LOG Commercial Properties e Participações (LOGG3) Q3 2025 earnings summary

Executive summary

• Logistics warehouse market in Brazil remains robust, with historic low vacancy rates and strong demand for quality assets in strategic locations.

• Delivered 45,400 sq m of GLA in 3Q25, with 96% pre-leased and a stabilized vacancy rate of 0.81%, well below the national average.

• Asset recycling strategy led to BRL 790 million in sales YTD, supporting expansion and maintaining asset quality.

• Asset management platform LOG ADM expanded to 2.6 million sq m under management (+50.4% YoY), with service revenue up 62%.

• Service revenue and asset management platform LOG ADM saw significant growth, diversifying income streams.

Financial highlights

• Net lease revenue was BRL 66.7 million in 3Q25, up 18% YoY; average lease ticket BRL 22.43 per sq m (+10.3% YoY).

• Lease EBITDA reached BRL 57.1 million (+15.4% YoY, margin 85.6%).

• Development EBITDA was BRL 135.7 million in 3Q25 (+52.6% YoY); consolidated EBITDA BRL 192.8 million (+41.6% YoY).

• Net income for Q3 was BRL 111.4 million (+14.7% YoY); EPS BRL 1.28 (+15.7% YoY).

• Service revenue hit BRL 6.1 million (+62% YoY, gross margin 70.4%), covering 46% of SG&A.

Outlook and guidance

• CapEx expected to remain elevated in Q4, with robust project pipeline and positive outlook for 2026.

• Rental repricing cycle and low vacancy expected to sustain growth; further expansion planned.

• Service revenues anticipated to fully cover SG&A by end of LOG 2 Million Plan.

• Net income guidance for 2025 is BRL 350–450 million.