All of you to our Panorama Itaúsa 2024. I am Juliana Rosa. I am a Journalist, and I've been. Well, this is another year here by the side of Alfredo Setúbal. He is the President of IR of Itaúsa. Well, first of all, for those of you that are watching us, the transmission through the website of the event, we have the simultaneous translation into English and also the sign language. When I see Alfredo, I know that we are getting close to Christmas. Alfredo Setúbal, well, it's a pleasure to be with you.
Well, it's a great pleasure to be with you.
Once again, another event Panorama in focus. Well, we have news. We have many things to discuss. We have a lot of news this year.
We have the full agenda, and we're gonna start talking about the results of the third quarter of 2024. Now, of Itaúsa, after the first block, we're gonna receive Raul Calfat. He is the President of the Board of Directors of Itaúsa. Raul will talk about the governance and strategy of the holding. Secondly, we're gonna receive Frederico Pascowitch. He is the Director of New Investments in Itaúsa. Priscila Grecco Toledo, the CFO of Itaúsa. We're gonna talk about the management of portfolio returns and discounts of the holding. Second block, we're gonna have the traditional talk with the participation of all the CEOs of the Investment Companies of Itaúsa, and to talk about strategies, business strategies and avenues of growth of the companies. We're gonna start with the financial sector. We're gonna have the participation of Milton Maluhy Filho.
He is the CEO of Itaú Unibanco. We're gonna subdivide by segments. We're gonna have the segment of construction with the participation of Antonio, the CEO of Dexco, and then Liel, CEO of Alpargatas. The sector of energy, the virtual participation of Caio, CEO of Copa Energia. We have an infrastructure block gathering Miguel and Erick, which are the CEOs of CCR, Aegea and NTS. We have a lot of quality content coming up ahead in the event. We're gonna talk about the questions, comments that we've received from you via the social networks and also in Panorama Itaúsa 2024. Well, Alfredo, already giving a bit of a spoiler. It's gonna be an interesting event. Could you tell us more about the issue of transparency, governance? We discuss.
We start our discussion with the issue of the balance sheet of the third quarter in 2024 at Itaúsa of the event. You can comment. You can bring everything that you'd like to know. I'm gonna ask a question to Alfredo, but you can take part, and you should take part. This event is better. Well, the results of the third quarter, first question, Itaúsa just published last night. Could you comment on those results?
Thank you, Juliana. Well, the results were very good. They stem from an economy that has improved this year. We're growing at a rhythm that is above what was expected from the market, and this has helped with the performance of our companies, all of them with results above of what we had in the budget, above the results of last year.
This has contributed strongly so that the holding had growing results. We published a revenue of BRL 3.9 billion. This is an increase of 13.3%. In regards to the third quarter, this is very good. The return on the liquid assets, we can see net patrimony. We see solidity and a return that is very good, above the cost of capital for our shareholders. We closed the quarter with BRL 86.5 billion in net assets. Very substantial. Our net debt is BRL 0.9 billion, so very controlled. Very easy in the standpoint of amortizations. Also, the coverage of interest rates, 13.5 times against 9.3 times against last year. Showing a growth that is substantial.
The value of our portfolio in the market at the end of September 2024, which is the date of the balance sheet, BRL 142 billion. Very good asset, good performances of our investment companies, mainly Itaú Unibanco, and we can talk about this with Milton Maluhy up ahead. Great percentage of growth. Yes. There is an issue that we always discuss. We submit the questions, and we got one. Jorge Luís Silva, Marcelo Ramos. Well, they're asking, is there any prediction for the payout of the bonus on the shares? Well, we announced last year. Last night, I apologize, the reserves of our patrimony of BRL 7 billion, and we're gonna concede a bonification of 5% for the shareholders.
This bonification has a cost of BRL 13.6 per share, so this makes that the cost of the shares for the shareholders, natural persons increase. This is good for them because from the fiscal standpoint, at the moment that they wanna sell those shares, they're gonna have a revenue that is less in regards to their cost. They're gonna pay less interest. Well, they're gonna pay less taxes. We always try to do that bonification in the shares, so they're gonna have a fiscal benefit for the shareholders, not increasing the cost. Yes. Paying less taxes is always good. Another good thing, another good question about dividends. Well, let me separate a few things. On the dividends, Pedro Moreira, Hernani Caioto, Marco Aurélio, we have a lot of questions on dividends, and it's about perspectives of Itaúsa on the dividends.
Well, the companies are doing better. As we've seen before, the perspective is that they pay more dividends, more interest over capital in regards to the results of 2024. We have as a practice to distribute all the dividends that we receive from Itaú Unibanco, and we withhold the dividends that we receive from the non-finance companies to face the cost of the holding, the expenses, the payment of debts, payment of interest rates. We use all those resources to face these expenses. We expect that we can distribute the dividends at the beginning of next year above the minimum that is expected. There is a perspective that Itaú Unibanco will distribute the extraordinary dividends at the beginning of the year. The president of Itaú Unibanco commented on this possibility at the last meeting with the investors.
If there is an increase in the dividends of Itaú Unibanco, we're gonna pass on that dividend for our shareholders. The expectation is that there is a growth in the value of the dividends that are relative to the year 2024 for the shareholders of Itaúsa at the beginning of the next year. Well, it's important to get the return, but the profile of Itaúsa that I felt for many years, and it's a profile that I can observe, the commitment with the team of Itaúsa of offering trust for people that want to invest money, also getting the return, but also the consistency and the robustness and the trustworthiness for the shareholders and the partners. Well, this is a video that talks about the solidity that pushes for the future, and this is the theme of today.
Everything starts with the first steps, and with our journey, it wasn't different. By taking a step at a time that we became ever more Itaúsa. By the side of our partners, employees, and shareholders, we've grown, we've evolved, and we've transformed. We believe in a stronger Brazil for the companies and for society as a whole. We encourage opportunities to expand horizons, and we invest in the transformation that strengthens the market. With a long-term vision, consistency, and open to new, we build our solidity step by step. This is the way that we can influence a positive future. Our solidity has led us here. Our strength is for the future. This is not new. It's over 50 years of history, and everything began with a first step. Panorama Itaúsa 2024. Strength that drives the future.
You know, strength that stimulates the future. This phrase really summarizes the history of Itaúsa. Yes, it's a great summary. It's a story of success, great investments, and as we said before, we are celebrating next year 50 years of Itaúsa. Itaúsa was created as a non-financial holding in January 1, 1975. I wasn't even born. I'm very young. We're gonna celebrate 50 years next year. There's gonna be great events, activities related to the history of Itaúsa that started with the bank, with Itautec, and now has a great portfolio. It's a company that has great brands. It's part of several sectors. Very interesting story. We're very proud of its performance, and always based on solidity, on strong governance, respecting our shareholders, minority, institutional, natural person shareholders.
We're always working on the process of strengthening the governance of our company from the standpoint of bringing more security at the decision-making process due to the new moment of the company that is celebrating 50 years. Well, Raul has a very special invitation to talk about this theme of our next topic of the agenda, which is to talk about more about governance and the evolution and the strategy of Itaúsa.
Olha, Alfredo vai retornar em breve pra gente conversar.
Alfredo will be back shortly to talk about the other topics of Itaúsa. He made a special invitation, and I have the pride and joy of having Raul Calfat. He is the president of the administration board of Itaúsa.
Wow, it's the first time that you're here at Itaúsa, in Panorama Itaúsa. Welcome.
Alfredo, well, you know, we can mingle. We already talked about Christmas, the 50 years.
Welcome. This is also your home. It's a very pleasant event.
Well, thank you, Juliana. Good morning. Good morning to everyone that is watching us.
This is a very important event because Itaúsa quarterly pays account to the market, and at the same time there were suggestions, recommendations from analysts, investors. An event that is traditional, but now it's a bit larger than usual. We have...
Itaúsa has grown a lot, and we are displaying all the strength of Itaúsa, the market penetration in the several market segments of the economy. Raul Calfat got into the board of Itaúsa in 2023. Since May, you are the president, chairman. He is the first independent member to take on this holding. I wanted you to discuss on the importance while we talk about the Panorama Itaúsa, which is governance. Tell us, what can you highlight on the evolution of governance of Itaúsa?
Ethics, excellence, governance were always present in the conduction of the business of Itaúsa. That counts on the support and the commitment and the values of the controlling families, and also the competency of the independence of the independent councilmen. We have a parity board. It's 50% shareholders, controllers, and 50% independents.
With the growth of the holding and the growth of the business, we have grown also the part of management of Itaúsa that now has a professional body of investors, very well trained to do analysis and follow up the businesses. I would like to state that Itaúsa is evolving all throughout this period, as Alfredo has said. We had important advancements since last year. 50%, as I've stated before, of the board members are independent, so this is a considerable advance. I am the President, I'm the Chairman of the Board, and I'm Independent. The committees, all the committees have chairmen that are independent. We have a few committees that have 100% of the independent members. For example, the committee of audit and risk became statutory.
We have an independent member that is a president, that is the chairman of this committee, and we have two specialists that were hired from the market, and they are really focused in this area. It gives you a lot of tranquility in the management. Certainly, there is the issue of independence.
You are investing in sustainability as well.
Yes. One of the committees, actually, the Committee of Sustainability, we've had the opportunity of hiring a specialist board member that is renowned and knows the sector, and has brought a series of interactions with the board, and then I can comment a bit more later.
Raul will stay here. Well, Alfredo.
Raul to stay a bit. Besides that, we have the committee for the related parties, which is important. Not only we have an independent coordinator, but all the members are independent. We've had other advances. One of them is the evaluation of the board. We've done an evaluation that is collegiate of the board. When we do this evaluation, we define an action plan. With this action plan, we had a series of adjustments and improvements in the dynamic of the board.
Yes, you're having more meetings, yes.
We started to have meetings that stem from these recommendations of the evaluation of the board. We start to have monthly meetings. The advantage of having these monthly meetings is that the members of the board integrate more, they understand better the unfolding of the businesses, and they can give guidance to our representatives in the invested companies, because we have a better understanding regarding this. In regards to the evaluation of the board, we are taking another step this year when we do the individual evaluation. This is the first time at Itaúsa that we do an individual evaluation of the board members, of the councils.
Well, what are the priorities of the board of management?
Itaúsa is a holding that does the management of the portfolio. We have a strategic priority. For as such, we need to have a great understanding of the business, so the advances of governance are fundamental. At the same time, we need to have a reinforcement of the structure, so we can do an evaluation of the businesses with the most amount of training as possible. Yes, several segments and a big challenge. Challenge from 2017- 2022, we've invested BRL 11 billion. With such, we started to take part in five different sectors. These are leading companies in the sectors that are leading sectors of the economy that demand a different type of training regarding the previous structure. That's why we reinforced the structure of the holding, and we today have.
It's very difficult to have less than 12, 15 companies in the pipeline of the companies that are being evaluated for investments. When we do these investments, of course, we had the peak of the debt in September of 2022. From that moment on, we did a very successful liability management with the selling of shares from XP. Yes, we discussed that a lot in the previous Panoramas. That has brought considerable result for all the shareholders of Itaúsa. We use those resources mainly to pay the debts and to do the increase in the debt lines. The first amortization that we have today for the growth of debt only happens in 2028. We don't have anything to pay in 2025, 2026 and 2027. This brings a lot of tranquility, and the net debt over the EBITDA is low, very low.
Today we have robustness to seize the moment. Such opportunities are evaluated so that we get in with the right price at the right moment. As I told you before, the different trainings of the board allow us to do the evaluation that brings a lot of surety for the investors of Itaúsa. I'd like to highlight a few additional points that we do at the board and they end up bringing more quality. We have a program of continuous education at the board. We had themes related to sustainability, for example, that really helped to change our strategy for this area all throughout this last year with a lot of interactions. This allows us to give very specific guidance for the invested companies.
We assembled a balanced scorecard with KPIs for the main invested companies in regards to ESG, and we followed and we see the positive points and the improvement points. Yeah, Instituto Itaúsa is another initiative. We created Instituto Itaúsa last year. We've had 30 projects under development. In execution, we had BRL 30 million that were invested and with a very positive impact for the country, for the climate, for nature. These are several projects that we develop all throughout Brazil. Yes, that commitment, this is what we discussed with society, with the country. It's a strong brand of Itaúsa.
Well, the questions. We have a lot of questions. Leandro Salgini, thank you very much for your participation. He asks the following: What Itaúsa has as a differential that needs to be highlighted for the shareholders so that they invest ever more?
Well, Itaúsa is a holding that brings consistent, predictable results, that has a management that is very close to the business. We did investments that are in leaders of the sector. Two are in infrastructure, one in energy and two in usage. The cash flow is very predictable. It oscillates with the economy, and since these are leading companies, they are above the development of the company. These are sectors of infrastructure. They are benefited by regulatory landmarks because Brazil has a deficit in those areas. They tend to grow above the GDP for many years. Super bem. They are very good. They allow for the regulatory change in this growth.
I want to bring to Raul, we're gonna go back with you to our chit-chat with the CEOs of the invested companies, and you will help me a lot to extract a lot of good information.
Oh, a gente agora vai aprofundar um tema que o Raul abordou aqui que a gente
Well, we're gonna talk about this theme, the active management of Itaúsa's return on the recent investments and discount of the holding. For this talk, we are going to bring back Alfredo. Alfredo.
Tenta participar.
Well, we try to take part.
Agora a gente não consegue.
You and Alfredo, you can explore also our invitees and the Panorama of the executives of the holding that Alfredo invested. He is the director of investments and portfolio. Priscila Grecco, she's the CFO of Itaúsa, so they're always in the background. I call already Priscila by the first name.
Sabe?
Yes. We know each other.
Olha, sejam bem-vindos, Priscila, Alfredo e Raul.
Welcome. It's great to have you here.
Tem bastante gente.
We have a lot of people, interested in this subject. I know that when people ask, there is questions of Wellington Carvalho, Emir Franco. Let's talk about Fred. Well, Fred, let's start to do a retrospect. For me, it's good because I know that there is always news. Let's try to do this retrospect on the context of the acquisitions of these cycles of investments that Raul was mentioning.
Well, good morning. Good morning, everyone.
Eu acho que esse ciclo,
I think that this cycle that started in 2007, it was about BRL 11 billion. During this cycle, our strategic search for strategy and allocation, we wanna do great profitability, cash generation, be leaders in the sector. That we try to associate with partners that have the expertise in the sector and a cultural fit with Itaúsa and with a good shareholding agreement, capacity to influence the business plan. This cycle starts with the NTS. Well, 2017 is the first investment. NTS is a natural gas company that we get to the distributing companies and the final consumers. In 2017, Petrobras had a different leverage situation. They needed assets for their capital structure, and we had the opportunities.
We had the investors that were led by group, and they had experience in other geographies, and we did the investment plan. NTS has a business model that is very simple with contracts that are long-term, a cash flow that is predictable, and a strong payment of dividends. Energy is the moment, the issue of the moment. Well, 2017 we have Alpargatas. My chronology is correct? Okay. Even for 2017, we had the opportunity of gathering with our business partners at Itaú Unibanco with Moreira Salles, and we had a minority participation with the control of Alpargatas, which is a brand that is the owner of Havaianas. It's. Well, I almost came here wearing my shoes. Yes.
A Alpargatas é líder.
Alpargatas is a leader in sandals and flip-flops, and I had the opportunity of the optimization of the operations and accelerating the. Well, the company has been evolving non-linearly because of the pandemic, in the context of the pandemic. He's gonna be able to comment, and he's gonna take on this trajectory of growth. Well, Itaú Energy, we got Copa Energia. Well, we engage in gas. This is a transaction that we closed in 2019, which is a bit more complex. It was closed in 2020, but we were supporting the Arantes family, Copagaz, in the acquisition of Liquigás and the fusion of Copagaz and Liquigás. They're leaders of the GLP gas and this is an opportunity of creating the leader of the sector and seizing several synergies.
Well, getting into utilities all the growth and Itaúsa got in with Aegea. We had the opportunity of changing well Aegea with the families Toledo, uncertain their partners with the bid of utilities for Rio de Janeiro. The company was growing a lot. There is an inflection point that really accelerated the sector. This has a long avenue of growth in Brazil, which is important in the issue of value of Itaúsa of contributing for the country that has a lot of demands, basic. After Rio de Janeiro, we support the company. They did the acquisition in Rio Grande do Sul and recently in Piauí State, Paraná, Ceará, and we can comment on that growth that is recent. Well, let's discuss while we're getting to the Christmas party time, you know, CCR.
We not only have the roadways, we have the airports. Well, in this cycle of investment, it was what we did, we joined Votorantim in the acquisition of the participation at CCR. We purchased a participation, and we had the business partners to do the majority block. CCR is an infrastructure platform in a region. It has roadways, airports and mobility assets, and they have a long ways ahead of growth and avenue of growth. We have the need of investment that is very big in the infrastructure in Brazil. They are very well-positioned to take part in this growth and supporting Brazil in regards to infrastructure. It's a robust portfolio retrospective that is excellent.
Fred— Oh, Fred, tell me, how is Itaúsa managing this portfolio considering these recent allocations, and how have you reinforced the capacity of creation of value of these assets? Well, for us, the work starts on the next stage of the investment. The hard work starts there. This increase in the portfolio, as Raul commented, generates a higher demand for the participation of Itaúsa in the boards and committees. I think that this was the biggest demand, the biggest push for us to reinforce the business model of the holding, focused on the monitoring and strategic report, of course, working with each of the needs of the companies. How has that happened, Fred, in practice? In practice, we strengthen the management of portfolio, which has an important role in orchestrating the information of the holding.
We have technical areas that are very well developed in their respective areas of expertise. Here we concentrate the information, the technical analysis, and we pass it on to the Representatives of the Boards and Committees so they can have an effective actuation and so that the business plan that we have, that we approved on the board can be implemented. Everybody wants more. Another question from Claudia Pereira da Silva, Elder Boots, John Carlos Jasper, they ask if the current focus of the reinforcement of the active management of the portfolio means that we shouldn't have any new investments. No, it's not like that things work. I believe that Itaúsa has two investments that were always the base of the portfolio, which is Itaú Unibanco and Dexco, the old Duratex.
We've done an active management of the portfolio for some time. We had a company that was called Elekeiroz, that was sold. It was sold in 2017 and 2018. We had the operation of Itautec that was closed, a part of automation, but we closed the company. We received the shares of XP, as Raul commented, and we sold it. We've done a management, active management of our portfolio. In this cycle of disinvestments and also the investments all throughout these seven years. Regardless of all the difficulties that we faced in Brazil in interest rates, volatility, policy, economic policy, well, we were all throughout these years to have the joy of finding investments that gave very high returns on investments for our shareholders. We can explore that with Priscila up ahead.
Well, we are focused more in the infrastructure sector, as you said, Juliana, but it's a sector that in Brazil has offered the highest opportunities. The state governments and the federal governments, they don't have the capacity of investment that is very high because of the debts and a tighter budget. The great opportunities we've seen in the infrastructure with Aegea, CCR, Copa, and energy. We've managed to create a portfolio, as it was commented by Fred and Raul, of leading companies in their sector, which is key, with very trained partners for the management of these assets. We close this first cycle of investments and disinvestments with a very solid portfolio.
Priscila, I have a question for you from Renato Seco.
He said that he would like to know if the company is non-listed, that Itaúsa has done investments that have given an adequate return for the shareholders. If you can comment on how has the market priced the performance of the portfolio of the shares of Itaúsa. Well, great question. You discussed about the retrospect and the investments. There were several investments that we've done over the last years. We're feeling very good about the audience for the results of this portfolio. Starting by the assets non-listed, which is where we don't have the visibility of the results that were reported. We've had here a record of growth since the acquisition, since the investment. That is very relevant. It makes sense to go over the main assets of this portfolio and the non-listed companies.
We're gonna start by NTS, which is the first investment in this cycle. NTS, as commented, this is an asset that generates cash with the model that is very stable, very predictable in operations. Here, the investments in four years, we received a payback of the investment. In four years, we received it very quickly all the invested value via proceeds. We weren't expecting such a quick return. It was much quicker than what was predicted in the business plan, and we received, until today, BRL 1.9 billion of proceeds. Almost BRL 2 billion in proceeds, dividends received. That brought a cash that is very robust for Itaúsa. This means three times the value that we invested in 2017. Numbers that are impressive.
When we look at the return rate of this investment, we use the TSR, Total Shareholder Return indicator that that considers two important components for the creation of value. The first one is the proceeds that are received since the acquisition, and the second one is how much this asset has been valued since the acquisition. This corresponds to NTS 403%. We are almost at 100%. Those that got in with the investment of shares that are close to the Ibovespa index, they didn't get 100%, and Itaúsa got an investment of 400% doing this investment.
It really talks about the discipline of the capital allocation and the way that we choose our assets in a way that is very disciplined and, with an attentive outlook for the creation of value of the shareholders. Well, we have number of Copa Energia. This is the second asset that was listed. It was an acquisition in the 2020. This company became, as Fred said, leader in the distribution of natural gas in Brazil, and we have a lot of success in the capture of the synergies between Liquigás and Copagaz. Also, with a schedule that is very accelerated regarding to what was predicted in a business plan and amounts that are above the synergy, it was much higher than what we had predicted in the project.
This has brought an important reflection for the operational growth of the company, and a company that has grown on average 54% per year on their EBITDA. This is a threshold of growth that we see very scarcely in the Brazilian companies. Here the market, yes, it has a potential 42% actually. I said a different number, but it's 42% of annual growth of the EBITDA of Copa Energia. When we look how this is translated for the return on investment, this is an investment that is very expressive. 155% rate of return for this investment. You do the comparison of Ibovespa index with the CDI index, much higher.
Those that invested in the CDI obtained in the same period analyzed 43%, and we are talking about our investment with a return of 155%. A great example of the case of capital allocation that we did, we got into the right time with the adequate price and doing a great analysis of the potential of this investment and following up on the execution with a lot of discipline and a lot of close proximity of the company in regards to the business plan. Well, we talk about CDI, the fixed income country. This is important for those of you. You have to understand the active management that we do is impressive, the return. Well, last company non-listed, which is Aegea. Well, Aegea, it's another case of success.
Since the acquisition, the company has grown through new bids, new concessions. They added two blocks of the concession of the utilities of the city of Rio de Janeiro. Very transformational for the company, this growth after this transaction. Rio Grande do Sul with Corsan, with the transaction in the concession of Paraná. Recently, Piauí. It's a company that has grown exponentially. We see the growth of EBITDA. We are talking about 54% on average year on year, the growth of the operational results. This is due to the great execution of the business plan. A very successful model with a track record that is very important for the other concessions, and they can replicate the new concessions and getting great returns. Very predictable. This is another success case.
We didn't bring the TSR of the company, but the market can do this calculation of the peers of the market. We have to highlight that Aegea is differentiated in front of peers with a rate of growth that is much higher than the market competitors. The multiple has to be differentiated when we do this analysis of return for the shareholder. We are talking about the return, and these are great assets that we mentioned. Looking at this data, the data of Itaúsa reflect this good data. We talked about solidity of Itaúsa and to bring in numbers, how much this solidity reflects in the creation of value for our shareholders. The TSR of Itaúsa, we have a number, a window of 10 years.
If we look at any other window and the time, Itaúsa has performed and created value and return to the shareholders much higher than the other benchmark, Ibovespa CDI, the numbers do not lie. In ten years, we're talking about 273% of return to our shareholders via dividends, via valuation of the shares. Itaúsa is very inclusive and is well, it depends. It works on different markets. Itaúsa has 900,000 shareholders, natural persons. So this is a listed company with the biggest number, and it has a recurrence of dividends. Amongst the biggest companies, their payment of the dividends, that is translated in the great return on investment for the shareholders. We see with the listed companies, this is reflected in the numbers that are very favorable.
That's why we have a lot of people investing in Itaúsa. We focus on the companies that are non-listed, in the closed companies. Here we had a lot of success with that Raul Calfat talked about, in the board of directors. The infrastructure, this is essentially this company. It's a moment of entry is fundamental. If you get in with the right price, will certainly have rates of return that are very high. We were lucky to get in moments that helped the companies in their inflection moment of growth. They changed their threshold in Copa Energia, Aegea. These were important moments in the lives of the people and we can get in and take part in this growth. We created this portfolio.
I think that, the companies, they have a pipeline of opportunities, state companies, federal government. They're gonna go on with their journey of privatization, then, public bids. We're gonna see, the opportunities of growth at the level of the holding that I've just discussed before. Well, we continue to look at opportunities of this holding, but the moment is more challenging for the investments. We see the rates of interest rates on the long term that are very high in Brazil. The central bank, the international uncertainties, well, local uncertainties as well, ever present in our decision-making process. We continue to look at the team of Fred with several proposals and studies and NDAs that are signed so that we can evaluate the opportunities because we're not close to new opportunities.
However, with this interest rate, the risk of Brazil high, the real interest rate high. We would need to have returns on investment that are very high at this moment, above the inflation to justify the risk. We continue to look for them. At this moment, I see it with a bit of difficulty, our capacity to do new investments in the medium to short term because of this environment, mainly regarding the interest rate that limits the value creation in Brazil. Yes. It's important to trust in the team and we have to get in at the right time, and this is a team that is very attentive, very professional. It's important for us to understand how these results show the influence in the value of the portfolio and the discount as well at Itaúsa.
Well, other factors are important that we have to consider by the market in analyzing the discount on the holding. If you can comment a bit more on this? Well, it's a great question, and this is a theme that is discussed at Itaúsa and with the market. Today, Itaúsa, the share of Itaúsa is negotiated with a discount of 21% in regards to the value of the portfolio. So if we look at the numbers that are on the screen, we are talking about Itaúsa being priced by the market at BRL 109 billion at this time in October. Just our participation at Itaú Unibanco is worth more than the value of Itaúsa as a whole.
We operate with a discount in regards to the participation of Itaúsa, Itaú Unibanco, and the market is not pricing our portfolio that we achieved in this cycle of investment. As I told you before, we have three cases that are very relevant of assets that are non-listed with a record of growth that is very expressive, a story of return that is much differentiated above the benchmark and that the market has the possibilities of pricing these assets, the quality of the portfolio in a more adequate way than the price of our shares. We understand that the discount is much higher than the threshold that would be fair.
If we consider in this calculation the correct value, the current value of the market of these three non-listed assets, we're talking about a discount that goes up 25% to 21% and a threshold of 25% to 21%. We have an adjustment of discounts if we consider the current value of the non-listed assets. This is an important moment for the market. The second important moment is all the discussion of the tax reform on consumption that will make a lot of difference. In the case of Itaúsa, this is an element that justifies part of the discount of the. Well, we have the tax inefficiency. The cost today. We have an inefficiency in the tax of PIS and Cofins taxing on the interest of a rate over the interest over the investment on the invested companies.
Itaú Unibanco pays JCP for Itaúsa. In 2027, if the tax reform is regulated on the basis that is discussed currently, then we should see the end of PIS/Cofins tax and consequently the end of our fiscal inefficiency, bringing an important reduction in the cost of the holdings, so about BRL 500 million-BRL 550 million per year of PIS/Cofins that we pay over the interest of our capital, of our invested companies. We're talking about a potential reduction of the discount of Itaúsa, 7 percentage points, which is justified today by the existence of that fiscal inefficiency that we have.
An important point that has to be monitored by the market and the investment in the tax reform, the basis, in fact, the laws that are gonna be approved, and we have to monitor the impact that it can have on the discount of Itaúsa. An important component for value creation for our shareholders. Well, we heard Priscila and Fred, and this is something that we have a lot of information. You know all the details.
You're invited.
You're invited, yes. You're invited for next year. When you have questions go in the future, then you have Itaúsa. Thank you to everyone that is watching. I thank you for your participation. Now Alfredo will continue with me to continue with the event. Since we are discussing portfolio, it's the time of our talk with the CEOs, with the invested companies of Itaúsa. Before we start our talk with the CEOs, I would like to say that at the end of our transmission that it's gonna be. We're gonna have the Panorama 2024. It's important that you answer. You just have to capture the QR code that is here on the screen. We count on your evaluation, so we can always evolve year on year with this event.
Itaúsa also keeps in our social networks, so I recommend that you follow up on the profiles that are appearing on the screen. Well, we have a lot of relevant content in the social networks of Itaúsa. Let's continue with our agenda. Today, we have the talk with the CEOs. It's gonna be subdivided in blocks regarding the infrastructure, energy and we are gonna talk to the CEOs of the companies discussing the avenues of growth, the future perspectives. Now we are going to receive Milton Maluhy. He is the CEO of Itaú Unibanco.
Oh, então aqui já com a câmera aberta eu posso conversar aqui com o Milton, com o Raul, que o Raul agora vai se juntar aqui, ele falou que ele vai ficar aqui trabalhando até o final.
Here with the open camera, I can say that, well, I'm here with Milton, Raul. Alfredo says stay here.
[Foreign Language]
It's great to have you here, Raul.
Milton, great to have you here. Nice to meet you once again at Panorama.
Welcome. [Foreign Language]
Thank you, Juliana. Always great to see you. Alfredo, Raul, it's a great pleasure to share this panel with you.
[Foreign Language]
Itaú Unibanco has a lot of questions, always.
[Foreign Language]
Let's talk about the issue at hand, which is the recent transformation on the financial sector in Brazil. Itaú has evolved and always being at the cuff. I am a fan of Itaú. To keep this strong presence, this position of leadership is important because you are always focused on that. The bank has discussed itself as becoming a bank of experience. Can you tell us what does that mean, and how is this strategy connected with the needs of the clients?
[Foreign Language] In a year that we are 100 years, we talk about transformation, we talk about our DNA. The bank reinvented itself all throughout these 100 years to be strong and relevant with a base of clients that is very robust with profitability years later. The word here is transformation.
Over the last years, we're going through a transformation that is deeper of the partnership of the technology, and this has to do with the review of our business models that is ever faster. Well, to summarize, we've done this journey over the last few years, and we are transforming our legacy system, which is the technological platform that was always a competitive differential. We've had to do an investment process that was very important to transform this legacy in modern platforms. We opted to do this path instead of creating the digital bank on the side of the bank because we knew that we had to transform ourselves and not the competition.
O famoso AI está chegando.
Yes, it made a difference.
Well, I know that in practice, that's why Itaú has this differential. This is a long process, intense process, but looking at a journey of the last 5, 6 years, we can say that we've done it with a lot of quality and efficiency. We're very satisfied with the evolution thus far. Now we leave this change on the legacy and the platform. Now we are going to the artificial intelligence, well, where we have a modernized platform and artificial intelligence coupled to the teams. Having this knowledge, we can have relevant deliveries for the clients. Now it's the era of experience. To transform the journeys and the experience of the clients and advance into what we call the hyper-personalization. For each client will have their experience with Itaú Unibanco. Then that makes a lot of difference.
We have our super app, which is the biggest delivery value in this process. We are migrating millions of clients. Until the end of the year, it's gonna be 5, and next year, 15 million. We start to offer to 50 million clients besides the 70 million clients that we have a hyper-personalized experience within the app in a very simple and with enchanting journeys. This is the big objective.
Very good. We can feel. I have an account at Itaú, and I realize that that makes a lot of difference. Many times you get in to the apps, and you feel that that works, that answer that is general is very personalized, very differentiated. Technology has been an important ally to push for the continuous transformation of the bank. Can you tell us, how has the bank integrated these new technologies, specifically artificial intelligence in its operation? Because we imagine that this is very far away, ethereal, but can you tell us the practice, the practical application of artificial intelligence? Then I have a lot of questions on technology.
[Foreign Language]
We want to know how is in practice the artificial intelligence issue. Well, I think that there is a point when we talk about technology. For you to be able to open your mind and understand what's happening outside of the bank, we had to go through a transformational process of the culture that is very intense. There is one pillar of our culture that I really like, which is the concept of the agent doesn't know everything. It brings you humility of looking outside all the time, of looking at the components and respecting and learning with what the competition is doing. This makes you take decisions with more elements and more information. This has made us so that the organization is open for knowledge, for the new technologies, for the new solutions.
We have today 23,000 people working in units. We talk about spreads, tribes, but it's the agile model working at scale. Very few institutions can work with the scale that we manage. We are delivering value, just to give you data. Comparing to 2018, our value delivery for the client is 15 times higher than what was a few years before, with an efficiency and quality that cannot be compared. We reduced 90% the high impact incidents, and we improved in 55% the unit cost of the transactions. With all of this modernization, artificial intelligence is an important pillar of the management of the bank. It's a watershed moment. We went through the tech transformation, and we're facing a new era. Artificial intelligence. This is not a worldwide competition. We have knowledge.
The areas in house are operating this new technology. When we look at the developers of technology, the bank has 17,000 people in technology. Four years ago, it was 7,000. You can see how technology is very relevant within the organization itself. There is a solution of artificial intelligence that Microsoft brought to several companies in the world. Itaú Unibanco is the third company that uses this artificial intelligence solution to develop code with 15%-20% more productivity. These are global companies. Well, Itaú Unibanco is the third. The other ones are IT companies. Just so you can see how we use this. Artificial intelligence can be used at an operational process, labor, legal, or even the call center and in the relationship with the client.
For this, we have worked with the foundations to have the artificial intelligence that is responsible, because if you're not careful, these models, when you get the model facing the client, then there is the enormous risk that this is going to hallucinate, and it's outside of our appetite. We want the model to interact with the client. We have invested a lot of time with this foundation, so we can have solutions in artificial intelligence in all the processes of the bank, even the ones that you're interacting with the client. You have the short-term innovative solutions that we're going to display to the market and what we can do with artificial intelligence. The possibilities are infinite. Alfredo, Raul, can you comment?
Well, we understand what Milton is talking about, which is the disruption really that technology and artificial intelligence brings and how much Itaú is at the forefront. As Milton said, this is a race, but we have to know how to. It's a means to an end. You talked about the human resources that are involved in these activities. I wanted you to discuss the financial effort on the investment that is being allocated at this area that is relevant. Very relevant. It's interesting because when you do the management of a balance sheet such as ours, you can manage the result on the short term. You can have the result on the next quarter inhibiting the investment. The result comes, you deliver better results because the cost is lower, but you are doing.
You're selling the future of the organization and the advantage of having a shareholder group controller that accompanies the company and that tries to allocate the investments for the next 100 years. This is a big objective of the institution. You have an outlook for the future, and that's why we say that Itaú is made of the future, because we take care of the short term as we have, but we invest a lot in the future. We invest in the franchise and the organization. Just in this quarter, to give you a number, the cost score grew below the inflation, 4% for an inflation of 4.5% in the 12 months. Our investments in expansion of business, specifically investment in technology, is gonna be BRL 1.8 billion, while the core cost is gonna be BRL 1.1 billion.
It gives you a notion of how much we are investing, being able to absorb this investment, opening the space in the core cost of the organization, being more efficient in the conduction of the bank, so that we can open the investment, then we can do important investments. We did this increase from seven- 17,000, doubling the people, doubling the investment, tripling the investment in technology. We do an investment that is very relevant in regards to the banking product of the organization. We do it because we are conscientious that all this value delivery that we've managed with the NPS, Net Promoter Score, the evolution of the engagement of our clients, the experience in the era of experience of hyper-personalization is fundamental, so we deliver value for the client.
This is a continuous investment, and we continue to do it, and we project growth for the next years. While the issue of management of the support of Itaú for the holding is key. Yeah, we work together through the board of the bank, through IUPAR, which is the controller holding. We are very close. As Milton has said, the fact that Itaú Unibanco has a control that is very solid, very defined between Itaúsa, the Moreira Salles family, gives us tranquility for the management by the executive committee that is led by Milton, that we can think on the long term, and we can have tranquility. That is not just a result of the quarter that is important. We need to have a long-term vision that Milton commented. All of this is a differential of Itaú Unibanco in regards to many banks, competitor banks.
This relationship, I've always discussed this, relationship with the board and the management. If well-used with the maximum degree of trust and a vision of future that is similar. You can have differences in how to do it, if it's this path or that. Vision has to be the same one. It gives you a lot of tranquility for the institution to grow because we know the priorities. We are partners on the decisions, in happiness and in sadness, and this is a vision of future that brings a body of the executives for the shareholding vision. That's why we have a partnership, program, in the bank. We have 350 partners in the organization. All of them, think about the ITUB4, which is the share of our shares.
This is the alignment between the controlling shareholders, the board, and the management is 100%. This is the owner vision that all the executives in the organization have. This is part of the culture. Let's talk about culture. 100 years. A lot of things have changed in 100 years, and we are discussing technology. One issue that is very important is the agenda of people. I know that there is an important issue in this agenda of people for you, specifically in this environment of technology. Looking at this agenda is fundamental. Can you tell us about the importance of this agenda for people to push the bank of the future? Let me give you some data that, in my opinion, are impressive.
We talk about the merger of Itaú with Unibanco, the merger that took place in 2008. Today, 80% of our employees, our Itubers, as we call them, were hired after the merger. It shows that a great deal of the organization didn't even know bank A and B separately. 40% of our employees were hired after the pandemic. We're talking about 2020. 40% of our employees shows that this is a young company, culture in transformation. What we managed to do is to look outside and not just inwards. First, to retain and develop and invest in our talents, but also opening our minds and bringing people that come from industries that are different ecosystems that have helped us with this cultural evolution that we've gone through in this great transformation.
Human capital, for us, is the main asset. For you to have satisfied clients, you need to have an engaged team, satisfied team. This is the day-to-day work, so we can keep the maximum level of eNPS, the Employee Net Promoter Score. We are at the highest thresholds at the last years. We won the first place in Great Place to Work not only in the financial sector, but of all the companies with over 10,000 employees in Brazil. This shows how important the issue of talent is important. Investing in people, vamos de Ituber, which is what we talk about the culture, is to have a bank that delivers value for the bank, for the client, regardless of the area that you are in.
You have to have a thought in the whole, the look for the client, regardless of the internal issues. The internal issues, we solve them in-house, but it's the client in the first place. The client centricity, you can only do it with, cutting-edge technology, an agile model of work, but a culture that is very strong. An innovation, entrepreneurial culture, ownership with a risk management that is very detailed. This is the big differential. To bring a few of the aspects of the holding that Alfredo said, capital allocation is a mantra. How we allocate, we are looking for a sustainable business, and they bring a profitability in the long term that justifies investments. They are perennial in these investments, and this is a relevant, pillar in the decision-making process. You talked about two things.
It's important to explore, well, the big differentials of Itaú Unibanco, which is capital allocation and risk management. Well, the risk of the analysis of the scenario, economic scenario, how is this reflected in the capital allocation, in the risk management of the credit portfolio? Well, Alfredo, I would like to say that this is DNA. We've invested a lot in this pillar. When we talk about finance, we talk about capital investment inserted in this discussion. First, we evaluate within the organization of the possible risks. This is an activity of risk management. The bank is a risk management activity. The more precise, the more tools you have, the more culture you have, the bigger is your capacity to take on the correct decisions.
Using the toolbox that we have with the models, with the projections, with the teams, to anticipate these cycles so we can grow in the right portfolio, right clients, so we can allocate the operational risk correctly, and we can manage the risk of the market and the balance in the correct way. Cyber, which is very much discussed, so we can do the investments that are adequate, so we can have an operation that is protected. This environment is something that we do, and this is a differential in our management. Not only in management, but also one of the most important committees in the board is the committee that is the managing of the risk and capital that happens every month. In the sequence, we have three hours of dedication for this committee.
There we have a panel of control. There we have all the monitoring of the operation, all the risks, and we can understand where are the deviations, where is the action plan. If it deviated, what are the warning signs? This management is not just the role of the board. We have to define the appetite for the organization, but it's substantially the role of all the executive of the organization, so that the first, second, third line, the business areas, the risk areas and audit have a fundamental role in the follow-up of the risks. At the end of the day, everything finishes in the capital, because when we talk about the capital index, our capital index for the bank is very important, which is what allows you to leverage your institution. It allows you to pay dividends in the institution.
We've managed, since the pandemic, to have a creation of capital organic that is very important. We left indicators of 10.5% capital index, and we closed 13.7%. We see the incumbents in general with the capital level of 11%. We've closed with 13.7%. This shows that we've managed to grow in the organization, doing a great risk management, and correctly allocating the capital. When you have the right allocation with the right return, you create capital, which allows you to expand the organization without you needing to call the capital for the investor. They're our own capital investment, and with that, you can get to the point of capital that is not of our interest to manage the access of capital beyond what is necessary.
I imagine that dividends is one of the questions that we're gonna have up ahead, so we can have the extraordinary dividend that we mentioned so much. The capital allocation and risk management, it's a core competency in the institution. All the executives have to talk about that. All the incentives, models of the bank are based on the value creation, capital allocation and return aligned with what the investors and shareholders have. Before you ask another question, sorry to interrupt, and just to comment with what Milton said, the bank, risk management and not avoid the risk. Avoiding the risk makes you not growing the capital, not developing. The risk management is key, so you can grow with safety. I wanna talk about the 100 years here. There is going to be.
This is an institution that is in the celebrations of 100 years of Itaú. Well, with the marketing of Itaú Unibanco. Milton, what can you highlight so that the bank, what can we expect of the moment, and what can we expect of the next 100 years? We started working for the next 100 years. We celebrate the 100 years, but the next 100 years already started. We are working diligently, so we can have a wonderful story to tell. Maybe 100 years from now, somebody that will be here representing ourselves, we're gonna watch from somewhere else these next 100 years celebration. There's several aspects. The first point that I mentioned and Alfredo reinforced, it's a control group of shareholders that is very stable and very well-defined.
These are families that want to perpetuate their business, so they're not looking at the result of that quarter or the dividend or the. How can you transform that organization into something bigger? The capacity to adapt very strongly, because you can see how many changes happened over the last 100 years. Macro and micro changes, the bank was very capable to adapt to what is coming, not being afraid of the new. This is a strong characteristic of the bank. We are not afraid of the new. We provoke the new, and we go there. When things are well, we change again because we think that what brought us here is not necessarily what will take us for the next five- 10 years. Courage certainly is something relevant that is part of our history because it's a story that is association, fusions and acquisition.
We need to have competency doing the right price, as Raul said, but making it happen, not lingering on. Because at the moment you're gonna have a profitability, but it decreases with the years and it loses relevance. Relevance is something ever-present. Entrepreneurial ethics is a differential, and I am certain of that. That's in our DNA, in our shareholders. This is ever present in all the decisions that we make in the organization, and resilience. We know that we can have more difficult cycles, but we're looking at the long term. You don't stop doing what is important because the next few years are gonna be difficult. No, you look to the future. It's a set of attributes that the shareholders all throughout these years, well, always looking at this as a relay race.
At the end, this is important for the CEO, for the shareholders, for the board, and we always want to pass on the baton at a position that is good. I am certain that we only got here because a lot of competent people went through the institution after all these years. By our math, almost a million people worked for Itaú Unibanco over the last years. The result that we have achieved is the work of everyone. The job didn't start in four years or seven. It's 100 years of history. All of them had their contribution and their shareholders, the board. Well, this is what you mentioned, is very strong, and I've realized that with the group at Itaúsa, we talked about that, of valuing the story.
We will see, we will prepare a video to talk about this 100 years that has really marked us. Well, we asked artificial intelligence to show us an image of what's gonna be the next 100 years, because the future is not just gonna be made of one image. It's gonna be made of those that say yes and those that take no for an answer. Those that ask why not? It's gonna be made of phenomena and new phenomena. It's gonna be made of queens and new queens. Made of all the skins, of all the voices. It's gonna be made of touch and made of contact. Made of humans and ever more humans. It's gonna be made of Sandra that worked at Itaú for 38 years. Made of Mariana that was just hired.
The future is made of you, that just like Itaú, is made of the future. Welcome to the next hundred years. We will also be there. Very nice. I'm always sentimental with these dates, all the history that you bring and the value, the issue of value, very strong for the group, and I think that this is great, the inheritance of valuing. Well, speaking about this, Milton, and to close, it has to do with the strategic analysis and ESG of the bank, because we are talking about a broad responsibility of people, governance, and the metrics of ESG are more ambitious. Can you detail these actions and why has the bank decided to renew? Well, first of all, the ESG agenda is part of the institution. I got into the bank in 2002, January. Yeah. You know, I was...
I got in. Well, the first time that I worked at the bank was 1995. I left and then I was just a busboy. Well, a bit of the history, the bank started to take part of Dow Jones Sustainability Index in 2009. This is just to show you that this is not something that is involved. This is present in the culture. All the foundations, Instituto Unibanco and Fundação Itaú Unibanco, Fundação Itaú for Culture, and they do beautiful work with a lot of investment in education. It's a social work that is important. We have all the pillars of diversity as one of the pillars of our culture. We want diversity and inclusion and equity.
We've done the movement, very important, of doing a relevant investment to remove any difference in salary and remuneration among every people of gender, race. The differences were very small, but we found a historical component and we've done an important adjustment, and we take this agenda very seriously. We also have the sustainable finance agenda, which is very important. In that sense, we declared that the big objective of the bank is to be the bank of the transition of the clients, helping our clients to do the transition of an energy matrix that is really to a clean one, so we can help with the environment and all of that within which it entails. 2019, we defined an objective. Well, we need to structure the credit operations and capital markets operations of over BRL 400 million.
We have the objective until 2025. A year and a half before June 2024, we fulfilled the BRL 400 million. We said, "Okay, we cannot rest on our laurels because this is a moving target." What are the next years we thought about? We've done a lot of internal work to define what is the impact that we can cause for the economy, for the country, for society. We created, we increased the BRL 400 million from- BRL 1 trillion, which is very relevant. Our objective is in one decade from 2020- 2030, we've invested in infrastructure of BRL 1 trillion from BRL 400 billion for positive impacts in the economy. This is our big objective. We are accounting for these operations.
We have over BRL 420 billion invested, and we think that this is a great objective to be pursued, and we want to help mobilize. This is not a dispute on the competition because in the end, this is an invitation so that all the institutions will do something similar. You know, taking into consideration their appetite, their size, so that society mobilize. So if everyone does their fair share and generates an impact, we're gonna have a better world in the next years. This is an important pillar of our strategy. Well, do you want to complement? We are getting to the end of this block with Milton, and we also have a lot of. It's very diverse themes being discussed, but the numbers are very expressive.
The effort, BRL 1 trillion in a decade is a very important indicator so that the community of entrepreneurs, not only the business and financial entities, that they can really mirror and adhere to this effort, so we can have a transformational change. Yeah, this is the big objective. Let's bid Milton goodbye. Alfredo will stay with us. Thank you, Milton, for taking part in this block and share your knowledge and the vision for the next 100 years. We will see you in the next one. It's in the agenda. Well, always a pleasure to talk to all of you that watching us, investor clients, competitors as well. This is our agenda of a lot of transparency, a lot of perspiration, and we really are working strongly for the next 100 years. Very satisfied with the results thus far.
We've managed to deliver solid results with profitability that is very robust, but the result of the past is not a guarantee of the future results. We have to be here every day doing a deep dive, but I am certain that with the 100,000 Itubers, we are capable of doing incredible things, and we are gonna continue to pursue that. Thank you, Juliana. Thank you, Alfredo. We will see you shortly. See you on the next talk.
Thank you very much. Now we are going to go to a block about the consumption sector, and this block is gonna have the participation of Antonio Joaquim de Oliveira, CEO of Dexco, and Liel Miranda, which is the CEO of Alpargatas. We are here again. Let's continue with Antonio and Liel here present. Thank you very much for being here.
It's great to have you here live. Thank you for the invitation. Well, these are different industries. Alpargatas and Dexco are companies that are relevant for their markets, strong brands and products that are present in our day-to-day. Over the last two years, the two companies faced macroeconomic contexts that are very challenging. In that sense, we start the conversation with the two leading with Raul to talk about the strategic position of the companies. To start with a scenario, let me start with Antonio, with this big challenge of the strategic positioning facing the challenges that are ever present.
Thank you, Alfredo. Thank you for the invitation, Raul. Raul, long-term partner in our board for eight years. He has followed the process. The big challenge here, as Alfredo said, in Brazil, we have the challenge every day.
Every year is challenging, permanently challenging. At Dexco, our biggest challenge is to ensure the transformation of the company. We come from a company that comes from a base that is historically industrial and a mentality that is very industrial. Let's produce the products, let's get them in the market for a company that now we try to be a branding company where we have all the products. The portfolio that is as broad as possible for this sector of the real estate for finishing. We have wood, we have metals, we have ceramics, and recently, we have the investment in a participation that is very relevant in cellulose. A company from a complex portfolio that we are seeking to focus on the brands and with a better interaction with the consumer.
To transform a company with an industry mentality to a mentality, company that is focused on the brand closer to the consumer, then you have to fiddle with the culture. Our director mentions this. You cannot work with the CNPJ without working with the CPF. We went through the last few years with a big transformation. Today, we have a very mature company with management that is consolidated and with a strategic focus as the other companies in the group, a focus, that is on the long-term, trying to build a future through this process. We are permanently reviewing the portfolio, reviewing the operations, trying to be as dynamic and competitive as possible. Dynamic is the word. At Alpargatas, you have a process that is important of redefinition of the strategy, prioritization that need to be revisited.
I wanted you to tell us about this process. You did a review. At which moment Alpargatas restartedOne
Well, Alpargatas went through a situation over the last two years after the pandemic, where maybe we had to do a turnaround, and this turnaround happened very quickly. Since last year, we left the situation where we were burning cash flow, and today we generate cash flow for over a year. Today we have a positive cash flow, and the health of the company is good for investments. Another thing is, the portfolio for products. We've diversified the markets that we're present. This created a stress on the resources of the company, capacity to execute. We're very focused on what is our big strength, which is the Havaianas brand.
We're very focused in 15 markets, which is where the brand is present. We have stores, we have consumers of the brand. We're very focused on the channels, and we have more effectiveness. In Brazil, for example, Havaianas is present in 300 points of sale. We have the turnaround, financial turnaround that was suffering. We don't have a company with cash flow problems or indebtedness or operational costs. The second question is that we're focusing on something that we're very good, and we're gonna continue to grow on that. Havaianas is in the hearts of Brazilians and the world. Certainly. Well, let me ask a question to Leo. You did an important movement. You took on the company at a very delicate moment. Well, you've also done a cultural change. Can you tell us more about this?
I think that Alpargatas is similar to what happens in most of the company. Alpargatas had a culture of manufacturing in the past. Actually, the future of the company is in the capacity of servicing the client. Well, we have a bit of a noise on your microphone. We're gonna do a quick change of the microphone so we can understand very well what Liel is saying because we are running around to hear all of this transformation. We can change the microphone of Liel so that the information is not lost. Where everyone is pushed to run and run in this world, we say, "No, you cannot run with your Havaianas." That's right. Life needs pauses. That's why Havaianas has invited everyone to slow down. Put on your Havaianas and take your time. Take it easy. Go with Havaianas.
Very short video, but enough time to change the microphone. Can you hear me? One-two . Everybody can hear me? Good. Yeah. Now going back. Alfredo was talking about culture. Culture, a bit as was described by Dexco, this is a 100-year company, very focused on efficiency, effectiveness and manufacturing. Alpargatas is focused on consumers. The market is more competitive and the integration of the company. We manufacture flip-flops, so we're working together to service the consumer. We are walking hand in hand. The culture is not just of words, made of words. The great deal of what we're doing is the changing of the processes in the company. Management from the plant and the delivery of the client, this is being reviewed. With that, this is bringing automation. There is a hard part of the culture.
We have systems that talk with the company, and there is a software that makes us work together for the benefit of the consumer. That aspect of management is very important as a transformation that has been done. I wanted you to highlight the supply chain and scheduling production so you can get to the expected results. Well, maybe this is the biggest opportunity that we have here in Brazil. Talking about Alpargatas and Havaianas, we have two business models here. Brazil, it's the day-to-day usage product. We sell one pair of Havaianas for Brazilians every year. You have to be present in point of sales with the right size, with the right color, with the right foot number. This is the big challenge of supply chain here in Brazil.
To solve this, we've invested with the integration between shop floor, delivery, sales, so that these processes can be shortened, and we can deliver a number. To give you some reference, there is an indicator that we use, how many requests can we deliver in the day in the amount of time that the client is demanding? We left from very low numbers, 30%, and now we are above 70%. In the main clients here, the key accounts, our 15 main clients, we are above 80%. You possibly know, but the wholesale, yes. Then you'll be able to find the product there. This is in Brazil. Abroad, we're present in 15 markets in a very strong way. Many other markets, but these are the main 15 ones.
It's to guarantee that the product is getting at the right time, because it's only in summer that you sell Havaianas. You have to get the product there before the summer in the Northern Hemisphere, in Europe. You do the production. In 2024, we delivered 95% of all the products in Europe and the United States before the summer, so the international consumers can buy their Havaianas at the right time. I always ask at Panorama something that is curious. How many Havaianas do you have? I think that I'm on the average of Brazilians. I have four. I always have one just for home, then two, three colors to combine. I'm still creating my collection. Well, you have the different colors, different styles.
This restructuring, Liel, if you can tell us about the operation of Havaianas in Brazil and internationally and the perspectives and when you think about terms of growth. Well, where we are in this transformation in Brazil, we've reached good results. In volume, we've grew over the last quarter that we've just announced. We grew 13% in regards to the previous year. The volume is being recovered. The margins are record margins when you compare to the third quarter of the last years. These are record margins. In Brazil, we are in a situation that the volume grows, margin improves, and the good news, we're gaining market share in regards to the competition. The consumer is choosing our brand at every point of sale, every moment of purchase. I would like to say that in Brazil, we are in a moment of acceleration.
In international, there is a big challenge because all the problems that we faced before, they compromised our supply chain to service the international market. Since there is only in the summer, it takes you time to recover the trust of the clients, the distribution of the product and the consumer remembering the Havaianas brand. We have had some progress, but we have a big journey. Talking about the future for the international, we divide the international market in three blocks. Europe, which is a big market for us, specifically the southern part of Europe. In this market, we need to, in 2025, go back to recovering volumes, which is a big volume of Havaianas outside of Brazil we lost because of all the operational problems. We're gonna recover the volume. The other big market that is important are the Asian, African markets and the Middle East.
We grow a lot, and we will continue to grow. Here, our big focus is improved profitability, assuring that we're selling products that are more premium, with a bigger value for the consumer in the more profitable markets. The last operation is the United States, where we have a small operation, and here we are restructuring the cost of operation so we don't have financial losses, but we are seeking the channels to regrow in the United States. Talking about opportunities at Dexco, what is more important at Dexco? Yeah. My wife says that I am a CEO builder. I am always working. I am a great client of this company. More than my wife would like, I am always refurbishing my house.
Yes. Thank you.
You look at the portfolio and you say you wanna change things.
Yes.
Can you tell us, Antonio, this issue looking ahead, what are the strategies for growing and the issue of sustainability on results? Well, at this time, we're leaving a very specific year. It's a year that we build a series of changes, structural changes in the company that we promoted throughout 2022 and 2023. We consolidated a lot, so we are doing the growth. Importantly, we have the business growing very much structured and leading the participation in the market, so this is a very solid business. We still found some challenges. For example, in ceramics, it's a challenge. We have high interest rates, and these affect our process.
In this challenge for the country, we also have a situation that can favor us up ahead in a relevant way that we have a big dominance in the sector of wood because we have a sustainable supply of forests. While all of our competitors look for the market and we see that this is a moment that is lacking on forests at the market. Dexco has been favored. The next years, the next two, three years is a moment of focusing in trying to find the maximum profitability for the investments that we've done at a very important cycle of 2021, and we are finishing now. We shouldn't have relevant investments in the future. This is a process of focusing in reduction of indebtedness, increase in profitability, and this is what we are seeking.
Recently, you've announced changes for the market, the choice of Raul for March of 2025, then your retirement, right? I wanted you to tell us, what can we expect of this position of the company? Is there gonna be any structural changes, prediction here?
Dexco had the joy of doing this preparation for my retirement. I get to the limit statutory age next year. Very well prepared process by the shareholders, specifically the controlling shareholders. The choice of Raul Aranha is very appropriate. Raul has been with us for three and a half years. He has gone through the wood division and the Deca division, so he has a holistic vision of the company. It's very important to have this renewal of the things. The company has to renew people to getting new ideas. I am very happy with this moment and the moment the company as well. We've done changes two months preparing the structure so that Raul can. Yeah, same name, different surname. I think that Raul will have the opportunity of having a solid team, but I always say, changes are the.
transformation is a day-to-day thing. We have to get used to it. That's why Dexco is transforming every day. This moment of transition of command is being well done, and we can expect continuity of the cultural values, which is very important for Dexco, and new ideas and new plans. I have a question for Liel. Can I comment? Antonio has been at Dexco for 38 years. Well, this is in Itaúsa, and the controllers of Dexco invited Antonio to be a part of the board next year, giving support for the management and the new projects. Congratulations. It's very important, well, this trajectory of Antonio with Dexco, but I wanted to reinforce another aspect, the aspect of the innovation. Because it's in the essence of the business of Dexco to bring products that are innovative for the market.
All throughout your management, Antonio, you've done that. I wanted you to comment about innovation in products that are done annually. We have a relevant investment for metal. That was a big change in the market. We've had a new shop floor in Botucatu with larger sizes to service the needs of the market and import. I wanted you to comment on the process that you conducted. Well, Raul, it's very important in this aspect. We have to think about the company. A company is always evolving, but it does leaps when we have innovation. This innovation, we try to analyze it in two ways. First, the innovation of products. We're building the biggest, maybe the most modern shop floor in Brazil, maybe one of the most modern in the world.
We started in Botucatu, in ceramics, big formats, new technologies, and also highlighting that, for example, Deca that develops products for our kitchens, our bathrooms. We're always looking for more design, more technology, more quality. More sustainable, that consume less water. Yes. The point that is very interesting for the investors in this process. It's important to have the company with a mentality that is receptive for innovation. Today we have a bit, a big connection with startups. I took part in a big event last week. We did a balance of the two programs. The program of internal innovation, rewarding great ideas and the Open Dexco, where Dexco is connecting with startups that allow us to work with important.
The innovation has to be continuous, and this is something that stays with us. Yes. With Havaianas, we also have that. Havaianas always was innovative. We are always expecting the next one. We had a collab with Dolce & Gabbana. Yes, the flip-flops. Yeah. We couldn't even get it. It was all sold in 24 hours. This is an example of how Havaianas is reading the market and anticipating to the trends. The question that I had separated and I'm going to bring to you from Jose Alves Bento. He wants to know, what can we expect of the results of Alpargatas? What are the perspectives? Can you detail a bit more on this issue up ahead? The question is from Jose Alves Bento. Thank you, Jose. Unfortunately, I cannot give you guidance because this is the policy of this company.
We don't talk about the future results. What I can tell you is discuss the trajectory, where we're going. As I said before, we are growing in volume. When you grow in volume, you have the capacity of reduction of costs that improve the margins, and we should continue down this journey. Because all of our avenues of growth are in Brazil to gain the market participation in international, recover the volume that we lost over the last few years, and this will bring more profitability, better margins than the EBITDA. This is something that we can expect. Something else that we can expect from Havaianas are the avenues of growth. Where are we gonna grow? Many people ask me, but if we are at 210 million Havaianas in Brazil, how can we sell more? We can sell more.
In Brazil, we can sell because in another channel, which is a specialized channel that sells usually footwear, where our participation in the market is still half of our participation with the other with the main channels. There's a lot of market share with a portfolio that is more focused. Clients and investors can expect a portfolio that will service different needs of their consumers. As you said, if I have four Havaianas pairs, maybe I need another one. Maybe I need a Havaianas to not go to the beach or the pool. Now I want Havaianas so I can go to a restaurant or an event, and we're gonna have more products that service other moments in other segments. We're very strong in the female segment, but we don't have a big participation.
We have stronger competitors in the male segment, but there is a portfolio that has opportunities of growth, and this is for Brazil and international. To answer your question, what you've seen over the last quarters, which is positive cash generation, improvement of margin, and improvement of volumes, we should observe for the next quarters and years. We're gonna close our second block. Thank you very much for Antonio Leal. Thank you for your participation. I'm going to, you know, get a loan from Milton so I can, you know, do a reform in my house. Well, thank you very much for your participation. Thank you for being with us, and please continue. We're gonna continue down this agenda to talk about the energy sector with Caio Turqueto. He is the CEO of Copa Energia.
Olha, infelizmente o Caio Turqueto, ele não pode estar hoje presencialmente aqui, mas ele buscou questão de deixar gravada uma mensagem importante pra você que tá acompanhando nosso Panorama Itaúsa. Caio Turqueto is gonna talk about how Copa Energia has evolved over the years and the benefits captured since the fusion of Liquigás and Copagaz. Let's see the first message.
Good morning, Alfredo Setúbal. Good morning, Juliana Rosa. Good morning, everyone that is following up on Panorama Itaúsa. Answering to your question, in the conclusion of the fusion of Copa Energia, we consolidated as a market leader in the GLP in Brazil. All throughout these three years, we focused on the capture of synergies and integration of people, integration of systems, incorporation of the partnership of Liquigás, search for solid financial results that accelerated the leveraging of the company.
This happened through management focused on results, cash generation, discipline in the capital allocation and the ROI, and also the implementation of tax opportunities that resulted in a decrease of the index of the net indebtedness and the EBITDA of the company of four times, from four times to one time. The expressive growth of 3.5 times the EBITDA in a period of 2021-2023, and the growth of 2.7 times the net revenue of the company. Currently, we are servicing 30 million clients a month, 24 states in the Federal District, and a net revenue of BRL 11.7 billion. Caio will talk about the strategy of the company. Alfredo will comment. Raul as well.
Let's pass on the second message, which is talking about perspectives regarding the sector and the continuous search for creation of value of Copa Energia. Well, Juliana, talking about perspectives for the future, Copa is seeking growth in the entrepreneurial segment and also in the substitution of wood by GLP, which is an important element for the energy transition. 26% of the population still cooks with wood, and the gas is a natural substitution of the wood. In 2024, the company acquired CTG, incorporating natural gas, compressed, and biomethane in our portfolio, indicating that we are pursuing our strategy on the medium long term. Besides biomethane and gas, Copa is also considering getting into other segments of projects. The fuel for the future will bring great opportunities of growth for new energy levels, and we are evaluating this.
It's important to bring the issue of advances in governance. Certainly. Copa Energia is a company that has done an exceptional work in capturing the synergies of the merger with Liquigás and has shown important results. From the standpoint of governance, we have, well, as I say, Itaúsa, we've worked diligently with them. This is a non-listed company of control that is completely family-owned, and this is a big company. You've seen that they invoice almost BRL 12 billion. It's a big company with thousands of employees. We've helped a lot Copa Energia to improve the governance. We've joined with several committees that serve the board, but this has the characteristics of the governance of a listed company. Well, Caio, thank you for your message, but next year, we wanna have him here.
Well, Raul, could you comment a bit more on the perspectives of growth?
To highlight, there are two big markets at Copagaz: distribution and industry. They've tried to do a repositioning, not only looking for growth, but increasing the margins. It's a very regulated market. Therefore, this is a market that even though there are a lot of opportunities, there are some limitations, which are the regulatory limitations. They've tried to get the growth through diversification. Caio commented on CTG, but several other initiatives are at hand. We have to follow up on that, which Alfredo mentioned, the improvement of governance brings more robustness to the business. Now we're gonna talk about infrastructure and for the next block, and with the participation of Miguel Setas, CEO of the CCR Group, and Erick Portela, which is the CEO of NTS.
Here with Radamés, Miguel, Erick. Thank you for your presence here. Erick, the first time at Panorama. We are both here aligned with several Panoramas, and we always talk about the importance of the infrastructure issue in Brazil. It's a heated issue. I wanted to ask you a general question on how you evaluate at this moment the situation of infrastructure here in Brazil. Can I start?
Good morning, Alfredo, Luciana. Well, it's a pleasure to be with you. We have a very special moment of infrastructure in Brazil. Brazil had BRL 230 billion in four sectors: transport, energy, and utilities and telecommunications. This is a cycle of growth. We're gonna go over BRL 240 billion, all-time high. The highest value of infrastructure investment in Brazil that we've heard of.
Transport is a core part of the market, and we are talking about roadways. When you talk about the numbers of ABDIB, the Brazilian Association of Basic and Infrastructure Companies, BRL 800 billion in projects that are identified. Out of the BRL 800 billion to BRL 500 billion in transport. We foresee an expectation of revenue, very favorable, and we have qualified this cycle of investment as a super cycle of investment in infrastructure. Yes, favorable perspectives. Well, Juliana, Alfredo, we. When we look at the journey that Miguel opened this area and join in with the macroeconomic indicators that are very challenging, demand of healthcare and evolution of performance of several sectors and potential, you can see that infrastructure is at the middle of this value chain.
To be able to provide a cheaper side, accessibility of people, infrastructure of the healthcare, of the market. There is an onslaught, there is a global demand, specifically Brazilian, of demanding companies such as ours to do this transformation, to help Brazil to take the leap. We're living at a unique moment. First of all, thank you very much for the invitation. In our opinion, the high interest rates, they are a challenge for the capital costs. Our vision is transformation of Brazil as a diversified energy matrix, privileged. 80% of the renewables are here. Biofuels are getting in very strongly, more than in the seventies with the Proálcool. We see natural national gas. They started to operate with 10 million cubic meters of gas.
We're going to have Rota 5 that is operated by Equinor, 2018- 2019, 10 million in gas. This gas market that is consolidated, added to the biofuel, added to our diversified matrix, is great for logistics. We work with logistics of gas and in the future with liquid logistics. For us, it's great for the creation of portfolios that we can foresee for the next years. Let's understand the agenda of the investments. Let's start by Miguel. If you can share with us this agenda of investment position in the market. Juliana, we have an investment program of BRL 38 billion. Last week, we won a bid, very important in São Paulo, the Sorocabana route, the rural region and everything that is around Castelo Branco with an investment of over BRL 6 billion that are predicted.
That is gonna add to the BRL 30 billion of the pipeline of investment that is already committed, and therefore, we have almost BRL 40 billion of CapEx to do. 80% of this CapEx is in roadways, freeways, and this is divided, the rest of urban mobility and airports. The company earned the lines 8 and 9 here in São Paulo, CPTM, that are the privately operated, and we got the sixth round of airports, 15 airports that are, at this moment, being restructured and improved with an investment of BRL 2 billion. All of that is a package of BRL 38 billion that we have up ahead, and it's part of an agenda of growth. We are qualifying as growth that is profitable and sustainable, and we can talk about the perspectives for our horizon of 235.
2025 with recurrent growth of EBITDA cash generation that is fed by this pipeline of growth. Yeah. CCR, I see it, I go to Rio de Janeiro, I see it everywhere. There is an impressive growth. This is one of our main projects, the roadway between São Paulo and Rio, Dutra. We have an investment of BRL 15 billion. One of the most significant one, uncertain . We did this trip, São Paulo to Rio, is more challenging. Well, it's 40 km. Speaking about the investments. Well, over 1,600 cities in Brazil are under private management. They, in a global sense, they have acquired BRL 160 billion of investments through their contracts. Aegea, within this market, has contracts for operation in 766 cities, and more than BRL 40 billion are in our portfolio.
We look within the financial discipline process and evolution of our models with appropriations of big scale and magnitudes of growth, still with a few assets evolving, a step for the preparation to be available in this advancement in the fight against the sanitary gap in São Paulo. A 100 million people do not have access to utilities, and over 40 million do not receive water at home. Impressive data. Well, I wanted to highlight this point because this program, Aegea, is one of the main participants. It's one of the biggest programs of social inclusion that is done in Brazil at the moment. I wanted you to comment on that because the utilities landmark established in 2023, so we can have 99% of potable water, so we can have 90% of treated effluents.
Aegea has a lot of fronts with investments that are very significant. I wanted you to comment. Well, great opportunity, Raul, to share not only the challenge, but how the company has organized to face the several fronts and still have the capacity to be able to advance from the standpoint of selection of assets and generating profitability for the shareholders. In general, when we invest BRL 1 in utilities, you receive BRL 4 back. BRL 3 in generation. We're generating positive things for the cities. It changes also the healthcare of the families that grow without the waterborne diseases.
With this process, the activation of the local economy, job creation, the modeling of the engineering profile that is specific in a journey of 10 years to fill the gap in 2023, it's a situation that is similar, but with timing that is different with the Brazilian idiosyncrasy. Aegea is a master in Brazil because of this capacity that we have to adapt to the territory and being able to make this service arrive in a privileged way to the most vulnerable, to the social issues that are more vulnerable. For example, access to treated water and utilities in Manaus. The job generation of 5 million people that in Rio de Janeiro that come from poor communities.
Besides the healthcare and the sanitary objective that is effective, the company also has the purpose of creating a legacy of including the vulnerable and helping with this process of transformation of Brazil. It's nice to hear about this bias that Raul asked you to do a deep analysis. I think it's impressive, the numbers. You know, the advancement that you bring to our society. Erick, first time that you are at Panorama, can you tell us more about this issue of investment? How is this working? Well, as I said, today Brazil has the pre-salt. It's knocking at the door of the projections and NTS is localized, facing the pre-salt, interconnecting the northeastern and the southeastern and vice versa, and also interconnecting the gas that comes to Bolivia.
We did a strategic planning in 2022, and we understand that for the gas of pre-salt too, it percolate for all the areas that are serviced by the gas in the post-salt, Cabiúnas line, we have to do the investments. This will allow for the better percolation of the gas of pre-salt. We started the production of pre-salt gas. This gas are getting to more mature markets that are sometimes serviced by Bolivia or Mexilhão. We have to monetize the national gas and stop with the bottlenecks. The logistics solutions have an impact in the Brazilian economy and BRL 36 billion, calculated by UFRJ, by a work that we did alongside them a year ago. We're developing that.
Erick, the big theme, one of the big themes for the industry competitiveness is the gas competitiveness. Gas is more expensive than abroad, and this doesn't allow you for a great deal of the industries to have activities in Brazil. In which way you see. You're talking about closing the bottlenecks, but it's more than that. How do you see the creation of this environment so that really the price of gas can be competitive in Brazil? Well, great. This is a physical issue. But where do we see that this issue. Where is the solution of this issue? Well, the solution of this issue is at competitiveness.
Brazil decided to do a law of gas in 2021, inspired in Europe, where 30 years ago, Europe got a concept that they are the owners of the molecule cannot be the owners of transport. We can talk about this. Those that are owner of distro cannot be the other providers. This is common. We are the transporters of this. The transports are independent. The lack of bottlenecks will have shocks of offerings in the main consumption, for example, São Paulo. You can do the south of Brazil, you have the interior of São Paulo, and there you have several players that will do the supply at several points with several consumers. I'm going to do an analogy.
The new law of gas of 2021 transformed a gas pipe that was known as a single owner that produced their own product. Now we have the analogy of being a shopping center that allows those that want to use and those that want to sell. There we can do the best business. The competitiveness will provide the price. That happened in Europe. That happened obviously in a scalability way, and this will happen in Brazil. First of all, we have to stop the physical bottleneck, exercise the law of gas, and we have the regulatory bodies to help us. This is a fundamental point. Your question allowed me to see that we are on the right path, and we are working to open this market.
We would leave from a single player that would supply this, but now we have 20 contracts with distributors in the network, and we have industrial consumers. Some that are industry consumers that can choose the source of their gas, and it goes through us. Alfredo, hearing them, it's impressive, the wonderful opportunities that we have in infrastructure. These are huge for the three sectors, mainly the concession of roadways. I think that there's gonna be a big opportunity, but I wanted to hear from Miguel and Radamés before you come back to the question, Juliana. Can you tell us about the capital allocation? When you're facing so many opportunities in the concessions and the privatizations, how do you allocate, how do you choose the best opportunities that are present today and they will come? It's a choice between the present and the future.
How do you do this study, this work in-house? Excellent question, Alfredo. This effectively is a core competency of the CCR, supported by the shareholders, the board. We have a very mature thinking about the capital allocation. Several comments about this. First, a strategy that is well-defined. If we think about this clearly, there is a sector of the group that doesn't wanna allocate more capital. This is one of the board decisions in this new phase of the company, which was to focus in two segments for the capital allocation only. The roadways and urban mobility. We're talking about trains, we're talking about metros, we're talking about barges in Rio de Janeiro. This is the segment.
The second one, we should have a clear idea of what are the standards for the capital allocation in terms of profitability, risk management, in terms of schedule of investment and return. Time to cash, time to dividend, facing all the indicators that are necessary. The group defined this in a very clear way. These standards are very precise in what we want with the bids. If you remember, Alfredo, in a year and a half, CCR went through three roadways because of discipline in capital allocation. We had the two bids with the return. We understand that the risk-return relationship is what's adequate. In two of these cases, it was impossible to get to the bids and the threshold that we wanted. That capital allocation is very rigorous. This strategy is just also with the cycling.
We have very clear objectives of leveraging of the company. We are 13.5% net debt and EBITDA. This is the range of leverage of the group with an equation that is very precise. Policy of dividends is very clear. The net revenue adjusted and a cycling of capital between BRL 5 billion and BRL 10 billion and a vision of the portfolio that is dynamic and not a static portfolio. We wanna look at our perimeter that is more dynamic and a growth that is more recurrent. The infrastructure, we know what type of investors we have in our papers, and we want to ensure a vision of recurring the pipeline, of projects that allow us to have visibility on what is gonna be the growth and the dividends in the results of the company. Through this triangle, we need equilibrium.
We have a dividend distribution of 15% and a capital recycling of capital that is BRL 5-10 million and a leveraging that is controlled. This is the triangle that will formulate our strategy. Alfredo, before we talk about the market, as Miguel has said, it's important to share that the business model here of the company or operations model, the capital allocation transactional, starting with the assets, starting with the commitment of running or investment in infrastructure, we ended up developing in-house a process of quarterly reviews and discussions of the team of the managers with the regional angle so that the dispute on the best allocation allows us to have the organic growth of the company to be above the expectation of projects that are gained.
You're always gain with the ordinary commitment of the advances of the projects or the portfolio, trying to maximize and anticipate to generate more value, discussing regulatory with the evolution of technology, so you can make the use more efficient, developing human capital so that you can make this capital allocation process more fluid and culturally reinforce this in a company. This process has made it so that the big assets that are achieved by the company in the past had a journey of deleveraging that is very strong. When you start with the investment in Rio de Janeiro, that got to the global leverage of the 16x, we are closing the last quarter at 3.7x in the consolidated pro rata and 2x in the partnership.
Focusing on the performance in the balance sheets, opportunities to look at the next market assets in a selected way, but also where we can apply this knowledge, this so-called model of the allocation in several territories, getting more use of projects such as Piauí, that we can obtain profitability and results in the matrix of risk control adequate to the desired standard. The versatility of the evolution of culture in the choice of the best money, whether it's micro or macro or sectoral, has been an experience that is very important in the process of culture of the company. We can do a wrap-up. Well, looking at the next year's perspectives, focus for the next years. If you can do a general, Erick.
Well, Brazil for the next years, it has a vast reach of options. Using the national guidance. We are very important. It started last year with Itaboraí and there in Comperj and other sources of gas that are very important. Brazil with that will have a dependency of gas, national gas, that is very strong. Making it independent of international gas, which is an energy market. Concomitantly, our reality gets us into biofuels. Ethanol, biogas, and this can complement the matrix in a very intelligent way with an enormous potential. We are looking at the future in the short and medium term of logistics solutions to monetize national gas with several players so that we can provide competitiveness.
The imported gas is an interesting complement to the energy integration of South America, the GLP, all of that logic that we are observing, that game that is starting, our national gas starts to be more important than the imported gas from this moment on. The monetization of BM-S-73, maybe SEAP, the deep waters of Sergipe. Brazil is going to produce gas importantly. How can we be intelligent on getting this gas at the shorter logistic cost as possible and with the most so that the fight for the market share generates the price? This is the first point. Second, we have to make our biofuels as competitive as hydrogen. Maybe ethanol is not the hydrogen of Brazil.
Ethanol that started its career in 1973, exactly because of the oil shock. I remember in 1973, Brazil decided to go to ethanol because the oil went from $2 to $8. We said that we didn't wanna depend on that, and then we did the biggest decarbonization in the world that was anticipated in the 1970s. We weren't thinking about the decarbonization, but we did it. Today, we have a large fleet of cars. We have ethanol from corn with several potentials. Definitely, we have biodiesel in Brazil, and we have the opportunity of importing fuels and the hydrogen even for the consumption in Europe. Brazil has opportunities. We have a diversified matrix, and our company has a vocation for logistics solutions of low carbon and zero carbon.
This is a summary of the medium and short term. Always exciting to hear about the potential of Brazil that Brazil has for gas and the opportunities, the focus of our work over the next years. I think that in the long term, universalization of utilities in Brazil is going full throttle. One of the last bits that we followed, it's natural that the organized civil society and public managers will not forego this process. The journey of growth continues. Probably we will see a lot because of the legal support increase in this journey, so we can adjust the tariffs and on the long term, our company is paying attention to these processes.
On the short term, we have a strong concentration in big and recent acquired assets where we have the concentration and the acceleration of performance obtained in other assets within the portfolio. Rio de Janeiro, Corsan in Rio Grande do Sul, Ceará. The two PPPs in the northeastern region, which are the relevant assets that are younger, they demand from the company an attention so that, as I was talking about the capital allocation, so they become a catapult and a strength to support the company in the next journey of growth in the short term. The company is diligent, but more today looking about the maturing in-house. The future of CCR. Well, we have a future that is very important.
As Radamés has said, the BRL 38 billion are committed and in terms of investments in São Paulo, the railways that connect São Paulo and Rio de Janeiro, we have investments in Rio Grande do Sul, Santa Catarina. We have investments in the 15 airports that are distributed all throughout the country in our models in Salvador as well. In the VLT in Rio de Janeiro and São Paulo, we have four lines. We operate four lines of metro and trains, BRL 38 billion in these assets that are identified. Under growth, we talk about capital allocation. That was my question. Today in our radar, BRL 130 billion and BRL 70 billion in investment in urban mobility. New projects. At the end of the year, we're gonna have five bids for roadways.
We took part on the last one last week, but until December, we're gonna get more. In principle, CCR will take part in some of these. It's about a line of projects that is very constructive, and it gives us a very strong visibility on what are the next years. With a vision of being able to sustain a growth that if possible is gonna get to the recurring 10% in 12 years, 2020- 2035, generating the revenue above the cost of capital. CCR is 25 years, and we have a video to remember and celebrate the story of CCR that summarizes very well what we are discussing in this story with Miguel. Let's run the video. To say that Brazil is a giant is no exaggeration. A country such as this is not moving by itself.
We have over 200 million giants, just like you and me. Giants that are living every day with strength, dedication, courage, and on tracks, roads, or at airports. Giants that do not shrink facing the challenges and are not afraid of distances. We're a long, long ways ahead. That's why only a CCR, just a giant such as CCR can be by the side of Brazilians in the challenge of moving the country. CCR, 25 years. Moving Brazil is for giants. Very good. I've just heard in the break that it's someone's birthday today. Congratulations. CCR is younger. I'm going to ask a question. For the three of you, but now taking into consideration BRL 38 billion- BRL 40 billion, a few billion here, where are you gonna get this money for these investments?
I mean, the ones that are still in perspective from these companies and the other companies as well. Several sources, Alfredo. I would like to say that the three main ones, as I commented, is the recycling of capital that the group wants to do. Recycling in-house is controllable. It's an instrument that we want to make dynamic in our strategy. Second, the capital markets. Today, the capital markets, CCR is inserted in equity, and it has a depth. It has a density that I believe that gives us surety that the CCR Group will have access to capital in a fluid way. The other ones are the banking finance, of which we will depend on the development banks. CCR has been naturally one of the big clients of BNDES and commercial banks as well.
There is Itaú in the portfolio of Itaúsa, and that's why we have a relationship with all the big banks, and we have a facilitated access to capital. Capital is not gonna be a limitation for us, even because of the time that we have if we compare with CCR. Aegea is a young company, 12 years, 14. It comes from a capital-intensive industry, which is not natural for infrastructure. Developing access to capital markets, using debt and equity all throughout the journey, it was decisive for the transformational moment of the company to receive new investors in the portfolio. More recently, developing opportunities of a new structure of regional capital such as Corsan. We work with Kinea besides the partners of Aegea .
I believe, Alfredo, that the company, following on the big example of success stories, we see earlier than later, a possibility of developing other paths for the capital structure, such as opening of the shares, listing of the shares in the stock exchange. This discussion is ever more frequent, and we believe maybe this is not the best moment to talk about this, but the company looks at this not as a journey of price, but as a journey of preparing the future, of leaving the capital structure more malleable, more opportunities, so we can allocate the competency of operational models and profitability of the assets that has characterized the company at the service of capital that will do the universalization of capital in Brazil. Of utilities in Brazil. Well, we are very robust in balance.
We have shareholders that are very robust, a lot of infrastructure and experience, and NTS has generated logistics solutions that have a counterpart, that is very good. It's a great business for Brazil. Imagine that you're investing a percentage, reasonable percentage, and you have BRL 38 billion abroad. It's a good business for both. I believe that all industries that work in this sense try to show to society, and this will get success in their capture. When you deal with logistics, you deal with efficiency. Something that we identified previously, when we get our know-how and expertise, and that generates added value. We believe that this big deal between the society and our cash robustness, the robustness of our shareholders will get us affinity to be able to do these solutions and decrease in bottlenecks. I wanted to add one thing.
We see these companies and sectors that offer a lot of opportunities and that the investment plans are very robust. All of this requires labor, training, retention. What I wanted to highlight is not a question, but it's more of a highlight. I wanted to highlight that capacity of growing with growth, generating more opportunities is excellent. Certainly, these are employed in the construction of the project and in the structuring of the project. So this is something that we have to highlight and in the portfolio of Itaúsa, and these are companies that generate a lot of employment. Well, it's important to talk about the commitment that you have with Brazil of decreasing inequalities, of access, of believing in Brazil. We have to generate employment, opportunities. It's very good to hear. Unfortunately, we are running out of time. One comment.
You're the owner of the time. All this displays the capacity of the private sector of supplying the state in the investment of infrastructure. We always question in Brazil, "Oh, why to privatize? Why this and that?" I think that these last 12-25 years shows the capacity of the private sector of leveraging the growth of Brazil and supplying the state and its needs to offer the basic services and good quality services for the population. Partnership is fundamental. Thank you very much for the participation of Miguel and Erick. Thank you very much for arriving. Erick, you know, it's the first time that you're here. Well, you're gonna be back next year. Thank you. It's always nice to be with you, but we are coming to the end of the event.
Before we close this morning, we still have a bit more information because there is a special recognition to the work that Itaúsa has done over the last years with the relationship with investors and the market in general. We will bring you Ricardo Martins, who is the executive director of the Association of Capital Market Analysts and Investment Professionals of Brazil. He will bring us a message, special message for Panorama Itaúsa. Hello Alfredo, Juliana, and the other executives and investors, and thank you. It's great to be here at Itaúsa 2024. I'm Ricardo Martins, executive director of Apimec Brazil. Even though I was a participant of the meetings at Itaúsa, it's a great honor to take part as the president. The partnership of Itaúsa with Apimec is of long time.
24 years of presentations with the partnership with the association, showing the transparency and the contact with the shareholders. With that, I am here to deliver you the seal of platinum to the executive of Itaúsa. Congratulations to you all. Well, it's ending. Unfortunately, it's ending. It went by very quickly. Well, this format is very interesting because now Alfredo is excited and he's calling more and more people. Doesn't matter that we go over time. It's part. The information is. Well, we are displaying more and more content for you, and we're getting to the end of Panorama Itaúsa 2024. I hope that you enjoyed it. I'm going to ask you for the final ideas of Alfredo and what he would like to reinforce. We've heard a lot. It's 50 years of Itaúsa.
Well, thank you for the participation of everyone. Thank you, Juliana, for being the leader of our event with your experience and sympathy. I would like to give you the message of optimism for Itaúsa, the investments. All of our companies are at moments that are very important. We're growing, and this is helping Brazil to grow. We are very satisfied from working with our portfolio, the solidity of the companies, leading companies in the sectors. It's an optimistic message. Let's continue to grow and invest in believing in Brazil. Thank you, Alfredo. I'm always excited. Congratulations for your work. Have a nice Christmas break, and we will see you in the next Panorama. Thank you for being here. Thank you to the board of director, the team of the holding.
We are always trying to do the best Panorama for those of you that are here with us today. Solidity that pushes for the future of Itaúsa in these 49 years of history. We're gonna continue with this journey guided by the values, ethics, trust, and vision of long-term. Values that have led Itaúsa here, and they are the basis for Itaúsa over the next decades. Follow Itaúsa in the social networks, and we're gonna celebrate together because