Allos (ALOS3) Q4 2024 earnings summary

Executive summary

• Closed 2024 with strong operational and financial performance, achieving total sales of R$40.2 billion, up 7.7–8.6% year-over-year, with high occupancy and robust FFO growth, despite macroeconomic challenges.

• Net revenue for 4Q24 was R$825.0 million, up 8.6% year-over-year; full-year net revenue reached R$2,739.8 million.

• FFO grew 29% in 2024 to R$1.4 billion, with FFO per share up 40.8% and a 19–20% yield returned to shareholders via dividends and buybacks.

• Occupancy rate improved to 96.8%, with over 1,100 new lease contracts signed and 61.7k sqm leased.

• Financial statements for 2024 were audited and present fairly the financial position in accordance with Brazilian and IFRS standards.

Financial highlights

• Adjusted EBITDA for 4Q24 was R$638.5 million (up 12.4% year-over-year), with a margin of 74–77.4%; full-year EBITDA reached R$2.0 billion.

• Net income for 2024 was R$698.5 million, down from 2023 due to absence of one-time gains.

• Capex in 2024 totaled R$539.1 million, focused on maintenance, renovations, and innovation.

• Media revenue grew 29.2% to R$181.1 million in 2024; parking revenue rose 15.8% to R$491.5 million.

• Dividend payout for 2024 was R$165.9 million, with additional interim and interest on capital distributions.

Outlook and guidance

• 2025 EBITDA guidance is R$2,070–2,150 million, implying 8% growth over 2024 pro forma; Capex guidance is R$450–550 million.

• Minimum 50% of FFO to be distributed to shareholders via dividends or buybacks.

• Management continues to adopt the going concern basis, with no material uncertainties identified.

• The company is assessing the impact of new accounting standards effective in 2025 and 2027, not expecting material impacts.

• Continued focus on operational efficiency, portfolio enhancement, and sustainable practices.