Multiplan Empreendimentos Imobiliarios Sa · BMFBOVESPA:MULT3
Multiplan Empreendimentos Imobiliarios Sa — Q1 2025 Earnings Presentation
23 slides from Multiplan Empreendimentos Imobiliarios Sa's earnings presentation, Apr 30, 2025
Slide 1: 1Q25 Earnings Conference call
1Q25 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: Consistent long-term growth
Consistent long-term growth (CAGR1 % 2007- Mar-25 LTM) Sales2 Gross Revenue NOI3 EBITDA FFO4 Net income 24,367 2,745 1,903 1,858 1,532 1,308 4,244 369 212 175 56 21 2007 Mar-25 2007 Mar-25 2007 Mar-25 2007 Mar-25 2007 Mar-25 2007 Mar-25 (R$ million) LTM LTM LTM LTM LTM LTM +10.7% +12.3% +13.6% +14.7
Slide 4: A strong start to the year
A strong start to the year 1Q25 figures show Multiplan's ability to grow consistently Sales Occupancy Turnover R$5.5 bi 96.3% 0.8% +7.9% vs. 1Q24 +56 b.p. vs. 1Q24 7,146 sq.m in 1Q25 Malls’ rental Net revenue SSR delinquency R$397 M +7.0% +0.8% +6.0% vs. 1Q24 +3.4% real SSR vs. 1Q24 -41 b.p. vs. 1Q2
Slide 5: Active management boosts sales: +7.9% vs. 1Q24
New York City Center Active management boosts sales: +7.9% vs. 1Q24 Apr-25 sales1 estimated 16.3% higher than Apr-24 Quarterly tenants’ sales evolution (R$) +7.9% 5.5 B 5.1 B 4.6 B 4.0 B 2.3 B 1Q21 1Q22 1Q23 1Q24 1Q25 ¹ Preliminary sales for Apr-25. Estimated on April 24th. 5
Slide 6: SSS: 6.2% growth in 1Q25
BarraShopping SSS : 6.2% growth 1 in 1Q25 Apparel and Home & Office drive growth Same Store Sales (SSS) 1Q25 x 1Q24 BarraShoppingSul Anchor Satellite Total Food Court & Gourmet +20.0% -1.8% -1.5% Area Apparel +10.9% +9.1% +9.7% Home & Office +34.7% +7.3% +12.2% Miscellaneous +4.7% +7.0% +6.2% Servic
Slide 7: Lowest occupancy cost for a 1Q since 2019
Occupancy cost breakdown Lowest occupancy 15.6% 15.0% cost for a 1Q since 14.6% 14.0% 14.0% 14.6% 8.9% 10.2% 9.6% 2019 8.8% 8.7% 9.2% 5.7% 5.4% 5.4% 5.2% 5.3% 5.4% Low net delinquency continues 1Q21 1Q22 1Q23 1Q24 1Q25 Series to reduce provisions average Rent as sales % Common expenses as sales % Ne
Slide 8: Revenue growth led by rent, parking and services
Revenue growth led by rent, Parking revenue (R$) parking and services 10.2% 75.0 M 68.2 M Gross and Rental revenues breakdown – 1Q25 1Q24 1Q25 Others 7.3% Base rent 90.3% Services revenue (R$) Services 7.9% 14.5% Overage 2.3% 45.4 M 39.6 M Parking 13.2% Mall & Media 7.3% Rental 71.6% 1Q24 1Q25 8
Slide 9: Real SSR of 3.4% in 1Q25
Real SSR of 3.4% in 1Q25 DiamondMall IGP-DI adjustment effect of 3.5% 14.00% Indexes and SSR1 analysis – 1Q25 12.00% 10.00% Real SSR2: +3.4% 8.6% 8.00% 7.0% 6.00% 5.5% 5.3% 4.00% 3.5% 2.00% 0.00% IPCA IGP-DI Rental IGP-DI SSR¹ (Mar-25 LTM) (Mar-25 LTM) revenue adjusment (1Q25 vs. (1Q25 vs. effect 1Q
Slide 10: Golden Lake – Phase 1
Golden Lake – Phase 1 Delivery by the end of 1H25 Construction site, Golden Lake – Apr-25 Sales: 68.1% of units sold¹ Revenue accrued until Mar-25: R$290.9 M Launch: Oct-21 equivalent to R$376.4 M of PSV² Accrued gross margin until Mar-25: 25.8%³ 1st phase with 4 towers 34,000 sq.m 94 units R$560 mi
Slide 11: Golden Lake – Phase 2
Golden Lake – Phase 2 Lake Eyre: more than half of the PSV1 already sold Illustration - Lake Eyre towers Estimated start of construction: Jun-25 Launch2: Sep-24 Sales2: 64 units Estimated delivery: Mar-28 2nd phase with 2 towers PSV3 of R$350 M 127 units Investment of R$250 M 19,600 sq.m of private
Slide 12: Capital structure
vs. 2T22 vs. 2T22 vs. 2T22 Capital structure Cash generation (FFO1) covers almost three years of debt amortizations 2 Gross debt amortization schedule (R$) and amortization Cash and cash generation (R$) as a % of Mar-25 LTM FFO1 | (%) 46.0% 45.4% 40.6% 39.4% 1,532 M 35.8% 32.7% 29.3% 28.8% 28.8% 28.
Slide 13: Stable leverage in line with historical levels
Stable leverage in line with historical levels Net Debt/EBITDA at 2.28x (Mar-25) ShoppingVilaOlímpia Gross debt: R$5,475.0 M Average cost p.a.: 14.81% Net debt: R$4,231.3 M Net debt / EBITDA: 2.28x Properties’ Fair Value¹: R$31,355.3 M Net debt / Fair Value: 13.5% Net Debt/ 4.00x 3.06 EBITDA (x) 2.3
Slide 14: Cost of debt
Cost of debt Debt indexes (Mar-25) Cost of debt spread to Selic (b.p.) 95.2% 4.8% 48 51 57 56 6 Dec-21 Dec-22 Dec-23 Dec-24 Mar-25 CDI TR Weighted average cost of debt (% p.a.) 14.81% 14.25% 13.75% 13.81% 12.26% 12.82% 10.00% 10.96% 9.73% 14.25% 9.08% 13.09% 13.18% 8.24% 7.62% 13.75% 11.75% 12.25% 1
Slide 15: R$2.1 billion in share buybacks in the last 12 months
R$2.1 billion in share buybacks in the last 12 months boost net income and FFO per share 1 FFO1 per share (R$) Earnings per share (R$) CAGR2: +17.6% 44.1% CAGR2: +21.1% 39.2% R$2.68 R$ 3.14 R$1.86 R$ 2.25 R$1.40 R$1.38 R$ 1.85 R$0.98 R$ 1.46 R$ 1.45 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 Mar-21 Mar-22 M
Slide 16: Dividends and IoC evolution
Dividends and IoC evolution R$560.0 million distributed in the last 12 months, and R$4.1 billion since the IPO 1 Shareholder remuneration distribution CAGR2: +21.7% 1.10 1.00 1.03 Dividend per share3 0.72 581.0 540.0 560.0 0.47 0.45 0.50 0.40 0.40 0.44 420.0 0.34 0.31 0.28 0.24 0.19 0.17 0.11 280.0
Slide 17: Capital allocation 1Q25: 13.9% lower Capex
MorumbiShopping Capital allocation 1Q25: 13.9% lower Capex with delivery of projects Capital allocation (R$ M) 263.9 255.0 Capex -13.9% 139.9 120.5 Renovation Capex 25.5 represents 5.5% of 34.0 1Q25 NOI 110.0 90.0 1Q24 1Q25 IoC 1 Share buyback CAPEX 1 IoC stands for Interest on Capital. 17
Slide 18: Fair Value
Fair Value Enterprise Value (EV) is half of the Fair Value, the lowest EV/Fair Value ratio ever recorded Multiplan’s value Governança corporativaEV¹/ Fair Value² 1.0 1.02 +98.1% 31.4 0.84 0.83 0.59 -2.3% 0.77 0.51 15.4 -24.6% 15.8 15.8 16.2 0.50 R$ billion 11.6 Mar-24 Mar-25 EV¹ Fair Value EV¹ Repla
Slide 19: Multi app and the MultiVocê loyalty program
Multi app and the MultiVocê loyalty program Present in all of Multiplan's malls, the loyalty program boosts sales and recognizes the most active customers +73% in volume of +2,300 benefits in purchases captured by the over 600 stores program (1Q25 vs. 1Q24) Gold, Silver and Green Access to exclusive
Slide 20: Launch of “Know your customer”
Launch of “Know your customer” Sharing data with tenants to generate insights and results Launch of the “Know your customer” section on the Retail Channel (“Canal Lojista”); Conheça seus clientes Personalized insights based on the analysis of data captured by the Multi app; Data on consumption, tena
Slide 21: Strengthening corporate governance
Strengthening corporate governance Annual General Meeting (AGM) on March 28th Board of Directors: new independent member 29% 43% independent members Independent External 1 (Non-executive) Fiscal Council: reinstated with four members 100% of independent members AGM Management Proposal (link) Independ
Slide 22: Social responsibility – 1Q25 highlights
Social responsibility – 1Q25 highlights Some of the initiatives carried out in the quarter Donations Vaccines Food 27 ton Shots Clothing, 13,166 administered 13,166 hygiene and 21,413 toys items Donation to “Mano Down” Institute Donation at MorumbiShopping Pet Blood adoption donations Dogs and Blood
Slide 23: Investor Relations
Parque Shopping Maceió - Alagoas Investor Relations ri@multiplan.com.br +55 21 3031-5400
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