Iguatemi (IGTI3) Q2 2026 earnings summary

Executive summary

• Total sales reached R$6.6 billion in Q2 2026, up 4.6% year-over-year, despite temporary headwinds from the FIFA World Cup and calendar effects.

• Sales per square meter grew over 13%, and occupancy rate improved to 96.9%, driven by strong demand from international brands and new store openings.

• Adjusted EBITDA reached R$290.5 million in Q2 2026, up 10.8% year-over-year, with a margin of 73.4%; adjusted EBITDA CAGR since 2022 is above 18%.

• Portfolio repositioned through stake increases in strategic malls, divestment from less productive assets, and capital recycling to higher productivity projects.

• ESG initiatives advanced, with 100% renewable energy, high waste reuse, and strong female leadership.

Financial highlights

• Net revenue for Q2 2026 grew 11.6% year-over-year to R$445.4 million; adjusted EBITDA up 10.8% to R$290.5 million; recurring net profit up 22.1% to R$170.9 million.

• NOI margin reached a record 95%, driven by concentration in high-performing malls with near-zero default rates.

• Net debt stood at R$2.14 billion, with leverage at 1.62x-1.65x Net Debt/EBITDA.

• Sales per square meter reached R$2,600+, and rental rates hit R$227 per square meter, sector-leading figures.

• Retail EBITDA rose 225.5% year-over-year, with margin up 10.2 p.p. to 16.5%.

Outlook and guidance

• Recovery in sales expected post-World Cup, with July sales normalizing and showing 9-10% growth.

• Multiple development projects underway, with new openings expected from 3Q26 to 2Q28 and significant GLA expansion.

• CapEx for 2026 will be below R$450-460 million due to project delays; focus remains on disciplined capital allocation and maintaining leverage at 1.6x-1.8x.

• Dividend payout of R$200 million and ongoing buyback programs; payout policy to be reviewed for 2027.

• Management notes projections depend on market conditions, regulatory changes, and economic performance.