Multiplan Empreendimentos Imobiliarios Sa · BMFBOVESPA:MULT3
Multiplan Empreendimentos Imobiliarios Sa — Q1 2026 Earnings Presentation
22 slides from Multiplan Empreendimentos Imobiliarios Sa's earnings presentation, Apr 30, 2026
Slide 1: Earnings Conference call 1Q26
Earnings Conference call 1Q26 VillageMall Contact the Investor Relations team at: ri.multiplan.com.br . ri@multiplan.com.br . +55 21 3031-5400 ParkShoppingBarigüi ParkShopping Canoas
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
INDEX INDEX 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 1Q26
Slide 4: 2026 starts with new records
2026 starts with new records Rental and asset sales drive results Capital Multi Financial Operational Allocation superapp Net Income Sales CAPEX Accumulated downloads +35.1% +7.2% R$116.3 M 10.0 M vs. 1Q25 vs. 1Q25 in 1Q26 as of 1Q26 EBITDA Real SSR IOC1 Automatic payment +28.9% +3.0% R$140 M 1.9 M
Slide 5: Sales: +7.2% growth vs. 1Q25
Sales: +7.2% growth Sales performance in renovated or expanded malls (Base 100) vs. 1Q25 Expansions and renovations 199 continue to drive sales 186 178 160 Quarterly tenant sales (R$) 150 148 +48.5% +7.2% 100 5.9 B 5.5 B 1Q22 1Q23 1Q24 1Q25 1Q26 5.1 B 4.6 B 4.0 B New York City Center (Renovation 202
Slide 6: Robust operating indicators support occupancy and reduce occupancy cost
Occupancy cost breakdown Robust operating indicators support 15.6% 15.0% 14.0% 14.0% 13.8% 14.5% occupancy and reduce 10.2% 9.6% 8.8% 8.7% 8.6% 9.2% occupancy cost 5.4% 5.4% 5.2% 5.3% 5.2% 5.3% High occupancy even with GLA growth, 1Q22 1Q23 1Q24 1Q25 1Q26 Series and turnover in line with historical
Slide 7: SSR of 6.9% in 1Q26
SSR of 6.9% in 1Q26 BH Shopping 3.8% IGP-DI adjustment effect, despite the negative IGP-DI over the last 12 months (-1.6%) Indexes and SSR1 analysis – 1Q26 12.00% Real2 SSR: +3.0% 10.00% 8.00% 6.9% 6.00% 4.1% 3.8% 4.00% 2.00% 0.00% -1.6% -2.00% IPCA IGP-DI IGP-DI SSR¹ (Mar-26 LTM) (Mar-26 LTM) adjus
Slide 8: Golden Lake: the first private neighborhood in Porto Alegre
Lake Victoria Lake Eyre Lake Baikal Golden Lake: Launch: Oct-21 Launch: Sep-24 Launch: Jun-26 the first private Delivery Towers Delivery Towers Delivery Towers 4Q25 4 1Q28 2 - 2 neighborhood in Units Private Units Private Units Private Porto Alegre Area Area Area 94 34,000 127 19,000 88 19,000 8 pha
Slide 9: Golden Lake: sales status
Golden Lake: sales status Sales and revenue (Mar-26) – Golden Lake Illustrative image No 1 . Lake Victoria No 2 . Lake Eyre Lake Eyre Sales¹ Sales¹ % of units % of units 77.7% 74.0% PSV sold² PSV sold² R$434.3 M R$279.7 M Revenue accrued³ Revenue accrued³ R$434.3 M R$90.3 M ¹ Sales accounted for unt
Slide 10: G&A expenses as a % of net revenue: lowest level for a first quarter since the IPO
G&A expenses as a % of net revenue: lowest level 1 for a first quarter since the IPO² Annual evolution of G&A1 expenses (R$) and as a % of net revenue +0.3% 49.7 M 49.9 M 44.2 M 46.2 M 39.3 M 9.3% 9.4% 8.8% 9.5% 6.0% 1Q22 1Q23 1Q24 1Q25 1Q26 IPCA3: +4.1% 1 General and Administrative Expenses (G&A).²
Slide 11: EBITDA: record first quarter, up nearly 30% vs. 1Q25
1Q26 Revenues EBITDA: record first quarter, up nearly 30% +1,449.6% 300.9 M vs. 1Q25 Real Estate for Sale (R$) 19.4 M 1Q25 1Q26 EBITDA (R$) and EBITDA Margin (%) Sale of a 10% stake in BH Shopping in 1Q26: R$285.0 million +11.7% +74.8% 83.9 M +28.9% 75.1 M 516.5 M Parking (R$) 390.8 M 400.6 M 357.7
Slide 12: Multiple records for a first quarter since the Company's IPO
Multiple records for a first quarter Record for LTM figures since the Company’s IPO¹ since IPO1 As of Mar-26 (LTM): NET NOI EBITDA FFO NET INCOME REVENUE (Net Operating Income) (Funds from Operations) 3.04 2.09 2.12 1.43 1.22 R$ B R$ B R$ B R$ B R$ B +19.4 % +9.9 % +14.1 % -6.8 % -6.5 % Margin 47.0
Slide 13: Deleveraging driven by lower Net Debt/EBITDA
Deleveraging driven by lower Net Debt/EBITDA In 03/31/2026: vs. Dec-25 Net Debt/EBITDA (x) Gross Debt R$5,421.7 M ▼ 0.3% 4.0 Lowest covenant: Cash Position R$913.9 M ▲ 18.4% 4.0x 3.06 2.31 2.33 Net Debt R$ 4,507.8M ▼ 3.4% 1.63 2.13 1.38 Net Debt/EBITDA 2.13x ▼ 0.20x Dec-21 Dec-22 Dec-23 Dec-24 Dec-2
Slide 14: EPS growth significantly outpaces share price performance, with ROE of 18.9%
EPS¹ growth significantly outpaces share price performance, with ROE² of 18.9% EPS¹ vs. share performance (R$) ROE2 (%) +153.6% 2.49 +997 b.p. 18.9% +120.9% 31.81 0.64 +29.9% 8.9% 24.48 0.29 0.98 2021 2025 2021 2025 mar/ 22 (12M ) mar/ 26 (12M ) 2021 2025 03/31/22 03/31/26 1Q22 1Q26 Mar-22 (LTM) Mar
Slide 15: Dividends and IoC evolution
Dividends and IoC¹ evolution R$530.0 million distributed in the last 12 months, and R$4.7 billion since the IPO² Shareholder remuneration distribution CAGR2: +20.2% 1.03 1.02 1.08 1.00 Remuneration per share3 0.72 581.0 540.0 500.0 530.0 0.47 0.45 0.50 0.40 0.40 0.44 0.34 0.31 420.0 0.28 0.24 0.19 0
Slide 16: MULT3: up 40.8%, with valuation metrics still below historical averages
MULT3: up 40.8%, with valuation metrics still below historical averages Share price performance (MULT3) (03/31/25 – 03/31/26) P/E1 EV/EBITDA2 35 +40.8% 1Q26 13.3x 1Q26 9.8x R$ 31.81 -9.6x -4.6x 10-year average 22.9x 10-year average 14.4x 30 P/FFO3 Cap rate4 25 1Q26 11.4x 1Q26 10.0% -5.0x +165 b.p. 1
Slide 17: R$256.3 million allocated, focused on shareholder returns and mall expansions
R$256.3 million allocated, focused on shareholder returns and mall expansions Capex breakdown – 1Q26 Total capital allocation (R$) – 1Q26 Renovations, IT, Digital Innovation and Others: 31.5 M 140.0 M 116.3 M Expansions Renovations: 84.8 M 2.8% of NOI² 1 IOC 1 Capex Capex highlights for the quarter:
Slide 18: Fair Value
Fair Value Multiplan’s Fair Value reaches R$32.3 billion Multiplan’s value Governança corporativa Fair Value and EV¹/ Fair Value² 0.97 0.99 1.02 32.3 0.77 +54.9% 0.60 0.66 0.65 0.59 0.56 0.51 20.8 -22,0% 20.8 -2,3% +40.8% 33.5 B 32.3 B R$ billion 16.3 16.2 29.0 B 30.1 B 11.6 25.7 B 21.7 B 21.1 B 22.
Slide 19: 2026 Public Meeting
2026 Public Meeting Event hosted by the Company brought together investors, executives and other stakeholders to present its strategy and the results achieved Webcast Presentation Webcast Presentation Tenant mix change (pg. 14) Returns from renovations (pg. 26) Returns from the 2006 expansion (pg. 5
Slide 20: Digital innovation drives engagement and value creation
Digital innovation drives engagement and value creation >10 M accumulated downloads Loyalty and behavior Value for tenants Efficiency and experience 3 years of the free +21% in the Platinum, >4,000 tenants flow, pioneer on Gold, and Silver accessed the ”Know automatic parking customer base Your Cust
Slide 21: Social and environmental responsibility, governance and recognitions in 1Q26
Social and environmental Multiplan’s ESG rating by MSCI was upgraded from “B” to “BB” responsibility, governance and recognitions in 1Q26 Multiplan held its Annual Shareholders’ Meeting on March 27, 2026, maintaining a Board of Directors with 43% independent members. The Fiscal Council was reinstate
Slide 22: Investor Relations
Investor Relations ri@multiplan.com.br +55 21 3031-5400
Multiplan Empreendimentos Imobiliarios — Q1 2026 Earnings Presentation on 6ix