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 upgrades and asset acquisitions.

• Occupancy rates remained high, ending Q4 at 96.7%–98.2%, supported by strong demand from domestic and international brands and new premium store openings.

• Major acquisitions included Shopping Pátio Higienópolis and Shopping Pátio Paulista, while divestitures included minority stakes in Market Place and Galleria Shopping.

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

• Board approved and paid R$200 million in dividends for 2025.

Financial highlights

• Net revenue reached BRL 1.49 billion for 2025, up 20% year-over-year; Q4 net revenue was BRL 422.6 million (+12.6% YoY).

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

• Net profit for 2025 was R$582.6 million, with adjusted net income at R$610 million (+22.7% YoY).

• Gross profit increased to R$1.12 billion, and operating income before finance costs was R$710.9 million.

• Net delinquency rate was -3.5% in Q4 and 2.5% for the year, with historically low discounts.

Outlook and guidance

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

• No formal guidance for 2026, but management remains optimistic, targeting real growth above IGPM and maintaining high occupancy.

• Investments for 2025 totaled R$301 million, below the guided range due to project delays.

• Construction potential expanded by 2,700 m² at Iguatemi São Paulo via CEPACS acquisition.

• Management concluded there are no material uncertainties regarding going concern.