Iguatemi
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Iguatemi (IGTI3) investor relations material

Iguatemi Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary25 Feb, 2026

Executive summary

  • Total sales reached BRL 25.2 billion in 2025, up 19.3% year-over-year, with Q4 sales at BRL 7.9 billion, up 12.8% from Q4 2024, driven by portfolio expansion and asset qualification initiatives.

  • Occupancy rates remained high, ending Q4 at 96.7%–98.2%, reflecting strong tenant demand and premium asset mix.

  • Portfolio upgrades included consolidation of Pátio Higienópolis and Pátio Paulista, new store openings, and contract signings with premium brands.

  • Exclusive programs, new sponsorships, and ESG recognitions, such as ICO2 B3 inclusion and Top Employer certification, reinforced brand value and social impact.

  • Asset recycling and acquisitions advanced monetization and capital allocation, including divestments and MOUs for new stakes.

Financial highlights

  • Net revenue for 2025 reached BRL 610 million, with Q4 net revenue at BRL 416–423 million, up 12.6–14.4% year-over-year.

  • EBITDA margin for malls was 84.4% for 2025; consolidated EBITDA margin was 76.2–76.8%.

  • Adjusted net income for 4Q25 was BRL 158.9 million; annual adjusted net income was BRL 610 million, up 22.7%.

  • NOI for 4Q25 was BRL 379.8 million, up 9.9–10% year-over-year.

  • Retail operation gross profit grew nearly 40%, with net revenue margin at 15%.

Outlook and guidance

  • 2025 recurring net revenue for malls grew 12.7%, above guidance; recurring EBITDA margin for malls was 84.4%, within guidance.

  • Investments for the year totaled BRL 301 million, below the guided range due to project delays.

  • Ongoing expansion plans for Iguatemi São Paulo and Brasília, with optimism for 2026 despite macro and regulatory uncertainties.

  • Construction potential expanded by 2,700 m² at Iguatemi São Paulo via CEPACS acquisition.

Explain M&A cap rate differences
How to improve EBITDA margin post-acquisitions?
Monetization plans for landbank and new potential
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Frequently asked questions

Iguatemi S.A. is a Brazil-based holding company engaged in the real estate development sector. The company operates primarily through its subsidiary, Iguatemi Empresa de Shopping Centers S.A., which focuses on the design, planning, development, and management of shopping centers, outlets, and mixed-use real estate complexes that include commercial towers. Iguatemi also provides services such as economic, financial, and tax advisory and consulting. The company owns and manages several high-profile shopping centers across Brazil, including Shopping Center Iguatemi São Paulo, JK Iguatemi, and Praia de Belas Shopping Center, among others. The company is headquartered in São Paulo, Brazil, and its shares are listed on the B3.

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