Iguatemi (IGTI3) Q3 2025 earnings summary

Executive summary

• Total sales reached R$6.0 billion in 3Q25, up 22.5% year-over-year, driven by portfolio expansion, new asset integration, and qualification initiatives.

• Four new H&M stores announced for 2026, with the first store among the top-performing globally by sales per square meter, strengthening strategic partnerships and regional presence.

• Sale of stakes in Pátio Paulista and Pátio Higienópolis generated R$414.4 million, supporting portfolio consolidation and strengthening financial position.

• Recognized for the 7th consecutive year as a top workplace, with 83% employee approval and strong ESG performance.

• Same-store sales grew 5.8% and same-area sales 9.0% versus 3Q24, with strong performance in fashion and jewelry segments.

Financial highlights

• Adjusted EBITDA increased 20.6% to R$302.4 million, with a margin of 79.4%; net income grew 19.5% to R$120.9 million.

• Net revenue rose 20.0% year-over-year to R$381.0 million; gross revenue reached R$432.2 million (+17.9% YoY).

• Retail EBITDA margin reached 18% for the quarter, with retail sales up 43% year-over-year.

• Net debt decreased 9.9% sequentially to R$2.15 billion; cost of debt at 101.9% of CDI; average debt term 4.8 years.

• FFO declined due to higher financial expenses and increased income tax, mainly from deferred tax with no cash effect.

Outlook and guidance

• 2025 guidance reaffirmed: mall net revenue growth of 7–11%, EBITDA margin for malls at 82–85%, and total EBITDA margin at 75–79%.

• CapEx for 2025 expected between R$330–400 million, with execution to accelerate in 4Q25; BRL 100 million of 2025 CapEx carried into 2026.

• Confident in continued growth for Black Friday and Christmas, expecting strong year-end sales.

• Maintenance CapEx to remain stable, with higher spending in 4Q to recover pandemic-delayed investments.

• Management notes that projections are subject to market, regulatory, and economic changes.