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

Executive summary

• The logistics warehouse market in Brazil remains robust, with historic low vacancy rates, strong demand, and strategic asset recycling supporting expansion and asset quality.

• Gross absorption reached 201,000 sq m, with 45,400 sq m delivered and 96% pre-leased; vacancy rate stabilized at 0.81%, well below the national average.

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

• Asset sales generated BRL 790 million YTD, with significant transactions including the sale of three assets for BRL 364 million at a 27.1% gross margin.

• Interim dividends totaling BRL 41.2 million were distributed in 2025, with an additional BRL 26.4 million approved post-quarter.

Financial highlights

• Net lease revenue reached BRL 66.7 million in 3Q25 (+18% YoY); 9M25 net revenue was BRL 183.5 million (+12% YoY).

• EBITDA for 3Q25 was BRL 192.8 million (+41.6% YoY); 9M25 EBITDA totaled BRL 453.9 million (+29.3% YoY).

• Net income in 3Q25 was BRL 111.4 million (+14.7% YoY); 9M25 net income was BRL 284.8 million (+16.6% YoY).

• Earnings per share in 3Q25 were BRL 1.28 (+15.7% YoY); 9M25 EPS was BRL 3.27 (+23.6% YoY).

• Service revenue hit BRL 6.1 million in 3Q25 (+62% YoY, gross margin 70.4%).

Outlook and guidance

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

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

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

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