LOG Commercial Properties e Participações (LOGG3) Q2 2025 earnings summary

Executive summary

• Net revenue in 2Q25 rose 15.1% year-over-year to R$61.5 million, driven by strong leasing and asset management performance.

• EBITDA for 2Q25 was R$140.3 million, with a 21.5% increase in 6M25 versus 6M24, reflecting operational efficiency and portfolio growth.

• Net income for 2Q25 reached R$87.1 million; 6M25 net income grew 17.8% year-over-year to R$173.4 million.

• Asset sales totaling R$425 million were announced, supporting disciplined capital allocation and funding for new developments.

• The company delivered 143,000 sqm of GLA year-to-date, with 336,000 sqm under construction and a total portfolio of 1.06 million sqm.

Financial highlights

• Lease revenue in 2Q25 increased 15.1% year-over-year; lease EBITDA margin was 86%, up 18.3% year-over-year.

• Earnings per share in 2Q25 was R$1.00, up 0.9% year-over-year; 6M25 EPS rose 29.2% to R$1.99.

• Gross margin remained high at 97.7% in 2Q25.

• Asset management net revenue grew 29% year-over-year in 2Q25, now covering 36% of SG&A.

• CAPEX for the quarter was R$160 million, reflecting ongoing expansion.

Outlook and guidance

• Net income guidance for 2025 is R$350–450 million, supported by operational efficiency and new asset development.

• Asset sales proceeds will accelerate development in the second half of 2025, supporting the Log 2 Million Plan.

• Management expects asset management revenue to fully cover SG&A by the end of the current growth cycle.