Iguatemi (IGTI3) Q1 2026 earnings summary

Executive summary

• Total sales reached BRL 5.7 billion in Q1 2026, up 12.8% year-over-year, driven by expansion, organic growth, and portfolio qualification despite a challenging macroeconomic environment.

• Occupancy rate improved to 97.3%, the highest in 16 years, reflecting strong demand and high operational discipline.

• Continued to attract international and luxury brands, with notable openings such as H&M and Kosushi, and expanded partnerships reinforcing market leadership in high-income regions.

• ESG initiatives advanced, including new LEED certifications and reaffirmed MSCI ESG BBB rating.

• Portfolio optimization through M&A, capital recycling, and targeted acquisitions enhanced asset quality and shareholder value.

Financial highlights

• Net revenue rose up to 14.5% year-over-year, with adjusted net revenue at BRL 368.9 million and EBITDA margin reaching 111.5%.

• Net profit surged 121.2% to BRL 237.6 million, with adjusted net profit up 110.3% to BRL 239.5 million and FFO up 98.4%.

• NOI margin remained high at 92.2%.

• Leverage (Net Debt/EBITDA) decreased to 1.29x, with net debt at BRL 1.91 billion and cash and equivalents at BRL 2.03 billion.

• Retail segment margin at 11%, with Q1 typically being the weakest due to seasonality.

Outlook and guidance

• Expect continued growth in lease spreads, sales per square meter, and expansion, supported by strong demand and high occupancy.

• CapEx guidance for 2026 is BRL 550 million, with a similar or slightly lower level expected for 2027.

• Dividend payout may increase from 2027, depending on investment cycle and interest rates.

• Management notes that projections depend on market conditions, government rules, sector performance, and the Brazilian economy.

• Plans to open additional H&M stores and further enhance the tenant mix.