Multiplan Empreendimentos Imobiliários (MULT3) investor relations material

Executive summary

• Achieved record sales of R$6.3 billion in 2Q25, up 12.8% year-over-year, with more than half of malls posting double-digit growth and all segments showing positive performance.

• Record NOI margin of 95.0% and Property EBITDA margin of 84.6% in 2Q25, reflecting operational efficiency.

• Earnings per share increased 36.9% year-over-year, supported by asset value strategies and a major share buyback program.

• Over BRL 7 billion returned to shareholders through dividends, interest on capital, and share repurchases, with R$2.0 billion in buybacks in the last 12 months.

• Launched unified digital platform 'Multi', consolidating app, loyalty, and parking systems, driving customer engagement and tenant sales.

Financial highlights

• Gross revenue grew 27.2% year-over-year to R$741.3M, with net revenue up 28.6% and rental revenue up 8.4%.

• Real estate for sale revenue surged 134.7% to R$171.3M, supporting overall revenue growth.

• NOI margin reached a record 95%, with high efficiency in expense recovery and property expenses dropping 30.8% YoY.

• Parking lot and service revenues increased significantly, driven by end of discounts, expansions, and higher transfer rates.

• Occupancy rate reached 96.1%, with occupancy cost at 12.6%, the lowest for a second quarter since IPO.

Outlook and guidance

• Management focuses on continued growth through renovations, expansions, digital transformation, and tenant mix improvements.

• July sales expected to align with June, with growth continuing but at a slower pace than earlier in the quarter.

• Nearly 180,000 sq.m of potential GLA growth identified for future mall expansions.

• Ongoing share buyback program and disciplined capital allocation to enhance shareholder returns.

• No formal projections or estimates disclosed, in line with regulatory policy.