v3.26.1
Fair value
 12 Months Ended
Dec. 31, 2025
Notes and other explanatory information [abstract]  
Fair value Fair value
The accounting policy on fair value of financial instruments is presented in Note 2c IV.
a) Assets and liabilities measured at fair value
The assets and liabilities measured at fair value on a recurring basis are classified as follows:
Level 1: Securities and non-financial assets with liquid prices available in an active market and derivatives traded on stock exchanges. This classification level includes most of the Brazilian government securities, government securities from Latin America, government securities from other countries, shares, debentures with price published by Associação Brasileira das Entidades dos Mercados Financeiros e de Capitais (ANBIMA) and other traded in an active market.
Level 2: Securities, derivatives and others that do not have price information available and are priced based on conventional or internal models. The inputs used by these models are captured directly or built from observations of active markets. Most of derivatives, certain Brazilian government bonds, debentures and other corporate securities whose credit component effect is not considered relevant, are at this level.
Level 3: Securities and derivatives for which pricing inputs are generated by statistical and mathematical models. Debentures and other corporate securities that do not fit into level 2 rule and derivatives with maturities greater than the last observable vertices of the discount curves are at this level.
The following table presents the assets and liabilities measured at fair value on a recurring basis, segregated between levels of the fair value hierarchy.
12/31/202512/31/2024
Level 1Level 2Level 3Fair valueLevel 1Level 2Level 3Fair value
Financial assets616,603 128,416 723 745,742 535,394 128,576 2,158 666,128 
Financial assets at fair value through other comprehensive income128,557 3,662 254 132,473 103,319 2,766 218 106,303 
Government securities120,890 - - 120,890 98,873 - - 98,873 
Brazil81,763 - - 81,763 64,377 - - 64,377 
Latin America25,143 - - 25,143 21,470 - - 21,470 
Abroad13,984 - - 13,984 13,026 - - 13,026 
Corporate securities6,948 3,603 252 10,803 3,937 2,709 218 6,864 
Rural product note- - - - - 126 - 126 
Bank deposit certificates- 167 - 167 - 83 - 83 
Real estate receivables certificates- 222 - 222 - 57 - 57 
Debentures2,248 1,913 252 4,413 761 519 218 1,498 
Eurobonds and other4,700 1,171 - 5,871 3,162 1,650 - 4,812 
Financial credit bills- 5 - 5 - 53 - 53 
Other- 125 - 125 14 221 - 235 
Shares719 59 2 780 509 57 - 566 
Financial assets at fair value through profit or loss488,046 124,754 469 613,269 432,075 125,810 1,940 559,825 
Government securities398,919 3,955 - 402,874 364,740 2,810 - 367,550 
Brazil392,506 3,952 - 396,458 358,886 2,810 - 361,696 
Latin America6,012 3 - 6,015 4,381 - - 4,381 
Abroad401 - - 401 1,473 - - 1,473 
Corporate securities75,221 69,789 365 145,375 58,396 69,062 1,834 129,292 
Rural product note- 636 - 636 - 941 - 941 
Bank deposit certificates- 1,108 - 1,108 - 450 - 450 
Real estate receivables certificates249 1,714 83 2,046 265 1,289 100 1,654 
Debentures71,016 26,612 278 97,906 55,942 29,466 1,734 87,142 
Eurobonds and other3,001 97 - 3,098 1,968 23 - 1,991 
Financial bills- 37,343 2 37,345 - 33,071 - 33,071 
Promissory and commercial notes- 1,174 - 1,174 - 1,216 - 1,216 
Other955 1,105 2 2,062 221 2,606 - 2,827 
Shares12,126 12,945 104 25,175 7,659 18,115 106 25,880 
Investment funds1,780 38,065 - 39,845 1,280 35,823 - 37,103 
Designated as fair value through profit or loss15,505 - - 15,505 318 - - 318 
Government securities15,505 - - 15,505 318 - - 318 
Brazil57 - - 57 43 - - 43 
Latin America15,448 - - 15,448 275 - - 275 
Other financial assets- 3,092 - 3,092 - 1,612 - 1,612 
Non-financial assets4,139 - - 4,139 2,345 - - 2,345 
Financial liabilities- (1,686)- (1,686)- (862)- (862)
Financial liabilities at fair value through profit or loss- (1,686)- (1,686)- (862)- (862)
Structured notes- (57)- (57)- (318)- (318)
Other financial liabilities- (1,629)- (1,629)- (544)- (544)
    
The following table presents the breakdown of fair value hierarchy levels for derivative assets and liabilities.
12/31/202512/31/2024
Level 1Level 2Level 3Fair valueLevel 1Level 2Level 3Fair value
Assets21 72,982 381 73,384 5 92,062 372 92,439 
Options- 11,707 19 11,726 - 21,139 31 21,170 
Forward4 4,586 17 4,607 - 1,721 18 1,739 
Swaps- 46,839 345 47,184 - 55,106 322 55,428 
NDF- 8,351 - 8,351 - 12,207 - 12,207 
Credit derivatives- 615 - 615 - 632 1 633 
Other 17 884 - 901 5 1,257 - 1,262 
Liabilities(418)(67,760)(1,582)(69,760)(67)(85,171)(175)(85,413)
Options(30)(8,350)(22)(8,402)- (20,580)(8)(20,588)
Forward(338)(4,028)(15)(4,381)- (1,435)(15)(1,450)
Swaps- (43,908)(1,545)(45,453)- (51,242)(152)(51,394)
NDF- (10,929)- (10,929)- (10,761)- (10,761)
Credit derivatives- (367)- (367)- (795)- (795)
Other (50)(178)- (228)(67)(358)- (425)

Governance of Level 3 recurring fair value measurement
The departments in charge of defining and applying the pricing models are segregated from the business areas. The models are documented, submitted to validation by an independent area and approved by a specific committee. The daily processes of price capture, calculation and disclosure are periodically checked according to formally defined tests and criteria and the information is stored in a single corporate data base.
The most frequent cases of assets classified as Level 3 are justified by the discount factors used and corporate bonds whose credit component is relevant. Factors such as the fixed interest curve in Brazilian Reais and the TR coupon curve – and, as a result, their related factors – have inputs with terms shorter than the maturities of fixed-income assets.
Changes in the fair value hierarchy
In the periods, there were no material transfer between Level 1 and Level 2.
The tables below show balance sheet changes for financial instruments classified by ITAÚ UNIBANCO HOLDING in Level 3 of the fair value hierarchy. Derivatives classified in Level 3 correspond to swaps and options.    
Fair value at
12/31/2024		Total gains or losses (realized / unrealized)PurchasesSettlementsTransfers in the hierarchyFair value at
12/31/2025		Total gains or
losses (unrealized)
01/01/2024IncomeOther comprehensive income
Financial assets2,158 200 5 64 (1,640)(64)723 (277)
At fair value through other comprehensive income218 46 5 6 (22)1 254 (1)
Corporate securities218 46 5 6 (22)(1)252 (1)
Debentures218 46 5 - (16)(1)252 (1)
Financial bills- - - 6 (6)- - - 
Shares- - - - - 2 2 - 
At fair value through profit or loss1,940 154 - 58 (1,618)(65)469 (276)
Corporate securities1,834 198 - 16 (1,618)(65)365 (120)
Real estate receivables certificates100 8 - 1 - (26)83 (75)
Debentures1,734 190 - 3 (1,606)(43)278 (45)
Eurobonds and other- - - 12 (12)- - - 
Financial bills- - - - - 2 2 - 
Other- - - - - 2 2 - 
Shares106 (44)- 42 - - 104 (156)
Derivatives – assets372 134 - 349 (223)(251)381 (265)
Forward18 (2)- 1 - - 17 - 
Option31 (7)- 108 (113)- 19 (37)
Swaps322 143 - 240 (109)(251)345 (228)
Credit derivatives1 - - - (1)- - - 
Derivatives – liabilities(175)(402)- (1,356)430 (79)(1,582)390 
Forward(15)- - (15)15 - (15)- 
Option(8)(19)- (75)79 1 (22)(6)
Swaps(152)(383)- (1,266)336 (80)(1,545)396 
Fair value at
12/31/2023		Total gains or losses (realized / unrealized)PurchasesSettlementsTransfers in the hierarchyFair value at
12/31/2024		Total gains or
Losses (unrealized)
IncomeOther comprehensive income
Financial assets2,371 298 6 1,713 (957)(1,273)2,158 (994)
At fair value through other comprehensive income253 12 6 504 (372)(185)218 - 
Corporate securities60 12 6 504 (179)(185)218 - 
Debentures- 7 (1)216 (144)140 218 - 
Eurobonds and other60 5 7 288 (35)(325)- - 
Shares193 - - - (193)- - - 
At fair value through profit or loss2,118 286 - 1,209 (585)(1,088)1,940 (994)
Corporate securities2,047 250 - 1,206 (581)(1,088)1,834 (896)
Real estate receivables certificates126 (27)- 83 (95)13 100 (78)
Debentures1,895 306 - 950 (259)(1,158)1,734 (818)
Promissory notes17 - - - - (17)- - 
Eurobonds and other5 (41)- 132 (87)(9)- - 
Financial bills4 - - - (4)- - - 
Other- 12 - 41 (136)83 - - 
Shares71 36 - 3 (4)- 106 (98)
Derivatives - assets262 176 - 235 (216)(85)372 270 
Forward19 (1)- - - - 18 - 
Option6 13 - 67 (47)(8)31 (2)
Swaps236 164 - 168 (169)(77)322 271 
Credit derivatives1 - - - - - 1 1 
Derivatives - liabilities(389)(215)- (306)239 496 (175)13 
Forward(16)1 - - - - (15)- 
Option(1)17 - (54)23 7 (8)7 
Swaps(372)(233)- (252)216 489 (152)6 

Sensitivity analysis of Level 3 operations
The fair value of financial instruments classified in Level 3 is measured through valuation techniques based on correlations and associated products traded in active markets, internal estimates and internal models.
Material unobservable inputs used for measurement of the fair value of instruments classified in Level 3 are: interest rates, underlying asset prices and volatility. Material variations in any of these inputs separately may give rise to material changes in the fair value.
The table below shows the sensitivity of these fair values in scenarios of changes of interest rates, in asset prices and in scenarios with varying shocks to prices and volatilities for nonlinear assets, considering:
Interest rate: Shocks of of 1, 25 and 50 basis points (scenarios I, II and III respectively) applied to the interest curves, both up and down, taking the largest losses resulting in each scenario.
Commodities, Index and Shares: Shocks of 5 and 10 percentage points (scenarios I and II respectively) applied to share prices, both up and down, taking the largest losses resulting in each scenario.
Nonlinear:
Scenario I: Shocks of 5 percentage points applied on prices and 25 percentage points on the volatility level, both up and down, taking the largest losses resulting in each scenario.
Scenario II: Shocks of 10 percentage points applied on prices and 25 percentage points on the volatility level, both up and down, taking the largest losses resulting in each scenario.
Sensitivity – Level 3 Operations12/31/202512/31/2024
Market risk factor groups ScenariosImpactImpact
IncomeStockholders' equityIncomeStockholders' equity
Interest ratesI(5.6)(0.1)(7.4)(0.1)
II(141.6)(3.2)(185.8)(3.1)
III(283.7)(6.4)(372.2)(6.2)
Commodities, Indexes and SharesI(5.4)- (5.7)- 
II(10.8)- (11.4)- 
NonlinearI(25.5)- (25.1)- 
II(40.8)- (45.8)- 
b) Financial assets and liabilities not measured at fair value
The following table presents the book value and estimated fair value for financial assets and liabilities measured at amortized cost
12/31/202512/31/2024
Book valueFair valueBook valueFair value
Financial assets at amortized cost (1)
2,042,788 2,041,928 1,912,804 1,908,145 
Central Bank of Brazil deposits167,275 167,275 160,698 160,698 
Interbank deposits66,169 66,169 66,925 66,925 
Securities purchased under agreements to resell280,592 280,592 243,219 243,219 
Securities327,473 326,895 323,852 322,079 
Loan and lease operations1,037,250 1,036,968 981,397 978,511 
Other financial assets164,029 164,029 136,713 136,713 
Financial liabilities at amortized cost2,350,901 2,347,651 2,148,776 2,150,952 
Deposits1,114,482 1,114,434 1,054,741 1,054,745 
Securities sold under repurchase agreements434,607 434,607 388,787 388,787 
Interbank market funds406,170 402,669 372,294 372,587 
Institutional market funds154,194 154,493 140,547 142,426 
Other financial liabilities241,448 241,448 192,407 192,407 
1) Amounts presented net of the provision for expected loss.

The methods used to estimate the fair value of financial instruments measured at amortized cost are:
• Central Bank of Brazil deposits, Securities purchased under agreements to resell and Securities sold under repurchase agreements - The book value for these instruments is close to their fair values.
• Interbank deposits, Deposits, lnterbank market funds and lnstitutional market funds - They are calculated by discounting estimated cash flows at market interest rates.
• Securities - Under normal conditions, the prices quoted in the market are the best indicators of the fair values of these financial instruments. However, not all instruments have liquidity or quoted market prices and, in such cases, are priced by conventional or internal models, with inputs captured directly, built based on observations of active markets, or generated by statistical and mathematical models.
• Loan and lease operations - Fair value is estimated for groups of loans with similar financial and risk characteristics, using valuation models. The fair value of fixed-rate loans is determined by discounting estimated cash flows, at interest rates applicable to similar loans. For the majority of loans at floating rates, the book value is considered to be close to their fair value. The fair value of loan and lease operations not overdue is calculated by discounting the expected payments of principal and interest to maturity. The fair value of overdue loan and lease operations is based on the discount of estimated cash flows, using a rate proportional to the risk associated with the estimated cash flows, or on the underlying collateral.
The assumptions for cash flows and discount rates rely on information available in the market and specific knowledge of the debtor.
• Other financial assets / liabilities - Primarily composed for receivables from credit card issuers, deposits in guarantee for contingent liabilities, provisions and legal obligations and trading and intermediation of securities. The book value for these assets/liabilities substantially approximate to their fair values, since they principally represent amounts to be received in the short term from credit card holders and to be paid to credit card issuers, deposits demanded judicially (indexed to market rates) made by ITAÚ UNIBANCO HOLDING to secure lawsuits or very short-term receivables (generally with a maturity of approximately 5 business days). All of these items represent assets/liabilities without material market, credit or liquidity risks.
Financial instruments not included in the Balance Sheet (Note 32) are represented by Letters of Financial guarantees, which amount to R$ 134,105 (R$ 123,915 at 12/31/2024) with an estimated fair value of R$ 1,295 (R$ 988 at 12/31/2024).