Plaza (MALLPLAZA) Q2 2026 earnings summary

Executive summary

• Achieved a transformational milestone with the acquisition of eight Gran Plaza shopping centers in Colombia, expanding to 10 cities, increasing Colombian GLA by 64%, and raising total assets to 13 and over 460,000 sqm GLA, nearly doubling Colombian market share from 4% to 7%.

• Operates 37 urban centers across Chile, Peru, and Colombia, with 2.36 million sqm GLA and 390 million annual visitors as of LTM June 2026.

• Maintains a dominant Andean market position with a unique Tier A asset portfolio and experience-focused tenant mix, supported by innovation and reconversion of spaces.

• Strong sustainability integration, with high ESG ratings, senior-friendly and neurodivergent-inclusive initiatives, and multiple awards.

• Leadership transition: Felipe Ramírez introduced as incoming CFO, succeeding Derek Tang, who moves to a new strategic role within the Falabella Group.

Financial highlights

• LTM June 2026 revenues reached $734 million (+18% YoY), EBITDA $591 million (+20% YoY), and AFFO $455 million (+22% YoY); Q2 2026 net revenue was CLP 174.1 billion (+8.7% YoY), EBITDA CLP 140.3 billion (+9.6% YoY), with an EBITDA margin of 80.6%.

• Net income attributable to owners was CLP 1,258,053 million for LTM 2Q26, up 70% CAGR since 2022; net income excluding fair value adjustments was CLP 78.6 billion, impacted by higher inflation indexation expenses.

• Tenant sales grew 10% YoY to CLP 6,919 billion; same-store sales up 3.7%; footfall increased 1.3% YoY to 390 million.

• Adjusted FFO per share grew 8.8% YoY; adjusted FFO margin stable at 62.3% in 2Q26.

• Financial expenses reduced by 8.7%; financial income increased by 110.3% due to higher cash balances and yields.

Outlook and guidance

• Plans to deliver 225,000 sqm of new GLA over the next three years through organic and inorganic growth, with over 88,000 sqm under construction and more than 1 million sqm of GLA being optimized.

• Focus on growth, tenant mix transformation, regional integration, and operational efficiency, aiming to raise Tier A assets to over 70% of total GLA.

• Expectation to finalize the Colombian acquisition in Q4 2026, with anticipated synergies and value creation through tenant mix improvements and brownfield expansion.

• Residential densification and adjacent business growth (e.g., parking, media) to diversify revenue streams.

• Continued room for M&A and brownfield growth in the Andean region, with long-term interest in new markets.