Plaza (MALLPLAZA) Q3 2024 earnings summary

Executive summary

• Achieved exceptional results in Q3 2024, with 8.3% revenue growth, 7.0% EBITDA growth, record occupancy of 96.4%, and a 5.6% increase in visitor flow across 26 urban centers in Chile, Colombia, and Peru.

• Tenant sales rose 10.7% year-over-year, driven by strong performance in retail, convenience, and retailtainment segments, with Colombia showing 47.1% sales growth.

• Strategic focus on organic growth, brownfield, and M&A, including the final stage of acquiring Falabella Perú S.A.A. and Open Plaza Peru, to become the second-largest shopping center operator in Peru.

• Opened 132 new stores in Q3 and 463 in 2024, with major brand partnerships and new entertainment and service offerings.

• Recognized for a premium, dominant asset portfolio, leading omnichannel strategy, and multiple ESG and innovation awards.

Financial highlights

• 3Q24 net revenue was CLP 119,547 million, up 8.3% year-over-year; EBITDA reached CLP 93,810 million, up 7.0%, with a margin of 78.5%.

• Net income for 3Q24 was CLP 59,956 million, a 1.2% increase year-over-year.

• Adjusted FFO increased 14.5% year-over-year to CLP 79,921 million, with a margin of 65.1%.

• Same-store sales grew 3.9% year-over-year; tenant sales rose 10.7% to CLP 1.2 billion.

• LTM revenues as of September 2024 reached $513M, up 12% year-over-year; EBITDA for the period was $393M, up 13% year-over-year.

Outlook and guidance

• Organic growth target of 225,000 sqm additional GLA over five years, with 100,000 sqm planned for Peru and 125,000 sqm for Chile.

• Ongoing brownfield and reconversion projects, including major expansions at Mallplaza Vespucio and Trujillo, and new service and retail formats.

• Anticipates consolidating the acquisition of Falabella Perú S.A.A. by year-end, further strengthening regional leadership.