Multiplan Empreendimentos Imobiliários (MULT3) Q1 2026 earnings summary

Executive summary

• Achieved record net income up 35.1% and EBITDA up 28.9% year-over-year in 1Q26, driven by rental, asset sales, and resilient performance despite high interest rates.

• Tenant sales grew 7.2% year-over-year, supported by ongoing mall expansions, renovations, and a robust digital ecosystem.

• The Multi superapp surpassed 10 million downloads, enhancing customer insights, tenant engagement, and sales volume.

• Three new mall expansions are planned for 2026, with additional residential and commercial projects underway.

• Major drivers included a 1,449.6% surge in real estate for sale revenue, notably from the sale of a 10% stake in BH Shopping and progress at Golden Lake.

Financial highlights

• Gross revenue rose 54.1% to R$879.9 million, with net income up 35.1% and EBITDA up 28.9% YoY.

• FFO reached R$327.5 million (+18.0% YoY), matching the all-time first-quarter record.

• April sales grew 24% year-over-year, indicating strong momentum post-Q1.

• Portfolio expansions led to a 50% sales increase in expanded malls and doubled sales at New York City Center.

• CapEx for revamps dropped significantly compared to last year, now at 14% of NOI.

Outlook and guidance

• Focus remains on maintaining low vacancy and high occupancy rates while expanding GLA.

• Three additional mall expansions are planned for 2026, with 157,310 sq.m of mapped expansion potential.

• Ongoing digital innovation and customer engagement initiatives expected to support operational efficiency.

• No fixed net debt/EBITDA deleveraging target, but aim to remain flexible for opportunities and capital returns.

• Confident in continued sales growth and positive impact from ongoing expansions and mix improvements.