Multiplan Empreendimentos Imobiliários (MULT3) Q4 2024 earnings summary

Executive summary

• Achieved record net income of R$1.34 billion in 2024, up 31.4% year-over-year, with all-time highs in NOI, EBITDA, FFO, and margins, reflecting robust operational and financial performance.

• Net operating revenue increased to R$2,544.8 million (+23.8% year-over-year), driven by higher rental, parking, and real estate sales revenues.

• Major expansions, asset transactions, and share buybacks (R$2.1 billion, 94.9 million shares repurchased, 81.6 million canceled) altered shareholder structure and supported value creation.

• Digital innovation and loyalty programs (Multi app, MultiVocê) saw record engagement, with 28 million sessions and 1.5 million new users, supporting tenant sales and customer loyalty.

• Portfolio includes 20 shopping centers and 2 corporate complexes, totaling 940,883 sq.m GLA, with an average occupancy rate of 96.2% and over 6,000 stores.

Financial highlights

• Net income reached R$1.34 billion (+31.4% vs. 2023), NOI R$1.86 billion (+6.0%), EBITDA R$1.85 billion (+22.3%), and FFO R$1.58 billion (+27.3%).

• Net operating revenue rose 25.4% to R$2,544.8 million, with gross profit at R$2,121.4 million and operating income before finance costs at R$1,709.5 million.

• Annual tenants' sales grew 9.3% to R$24.0 billion, with Q4 sales up 10.7% year-over-year.

• Dividend per share reached R$1.03, with R$540 million distributed in 2024 and a 22.7% CAGR over five years.

• Basic and diluted EPS increased to R$2.40 and R$2.38, respectively.

Outlook and guidance

• 2025 expected to be strong for retail, with high occupancy (96.2%) and robust leasing activity (490 stores leased in 2024) supporting further growth.

• Ongoing and upcoming expansions, renovations, and real estate projects (e.g., Golden Lake, Lake Victoria, Lake Eyre) to drive future revenue.

• CapEx for mall works expected to decrease as post-pandemic investments normalize; management continues to monitor market conditions and adjust strategies.