Plaza (MALLPLAZA) Q4 2024 earnings summary

Executive summary

• Achieved significant growth and expansion in the Andean region, consolidating 37 urban centers across Chile, Peru, and Colombia, with 2.34 million sqm of GLA and 311 million annual visitors, up 18.4% in 4Q24 year-over-year.

• Completed the acquisition of Falabella Peru and Open Plaza assets in December 2024, consolidating 15 assets and expanding presence to nine cities, making it the second largest operator in Peru.

• Raised $325 million through a capital increase to finance expansion, improving free float and attracting international investors.

• Focuses on experience-driven tenant mix, omnichannel strategy, and ESG initiatives for sustainable growth.

• Operational momentum continued with strong growth in visitors, tenant sales, and occupancy rates across all markets.

Financial highlights

• 4Q24 net revenue rose 31.8% year-over-year to CLP 140.5 billion; full-year revenue up 17.8% to CLP 494.6 billion.

• 4Q24 EBITDA increased 34.1% to CLP 108.3 billion; full-year EBITDA up 18.1% to CLP 380.6 billion, with a margin of 77.1%.

• Net income for 4Q24 was CLP 100.8 billion, up 22.6% year-over-year; full-year net income was CLP 335.9 billion, down 4% year-over-year.

• Adjusted FFO for 4Q24 was CLP 81.6 billion, up 33.6% year-over-year; full-year Adjusted FFO was CLP 303.2 billion, up 17.9%.

• Tenant sales for the quarter were CLP 1.6 trillion, up 19.7% year-over-year; same-store sales rose 7.9%.

Outlook and guidance

• Ambitious expansion plans include 100,000 sqm of brownfield projects in Peru and 125,000 sqm in Chile over the next four years, focusing on Tier A assets and experience-oriented models.

• Ongoing brownfield and landbank projects in Chile and Peru, with 166,967 sqm earmarked for future development.

• Continued transformation of assets, including major expansions and reconversions, to enhance commercial mix and visitor experience.

• Full-year consolidation of Peru operations in 2025 is expected to further boost growth.

• The company expects continued operational strength, with robust demand for space and ongoing contract signings indicating retailer confidence.