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, and sales per sqm up 22% since inception.

• Market share in Brazilian shopping centers rose to 20.9%, up 80 bps from 2024, reflecting portfolio strength and outpacing national average growth.

• Signed 288 new contracts in 4Q25, including the first H&M store in Brazil, ending the quarter with a 97.6% occupancy rate, the highest since the 2023 merger.

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

Financial highlights

• Net revenue for 4Q25 was R$850.5 million, up 4.9% year-over-year; full-year net revenue reached R$2,788.3 million, a 5.9% increase.

• Adjusted EBITDA for 4Q25 was R$672.0 million (+7.5% YoY), with a record margin of 79.0% (+192 bps); full-year EBITDA was R$2,076.5 million (+7.5% YoY).

• FFO in 4Q25 reached R$464.8 million (+2.3% YoY); FFO per share rose 3.9% in the quarter and 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 (+5.9% YoY).

• Occupancy rate reached 97.6% in 4Q25, up 90 bps YoY.

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, focusing on high-return projects.

• Mixed-use project receipts expected to total R$539 million between 2026 and 2036.

• Guidance incorporates impact from Shopping Tijuca, with NOI expected to drop 30–40% due to an incident, but insurance coverage in place.