Multiplan Empreendimentos Imobiliários (MULT3) Q4 2025 earnings summary

Executive summary

• Achieved record EBITDA above R$2.0 billion and net income exceeding R$1.1 billion for the third consecutive year, with NOI margin at a record 94.9% and property EBITDA margin at 85.0%, despite higher financial expenses from share repurchases.

• Tenant sales grew 8.0% year-over-year to R$25.9 billion, with 11 malls surpassing R$1.0 billion in sales; Christmas sales outperformed sector average by over 7%.

• Maintained high operational efficiency with lowest net delinquency (-0.4%), lowest turnover (4.6% since 2020), and highest occupancy rate (96.3% since 2019).

• Digital platform Multi reached 62 million interactions and 5.6 million active users in 2025, with 20% of mall sales registered through the app.

• Over BRL 6 billion allocated in recent years to expansion, digital innovation, and shareholder returns, including major share repurchases and strategic acquisitions.

Financial highlights

• Net revenue increased by 7.6% and NOI by 12.0% year-over-year, with EBITDA up 8.4%.

• NOI margin reached a record 94.9%, supported by a 32% reduction in expenses.

• FFO reached R$2.08B, and net income was R$1.14B, with EPS up 204.3% since 2021.

• G&A expenses as a percentage of net revenue dropped to 7.4%, the lowest since the IPO.

• Over 50,000 sqm of new GLA delivered in the last three years, with further expansions planned.

Outlook and guidance

• Expansions planned for 2026 include BarraShopping, BH Shopping, and ParkShopping in Brasília; three more expansions targeted for 2027, totaling 31,000 sqm.

• CapEx expected to decrease in 2026, with flexibility maintained for opportunistic M&A and growth investments.

• Optimism for retail performance in 2026, supported by election year spending and strong tenant demand.

• Tax reform expected to simplify processes and potentially enhance competitiveness, though full impacts are still being assessed.

• Continued focus on operational excellence, digital innovation, and ecosystem expansion to drive future value.