Multiplan Empreendimentos Imobiliários (MULT3) Q3 2025 earnings summary

Executive summary

• Achieved strong operational performance in Q3 2025, with sales up 6.9% year-over-year to R$6.1 billion, net revenue up 13.3% to R$618 million, and record-high occupancy rate of 96.3%.

• Net income for the nine months ended September 2025 was R$719.6 million, with robust operating margins and compliance with all financial covenants.

• Digital innovation advanced with the Multi-App reaching 1.5 million active clients and a 40% increase in loyalty program sales.

• Share buybacks and capital allocation strategies boosted per-share results, with R$2.0 billion in repurchases over the last 12 months.

• Continued expansion and mixed-use development pipeline, with several new projects and expansions underway or planned.

Financial highlights

• Gross revenue reached R$663.7 million in 3Q25, up 13.0% from 3Q24; net revenue was R$617.5 million, up 13.3%.

• NOI margin reached a record 94.1%, and property EBITDA margin was 83.2% in Q3 2025.

• Net debt/EBITDA at 2.26x as of Sep-25; gross debt R$5,489.7 million; net debt R$4,427.8 million.

• LTM EPS rose 28.8% year-over-year to R$2.52.

• Cash and cash equivalents plus short-term investments totaled R$1,061.9 million at quarter-end.

Outlook and guidance

• Expansion pipeline includes 157,310 sq.m of new GLA and 864,020 sq.m of mixed-use projects, with several expansions scheduled for 2025–2026.

• CapEx is expected to decrease as major revamping projects conclude, with future investments focused on high-return opportunities.

• Management expects positive net working capital in the parent company after debenture settlements.

• Ongoing focus on operational efficiency, cost control, and value creation through disciplined capital allocation.

• No impairment indicators identified for investment properties or intangible assets.