Allos (ALOS3) investor relations material

Executive summary

• Net revenue reached R$656.4 million in 2Q25, up 8.4% year-over-year, with total sales of R$10.2 billion, a 9.5% increase year-over-year.

• NOI grew 8.5% to R$579.8 million, with margin at 93.3%; adjusted EBITDA rose 10.8% to R$475.7 million, margin 72.5%.

• FFO reached R$304.6 million, up 1.9% year-over-year, with FFO per share up 8.8% due to profitability improvements and share repurchases.

• Occupancy rate remained high at 96.4% in 2Q25, with 188 new contracts signed and 77 more in July.

• Continued focus on portfolio strength, digital engagement, and mixed-use development.

Financial highlights

• Sales per sqm reached R$1,253, a 58.2% increase since 2Q19, with a CAGR of 7.9%.

• Media revenue grew 31.3% year-over-year to R$46 million, now 6.4% of gross revenue.

• Occupancy cost decreased to 9.7% in 2Q25 from 10.2% in 1Q25.

• Net delinquency improved to -1.2% in 2Q25 from -0.5% in 1Q25.

• Net income was R$186.7 million, margin 28.5%, impacted by higher financial expenses.

Outlook and guidance

• Guidance for 2025 remains unchanged for dividends, EBITDA, and multiuse projects.

• Benefits Program APP to expand to 34 malls by July 2025, connecting thousands of brands to over 5 million new consumers.

• Media operations expanded through a 10-year contract to manage OOH media in 17 airports, with operations starting in July 2025.

• CapEx expected at the lower end of guidance due to successful RP implementation and lower intensity for next year.

• Major mall expansions and mixed-use projects scheduled through 2027.