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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Iguatemi
Iguatemi (IGTI3) investor relations material
Iguatemi Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary5 Aug, 2026
Executive summary
Total sales reached R$6.6 billion in 2Q26, up 4.6% year-over-year, despite headwinds from the FIFA World Cup and calendar effects.
Sales per square meter grew over 13%, reflecting capital allocation to higher productivity assets, while same-area sales rose 4.2% and same-store sales 1.7%.
Occupancy rate improved to 96.9%, with strong demand from international brands and successful new store openings, including H&M, Zara, Dior, and Birkenstock.
Portfolio repositioning continued, with increased stakes in strategic malls, divestment from less productive assets, and capital recycling in 10 assets.
ESG initiatives advanced, including 100% renewable energy use, high waste reuse, strong female leadership, and publication of the fourth sustainability report.
Financial highlights
Adjusted net revenue rose 11.6% year-over-year to R$445.4 million, with recurring adjusted net profit up 22.1% and adjusted EBITDA up 10.8% to R$290.6 million.
NOI margin reached a record 95%, driven by high-performing malls and near-zero default rates.
FFO increased 22% year-over-year on a recurring basis, but reported FFO and net profit declined due to non-recurring items.
Sales for the first six months totaled R$12.2 billion, up 8.2% year-over-year.
Retail segment same-store sales grew 15% in Q2, with total retail sales up 25.8%.
Outlook and guidance
CapEx for 2026 will be below the initial BRL 450–460 million guidance due to project delays, with multiple development projects underway and new openings expected through 2Q28.
Leverage will be maintained at 1.6x–1.8x, with no major changes in capital allocation strategy.
Dividend payout of R$200 million and a buyback program remain in place, with payout policy to be reviewed in 2027.
Expansion projects in São Paulo and Brasília progressing, with high pre-leasing rates and strong demand from international brands.
Management notes that projections depend on market conditions, regulatory changes, and economic performance.
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Latest events from Iguatemi
- Sales and adjusted EBITDA rose as occupancy strengthened and retail reached breakeven.IGTI3
Q4 2023 - Sales and profits surged, with record occupancy and strong margins amid portfolio upgrades.IGTI3Q1 2026
- Record sales and profit growth in 2025, with high occupancy and strong asset management.IGTI3Q4 2025
- Sales up 22.5% YoY, EBITDA margin 79.4%, leverage at 1.64x, 2025 guidance reaffirmed.IGTI3Q3 2025
- Net profit rose 174% in 2Q25 on robust sales, portfolio upgrades, and sector-leading ESG results.IGTI3Q2 2025
- Sales up 9.7% YoY, margins strong, leverage improved, and guidance reaffirmed.IGTI3Q3 2024
- Sales up 7%, EBITDA margin at 73.1%, and asset moves boost strong 2Q24 performance.IGTI3Q2 2024
- Sales up 17% YoY, net income up 32.6%, EBITDA margin at 74%, and occupancy at 96.6%.IGTI3Q1 2025
- Record EBITDA, sales, and occupancy drive strong returns and positive 2025 outlook.IGTI3Q4 2024
Next Iguatemi earnings date
Q3 202610 Nov, 2026
Iguatemi
Next Iguatemi earnings date
Q3 202610 Nov, 2026
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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.