Multiplan Empreendimentos Imobiliarios Sa · BMFBOVESPA:MULT3
Multiplan Empreendimentos Imobiliarios Sa — Q2 2026 Earnings Presentation
33 slides from Multiplan Empreendimentos Imobiliarios Sa's earnings presentation, Jul 31, 2026
Slide 1: Earnings Conference call 2Q26
Earnings Conference call 2Q26 ParkJararepaguá Contact the Investor Relations team at: ri.multiplan.com.br . ri@multiplan.com.br . +55 21 3031-5400 MorumbiShopping BarraShoppingSul
Slide 2: Disclaimer
Disclaimer This document may contain prospective part or totally by the Company with no prior Corporate Governance Listing Rules of B3 S.A. - statements and goals, which are subject to risks warning. Brasil, Bolsa, Balcão, which is the market listing and uncertainties as they are based on External a
Slide 3: Index
Bar INDEX ra Sh INDEX op pi n gS ul 1 1 Operating results Operating results 2 2 Financial results Financial results 3 3 Digital Innovation Digital Innovation 4 4 Sustainability and social initiatives Sustainability and social initiatives 2Q26
Slide 4: 2Q26: quality drives margins and record results!
2Q26: quality drives margins and record results! Capital Multi Financial Operational Allocation superapp Sales CAPEX Accumulated Net Income downloads +7.7% +61.7% R$129.9 M 10.5 M vs. 2Q25 vs. 2Q25 in 2Q26 as of 1Q26 Real SSR FFO IoC1 (LTM) Sessions +2.7% +76.3% R$550 M +16% vs. 2Q25 vs. 2Q25 IoC1/s
Slide 5: Sales: 7.7% growth vs. 2Q25
Sales – Malls with the highest growth rates Sales: 7.7% growth +25.0% 931.8 M vs. 2Q25 Morumbi Shopping 745.7 M Expansions and renovations = higher 2Q25 2Q26 customer traffic and sales ✓ Expansion: 13,100 sq.m of GLA2 (1Q26) Quarterly tenants’ sales (R$) +14.6% 232.3 M +36.6% Parque Shopping 202.8 M
Slide 6: Impact of the World Cup on sales
Impact of the World Cup on sales The impact was concentrated in the four days of Brazil’s matches, when shopping centers operated with reduced hours, while sales grew during the remaining days World Cup - Sales¹ 1st World Cup game (2026 vs. 2025) 148.5% 129.3% 120.3% 118.8% 108.8% 106.1% 105.5% 108.
Slide 7: Robust operations = lowest occupancy cost for a 2Q since the IPO
Occupancy cost breakdown Robust operations = lowest occupancy cost 13.3% 13.6% 13.0% 12.6% 12.3% 13.0% for a 2Q since the IPO 8.6% 8.7% 8.1% 7.8% 7.6% 8.2% Occupancy increased for the 5th consecutive 4.7% 4.9% 4.9% 4.8% 4.7% 4.8% year, even with the addition of 15,000 sq.m of 2Q22 2Q23 2Q24 2Q25 2Q2
Slide 8: Negative net delinquency and NOI margin > 90%
“The recurrence of the non-recurrent”: negative net delinquency and NOI margin > 90% Multiplan’s net delinquency and NOI margin – Last 3 years 2.4% 1.2% 0.8% Negative net 0.2% delinquency 0.0% -0.1% 8 out of 12 quarters -0.2% -0.5% -1.1% -1.0% -0.9% -1.2% -1.9% 200.00% 96.1% 95.9% 95.0% 94.2% 94.1%
Slide 9: Property expenses: -61.9% in 5 years, vs. inflation of +19.4%
Property expenses: -61.9% in 5 years, vs. inflation of +19.4% Property expenses evolution (R$) and as a % of property revenues1 -61.9% 59.2 M 53.4 M -13.9% 13.8% 37.9 M 11.3% 26.2 M 22.6 M 8.0% 5.0% 4.1% 2Q22 2Q23 2Q24 2Q25 2Q26 5-year IPCA2: +19.4% 1 Includes rental revenue, parking revenue and the
Slide 10: SSR of 4.1% in 2Q26
VillageMall Cup 2026 SSR of 4.1% in 2Q26 Real SSR2 of 2.7% in the period Indexes and SSR1 analysis – 2Q26 12.00% Real SSR2: +2.7% 10.00% 8.00% 6.00% 4.6% 4.1% 4.00% 3.6% 2.00% 1.4% 0.00% IPCA IGP-DI IGP-DI SSR¹ -2.00% (Jun-26 LTM) (Jun-26 LTM) adjusment (2Q26 vs. 2Q25) effect (2Q26) ¹SSR refers to S
Slide 11: Golden Lake: the first private neighborhood in Porto Alegre
1. Lake Victoria Launch: Oct-21 2. Lake Eyre Launch: Sep-24 3. Lake Baikal Pre-launch: Jul-26 Golden Lake: Delivery Towers Delivery Towers Delivery Towers the first private 4Q25 4 1Q28 2 - 2 neighborhood in Private Private Porto Alegre Units Units Private Area Area Units Area 94 34,000sq.m 127 19,00
Slide 12: EBITDA: 52.0% growth with higher margins
EBITDA: 52.0% growth 2Q26 Revenues with higher margins +19.3% 51.2 M Services (R$) 42.9 M EBITDA (R$) and EBITDA margin (%) 2Q25 2Q26 +143.1% +17.0% +52.0% 98.7 M 699.2 M 84.4 M Parking (R$) 460.1 M 369.4 M 389.6 M 287.6 M 2Q25 2Q26 73.5% 72.2% 66.3% 82.6% 65.9% +3.2% 2Q22 2Q23 2Q24 2Q25 2Q26 441.3
Slide 13: Once again, multiple records since the Company's IPO
Once again, multiple records since the Record for LTM figures Company's IPO¹ since IPO¹ As of Jun-26 (LTM): NET NOI EBITDA FFO NET REVENUE (Net Operating Income) (Funds from Operations) INCOME 3.19 2.12 2.36 1.65 1.39 R$ B R$ B R$ B R$ B R$ B +18.2 % +8.1 % +22.3 % +9.7 % +7.4 % Margins 51.7 % 43.4
Slide 14: Lowest Net Debt/EBITDA since Sep-24
Lowest Net Debt/EBITDA since Sep-24 As of June 30, 2026: vs. Mar-26 Net Debt/EBITDA (x) Gross Debt R$5,058.1 M ▼ 6.7% 4.5 Lowest 4.0 covenant: Cash Position R$506.8 M ▼ 44.5% 4.5x 3.06 Net Debt R$4,551.3 M ▲ 1.0% 2.31 2.33 2.13 1.93 1.63 1.38 Net Debt/EBITDA 1.93x ▼ 0.20x Dec-21 Dec-22 Dec-23 Dec-24
Slide 15: EPS: 60.9% growth vs. 2Q25, with a 5-year CAGR of 31.1%
EPS¹: 60.9% growth vs. 2Q25, with a 5-year CAGR² of 31.1% Net income (R$) and Net margin (%) EPS¹ growth (R$) CAGR2: +31.1% +60.9% CAGR2: +25.4% 0.87 427.4 M 0.49 0.54 +61.7% 0.42 0.29 281.7 M 264.4 M 247.2 M 2Q22 2Q23 2Q24 2Q25 2Q26 172.6 M 49.2% 52.2% +6.9% 50.5% CAGR2: +26.0% 2.64 2.82 39.5% 38.1
Slide 16: ROE > 20.0%, once again outperforming Selic
ROE¹ > 20.0%, once again outperforming Selic² 12th consecutive quarter with ROE¹ above the benchmark interest rate Annual ROE¹ vs. Selic Rate² – Last 3 years 23.75% 22.76% 21.85% 20.47% 20.52% 18.89% 18.11% 15.41% 15.24% 15.56% 14.72% 13.87% 15.00% 15.00% 15.00% 14.75% 14.25% 14.25% 12.75% 12.25% 11
Slide 17: Dividends and IoC evolution
Dividends and IoC¹ evolution R$550.0 million distributed in the last 12 months, and R$4.8 billion since the IPO² Shareholder remuneration distribution CAGR3: +20.8% 1.12 Remuneration per share4 1.00 1.03 1.02 0.72 581.0 540.0 550.0 500.0 0.47 0.45 0.50 420.0 0.40 0.40 0.44 0.34 0.31 0.28 0.24 0.19 0
Slide 18: 1H26: R$526.2 million allocated
1H26: R$526.2 million allocated, demonstrating ability to grow while delivering return to shareholders Total capital allocation (R$) – 1H26 Capex breakdown (R$) – 1H26 280.0 M 246.2 M Renovations, IT, Digital Innovation and Others 76.5 M Expansions Renovations: 169.7 M 3.7% of NOI2 1 IoC¹ Capex Mall
Slide 19: Fair Value
Fair Value Multiplan’s Fair Value reaches R$33.1 billion Multiplan’s value Fair Value and EV¹/ Fair Value² 0.97 0.99 1.02 0.77 33.1 0.60 0.66 0.59 0.56 0.59 0.51 +68.9% 33.5 B 33.1 B 19.6 19.6 -16.8% -2,3% 29.0 B 30.1 B +7.6% R$ billions 15.0 16.3 25.7 B 14.0 21.7 B 21.1 B 22.9 B 16.7 B 16.8 B 1 2 J
Slide 20: Projects delivered over the last 12 months
Projects delivered over the last 12 months Lake Victoria Parque Shopping Maceió MorumbiShopping BH Shopping Golden Lake – Phase 1 Towers Delivery Stores Delivery Stores Delivery Stores Delivery 4 Dec-25 38 Nov-25 40 Mar-26 7 Jun-26 Private Units Area 94 34,000 sq.m GLA 5,500 sq.m GLA 13,141 sq.m GLA
Slide 21: ParkShopping Expansion X: opening on Nov 18, 2026
ParkShopping Expansion X: opening on Nov 18, 2026 8,615 sq.m, >60 new stores, 98.0% leased ParkShopping – Expansion construction 21
Slide 22: BarraShopping Expansion VIII: opening in 2H26
BarraShopping Expansion VIII: opening in 2H26 2,000 sq.m, expansion of an existing store, with construction works already underway BarraShopping – Expansion construction 22
Slide 23: Expansions under study could add more than 30,000 sq.m of new GLA
Expansions currently under study could add more than 30,000 sq.m of new GLA to the portfolio The images and information presented are preliminary and based on data available as of the date hereof. They are subject to several factors, risks and uncertainties that may cause actual results to differ fr
Slide 24: VillageMall Expansion II: ongoing studies
VillageMall Expansion II: ongoing studies 3,000 sq.m planned for the mall’s western area, currently occupied by an open-air parking lot The images and information presented are preliminary and based on data available as of the date hereof. They are subject to several factors, risks and uncertainties
Slide 25: Mixed-use project adjacent to VillageMall
Mixed-use project adjacent to VillageMall Planned for the eastern area, on a site within Multiplan’s landbank VillageMall mixed-use project illustrative images The images and information presented are preliminary and based on data available as of the date hereof. They are subject to several factors,
Slide 26: Wellness Center inaugurated and Golden Lake's common areas
Wellness Center inaugurated and Golden Lake’s common areas to be completed by year-end Images of the inaugurated Wellness Center Wellness Center Space with amenities for residents, including Delivered: Jul-26 a heated pool, spa and fitness center 26
Slide 27: Lake Baikal, the 3rd phase of Golden Lake
Lake Baikal, the 3rd phase of Golden Lake Lake Baikal Launch: Aug-26 Delivery Towers - 2 Private Units Area 88 19,000 sq.m The images and information presented are preliminary and based on data available as of the date hereof. They are subject to several factors, risks and uncertainties that may cau
Slide 28: Nearly 1.5 million sq.m of additional gross floor area
Nearly 1.5 million sq.m of additional gross floor area for future expansions and/or mixed-use projects Private area for sale Additional gross Private area for sale Additional gross GLA (100%) GLA (100%) Shopping Center (sq.m) (100%) floor area(100%) Shopping Center (sq.m) (100%) floor area(100%) (sq
Slide 29: Digital Innovation strengthens customer engagement
Digital Innovation strengthens customer engagement >10.5 million accumulated downloads Promotional campaigns during the quarter Loyalty and engagement Artificial Intelligence Productivity gains and greater >460,000 Benefits redeemed: +67% benefits (2Q26 vs. 2Q25) agility in the execution of redeemed
Slide 30: Data empowers tenant decision-making
Data empowers tenant decision-making “Know Your Customer” >4,000 tenants accessed Helps tenants identify customer Enhanced dashboard with customer the platform preferences and develop more benefit redemption insights targeted commercial strategies Multi app “Know Your Customer” screen 30
Slide 31: Social and environmental responsibility, governance in 2Q26
2025 Annual Social and environmental Sustainability Report responsibility, governance in 2Q26 Results that create value and positive impact 100% of malls’ Board of Directors energy from with 7 members, renewable sources being 4 external 5.5M people impacted over 10 235 social years through initiativ
Slide 32: Awards and recognition in 2Q26
Awards and recognition in 2Q26 Multiplan shines again at Abrasce Awards “2026 Broadcast Empresas” Award MorumbiShopping - "Expansion and Revitalization of MorumbiShopping“ Multiplan won the Small Cap category and ranked 6th in the Companies Highlight Award category, being the only real estate compan
Slide 33: Investor Relations
Investor Relations ri@multiplan.com.br +55 21 3031-5400
Multiplan Empreendimentos Imobiliarios — Q2 2026 Earnings Presentation on 6ix