Plaza (MALLPLAZA) Q4 2025 earnings summary

Executive summary

• Achieved record operational and financial results in 2025, with EBITDA up 38.2% year-over-year and a margin of 80.5%.

• Net income excluding fair value rose 53.3% to CLP 369,312 million; FFO per share increased 26.2% to CLP 185.1.

• Regional expansion, especially in Peru, contributed significantly to consolidated EBITDA growth (23.8% for the year).

• Over 385 million visits and 2.35 million sqm of GLA, with 519 new stores and 868 contract renewals.

• Inclusion in MSCI Mid-Large Cap and FTSE indices boosted stock liquidity and global investor profile.

Financial highlights

• Net revenue for 2025 grew 32.2% year-over-year to CLP 653,911 million; 4Q25 revenue up 23.6%.

• EBITDA for 2025 reached CLP 526,228 million (+38.2%), with a margin of 80.5%.

• Net income for 2025 was CLP 1,431,012 million (+326.0%), driven by fair value gains on investment properties.

• FFO for 2025 totaled CLP 405,300 million (+33.7%), with an adjusted FFO margin of 62.5%.

• Tenant sales rose 22.9% to CLP 6,621,640 million; footfall increased 24.0% to 385.3 million.

Outlook and guidance

• Over USD 600 million growth and transformation plan underway, including major expansions and new premium outlet formats.

• Pipeline includes 168,600 sqm of GLA to be added, with total investment of USD 607.7 million.

• Expectation to sustain EBITDA margins at current high levels, supported by continued operational efficiency and cost recoveries.

• Focus on maximizing asset productivity, expanding residential and mixed-use projects, and strengthening complementary businesses.

• Anticipate continued growth in complementary businesses, especially parking and media.