Multiplan Empreendimentos Imobiliários (MULT3) Q3 2026 earnings summary

Executive summary

• 3Q26 tenant sales rose 5.9% to R$6.4B; net revenue increased 37.0% to R$846.0M and net income rose 73.3% to R$383.2M.

• LTM net income reached a record R$1,548.3M; LTM FFO grew 26.2% to R$1.819B, while net debt/EBITDA was 1.76x at Sep-26.

• A three-year modernization and investment cycle emphasized expansions, revitalizations, tenant mix and disciplined capital allocation; sales grew and occupancy remained high.

Financial highlights

• 3Q26 gross revenue rose 34.4% to R$891.9M and net revenue grew 37.0% to R$846.0M; 9M gross and net revenue increased 21.9% and 37.2%, respectively.

• EBITDA increased 37.3% to R$598.2M, with an 83.8% margin; Property EBITDA excluding real estate for sale was R$479.6M, up 8.6%.

• Net income rose 73.3% to R$383.2M; EPS was R$0.78. 9M consolidated net income reached R$1,126.8M.

• Rental revenue rose 2.8% to R$443.6M; parking revenue increased 17.5% to R$99.6M and services revenue rose 9.6% to R$47.0M.

• Real estate for sale revenue increased 209.4% to R$288.3M, including R$250.0M from the ParkShoppingBarigüi stake sale.

Outlook and guidance

• October sales were expected to grow 5%, with management anticipating continued momentum through year-end and a strong holiday season supported by campaigns, store openings and expansions.

• ParkShopping and BarraShopping expansion works were ongoing; nearly 11,000 sq.m of additional GLA was expected to support growth.

• Potential expansion pipeline includes 137,000 sq.m of new GLA within existing properties, subject to approvals, feasibility and development parameters.

• New projects will depend on economic conditions, tenant demand and feasibility; management said a pause in construction after the modernization cycle would be acceptable.

• Golden Lake launches will be paced to sales; Lake Baikal launched with estimated PSV of R$455.0M, while Lake Eyre was 78.0% sold and scheduled for completion in September 2028.