Multiplan Empreendimentos Imobiliarios Sa · BMFBOVESPA:MULT3
Multiplan Empreendimentos Imobiliarios Sa — Q4 2024 Earnings Presentation
30 slides from Multiplan Empreendimentos Imobiliarios Sa's earnings presentation, Feb 5, 2025
Slide 1: 4Q24 Earnings Conference call
4Q24 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: 2024: value creation and investor alignment
2024: value creation and investor alignment Capital allocation to maximize growth and shareholder returns R$ R$ R$ 1.3 B 2.1 B 540 M 2 in net income of shares of Interest expansions achieved repurchased on Capital delivered announced 2 5 +10.0k +1 M&A1 Golden Lake land plots sq.m in transactions pha
Slide 4: Consistent long-term growth
Consistent long-term growth (CAGR1 % 2007-2024) Sales2 Gross Revenue NOI3 EBITDA FFO4 Net Income 23,962 2,738 1,857 1,848 1,582 1,341 4,244 369 212 175 56 21 2007 2024 2007 2024 2007 2024 2007 2024 2007 2024 2007 2024 (R$ million) +10.7% +12.5% +13.6% +14.9% +21.7% +27.6% 1 CAGR stands for Compound
Slide 5: Sales: growth of 9.3% vs. 2023
Sales: growth of 9.3% vs. 2023 All malls grew in the year and 4Q24 leads among the quarters: +10.7% Annual tenants’ sales (R$) Quarterly tenants’ sales evolution (% vs. 2023) +133.7% +9.3% 24.0 B +10.6% +10.7% 21.9 B 20.0 B +9.2% 14.6 B 10.3 B +6.3% 2020 2021 2022 2023 2024 1Q24 2Q24 3Q24 4Q24 5
Slide 6: Performance going above and beyond on festive dates
Black Friday Sales1 (% vs. 2023) Performance going +22.0% above and beyond +21.6% 25.0% 25.00% 20.0% 20.00% on festive dates 15.0% 15.00% 10.0% +7.4% 10.00% +6.2% 5.0% 5.00% 0.0% 0.00% Nov-28-24 11/28/2024'Nov-28-24 Nov-29-24 11/29/2024'Nov-29-24 Multiplan tenants’ sales Online retail sales in Brazi
Slide 7: Reaping the fruits of active management
Reaping the fruits of active management Investments in renovations elevate the experience in malls and drive sales growth Same Store Sales (SSS) Same Store Sales (SSS) 2024 x 2023 4Q24 x 4Q23 Anchor Satellite Total Anchor Satellite Total Food Court & Gourmet Food Court & Gourmet - +7.8% +7.8% - +9.1
Slide 8: Rising sales once again reduce occupancy costs
Rising sales once Annual occupancy cost breakdown again reduce 12.9% 13.6% 13.9% 13.5% 12.8% 13.4% occupancy costs 8.0% 9.3% 9.2% 8.8% 8.3% 8.7% 4.9% 4.3% 4.7% 4.7% 4.6% 4.6% Negative annual net 2020 2021 2022 2023 2024 Series delinquency for the first time Average Rent as sales % Common expenses as
Slide 9: Real SSR of 4.4% in 2024
Real SSR of 4.4% in 2024 BarraShopping Annual IGP-DI adjustment effect of 0.8% 12.00% Indexes and SSR1 analysis – 2024 10.00% 8.00% Real2 SSR : +4.4% 6.9% 6.00% 5.3% 4.8% 4.00% 2.3% 2.00% 0.8% 0.00% IPCA IGP-DI Rental IGP-DI SSR¹ (2024) (2024) Revenue adjustment (2024 vs. (2024 vs. effect 2023) 2023
Slide 10: Renovations unlocking growth
Renovations unlocking growth New York City Center renovation Facade, New Lighting Landscaping flooring mix and design 2024 vs. 2023 Occupancy rate: +859 b.p. Sales: +33.8% Rent:: +24.2% Real rental revenue growth: R$2.4 M Renovation Capex: R$19.0 M Real rental yield1: +12.9% + Future store openings
Slide 11: Golden Lake – Phase 1
Golden Lake – Phase 1 Construction continues at full steam Construction site, Golden Lake - Jan-25 Sales: 69.1% of units sold¹ 2024 revenue: R$132.6 M Launch: Oct-21 equivalent to R$369.0 M of PSV² Revenue accrued until Dec-24 : R$272.2 M 2024 gross margin : 26.0%³ 1st phase with 4 towers 34,000 sq.
Slide 12: Golden Lake – Phase 2
Golden Lake – Phase 2 Launching of Lake Eyre Illustration - Lake Eyre towers Construction start: Jun-25 Launch1: Sep-24 Sales2: 54 units Delivery: Mar-28 2nd phase with 2 towers PSV3 of R$350 M 127 units Investment of R$250 M ¹According to the Notice to the Market (link). 19,600 sq.m of private area
Slide 13: JundiaíShopping sale
JundiaíShopping sale Sale of a 25.0% stake while retaining asset control Sales cap rate¹ (7.2%) below Multiplan’s current cap rate2 (12.2%) Considering only the last 12 months, the mall returned 22.1%3 on its construction cost (R$/sq.m.) +208.3% +38.3% % sold 25.0% 27,769 20,085 GLA 9,119 sq.m sold
Slide 14: Record net income (again)
vs. 2T22 vs. 2T22 vs. 2T22 Record net income (again) Records also in NOI, EBITDA and FFO Record since IPO1 +31.4 % +27.3 % +22.3 % +6.0 % NOI EBITDA FFO NET (Net Operating Income) (Funds from Operations) INCOME 1.86 1.85 1.58 1.34 R$ B R$ B R$ B R$ B 91.9 72.6 62.2 52.7 MARGIN MARGIN MARGIN MARGIN %
Slide 15: Capital structure
vs. 2T22 vs. 2T22 vs. 2T22 Capital structure 2024 FFO1 covers almost three years of debt amortizations Cash and cash generation Gross debt amortization schedule (R$) and (R$ M) amortization as a % of 2024 FFO1 | (%) 44.5% 43.9% 1,582 M 38.8% 34.6% 38.1% 28.4% 31.7% 27.9% 27.9% 27.9% 1,192 M 705 M 69
Slide 16: Record EBITDA keeps leverage in line with historical levels
Record EBITDA keeps leverage in line with historical levels BarraShopping – “Enchanted forest” Net Debt/EBITDA at 2.31x (Dec-24) Gross debt: R$5,466.2 M Average cost p.a.: 12.82% Net debt: R$4,274.6 M Net debt / EBITDA: 2.31x Properties’ Fair Value¹: R$30,093.4 M Net debt / Fair Value : 14.2% Net De
Slide 17: Capital structure
Capital structure Debt indexes (Dec-24) Cost of debt spread to Selic (b.p.) 94.4% 119 0.6% 51 67 55 60 57 5.0% 48 6 Dec-20 Dec-21 Dec-22 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 TR CDI IPCA Weighted average cost of debt (% p.a.) 14.25% 13.75% 13.81% 12.26% 12.82% 10.00% 10.96% 9.73% 9.08% 13.09% 13.18% 8.
Slide 18: Record results... and growing
Record results... and growing FFO per share grows 51.6% annually, while EPS¹ rises 56.5% in 2024 Earnings per share (R$) FFO per share (R$) CAGR2: +16.4% CAGR2: +14.0% 51.6% 56.5% 3.24 2.74 2.14 1.76 1.76 1.62 1.75 1.31 1.19 0.77 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 1 EPS refers to Earn
Slide 19: Dividends and IoC evolution
Dividends and IoC evolution R$540.0 million distributed in 2024, and R$4.0 billion since the IPO Shareholder remuneration distribution (R$ M) 64.7% 68.3% 62.6% 68.5% 57.5% 59.9% 50.0% 50.0% 50.0% 50.0% 57.8% 47.5% 32.1% 29.4% 42.1% 36.0% 25.0% 581.0 540.0 420.0 260.0 280.0 270.0 295.0 225.0 240.0 18
Slide 20: Dividend per share: CAGR of 21.6% since IPO
Dividend per share: CAGR of 21.6% since IPO 1 2 3 5 consecutive years of growth, with a record in 2024 Dividend1 per share (R$) CAGR2: +21.6% 1.03 5-year CAGR2 : +22.7% 0.05 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 1 Dividends + interest on capital declare
Slide 21: Capital allocation pillar: record-high distribution
ParkShoppingCampoGrande Capital allocation pillar: record-high distribution Capital allocation (R$M) 3,569.5 911.0 BarraShopping 2,118.5 1,203.0 1,300.2 767.3 770.0 595.5 827.0 194.8 123.7 416.5 155.2 106.0 55.8 581.0 540.0 270.0 295.0 420.0 2020 2021 2022 2023 2024 1 IOC Share buyback CAPEX 1 IOC r
Slide 22: Offering growth, yield and value
vs. 2T22 vs. 2T22 vs. 2T22 Offering growth, yield and value 1 Growth driven by efficiency, capital distribution and strategic transactions I. Growth 2024 vs. 2023 II. Yield 2024 III. Value (R$/sq.m) 31.4% 24.3% 39,333 27.3% 23.8% 27,769 12.3% 24,718 19,891 7.3% 4.8% 3.5% Brazil 2 IPCA 3 Multiplan’s
Slide 23: Record ROE and steady growth
vs. 2T22 vs. 2T22 vs. 2T22 Record ROE and steady growth Multiplan achieves highest ROE 1 since IPO2, driven by a series of efficiencies Evolution of Return on Equity (ROE)1 (%) Since 2019: +1,532 b.p. Increase in net income: +184.7% 25% 23.8% 20% Reduction in operating expenses3 as a % of gross reve
Slide 24: One of the lowest valuations since the IPO
One of the lowest valuations since the IPO Multiplan's P/E, EV/EBITDA and cap rate trade close to lows Dec-24 12.20% Lowest4 4.81% Cap rate1 Highest4 13.99% Average4 7.74% 10-year average 7.95% Dec-24 8.23 Lowest4 8.18 EV/EBITDA2 Highest4 23.73 Average4 15.54 10-year average 15.12 Dec-24 8.16 Lowest
Slide 25: Fair Value
Fair Value Enterprise Value (EV) represents 51% of the Fair Value, the lowest EV/Fair Value ratio ever recorded Multiplan’s value Governança corporativaEV¹/ Fair Value² +97.7% 30.1 1.0 1.02 0.84 0.83 -6.1% 0.77 17.1 -35.9% 16.2 15.2 15.2 0.59 0.51 R$ billion 10.9 Dec-23 Dec-24 EV¹ Fair Value² EV¹ Re
Slide 26: Multi, the superapp
Multi, the superapp Multi brings the mall to the palm of the consumer's hand through a series of functionalities: Launched in 2019, the app enriches the consumer journey and is the largest in the shopping center segment in Brazil $ Online parking payment Medical Center 9:06 directory 8th place1 in t
Slide 27: MultiVocê loyalty program
MultiVocê loyalty program Present in all of Multiplan's malls, the loyalty program boosts sales and recognizes the most active customers +67% in volume of +116% in the number of purchases captured by benefits redeemed the program (2024 vs. 2023) (2024 vs. 2023) Gold, Silver and Green Access to exclu
Slide 28: Acesso Multi
Acesso Multi More efficiency and greater convenience Unprecedented free flow system in Brazil: malls completely free of gates at the entrance >1.4 million registered vehicles of more than 1.2 million clients 60% of parking transactions through Acesso Multi in some malls in Dec-24 BarraShopping - 60%
Slide 29: Sustainability and social actions 2024 Highlights
151 tons of food donated Sustainability and over the year social actions Schooling Project is expanded to all of the 2024 Highlights Company’s 20 malls >700 pets adopted at the Company’s malls In 2024, Multiplan's photovoltaic plants prevented the emission of over 12,000 tons of CO2 Addition of one
Slide 30: Investor Relations
Parque Shopping Maceió - Alagoas Investor Relations ri@multiplan.com.br +55 21 3031-5400
Multiplan Empreendimentos Imobiliarios — Q4 2024 Earnings Presentation on 6ix