Iguatemi (IGTI3) Q1 2026 earnings summary

Executive summary

• Total sales reached BRL 5.7 billion in Q1 2026, up 12.8% year-over-year, driven by organic growth, expansion, and portfolio qualification.

• Occupancy rate improved to 97.3%, the highest in 16 years, reflecting strong demand and operational discipline.

• Notable openings included H&M and Kosushi, with new luxury brand partnerships and major cultural events enhancing brand positioning.

• ESG initiatives advanced, with new LEED certifications and reaffirmed MSCI ESG BBB rating.

• Portfolio optimization and capital recycling continued, enhancing asset quality and shareholder value.

Financial highlights

• Net revenue rose 14.5% year-over-year to BRL 361 million, with adjusted EBITDA up 65.9% to BRL 405.2 million and margin at 109.9%.

• Net profit surged 121.2% to BRL 237.6 million, with adjusted net profit up 110.3% to BRL 239.5 million.

• NOI margin remained high at 92.2%.

• Leverage (Net Debt/EBITDA) decreased to 1.29x, with net debt at BRL 1.91 billion and cash at BRL 2.03 billion.

• Retail revenues increased nearly 60% in Q1, driven by premium brand partnerships and strong asset performance.

Outlook and guidance

• Management expects continued growth in lease spreads, rental and service revenues, and sales per square meter, supported by high occupancy and strong demand.

• CapEx guidance for 2026 is BRL 550 million, with a similar or slightly lower level expected for 2027.

• Dividend payout may increase from 2027, depending on investment cycle and interest rates.

• Projections depend on market conditions, government rules, sector performance, and the Brazilian economy.

• No significant impact from new accounting standards adopted in 2026.