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Iguatemi (IGTI3) investor relations material
Iguatemi Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Achieved robust operational and financial growth in Q2 2025, with total sales up 27.4% year-over-year to R$6.3 billion, driven by portfolio expansion, major acquisitions, and new store openings.
Strategic acquisitions included full consolidation of interests in Pátio Paulista and Pátio Higienópolis, strengthening presence in key Brazilian markets.
Portfolio optimization continued with divestments, such as the sale of 49% of Market Place and Galleria, generating significant capital gains and cash proceeds.
Continued focus on differentiated customer experiences, proprietary events, and ESG initiatives, achieving the highest B3 ESG score and GHG Protocol Gold Seal in the sector.
Management reaffirmed 2025 guidance and expects an even stronger second half, supported by new assets and operational excellence.
Financial highlights
Net revenue rose 32% year-over-year to R$397.7 million; adjusted net revenue up 27.8% to R$407.2 million.
Adjusted EBITDA increased 91.2% to R$445.4 million; recurring EBITDA up 23.8%.
Adjusted net income reached R$208.5 million (+95.7% YoY); recurring net income was R$109.6 million (+2.8%).
FFO grew 94.9% to R$241 million; recurring FFO declined 8.2% due to higher financial expenses.
NOI margin remained high at 93.8%.
Outlook and guidance
2025 guidance reaffirmed: net revenue growth for malls 7–11%, EBITDA margin 82–85% for malls, 75–79% consolidated.
Management notes that projections depend on market, regulatory, and economic factors and are subject to change.
Strong sales momentum in July, with portfolio sales up 25.4% including new assets; flagship malls grew above 15%.
Second half expected to outperform first, driven by new leases, store openings, and continued portfolio differentiation.
CAPEX for 1H25 at R$105.7 million; full-year investment guidance R$330–400 million.
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