Multiplan Empreendimentos Imobiliarios Sa · BMFBOVESPA:MULT3
Multiplan Empreendimentos Imobiliarios Sa — Q3 2024 Earnings Presentation
26 slides from Multiplan Empreendimentos Imobiliarios Sa's earnings presentation, Oct 30, 2024
Slide 1: 3Q24 Earnings Conference call
3Q24 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: Sales: management delivering growth
Sales: management Active management in delivering growth 3Q24: 287 events 13 malls in renovation Quarterly tenants’ sales (R$) 13,781 sq.m of new stores 96.4% occupancy rate in Sep-24 +9.2% >7 million Multi app downloads 5.7 B 4.8 B 5.2 B 3.7 B 2.2 B 3Q20 3Q21 3Q22 3Q23 3Q24 Music event – ShoppingVi
Slide 4: SSS: growth in all segments
SSS: growth in all segments Miscellaneous with the biggest increase (+13.0% vs. 3Q23), impacted by perfumery/cosmetic, supermarket and jewelry activities Same Store Sales (SSS) 3Q24 x 3Q23 Anchor Satellite Total Food Court & Gourmet - +6.9% +6.9% Area Apparel +10.8% +6.0% +7.5% Home & Office +23.1%
Slide 5: Higher sales dilute occupancy cost again
Occupancy cost Higher sales dilute occupancy cost 11.8% 13.6% 14.0% 13.6% 12.8% 13.2% again 7.2% 9.3% 9.1% 8.7% 8.1% 8.5% 4.6% 4.4% 4.9% 4.9% 4.7% 4.7% Recovery of past rents leads to negative net delinquency 3Q20 3Q21 3Q22 3Q23 3Q24 Series Average Rent as sales % Common expenses as sales % Net deli
Slide 6: Real SSR of 3.8% in 3Q24
Real SSR of 3.8% in 3Q24 ParkShopping Canoas IGP-DI adjustment effect back to positive 12.00% 10.00% Indexes and SSR1 analysis – 3Q24 8.00% Real SSR2: +3.8% 6.00% 4.4% 4.8% 4.4% 4.00% 1.9% 2.00% 0.6% 0.00% IPCA IGP-DI Rental IGP-DI SSR¹ (Sep-24 LTM) (Sep-24 LTM) Revenue adjustment (3Q24 vs. (3Q24 vs
Slide 7: Golden Lake – Phase 1
Golden Lake – Phase 1 Construction continues at full steam Construction site, Golden Lake - Oct-24 Sales: 66.0% of units sold¹ 3Q24 revenue: R$42 M Launch: Oct-21 equivalent to R$353 M of PSV² Revenue accrued until Sep-24: R$238 M 3Q24 gross margin: 31.6%³ 1st phase with 4 towers 34,000 sq.m 94 unit
Slide 8: Golden Lake – Phase 2
Golden Lake – Phase 2 Launching of Lake Eyre Illustration - Lake Eyre towers PSV2: R$350 M Construction start: Jun-25 Launch1: Sep-24 Capex: R$250 M Delivery: Mar-28 2nd phase with 2 towers 127 units 19,600 sq.m of private area ¹In accordance to the Notice to the Market (link). ²PSV stands for Poten
Slide 9: Sale of the last plot of land next to Parque Shopping Maceió
Sale of the last plot of land next to Parque Shopping Maceió Lot 7: Corporate towers Sales price: R$17.5 million Lot area: 12,706 sq.m Accounting: 100% in 3Q24 Future mall expansion Residential towers Green area Parque Shopping Maceió Hospital Residential and Lot 7 Corporate towers Corporate towers
Slide 10: Recent events
Recent events Following the close of 3Q24, Multiplan announced several relevant events 1. Buyback transaction 2. Launching more GLA In September, the Company On October 2nd, the Company proposed the repurchase of 90.0 launched the 10th expansion of million shares. ParkShopping, which will add 8,615
Slide 11: Net income grows 6.1% vs. 3Q23
vs. 2T22 vs. 2T22 vs. 2T22 vs. 2T22 Net income grows 6.1% vs. 3Q23 +6.5 % +6.1 % +4.7 % +2.6 % NET NOI EBITDA INCOME NET REVENUE (Net Operating Income) -2.8 % 545.2 458.6 401.1 279.6 R$ M R$ M R$ M R$ M FFO (Funds from Operations) 93.2 +32 % MARGIN b.p. 73.6 -279 % MARGIN b.p. 51.3-19% b.p. MARGIN 3
Slide 12: Net income grows 18.2% vs. Sep-23 (LTM)
vs. 2T22 vs. 2T22 vs. 2T22 vs. 2T22 Net income grows 18.2% vs. Sep-23 (LTM) Efficiency gains lead to higher margins and growth +18.2 % +10.8 % +9.1 % +5.5 % +4.7 % NOI EBITDA FFO NET NET (Net Operating Income) (Funds from Operations) INCOME REVENUE 2,179 1,804 1,575 1,333 1,131 R$ M R$ M R$ M R$ M R
Slide 13: Increasing results
Increasing results FFO per share up 11.7% year-on-year and EPS1 up 19.1% in the last 12 months Earnings per share (R$) FFO per share (R$) CAGR2: +15.5% 11.7% CAGR2: +21.5% 19.1% 2.31 2.07 1.96 1.61 1.81 1.64 1.70 1.27 1.12 0.74 1.00 0.65 3 Sep-19 Sep-20 Sep-21 Sep-22 Sep-23 Sep-24 3 Sep-19 Sep-20 Se
Slide 14: Distributing the results is part of the capital allocation strategy
Cultural event - ParkJacarepaguá Distributing the results is part of the capital allocation strategy Capital allocation (R$ M) 1,607.9 1,203.0 1,300.2 877.2 767.3 770.0 595.5 827.0 194.8 123.7 149.7 416.5 155.2 106.0 55.8 581.0 581.0 420.0 270.0 295.0 2020 2021 2022 2023 Sep-24 LTM IoC Share buyback
Slide 15: Historic opportunity, with a great return
Historic opportunity, with a great return Return of 21.6% provided by the repurchase of R$2 billion in shares added to the IoC1 already approved in the year IoC1 + Share buyback (R$ M) Repurchase cap rates vs. market average (%) Cap rate Yield of repurchase 21.6%2 13.0% price 11.9% (R$22.21) 2,801 1
Slide 16: Fair Value
Fair Value Enterprise Value 55% below Fair Value, the lowest EV/Fair Value ever recorded Multiplan’s value Governança corporativaEV¹/ Fair Value² +80.9% 30.8 1.0 1.02 0.84 0.83 +0.5% -5.7% 0.77 17.0 17.0 16.1 0.55 14.76 14.82 0.59 R$ billion Sep-23 Sep-24 EV¹ Fair Value² EV¹ Replacement cost³ Market
Slide 17: Capital structure
vs. 2T22 vs. 2T22 vs. 2T22 vs. 2T22 Capital structure FFO1 is more than double the annual amortization of the Company's debt in Sep-24 (LTM) Cash and cash generation Gross debt amortization schedule (R$ M) and amortization as a % of Sep-24 FFO1 (LTM) | (%) (R$ M) Recent event: In Oct-24, Multiplan i
Slide 18: Capital: stable leverage
Capital: stable leverage Net Debt/EBITDA at 1.41x (Sep-24) Gross debt: R$3,639.3 M Average cost p.a.: 11.35% Net debt: R$2,216.8 M Net debt / EBITDA: 1.41x Properties’ Fair Value¹ : R$30,834.1 M Net debt / Fair Value : 7.2% Net Debt/ 4.00x 3.06x EBITDA 1.56x 1.63x 1.38x 1.41x Lowest Dec Dec Dec Dec
Slide 19: Capital structure
Capital structure Debt indexes (Sep-24) Cost of debt spread to Selic (b.p.) 91.2% 119 1.0% 51 67 55 60 48 7.8% 6 Dec-20 Dec-21 Dec-22 Dec-23 Mar-24 Jun-24 Sep-24 TR CDI IPCA Weighted average cost of debt (% p.a.) 14.30% 13.80% 13.81% 12.26% 11.35% 10.00% 10.96% 9.73% 9.08% 13.09% 13.18% 7.62% 7.00%
Slide 20: 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 11/18/2024 R$400.0 M DiamondMall 5,116 11/06/2024 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 R$221.0 M JundiaíShopping 7,850 1H27 Park
Slide 21: 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 22: 768,138 sq.m of total private area for sale
768,138 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 22
Slide 23: ESG - Viva Barigui: a gift to Curitiba
ESG - Viva Barigui: a gift to Curitiba Integration of ParkShoppingBarigüi with Barigui Park, inaugurated in Oct-24, is part of the mall's expansion 600-meter linear park with a new public leisure area for local residents It connects the mall with Barigui Park, a symbol of Curitiba International awar
Slide 24: ESG – 3Q24 highlights
ESG – 3Q24 highlights Some of the initiatives carried out during the quarter Event in honor of Deaf Day Malls awarded at the Experience Awards Compliance Week Internship program National campaign to reduce food waste 24
Slide 25: Multi, the super app
Multi, the super app Multi: Anticipating trends, bringing convenience Unique knowledge of the customer journey bringing results to the Company 26 million accesses in the app $ Online parking payment Medical Center in the last 12 months directory Stores and Shopping discount >7 million accumulated re
Slide 26: Investor Relations
Investor Relations ri@multiplan.com.br +55 21 3031-5400
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