Multiplan Empreendimentos Imobiliários (MULT3) Q1 2026 earnings summary

Executive summary

• Achieved record net income of R$316.2 million in Q1 2026, up 35.1% year-over-year, with EBITDA up 28.9% and FFO up 18.0%, driven by robust sales, rental growth, and asset sales.

• Net operating revenue rose 57% to R$827.0 million, supported by higher rental, parking, and real estate sales revenues.

• Digital innovation continued, with the Multi superapp surpassing 10 million downloads and a 35% increase in sales volume transacted.

• Mall expansions and revamps, including three new projects for 2026, and ongoing residential and commercial developments are underway.

• High occupancy rates (96.4%) and strong tenant demand, with international brands showing interest in the market.

Financial highlights

• Gross revenue reached R$879.9 million (+54.1% vs. 1Q25), net revenue at R$827.0 million (+57.3%), and gross profit at R$598.7 million.

• Net income increased to R$316.2 million, EPS rose 153.6% over four years, and ROE reached 18.9%.

• NOI margin was 89.7%, EBITDA margin 62.5%, and FFO margin 39.6%, with NOI impacted by temporary delinquencies.

• Net debt/EBITDA improved to 2.13x, with net debt at R$4.51 billion and cash at R$913.9 million.

• CapEx for 1Q26 was R$116.3 million, focused on expansions and renovations.

Outlook and guidance

• Focus on maintaining high occupancy and expanding GLA, with three new mall expansions and 157,310 sq.m of mapped potential projects for 2026.

• Ongoing digital innovation and customer engagement initiatives to support operational efficiency.

• Capitalization of profit reserves of R$320 million approved, pending implementation.

• No fixed net debt/EBITDA deleveraging target, but flexibility for opportunities and capital returns.

• Golden Lake's third phase launch expected in June, with further contributions from 2027 onward.