Plaza (MALLPLAZA) Q2 2025 earnings summary

Executive summary

• Operates 37 shopping centers across Chile, Peru, and Colombia, with 2.34 million m² GLA and 352 million annual visitors as of June 2025; visits rose 27% year-over-year, driven by strategic openings and evolving offerings.

• Holds a dominant market position in the Andean region, with a unique portfolio of Tier A and AAA assets and a strong focus on experience-driven tenant mix.

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

• Ongoing transformation of assets to enhance value proposition, including lifestyle zones, premium outlets, and reconversion of department store spaces.

• Significant progress in sustainability, including the inauguration of Chile's largest shopping center photovoltaic plant at Mallplaza Vespucio.

Financial highlights

• LTM revenues as of June 2025 reached $617 million, up 28% year-over-year; EBITDA was $486 million, up 31% with a margin of 78.8%.

• 2Q25 net revenue was CLP 160,062 million, up 32.9% year-over-year; EBITDA reached CLP 128,020 million, up 39.7% with an 80% margin.

• Net income for 2Q25 was CLP 422,587 million, up 249% year-over-year, mainly from fair value gains; adjusted FFO was CLP 99,692 million, up 40.5%.

• Visitor flow increased 26.9% to 92.8 million in 2Q25; tenant sales rose 24.2% to CLP 1,540,294 million.

• Occupancy cost decreased to 9.6% (down 0.6 p.p.), and monthly EBITDA per m² rose 1.6% year-over-year.

Outlook and guidance

• Plans to deliver 225,000 m² of new GLA over the next four years through organic and brownfield projects.

• Announced investments of $314.6 million in asset expansions and transformations, with major projects in Chile and Peru through 2027.

• Strategic roadmap includes further integration of Peru assets, new premium outlet formats, and ongoing sustainability initiatives.