Itaú Unibanco S A : Management discussion & analysis and complete financial statements in BRGAAP

3Q

23

Itaú Unibanco Holding S.A.

_Management discussion

• analysis and complete financial statements

Third quarter of 2023

Contents

Management discussion & analysis

Page 03

Executive Summary	05
Income Statement and Balance Sheet Analysis	11
Managerial Financial Margin	12
Cost of Credit	13
Credit Quality	14
Commissions and Fees & Result from Insurance	16
Result from Insurance, Pension Plan and Premium Bonds	18
Non-interest Expenses	19
Balance Sheet	21
Credit Portfolio	22
Funding	24
Capital, Liquidity and Market Ratios	25
Results by Business Segments	26
Results by Region - Brazil and Latin America	28
Activities Abroad	29
Additional Information	30
Comparison between BRGAAP and IFRS	31
Glossary	33
Independent Auditor's Report	35

Complete financial statements

Page 37

Management Discussion & Analysis

Executive Summary

(This page was intentionally left blank)

Itaú Unibanco Holding S.A.

04

Management Discussion & Analysis

Executive Summary

Managerial Income Summary

Banco Itaú Argentina

In August 2023, we entered into an agreement to sell all shares of Banco Itaú Argentina. Due to this sale, Unibanco as of September 2023 does not include the balances of Banco Itaú Argentina, while the income account the results for the month of July 2023.

the consolidated balance sheet of Itaú statement for the third quarter only took into

The table below presents the financial indicators of Itaú Unibanco up to the end of each period.

In R$ million (except where indicated)
Results	Recurring Managerial Result
Operating Revenues	(1)			(2)
	Managerial Financial Margin
	Recurring Managerial Return on Average Equity - Annualized - Consolidated
								(3)
	Recurring Managerial Return on Average Equity - Annualized - Brazil
								(3)
Performance	Recurring Managerial Return on Average Assets - Annualized	(4)
	Nonperforming Loans Ratio (90 days overdue) - Total
	Nonperforming Loans Ratio (90 days overdue) - Brazil
	Nonperforming Loans Ratio (90 days overdue) - Latin America
	Coverage Ratio (Total Allowance/NPL 90 days overdue)
							(5)
	Efficiency Ratio (ER)
	(6)
	Recurring Managerial Result per Share (R$)
						(7)
	Net Income per Share (R$)	(7)
	Number of Total Shares at the end of the period - in million
Shares							(8)
Book Value per Share (R$)			(9)
	Dividends and Interest on Own Capital net of Taxes
	Market Capitalization	(10)
	Market Capitalization	(10)	(US$ million)
	Total Assets
	Total Credit Portfolio, including Financial Guarantees Provided and Corporate Securities
	Deposits + Debentures + Securities + Borrowings and Onlending
Sheet								(11)
Loan Portfolio/Funding	(11)
Balance	Stockholders' Equity
Solvency Ratio - Prudential Conglomerate (BIS Ratio)
	Tier I Capital - BIS III
	Common Equity Tier I - BIS III
	Liquidity Coverage Ratio (LCR)
	Net Stable Funding Ratio (NSFR)
	Portfolio Managed and Investment Funds
	Total Number of Employees
Other	Brazil
Abroad
	Branches and CSBs - Client Service Branches
	ATM - Automated Teller Machines
						(12)

3Q23	2Q23	3Q22	9M23	9M22
9,040	8,742	8,079	26,217	23,118
39,537	38,827	36,567	115,814	104,852
26,275	25,997	23,901	76,964	67,586
21.1%	20.9%	21.0%	20.9%	20.7%
22.0%	21.5%	21.6%	21.5%	21.3%
1.4%	1.4%	1.4%	1.4%	1.4%
3.0%	3.0%	2.8%	3.0%	2.8%
3.5%	3.5%	3.2%	3.5%	3.2%
1.3%	1.3%	1.3%	1.3%	1.3%
209%	212%	215%	209%	215%
40.0%	39.6%	41.1%	39.8%	41.2%
0.92	0.89	0.82
0.77	0.87	0.80
9,803	9,800	9,801
17.75	17.27	16.04
2,684	2,660	1,932
266,246	279,494	274,228
53,168	57,996	50,721
2,678,896	2,585,768	2,422,978
1,163,213	1,151,617	1,111,024
1,327,516	1,308,923	1,216,188
67.9%	68.5%	72.4%
174,042	169,199	157,175
16.3%	15.1%	14.7%
14.6%	13.6%	13.2%
13.1%	12.2%	11.7%
187.8%	179.7%	158.2%
127.3%	127.9%	122.6%
1,734,824	1,681,772	1,610,267
97,486	99,864	100,361
87,197	88,078	88,279
10,289	11,786	12,082
3,509	3,635	3,816
41,746	42,400	43,891

Note: (1) Operating Revenues represents the sum of Managerial Financial Margin, Commissions and Fees and Revenues from Insurance, Pension Plan and Premium Bonds Operations before Retained Claims and Selling Expenses; (2) Detailed in the Managerial Financial Margin section; (3) The Annualized Recurring Managerial Return was calculated by dividing the Recurring Managerial Result by the Average Stockholders' Equity. This result was then multiplied by the number of periods in the year to derive the annualized rate. The bases for the calculation of returns were adjusted by the amounts of dividends proposed after the balance sheet closing date and not yet approved at Shareholders' or Board Meetings; (4) The return was calculated by dividing the Recurring Managerial Result by the Average Assets; (5) Includes the balance of the allowance for financial guarantees provided; (6) For further details of the Efficiency Ratio calculation methodologies, please refer to the Glossary section; (7) Calculated based on the weighted average number of outstanding shares for the period; (8) shares representing total capital stock net of treasury shares; (9) Interest on own capital. Amounts paid/provided for, declared and reserved in stockholders' equity; (10) Total number of outstanding shares (common and non-voting shares) multiplied by the average price per non- voting share on the last trading day in the period; (11) As detailed in the Balance Sheet section; (12) Includes electronic service branches (ESBs), service points at third-party locations and Banco24Horas ATMs.

Itaú Unibanco Holding S.A.

05

Management Discussion & Analysis

Executive Summary

Managerial Income Statement

In this report, besides making adjustments for extraordinary items, we have applied managerial criteria to present our income statement. In the accounting statements, these criteria affect the breakdown of our income statement, but not the amount of net income. Among the managerial adjustments, we highlight the tax effects of investments abroad and the reclassifications made to better represent the way the bank is managed. Both adjustments aim to eliminate distortions between lines and are neutral for the net income of the operation.

These reclassifications enable us to perform business analyses from the management point of view, and a reconciliation of the management and accounting figures is shown in the table below.

Reconciliation between Accounting and Managerial Financial Statements | 3rd quarter of 2023

	Accounting	Extraordinary	Managerial adjustments	Managerial
In R$ million	Items	Tax effects	Reclassifications
Oper ating Revenues	37,792	931	1,040	(226)	39,537
Managerial Financial Margin	23,701	79	1,040	1,455	26,275
Financial Margin with Clients	24,025	79	-	1,455	25,559
Financial Margin with the Market	(324)	-	1,040	-	715
Commissions and Fees	12,089	14	-	(1,410)	10,694
Revenues from Insurance, Pension Plan and Premium Bonds	1,756	-	-	812	2,569
Operations Before Retained Claims and Selling Expenses
Other Operating Income	919	12	-	(931)	-
Equity in Earnings of Affiliates and Other Investments	224	-	-	(224)	-
Non-operating Income	(897)	826	-	71	-
Cost of Cr edit	(8,017)	(152)	-	(1,094)	(9,263)
Provision for Loan Losses	(9,016)	(152)	-	(44)	(9,212)
Impairment	-	-	-	(100)	(100)
Discounts Granted	-	-	-	(1,035)	(1,035)
Recovery of Loans Written Off as Losses	999	0	-	84	1,083
Retained Claims	(372)	-	-	-	(372)
Other Oper ating Expenses	(19,992)	944	(147)	2,157	(17,039)
Non-interest Expenses	(17,879)	937	-	2,201	(14,742)
Tax Expenses for ISS, PIS, Cofins and Other Taxes	(2,107)	7	(147)	(44)	(2,291)
Insurance Selling Expenses	(6)	-	-	-	(6)
Income befor e Tax and Pr ofit Shar ing	9,411	1,724	893	836	12,863
Income Tax and Social Contr ibution	(1,707)	(182)	(893)	(898)	(3,679)
Pr ofit Shar ing Management Member s - Statutor y	(62)	-	-	62	-
Minor ity Inter ests	(103)	(41)	-	-	(144)
Net Income	7,539	1,501	-	-	9,040

Extraordinary Items Net of Tax Effects

in R$ million	3Q23	2Q23	3Q22		9M23	9M22
Net Income	7,539	8,478	7,880	24,196	22,058
(-) Extraordinary Items	(1,501)	(265)	(199)	(2,021)	(1,059)
Sale of Banco Itaú Argentina S.A. (BIA)	(1,212)	-	-	(1,212)	-
Goodwill amortization	(159)	(159)	(135)	(462)	(395)
Result on the partial sale of XP Inc. shares	(7)	(122)	-	(129)	(123)
Voluntary severance program	-	-	-	-	(757)
Liability adequacy test	-	12	-	12	39
Corporate reorganization of Câmara Interbancária de Pagamentos (CIP)	-	-	-	-	239
Other	(123)	3	(64)	(230)	(62)
Recurring managerial result	9,040	8,742	8,079		26,217	23,118

Itaú Unibanco Holding S.A.

06

Management Discussion & Analysis

Executive Summary

3rd quarter of 2023 Income Statement

In R$ million		3Q23	2Q23	Δ∍	3Q22	Δ∍	9M23	9M22	Δ∍
Oper ating Revenues		39,537	38,827	1.8%	36,567	8.1%	115,814	104,852	10 .5%
Managerial Financial Margin	26,275	25,997	1.1%	23,901	9.9%	76,964	67,586	13.9%
Financial Margin with Clients	25,559	24,927	2.5%	23,385	9.3%	74,534	65,413	13.9%
Financial Margin with the Market	715	1,070	-33.1%	516	38.6%	2,430	2,173	11.8%
Commissions and Fees		10,694	10,363	3.2%	10,410	2.7%	31,403	30,680	2.4%
Revenues from Insurance	1	2,569	2,467	4.1%	2,256	13.9%	7,447	6,585	13.1%
Cost of Cr edit		(9,263)	(9,441)	-1.9%	(7,992)	15.9%	(27,792)	(22,494)	23.5%
Provision for Loan Losses		(9,212)	(9,609)	-4.1%	(8,275)	11.3%	(27,830)	(23,087)	20.5%
Impairment		(100)	(5)	1760.9%	158	-163.1%	(133)	333	-140.1%
Discounts Granted		(1,035)	(820)	26.2%	(867)	19.4%	(2,722)	(2,062)	32.0%
Recovery of Loans Written Off as Losses	1,083	993	9.1%	992	9.1%	2,893	2,322	24.6%
Retained Claims		(372)	(383)	-2.9%	(412)	-9.8%	(1,140)	(1,138)	0 .2%
Other Oper ating Expenses	(17,039)	(16,699)	2.0%	(16,139)	5.6%	(49,903)	(46,494)	7 .3%
Non-interest Expenses		(14,742)	(14,272)	3.3%	(13,939)	5.8%	(42,803)	(40,052)	6.9%
Tax Expenses for ISS, PIS, Cofins and Other Taxes	(2,291)	(2,421)	-5.4%	(2,197)	4.3%	(7,084)	(6,429)	10.2%
Insurance Selling Expenses	(6)	(5)	18.1%	(3)	82.9%	(16)	(13)	21.7%
Income befor e Tax and Minor ity Inter ests	12,863	12,304	4 .5%	12,025	7 .0%	36,979	34,725	6.5%
Income Tax and Social Contr ibution	(3,679)	(3,388)	8.6%	(3,744)	-1.7%	(10,237)	(10,734)	-4 .6%
Minor ity Inter ests in Subsidiar ies	(144)	(174)	-17 .2%	(201)	-28.6%	(525)	(874)	-39.9%
Recur r ing Manager ial Result	9,040	8,742	3.4%	8,079	11.9%	26,217	23,118	13.4%

1. Revenues from Insurance includes Revenues from Insurance, Pension Plan and Premium Bonds Operations before Retained Claims and Selling Expenses.

Credit Portfolio including Financial Guarantees Provided and Corporate Securities

In R$ billion, end of period

In divid u als

Credit Card Loans

Personal Loans

Payroll Loans 1

Vehicle Loans

Mortgage Loans

V er y Small, Small and Middle Mar ket Loans 2

Individuals + V er y Small, Small and Middle Mar ket Loans Cor por ate Loans

Credit Operations

Corporate Securities 3

Total for Br azil with Financial Guar antees Pr ovided and Cor por ate Secur ities

Latin Amer ica

Argentina4

Chile

Colombia

Paraguay

Panama

Uruguay

Total with Financial Guar antees Pr ovided and Cor por ate Secur ities

Total with Financial Guar antees Pr ovided and Cor por ate Secur ities (ex-for eign exchange r ate var iation) 5

3Q23

4 0 8.0

127.7

60.7

73.8

32.8

112.9

175.6

583.6

370 .4

203.3

167.1

954 .0

209.2

4.6

138.9

28.2

12.1

1.5

23.8

1,163.2

1,163.2

2Q23		Δ∍	3Q22	Δ∍
405.4	0 .6%	385.0	6.0%
128.4	-0.5%	128.8	-0.8%
58.2		4.2%	51.5	17.9%
74.9	-1.4%	72.2	2.3%
32.4		1.0%	31.8	3.1%
111.5		1.3%	100.7	12.1%
170 .0	3.3%	170 .2	3.2%
575.5	1	.4%	555.2	5.1%
359.6	3	.0%	345.1	7 .3%
199.0		2.1%	203.7	-0.2%
160.5		4.1%	141.5	18.1%
935.0	2	.0%	900 .3	6.0%
216.6	-3	.4%	210 .7	-0 .7%
9.1	-49.3%	10.6	-56.7%
145.6	-4.5%	136.6	1.7%
27.1	4.0%	29.1	-3.0%
11.1		9.3%	12.8	-5.0%
1.4		7.9%	1.9	-20.9%
22.3		6.7%	19.8	20.4%
1,151.6	1	.0%	1,111.0	4 .7%
1,148.3	1.3%	1,100 .3	5.7%

1. Includes operations originated by the institution, plus acquired operations. (2) Includes Rural Loans to Individuals. (3) Includes Debentures, Certificates of Real Estate Receivables (CRI), Commer- cial Paper, Rural Product Notes (CPR), Financial Bills, Investment Fund Quotas and Eurobonds. (4) Portfolio of Argentine clients outside Argentina. (5) Calculated based on the conversion of the for- eign currency portfolio (US Dollar and Latin American currencies). Note: The Mortgage and Rural Loan portfolios from the companies segment are allocated based on the size of the client. Further details are provided on pages 22 and 23.

Itaú Unibanco Holding S.A.

07

000

000

000

000

000

000

000

000

000)

Management Discussion & Analysis

Executive Summary

Performance analysis for the third quarter of 2023

Management commentary

The recurring managerial result reached R$9.0 billion in the third quarter of 2023, a 3.4% increase from the previous quarter. Recurring managerial return on equity was 21.1% on a consolidated basis and 22.0% in operations in Brazil.

The loan portfolio increased by 1.0% on a consolidated basis. The loan portfolio in Brazil was up by 2.0%, with a more moderate increase for individuals, and a more significant increase for corporate and very small, small and middle-market companies, driven by our strategic management of the loan portfolio. The individual loan portfolio in Brazil was up 0.6% in the quarter. The highlight in the period was a 4.2% growth in the personal loans portfoio, with increases in installment payment plans (concentrated in Uniclass and Personnalité segments) and in personalized credit. Also is worth mentioning the 1.3% increase in mortgage loans, with origination concentrated in the Uniclass and Personnalité segments. The 0.5% reduction in the credit card portfolio was driven by the change in the mix of clients and, over time, a reduction in card issuance through external channels. The card portfolio in the Personnalité and Uniclass segments continues to grow, with a 3.6% increase in this quarter. The higher average credit volume had a positive impact on our margin with clients, as did the larger number of calendar days in the period, higher gains from structured operations in the wholesale business segment and higher liabilities' margin. Driven by these effects, the margin with clients was up by 2.5%, closing the quarter at R$25.6 billion.

Credit quality metrics continue to stand out. Non-performing loans over 90 days overdue (NPL

1. remained stable at 3.0% in the third quarter, notably for individuals in Brazil, which has remained at 4.9% since December 2022. Non-performing loans 15-90 days overdue (NPL 15-90) was down 0.2 p.p., closing the quarter at 2.3%. Indicators in Brazil and abroad were down 0.2 p.p., 0.2 p.p. in the individuals portfolio and 0.1 p.p. in both corporate and very small, small and middle-market companies. Cost of credit was down 1.9% in the quarter, at R$9.3 billion. Commissions and fees and result from insurance operations increased by 3.6%. We recorded higher revenues from card activities, both in issuance, driven by higher volumes, and in acquiring activities, driven by the increase in the credit card transaction volume. Additionally, it is worth mentioning the increase in our revenue from investment banking services and in revenues form insurance, as a consequence of higher earned premiums in the quarter. As expected, non-interest expenses were up 3.3% from the previous quarter due to the effects of negotiating the collective wage agreement. In this quarter, 39 brick-and-mortar branches and client site branches (CSBs) in Brazil were closed. As mentioned in the previous quarter, this move was driven by our optimizing the branch network, based on our clients' behavior and needs and taking into consideration our phygital strategy, with the proper availability of physical and digital channels. With this dynamic of the result for the quarter, the efficiency ratio was 40.0% on a consolidated basis and 37.9% in Brazil.

In the nine-month period, compared to the same period in 2022, the recurring managerial result was up 13.4% and recurring managerial return on equity was up by 0.2 p.p., reaching 20.9%. The positive effect of the portfolio growth, the higher liabilities' margin, in addition to the positive impact of the repricing of our working capital, more than outpaced lower credit spreads. Accordingly, financial margin with clients were up 13.9%. On the other hand, the cost of credit increased, due to higher loan portfolio in the retail business segment, in addition to larger discounts granted. Commissions and fees and result from insurance operations rose by 4.4% year-on-year. This increase was the result of higher revenues from card activities, both issuer and acquirer, in addition to a better result from insurance operations. Non-interest expenses were up by 6.9%, whereas the efficiency ratio decreased by 1.4 p.p.

21.0%	19.3%	20.7%	20.9%	21.1%
8,079		8,435	8,742	9,040
7,668

3Q22

4Q22

1Q23

2Q23

3Q23

Recurring Managerial Result

Annualized Recurring Managerial Return on Average Equity (quarterly)

main figures

recurring managerial result

R$9.0 bn	+3.4%
3Q23	3Q23 x 2Q23
credit portfolio
R$1,163.2 bn	+1.0%
3Q23	3Q23 x 2Q23

financial margin with clients

R$25.6 bn	+2.5%
3Q23	3Q23 x 2Q23
financial margin with the market
R$0.7 bn	-33.1%
3Q23	3Q23 x 2Q23
cost of credit
R$9.3 bn	-1.9%
3Q23	3Q23 x 2Q23
fees and insurance
R$12.9 bn	+3.6%
3Q23	3Q23 x 2Q23
non-interest expenses
R$14.7 bn	+3.3%
3Q23	3Q23 x 2Q23

recurring managerial return on

average equity

21.1%	+0.1 p.p.
	3Q23 x 2Q23

Itaú Unibanco Holding S.A.

08

Management Discussion & Analysis

Executive Summary

Banco Itaú Argentina

Banco Itaú Argentina

In August 2023, we entered into an agreement to sell all shares of Banco Itaú Argentina. Due to this sale, the consolidated balance sheet of Itaú Unibanco as of September 2023 does not include the balances of Banco Itaú Argentina. In July 2023, the credit portfolio of Itaú Argentina was R$4.0 billion. Itaú Unibanco's income statement for the third quarter only took into account the results for the month of July 2023. Below, for your information, we present the income statement for July 2023, for the second quarter of 2023 and for the seven months ended July 2023:

In R$ million	July 2023	2Q23	Δ	7M23
operating revenues	306	840	-63.5%	1,889
financial margin with clients	176	470	-62.6%	1,085
financial margin with the market	97	272	-64.4%	560
commissions and fees	34	99	-65.6%	243
cost of credit	(2)	(16)	-85.5%	(33)
other operating expenses	(123)	(376)	-67.2%	(831)
non-interest expenses	(92)	(293)	-68.5%	(648)
tax expenses and other	(31)	(83)	-62.7%	(183)
income before tax and minority interests	181	448	-59.7%	1,024
income tax and social contribution	(80)	(195)	-58.9%	(447)
recurring managerial result	101	254	-60.3%	578

The result of the sale was negative in R$1.2 billion and was considered as an extraordinary item in the 3Q23 results.

In the first seven months of 2023, Banco Itaú Argentina's recurring managerial result was R$578 million, while the impact of exchange rate variation and inflation, charged directly to shareholders' equity, generated an expense of R$691 million. Therefore, in the first seven months of 2023 the impact was negative by R$113 million.

2023 Forecast

2023 guidance reaffirmed and normalized by the sale of Banco Itaú Argentina

1. Includes financial guarantees provided and corporate securities; (2) Composed of results from loan losses, impairment and discounts granted; (3) Commissions and fees (+) income from insurance, pension plan and premium bonds operations (-) expenses for claims (-) insurance, pension plan and premium bonds selling expenses; (4) Forecast of the results between August and

December 2023 and the credit portfolio of 12/31/2023 of Banco Itaú Argentina.

Itaú Unibanco Holding S.A.

9

Management Discussion & Analysis

Executive Summary

(This page was intentionally left blank)

Itaú Unibanco Holding S.A.

10