Plaza (MALLPLAZA) Q1 2025 earnings summary

Executive summary

• Operates 37 shopping centers across Chile, Peru, and Colombia, with consolidated GLA reaching 2.34 million sqm, up 37.6% year-over-year, and 332 million annual visitors as of March 2025.

• Maintains a dominant position in the Andean region, with 10 Tier A assets, a high-quality tenant mix, and 11 malls generating over USD 200 million in annual sales.

• Recent expansion in Peru through the acquisition and integration of Open Plaza assets, consolidating its position as the second-largest operator in the country.

• Strong post-pandemic recovery, with visitor flow up 29.4% and tenant sales surpassing pre-pandemic levels.

• Recognized for sustainability leadership, included in Dow Jones Sustainability Index and Merco ESG Chile.

Financial highlights

• LTM revenues as of March 2025 reached $563 million, up 24% year-over-year; EBITDA was $438 million, up 25% with a margin of 79.4%.

• 1Q25 net revenue was CLP 156,045 million, up 36.8% year-over-year; EBITDA margin improved by 3.3 pp to 79.4%.

• Net income for 1Q25 was CLP 70,512 million, up 30.2% year-over-year; Adjusted FFO margin was 59.5%.

• Tenant sales grew 27.4% to CLP 1,499,572 million; Same Store Sales up 9.9%; occupancy reached 96.1% in 1Q25.

• Occupancy cost decreased to 9.6% from 10.2% year-over-year.

Outlook and guidance

• Investment plan targets 225,000 sqm of new GLA over four years, with major brownfield and greenfield expansions at Mallplaza Vespucio, Trébol, and Piura.

• Focus on transforming Peruvian assets to experience-oriented centers and further growth in Colombia.

• Landbank of 628,000 sqm in Chile and Peru, with 167,000 sqm earmarked for future projects.

• Continued innovation in omnichannel, logistics, and customer experience to drive engagement and revenue.