Multiplan Empreendimentos Imobiliários (MULT3) investor relations material

Executive summary

• Achieved net income of R$1.1B and EBITDA above R$2.0B for the third consecutive year, with NOI margin at a record 94.9% and property EBITDA margin at 85.0%.

• Annual sales grew 8.0% year-over-year, reaching R$25.9B, driven by expansions and renovations.

• Operational efficiency led to property expenses dropping 32.2% YoY, lowest since 2015, with net delinquency at -0.4%, turnover at 4.6%, and occupancy rate at 96.3%.

• Multi app ecosystem expanded to 1.5M users, 62M in-app engagements, and 15M receipts registered, representing 20% of total sales.

• Despite higher financial expenses from a R$2.0B share repurchase, digital innovation and customer-centric strategies were reinforced.

Financial highlights

• Net revenue increased by 7.6% and NOI by 12.0% year-over-year, with EBITDA up 8.4%.

• Rental revenue grew 7.5% YoY to R$1.86B, with mall rental revenue up 7.8%.

• FFO reached R$2.08B, and net income was R$1.14B, with EPS up 204.3% since 2021.

• G&A expenses as a percentage of net revenue dropped to 7.4%, the lowest since the IPO.

• Net debt/EBITDA ended at 2.33x, with net debt of R$4.67B and cash position of R$771.9M.

Outlook and guidance

• Ongoing and planned expansions across five malls will add 31,000 sq.m of GLA, with significant capex allocated for future growth.

• Continued focus on operational excellence, digital innovation, and ecosystem expansion to drive future value.