Multiplan Empreendimentos Imobiliários (MULT3) Status Update summary

Strategic vision, growth, and operational performance

• Achieved 70% of a five-year development plan in three years, with major mall expansions, asset revamps, and real estate projects nearing completion ahead of schedule.

• Celebrated 50 years with a proven track record, hands-on management, and consistent results, earning investor trust.

• Portfolio includes 20 shopping malls, 2 commercial towers, and 1 residential condominium, with over 940,000 sq.m of GLA and 200 million annual visitors.

• Sales growth in malls outpaced retail and e-commerce in Brazil, with a 64.1% increase from 2021 to 2024 and a CAGR of 17.9%.

• Market share in Brazilian mall sales rose by 291 b.p. from 2021 to 2024, outpacing e-commerce's share in retail.

Financial results and capital allocation

• Record net revenue (+20.8%), NOI (+7.6%), EBITDA (+20.3%), FFO (+21.1%), and net income (+17.0%) in Mar-25 LTM compared to Mar-24 LTM.

• Since 2007, shares have appreciated 371%, outperforming the Ibovespa, with significant returns from dividends and share buybacks.

• Maintains a net debt/EBITDA ratio of 2.28x, with a carefully managed debt amortization schedule and a 10-year average of 2.10x.

• Share buybacks and record earnings boosted net income and FFO per share, with a share repurchase of R$2.0B delivering a nominal return of R$420.5M in eight months.

• R$3.6B allocated in 2024, with capex reduced in 1Q25 after major deliveries.

Asset management, innovation, and tenant mix

• Robust three-year revamp plan underway, with 19 malls upgraded, leading to higher customer satisfaction and increased sales (e.g., BarraShopping sales up 40% post-revamp).

• Renovation capex averaged 4.5% of NOI over the past decade, accelerating growth and efficiency.

• Multi app has over 8.5 million downloads, 20 million visits in 2024, and over 20% of mall sales go through its loyalty program, enhancing data-driven decision-making.

• Hosted nearly 1,300 events in 2024, boosting sales and strengthening community ties.

• Actively manages tenant mix, shifting toward experience-based offerings and food courts, resulting in higher foot traffic and rental revenue.