Multiplan Empreendimentos Imobiliários (MULT3) Investor presentation summary

Strategic evolution and asset growth

• MorumbiShopping expanded from 32,000 sq.m and 202 stores in 1982 to 61,000 sq.m and 546 stores by 2026, with a focus on fashion, dining, and mixed-use integration.

• Six major expansions, including a new gourmet rooftop and enhanced connectivity with corporate towers, have driven increased foot traffic and asset value.

• Expansion projects required complex construction logistics, including structural reinforcements and uninterrupted mall operations.

• The expansion pipeline could add 30,000 sq.m of new GLA, with ongoing and planned projects across multiple assets.

• Mixed-use developments, such as residential towers and corporate complexes, have strengthened recurring traffic and asset repricing.

Active management and innovation

• Tenant mix is actively curated using consumer data, driving sales and foot traffic through targeted adjustments and new concepts.

• Renovations across 19 of 20 malls (2023–2025) improved customer experience, increased NOI, occupancy, and sales.

• The Multi app platform enhances engagement, loyalty, and data-driven decision-making for both tenants and management.

• Events and experiential marketing, such as exhibitions and large-scale holiday installations, boost community engagement and qualified traffic.

• Sustainability initiatives include green area expansion, LEED certifications, and operational efficiency projects.

Financial performance and operational efficiency

• Real rental revenue grew by R$23.8M (2025 vs. 2024) in renovated malls, with a 9.6% yield on renovation capex.

• Multiplan outperformed Brazilian mall peers in sales growth and operational efficiency, with sales up 266% since 2012.

• Expenses per GLA declined in real terms, while FFO and net income per GLA rose significantly since 2008.

• NOI and EBITDA margins reached record levels in 2025, with property EBITDA margin at 87.9%.

• Low delinquency (1.2%), low turnover (4.6%), and high occupancy (96.3%) reflect healthy operating momentum.