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Multiplan Empreendimentos Imobiliários (MULT3) investor relations material
Multiplan Empreendimentos Imobiliários Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved record EBITDA above R$2.0 billion and net income exceeding R$1.1 billion for the third consecutive year, with NOI margin at a record 94.9% and property EBITDA margin at 85.0%, despite higher financial expenses from share repurchases.
Tenant sales grew 8.0% year-over-year to R$25.9 billion, with 11 malls surpassing R$1.0 billion in sales; Christmas sales outperformed sector average by over 7%.
Maintained high operational efficiency with lowest net delinquency (-0.4%), lowest turnover (4.6% since 2020), and highest occupancy rate (96.3% since 2019).
Digital platform Multi reached 62 million interactions and 5.6 million active users in 2025, with 20% of mall sales registered through the app.
Over BRL 6 billion allocated in recent years to expansion, digital innovation, and shareholder returns, including major share repurchases and strategic acquisitions.
Financial highlights
Net revenue increased by 7.6% and NOI by 12.0% year-over-year, with EBITDA up 8.4%.
NOI margin reached a record 94.9%, supported by a 32% reduction in expenses.
FFO reached R$2.08B, and net income was R$1.14B, with EPS up 204.3% since 2021.
G&A expenses as a percentage of net revenue dropped to 7.4%, the lowest since the IPO.
Over 50,000 sqm of new GLA delivered in the last three years, with further expansions planned.
Outlook and guidance
Expansions planned for 2026 include BarraShopping, BH Shopping, and ParkShopping in Brasília; three more expansions targeted for 2027, totaling 31,000 sqm.
CapEx expected to decrease in 2026, with flexibility maintained for opportunistic M&A and growth investments.
Optimism for retail performance in 2026, supported by election year spending and strong tenant demand.
Tax reform expected to simplify processes and potentially enhance competitiveness, though full impacts are still being assessed.
Continued focus on operational excellence, digital innovation, and ecosystem expansion to drive future value.
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