Multiplan Empreendimentos Imobiliários (MULT3) Q3 2025 earnings summary

Executive summary

• Achieved strong operational performance in Q3 2025, with sales up 6.9% year-over-year to R$6.1 billion, net revenue up 13.3% to R$618 million, and record-high occupancy rate of 96.3%.

• Efficiency gains led to record NOI margin of 94.1% and property EBITDA margin of 83.2%, supported by high occupancy and cost control.

• Digital innovation advanced with the Multi-App reaching 1.5 million active clients and a 44% increase in loyalty program sales.

• Share buybacks and capital allocation strategies, including R$2.0 billion in repurchases, boosted per-share results.

• Continued expansion and mixed-use development pipeline, with several new projects and expansions underway or planned.

Financial highlights

• Net revenue grew 13.3% year-over-year in 3Q25 to R$617.5 million; gross revenue reached R$663.7 million.

• Rental revenue grew 7.4% year-over-year to R$431.4 million; real estate for sale revenue rose 67.9% to R$93 million.

• EBITDA increased 8.6% to R$435.6 million; EBITDA margin was 70.5%.

• LTM EPS rose 28.8% year-over-year to R$2.52; FFO per share CAGR of 31.1% since Sep-21.

• Funds from Operations (FFO) in 3Q25 was R$238.4 million, down 21.4% year-over-year; LTM FFO up 8.1%.

Outlook and guidance

• Expansion pipeline includes 157,310 sq.m of new GLA and 864,020 sq.m of mixed-use projects, with several expansions scheduled for 2025–2026.

• Ongoing and planned expansions at key malls, including BarraShopping, BH Shopping, MorumbiShopping, and ParkShopping, with 100% occupancy in new areas.

• CapEx is expected to decrease as major revamping projects conclude, with future investments focused on high-return opportunities.

• Confident in closing 2025 with a more modern portfolio, engaged client base, and continued growth momentum.

• Focus on operational efficiency, cost control, and value creation through disciplined capital allocation.