Multiplan Empreendimentos Imobiliarios Sa · BMFBOVESPA:MULT3
Multiplan Empreendimentos Imobiliarios Sa — Q2 2024 Earnings Presentation
24 slides from Multiplan Empreendimentos Imobiliarios Sa's earnings presentation, Jul 31, 2024
Slide 1: 2Q24 Earnings Conference Call
2Q24 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: SOS Rio Grande do Sul
SOS Rio Grande do Sul Multiplan provided emergency support to the population of Rio Grande do Sul, after severe weather conditions hit the state in May-24 Temporary initiatives Provision of infrastructure, Operation of Suspension of Collection of more than 220 ParkShopping Canoas’ drinking water and
Slide 4: Sales: growth of 11.1% in June
Sales: growth of 11.1% in June Quarterly tenants’ sales (R$) RibeirãoShopping +6.3% Monthly sales evolution (vs. 2023) 5.6 B 4.9 B 5.2 B 11.1% 9.8% 3.0 B 6.8% 0.6 B 0.6% 2Q20 2Q21 2Q22 2Q23 2Q24 Apr-24 May-24 Jun-24 Jul-24 4
Slide 5: SSS: growth in all segments
SSS: growth in all segments Miscellaneous with the biggest increase vs. 2Q23: +13.2% Same Store Sales (SSS) MorumbiShopping 2Q24 x 2Q23 Anchor Satellite Total Food Court & Gourmet - +1.5% +1.5% Area Apparel -1.3% +3.9% +2.1% Home & Office +0.5% +3.9% +3.2% Miscellaneous +16.2% +11.9% +13.2% Services
Slide 6: Chain reaction: positive sales growth led to record margins
Chain reaction: Positive sales growth led to a negative net delinquency rate that led to record margins Tenants’ sales (R$) Occupancy cost +6.3% -62 b.p. 5700000 5.6 B 5500000 5.2 B 0.14 13.6% 5300000 13.0% 0.13 5100000 4900000 NOI 1 Margin 0.12 4700000 0.11 +327 b.p. 4500000 2Q23 2Q24 2Q23 2Q24 0.9
Slide 7: Real SSR of 1.9% in 2Q24
Real SSR of 1.9% in 2Q24 BarraShopping Growing despite the null IGP-DI adjustment effect 12.00% Indexes and SSR analysis1 10.00% 8.00% Real SSR2: +1.9% 6.00% 4.2% 4.00% 2.9% 1.9% 2.00% 0.0% 0.00% IPCA IGP-DI IGP-DI SSR ¹ (Jun-24 LTM) (Jun-24 LTM) adjustment effect (2Q24 vs. 2Q23) (2Q24 vs. 2Q23) ¹SS
Slide 8: Golden Lake – Phase 1
Golden Lake – Phase 1 Construction continues at full steam Construction site, Golden Lake - Jul-24 Sales: 62.8% of units sold¹ 2Q24 revenue: R$35.0 million Launch: Oct-21 Accum. gross margin until Jun-24: 29.6%³ equivalent to R$338 M of PSV² 1st phase: 4 towers 94 units 34,000 sq.m ¹ Sales accounted
Slide 9: Sale of land in 2Q24 expands RibeirãoShopping complex
Sale of land in 2Q24 expands RibeirãoShopping complex Plot of land A: • Announcement date: 04/11/2024 • Area size: 23,834 sq.m. • Price: R$48.4 million RibeirãoShopping RibeirãoShopping • Future development: residential Plot of land B: C • Announcement date: 04/15/2024 • Area size: 11,217 sq.m. • Pr
Slide 10: The RibeirãoShopping complex combines leisure, work and convenience
The RibeirãoShopping complex combines leisure, work and convenience in a single location Future hospital Office Tower Future residential and office project Hotel Event Center Office Tower Future residential project Medical RibeirãoShopping Center 10
Slide 11: Net income growing by double digits
vs. 2T22 vs. 2T22 vs. 2T22 vs. 2T22 Net income growing by double digits Efficiency gains lead to higher margins +14.0 % +11.3 % +7.4 % +5.5 % +3.6 % NOI EBITDA FFO NET NET (Net Operating Income) (Funds from Operations) INCOME REVENUE 539.7 434.7 389.6 318.7 281.7 R$ M R$ M R$ M R$ M R$ M 92.0 +327 %
Slide 12: Growing results and distributions
Growing results and distributions Growing and returning: EPS1 increases 28.2% in the last 12 months, while the Company returns more than R$800 million to shareholders in the period FFO per share (R$) Earnings per Share (R$) IOC3 + Share buyback (R$ M) CAGR2: +20.3% CAGR2: +22.5% 19.3% 28.2% 801,3 70
Slide 13: MULT3 share buybacks and P/E
Average P/E2 and historical spread (x) MULT3 MULT32 Ibovespa 3 Spread Share buybacks in 1H24 surpassed the full year of 2023, in a semester in which the P/E Since IPO4 30x 17x 13x 2Q14 – 2Q24 27x 15x 12x reached its lowest level in ten years 2Q19 – 2Q24 22x 13x 10x Share Buyback Program and 2Q24 12x
Slide 14: Fair Value
Fair Value Enterprise Value 48% below Fair Value, the lowest EV/Fair Value ever recorded Multiplan’s value Governança corporativaEV¹/ Fair Value² +93.2% 30.4 1.0 1.02 0.84 0.83 -18.5% +2.1% 0.77 16.6 15.7 15.7 16.1 0.52 13.5 0.59 R$ billion Jun-23 Jun-24 EV¹ Fair Value² EV¹ Replacement cost³ Market
Slide 15: Capital: liability management reduces cost of debt
Capital: liability management reduces cost of debt Net Debt/EBITDA at 1.40x (Jun-24) DEBT Cash (Jun-24) AMORTIZATION 997 M Gross debt: R$3,189.9 M SCHEDULE June 30, 2024 Average cost p.a.: 11.05% FFO (Jun-24 LTM) 1,342 M (R$) 2H24 151 M Net debt: R$2,193.2 M New issuance: 2025 483 M In May/24, the C
Slide 16: Capital structure
Capital structure Cost of debt continues to decrease Debt indexes (Jun-24) Cost of debt spread to Selic (b.p.) 88.3% 119 2.4% 51 67 55 48 9.3% 6 Dec-20 Dec-21 Dec-22 Dec-23 Mar-24 Jun-24 TR CDI IPCA Weighted average cost of debt (% p.a.) 14.30% 13.80% 13.81% 12.26% 11.05% 10.00% 10.96% 9.73% 9.08% 1
Slide 17: 7 expansions, 70,000 sq.m of GLA
7 expansions, 70,000 sq.m of GLA Mall GLA1,2 (sq.m) Opening² Capex² ParkShoppingBarigüi 14,314 2H24 R$400.0 M DiamondMall 5,116 2H24 R$86.0 M Parque Shopping Maceió 5,506 2025 R$55.4 M MorumbiShopping 13,141 1H26 R$233.0 M ParkShopping 8,615 1H26 JundiaíShopping 7,850 1H27 ParkShoppingSãoCaetano 12,
Slide 18: Approximately 200,000 sq.m in potential expansions
Approximately 200,000 sq.m in potential expansions GLA: 14,314 sq.m | Opening: 2H24 Illustration of the expansion project at ParkShoppingBarigüi. GLA: 13,141 sq.m | Opening: 1H26 GLA: 5,116 sq.m | Opening: 2H24 Illustration of the expansion project at MorumbiShopping Illustration of the expansion pr
Slide 19: 795,100 sq.m of total private area for sale
795,100 sq.m of total private area for sale Illustration of mixed-use project at ParkShoppingBarigüi Illustration of mixed-use project at VillageMall Illustration of mixed-use project at BarraShoppingSul 19
Slide 20: 2023 Annual Sustainability Report
2023 Annual Sustainability Report Social and environmental sustainability driving positive financial results 42% reduction 18,000 tons of CO2 in Scope 2 emissions emissions avoided 100% of malls’ energy 100% of malls with comes from renewable proper waste sources management Expansion of the ParkJaca
Slide 21: 2023 Annual Sustainability Report: main metrics
2023 Annual Sustainability Report Main metrics for the period 100% R$6.5 million 18,000 tons 42% 100% of malls' energy of savings in energy of CO2 emissions reduction in of malls with from renewable costs due to reduction Scope 2 proper waste sources renewable energy emissions disposal management 21
Slide 22: Multi, the super app
Multi: various functionalities enhance relationships, engagement and data Multi, the super app Anticipating trends, bringing convenience $ Online parking Medical Center payment directory Stores and >6.7 million downloads restaurants Shopping discount directory coupons Movie and theater Restaurant ti
Slide 23: Acesso Multi: more efficiency and more convenience
Acesso Multi: more efficiency and more convenience Free flow system unprecedented in Brazil More data points on customer behavior 19 malls completely free of parking barriers at entrance gates ~900,000 registered customers 60% of parking transactions through Acesso Multi in some malls ShoppingAnália
Slide 24: Investor Relations
Investor Relations ri@multiplan.com.br +55 21 3031-5400
Multiplan Empreendimentos Imobiliarios — Q2 2024 Earnings Presentation on 6ix