Itaú Unibanco S A : Complete financial statements in IFRS

Itaú Unibanco Holding S.A.

The credit portfolio expanded in every segment in Brazil: 6.3% in individuals, 3.3% in very small, small and middle market loans and 7.3% in corporate loans. As of Aug/23, the portfolio in Argentina began to be deconsolidated.

The positive effect of the growth in the portfolio, in addition to the positive impact of the repricing of our working capital, more than outpaced lower credit spreads, resulted in growth of 15.3% in the net interest income.

Increase of 1.6% in commissions and banking fees was due to the higher transaction volume from cards, both in issuance and in acquiring. The income from insurance and private pension contracts increased by 35.4% due to higher insurance sales, mainly related to group life, credit life and mortgage products, and the increase in the financial result for the period.

The expected loss from financial assets rose by 18.7% due to the higher origination in consumer credit and the increase in the overdue portfolio.

General and administrative expenses grew by 11.4%. The increase in personnel expenses was due to the effects of the collective wage labor agreement and the increase in expenses with profit sharing. Administrative expenses were also higher due to higher expenses on data processing and telecommunications, and depreciation and amortization.

(1) Credit portfolio includes financial guarantees provided and corporate securities. (2) Efficiency ratio based in BRGAAP managerial disclosure.

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• The changes to the 9M22 financial statements are due to the adoption of IFRS 17, which are related to the aggregation and measurement of insurance and private pension contracts. (1) The sum of (i) Interest and Similar Income, (ii) Interest and Similar Expenses, (iii) Income of Financial Assets and Liabilities at Fair Value through Profit or Loss, (iv) Foreign exchange results and exchange variations in foreign transactions, (v) Commissions and Banking Fees, (vi) Income from Insurance and Private Pension Contracts, and (vii) Other Income; (2) The sum of (i) Interest and Similar Income, (ii) Interest and Similar Expenses, (iii) Income of Financial Assets and Liabilities at Fair Value through Profit or Loss, (iv) Foreign exchange results and exchange variations in foreign transactions; (3) The sum on the Commissions and Banking Fees and Income from Insurance and Private Pension Contracts, net of Reinsurance. For better comparability, the tax effects of managerial adjustments were applied; (4) The return is calculated by dividing the Net Income Attributable to Controlling Shareholders by the Average Shareholders' Equity. The quotient was multiplied by the number of periods in the year to derive the annualized rate. The calculation of the returns were adjusted for the amounts of proposed dividends after the closure dates of the balance sheets not yet approved in ordinary meetings of shareholders or at meetings of the Board of Directors. (5) The return is calculated by dividing the Recurring Result by the Average Shareholders' Equity. The quotient was multiplied by the number of periods in the year to derive the annualized rate. The calculation of the returns were adjusted for the amounts of proposed dividends after the closure dates of the balance sheets not yet approved in ordinary meetings of shareholders or at meetings of the Board of Directors; (6) 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.

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Initiatives

We digitized 100% of the processes for registering real estate loan contracts and loans with property guarantees

We announced the digitalization of the processes connected with real estate loans and loans with property guarantees products. Previously, in order for requested amounts to be released, our customers had to go in person to notary offices to submit the necessary documentation. With the digital format, the process is carried out more conveniently and with the guarantee that personal information and data will be transmitted securely and confidentially.

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We now offer an 'Automated Portfolio' option for investments

To simplify the investor journey, we made the 'Automated Portfolio' option available to all client segments through Itaú Corretora. The Automated Portfolio is a feature that allows people to follow the recommendations of Itaú Unibanco and Itaú BBA's teams of specialists and analysts, with any changes and updates to recommended assets being made automatically.

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We have developed unprecedented infrastructure funds with active fixed income in partnership with independent managers

We now offer our investor clients the 'RF Infra Total Return' family. These funds differ from existing offerings because they bring together some of the allocations of incentivised private credit in infrastructure (a class exempt from income tax and with no commissions) and an amount of actively managed fixed income. The sources of funds can be in both the Brazilian and international markets.

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We have launched a product for those who want to invest in companies that work with Artificial Intelligence

We now offer our investor clients the possibility of allocating capital in shares of important global technology companies that work with solutions related to the concept of Artificial Intelligence. Through the Artificial Intelligence Autocall COE, it will be possible to participate in the market movement of the shares of four of the main global companies operating in this segment.

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We launched the Investment Review function in the íon app

Based on customer and investor feedback, we provided the Investment Review tool, which aims to act as an optimizer for customers' portfolios within the íon app. Using algorithms, this new feature will be able to identify whether there are investment products close to maturity, or whether there are investments with rates considered high compared to the market and low performance or profitability projections, among other functions.

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Awards and recognitions

We were recognized as the best company to build a career by FIA Business School and UOL - Universo Online, which every year publish a list of "Incredible Places to Work". This is a list drawn up on the basis of a wide-ranging survey of the employees of all the registered companies and evaluates criteria such as work environment, leadership performance and satisfaction with HR services.

We have once again won 1st place in the Banks category of Valor 1000 Award, by Valor Econômico,which celebrates the best companies in 27 sectors. This is the second time in the award's history that banks have been included in the evaluation, which is carried out by technical groups and takes into account financial criteria and ESG practices. Topping the ranking once again is a source of great pride, as it reflects the consistency of our customer-focused transformation journey, the delivery of consistent results to our investors and also our positive impact agenda for society.

We have once again been recognized as the best company to work for among banks. The Great Places to Work - Financial Institutions 2023 is in its 5th edition and listed the best companies to work for in the country in five categories: Credit Cooperative, Banks, Financial Services, Insurance and Finance. We came top in the ranking of banks with more than 1,000 employees.

For the second year running, we've also won the top spot on the podium of the Great Places To Work Brazil award! The ranking, carried out by Great Place To Work® Brasil in partnership with Valor Econômico and Época NEGÓCIOS, brings together the 150 best companies to work for in the country, which are divided into categories according to the number of employees - we were recognized, once again, in the over 10,000 category.

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Payment of Interest on Equity

We inform the Board of Directors approval, on September 6th the payment of interest on capital to stockholders, in the amount of R$0.2693 per share, with income tax withholding at a rate of 15%, resulting in net interest of R$0.228905 per share¹, which will be made until April 30th, 2024, based on the final stockholding position recorded on September 18th, 2023, with their shares traded ex-rights starting September 19th, 2023.

1) Except for the corporate stockholders able to prove that they are immune or exempt from such withholding.

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Sale of Banco Itaú Argentina S.A.

We inform to our stockholders and the market in general that, after obtaining the authorization from the Central Bank of the Republic of Argentina, we closed, through its affiliates, the sale of all its shares we held in Banco Itaú Argentina S.A. and its subsidiaries to Banco Macro S.A., as announced in the Material Fact issued on August 23, 2023.

For the closing of the transaction, we received from Macro the amount of US$50 million.

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Sale of XP shares

On June 26th, 2023, shares equivalent to 1.89% of XP's share capital were sold. As a result, we now hold an 8.65% stake in the organization. After dilution of 0.30% of our stake in XP's share capital, which occurred in July 2023, on September 13th, 2023, shares equivalent to 0.56% of its share capital were sold and we now hold a 7.79% stake in XP.

TheAmazonPlan:threeyearsof achievements,lessonslearnedandchallenges

In July 2020, we teamed up with Bradesco and Santander to launch the Amazon Plan, an initiative that was born with the aim of designing and putting into practice strategies that promote sustainable development in the region. Now, on its third anniversary, the Amazon Plan is celebrating a journey marked by progress and challenges. The three banks issued a release reporting on the main lessons learned from this journey and consolidating the three strategic objectives, ensuring greater focus and robustness to deliveries: (i) forest conservation; (ii) fostering the bioeconomy and (iii) access to connectivity.

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(in Portuguese only)

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Acknowledgements_

We wish to thank our employees who, even amidst scenarios of intense transformation, have constantly adapted and remain committed to providing our customers with the best solutions, enabling us to continue producing sound results. We wish to thank our clients and shareholders for their interest and trust in our work, motivating us to always do better.

(Approved by the Board of Directors meeting on November 06, 2023).

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Report on review of consolidated financial statements

To the Board of Directors and Stockholders

Itaú Unibanco Holding S.A.

Introduction

We have reviewed the accompanying consolidated balance sheet of Itaú Unibanco Holding S.A. and its subsidiaries ("Bank") as at September 30, 2023 and the related consolidated statements of income and comprehensive income for the quarter and nine-month period then ended, and changes in stockholders' equity and cash flows for the nine-month period then ended, and notes to the financial statements, including significant accounting policies and other explanatory information.

Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with International Accounting Standard (IAS) 34 - "Interim Financial Reporting" issued by the International Accounting Standards Board (IASB). Our responsibility is to express a conclusion on these consolidated financial statements based on our review.

Scope of review

We conducted our review in accordance with Brazilian and International Standards on Reviews of Interim Financial Information (NBC TR 2410 - "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" and ISRE 2410 - "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", respectively). A review of financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Brazilian and International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying consolidated financial statements referred to above do not present fairly, in all material respects, the financial position of Itaú Unibanco Holding S.A. and its subsidiaries as at September 30, 2023, and the consolidated financial performance for the quarter and nine-month period then ended and its consolidated cash flows for the nine-month period then ended, in accordance with IAS 34.

Other matters - Supplementary information

1 Statement of added value

The consolidated financial statements referred to above include the consolidated statement of added value for the nine-month period ended at September 30, 2023. This statement is the responsibility of the Bank's management and is presented as supplementary information. This statement has been

PricewaterhouseCoopers Auditores Independentes Ltda., Avenida Brigadeiro Faria Lima, 3732, Edifício B32, 16oSão Paulo, SP, Brasil, 04538-132

T: +55 (11) 4004-8000, www.pwc.com.br

Itaú Unibanco Holding S.A.

subjected to review procedures performed together with the review of the consolidated financial statements for the purpose of concluding whether they are reconciled with the consolidated financial statements and accounting records, as applicable, and if its form and content are in accordance with the criteria defined in the accounting standard CPC 09 - "Statement of Value Added". Based on our review, nothing has come to our attention that causes us to believe that this consolidated statement of added value has not been properly prepared, in all material respects, in accordance with the criteria established in this accounting standard, and that it is consistent with the consolidated financial statements taken as a whole.

2 Reconciliation of net income and stockholders' equity (Note 33(c))

The reconciliation of net income and stockholders' equity of the individual financial statements prepared in accordance with accounting practices adopted in Brazil applicable to institutions authorized to operate by the Brazilian Central Bank - BACEN and the consolidated financial statements prepared in accordance with the International Accounting Standard - IAS 34 ("BACEN GAAP and IFRS Reconciliation"), referring to the nine-month period ended September 30, 2023, prepared under the responsibility of the Bank's Management, as described in Note 33(c), in compliance with BACEN standards, is presented as supplementary information for the purposes of IAS 34. This reconciliation was submitted to review procedures performed in conjunction with the review of the Bank's consolidated financial statements to conclude whether it is reconciled with the consolidated financial statements and the accounting records, as applicable. Based on our review, nothing has come to our attention that causes us to believe that this BACEN GAAP and IFRS Reconciliation has not been prepared, in all material respects, in a consistent manner with the consolidated financial statements taken as a whole.

São Paulo, November 6, 2023

PricewaterhouseCoopers Auditores Independentes Ltda. CRC 2SP000160/O-5

Emerson Laerte da Silva Contador CRC 1SP171089/O-3