Multiplan Empreendimentos Imobiliarios Sa · BMFBOVESPA:MULT3
Multiplan Empreendimentos Imobiliarios Sa — Q4 2025 Earnings Presentation
34 slides from Multiplan Empreendimentos Imobiliarios Sa's earnings presentation, Feb 6, 2026
Slide 1: 4Q25 Earnings Conference Call
4Q25 Earnings Conference call Contact the Investor Relations team at: ri.multiplan.com.br ri@multiplan.com.br +55 21 3031-5400 BarraShopping
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: Leaders and gaining market share
Leaders and gaining market share 1 Multiplan’s share2 in Brazil 2019 2025 R$28,858/sq.m Sales/GLA 169.9% 263.0% R$10,971/sq.m R$25.9 billion Shopping malls’ sales 8.5% 12.9% R$200.9 billion 896,820 sq.m GLA 5.0% 4.9% 18,311,576 sq.m 20 malls Number of malls 3.3% 3.0% 658 malls 11 cities Number of ci
Slide 4: Constant growth above the market
Constant growth above the market Multiplan vs. Brazil Total tenants’ sales (Base 100) Sales/sq.m (Base 100) Multiplan's participation in Brazil sales1 +443 b.p. 158.7% 147.6% 150.0% 12.9% 150.0% 12.1% 11.3% 130.0% 10.4% 130.0% 8.5% 9.2% 110.0% 8.0% 110.0% 90.0% 104.2% 90.0% 95.3% 70.0% 70.0% 50.0% 5
Slide 5: 2025 in review
2025 in review A year of achievements creating value across multiple fronts Capital Multi Financial Operational Allocation superapp R$1.1 B 94.9% R$500.0 M 8th place Net NOI IOC1 on the App Income Margin declared Store3 85.0% 96.3% R$1.02 R$5.0 B Property Occupancy IOC1 per in sales EBITDA Margin Ra
Slide 6: Sales: annual growth of 8.0% over 2024
Sales: annual growth of 8.0% over 2024 Another year of which expansions and renovations leveraged sales Annual sales variation of malls with Annual tenants’ sales (R$) expansions inaugurated in 2024 (% 2025 vs. 2024) +77.3% +8.0% 25.9 B +22.6% 24.0 B 20.0 B 21.9 B +19.2% 14.6 B 2021 2022 2023 2024 2
Slide 7: Active mix management
Active mix management Driving balanced SSS across segments throughout the year Segments’ net turnover effect in sq.m and as a % of total GLA – 4Q25 SSS1 – 4Q25 x 4Q24 SSS1 – 2025 x 2024 Anchor Satellite Total Anchor Satellite Total Food Court & +22.3% +3.5% +3.8% Food Court & +12.5% +5.3% +5.4% +0.2
Slide 8: Efficiency: revenues grow, expenses fall in 4Q25
Efficiency: revenues grow, Efficiency gains: expenses fall in 4Q25 Property expenses (R$) Headquarters expenses NOI margin (R$) -49.6% -5.6% 96.1% 57.7 M 91.5% 50.3 M 89.6% 89.9% 88.1% 25.4 M 54.5 M 4Q21 4Q22 4Q23 4Q24 4Q25 4Q24 4Q25 4Q24 4Q25 Projects for lease Share-based Property EBITDA Margin co
Slide 9: Efficiency: revenues grow, expenses fall in 2025
Efficiency: revenues grow, Efficiency gains: expenses fall in 2025 Property expenses (R$) Headquarters expenses NOI margin (R$) +3.3% 94.9% -32.2% 90.3% 91.9% 196.1 M 202.6 M 87.9% 164.5 M 85.8% 111.5 M 2021 2022 2023 2024 2025 2024 2025 2024 2025 Projects for lease Share-based Property EBITDA Margi
Slide 10: Lowest ratio of G&A expenses as a % of net revenue since the IPO
Lowest ratio of G&A expenses as a % of net revenue since the IPO¹ Annual evolution of G&A expenses (R$) and as a % of net revenue +3.3% 199.6 M 196.1 M 202.6 M 173.5 M 157.1 M 12.0% 9.5% 9.7% 7.7% 7.4% 2021 2022 2023 2024 2025 1 The Company’s IPO was in Jul-07. Does not consider 2020, a pandemic yea
Slide 11: Focus on operational excellence: lowest net delinquency and turnover, higher occupancy
Focus on operational excellence: lowest net deliquency and turnover, with higher occupancy Net delinquency, turnover and occupancy rate 97% 96.3% Occupancy 97% Net delinquency: -0.4% rate Lowest ever recorded 7.9% 96% 6.3% Turnover: 4.6% 4.6% 96% Turnover Lowest since 2020 94.9% 95% Occupancy rate:
Slide 12: Attractiveness of shopping malls boosts sales and reduces occupancy costs
Attractiveness of shopping malls boosts sales and reduces occupancy costs below historical levels HIGHER LOW NET HIGH RECORD SALES DELINQUENCY OCCUPANCY NOI +8.0% -0.4% 96.3% R$2.0 B STABLE RECORD HIGHER LOW OCCUPANCY NOI MALLS RENT TURNOVER COST MARGIN +7.8% 4.6% 12.8% 94.9% Note: Data on the slide
Slide 13: Real SSR of 2.3% in 2025
Real SSR¹ of 2.3% in 2025 BarraShoppingSul Rental revenue growth in line with SSR² of +7.5% year-over-year Indexes and SSR2 analysis - 2025 12.00% Real SSR1: +2.3% 10.00% 8.00% 7.5% 7.5% 6.00% 5.1% 4.3% 4.00% 2.00% 0.00% -1.2% IPCA Rental Revenue IGP-DI adjustment-effect SSR¹ -2.00% IPCA (2025) IGP-
Slide 14: Golden Lake – Phase 1: delivered
Golden Lake – Phase 1: delivered Lake Victoria delivered – Dec-25 Delivered in 4Q25 Sales: 77,7% of units sold¹ Revenue accrued³ until Dec-25: R$434.1 M equivalent to R$434.1 M of the PSV² 1st phase with 4 towers 34,000 sq.m of private area 94 units R$600 million PSV2 ¹ Sales accounted for until Dec
Slide 15: Golden Lake – Phase 2
Golden Lake – Phase 2 Lake Eyre: over 2/3 of the PSV1 are sold with construction works ongoing Illustration - Lake Eyre towers Launch2: Sep-24 Sales: 69.3% of units sold3 Revenue accrued4 until Start of construction: May-25 equivalent a R$256.3 M of the PSV1 Dec-25: R$74.7 M Delivery: Mar-28 2nd pha
Slide 16: EBITDA above R$2.0 billion and net income above R$1.0 billion for the third consecutive year
EBITDA above R$2.0 billion and net income above R$1.0 billion for the third consecutive year NOI and EBITDA grow above net revenue with record NOI margin +12.0 % Record since the IPO1 +7.6 % +8.4 % NET NOI REVENUE EBITDA -12.9 % -14.9 % (Net Operating Income) FFO NET INCOME (Funds from Operations) 2
Slide 17: Consistent long-term growth
Consistent long-term growth (CAGR1 % 2007- 2025) Sales2 Gross Revenue NOI3 EBITDA FFO4 Net income 25,880 2,958 2,079 2,003 1,379 1,141 4,244 369 212 175 56 21 2007 2025 2007 2025 2007 2025 2007 2025 2007 2025 2007 2025 (R$ millions) +10.6% +12.3% +13.5% +14.5% +19.5% +24.8% 1 CAGR stands for Compoun
Slide 18: Expansions will add 31,000 sq.m of GLA
Expansions will add 31,000 sq.m of GLA 1 Parque Shopping Maceió expansion MorumbiShopping expansion works in Jan-26 DELIVERED GLA: 5,506 sq.m | Capex: R$ 67.0 M | Opened: 11/18/25 GLA: 13,141 sq.m | Capex: R$ 233.0 M | Opening: 1H26 ParkShopping expansion works in Jan-26 BH Shopping expansion illust
Slide 19: Financial discipline maintains leverage at a stable level
Financial discipline maintains leverage at a stable level Net debt/EBITDA at 2.33x (Dec-25) Gross debt: R$5,440.0 M Average cost p.a.: 15.45% Net debt: R$4,668.1 M Net debt / EBITDA: 2.33x Properties’ Fair Value1: R$33,484.2 M Net debt / Fair Value: 13.9% Net Debt/ 4.00x 3.06 EBITDA (x) 2.31 2.28 2.
Slide 20: Cost of debt
Cost of debt Spread over the SELIC rate remains stable compared to Sep-25 Debt indexes (Dec-25) Cost of debt spread to Selic (b.p.) 95.9% 4.1% 51 57 56 52 45 43 6 Dec-22 Dec-23 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 CDI TR Weighted average cost of debt (% p.a.) 14.81% 15.52% 15.43% 15.45% 14.25%13.75% 1
Slide 21: EPS triples, outperforming share price, generating ROE of 18.1%
EPS¹ triples, outperforming share price, generating ROE² of 18.1% Multiplan’s EPS1 growth vs. Annual ROE2 (%) share performance (R$) +45.6% R$27.25 R$18.72 +204.3% +18.1% R$2,33 R$0,77 +7.1% 2021 2025 2021 2025 EPS1 growth MULT3 share performance 1 Earnings per share (EPS): net income divided by the
Slide 22: Share buyback of R$2.0 billion generating almost R$1.0 billion in gross value
Share buyback of R$2.0 billion generating almost R$1.0 billion in gross value Repurchase return1 (R$/share) +48.3% R$32,94 R$27,25 Nominal earnings per share: R$10.73 x R$22,21 Quantity repurchased: 90 M shares Nominal return: R$966.2 M Interest on Capital2: R$150.2 M Financial expenses3: R$352.1 M
Slide 23: Dividends and IoC evolution
Dividends and IoC¹ evolution R$500.0 million distributed in the last 12 months, and R$4.5 billion since the IPO² Retroactive Interest on Capital (IoC)4 Shareholder remuneration distribution • Estimate: balance up to R$1.0 B CAGR³: +20.1% Remuneration per share3 1.00 1.03 1.02 0.72 581.0 540.0 500.0
Slide 24: MULT3 annual valuation indicators (2021 – 2025)
MULT3 annual valuation indicators¹(2021 – 2025) MULT3 share price evolution P/E4 R$ 27.25 25x R$ 18.72 12x R$ 21.08 +29.3% 2021 2024 2025 2021 2025 FFO Yield² and NTN-B Principal³ Cap rate5 FFO Yield2 9.9% 11.1% 8.1% 6.2% 7.1% 5.2% NTN-B3 2021 2025 2021 2025 ¹ Refers to annual market price closing.
Slide 25: Capital allocation: R$1.4 billion in 2025
Capital allocation: R$1.4 billion in 2025 Expansions Others R$306 M R$51 M Across 5 malls, pursuing high target returns Ioc1 Capex R$500 M R$863 M Renovations R$133 M Share repurchase (4.7% of NOI3) R$25 M Minority stake acquisition R$373 M Enhancing attractiveness and productivity BarraShopping, on
Slide 26: R$7.8 billion allocated over the last 5 years, balancing investments and shareholder return
R$7.8 billion allocated over the last 5 years, balancing investments and shareholder return Total capital allocated (R$) 7,795.4 M (2021 – 2025) 2,980.8 M Capex 3,569.5 M 911.0 M Shareholder return 4,814.6 M 1,388.5 M (IoC¹ + share 1,299.2 M 2,658.5 M repurchase) 767,3 M 769,9 M 594.5 M 863.0 M 416.
Slide 27: Fair Value
Fair Value Enterprise Value (EV) is 55% of the Fair Value Multiplan’s value Governança corporativaEV¹/ Fair Value² 33.5 1.0 1.02 +79.5% 18.7 -12.9% 18.7 -2,3% 0.84 0.83 0.59 +27.8% 16.2 0.77 0.56 14.0 R$ billion 10.9 0.51 Dec-24 Dec-25 EV¹ Fair Value² EV 1 Replacement 4 cost³ 2012 2013 2014 2015 201
Slide 28: Multi ecosystem in 2025
Multi ecossystem in 2025 1.5 million users and 15 million receipts registered, 1.6 million vehicles registered with the automatic parking which represent 20% of total sales in 2025 payment service1 1 Data relating to the last day of the year. 1.5 million 10 million 62 million downloads in 2025 accum
Slide 29: Digital Innovation in the customer journey
BarraShopping Christmas tree 2025 Digital Innovation in Ticket reservations via Multi, with Fast Pass access for Platinum and Gold members the customer journey Consumer profile identification and influence area mapping Convenience that drives data generation and consumer engagement Heat map of the g
Slide 30: Expanded relationship with the ecosystem
Expanded relationship with the ecosystem “I'm a store clerk”: new feature “Know your Customer”: expands the Multi ecosystem and Multi app features feed generates shared value between each tenant’s individual customers, tenants and employees dashboard Conheça seu Cliente More than 15% of purchases Ne
Slide 31: Social and environmental responsibility, governance: highlights 2025
Social and Increase in independent representation on the Board of Directors from 29% to 43% environmental responsibility, governance: highlights 2025 ~500 pets adopted at 1,300 events held in the Company’s malls malls throughout the year Multiplan celebrates the 10th anniversary of its social impact
Slide 32: BarraShopping celebrates Christmas with a 75-meter-tall tree and immersive experiences
BarraShopping celebrates Christmas with a 132,000+ 75-meter-tall tree and visits inside immersive experiences 3.3x the size of the Rockefeller Center tree1 Rockefeller Barra Center Shopping Data from 2025. ¹ The 2025 Rockefeller Center Christmas tree is 23 meters tall.
Slide 33: Sustainability, social and corporate governance initiatives, awards and recognitions
Sustainability, social and corporate governance initiatives, awards and recognitions over the year GRI Awards 2025 Experience Awards 2025 Ademi-RJ Awards 2025 Shopping center project of the year BarraShopping The Technological Innovation Award recognizes Multiplan’s free-flow parking DiamondMall – E
Slide 34: Investor Relations
Parque Shopping Maceió - Alagoas Investor Relations ri@multiplan.com.br +55 21 3031-5400
Multiplan Empreendimentos Imobiliarios — Q4 2025 Earnings Presentation on 6ix