Multiplan Empreendimentos Imobiliarios Sa · BMFBOVESPA:MULT3
Multiplan Empreendimentos Imobiliarios Sa — Q2 2025 Earnings Presentation
24 slides from Multiplan Empreendimentos Imobiliarios Sa's earnings presentation, Jul 30, 2025
Slide 1: 2Q25 Earnings Conference call
2Q25 Earnings Conference call Contact the Investor Relations team at: ri.multiplan.com.br ri@multiplan.com.br +55 21 3031-5400 ParkShopping Canoas
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: Consistent long-term growth
Consistent long-term growth (CAGR1 % 2007- Jun-25 LTM) Sales2 Gross Revenue NOI3 EBITDA FFO4 Net income 25,081 2,903 1,965 1,928 1,506 1,290 4,244 369 212 175 56 21 2007 Jun-25 2007 Jun-25 2007 Jun-25 2007 Jun-25 2007 Jun-25 2007 Jun-25 (R$ milhões) (LTM) (LTM) (LTM) (LTM) (LTM) (LTM) +10.7% +12.5%
Slide 4: Strong 2Q25 performance boosts operational and financial metrics
Strong 2Q25 performance boosts operational and financial metrics Sales Occupancy Turnover Rate R$6.3 bi 1.1% 96.1% +12.8% vs. 2Q24 +12 b.p. vs. 2Q24 9,816 sq.m. in 2Q25 Malls’ rental Real Estate for revenue SSR Sale R$414 M +9.3% R$171 M +8.6% vs. 2Q24 +3.5% real SSR vs. 2Q24 +134.7% vs. 2Q24 NOI ma
Slide 5: Sales: highest increase in a 2Q since 2014
Sales: highest increase in a 2Q since 2014 (+12.8% vs. 2Q24) 1 Sales growth2 in 2Q25 (% vs. previous year) More than half of malls growing double digits +21.3% Quarterly tenants’ sales evolution (R$) +6.0% Mother’s +12.8% Day Brazilian Multiplan's 6.3 B malls 3 malls 5.2 B 5.6 B 4.9 B 3.0 B +11.1% V
Slide 6: SSS: 10.9% growth in 2Q25
SSS: 10.9% growth in 2Q25 Malls that have undergone renovations stand out in the results Same Store Sales (SSS) 2Q25 x 2Q24 Research conducted in renovated malls. Study presented at the 2025 Public Meeting (link) 35.00% Anchor Satellite Total SSS of renovated malls Food Court & Gourmet 30.00% (% com
Slide 7: Lowest occupancy cost for a 2Q since the IPO
Lowest occupancy cost for a 2Q since the IPO 1 Strong sales drive decline Occupancy cost breakdown 14.3% 13.3% 13.6% 13.4% BarraShopping – Stranger Things® Experience 13.0% 12.6% 9.9% 8.6% 8.7% 8.1% 7.8% 8.6% 4.4% 4.7% 4.9% 4.9% 4.8% 4.7% 2Q21 2Q22 2Q23 2Q24 2Q25 Series Average Rent as sales % Commo
Slide 8: Falling turnover and high occupancy
Shopping center turnover as a % of total GLA (%) Falling turnover and high occupancy -60 b.p. 4.8% High sales reduce store turnover while the search for new spaces 1.7% 1.9% 1.1% continues 1.4% 2Q21 2Q22 2Q23 2Q24 2Q25 Net delinquency rate Shopping center average occupancy rate +12 b.p. 96.0% 96.1%
Slide 9: Gross revenue grows 27.2%
Gross revenue grows 27.2%, driven by rental, real estate for sale, parking and services Revenue growth: Rental (R$) Real estate for sale (R$) Parking (R$) Services (R$) 8.4% 134.7% 427.5 M 394.4 M 171.3 M 17.3% 16.4% 73.0 M 72.0 M 84.4 M 36.9 M 42.9 M 2Q24 2Q25 2Q24 2Q25 2Q24 2Q25 2Q24 2Q25 9
Slide 10: SSR of 9.3% in 2Q25
SSR of 9.3% in 2Q25 Copa VillageMall event Real SSR of 3.5% on top of a 5.7% IGP-DI adjustment effect Indexes and SSR1 analysis – 2Q25 14.00% Real2 SSR : +3.5% 12.00% 10.00% 9.3% 8.6% 8.00% 6.00% 5.4% 5.7% 4.00% 3.8% 2.00% 0.00% IPCA IGP-DI Rental IGP-DI SSR¹ (Jun-25 LTM) (Jun-25 LTM) revenue adjusm
Slide 11: Golden Lake – Phase 1
Golden Lake – Phase 1 Construction site, Golden Lake – Jul-25 Sales: 73.4% of units sold¹ Revenue accrued until Jun-25: R$368.6 M Launch: Oct-21 equivalent to R$409.2 M of the PSV² 1st phase with 4 towers 34,000 sq.m of private area 94 units R$560 million PSV 1 Sales accounted for until July 18, 202
Slide 12: Golden Lake – Phase 2
Golden Lake – Phase 2 Lake Eyre: more than half of the PSV 1 already sold Illustration - Lake Eyre towers Launch2: Sep-24 Sales: 63.0% of units sold3 Revenue accrued until Start of construction: May-25 equivalent to R$224.2 M of the PSV1 Jun-25: R$48.8 M 2nd phase with 2 towers 19,600 sq.m of privat
Slide 13: Capital structure
vs. 2T22 vs. 2T22 vs. 2T22 Capital structure Robust cash generation (FFO 1) to meet investments, return capital and pay down debt Cash and cash generation Gross debt amortization schedule (R$) and amortization (R$) as a % of Jun-25 LTM FFO1 | (%) 1,506 M 46.8% 46.2% 36.4% 40.1% 29.9% 33.3% 29.3% 29.
Slide 14: Stable leverage amid investments and IoC distribution
Stable leverage amid investments and IoC distribution 1 Net debt/EBITDA at 2.27x (Jun-25) RibeirãoShopping Gross debt: R$5,124.4 M Average cost p.a.: 15.52% Net debt: R$4,382.1 M Net debt / EBITDA: 2.27x Properties’ Fair Value2: R$31,894.3 M Net debt / Fair Value: 13.7% Net Debt/ 4.00x 3.06 EBITDA (
Slide 15: Cost of debt
Cost of debt Debt indexes (Jun-25) Cost of debt spread to Selic (b.p.) 95.2% 4.8% 48 51 57 56 52 6 Dec-25 Dec-25 Dec-25 Dec-25 Mar-25 Jun-25 CDI TR Weighted average cost of debt (% p.a.) 14.81% 15.52% 14.25% 13.75% 13.81% 12.26% 12.82% 10.00%10.96% 9.73% 15.00% 9.08% 8.24% 7.62% 14.25% 13.09% 13.18%
Slide 16: R$2.0 billion in share buybacks boost net income
R$2.0 billion in share buybacks in the last 12 months boost net income and FFO per share 1 FFO1 per share (R$) Earnings per share (R$) CAGR2: +16.3% CAGR2: +16.2% 32.7% 36.9% R$ 3.08 R$ 2.64 R$ 2.32 R$ 1.93 R$ 1.95 R$ 1.69 R$ 1.44 R$ 1.51 R$ 1.58 R$ 1.12 Jun-21 Jun-22 Jun-23 Jun-24 Jun-25 Jun-21 Jun
Slide 17: Dividends and IoC evolution
Dividends and IoC evolution R$545.0 million distributed in the last 12 months, and R$4.3 billion since the IPO 1 Shareholder remuneration distribution 8.0% CAGR2: +21.4% 1.12 Dividend per share3 1.00 1.03 0.72 581.0 540.0 545.0 0.47 0.45 0.50 0.40 0.40 0.44 420.0 0.34 0.31 0.28 0.24 0.19 0.17 0.11 2
Slide 18: 2Q25 capital allocation: Capex drops 44.7%
BarraShoppingSul 2Q25 capital allocation: Capex drops 44.7% with delivery of renovations and expansions Capital allocation (R$ M) 753.5 489.6 Capex 525.4 410.0 270.1 Capex -34.2% -44.7% 269.4 269.9 149.4 118.5 84.5 25.5 135.0 225.0 230.0 120.0 2Q24 2Q25 1H24 1H25 1 IoC Share buyback CAPEX 1 IoC stan
Slide 19: Fair Value
Fair Value Enterprise Value (EV) is 58% of Fair Value Multiplan’s value Governança corporativaEV¹/ Fair Value² +20.7% 31.9 1.02 1.0 +73.9% +3.1% 18.3 -11.6% 18.3-2,3% 0.84 16.2 0.83 0.59 0.58 13.5 14.0 0.77 11.6 R$ billion 0.51 Jun-24 Jun-24 Jun-25 EV 2 Fair Value 3 EV 2 Replacement adjusted cost 4
Slide 20: 2025 Public Meeting
2025 Public Meeting Multiplan highlights market share gains, active management strategy and growth plans Some case studies presented at the event: Sales growth Return to shareholders Perception of renovations Growth generated by renovations Benefits of expansions Active mix management improving resu
Slide 21: Multi: a new integrated digital era
Multi: a new integrated digital era Unification of Multi, MultiVocê and Acesso Multi channels Previous New Centralized and strengthened experience Launch of the Multi Platinum category: Multi: almost 9.0 million even more exclusive benefits and experiences accumulated downloads +49% in sales at Mult
Slide 22: Know Your Customer Channel
“Know Your Customer” Channel Sharing data with tenants to generate insights and results Personalized insights based on analysis of Data on consumption, store participation data captured by the Multi app in visits and purchasing profile Multi app features feed each store Heat map that allows the reta
Slide 23: Social and environmental responsibility, governance and awards in 2Q25
Social and environmental responsibility, governance and awards in 2Q25 2025 ABRASCE Awards Institutional Campaign Events and Promotions Multiplan: “For 50 years, transforming MorumbiShopping: “DC Heroes” exposition simple moments into something unique and magical” Expansions and renovations Events a
Slide 24: Investor Relations
Parque Shopping Maceió - Alagoas Investor Relations ri@multiplan.com.br +55 21 3031-5400
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