Iguatemi (IGTI3) investor relations material

Executive summary

• Total sales reached BRL 5.7 billion in 1Q26, up 12.8% year-over-year, driven by expansion, organic growth, and portfolio qualification.

• Maintained strong operational discipline and high occupancy rates, with occupancy at 97.3%, the highest for a first quarter in 16 years.

• Attracted international brands and expanded partnerships, including H&M and Bvlgari, reinforcing leadership in premium regions.

• Advanced ESG initiatives with new LEED certifications and reaffirmed MSCI ESG BBB rating.

• Portfolio optimization through asset sales, targeted acquisitions, and capital recycling enhanced asset quality and shareholder value.

Financial highlights

• Net revenue rose 14.5% to BRL 361 million, with adjusted net revenue up 11.8% and adjusted EBITDA up 65.9% to BRL 405.2 million (margin 109.9%).

• Net profit surged 121.2% to BRL 237.6 million, with adjusted net profit up 110.3% to BRL 239.5 million.

• FFO increased 98.4% year-over-year; adjusted FFO margin at 74.5%.

• NOI margin remained high at 92.2%.

• Retail segment revenue up nearly 60%, with EBITDA of BRL 4.8 million (+808.6%).

Outlook and guidance

• Expect continued growth in lease spreads, sales per square meter, and expansion leveraging a 1.6 million m² landbank.

• CapEx guidance for 2026 is BRL 550 million, with acceleration in 2Q and 3Q; 2027 CapEx expected to be slightly lower.

• Dividend payout reassessment possible from 2027, depending on investment cycle and interest rates.

• No new greenfield projects planned; focus remains on optimizing and expanding existing assets.

• Management notes projections depend on market, regulatory, and economic conditions.