Iguatemi (IGTI3) Q3 2025 earnings summary

Executive summary

• Total sales reached R$6.0 billion in 3Q25, up 22.5% year-over-year, driven by portfolio expansion, new asset integration, and strategic efficiency.

• Net revenue for Q3 2025 was R$369 million–R$372.9 million, up about 20% year-over-year, with gross revenue at R$428 million (+18%).

• EBITDA for Q3 2025 was R$286.7–R$291.7 million, up 28.2% year-over-year, with margins improving to 77.68%–78.2%.

• Occupancy rate improved to 96.1%, up 0.2 p.p. from 3Q24, reflecting strong retailer demand and portfolio qualification.

• Notable new store openings include H&M’s first Brazil location, with four more stores signed for 2026, and recognition as a top workplace for the seventh year.

Financial highlights

• Adjusted EBITDA increased 20.6% to R$302.4 million, with margin at 79.4%; net income grew 19.5% to R$120.9 million.

• Rental revenue grew 13.3% year-over-year, with minimum rent up 12%, overage 22.9%, and temporary rents 15.9%.

• Same area sales grew 9%, same store sales 5.8%–8.2% year-over-year, with flagship malls showing robust growth.

• Retail EBITDA margin reached 18% for the quarter, with retail sales up 43%–43.5%.

• Net debt/EBITDA improved to 1.64x–1.70x, with cash and equivalents at R$1.84 billion.

Outlook and guidance

• 2025 guidance reaffirmed: mall net revenue growth of 7–11%, EBITDA margin for malls at 82–85%, and total EBITDA margin at 75–79%.

• CapEx guidance for 2026 set at R$550 million, with R$100 million of 2025 CapEx carried into 2026 due to delays.

• Management expects strong year-end sales, with continued growth for Black Friday and Christmas.

• Maintenance CapEx to remain stable, with higher spending in 4Q to recover pandemic-delayed investments.

• Management notes projections are subject to market, regulatory, and economic changes.