LOG Commercial Properties e Participações (LOGG3) Q4 2025 earnings summary

Executive summary

• Achieved record operational and financial results in 2025, with the lowest vacancy rate in company history and strong demand for logistics warehouses.

• Delivered 287,000 sqm of GLA in 2025, with 623,000 sqm under construction across 11 states and an average pre-leasing rate of 90%.

• Service revenue expanded by 47% year-over-year, with asset management under LOG ADM growing 45%.

• Announced a BRL 1.5 billion transaction and a R$1.05 billion investment vehicle to create a new investment platform for 12 operational assets, unlocking capital for future growth.

• Maintained strong demand, with pre-leasing and geographic diversification driving high occupancy and rental growth.

Financial highlights

• Net revenue from leasing grew 16% year-over-year to BRL 65.2 million in Q4; 2025 net revenue reached BRL 248.8 million, up 13.2%.

• Leasing EBITDA for Q4 was BRL 55.7 million; annual leasing EBITDA reached BRL 213.8 million, up 19.5% year-over-year.

• Consolidated EBITDA hit a record BRL 602.1 million, a 22% increase from 2024.

• Net income for 2025 was BRL 363.5 million, up 5.5% year-over-year; profit per share was BRL 4.06.

• Same client rent growth of 2.7% above inflation for 14 consecutive quarters.

Outlook and guidance

• Ongoing contract reviews are expected to drive further rental increases, with a 43% rise in average ticket for renegotiated contracts.

• Pipeline of projects and strong demand position the company for continued growth and high occupancy in 2026.

• Service platform anticipated to become a key asset-light growth driver, with service revenue expected to double in coming years.

• Expects further reduction in leverage after completion of the R$1.05 billion asset sale.

• 2025 net income guidance of R$350–450 million was achieved with R$363.5 million.