Plaza (MALLPLAZA) Q1 2026 earnings summary

Executive summary

• Achieved 2.36 million sqm of leasable area, 95.8 million visitors, and 5.1% Same Store Rent growth, outpacing inflation.

• EBITDA rose 5.2% to CLP Mn 130,262; Net Income increased 20.5% to CLP Mn 84,988, demonstrating resilience despite one-time equity tax in Colombia.

• Investment plan of over USD 600 million by 2028 targets expansion and transformation of more than one million sqm of GLA, aiming for 70% Tier A assets.

• Upgraded to 'Large Cap' in FTSE and increased MSCI index weight, enhancing stock liquidity and global investor access.

Financial highlights

• Net revenues grew 6.0% year-over-year to CLP Mn 165,469; tenant sales up 5.8% to CLP Mn 1,624,981.

• Footfall increased 2.9% to 95.8 million; consolidated GLA up 0.8% to 2,360,012 sqm.

• EBITDA margin at 78.7%; Net margin at 51.4%, up 6.2 p.p. year-over-year.

• FFO per share rose 6.3% to CLP 44.6; Adjusted FFO per share up 22.2% to CLP 42.6.

• Net Debt/EBITDA improved to 2.3x from 3.3x year-over-year.

Outlook and guidance

• Over 50% of investment plan already committed to strategic assets under construction or about to start.

• Residential densification strategy targets over 10,000 units regionally, with 2,000 units in execution and 320 units in the Mallplaza Vespucio multifamily project.

• Focus on expanding complementary businesses and maximizing value through advertising and parking, which grew 17.3% in the quarter.