Iguatemi (IGTI3) Q4 2025 earnings summary

Executive summary

• Total sales reached BRL 25.2 billion in 2025, up 19.3% year-over-year, with Q4 sales at BRL 7.9 billion, up 12.8% from Q4 2024, driven by portfolio expansion and asset qualification initiatives.

• Occupancy rates remained high, ending Q4 at 96.7%–98.2%, reflecting strong tenant demand and premium asset mix.

• Portfolio upgrades included consolidation of Pátio Higienópolis and Pátio Paulista, new store openings, and contract signings with premium brands.

• ESG profile strengthened with inclusion in sustainability indices, COP30 recognition, and Top Employer certification.

• Exclusive seasonal programs and new sponsorships with Bradesco and American Express enhanced brand value and client benefits.

Financial highlights

• Net revenue for 2025 reached BRL 610 million, with Q4 net revenue at BRL 416–423 million, up 12.6–14.4% year-over-year.

• EBITDA margin for malls was 84.4% for 2025; consolidated EBITDA margin was 76.2–76.8%.

• Net income for Q4 2025 was BRL 145.1–158.9 million; annual adjusted net income was BRL 610 million, up 22.7%.

• NOI for Q4 2025 was BRL 379.8 million, up 9.9–10% year-over-year.

• Retail operation gross profit grew nearly 40%, with net revenue margin at 15%.

Outlook and guidance

• 2025 recurring net revenue for malls grew 12.7%, above guidance of 7–11%; recurring EBITDA margin for malls was 84.4%, within guidance.

• Investments for the year totaled BRL 301 million, below the guided range due to project delays.

• Management remains optimistic for 2026, targeting real growth above IGPM, with January 2026 sales up 18.6% and same-area sales up 10%.

• Major expansions planned for Iguatemi São Paulo and Brasília, with continued focus on operational efficiency.