Allos (ALOS3) investor relations material

Executive summary

• Completed successful integration post-merger, achieving robust operational and cultural alignment without disruptions or write-offs, and maintaining growth in all quarters since March 2023.

• Focused on operational excellence, portfolio reworking, and selective investments in highlighted shopping malls to drive growth in sales and NOI per square meter.

• Maintained a strong balance sheet, reducing cost of debt from CDI +2.5% to below CDI, and preserved triple-A ratings, ensuring unique access to capital markets.

• Implemented efficiency measures, including organizational restructuring and process optimization, resulting in an 8% cost reduction and flat G&A despite inflation.

• High liquidity and strong cash flow generation allow for strategic re-leveraging and increased dividend payouts.

Financial highlights

• Shopping mall sales exceeded BRL 10 billion, up 5.5% year-over-year; same store sales grew 2.9% despite a strong prior-year base.

• Rent revenue increased 6%, same store rent up 6.5%, and parking lot revenues rose 10.2% year-over-year.

• Media segment revenue grew 25.2% year-over-year, now representing 8% of gross revenue.

• NOI reached BRL 586 million, up 7.8% year-over-year; EBITDA margin improved to 73.2%, a 100 bps increase.

• FFO for the quarter was BRL 305 million, up 3.5%, with FFO per share rising 9% due to share repurchases.

Outlook and guidance

• CapEx for 2026 projected at BRL 350–450 million, a reduction of BRL 100 million from 2025, focusing on small, high-return projects.

• Dividend guidance for 2026 set at BRL 0.28–0.30 per share per month, nearly 3x the 2025 monthly payout, totaling BRL 1.9 billion between Dec 2025 and Dec 2026.

• Strategy to maintain leverage closer to 2x net debt/EBITDA, with ongoing evaluation of capital allocation and potential for sustained high dividends.