Multiplan Empreendimentos Imobiliários (MULT3) investor relations material

Brazilian shopping center market and positioning

• Brazil had 658 malls across 253 cities in 2025, generating R$200.9B in sales across 18.3M sq.m of GLA.

• From 2019 to 2025, portfolio share of Brazilian mall sales rose from 8.5% to 12.9%; share of national GLA was 4.9% in 2025.

• In 9M26, mall sales grew 6.9% YoY versus a 0.9% decline for Brazilian malls; portfolio sales rose YoY in each month of 3Q26.

• 2025 sales per sq.m were R$28,858 versus a R$10,971 regional average, with outperformance across the Southeast, South, Center-West and Northeast.

Portfolio and operating strategy

• The portfolio comprises 20 shopping centers and 2 office complexes, with 956,494 sq.m of total property GLA and 137,309 sq.m of expansion potential.

• 61.1% of the tenant mix is in convenience and experience-oriented segments; 1,362 social and cultural events were held in Sep-26 LTM.

• Geographic diversification spans 20 assets, 5 segments, 77 activities, more than 1,500 brands and 6,500 stores; 79% of GLA is occupied by tenants with at least 2 stores in the portfolio.

• Renovations, mix changes and events remain core levers: 19 malls were renovated in 2023–2025, 14,006 sq.m of tenant turnover occurred in 3Q26, and 288 events were held.

• Mixed-use developments and land sales are intended to build on mall locations; the mixed-use pipeline totals 856,814 sq.m of private area for sale.

3Q26 operating performance

• Tenant sales rose 5.9% YoY to R$6.4B in 3Q26, with monthly growth accelerating to 8.1% in September.

• Occupancy was 96.0%; average occupancy cost was 13.0%, 27 bps below the 3Q22–3Q26 average, and real SSR increased 3.1% YoY.

• Gross revenue reached R$891.9M, up 34.4% YoY; rental revenue rose 2.8%, parking revenue 17.5%, services revenue 9.6% and real estate for sale revenue 209.4%.

• NOI was R$509.0M, up 2.2% YoY, with a 91.6% margin; Sep-26 LTM NOI reached a record R$2.135B at a 93.5% margin.

• EBITDA grew 37.3% YoY to R$598.2M, while net income rose 73.1% YoY to R$383.2M.