Plaza (MALLPLAZA) Q1 2026 earnings summary

Executive summary

• Over $600 million investment plan through 2028 targets expansion and transformation of more than 1,000,000 sqm of GLA, aiming for 70% Tier A assets.

• Achieved 2.36 million sqm of leasable area, 95.8 million visits, and 5.1% Same Store Rent growth, outpacing inflation.

• Maintained resilient operational performance and healthy occupancy despite ongoing asset transformations.

• Upgraded to 'Large Cap' in FTSE and increased MSCI index weight, enhancing stock liquidity and global investor access.

• Continued focus on elevating value proposition and increasing share of Tier A assets in the Andean region.

Financial highlights

• Net revenue for Q1 2026 reached CLP 165.5 billion, up 6% year-over-year; tenant sales rose 5.8% to CLP 1.62 trillion.

• EBITDA was CLP 130.3 billion, up 5.2% year-over-year, with a margin of 78.7%.

• Net income attributable to controlling interest was CLP 85 billion, a 20.5% increase, driven by lower inflation in Chile.

• FFO per share grew 6.3% to CLP 44.6; Adjusted FFO per share up 22.2% to CLP 42.6.

• Net Debt/EBITDA improved to 2.3x from 3.3x year-over-year.

Outlook and guidance

• Optimistic outlook for 2026, expecting strong performance as transformation projects are delivered.

• Over 50% of investment plan already committed to strategic assets under construction or about to start.

• Residential densification strategy targets over 10,000 units regionally, with 2,000 units in execution and a new multifamily project.

• Focus on expanding complementary businesses and maximizing value through advertising and parking, which grew 17.3% in the quarter.

• Continued focus on growth, tenant mix transformation, regional integration, and operational efficiency.