Allos (ALOS3) Q4 2024 earnings summary

Executive summary

• Achieved strong operational and financial results in 2024, with total sales reaching R$40.2 billion, up 7.7–8.6% year-over-year, and high occupancy rates at 96.8%.

• FFO grew 29% to R$1.4 billion, with FFO per share up 40.8%, driven by share buybacks and operational improvements.

• EBITDA rose 7.3–12.4% to R$2.0 billion, with a margin of 73.8–77.4%.

• R$1.8 billion returned to shareholders via dividends and buybacks, representing a 19% yield.

• 1,130 new lease contracts signed and 61.7k sqm leased in 2024.

Financial highlights

• Net revenue for 2024 was R$2,706 million, up 7.0% year-over-year; 4Q24 net revenue was R$825 million, up 8.6–9% from 4Q23.

• Adjusted EBITDA for 4Q24 was R$638.5 million (77.4% margin), up 12.4% from 4Q23.

• FFO for 4Q24 was R$467.7 million, up 23% year-over-year; FFO margin improved by 664 bps to 56.7%.

• Capex in 2024 totaled R$539.1 million, focused on maintenance, renovations, and innovation.

• Net income for 2024 was R$698.5 million, down 79.4% due to non-recurring items in the prior year.

Outlook and guidance

• 2025 EBITDA guidance set at R$2,070–2,150 million, implying 8% growth at the midpoint over 2024 proforma.

• Capex guidance for 2025 is R$450–550 million, with continued investment in portfolio upgrades and technology.

• Minimum 50% of FFO to be distributed to shareholders via dividends or buybacks.