Multiplan Empreendimentos Imobiliarios Sa · BMFBOVESPA:MULT3
Multiplan Empreendimentos Imobiliarios Sa — Q1 2024 Earnings Presentation
27 slides from Multiplan Empreendimentos Imobiliarios Sa's earnings presentation, May 8, 2024
Slide 1: 1Q24 Earnings Conference Call
1Q24 Earnings Conference call Contact the Investor Relations Team at: ri.multiplan.com.br ri@multiplan.com.br +55 21 3031-5400
Slide 2: Disclaimer
Disclaimer This document may contain prospective part or totally by the Company with no prior Brasil, Bolsa, Balcão, which is the market listing statements and goals, which are subject to risks warning. segment where the shares of the Company are and uncertainties as they are based on External audit
Slide 3: The magic of celebrating 50 years
The magic of Since 1974, Multiplan and its malls have been celebrating dedicated to exceeding expectations, enchanting and bringing magic to people’s lives. 50 years Watch the video and experience the emotion
Slide 4: ESG – 1Q24 highlights
ESG – 1Q24 highlighsts Women’s Day event Improving people's quality of life for 50 years +7 malls Thousands >1,200 blood 98 enrolled in the of food, personal bags pets adopted at Schooling Project hygiene and collected helping the Company’s cleaning products to save lives malls collected and donated
Slide 5: ESG – 1Q24 highlights: initiatives carried out
ESG – 1Q24 highlighsts Some of the initiatives carried out during the quarter Schooling Project is expanded to seven new malls BH Shopping promotes sign language training for DiamondMall participates in a campaign to donate ParkShopping receives “Water Guardian” Award employees school material Blood
Slide 6: Multi, the super app
Multi: various functionalities enhance relationships, engagement and data Multi, the super app Anticipating trends, bringing convenience $ Online parking Medical Center payment directory >6 million accumulated Stores and Shopping discount downloads restaurants directory coupons Movie and theater Res
Slide 7: Multi, the super app: value creating strategies
Multi, the super app five The four value creating strategies of Multi app 1. Convenience for clients 3. Efficiency for our malls 2. Sales for our tenants 4. Data for Multiplan +5. Partnership revenues Convenience for Sales for our Efficiency for Data for + 5. Partnership revenues 2 3 4 5 our clients
Slide 8: Acesso Multi: more efficiency and more convenience
Acesso Multi: more efficiency and more convenience Free flow system unprecedented in Brazil More data points on customer behavior 19 malls completely free of parking barriers at entrance gates >600,000 registered customers 44% of parking transactions through digital payment ShoppingSantaÚrsula 8
Slide 9: Sales: growth of 10.6% over 1Q23
BarraShoppingSul Sales: growth of 10.6% over 1Q23 Quarterly tenants’ sales (R$) +10.6% 5.1 B 4.6 B 4.0 B 3.1 B 2.3 B 1Q20 1Q21 1Q22 1Q23 1Q24 9
Slide 10: SSS: growth of 8.6% in 1Q24
BarraShoppingSul SSS: growth of 8.6% in 1Q24 Events, mix change and renovations drive growth Same Store Sales (SSS) 1Q24 x 1Q23 RibeirãoShopping Anchor Satellite Total Food Court & Gourmet - +13.7% +13.7% Area Apparel +10.3% +3.6% +5.7% Home & Office -19.2% -0.5% -4.4% Miscellaneous +13.3% +12.7% +1
Slide 11: Increase in turnover and occupancy rate
Increase in turnover and occupancy rate Mix change boosting sales and occupancy, 106 new stores in the quarter Shopping center turnover in GLA (sq.m) 12 malls above 1Q23 occupancy rate and as a % total GLA 9.4% 82,217 Average occupancy rate 5.8% +102 b.p. 47,514 1.4% 97.9% 1.2% 12,630 95.7% 10,720 9
Slide 12: Sales and efficiency in common charges lead to lower occupancy costs
Sales and efficiency in common charges lead to lower occupancy costs Quarterly net delinquency rate Occupancy cost -150 b.p. 15.6% 15.0% 14.6% 14.0% 14.6% 14.0% 11.0% 8.0% 8.9% 10.2% 9.6% 8.8% 9.1% 5.0% 2.7% 3.2% 6.1% 5.7% 5.4% 5.4% 5.2% 5.6% 1.2% 1Q20 1Q21 1Q22 1Q23 1Q24 5-year 1Q20 1Q21 1Q22 1Q23
Slide 13: Revenue with double-digit increase
Revenue with double-digit increase Gross revenue grows 13.1%, driven by Golden Lake's revenues and Multi's successful partnerships Projeto Golden Lake – Phase 1, Lake Victoria MorumbiShopping - Acesso Multi 13
Slide 14: Real SSR of 3.2% in 1Q24
Real SSR of 3.2% in 1Q24 Growing in a deflationary scenario 30.00% 25.00% Indexes and SSR analysis1 20.00% 15.00% Real SSR2: +3.2% 10.00% 5.00% 3.5% 1.1% 0.2% 0.00% -5.00% -4.0% IGP-DI Rental IGP-DI SSR ¹ (Mar-24 LTM) revenue adjustment (1Q24 vs. 1Q23) (1Q24 vs. 1Q23) effect (1Q24 vs. 1Q23) ¹SSR ref
Slide 15: Growing with more efficiency
Growing with more efficiency +28.9 % +25.5 % +13.1 % +9.3 % +1.1 % RENTAL GROSS EBITDA FFO NET REVENUE REVENUE (Funds from Operations) INCOME 338.5 563.9 390.8 327.5 267.0 R$ M R$ M R$ M R$ M R$ M 74.6 -121 % MARGIN b.p. 62.5+719 % b.p. MARGIN 51.0+706 % MARGIN b.p. Note: 1Q24 figures. Growth % refe
Slide 16: FFO and earnings per share creating value
FFO and earnings per share creating value CAGR1 above IPCA2 and CDI3 with consistent returns since the IPO FFO/share and EPS4 CAGR1 FFO/share and EPS4 CAGR1 FFO/share and EPS4 (1Q24 vs. 1Q23) (1Q24 vs. 1Q19) (1Q24 vs. 1Q08, since the IPO5) 29.8% 26.3% 24.3% 19.2% 18.8% 15.1% 12.4% 9.5% 7.7% 5.8% 5.8
Slide 17: Share buybacks reinforce capital return strategy
MULT3 In addition to earnings, share buybacks reinforce strategy of returning capital to shareholders Share Buyback Program and Investor base2 Cap Rate1 evolution (Percentage of the free-float) 10.2% 10.2% 9.1% 8.1% 32.1% 26.7% 29.3% 5.9% 7.1 M 47.9% 50.7% 5.1 M 4.7 M 2.8 M 67.9% 73.3% 70.7% 1.3 M 5
Slide 18: Fair Value
Fair Value Enterprise Value (EV) 68% below Fair Value Multiplan’s value Governança corporativaEV¹/ Fair Value² +67.7% 29.2 1.0 1.02 -7.5% +3.9% 0.84 0.83 17.4 17.4 15.4 16.1 0.77 0.60 14.8 0.59 R$ billion Mar-23 Mar-24 EV¹ Fair EV¹ Replacement Value cost³ Market Cap ¹Enterprise Value (EV): Market Ca
Slide 19: Capital: decrease in gross and net debt
Capital: decrease in gross and net debt Net Debt/EBITDA at 1.32x (Mar-24) DEBT Cash (Mar-24) 1,157 M AMORTIZATION Gross debt: R$3,199.8 M SCHEDULE FFO (Mar-24 LTM) March 31, 2024 Average cost p.a.: 11.42% 1,309 M (R$) Apr-Dec-24 482 M Net debt: R$2,042.6 M 2025 458 M Net debt / EBITDA: 1.32x 2026 55
Slide 20: Capital structure
Capital structure 88.7% of gross debt indexed to Selic rate Debt indexes Cost of debt spread to Selic (b.p.) (Mar-24) 119 1.5% 51 67 48 9.7% 6 88.7% Dec-20 Dec-21 Dec-22 Dec-23 Mar-24 TR CDI IPCA Weighted average cost of debt (% p.a.) 14.30% 13.80% 13.81% 12.26% 11.42% 10.00% 10.96% 7.62% 9.73% 9.08
Slide 21: R$140 million invested in 1Q24
CAPEX (R$) 1Q24 R$140 million Greenfields development 0.0 M invested in 1Q24 Mall expansions Renovation, IT, Digital Innovation & 81.2 M 58.6 M Others ParkShoppingBarigüi’s expansion booming Minority stake acquisitions 0.0 M Total 139.9 M 21
Slide 22: 7 expansions, 70,000 sq.m of GLA
7 expansions, 70,000 sq.m of GLA Mall GLA1,2 (sq.m) Opening² ParkShoppingBarigüi 14,314 2H24 DiamondMall 5,116 2H24 Parque Shopping Maceió 5,506 2025 MorumbiShopping 13,141 1H26 ParkShopping 8,615 1H26 JundiaíShopping 7,850 1H27 ParkShoppingSãoCaetano 12,746 2H27 Total 67,288 1 Refers to 67,288 sq.m
Slide 23: Reinvesting to excel: New York City Center
Reinvesting to excel New York City Center Case Study: New York City Center One of the "youngest" malls in the portfolio, NYCC underwent an extensive renovation process and mix change in 2023 - from landscaping to renovating the façade, flooring and restrooms, and a new mix bringing more experience.
Slide 24: Golden Lake – Phase 1
Golden Lake – Phase 1 Construction continues at full steam Golden Lake, construction site in Apr-24 Launch: Oct-21 Sales: 61.7% of units sold¹ 1Q24 revenue: R$22.0 million Delivery: Dec-24 Equivalent to R$329 M of PSV² Mar-24 LTM gross margin: 29.8%³ 1st phase: 4 towers 94 units 34,000 sq.m ¹ Sales
Slide 25: Recent event: increasing participation in ParkJacarepaguá
ParkJacarepaguá Recent event: increasing participation in ParkJacarepaguá Acquiring1 a 9% “greenfield-like” minority stake -13.3% Final 100% stake 21.2 18.4 Acquired 3,594 sq.m GLA R$ ‘000 Price R$66 million Replacement Acquisition cost² cost³ 1 Conclusion of the acquisition is subject to the fulfil
Slide 26: Recent event: sale of plots of land next to RibeirãoShopping
Recent event: sale of plots of land next to RibeirãoShopping Assets that create value through partnerships Benefits: Development of mixed-use projects by partners, RibeirãoShopping densifying the region Integration with the mall, through a green area, reinforcing the synergy between leisure, multi-
Slide 27: Investor Relations
Investor Relations ri@multiplan.com.br +55 21 3031-5400
Multiplan Empreendimentos Imobiliarios — Q1 2024 Earnings Presentation on 6ix