Allos (ALOS3) Q4 2025 earnings summary

Executive summary

• Achieved record sales of R$42.1 billion in 2025, up 6.2% year-over-year, with 4Q25 sales of R$13.0 billion, a 5.1% increase, driven by strong performance in beauty, accessories, and jewelry segments.

• Occupancy rate reached 97.6% in 4Q25, the highest since the 2023 merger, with 288 new contracts signed.

• Market share in Brazilian shopping centers rose to 20.9%, up 80 bps from 2024, reflecting increased relevance in retail.

• Digital platform engagement surged, with GMV up 89% and digital sessions up 51% year-over-year.

• Portfolio strengthened with expansions and modernization projects, including Shopping Mall of Bahia, Recife, and new store openings like H&M and Sephora.

Financial highlights

• Net revenue for 4Q25 was R$850.5 million (+4.9% YoY); full-year net revenue reached R$2,859.1 million.

• Adjusted EBITDA for 4Q25 was R$672.0 million (+7.5% YoY), with a record margin of 79%; full-year EBITDA was R$2,076.5 million.

• FFO in 4Q25 reached R$464.8 million (+2.3% YoY); FFO per share rose 4.3% for the year.

• NOI for 4Q25 was R$765.9 million (+3.5% YoY); full-year NOI was R$2,478.9 million.

• Dividend distribution totaled R$708 million, with R$160 million in share buybacks.

Outlook and guidance

• 2026 EBITDA guidance set between R$2,170 million and R$2,240 million.

• Monthly dividend guidance for 2026 reaffirmed at R$0.28–R$0.30 per share.

• CAPEX for 2026 projected at R$350–R$450 million.

• Multi-use project pipeline expanded, with cash flow estimate revised to R$539 million for 2026–2036.

• Dividend payout ratio exceeded 50% of AFFO.