Multiplan Empreendimentos Imobiliários (MULT3) Q1 2026 earnings summary

Executive summary

• Achieved record net income up 35.1% and EBITDA up 28.9% year-over-year in Q1 2026, driven by rental, asset sales, and digital innovation, with net operating revenue reaching R$826.98 million, up 57% year-over-year.

• Tenant sales grew 7.2% year-over-year, supported by ongoing mall expansions, revamps, and renovations, with three new expansions planned for 2026.

• Digital ecosystem (Multi app) surpassed 10 million downloads, enhancing customer insights, tenant engagement, and performance.

• Sale of a 10% stake in BH Shopping generated R$285 million and a 20% stake in ParkShoppingSão Caetano for R$237.28 million, strengthening cash position.

• Gross profit rose to R$598.69 million, with gross margin at 72.4% in Q1 2026.

Financial highlights

• Net income increased 35.1% and EBITDA rose 28.9% year-over-year, with FFO up 18.0% and EPS up 153.6% from Mar-22 LTM to Mar-26 LTM.

• Net revenue for the last twelve months reached R$3.04 billion, up 19.4% year-over-year.

• April sales grew 24% year-over-year, and portfolio expansions led to a 50% sales increase in expanded malls and doubled sales at New York City Center.

• NOI margin impacted by unexpected delinquencies and increased costs, but considered temporary.

• Basic EPS was R$0.6449, up from R$0.4786 year-over-year.

Outlook and guidance

• Focus on maintaining low vacancy and high occupancy rates while expanding GLA and driving future sales and rental growth.

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

• No fixed net debt/EBITDA deleveraging target, but aim to remain flexible for opportunities and capital returns.