the reported result for the first quarter, first semester, and the dividend yield getting to 10%, which gets us in a recurrent way amongst the biggest dividend yields among the shares negotiated at B3. Very attractive negotiation for our shareholders. Very attractive, and we see the flows of proceeds received by our non-financial invested companies growing. This makes us able to pay the amortizations, the interest of debt for the next months and quarters. We have the practice of going fully the dividends from Itaú Unibanco. This is a yield that is very high in regards to the Ibovespa. This is one of the biggest payments of dividends in regards to the quote.
The investors that invest in Itaúsa have as their objectives, besides investing in a company that has a solid portfolio, we have to have a flow of dividends that is predictable, that is solid, so we can keep the investments. I think that this is a positive update. Before giving the floor to Alfredo, so he can close the event, let's remember that Itaúsa publishes all the information that is relevant about the holding and the companies in our portfolio on our website, our newsletter, and also the social networks. Please follow Itaúsa at Instagram and X, and enroll yourself at the YouTube channel, and sign the Itaúsa newsletter. At the end of this transmission, please answer the satisfaction questionnaire so we can improve our event. Capture this QR code that is appearing in your screen, or click at the button that is below.
Alfredo, you already talked about a few ideas, but to close the presentation, what are the main points that you would highlight in this quarter? I'm talking about the second semester. What can we expect?
We've had solid results, a strategy for the reduction of the debt very well organized, not only reduction, but increasing, delaying the debt, increasing the time for the delay of the debt. There is no concentration over the next few years. We've kept a level of payments that is very high, due to the proceeds from Itaú Unibanco and an increase of the proceeds from the other non-financial companies. In general, Itaúsa continues with a clear strategy. As I told you, reducing debt, delaying the debt is the main motto of our strategy, and we will continue as such. We analyze new opportunities, but in a challenging scenario, this is more difficult.
In general, the investors, I imagine that they are satisfied. The share has valued itself. The dividends and proceeds have been paid, and our portfolio has been very resilient, very strong, not only Itaú Unibanco by the financial market, but because of the invested companies, which are relevant in its sectors. They've shown a financial performance, a growth that is very important. We are well positioned to face this event, and we're going to continue with this strategy. I wanted to tell you that now we get into the next session. We have to answer the questions of our analysts, invitees, and guests, everybody that is following us.
Now we're going to start the second part of [Foreign language], which is the Q&A session. Let's start with the analysts that we invited. They can ask their question live.
You can still submit your questions on the message box of the platform or through YouTube, via the comments or using X, via the hashtag Resultados Itaúsa. We're going to start by our first guest, Diego Batista from UBS.
Good morning, Priscila.
Let's see if he's connected.
Priscila, Alfredo, can you hear me?
Hi, Diego.
Good morning, how are you? Welcome here.
Welcome.
You may ask your question.
You can ask your question. I have two questions. The first one is in regards to the cash flow, your cash flow. When we look at the non-finance company, you get the first semester, you had positive gains of BRL 340 million and such. Last year, BRL 700 million in non-finance. That flow generates what was higher than the operational expenses, financial expenses. I have to exclude the fiscal inefficiency, of course. My point is, can you imagine that 2027 up ahead, when you don't have that fiscal inefficiency, part of this cash flow that comes from the non-finance will be distributed to the shareholders, or can Itaúsa pay more than they receive from Itaú Unibanco via proceeds? The second point, Petrobras showed an interest in investing in gas, and you have a participation at Copagaz.
Can you say that Copagaz is a crown jewel, or can you think about a disinvestment of Copagaz?
Thank you, Diego. Thank you for your participation. I'm going to start answering about the cash flow. I think you're right. The cash flow of the non-finance sector is growing through the years. We have perspectives that are very positive for the next years. As Alfredo has disclosed, the end of the PIS/COFINS tax will change a lot our scenario of cash flow for the next years. I think that, yes, we can affirm that on the mid-deadline, we should go over what we receive from the financial sector, as long as this flow can pay for the cost of the holding, which will be reduced with the end of the fiscal inefficiency.
We're talking about our administrative expenses and finance expenses that have reduced a lot because of the prepayment of debts that we are doing. Now, the strategy of refinancing scenario is positive in the mid-term, and we're going to pay this flow that is from the finance sector. I don't know if you want to comment, Alfredo, about Copagaz.
Hi. Yes. Thank you, Diego. It's an interesting question. In fact, Petrobras, the Board of Directors, last year approved the comeback, the potential comeback of Petrobras for the distribution of fuels, not only of the gas, cooking gas, but also fuels, gas, diesel, lubricants. Let's see how this is unfolding. It might have an impact in the profitability of the companies. There's going to be an important player such as Petrobras in this market.
It might have a point from the structure and the way that the market is operating in the distribution of GLP. It's not in our scenario, even with the drop of profitability of GLP, of disinvesting in Copagaz. We see Copagaz as a platform to get into other ways of distributing energy as it's happening. Copagaz has done two investments, one in biomethane energy. We have, the company has a positive cash generation. We've paid the proceeds in a recurrent way. We see Copagaz with an investment that is very important. Continuing with our portfolio.
Now, Eric Ito from Bradesco BBI. Please ask your question.
Good morning, everyone. Thank you for the opportunity. I wanted to focus on the capital. You've reduced the strategy of the debt. Today's strategy is the delaying and increasing the debt because of the difficult scenario.
What is the level of leverage that is adequate for the next 12 months? Do we see Itaúsa paying an extraordinary dividend at the end of the year? Can Itaú use that to pay more debt, or will it be paid off to the shareholders? Continuing the previous question, you commented at the beginning that eventually you can look at your investments, so the rate is lower. What would be the sectors that would make sense to increase the participation? Thank you.
Thank you, Eric. Let's answer about the threshold of debt. We've done great movements of prepayment of refinancing. We're looking at opportunities. It's a continuous analysis that we do of opportunities of improving the profile of the debt, reduction of cost, and we can follow up on the opportunities that we think that make sense.
We can refinance, but the prepayment of debt, we are at a very acceptable threshold. Less than BRL 600 million of net debt today. We don't see big movements of prepayment, specifically using dividends of the financial sector. There is no plan of changing the practice, which is a practice that is very recurrent. Paying fully the dividends from the finance sector. We don't see that movement of holding the flows of the financial sector to pay debt. We are at a threshold that is comfortable. We don't see this scenario over the next 12 months. About the other question of new sectors, Alfredo, would you like to talk about the appetite? Let's complement.
We've shown that there is a flow that is very at ease of amortization. No need to increase capital, keeping a scenario that is challenging, but not of rupture. That's the premise.
From the standpoint of debt, what we see are opportunities to increase the timeline of the debt. We discussed the board increasing the deadline, and decreasing the concentration of payment over the last years, and increasing the time for 2030. We can do a movement, but as Priscila said, we do not see amortization or need of amortization of debt because as it is the end of the payment of the PIS/COFINS and the 2027, that leaves the company at a level of liquidity that is very at ease to do the amortizations. In regards to new investments, we have the opportunities through the next years of two ways. One is increasing the participation of the companies where we already invest. That can be a path. We are very satisfied with the investments, with the companies that we take part.
I think that increasing the participation in one of them can make sense as long as there is that opportunity. Another one is to continue to see new sectors, new alternatives. We continue discussing a specific sector, which is agri-business, which represents 25% of the Brazilian GDP. A sector that we don't have any exposure. We continue to find alternatives. It's difficult. The value chain and logistics of agri-business is very large. We're talking about the production of seeds until the production and logistics, the production of equipment, so on and so forth. We've tried, and we looked at this sector as a whole, but we're trying to find alternatives that would bring us an investment that makes sense. It doesn't bring a lot of volatility of the price of the commodities for our results.
It's difficult, but we continue to mention, for example, the agri-business sector as one of the sectors that we would have an interest in doing some sort of investment.
[Foreign language].
The next guest.
Thiago is Thiago Binsfeld from Goldman Sachs.
Thiago Binsfeld from Goldman Sachs.
Good morning, you may ask your question.
Please ask your question.
Good morning, Priscila, Alfredo.
Good morning, Priscila, Alfredo. Thank you for taking my question. I wanted to hear about the efficiencies at Itaú. How do you see this issue? The bank has a positive result. If we look at the last five years, there's a lot of gains of efficiency. I wanted to hear from you, Alfredo, how do you see the efficiency evolving? You have some cycles of adopting technologies in the banks. How are you monitoring the use of AI? Is it unlocking the way that you service the client, or even increasing the cost, or decreasing the nominal expenses all throughout the years?
Thank you, Thiago. The strategy of Itaú Unibanco. 90% of the business of the holding. The efficiency at Itaú Unibanco is a word that is key of our strategy. The bank has displayed gains of efficiency all throughout the last years.
If we look 10 years back, the level of efficiency of Itaú and Itaú Unibanco is about 48%, 49%. Now we see that level of efficiency 38%, 39%. There is a reduction of 10 points. That, in our opinion, is not enough. That level of efficiency is the average. Our wholesale, Itaú BBA Bank Asset Management has efficiency levels below 30%. Our retail individuals' operation still has an efficiency level of 45%, 50%. There is a space for the reduction of an improvement of the efficiency levels and the activities. This is due to the artificial intelligence and the use of artificial intelligence. We have the internal efficiency, but the efficiency of serving the client. It's going to get more weight throughout time, the AI. Today, we have a technology area with 18,000 people working. We are transferring all of our technology, all of our softwares to the cloud.
We're going to close 2026 very high. This increases the facility, the ease of Itaú Unibanco of launching new apps and new products with more speed. We can serve the client better. I think that efficiency is a topic that is very relevant for the cost reduction, mainly, as I commented, in the area of individuals. The branches, Itaú Personnalité, UniClass, private banking, and all of that goes and will have a lot of transformation throughout the years. We're going to continue to see this level of efficiency improving a lot at Itaú Unibanco over the next years.
[Foreign language].
Thank you, Alfredo. We have another guest, Yuri Fernandes, J.P. Morgan.
Good morning, welcome.
The floor is yours.
Good morning, Priscila.
Good morning, Priscila. Alfredo, I wanted to do a follow-up on Batista's question. This investment is generic, and he talked about the expense. We have questions about how to invest. Is there any unit that you see an option for this investment by IPO? Is it not aligned with the portfolio? The second question, I have it down. We see your portfolio for a long time. I see that you have a convertible debenture to 10 years. The purchase of the stake of Petrobras, while your stake was lower, it got higher. I don't know if that debenture is still existing. Is there something that you could increase? I know it's a small operation in your portfolio, but it's a good operation. Can you convert it to shares? Is there any option to execute it?
Yuri, thank you for your question. The debenture of NTS doesn't exist for a long time, for some time. We wouldn't have that option. We've done that substitution of that debenture at NTS for some time.
In regards to this investment, we follow our portfolio. We have problems of valuation of the investments that we have, as I commented. We are very satisfied with the portfolio that we built. We hope to do some disinvestment in a business that is more mature so we can leave them and we can get into other investments. At this moment, we see more possibilities of increasing our investments in one of the businesses that we already have, that we already take part, than disinvest because it wouldn't be necessarily the best time to disinvest. Of course, the best moment to disinvest will be the moment that we will have less profitability.
We will also have more surety of scenarios in this opportunity. It's not within our plans to any big disinvestment in the next quarters.
[Foreign language].
Last guest, Daniel Vaz from Safra Bank.
[Foreign language].
Welcome.
Morning, Priscila Grecco Toledo, Alfredo Setubal.
[Foreign language].
Okay. Now you hear me. Thank you.
We've heard a lot in this potential deceleration in the macroeconomic in the second semester. The assumption that still seems very vibrant by the comment of a lot of senior management, it's more evident that part of deceleration. I wanted to get your opinion since you have a few investor companies in different sectors. What would you think that is more evident in representativeness and acceleration in this sector? If you can quantify, and where do you see the deceleration signals so we can support ourselves in trends and data that you observed? What are the sectors where this is directed? That deceleration is a focus at a point. Alfredo is talking about agro, but you have roadways. These are details that very few companies have such granularity.
Thank you, Daniel.
We've seen an economy that is decelerating in regards to the previous year. On the other hand, I think that the biggest factor of this deceleration is an inflation of food, which removes the income of the individuals for utilization, for rebuilding your home, and purchasing goods. We've seen a slight deceleration, but still with growth when we compare with the year of 2024. It's a deceleration where we have an economy last year growing 13.5%, and we're going to have an economy that is growing 2.5% this year. It's not that we are seeing a drop in here or a drop of movements in the roadways or utilities. No, we are seeing less growth. Same thing we observe at Itaú Unibanco. Itaú Unibanco has grown in a slower way, the credit portfolio, but it's growing it. It's a deceleration with growth in regards to previous years.
Of course, in the case of Itaú Unibanco, due to the context, there is a bit of a squeeze of the credit concession, taking less risks and demanding more guarantees. Anyway, we've seen growth, slower growth, but growth nonetheless in all the companies that we have a participation. It's not that we're seeing a drop of profitability in the companies. We have a participation in the infrastructure sector that has a more stable flow. We see the numbers of Motiva, roadways, airports. They grow slow, but they grow nonetheless. These are positive growths, growth in utilities. We connect more houses to the sector, the tubing to the sewage, so to speak. That grows, Alpargatas. We see a stability. There are some regions, the growth and the utilization. It's a growth that is less when we talk about deceleration.
Alfredo, we managed to talk to our analysts, and now I'm going to get a few questions from the audience. I grouped them in, as you know, we get a lot of questions from the proceeds, profit sharing. People want to understand our remuneration practices, the return to the shareholders, and our perspectives. We also want to know if there's going to be new payouts, which is something that we've been doing. Any change in the practice? João Francisco, Martinho Musa, Ivan Pesqueiro, Malek, Daniel Neto, Mateus Fonseca. Participation from a lot of people wanting to explore the dividends.
Our practice of paying the dividend received from Itaú Unibanco from our shareholders, I don't see any change over the next years because as we've seen the flow of amortization of debt is very spaced, very easy through time, we see the potential in the payment of dividends and above what Itaú Unibanco pays. As we have a gain of fiscal inefficiency, BRL 560 million, we've seen the company's non-financial improving their payment flows also for the investors. It's possible through the next years that we see an increase of Itaúsa paying more dividends, profit sharing, interest of our capital than what we receive from Itaú Unibanco. It's a possible scenario that we can see from 2027 on with the higher stability of our flow of dividends, of interest of our capital, and less tax expenses with the end of the PIS/COFINS in our segment.
It's a scenario that is more positive for the investors.
Alfredo also payouts.
This is something that we're going to discuss in the board. We've seen these bonuses incorporating the accumulated profits in our capital, and we offer these bonuses. This is an issue that we're going to see for the end of the year. We have the reforms of the Congress that will be voted in the second semester. Let's see what are the impacts that this can cause in our policy of reserve incorporation. It's very premature that we talk about this.
Also, questions about investments, portfolio management. Alisson Barbosa, Gisele Baiona, Ivor Barbosa, Israel Celestina. A lot of people taking part. Asking what will be the focus of Itaúsa, increasing the participation in the companies that we had in the portfolio or distributing dividends in a more favorable scenario?
What are the sectors that we already are present that will generate more interest in Itaúsa? We have a prediction of new investments.
We've discussed a bit about this through our presentation. The more possible scenario is that we increase the participation in the companies that we take part, that we know that we have had positive performances, opportunities of growth, infrastructure, and utilities. I think it's possible. It's possible that we can increase if we have the chance in the companies that we take part. That would be the first strategic. Looking for new alternatives with the interest rates of 15% and the involved risk, we would have to find returns of 20% on year, which at this moment is very difficult to find. We're going to try and find a type of angle that makes sense to invest in that would generate value for Itaúsa in the agri-business.
It is broad, but we haven't found anything that makes sense.
Alfredo, Carlos Rodriguez and Mario Junior talk about the perspective of IPO at Aegea.
Possibly, there might be an IPO. At this moment, the window of IPO in the capital market is closed. There has been two, three years we don't have an IPO at the B3, but the company announced that if we have the opportunity, they're going to do a listing for capitalizing more Aegea that works in the utility sector that demands a lot of investment. They have an indebtedness level that is comfortable, but that limits their growth for other concessions and other investments and bids that might come up through the next months. Yes, Aegea is a candidate for an IPO in the future. It's preparing itself from the standpoint of governance, controls, audit, risk control.
It's preparing itself in an accelerated way so that the moment that we have an opportunity, we can do an IPO, of course, as long as the valuation offered by the banks and the investments is adequate for the expectation of the company.
We also received a question from William about the interest of Itaúsa of exercising its preference right on Motiva.
This is an issue that we're going to see. There is no clarity on when this is going to happen, at which price level, but not only Itaúsa has that preference. The other shareholders in the controlling group. At the moment, we are going to discuss if there's interest, if there's no interest, which shareholders they have interest, but they do not have. I mean, everyone has their own strategy. Still a bit premature, the discussion.
It will happen through the semester, but still there's no schedule for this.
Jader and Sylvio Siov want to understand how Itaúsa sees the role of Alpargatas within the portfolio and how we see the performance of the company.
Alpargatas is the second investment that we've done in 2017. It performed very well until the pandemic. As I commented in events such as this, we made a few strategic operational mistakes. The company went through a difficult moment, internal and external. The results of the last 12 months show a company that is restarting its operation, growing, and at an indebtedness level. It has a positive cash flow in terms of liquidity, and we will do a reduction of capital of BRL 850 million for the board in September. I think that the company is doing well. It's growing.
The investment of Rothys that we've done in the United States has been better. We've done a write-off of part of this investment of one year and a half, two years and a half. The company has been growing, cash generation, opening new stores. Rothys has shown as a good investment in this moment. I think the company is within our portfolio. It had more difficult moments, but we're very satisfied with the new workings that they have over the last 12 months.
Alfredo, [Foreign language].
About the import tariffs of the U.S. Salvador, Antonio?
Anderson and also Larissa Okasaki.
Larissa Okasaki, what do you know, what is the impact on the tariffs of the United States with the results of Itaúsa? Do we see any relevant impact? How do we position ourselves facing these challenges?
The tariffs imposed by the U.S. government do not affect our companies. Dexco, less than 1% of its invoicing is imports for the United States. Of course, that is not going to happen. Alpargatas, through Havaianas, also. One or two million pairs, 1% of the invoicing. There will not be in our companies relevant impacts. They are going to be very small within the results. I think that from the standpoint of our portfolio, we do not see any problems for any of the companies that we take part in from the impacts of the tariffs imposed by the U.S. government.
Alfredo, to close, a last question that was from Carlos Vila.
I wanted to understand the investments that are in the Itaúsa Institute. What is the focus of work, and does it encompass primary education as well?
Thank you, Carlos. For us, this is a very important theme. ESG is a theme that left the agenda of many companies and a lot of investors in the last years, but for us, it is a theme that continues very strong in our board. We created the Itaúsa Institute in 2023 with an annual budget of BRL 50 million. Our objective in this institute is to focus mainly on two aspects: sustainability and productivity connected to sustainability. These are themes that we have chosen because they are relevant themes in productivity. The Institute works in an association. We work with projects along with other foundations and other institutes connected to our focus of sustainability and productivity.
Whereas basic education, primary education, we have through the [Foreign language] Itaú, which is an arm of the social arm of Banco Itaú. We work at basic education and education and work, professional education. We have placed Itaú Cultural with an agenda that is very important, connected to culture and education. This area of education is serviced through Itaú Foundation. It has a budget of BRL 320 million, focused two-thirds, three-fourths in education. Because of this, Itaúsa Foundation opted for not being a competitor of Itaú Foundation. There are several entities in the education sector, and our option is to complement the sustainability and productivity. We are doing well. The study is doing well. We are going to be present at the COP with a lot of companies. We've reached our objectives.
In our agenda of sustainability, we've worked with the Board of Directors, not letting the ESG lose relevance in the invested. For Itaúsa, this is part of the strategy where we have companies that we take part in the ESG sector.
I think that we service very well the audience, but if we haven't answered your question, get in contact with the IR team through the profiles of the social networks and also the email. We also want to hear your opinion on our [Foreign language]. Capture the QR code on the screen or click on the button below the transmission window to have access. I'd like to remind you and invite you that on September 30, we're going to have our Panorama Itaúsa, which is the annual event, to strengthen the relationship with the investors and stakeholders.
It's a great opportunity to hear about the strategy of Itaúsa, about the perspective. Pay attention to the communication and you're all invited. Alfredo, I think it was great. It was very good to share this new scenario of Itaúsa with you.
I think it was great. We answered in a reasonable time with a lot of depth, all the themes and questions, and the more frequent curiosities of our investors. I reaffirm, Itaúsa has a solid portfolio. We're very optimistic with the results for the next quarters, and we have challenges. Evidently, the country and the world go through big challenges, but we place ourselves with a position, very well positioned portfolio with strong brands, reducing our debt so we can, at the adequate moment, think about new investments, growing our portfolio, and increase our participation in the companies that we already invest.
Itaúsa goes through a very good time, and this is reflected upon the valuation of our shares, the proceeds that we distributed, the solidity of our balance sheet, and our results. We count with the support of our investors, capital markets that we use, the debt entries, the capital calls for investments and debt. This is a good moment, and we count on your support for our strategy. Thank you for taking part and following up our event.
Thank you, Alfredo. [Foreign language] is closing its session. Thank you for being with us.