Multiplan Empreendimentos Imobiliários (MULT3) Q2 2026 earnings summary

Executive summary

• Achieved record sales in 2Q26, with shopping malls generating over BRL 7 billion and sales up 7.7% year-over-year, supported by expansions, renovations, and digital innovation.

• Net income increased 61.7% year-over-year to R$427.4 million in 2Q26, with FFO up 76.3% and record cash generation.

• Multi app surpassed 10.5 million downloads, driving customer engagement and 20% sales growth via the app.

• Operational excellence reflected in NOI margin of 95.9% and occupancy rate above 96%.

• Expansion pipeline advanced with new openings, pre-launches, and ongoing residential projects such as Golden Lake.

Financial highlights

• Net revenue for 2Q26 was R$846.8 million (+22.0% YoY); EBITDA reached R$699.2 million (+52.0% YoY, margin 82.6%).

• NOI margin reached 95.9% in 2Q26, with NOI at R$529.9 million (+6.7% YoY).

• Net income for H1 2026 was R$743.6 million, up from R$498.5 million year-over-year.

• Net Debt/EBITDA improved to 1.93x, lowest since Sep-24; gross debt at R$5.06 billion.

• Recognized R$253 million in PIS/COFINS tax credits, positively impacting results.

Outlook and guidance

• Multiple mall expansions underway or planned, with over 30,000 sq.m of new GLA under study and 15 future expansions across 11 malls.

• Next expansion cycle planned for 2027, including Jundiaí, São Caetano, BHShopping, and VillageMall.

• Focus on digital innovation, AI adoption, and enhancing tenant and consumer experience to sustain growth.

• Residential and commercial development projects ongoing, including new phases at Golden Lake.

• Net working capital expected to return to positive after debenture settlements.