Iguatemi (IGTI3) investor relations material

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.