Iguatemi (IGTI3) Q4 2024 earnings summary

Executive summary

• Achieved record adjusted EBITDA of R$1.02 billion in 2024, up 11.3% year-over-year, with FFO reaching R$693.2 million (+23.2% YoY) and net income for 2024 at R$497.5 million (+28.1% YoY).

• Total sales reached R$21.1 billion in 2024, up 12.1% year-over-year, with Q4 sales up 19.2% versus Q4 2023.

• Occupancy rate hit a record 97.7% in Q4 2024, the highest since 2010, reflecting strong commercial efforts and portfolio resilience.

• Significant tenant mix upgrades, including luxury and high-performing brands, contributed to sales and overage rent growth.

• R$200 million in dividends distributed in 2024 (+90% YoY), with a new share buyback program of R$140 million announced.

Financial highlights

• Net revenue in Q4 2024 was R$363.7 million (+15.4% YoY); adjusted net revenue up 13.5%; gross revenue for 2024 reached R$1.5 billion (+7.0% YoY).

• Adjusted EBITDA margin reached 84.0% in Q4 2024 (+4.2 p.p. YoY); 2024 margin was 77.5%.

• Adjusted FFO for Q4 2024 was R$219.3 million (+23.3% YoY); 2024 FFO was R$693.2 million.

• Net debt/adjusted EBITDA at 1.84x in Q4 2024; cost of debt at 105% of CDI; cash position at year-end was R$1.82 billion.

• Leasing spreads at renewal reached 11.0% in Q4 2024; same-store sales up 9.5%, same-area sales up 11.1%.

Outlook and guidance

• 2025 guidance targets 7–11% net revenue growth for malls, EBITDA margin of 75–79%, and investments of R$330–400 million.

• 2024 guidance was met or exceeded, with net revenue from malls up 6.4% and consolidated EBITDA margin at 77.4%.

• CapEx guidance for 2025 increased to R$330–400 million, including expansions and real estate development.

• Continued focus on organic and inorganic growth, with enthusiasm for new projects and asset recycling.