Multiplan Empreendimentos Imobiliários (MULT3) Q4 2024 earnings summary

Executive summary

• Achieved record net income of R$1.34 billion in 2024, up 31.4% year-over-year, with all-time highs in NOI, EBITDA, FFO, and margins driven by efficiency, area growth, and new revenue streams.

• Major expansions and renovations were completed or launched at key malls, including ParkShoppingBarigüi, DiamondMall, Brasília, Golden Lake, BarraShopping, Pátio Savassi, and MorumbiShopping.

• Strategic capital allocation included the largest share repurchase in company history (R$2.1 billion, 94.9 million shares), R$540 million in interest on capital, asset acquisitions and sales, and landbank monetization.

• Digital innovation and loyalty programs (Multi app, MultiVocê) saw record engagement, with 28 million accesses and over 1.5 million new users, supporting tenant sales and customer loyalty.

• Portfolio includes 20 shopping centers and 2 corporate complexes, totaling 940,883 sq.m GLA, with an average occupancy rate of 96.2% and over 6,000 stores.

Financial highlights

• Gross revenue reached R$2,737.5 million (+23.5% vs. 2023), with net revenue at R$2,544.8 million (+23.8%).

• EBITDA rose 22.3% to R$1,848.0 million, with a margin of 72.6%.

• Net income increased 31.4% to R$1,340.8 million, with a net margin of 52.7%.

• FFO grew 27.3% to R$1,582.3 million, with a record margin of 62.2%.

• Annual tenants' sales grew 9.3% to R$24.0 billion, with Q4 2024 sales up 10.7% year-over-year.

Outlook and guidance

• 2025 is expected to bring further growth and innovation, with ongoing expansions at Golden Shopping, Parque Shopping Maceió, Brasília, and continued investments in renovations and mix improvements.

• High occupancy (96.2%) and strong leasing activity (490 stores leased in 2024) provide a robust foundation for continued growth.

• January 2025 sales started strong, with BarraShopping up 15% year-over-year.

• Focus remains on capital allocation, technology, and new initiatives to strengthen market presence and maximize shareholder returns.