Multiplan Empreendimentos Imobiliários (MULT3) Q2 2025 earnings summary

Executive summary

• Achieved record sales of R$6.3 billion in 2Q25, up 12.8% year-over-year, with more than half of malls posting double-digit growth and all malls showing sales increases.

• Net revenue rose 28.6% and gross revenue increased 27.2% compared to 2Q24, setting new records for the quarter.

• Record NOI margin of 95.0% and Property EBITDA margin of 84.6% in 2Q25, reflecting operational efficiency.

• Earnings per share increased 36.9% year-over-year, supported by asset value strategies and a major share buyback program.

• Launched unified digital platform 'Multi', consolidating app, loyalty, and parking systems, driving customer engagement and tenant sales.

Financial highlights

• Gross revenue reached R$741.3M (+27.2% YoY); net revenue R$694.1M (+28.6% YoY); rental revenue R$427.5M (+8.4% YoY); real estate for sale revenue soared 134.7% to R$171.3M.

• EBITDA rose 18.1% to R$460.1M; net income was R$264.4M (-6.2% YoY); FFO was R$292.6M (-8.2% YoY).

• Occupancy rate reached 96.1%, with occupancy cost at 12.6%, the lowest since IPO.

• NOI margin reached a record 95%, with high efficiency in expense recovery.

• Service revenue rose over 16%, driven by expansions, increased ABL, and higher transfer and recovery rates.

Outlook and guidance

• Management highlights active strategy for market share gains and continued growth through renovations, expansions, and digital transformation.

• July sales performance is expected to align with June, continuing growth but at a slower pace than April and May.

• Ongoing focus on expansions and renovations, with three more projects under construction and additional projects in the pipeline.

• No formal projections or estimates disclosed, in line with regulatory policy.

• Net working capital at the consolidated level is positive, and is expected to remain so after scheduled debenture settlements.