LOG Commercial Properties e Participações (LOGG3) Q1 2026 earnings summary

Executive summary

• Achieved record net income of BRL 134 million in Q1 2026, up 55% year-over-year, with EPS at BRL 1.63.

• Completed the largest asset sale in company history: BRL 1.02 billion sale of 11 stabilized assets, with 80% proceeds in cash and 20% in fund shares.

• Delivered over 100,000 sq m of GLA in Q1 2026, with all new projects 100% pre-leased and vacancy rate at 1.1%.

• Service revenue grew over 93% year-over-year, with a margin above 70%.

• Accelerated construction with 16 active sites, aiming for 1 million sq m under construction in 2026.

Financial highlights

• Net rental revenue reached BRL 6.1 million, up 19.4% year-over-year.

• Net revenue from services grew 94% to BRL 8.3 million, with a margin above 70%.

• Rental EBITDA was BRL 56 million (85% margin), up 18% year-over-year; development EBITDA was BRL 129 million, up 76%.

• Consolidated EBITDA reached BRL 185.1 million, up over 50% year-over-year.

• Capex totaled BRL 185 million, supporting expansion plans.

Outlook and guidance

• Proceeds from the REIT transaction will reduce leverage to 0.3x pro forma, the lowest in 5 years.

• Construction plan targets over 500,000 sq m in 2026, with potential upside.

• Expecting to generate BRL 5 million in additional services revenue from the new fund in the next 12 months.

• Continued focus on asset recycling to fund new developments and maintain growth.

• Optimistic about further asset recycling and maintaining high yields despite cost pressures.