Iguatemi (IGTI3) Q4 2024 earnings summary

Executive summary

• Achieved record adjusted EBITDA of R$1.02 billion in 2024, up 11.3% year-over-year, with FFO reaching R$700 million and net income for 4Q24 rising 17.5% year-over-year.

• Total sales reached R$21.1 billion in 2024, up 12.1% year-over-year, with Q4 sales up 19.2% versus 4Q23; occupancy rate hit a record 97.7%.

• Strategic asset recycling included exits from São Carlos and Alphaville and entry into Rio Sul, with a 16.6% stake acquired for R$393.9 million.

• Announced R$200 million in dividends for 2024 (+90% vs. 2023), a new share buyback program, and R$85 million in share repurchases.

• Opened flagship Tiffany & Co. and new restaurant units, enhancing tenant mix and hosted major events including Iguatemi Talks Fashion.

Financial highlights

• Net revenue in 2024 was R$1,236.3 million, up from R$1,157.2 million in 2023; gross revenue in 4Q24 was R$430.0 million (+12.5% vs. 4Q23).

• Adjusted EBITDA in 4Q24 was R$315.3 million (+19.4% vs. 4Q23), with an 84.0% margin; adjusted FFO in 4Q24 was R$219.3 million (+23.3% YoY).

• Net debt/adjusted EBITDA at 1.84x in 4Q24; cash position at year-end was R$1.82 billion.

• Basic and diluted earnings per share were R$0.33, up from R$0.25 in the prior year.

• CAPEX in 2024 totaled R$235.3 million; new debentures of R$1 billion issued for refinancing and expansion.

Outlook and guidance

• 2024 guidance was met or exceeded, with net revenue from malls up 6.4% and consolidated EBITDA margin at 77.4%.

• 2025 guidance targets 7–11% net revenue growth for malls, EBITDA margin of 75–79%, and investments of R$330–400 million.

• Management expects continued growth in shopping mall operations and further realization of deferred tax assets through 2032.