This is the Itaúsa's way of investing. Our portfolio is made of companies that make Brazil better. None of that is from overnight. Our values are the base, so we can get to solid results, and we can build legacies. We invest in the potential of the companies and the people. On the side of our partners and collaborators, we unite strengths and multiply actions, and we grow along with our invest companies. We are just like that. We believe that the responsible investment is the right path forward in this journey. Sustainability is the starting point and ending point. Connecting results, impacts, we act on the present to influence the future. Itaúsa. Values in action. Good morning. I am Juliana Rosa, and I'm very happy with you to open another Panorama Itaúsa.
This year, we start in a special way, directly from the headquarters of Itaúsa in the heart of Paulista Avenue. 2025 is a very important year, whereas Itaúsa celebrates 50 years of story, of history. For this significant date, we are going beyond the doors, and we're gonna get to know Itaúsa as never before. This is an opportunity to get to see how the company places its values in action. Now, welcome once again to Panorama Itaúsa 2025. Itaúsa prepared a morning that is full of relevant content with a lot of transparency. Before we continue, the transmission has simultaneous translation into English. As you've noticed, Panorama Itaúsa has a more modern scenario and most important, the event takes place in-house, and I am very happy to take part of this event by Alfredo Setúbal, the President of Investor Relations of Itaúsa. Alfredo, welcome.
Great to have you here with us in this Panorama that is so special for us. 50 years.
Very special. Our edition of Panorama, and we wanted to do it in-house for the first time. In our multi-use environment, we have the scenario, and we're gonna keep the transparency. We're gonna discuss our present, our future, and let's celebrate our story. Let's tell a little bit of our story. I think it's gonna be a very nice event. Well, I was joking that it seems like we are floating in heaven, blue and white in the clouds. It's our new brand as well. Very nice. We changed the logo to celebrate the 50 years, more modern, more current, and it reflects the moment of Itaúsa.
We hope that you take part in this live, submitting questions, submitting messages.
You can get it through the chat of the platform or using the hashtag PanoramaItausa2025. Throughout the event, we're gonna bring to Alfredo and other invitees of Panorama the questions asked by you. We're gonna collate a few of the most important and the most relevant. Now, we have a lot of people, and we're gonna discuss with Alfredo important numbers and important names in this portfolio, in this special edition. We're gonna explore four attributes that were always present in the trajectory of Itaúsa: governance, solidity, association, and sustainability. You're gonna understand how the holding influences the portfolio so that these values are also present in the invested companies. That's why soon we're gonna have Milton Maluhy, CEO of Itaú Unibanco, Miguel Setas, CEO of Motiva, Radamés Casseb, he is the CEO of Aegea, and Pedro Turqueto, CEO of Copa Energia.
Besides him, we're gonna have the participation of Frederico Pascowitch. He is the director of investments of NV Investimentos. He is an independent board member of Itaúsa. Before we start the call and the talk, I'd like to celebrate the 50 years. This is a very special panorama. We will show you an exposé that Itaúsa assembled. I was here a few days ago, and Alfredo Setúbal was my guide. We did this walk, and we showed this issue, which is very important, how in practice Itaúsa transforms values in action and gives support to everything that we're gonna discuss in Panorama. Now I saw that you were, for you, it must be very emotional to go through this story.
It's a very nice story to be able to share a part of it in our video and in our values, the values of the controlling families. That's why we want to bring to the invested company, so we can grow Brazil, and transform Brazil is one of our roles. It's one of the things that we try to do every investment that is done.
This is going to give you some proof to be able to see how the exposé is. Let's see it.
Hej och välkomna ska ni vara tillbaka till Matkanalen av Arla. Här står jag med mannen, inte legenden, Henrik Nyblom. Han är tillbaka.
Matkanalen, jag är tillbaka.
Ska vi kanske ta bort det där? Ställ den bakom bara.
I dagens avsnitt ska jag och Henrik Nyblom tävla i att göra en bönburgare. Ett litet krux. Henrik, han får 30 minuter på sig. Jag får 10 minuter på mig. Du är ju vegetarian.
Det är jag verkligen och det står jag fast vid.
Jag vill inte att du förlorar ganz affären.
Jag har bett mycket, så jag vet mycket om bön.
Or.
Just det. Jag har 30 minuter på mig att göra det här. Nils Hallberg, min kära vän och kollega, han har bara 10 minuter på sig och det är väldigt kort om tid och jag har också väldigt kort om tid.
När vi är klara, du efter 30 minuter, jag efter 10 minuter, det är samtidigt eftersom jag börjar 20 minuter efter. Kommer vi ta in Karolina Sparring som är våran domare och hon kommer avgöra vilken som är godast.
Simple as that.
Simple as that, chef.
Ja, är du redo?
Jag är redo.
Ja, då gör vi såhär. Vi säger till våran producent Micke: starta klockan nu.
Nu.
Henrik Nyblom, du ska göra bönburgare.
Okej, den här ska vi använda oss utav. Bönor. Då.
Idag, Henrik, vill jag att du gör.
Är det här bönor?
Ja, det är bönor.
Behöver jag koka de här eller något?
Nej, de där är kokta. Mjöl, stavmixer och bönor.
Mjöl, ströbröd behöver vi också.
Oj.
Ströbröd. För vi ska göra burgare. Jag vill att burgaren ska vara så saftig och god som möjligt. Det ska vara liksom krämigt. Då huftar man lite såhär. Kanske någon sorts grädde skulle jag vilja ha. Kanske någon crème fraîche. Vart finns det någonstans?
Du får ta med dig en kameraman och leta.
Vi tar med oss en kameraman. Ben, do you follow me?
Oj, förlåt.
Det vi ska hitta då är crème fraîche, smör, ost.
Henrik är tillbaka i köket. Han är fumlig och en teaterapa. Han tog ändå fram ströbröd. Han förstår att han behöver någonting som väter upp det och han förstår att han behöver en stavmixer.
Du, grädde var det jag skulle ha ifrån första början.
det, han är ändå nåt på spåren.
Visp. Oj, hörni, vart? Vem har rör på mixern? Den låg sådär.
Ska du ha någon toppings på din ost och keso, cottage cheese?
Det kommer. Först så börjar man med att göra det här. Först måste vi göra bönburgaren.
Ser väldigt gott ut.
Salt gillar Sparring. Ja, Sparring hon gillar också paprikapulver. Oj, oj.
Det är rätt cayenne.
Har vi lite pistagenötter, är också dyrt. Kan man göra en bönburgare på 10 minuter?
Det ska vi se. Utan Henrik i köket kanske inte skulle gå. För att man behöver vara stressad för att göra det och det vet jag att jag kommer vara. Alltså otroligt stressad. Jag är stressad av att höra honom i bakgrunden där borta. Oj.
Du måste gå upp ifrån din couch och drick en proteinpouch. Det är peach and raspberry. Kläm den, fyll din mun. Du kanske går runt en liten stund och känner dig väldigt skum. Och kanske lite dum, men med en peach pouch. Ni kommer få jättemånga nya vänner, yeah. Så, sötad lök. Du, det är alltså jag funderar på. Vad är det för mer pålägg? Saltgurka, ättiksgurka?
Ja, du får väl kolla i något annat kök.
Ska vi kolla om det finns en ättiksgurka någonstans? Ättiksgurka. Här är någon som har glömt kvar sån här med. De här, de tar vi. En sån. Vi tar lite ingefära på med. Alltså kockexperter och sånt, de vill också ha nåt, bara såhär, det här är något mystiskt. Där tar jag lite vindruvor till mig själv för att jobba. En minut drar du i gång.
Ja, det gör jag.
Vad är det viktigaste att tänka på?
Hålla sig borta från Henrik och inte prata.
Ja, det är taktiken.
Ja.
Tyst bara.
Men dra slätt med.
10, 9, 8, 7, 6, 5, 4, 3, 2, 1. Nisse, varsågod och börja.
Okej, jag kommer inte kunna prata med dig då. Nej, var har du gjort av mixern då?
Woah. Det var alldeles för stark ingefära. Men vet du vad vi kan göra? Vi kan dutta lite ingefära på gurkorna.
Nu har jag i 2 stycken ägg, 1 deciliter ströbröd ungefär. Lite cayennepeppar.
Du härmar mig. Förlåt.
Hur det går?
Ja.
Det går såhär. Jag ska inte skylla på köket, men ni har alldeles för modern utrustning. Jag är van vid att köra med såhär vedspis och sådana saker och gjutjärn och liksom de gamla grejerna. Oj, vad det luktar bränt. För tittaren, om ni vill ha ett tips. Om det har börjat lukta lite bränt på ena delen. Stek inte på den delen.
Jag får vatten.
Usch, använder du händerna?
Allt kändes som att det gick bra för mig. Det var någonstans när Henrik välte ut min avokado. Jag började bli stressad. Jag håller på, nu ska jag.
Nej!
Det där var min avokado.
All avokado har inte ramlat ner på. Om vi, såhär. De här bitarna rörde faktiskt inte vid marken. Du har gott om tid. Jag gjorde lite hummus, för jag tycker att hummus är någonting utav det godaste vi har. Lite salt, så. Tar en vitlök, lite olivolja i. Det gäller att jobba med kroppen. Det är inte bara stavmixern som arbetar, utan det är även. Man använder hela kroppen. En minut kvar. Allt ni har. Som kockar gillar ju sånt här. Det ska vara lite syra också. Nu har vi umami, vi har syra. Tio sekunder.
Herre Gud.
3, 2. Nej, men ta bort pappret. 3, 2, 1. Go.
Nu! Åh!
Vilken burgare var min nu?
Vill ni ha recepten på min bönburgare för att jag vet inte om vi kommer få ihop Henriks i text. Så finns den här uppe. Tryck på receptkortet så kan ni göra sådana här smaskemums bönburgare. Men nu. Ska vi ta in Karolina Sparring.
Jag tänker börja med den här.
Mm.
Var du tagit dressing på.
Färskost.
Färskost. Hummus i botten.
Det är lite i mitten.
Ingefära. Har du jobbat med det också?
Varför ingefära?
Nu, kolla, nu kommer smaksensationen.
Jag vill äta den såhär. Den ramlade sönder lite.
Mm.
Tack.
Tack.
Jag går vidare på den här.
Gör det.
Kolla, här finns det böner kvar i burgaren.
Ja.
Om du får hummus och så får du med bönor i. Då är det bara att säga att jag vill prata med kocken.
Den var god.
Var den god?
Den var god.
Den var också god.
Den var en 10-minutersburgare som var riktigt god.
Oh wow. Den där var värdig.
Den var riktigt god.
Du, den där.
Alltså, jag kommer vara snabb här nu. Såhär är det. Smaken på den här är otroligt mycket bättre.
Den var värdig.
Otroligt mycket bättre. För den här är riktigt god. Den är saftig, den är krispig. Det finns lite bönor kvar i burgaren. Den här, du har för mycket tid tror jag.
Jag tror också det.
Du har tänkt för mycket alltså.
Oj.
Du ser, den bara faller.
In och, läs recepten. Vi kommer tävla något igen.
Ja.
Önska vad ni vill att vi ska tävla i kommentarerna nere. Tack, Karolina Sparring.
Tack Nisse.
Tack Henrik Nyblom. Tack till er som tittat. Vi ses snart igen. Hej.
Hejdå!
Låt oss skapa ett land med fler än 1,000 öar. Lägg till de bästa platserna för att njuta av med alla fem sinnen. Jag vill känna äkta spänning och äventyr. Gör det genuint och rikt på historia. Med oförglömlig mat och viner som bara väntar på att upptäckas. Gör det till ett land som värnar om sin lokala livsstil.
Inte ens AI kan skapa det här.
Det är Kroatien och det är fullt av liv.
We're gonna visit the exposition of 50 years of Itaúsa. Now I have him as a guide. You can present to us this story, Alfredo.
Thank you, Juliana, for being with us. It is an important moment for Itaúsa. Let's take a tour through the exhibition. Now, this exhibit is chronological. We want to show the main values and how the company is started. It's by axes chronologically. We have a part with legacies that we build the values of. It tells that the controlling families, it's an association. We always had partners in all the companies, so it's an important part.
The results which are very important, of course, this makes the company grow and have the development and in the end, the last block, we're going to talk about influence in the future and what do we do besides the activities, financial and entrepreneurial activities. Alfredo tells me that there is an important picture that highlights the entrepreneurial spirit and the visionary outlook. Well, the group was founded by Alfredo Egydio de Souza Aranha. In the 1910s, he was working with the textiles. In 1920 and he always had a life of being an entrepreneur. He was the founder of the Banco Federal Itaú, which was Banco Itaú. He founded Duratex, which today is Dexco, and several participations that he had.
Now we get to the two people that Alfredo already discussed that were fundamental in this story, Eudoro Villela and Olavo Setúbal.
If you can tell us about their story.
My dad, he was the nephew of Alfredo Egydio de Souza Aranha. He studied engineering, and he founded Deca. Then he was working with this business. There was a lot of relationship with his uncle. He was a person of reference for him. In 1958, 12 years after he founded Deca, my uncle called him to work at Duratex. In 1959, my uncle, he died in 1961, and he went and gave the command of the bank to Eudoro Villela and my dad. He became the general director. The two started to work together, and they worked together for decades. My dad was more executive. Eudoro was more strategic. They divided the space. They had a lot of trust among them. That was a big factor of growth.
Of the group. Two important figures. An important part because it's building legacy. That's what the families did, to preserve and being connected the companies, the values of ethics, of growth, solidity, of a good governance. Here is the essence of Itaúsa. Yes, here it is.
Talking about the origin of Itaúsa, the picture that we're gonna see now is of the first headquarters.
Yeah. This is the origin, so to speak, of the group in its first moment when we had the first movement of fusion of Itaú that was the purchase of Banco União Comercial by Itaú. Then Itaúsa was born. Because at the time, the legislation didn't allow two investment banks. Banco Itaú de Investimentos became Itaúsa.
Now we get to a decisive moment, which is the mergers and the acquisitions that transformed Itaú into one of the biggest banks of the country and impacted millions of Brazilians. It starts in Itaú, it starts in 1995, thirty years ago, with the purchase of the French bank. The first bank that was privatized Banerj. Then we bought Bemge and Minas Gerais, Banestado from Paraná, the Bank of the State of Goiás. In 2002, Itaú purchases BBA. Then there is a big merger of Itaú and Unibanco, a big transformation of the bank from the cultural standpoint of people.
Here, in this corridor, we see another example of association and merger and acquisition in the sector of construction materials.
In 2009, we did a fusion of Duratex with Satipel that complemented the production of panels, and it turned it into a big company, and then this association character with the families for the Seibel family. Here, there is a timeline of the investments. This timeline that really shows how over the last years you had this vocation of growing together, building the legacies. We started to do investments in the sector, industry, services, and infrastructure to create a portfolio that is a portfolio that is relevant of important companies in Brazil that form a portfolio that is important for Itaúsa. Here the section. You have shareholders, taxes, investments. It's why you say the result that impacts. Today, Itaúsa has 920,000 direct shareholders.
It's the biggest company with the names, with the numbers of shareholders in B3. That motivates us a lot, which is nice to see the recognition of having so many people interested in investing with us and believing in our values, our beliefs, and our thesis.
Alfredo, now we're gonna get to a part of the panel that shows how you're following up with us, the construction with a lot of responsibility, social, environmental.
In 2023, because of the size of Itaúsa, the identity that it created all throughout the years, we understood that it would be important to have its own project and not just the projects that we support through the invested companies. We constituted the Itaúsa Institute, and it's focused in sustainability, in environment, and one thing that is very important in Brazil that we lack, which is economic productivity.
In this special year, Itaúsa celebrates 50 years. There is news in terms of visual identity of the company.
In the 50 years, we revisited our brand. We thought that the brand, old brand had solidity, but it didn't really reflect the capacity of the group to adapt to the political, economic, social circumstances of Brazil. We did a new brand.
We're getting at the end of the exhibition, and we scheduled a meeting with Viviane Perinotto. She's the head of communication of Itaúsa. She was facing the rebranding, and she's heading that.
Well, this rebranding was only possible because there is a consistent trajectory of 50 years, and I believe that we could translate in language and identity what differentiates us and also what we lived all throughout these years. Solidity, consistency in the results, association in the investments.
The impact and the transformation of Brazil that you commented, sustainability with an outlook for the future, to me, that's the synthesis of a Brazilian trajectory of value and that we project for the next 50 years.
Very interesting. This identity somehow brings a synthesis of the exposition.
This is what we express when we say that we get our values in action. It's right about that. The rebranding is not just a visual change, but a repositioning that reconnects our legacy to the future. It shows Itaúsa as a holding to prepare for the new cycles of growth, close to 1 million shareholders and committed to have a positive impact for the society.
This rebranding, which was an intense work, we have this values in action, which is a joke that we wanted to say.
We talked about the values of the company, but at the same time, it's the values of our shares, of our results. Action, it gives a sense of movement, everything that we do. At the same time, we say to the shareholders, we are very happy to synthesize in values in action.
It's very clear the trajectory of Itaúsa, and it's a lot of trajectory. Everything that you're seeing thus far, that became a book. A very big book. Everybody is going to have one of those.
The book has been very successful. We've received a few demands, and we could think about, you know, gifting a few of the people that follow this Panorama Itaúsa with this book.
I am certain that after this trip through Panorama Itaúsa, you're gonna see how everything that we're gonna say now will make even more sense.
Oreo.
Let's talk about getting dreams in action. Of beginnings that pushes at the same time. Of getting the legacy in action, of solidity and responsibility that guides us. Let's talk about connections. Of ethics and bonds that we build and multiply the impact. Of building the future in action, and we cannot talk about the future without talking about our history. Always invested in shares that transform the lives of people in Brazil. Because of all that, to talk about the history is to talk about Itaúsa. Evolution is to talk about Itaúsa. Future is to talk about Itaúsa. For 50 years, getting the values in action.
Well, everything is nice, and we hope that you can visit the website that Itaúsa prepared, specifically the website to share these memories that are here at the exhibition. The link is on the screen.
Through the walk, I said that they had to distribute it, the book for everyone, so now I let Alfredo and Viviane in a situation that well, Alfredo wants to give the book to everyone. We decided here that we're gonna gift the book about the 50 years of Itaúsa, the first 200 people that answer the Q&A at the end of the event. Take part. The book is nice. It's beautiful, and it has the weight of history in it. The idea came up at that time.
We wanted to give the book to the 200 people that will answer the questionnaire at the end of the event. For us, it's very important, the response because it gives us feedback, what is good, what is bad, and what we need to improve.
Several details of the exhibition are very interesting. You will understand how Itaúsa can, throughout the years, continue to evolve. I really like the details that I learned there, that Itaú is the name of a city in Minas Gerais. It wasn't the name of the bank.
No. It was the federal bank. Itaú was a bank that was fused, we show in the video, and it was the final brand in the 1970s. All of that we see shows our capacity at Itaúsa, our companies and banks to adapt to several political situations, economic situations of Brazil that we went through. Itaú is a big winner, and it's the biggest bank in the country. It's very modern. Our capacity to reinvent in the bank and the other companies will bring us here.
We have to be proud because the exhibition is there. They have to know their history, and it's very evident that the governance was always present. It's governance that guarantees consistency and credibility to grow in partnership, to generate impact and generate the future.
Governance is a structure or attitude. Let's talk about it. At Itaúsa, it's structure with attitude because you need solid basis, and you have to get them in practice, working in transparency, ethics, and responsibility every day at every level. In that way, we strengthen business, and we multiply the impact. Do you wanna talk about governance?
Your gypsy son is running the Peaky Blinders like it's 1919 all over again.
I bet you decided this wasn't your war.
It is now. Once, I nearly got everything. Nearly doesn't count.
We do. Let's get the invitation of Fernanda Caramuru, and we're gonna talk about governance. This is the first theme, so we can talk about the values of this fundamental agenda of governance and how it's evolving.
I think that governance in the case of Itaúsa is our main pillar. From it, we have everything around. We have a solid governance in the holding. We try to get a solid governance to our invested companies, especially those that are non-negotiated at B3. We have three big companies that are non-listed, so we try to get the best practices of governance because with a good governance, you can grow more, you can manage the risks better. You have a capacity of attracting talents and being more disciplined in the capital allocation.
This is a pillar that we do not forego, and we try to work strongly. At the level of the holding, we have a board of directors of 10 members. 5 are non-connected to the family. They're independent. We have several committees that work with the board of directors, and these committees are coordinated by the independent board members, so they have autonomy to talk to the administrators and to help with the construction. Several committees at the level of the board of directors, we have a governance that is very solid. The reputational risk. This is key. We're a holding. We take part in big companies in Brazil, and we have 920,000 shareholders. Our responsibility is very big.
Almost a million investors.
Talking about governance and commitment, we're gonna bring Ricardo Tadeu Martins, who is president of APIMEC, the president of the Association of Investment Professionals in Brazil.
Hello, everyone, executives, analysts, investors, and all the audience of Panorama Itaúsa 2025.
I'm Ricardo Martins. I'm the executive president of APIMEC Brazil. I am here once again to do the delivery of the Emerald Seal of 25 years to recognize your commitment with the transparency and the frequent contact with analysts and shareholders. In the 50 years of the history of Itaúsa, the last 25 were marked by presentations in partnership with APIMEC Brazil. That's translated by an independent form of mutual trust in the market. Congratulations on a great event.
GilletteLabs.
Thank you. Congratulations.
Another seal of APIMEC, and it represents a lot because it shows our commitment with transparency, governance. We have people that purchase the shares in the stock exchange because they wanted to do so, and that brings us that need, that obligation, a good obligation of being transparent, of talking to the market. We've used the social networks to communicate with the shareholders. Our videos are seen by millions of people. The impact is enormous. It's a responsibility that we try to, through the social networks, to keep this contact very close to the shareholders. This recognition of 25 years of nonstop meetings of Itaúsa shows our commitment.
We talk about governance. Let's bring another attribute that is important, which is solidity, an attribute that we are gonna get to know about it now.
Solidez.
Solidity. It's about creating value or consistency. Let's talk about it. Actually, at Itaúsa, it's about both. With a vision of long-term the economic discipline and responsibility, we transform challenges and opportunities, generating solid and perennial results.
Let's continue. Yes. Priscila talking about solidity, which is a characteristic that is part of the history of Itaúsa. It's just a solid and consistent company can attract and keep almost a million investors. We're gonna talk about the results, solid results, perennial, that Priscila mentioned.
The history of Itaúsa is a success. Our shares are valued and it's one of the most valued over the last 30 years. It's a consistent result of Itaú Unibanco, our main participation, but also in the conglomerate of companies that we started to invest over the last 10 years. Solidity comes from governance.
Results that confirm this. We have a practice of distributing all the dividends and yields that we receive to our shareholders, and this makes Itaúsa a big payer of dividends or payouts. This explains. All the investors at B3, and it has Itaúsa as one of the top five dividend yield payers of the B3. There is a history of value creation. It's given us returns even superior to the return of Itaú Unibanco. Well, they're less, but the rate of return is very high, so we're very happy with this creation of value of the shareholders. Solidity is reflected on the portfolio that the holding has now. Yes. We have a portfolio that the people of the day-to-day don't even realize it, but they live with our companies every day.
Dozens of millions of Brazilians, we have Itaú Unibanco, and we have Copa Energia that has Copagaz and Liquigás, which is one of the biggest company of gas in Brazil. People drive our roads through Motiva, the trains, the metro, airports. At Dexco, we have the Deca, which is a very strong brand in utilities, restrooms and metals. We have Aegea, which is the biggest utilities private company in the country, so we have a portfolio of brands that is very strong. We like to have these companies from relevant sectors connected to infrastructure, but that they give us a good return. They help with the development of the country. The country lacks infrastructure. The government, state, federal, are enabled because of the deficits and to do this investment.
Infrastructure is a sector that we chose as an important focus for the creation of value.
Yes, the private investment facing the fiscal issue that restricts the public investment. Alfredo, there is a few questions. We have one from Mozart Galvão, from Carlos Rodrigues, Daniel Pereira, Gilberto Claro. Thank you for taking part.
Make your move now. I like the way you're moving. You're just my type. So good. This is how we do it. Make your move now. Make your move now.
They're very similar. You can imagine that it's about the yield, the dividends, the payout. Looking at the future, what can they expect of the evolution of the composition of portfolio of Itaúsa, of the strategy of capital allocation, and what can they expect in practice of payout, of dividend yields?
Well, thank you very much. We have in practice to do the payout, of, the interest of our capital, the payouts to our shareholders, and it gives to the shareholders a dividend yield that is high. Well, on the other hand, we've received, payouts from other companies, and we've used such resources to reduce our indebtedness, pay, the, interest and, do the amortization of the debt and paying the expenses of the holding.
Our employees from the Instituto Itaúsa, BRL 50 million per year of the grants. We use the payout of the other companies to do this. We always try to do this, and Fred and Vicente always try to do this to try and allocate the capital as best as possible. We always invest, study if it's better to purchase shares or pay the payouts. We're always analyzing where to allocate the capital in the best way possible for our investors in such a way that you give returns that are adequate for this.
We explore this issue of solidity. It represents the performance of Itaúsa and the portfolio as well. To talk about this theme, I would like to bring our first guest, the CEO of Itaú Unibanco, Milton Maluhy Filho. Let's go to the side room.
Hello.
Welcome, Milton.
You'll see that this is a new scenario. Congratulations. Milton, let's start with a conversation about solidity, exploring the fact of solidity being a fundamental part of the trajectory of Itaú Unibanco and Itaúsa. Can you give us your opinion on the influence of the controller? How is this influence contributing throughout the years to keep the results, solid returns for the creation of value of long-term and the vision of the future of the bank?
Hi, good morning. It's a pleasure to be with you. It's always a pleasure. Juliana, great to see you again at Itaúsa at Panorama. Well, I'd like to talk about solidity is to talk about Itaú Unibanco, and this is a very strong word in the bank because we believe in the importance of the long-term view. A company, a bank that you don't bring the word solidity, surety, loses the appeal.
It's been this way for many decades, and that's why we built, and this month, the 27th, we just celebrated 101 years. We're celebrating the 101st anniversary of our bank. Our outlook is always long-term. Alfredo discussed in the beginning, and there is a brand that is very strong of Itaúsa, that is governance as well. Solidity, governance, long-term vision, and this talks to the management of the bank. First, the board is very trained with a very important mix of profiles. Profiles of the controllers, of the independent board members, always looking at the next cycle. What is the profile and what are the challenges that the bank should have? This change in the board, 3 board members focused in technology, has been very important. Second, the ownership outlook.
I believe in the importance of this. When we look at the world, that we see listed companies in the market and performance of the companies that have a shareholder that is clear and the true corporations, we see the ownership, the importance of a board that transmits every day the values that are on a mission. In the bank, our mission is a relay race. This is where the shareholders have passed on generation to generation, and this is for administration. Everything in the bank is continuity. The CEO gives to the next a will so that on the next we can run in the best way possible. Governance of the bank is a reference.
We've recently, because of the market analysts, we've received evaluations that were very positive, and we could be in the first place in all the metrics. Metrics were administration events of IR and the board, so the market can understand very well that governance for us is important. Governance means having discipline of defining very well the role of the board and the administration, and having a long-term view that is shared. All the executives of the banks are partners of the bank. This makes an alignment, a perfect alignment between the vision of the shareholder, those that are watching long-term, and the executives shareholders that are here making decisions, thinking about the long-term and not the result of the next quarter. This governance works very well. The relationship of trust between the board and the administration is important and support.
The board is a place that we debate everything, where the provocations happen and the contributions are done, the provocations. The role of administration is to understand and absorb and to work with this plan that was agreed upon. In the bank, if we look at the last cycles, these were very volatile cycles. We've seen the sector going through more volatility, but there are some aspects of our business model which. Well, first, the capital allocation. For us, within Banco Itaú, to allocate capital is very important. We do it very carefully. These are metrics that I would like to say that are competitive differentials. The management of risks, we've always have it connected to the organization. It's not running away from the risk, it's understanding the risk and managing the risk depending on the scenario and all the risk variables possible.
More than so, innovate. A bank that doesn't have trust, it doesn't look up ahead. Without foregoing these pillars, they cannot build a future, so the past performance is not a guarantee of a future performance. That humbleness with which we deal with it, with the themes, and there is a pillar of our culture that I really like. Too, that I really highlighted. The client was always present. Ethic was always there. It's the first word of the video of opening of the event, ethics. Two important pillars. First, we don't know everything, and so we have to bring to the bank, because when you're a leader of the sector, you run the risk of thinking that you have all the answers.
Actually, if you're not paying attention to the consumer, to the competition, the innovations, to where the market is going, you lose the capacity of being relevant on the long term. This is something that we've done a lot. The outside unlock, recognizing there are people that do things better than us, and we should, yes, get a higher bar. The second aspect that I really discuss is we work together with the 100,000 collaborators, 15,000 outside of Brazil. If you don't have a strong culture, and the cultural transformation that we've done are seeking this: a complete alignment of the behaviors, so we can have a group of collaborators that are highly motivated and they understand that the values are important and that the client is outside, because we service the client in the best way possible and deliver one bank.
Several questions. Everybody wants to ask questions to you.
Nobody will ask me about the dividends.
One from Renato Verissimo. There is another one along this line. At which stage are you in this journey discussing this highlight that you mentioned about the investments and cultural transformation of the bank? At which stage are you in this journey? And also the main initiatives of the bank that has positively impacted the lives of the clients.
Well, the transformation, the cultural and digital is constant. The day that I tell you that we reach 100%, there is something wrong. The objective is a mobile objective. It changes every day because the world changes, and we are always updating ourselves. I'm gonna separate it in two chapters, your question.
How it ends will be his decision.
We're gonna talk about the cultural transformation and then the digital one. As soon as I took on, there was a strong culture in the organization, and we always understood that this is a competitive differential. The culture is dynamic. While ethics is non-temporal, the performance doesn't have time. There are other pillars such as diversity inclusion, which is one of the we don't know everything. These are pillars that are newer. The CEO is more than a chief executive officer, we are the culture executive officer. I believe that the role of the CEO is to transform and bring and practice culture day, night, and in the afternoon. There is always we have to look at the decision, and we have to explain to the people, why are we making this decision? Why is it aligned with our culture?
We've done a series of works with the administration of the bank, with work, culture, workshops, bringing people to the table, discussing with the people, qualifying the item of the culture. There is a logic, there is a reason to be. This is a work that is evolving. How do we measure the result of the culture? Well, first, the result. Organization is important. Culture in its biggest power. Number two, how is the environment within the bank? We've reached the eNPS. We talk about the Net Promoter Score, which is a metric for the evaluation of satisfaction of clients. We have the Employee Net Promoter Score, which is a metric to evaluate how people are in the bank. For us, the environment is important.
If we don't have a team that is motivated with everything that we do, it's very difficult for them to enchant and involve our clients. For me, this combination is very important. We've operated in the biggest standards of NPS, and the NPS is very important. If you have motivated a culture that is clear, very clear, the result is a consequence of you servicing the clients. The result and the satisfaction of the client are walking hand in hand. It's every day, and we're never gonna reach 100% of the journey, by definition. We are at a solid moment of this, the cultural transformation, very happy with the results.
On the digital transformation, going back in time, the bank didn't want to assemble a digital bank by the side of a big bank, because when you do that, you lose the capacity of transforming. It seems that everything that is new has to be built outside of the big bank, where there are the 70,000 clients. Our decision is to face this transformation, we have to start by ourselves. This is for the digital cultural transformation. I submitted an email saying that the cultural transformation started with me. I needed to adapt. I needed to transform. When you invite the people to transform themselves with you, it's a very, very easy process. Well, if I have to do that change, the same thing for you. The same is for the digital transformation.
When the transformation happens in a bank where you have over 70,000 clients, we did a strong investment over the years. We have over 70% of our systems modernized. When I talk about the modernized, I'm saying that it's running in the cloud. It's preconditioned to go to the cloud, that the platform is rewritten and modernized. We changed the method. We have over 25,000 people working in an agile model, which changes the way of delivering the value. I'm gonna give you some data. A few years ago, we did in production what changes the lives of the client, the customer. We did a thousand in a day. Now we have an exponential change. Now we have platforms and scale.
We have speed of response. The super app, which is unified, we had seven apps, now they're all unified in one super app for 100% of the bases, and we migrated over 50 million clients that had an experience in the mono app that are now at the super app. This rate of migration was 99.3% with a satisfaction index above 80, which shows that we have taken care of the clients. We are a universal bank. We are so strong in the wholesale as the retail. Since we are so good at Itaú Asset Management and private bank, we are so in the legal and natural persons bank, and this is the strength of the bank, to be a universal. We are a universal bank. We are looking at all the businesses with robust growth.
The economic activity is fundamental, and growth. If we don't have growth, if we don't have an agenda that is structuring so that the growth is more vigorous, then naturally the capacity to grow is affected. We found new avenues of growth. This is important regardless of the GDP. We try to find new pockets and new markets, and we've managed to grow very strongly in a digital transformation that is profound and cultural as well. Well, I think it's nice if you can mention to the people that are watching us, Itaú Unibanco is one of the biggest, if not the biggest, technology company in the number of employees that has provided for this growth. How much of that has helped us to reduce the gaps with the digital banks and so on and so forth?
With the new competition that is there, and the new competition that is competent. To have that humility of seeing that there is competent people that we need to be quicker is important. Alfredo talked about a point, and now, today, we are the biggest technology company in Brazil. We closed this last month with 19,000 people in technology. Imagine in a bank of 100,000, in Brazil, we have 85,000 people. The 19,000 are just in Brazil. Now we're talking about 25% in the base of the bank, 25% of the employees in technology. There is a new point in this discussion. In the past, we've looked at technology as an isolated area. Harry went there, the business area did a request, they.
Technology took to the shop floor, they came back with a product. That changed. Our 85,000 collaborators, all the business areas and products are also managers of technology. Today, we believe in a concept that we call, that Amazon uses, which is two in a box. You have a head of business and technology together working in that platform. All the business manager of the bank is a manager of tech platform. All the head of a product is the head of a platform technology. Throughout time, even those 19,000 that I brand as technology, they're not gonna exist in that concept, so I would like to say that over 30,000 people in the bank think about technology and products of technology. This is very relevant. That made us be capable.
Over the last cycle, in the last months, we launched over 19 new products which are features of context within the journey of the client. Those of you that access our super apps will see that there is a new solution. It is the management of expenses. We discovered that 60% of our clients didn't have information of how they're spending. They thought that they knew, and they just found data and they got frightened by data. We've launched solutions that had a level of engagement and very quick success. Today, you measure not by delivery of the solution. It's now by being available in the app that the product is delivered, and it's by adoption. Billions of BRL in the savings accounts, millions of clients using the control of expenses, and we solve pains of the clients.
We've been so prepared to compete with the new banks. Of course, we have a transformation to be done. We plan over the next few years, we want to turn off the mainframes. This is transformation for a bank of our size, and we have the capacity to compete, and this is an important change. We have highly trained teams, high-tech technology, and a capacity of execution, so we're very excited. Once again, feet on the ground, humility, and there is still a lot of homework.
Well, you're talking about the finance education that Brazilians need. If you can tell us about the segments that you see with more opportunities.
Well, Juliana, we're in a phase of budgeting, and we will go to the call of the third quarter.
At the beginning of the next year is the call of the fourth and the guidance. The main lines of the balance sheet and what we expect for the next year. We're in this process. Activity is central. Well, looking at the capacity of the company, the company. We are in a restrictive cycle of interest rate, and that's why we have monetary policy to bring inflation, which is the worst tax that you can have. It's regressive, and it impacts relevantly, specifically the bases that are less privileged, so this is important. Even so, we did a big transformation for the natural persons in the bank. We've announced a refresh. In the legal, we've seen enormous opportunities. We just did the Itaú Day.
We talked to the market a lot of what we imagined to be doing over the last year, so we have opportunities to grow relevantly. In the segments that we are leaders, in the high income, we are leaders in companies. There is a lot of opportunities. There are some banks outside of Itaú Unibanco that have opportunity of selling. Itaú BBA, we are leaders of the bank. The investment bank depends on economic activity with interest rates at 15%, but we are relevant and leaders in the capital markets, and we have opportunities. We are leaders in the private market, and we see opportunities to be able to grow. We are leaders in assets amongst the private. We have opportunities to grow. Growing is the order of the day. All the businesses with opportunities.
The super app, the migration of the 15 million clients is very relevant for this process of growing the bases. There is opportunities. Let's see the credit scenario, which is very important because growing the portfolio depends on the prospective scenario, and we are operating with the best thresholds of delinquency in the industry, the best thresholds, and I say that we are at the best time. To grow strongly or to go through a volatility moment. We will navigate as we will have more information.
Natan, a lot has been discussed in the technology world on artificial intelligence. I think I wanted to hear you. How can that help Itaú Unibanco to reduce costs? The bank still has a big legacy of costs and, you know, branches and people. How are we going to use artificial intelligence to help our clients?
This is the first objective, but also to reduce costs and help the bank to have more competitive.
Oh, artificial intelligence is a reality. We hear a few people, "Oh, maybe it's a hype. It's a..." No, it's no hype. It's a reality. I mean, how many of you have had the experience of talking to ChatGPT? These models are impressive. What do I say in the bank that is important? We have in-house artificial intelligence, which is what we are going to improve the processes to be more efficient, to have more quality, to have more speed. We've done that. We have machine learning, which is a way of artificial intelligence, and now we're evolving with the generative AI. So all the corporate areas of the bank have projects. Itaú Unibanco has 600 projects today in artificial intelligence. We have relevant partnership.
We launched our Institute of Technology. It's very important. It's a way that we found to bring academia. We have the best universities in Brazil and outside of Brazil supporting with dedicated teams to test cases. The most important is two combinations. We invested as soon as we started with artificial intelligence. We surrounded ourselves with the best in the world to make sure that we would have the most innovative. We spent two years investing in foundation. What is foundation? If someone gets into our app and they need to do a PIX by WhatsApp by artificial intelligence, and I recommend that you use this. I used it last night. It's an experience that is incredible.
What if you ask a question to the chat? What if the chat hallucinates?
No, we are not a fintech. We live on reputation. We invested two years creating the foundations. What are the mechanisms of protection, the guardrails, so we can have the models very well trained so that they work among a spectrum. We launched three solutions that impact the client, and they are innovative. We're one of the first ones. First, I mentioned the PIX on the WhatsApp. With generative AI in the way that we are doing our model, it's incredible, and I recommend that you test it. Second, the investment specialist. We cannot have a specialist of investment for every client of the bank because the bank has 70 million, and a percentage of these clients are investors.
We can deliver for every client a trained specialist, now with a model, the LLMs. They're trained with our data. It's an organization focused on data that has used this data to train the models. This is a strong combination. We can train the models with the proprietary data. Nobody has that because we have trajectory, knowledge, and depth in these markets. When you combine that with the highlight of the models, this combination is very strong. Someone can work with an investment AI assistant, but we can bring context to this assistant and train this assistant with our intelligence. Intelligence, intel, with the artificial intelligence taking the result in the end. We launched companies, which is to service digitally 100% of our clients with 100% generative AI.
The level of interaction with the clients, it's incredible because adoption is very strong. Brazilians really like artificial intelligence technology. That will bring efficiencies. All the transformation that is done in the wholesale and the retail and the combined and the whole bank has to make the bank more efficient. Efficiency is a word of order, so we can understand better our clients, so we can be quicker, and we can be more competitive. Price is a function of cost. The more efficient we are, the more risk of credit we can take on the long term for a few segments that we work less and more price we will have to service all the segments. AI has a transformational role, not only in a financial institute, but if you're not looking at that, you are delayed.
You can test the PIX to my account to see how it works.
I will invite you for a dinner to celebrate the event.
Oh, we can't obviously stop talking about dividends.
Well, we have to talk about dividends payout.
I knew this question was coming. There are a lot of questions about that.
We have a lot of questions about that. All throughout the last years, the bank has managed to grow. That demands quality where the distribution of proceeds is so relevant. We know it's difficult to balance. Is it possible to expect that this dynamic be su
stainable? I think that this is a virtuous cycle. When you allocate the capital, when you create value for your clients, and in the way that you described here, the results come. We could deliver a profitability that is much higher than the cost of capital. For us, it's a mantra, the creation of value. What is the value creation that we discussed? It's the results of profitability of the bank less the cost of capital.
Today, we work with the cost of capital calculated with methodologies, but we have a number close to 15%. Everything that the bank has an interest rate, the ROI above 15%, the return on the investment, everything that is above 15 is creation of value for the shareholders. This is the way that we're working. There is a metric. Bank is a regulated activity. We have to have capital levels that are important, not only for scenarios for the, unexpected loss, but also we need to have capital to grow. Growing is not just organic. It's organic, acquisitions, growing the credit, portfolio, market risk, operational risk. This is the way that why we have capital.
We have a minimum appetite, how much the bank has to run with capital, and this is defined by 11.5 CET1. It's a CET1. Above that, we have what we call the AT1, but we always look at it 11.5 as a relevant metric. The bank is running above 13 of capital. Therefore, you can think, well, 13 less than 11.5 is the excess of capital, and this should be the payout of dividend. For the dividends, we work with half of a point above the appetite of the board. This is the minimum. We have to work with a margin. We work with half of a percentage above. That's why dividends, we talk about 12, and the regulator will evolve.
Basel in Switzerland brings new rules, and now we are seeing some regulatory changes in operational risk and credit risk. All of that to say that we don't have that dividend that in the past we said extraordinary. It's not extraordinary. I call it additional dividend because it's been paid every year. We finish the year now. We're in a budgeting phase. We are gonna look at our expectation of growth. Objective one is investing in activity, growing the bank. We don't have a goal of dividends. We have objective, which is invest and allocate well the capital in the institution. On the other hand, we don't wanna have the excesses. What do we do?
At the beginning of the year, we do projections as the portfolio grow, what we have of opportunities, where there's a capital that is defined by the board, plus that minimum, and then the idea is to have a capital with an additional dividend. With the information of today, and these are information that are always dynamic, we hope to have an additional dividend in a year that the results of the bank are growing. The dividend, all the shares are growing because the interests are. The profit is growing. The payout, we don't give a guidance of payout. How much of the income will be distributed? No. What is the excess? The expectation is to have a dividend that is additional, relevant, being paid at the beginning of next year, unless there is another decision at the board.
The bank has been doing a repurchasing of shares, which is a way to deliver the proceeds.
Well, we heard feedbacks. The investors, they ask for the cash and the investors, the foreign investors, the institutionals, they really like the repurchasing of shares. We have a base of investors of over 1 million investors, client investors, and we also have in Itaú relevant investors of over 600,000 investors, so we always serve with the cash dividend, but repurchase is a way of distribution, and we've been doing that, and this benefits all shareholders.
A question that is always strong is the impact in the holding. You visited the exhibition. I didn't have such a privileged guide such as you, but let's catch up.
I can go with you again.
There is the activities of impact.
Talking about sustainable growth, the bank has increased the financing for BRL 1 trillion until 2030. Can you tell us about the main challenges always and the opportunities to integrate this agenda of sustainability, especially in the sectors of agriculture and infrastructure?
Sustainability, the ESG that are. It's forgotten at times the bank doesn't follow, you know, fashion. ESG is culture, it's value. That's present since the birth of the bank and Itaúsa. We got into the Dow Jones Sustainability Index at the end of the 1990s, and nobody was talking about this. We continue to be there. We are the first institution to be part of this index. The foundations that Alfredo mentioned, we have foundations that are very relevant, so the S of social is fundamental.
The foundations, the Instituto Itaú and Fundação Itaú are wonderful, and we are low profile. We don't do it as a campaign, we do it because we believe. Governance is key, and ESG, we want to be the bank of the transition toward an economy with less carbon. We don't wanna be police, because when you have that posture, you don't help your clients. A great deal of them want to have a plan. They want to do that transition with an economy of less carbon. We launched this program of BRL 1 trillion because we got to the previous goal, which is over BRL 400 million in financing and structuring of capital markets that have this objective to do the transition with a decarbonized economy. We have this goal a year and a half before of what we propose.
We need to have big dreams, ambitions, and we're gonna have a new objective. A trillion reais is a relevant objective. This is the objective. We went through half of the challenge. We did BRL 500 billion in this nature, and we believe that until 2030, we are gonna fulfill this. We're gonna have the Net-Zero Banking Alliance. It's a global alliance that we intend not only in the scope one and two, we are carbon neutral, which are the indirect of our clients.
How can we help the sectors? You mentioned agriculture, infrastructure, oil and gas. How do we help these sectors in this transition?
This is our role, taking products, solutions, ESG as business. They have to be inserted in the organization.
It can't be a separate area, because if they're not connected with the clients, it doesn't advance with the speed that it should. This is a common challenge, and I think that all of our clients, they have clear plans and we have to work and enhance financing and helping with this transition.
Thank you, Milton Maluhy. Now we have some other agendas. Thank you for the participation of Milton Maluhy, another year at Panorama Itaúsa, and we explore the solidity with you, with innovation, sustainability. It was very nice.
Thank you, Juliana. It's a pleasure to have you. I hope to be here next year with another Panorama Itaúsa.
I would like to thank all of you investors, clients that are helping us, and we really work with our foot on the ground and humility because the challenge is we are just in the first year of the 100 years, and we have a lot of work to be done.
This is an important attribute of solidity, and we're gonna talk about another attribute of Itaú, sustainability.
Sustainability is the path of our destination.
Let's talk. At Itaú, sustainability is part of the strategy. It's not an isolated project. It's at the center of everything. We do it with responsibility and long-term vision, connecting results, consistent results, with real impact. Let's continue to talk about it.
Let's talk about this message of Marcelo Furtado. For Itaú, sustainability as part of the strategy, Milton talked about this.
If you can explore this theme of sustainability, how is this theme being translated in the day-to-day of the holding?
Well, this is a very relevant theme, and sometimes it's more in vogue, but for us, is more basic in our strategy and our investment. It's in our DNA of the families. We pass it on generation by generation. Several members of the family have their own foundations, their own institutes. That stems with our DNA, and this is transmitted for our invested companies. This is very important. We have this bias of sustainability. It's unavoidable. All the companies, if they have an agenda of sustainability, it's you have to take care of climate change. Banco Itaú wants to be the bank of transition. They want to help the companies to do this, and it needs or demands investment.
It's not free. There is long-term investment. For us, it's very relevant to have this agenda. For many, many years, we've been working with this. We've taken part of several indices of sustainability at B3 and abroad. We created the Itaúsa Institute. Marcelo talked about sustainability. He is the president of the institute, and he focuses on the conservation of the environment and the economy. We have BRL 50 million. We work with the institute not only with projects that are our own just, but with projects that we support. We can multiply projects, and we don't create projects that are the same as the others. We are supporting COP-30, which we're gonna be present with the other companies, showing cases of success and supporting sustainability. We have an important support.
Through our invested companies and Fundação Itaú, these two entities with our. Well, they're NGOs. They have a budget of BRL 450 million per year, and the bank has another BRL 350 million that is the fiscal incentive. Itaú Unibanco is a big sponsor of culture, of education, of mobility. It's an agenda that is in our companies, and we give incentives that they have their own institutes and they work in their communities.
We know that in Brazil, we talk about sustainability without talking about sustainability and infrastructure. Now we're gonna call the CEOs of two very important companies in this sector. We're gonna receive Miguel Setas, CEO of Motiva, and Radamés Casseb, CEO of Aegea. Thank you for being here.
Let's talk about the importance of the sector of infrastructure for the development of the country, the sustainable development, and how is the strategy of sustainability.
Well, first of all, I would like to thank Alfredo and Itaú for this invitation. I think it's a merit, the strength, that we do with the investors to give transparency to their strategy. We as the invested companies, we want to contribute. Now, talking about sustainability, we have a complete strategy in mitigation, reduction of emissions, and the strategy of adaptation. Preparing for the climate change. The infrastructure is very much exposed to the climate change, and we have a mission, an objective, and we've anticipated this conclusion of climate resilience. We've adapted our infrastructure, our metros, our trains, our airports, and with the scenario of climate change, we can be more prepared. This is risk and return.
This is more necessary, so we can avoid the impacts of climate change, and we have plans for this phenomenon. We have 5,000 plans for climate change. On the side of mitigation, it means reduction of emissions. We have a self-regulation. Even though the sector doesn't have defined goals, we want to get to a plan of 2035 with neutralizing carbon. This means in the mission that our Scope one and two are the ones that are controlled by the company. We are doing the process of decarbonization. What does it imply? Changing the fleet to electric vehicles, avoiding the losses and the air conditioning of the trains, reusing the asphalt. So AutoBAn in Bandeirantes or roadway highway, we're doing. We have BRL 3 billion reinvesting in the recapping of the highways.
This is done in 68% of realization of the asphalt. We are reusing this asphalt and the recapping. We have an assertive strategy.
Radamés brings the examples for utilities.
Well, I think this is in the essence of our business. One important point that is important to share with the shareholders of Itaúsa and those that are hearing us, in November, we're gonna be at COP, C-O-P. Itaúsa and Aegea are discussing sustainability, how the companies are reorganizing, so we can bring social legacy. It's important for Brazil. In the heart of the Amazon, Itaúsa also will be there.
Aegea will be delivering the first universalized city, Barcarena, in the metropolitan region of Belém, as a symbol of the sustainability, the management of the cycle of water, full of the collection, the treatment, the distribution to the people, the collection of the treatment of waters, and generating environmental sustainability. Access to sanitary works, we are doing the universalization of the service in Brazil. Sustainability is at the root of all that.
We talk about the health.
Well, another important aspect here for those that are watching is to explain that sustainability is a synonym of creation of value.
We have a trajectory of decarbonization, and we are going through all of our electric consumption for the renewable energy market, and this with 20% of energy and a cheaper kilowatt hour cost. All of the policy of decarbonization with an energy that is 20% cheaper. Sustainability doesn't have to be a cost. It can be a lever.
I think the investors they expect that the most. This agenda that I think that we cannot let it go.
Today is an issue of value. We're changing the fleet from the internal combustion to the electric engine. Today is more advantageous to have it. Cheaper fuel, lower maintenance. Our tows they justify themselves economically.
Electric tows. We have this issue. There is a demand of the investor for this commitment.
Today, the investor expects, as a contribution to society, that the big companies, that they fulfill their role in terms of climate. Of course, a smaller company has more difficulties, but the big companies, they cannot steer away from their responsibility.
Well, Radamés, we always talk about the advances in infrastructure, but still, a long way is to be explored. Can you bring us this overview of development, perspectives, investment opportunities and infrastructure in the country?
Since the approval, the market is reinforcing and reducing the regulatory risk. That broke a barrier away from the big dilemma of the transformation of the utilities in Brazil. The risk appetite for the very long term can bring capital that is organized throughout the world to meet the demand in the order of BRL 1 trillion.
That has originated by BNDES as a project factory, as a big protagonist in the launch of big programs of concession along with state or governments and big metropolitan regions for concessions. The advance has been the big transformation, but it's very far away from addressing this transformation as a whole for Brazil. Today, 44% of the population is serviced by new contracts that will tend to invest and guarantee investments in the next 10 years, and the other half, more than half, still awaits the social discussion that will lead the big programs to take place.
We hope that in the next two years, big relevant regions such as Minas Gerais, Goiás, an important part of Rio Grande do Sul will come to the market, attracting companies such as Aegea in this dispute to guarantee the continuous advancement in Brazil. We hope that the demand of origination will continue in Brazil. The return in capital allocation, the biggest. We have to do the adequate allocation with the prioritization of where to allocate the capital and to take care of the client are the key brands for a prosperous future.
Well, infrastructure is the same thing. We see that there is an evolution, but if you can bring us the challenges and opportunities.
Well, certainly. Well, yesterday at the macro day of Itaú, I mentioned that in Brazil, only 12% of the roadways have asphalt.
90% doesn't have asphalt. Only 1.5% has concessions. Can you imagine the potential for this segment? Curiously, what the specialists tell us is that more than half of what is the infrastructure in Brazil, transport in Brazil could be investing more than BRL 200 billion per year in roadways. Good news, I like to see the glass half full. In 2025, it will be the highest year of investment in Brazil. In roadways, in infrastructure, we're gonna have BRL 280 billion. In the previous year, it was relevant for 2024. I think that we are in a super cycle of investment in infrastructure where a great deal is in transport and logistics.
Our Capital Markets Day that we've done last week, we announced BRL 100 billion of investment in roadways and BRL 60 billion of metros and trains. BRL 160 billion of investment that is possible. We cannot participate in everything. We are selective. We have a potential universe of BRL 160 billion of investment all throughout.
We're talking about the selection, discipline, capital allocation.
Radamés, discuss this. How do you apply it in infrastructure projects, and you seize strategic opportunities that guarantee sustainable returns? How do you do this balance, Radamés?
From the standpoint of projects and infrastructure, the demand overload of intensive capital is a differential when compared to other businesses. Important facts here in the process of selection is governance that discusses deeply with transparency in the long-term view.
This composition guarantees that you look at the investment not only from the standpoint of returns. You evaluate the structural risk associated, the legacy that you will leave at that time. There is the certainty for no. This is a no. This is not the moment of doing it. This is not the moment of investing. This is the moment of investing because the belief in transformation will leave a relevant legacy that our demands, that our business demand with a relationship with our clients. We have to ensure that the governance has to do the speedy evaluation committed to the long-term evaluation. Secondly, the prioritization on the return, not only from the macro structural of the commitments of the contract, but trying to identify, in our case, the investment of the next house.
In our case is how can you evolve with the performance of the company so that the next phase is quicker? How can you do that movement, making that the capital structure with the investors and the financiers, so they realize what is the relevance of your work through the instruments, guaranteeing that this process of trust and feedback of credit and reputation can broaden the capacity of the company to transform. The good choices will generate a process of strengthening of the trust. This has been the guide with which the company has been working over the 15 years.
One important thing that got the big volumes of investments for the next years, there's always a discussion, "Well, maybe the private sector has the capacity of doing all that." There are concessions. I think it's been very consolidated for over 20 years, and they trust.
The government trusts us. You're building this recent journey of 5, 10 years of concessions and privatizations. The question is, the private sector has the capacity to do all this investment.
I think that the word here is partnership, Alfredo, and the private sector is a lever of development in partnership with the public sector. These are relevant instruments. To create a new business environment in Brazil with legal certainty, with a regulatory stable board. This will attract new investors. We have the roadway sector, the presence of international investors that are coming back to take part in Brazil. The roadways is more mature in our segment. You see companies such as CCR, the financial sponsors that are getting into this market.
Construction companies want to take part, and international companies that want to take part, that are flowing through the regulatory established market. These answers depend on the business environment so that the investors can seize the opportunity. Roadways is, you know, a big market.
What about utilities and sewage?
Well, very interesting because it allows you to look at the dimension of the flow of challenges in a different direction. Today, Aegea services 860 municipalities, and each municipality we're doing a big transformation, a big one. In these environments, starting with the front and the execution, guarantee the leadership for the business environment is our responsibility. You are creating the environment. You're creating and engaging the new entrepreneurs of construction of the materials.
You can guarantee that this multitude of entrepreneurs have a shared prosperity from the commitments that we've assumed. This engagement process attracts the capital partners. When we look at the question structured, the private sector will have the capacity to do all the investments, so the answer is yes. There will be the capacity. The arrangement and the conditions are going to mature through the journey. There is a learning. We were depending on the public sector to do the big transformations, and the public sector has suffered. Now the investment has been of the private sector that believes in Brazil, that believes in the transformation in Brazil. This has made this revolution to make a difference in Brazil.
It's our responsibility to create an ethical environment with a reduction of risk, so that the entrepreneurs that are distributed on our businesses have an environment of conformity to perform, to have their income, to prosper, while we lead people and long-term work in Brazil. You have to believe in it. Yes.
Now, for our investors, it's important the adaptation. It's well, this is an environment that we have a moderate competition. It's not the competition that is value. This is good. We got the opportunity of investment that are adequate. It's return and risk.
It's interesting. There is an interesting which is the what is the role of Itaúsa in the governance of companies? We've discussed this and how this collegiate association associative contributes so that we have a value creation.
There are two cases.
Aegea is a company that is still closed.
Itaúsa is one of our shareholders that is represented in the board with two members of the board, two administrators, two people of high quality. Roberto Setúbal and we're gonna have another person. Two people that transport to the board the values of governance as a base of everything. The value is in action, and we see that. At the board, it's not only the ethics and support to the challenges of the company, but the challenge. I always comment this with Roberto and Vicente, we like this balance. On the one side, the support, conditions so that we can work, trust. On the other hand, there is a stimulus and a challenge, and that's a part.
Even with the allocation of capital, Itaúsa has a very refined look for this requirement of management. We have an experience. I've been for three and a half years at the company. For me, it's been a privilege to work with the board.
Well, the entry of Itaúsa has a symbol for the big turnover of the company. Itaúsa got. It's one of the biggest land big points in transformation and challenges and protagonism that is effective. Well, from the standpoint of contribution, additional ones, that accurate unlock on the experience that it was accumulated in Brazil and the many Brazils and the political changes, economic changes, the experience of the incorporations that came to the table on advances, retain, and they are aligned with the attentive unlock to people, to the processes of transparency, integrity, which were strong in the company.
Now they're even more once you have that unlock that we have with Itaúsa on people.
Well, Alfredo, you talk about uniting expertise and sharing the values.
It's what we try to bring, especially to Aegea, which is a non-listed company in its evolution. It was always a company of very few shareholders. We have provocations to help the company and the administration, even the risks, the reputational risks, the climate risks, to improve the governance as a whole. The company has evolved in an incredible way. If you look at the five years, the evolution is incredible. The transformation is enormous. The company grows, and we need that. The most important thing, and Radamés, he is the leader of the company, has responded in a very efficacious way to face these challenges. CCR is more mature.
We have a history of the market that is very broad, and you have a governance that is more established.
That issue of infrastructure, it's connected, and I discussed with Alfredo about the macroeconomic scenario. This interest rate of 15%, it's difficult to invest. I wanted you to comment on, while you're discussing opportunities and a pipeline of investments, but we know that resources are expensive right now. It's important to explain where the resources are coming for these investments. How is the capital infrastructure?
Of course, the macroeconomic at rates 15% is not favorable on the long term. 20 years. Well, our perspective, our conviction is that this is going to normalize. What we do is to have all the capital allocation care. We are careful. We want to invest. It's an agreement with the macroeconomic current scenario.
We have a profitability above the capital cost, and we're waiting. The market is showing, since the beginning of the year, we have a GSR of 50%. The evolution of the shares along with the distribution of dividends shows that the market is at a moment of pricing this risk. Obviously, we understand that there's going to be a normalization with the curve. We are very selective. Now we have our Capital Markets Day. We choose our strategy. We are premium in strategic geographies.
What are the premium assets?
That any way, in any place, there are assets of extreme quality. Now we have a portfolio that is more in demand in, but at a moment that in macroeconomic, we're gonna have a profitability that is very relevant.
Motiva and Aegea are companies that are structurally more leveraged, more in debt.
They do long-term investments.
That's why, Alfredo, our board discussions and committees, a very important point. At the origin of a new business, we want to do a competition. We want to take part of this engagement in a way that is efficient. When we take and we verify the last competitions over the last five years working in monopolies, we purchase the next house. In Rio de Janeiro, you see we're buying a monopoly. We're paying a third in comparison to the competition over the last five years. Paying cheaper and being assertive is a way of creating a structural initial betting when you start the infrastructure process. The second point, the big projects in utilities and infrastructure as a whole, they have from the standpoint of tariffs, protection, natural protection against inflation.
The setting of the tariffs guarantees the correction of the inflation throughout time. All the growth and capital allocation is structured in the diversity of sources and instruments. Aegea has financed through this growth period through capital markets, 80% of the capital markets, national and mainly international. We've just launched the biggest blue bond global, $750 million. In 10 years, that's a landmark for the company to believe that this engagement will attract the investors that want not only return, but legacy. They want to support the transformation and in new businesses, the capital partners that are strategic, such as Itaúsa in Rio de Janeiro, that, you know, they're a capital partner.
While the journey of IPO is the adequate moment for the opening of capitals, the company has been financing and keeping its discipline on what are the commitments. The financial responsibility has been a landmark in the life of the company, and we want to follow this. It's always exciting.
We're talking about hope and legacy.
Yes. Here we see Brazil that works. We tend to see the glass half full. It's nice to see the glass, well, half empty, and now we're seeing the glass half full for health, for the dignity of people. I think that this is the Brazil that works, and it's very nice to see these companies with their being well-positioned in the country.
Well, thank you very much to you, Radamés. Thank you for being a part of Panorama Itaúsa. I hope that you enjoyed.
We can watch in the social networks, and the people are always updating. Now, the next theme, which is associative management, another attribute of Itaúsa. Do you want to be an associate of Itaúsa?
Let's talk about it. More than investing, we want to get partners that share our values. We do governance, capital allocation, and long-term vision, and we find partners with a deep sector knowledge. The complementarity is what brings the impact. This is an association.
Well, we have new companies. Now we're gonna talk about this very important theme for Itaúsa that Fred brought in this video. I have Fred, and he discussed
With our studio, Frederico Pascowitch, he is the Director of Investor Relations and Director of Portfolio. We have Vicente, he was mentioned, is your first participation. He is an independent board member of Itaúsa, and he's also a coordinator of the strategic committee of the company. Welcome.
Good morning, everyone. Itaúsa is a holding of portfolio management, and our leitmotif is that. For me, it's very pleasant. I'm very happy to be discussing the portfolio. Thank you for the opportunity.
People are taking part, and we are getting the main themes that are important for the investor. Let's talk about how we've had the evolution of the portfolio manager role. What can you give us as a highlight in this evolution?
Well, in 2017, Itaúsa allocated BRL 11 billion and did five new investments in the portfolio.
After this initial phase of development with the condition of the portfolio, we came back to the investment, which is focusing and contributing for the creation of value and to support our invested companies. In the macroeconomic environment, very challenging, such as today, this is very important. If I follow the evolution of Itaúsa from a traditional holding, we have the portfolio team that has a focus with the other areas of Itaúsa. The support is given by a close follow-up of the day-to-day of the companies with all the technical areas of Itaúsa and trying to translate this day-to-day in an efficient and day-to-day for governance. Sure, talking about the themes and challenges.
In your role of coordinator of the strategic committee and new business of Itaúsa, how is this committee following and contributing for these?
Well, I'd like to highlight the care and the commitment that Itaúsa has with the management of the portfolio. I am an independent board member, and I was invited to the board that establishes the goals, evaluates the performance of the invested company. It's a committee that is checking what the controllers are doing in every one of the companies, and we are comfortable this is done with the coordination of an independent board member as well. Concluding the first cycle where the focus of the committee was to identify targets, to evaluate and price these targets, and acquire them to assemble a portfolio, such as we've done over the last 10 years, the focus of the committee has expanded. We can look at two dimensions.
One is your generation of value between each assets, and specifically to extract the full potential of each asset with the creation of value, the opportunities, the challenges, the risks involved in each asset. Looking at how the contribution of each of these assets can form a profile of risk and return that is optimized for the portfolio as a whole.
We have a few questions that are arriving, and I'd like to include a question from Andre de Jesus Santos.
I'm gonna give the floor to Vicente, and he asks, "Well, in the role of representative of Itaúsa in the board in Copa Energia, how do you see the work of Itaúsa as an agent of change in the investor company to have an to push for the sustainable development of these companies?"
Well, we work with two pillars, the generation of specific value in the asset and the profile risk return of the portfolio as a whole.
Question of Andre is about the first pillar. I'm gonna talk about it. It's important to highlight that Itaúsa exerts influence in the invested companies through the boards. We don't manage the day-to-day of any of the companies. We have partners in each of the companies with which we share the management of the company.
Through the board and the committees of the board that we exercise influence in the companies. That our representatives can fulfill the influence and generate value in the invested companies, we have two important characteristics. One is the mindset of our representative in each of the companies and the quality of the information that they have to make the adequate decisions. On the mentality, the mindset, we want to give incentives to our representatives to have a posture that is very provocative, questioning, always raising the bar of what is the minimum performance, acceptable performance of the assets. Being obsessed by the creation of value of each of the assets. On the preparation of the boards to make the decisions that are more asserted, there is a series of mechanisms that we created and we practice at Itaúsa. I'm going to detail.
It's important that the people understand the magnitude of what we're doing to guarantee that our board members have an impact in the boards where they work. The first mechanisms are portfolio mechanisms, where the five areas, management of portfolio, finance, legal and sustainability, they join to talk about perspectives about each of the companies of the portfolio. An analysis with different angles, so we can assemble something holistic about Itaúsa. The risk is great for the holistic vision, but there is an initial risk with just the analytics. Here is the second mechanism, which is periodic meetings where the executives of the company, where they have the opportunities of sharing their perspectives, their understanding on the context, and the opportunities for value creation.
Third level, third mechanism that is established are the functional forums, where Itaúsa invites representatives for the invested companies to discuss specific themes, tax, relationship with the investors, accounting, people, in such a way that the invested companies can work with the aggregated, with the lessons learned. We have a minimum threshold, so we can follow with the invested companies. The fourth mechanism that we have is for the risk mitigation. It is a way in which we participate or interact with the audit committees of our invested companies. We have an ongoing look of understanding what are the main risks, what we are doing to mitigate each of the risks, and with that previous information, we have an understanding on the potential of creation of value, and the risks involved.
The set of these information is shared with the strategy committee, and the idea is that the members of the committee have the opportunities of looking at that set of information and ponder and establish actions that can be taken in each of the invested companies. At each meeting of the committee, one or two invested companies are the object of a deep dive, detailed on the understanding of what is happening at each of these invested companies. The next step is to take these recommendations of the committees to the board, so they can understand what's happening. In these opportunities, we invite CEOs of the invested companies so they can share what they have in mind, what they're planning to do, and they hear the board members about the perspective of Itaúsa on what they have.
The next step is to collect all these institutions, all that information in an internal, which is the guide of creation of value. This is very concise.
What is the understanding of Itaúsa on every invested company? What is the potential, and what are the challenges? This makes it easy for you to understand what we can expect from the invested companies and to unify the quality because the agent of Itaúsa is part of the invested companies. This is the strategic vision on the medium to long term on the invested companies.
Of course, there are decisions, more short-term tactical, then we have the board members for each of the invested companies.
For this, we do meetings, preparatory meetings before each board meeting, where the representative has the opportunity to discuss with the technical area of Itaúsa what are the main points of retention. With that, we try to give to the board members the medium to long-term vision and the short-term vision.
Yes, detailing the important work of understanding how it works. I wanted to bring the second pillar, that there were changes. In the second pillar, which is optimization of the return and risk of the portfolio, which is very relevant for the creation of value of the shareholders. Can Vicente and Fred comment on that?
Well, the first part, we had a diversification of Itaúsa.
We have a strong focus in being diligent, in doing analysis, pricing correctly the main assets that we are going to acquire, and this resulted in an interesting results for the portfolio as a whole. Recently we've done a deep dive in analysis and verifying the correlation of the assets, how can one asset be a hedge for another asset. Since I got into the details and to the pillar which is the generation of the value of the specific asset, I'm gonna give the floor to Fred, so he can talk about what we're doing in the second quarter.
We are evolving, as Vicente commented. We're leaving an individual risk return only and looking at Itaúsa as a whole. We have a real time measurement of how is the return of the portfolio in each of the investments.
These analyses, what are the risks and opportunities for the portfolio, not only for this company. This allows us to anticipate potential movements that are important for the generation of value for Itaú as a whole. These analyses, they contribute and they support new investments or selling assets. Not only the return, but how it's going to impact me. We're trying to evolve this return to have an understanding of what is the marginal contribution for each of the assets of the portfolio as a whole. We want to anticipate information.
We know that there are conclusions. We want to anticipate the studies that are ongoing. This answer will address a question that was done by Robson Maeda.
I don't like to talk about the conclusion when we talk about portfolio.
I think that in a volatile world, from the standpoint of national macroeconomics, and I'd like to say that portfolio management is a tool that is alive, permanent. We have to be paying attention for the new allocations of capital and disinvestments. Specifically, two points that I'd like to mention. One of the invested companies that we have a portfolio, we presented a risk-return profile much superior to what we had when we did the investment. I can give you the examples of NTS, Aegea, Copa Energia. We have had a superior investment. If I look at the aggregated portfolio, what happens? We have a situation that the portfolio with the investments that were done over the last 10 years, they have a return that is higher than the previous one if we hadn't done the investments with lower risk. We improved.
In two dimensions, the portfolio is lower. The second comment that I wanted to do with addressing the question of Robson, our invested companies that had a performance that were superior to what was expected, they compensated a lot the invested companies that didn't have an exuberant performance. If I look at the return for the shareholders on the aggregated portfolio, we have returns of two digits, and they're very close to the financial markets. We have the diversification, volatility. It is the main idea when we close this pricing process.
I think Vicente discussed this. I think that we could execute very well the plan by the board, and we want to structure investments, platforms. We are happy to find these platforms in good partners. When we diversify, there is more challenging times.
It's important that we can bring a relationship, a risk-return that is better, which will leave the shares of Itaú in a better position.
Updates, very good. Congratulations on the evolution. Vicente will continue with us, and we're gonna do an exchange with Fred. We're going to talk about a clear example of the impact of the associative management and the evolution of an investment. Fred and Alfredo and Pedro Turqueto, he is the CEO of Copa Energia. Great, Pedro. Thank you for joining us here. We are talking about your work, congratulations, at Copa Energia. I wanted to start our conversation talking to you. How has this partnership with Itaú contributed for the company? Can you explain the gains that you had at Copa Energia?
Well, Copa Energia is 70 years old.
We were founded in 1955 in Campo Grande. For 50 years, we had the family as a shareholder, and at the end of 2020, Itaú as our partner. At the same time that we were acquiring Liquigás, which is, you know, Petrobras purchased it, so it was a state-owned company almost all of our lives. The beginning of this journey with Itaúsa was very complex from the standpoint of not so much direction, but how the world was. There was a pandemic, and there was a company that was family-owned. 8% of the market share of GLP that acquired a state-owned company that had 20%. It's a challenging scenario. We had the pandemic. We've done all this process of fusion working with home office and.
Working with Itaúsa, this is fundamental for the success that we've reached since the fusion. A lot of the focus that we've had and that we've committed to doing with the shareholders, everything that Itaúsa adds not only adds trust to the market, but the credit rating that we had, but amongst the management of the day-to-day with the governance that they imposed and how that helped us to have training all throughout the process. I joked that in the beginning, I took on as CEO this year, but as VP of Strategic Operations, my life was from one committee to another.
How that added throughout this journey, even Alfredo said, "Well, in the audit committee, we're only going to stop when we have a lot of trust and there is a lot of resilience in the numbers." That passed on to the entirety of the corporation. Vicente and Alfredo, they're the members of Itaúsa that are there, and they're very diligent. Even though it's a close relationship, they give a lot of autonomy to work the day-to-day of the company, and they add a lot of knowledge in the areas that are the specific knowledge of Itaúsa, the investments, the financial structure, the day-to-day follow-up, and the governance. So far so good. The marriage has been great in the last five years.
Pedro, can you tell us how is the current moment of Copa Energia and the sector where the company is inserted in regards to challenges and opportunities?
The distribution of gas is very resilient. People continue to cook, industry continue to operate. When we look at the segment, we separate it in two parts. We have the B2B that we sell to the reseller that sells to the final consumer, and then we sell also the industrial installation of the gas, and we work directly with those clients. On one side, you have a growth that is ongoing and proportionate. Then on the other hand, you have Copa Energia. When we did this junction, there were affinities.
When we follow the state scrutiny, we have a different dynamic in the company with a lot of synergies that we really seized more than in the beginning. We have the relationship with the wholesale clients, and we had a mix that was focused with the wholesale and the retail that brings in an average margin that is better for the distributor. It's a resilient sector with a lot of opportunities in a sector that demands scale, so you can be more tempestuous when you have more scale. We seek the scale, and we are seeking to grow in the natural gas market. We have challenges on the one side that there is regulatory decisions that are being discussed at the national oil agency. We're discussing the best practices in the world.
We believe that we're gonna get a good regulation that here in Brazil, and that's why the natural gas gets where the mail doesn't get or the electric energy doesn't get, but you have a gas in and that's connected to the returns that you're gonna have. There is also in the regulatory. You can use the gas for other uses, for the generation of electricity. It opens a lot of opportunities. The gas is a fossil fuel, but it emits less greenhouse gases than diesel. We could substitute these energies that are more pollutant by an energy that is cleaner. We have an opportunity, we can see that the natural gas has its resilience and can still grow a lot in the industry as we have the social programs Gás do Povo as well.
It's a program that is focused in the substitution of the wood by the bottled gas that will improve the environment and the health of the population. The time that the population will use for people to work and children can study and not collect wood. It's a study that we've supported, and that will bring a lot of growth for the sector. In general, we live a good moment for this sector. That's why we are benchmark in the world for the capitalization and distribution.
Oh, Vicente, Alfredo, there is another one. I think that Pedro can discuss on the new avenues that the company are using new synergies, so we can be less dependent of the natural gas. There is an organic growth and we have some news to share, right?
Well, the first three years Copa Energia is now Copagaz and Liquigás became Copa Energia. We focused on synergies, ERP, joining these companies and we deleverage the companies and we started this journey 6-7x leveraged. Now we should finish 1x lower, then we open several opportunities for us. On the one side, we have 13,000 sellers of our products that get into 10,000 houses in 10 months, 30 million houses daily. It's not the same house that purchases the bottled gas, so we haven't. We're getting into 30 million houses and we work with the 30,000 companies, so we can deliver energy for these clients. We've done the approval at the board of directors of the avenues of growth that we saw as opportunities. We did the natural gas investment, focusing in biomethane.
We really believe in biomethane to capillarize what would be natural gas, biomethane. We see that this market has a potential, enormous potential. It will come over the next year, five years. We had the approval of the board, so we can acquire this molecule. Another investment that we've done was G Link, which is a natural gas liquefied that one buys the gas, the other compresses the gas, and you can take the products, twelve hundred kilometers away from the plant, so you have a capillarity of the product. We have an operation on the port, Suape to give more resilience on the infrastructure project with the two other partners, so we can have another product in the northeast of Brazil where we've grown. We have these verticals. We have autonomy in seeking the opportunities.
In general, we want to service the clients with less greenhouse gases. We can understand the demands of each of our clients, so we can deliver the added value product.
What is your vision for Copa Energi a?
Well, a comment Pedro mentioned on the standpoint of working with Itaúsa. We have GLP. We understand that this is a cleaner matrix, more sustainable for Brazil. On the other hand, we are attentive and we are seeking other opportunity. We have other modes of energy as well. We like what we do. We are proud, but we are not going to rest on our laurels.
Well, a vision that we have aligned, we do an acquisition, we only get into the business if it makes sense.
If the other business is the best for us to be with Copa Energia, I think that my family and Copa Energia really learn with Itaúsa the additional partnerships and what that brings to the client, to the company. In the company that we have 36%, GD Link, the other is invested value. We can do this learning curve with this. We worked a lot to be where we are. We want to look at what the client demands and bringing this product in the most efficient way possible. On our side, we don't have the need of your controller and of course, you need to service the client very well. We have a focus in the needs of the client.
I see in the future of Copa Energia, we can provide energy consultancy for the clients and better service them. If the journey of the client is decarbonization, I'm going to offer a product that has less greenhouse gas. If their journey is cost, I can indicate some of the products that has a lower cost for their specific need. Once we are positioned and we are with this client, we can study and get into the value chain. The example is the terminal that we have in Suape. We have the distribution. We are very well distributed, so why don't we have an infrastructure with so we can give resilience. This can happen with biomethane. Our strategy is to position ourselves where we have strengths, and then look at the opportunities within this value chain.
What does value Copa Energia does to keep this?
Well, in this sector, we have innovation. We focus in innovation a lot. Even a few energies are not so mature. The biomethane is not mature. Milton was talking about the partnerships of Itaú along with the universities. Copa Energia was a pioneering company in doing the partnerships with the universities for studies in GLR. Well, the GLP, but GLR is the gas of renewable effect. We are looking for paths of the production of GLR, which would be an energy I can get it into the equipment of the GLP, and I don't have to create an investment in CapEx and infrastructure because it's gonna buy the same fuels that I have in there.
Brazil has an enormous capacity, and we're a company that is looking at 70-140 years down the line, and how can we add these new energies that will have a long-term future. We look at our competitors, and they understand the sector that we are in. They understand our competitive advantages. We're very well-positioned all throughout Brazil. We are a brand that has top of mind. We are working with our strengths to gather more clients and continue to be a leader in the sector of GLP of natural gas. It's important for our leadership, but adding portfolios, and we can bring a competitive differential in regards to the.
With good partners and the competency of our team, we're gonna have success, and we're gonna deliver the results that we've delivered over the last years.
Thank you very much for your participation, Pedro and Vicente. If you want to complement something.
Maybe the last comment is we are convinced that the maintenance of a regulatory framework that allows for competition, that is fair amongst the players, we're gonna be the big winners in this market. We're gonna get market share. We're gonna generate value. We're gonna contribute with a social inclusion program that is very important.
Thank you for your participation. You are welcome to the new studio, and we can receive you and, well, if you invite us, we'll be here. Thank you.
Well, with the presence, we've seen the advancements and the vision of future of Copa Energia, and we translated very well what it means for Itaúsa to get its values in action, values that are done for people and by people.
People give value in Itaúsa. In Itaúsa, we invest in shares that transform Brazil, and that starts in-house. We create an environment that stimulates those that place our values in practice. We're one of the best places to work, and we continue to evolve with ethics and diversity. If you wanna continue with this conversation.
Well, that's it. In the end of the day, Alfredo, Itaúsa continues to be made by people for people, and the holding is very proud to receive, for the fifth year, the seal of Great Place to Work, and to recognize the best companies to have the best practices for the management of people. To retain talent is in the DNA of the holding, as you see.
Certainly, Juliana. We are a holding company, not operational, so keeping talents are more important. Involving the people in their analytic capacity to contribute for the investment and the post-investment, all of that has been done with a lot of attention, and we try to get a good environment of work, prioritizing the health of people with a policy of home office, two days at home, three days here.
We try to work with this issue with training of the new development of people and having an environment that is inclusive so that people feel comfortable. Whatever their belief, their lives are, a collaborative environment. We're very few here. It also doesn't have 100 direct employees, so it's important that the team works in an integrated and collaborative way. We've managed to retain and attract people and to have a positive environment, and all of that gets us in a position that is very good in regards to the research environment in the company.
We're at the end of the live. Before we have a message that Alfredo's gonna give us for the... Well, Itaúsa's gonna do an investment event at B3.
Well, we're scheduling an opening event at B3, at the B3 Arena.
It's an arena of 150 people. We're going to publish this over the next weeks. We will invite some of our investors to take part live of this event that will be in the B3 on December 1st. Pay attention, and we will inform you on how we will choose the people that can take part there live.
Pay attention. Those of you that are investors of Itaú, so you also have reasons to celebrate. The 50 years that went by and many other 50 that are still to come. Speaking of that date, we have to capture the QR code of the satisfaction questionnaire.
Please help improve Itaúsa's Panorama for next year, and you're still gonna get, if you fill it out and if you're the first 200, you're gonna get the book of the 50 years that is very beautiful.
You get it at home.
I remind you that Itaúsa keeps in contact with you through the channels. You have to enroll, and now we got to the end.
The last message that I'd like to give in recapping everything that we've seen today, two and a half hours that are very intense, a lot of information, participation of people, but reinforcing. Itaúsa is a big holding, 50 years of story, a lot of legacy, a lot of innovation, a lot of adaptations to the scenarios. Working with sustainability, with the solid and long-term vision, all of that makes Itaúsa a company that is admirable.
We're very happy to have the 900,000 direct shareholders that trust us in the capital allocation in the way that we work with the invested companies. We extract the value with solidity. This is a way, a set of values that are very important. We have a good policy of distribution of dividends. With everything that we built over the last 50 years and over the last 10 years, we diversified the investments. We created value, and we have a perspective, a future of believing in Brazil and having a perspective that we can have within Itaúsa the best talents and the best investments for our investors that trust us and trust our values.
I want to thank you and Itaúsa for being here in the first Panorama and now at the 50 years.
Well, thank you. It's great to have you here with us. These are the values in action.
Thank you for being with us along with Panorama and the holding, which is a source of pride for all of us. Have a great day, and we will see you on the next one.
Sustainability and a reference in robustness. Credibility, eternity, excellence, solidity, trust, integrity, and story. We are a big manager of big companies. Achievements and a lot of learning. Ethics and a legacy for the positive impact for the society. Receptiveness and to work with passion. Solidity, inspiration, pride in taking part. Emotion and future.