Multiplan Empreendimentos Imobiliarios Sa · BMFBOVESPA:MULT3
Multiplan Empreendimentos Imobiliarios Sa — Q3 2025 Earnings Presentation
28 slides from Multiplan Empreendimentos Imobiliarios Sa's earnings presentation, Oct 31, 2025
Slide 1: 3Q25 Earnings Conference call
3Q25 Earnings Conference call Contact the Investor Relations team at: ri.multiplan.com.br ri@multiplan.com.br +55 21 3031-5400 VillageMall
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: The benefits of active management: solid operational performance in 3Q25
The benefits of active management: solid operational performance in 3Q25 Sales Occupancy Net Rate Deliquency R$6.1 bi 96.3% -1.9% +6.9% vs. 3Q24 +6 b.p. vs. 3Q24 -178 b.p. vs. 3Q24 Net Real Estate for SSR Sale Revenue R$618 M +9.3% R$93 M +13.3% vs. 3T24 +3.0% real SSR vs. 3Q24 +67.9% vs. 3Q24 Prope
Slide 4: Sales: 6.9% increase led by expansions and renovations
Sales: 6.9% increase led by Sales growth in 3Q25 (% vs. previous year) expansions and renovations +29.1% 256.0 M Diamond Sales in October growing 8.0% 1 Mall 198.2 M 3Q24 3Q25 Quarterly tenants’ sales evolution (R$) +19.1% Park 447.8 M +6.9% 376.1 M Shopping Barigüi 6.1 B 5.2 B 5.7 B 4.8 B 3Q24 3Q25
Slide 5: Mix management
Mix management Expanding convenience: Miscellaneous with highest growth in sales and GLA Segments’ net turnover effect in sq.m and as a % of total GLA – 3Q25 SSS – 3Q25 x 3Q24 SSS – 9M25 x 9M24 Anchor Satellite Total Anchor Satellite Total Food Court & Food Court & +6.0% +5.8% +5.8% +8.2% +6.0% +6.0
Slide 6: Efficiency gains result in records
Efficiency gains result Efficiency gains: in records Property expenses (R$) Headquarters expenses (R$) Property expenses as a % of -6.1% +1.3% property revenues1 46.3 M 46.9 M 33.2 M 31.2 M 12.0% 12.0% 7.1% 6.8% 3Q24 3Q25 3Q24 3Q25 5.9% 3Q21 3Q22 3Q23 3Q24 3Q25 Projects for lease Share-based compens
Slide 7: Continuous improvement in operational indicators leads to record NOI margin
Continuous improvement in operational indicators leads to record NOI margin Net delinquency, turnover and occupancy rate NOI margin 96.3% 97% 3.9% +614 b.p. 94.1% 96% 2.3% 93.2% 92.9% 1.3% 96% 95.2% 95% 88.0% 88.0% 3Q21 3Q22 3Q23 3Q24 3Q25 95% 3Q21 3Q22 3Q23 3Q24 3Q25 -1.9% 94% Net delinquency Turno
Slide 8: SSR of 9.3% in 3Q25
SSR of 9.3% in 3Q25 MorumbiShopping Real SSR of 3.0% on top of a 6.1% IGP-DI adjustment effect Indexes and SSR1 analysis – 3Q25 14.00% Real SSR2: +3.0% 12.00% 10.00% 9.3% 8.00% 7.7% 6.1% 6.00% 5.2% 4.00% 2.3% 2.00% 0.00% IPCA IGP-DI Malls' rental IGP-DI SSR¹ (Sep-25 LTM) (Sep-25 LTM) revenue adjustm
Slide 9: Golden Lake – Phase 1
Golden Lake – Phase 1 Construction site, Golden Lake – Oct-25 Launch: Oct-21 Sales: 76.6% of units sold¹ Revenue accrued until Sep-25: R$405.9 M Delivery: 4Q25 equivalent to R$427.4 M of the PSV² 1st phase with 4 towers 34,000 sq.m of private area 94 units R$600 million PSV2 1 Sales accounted for un
Slide 10: Golden Lake – Phase 2
Golden Lake – Phase 2 Lake Eyre: nearly 2/3 of the PSV 1 sold and construction already underway Illustration - Lake Eyre towers Launch2: Sep-24 Sales: 66.1% of units sold3 Revenue accrued until Start of construction: May-25 equivalent to R$240.5 M of the PSV1 Sep-25: R$61.0 M Delivery: Mar-28 2nd ph
Slide 11: Net revenue grows double digits
vs. 2T22 vs. 2T22 vs. 2T22 Net revenue grows double digits Operational efficiency driving expense reduction, leading to record NOI margin for a 3Q. Share buyback increases leverage and reduces net income and FFO. +13.3 % +11.0 % NET +8.6 % +8.6 % REVENUE PROPERTY NOI EBITDA EBITDA (Net Operating Inc
Slide 12: Consistent long-term growth
Consistent long-term growth (CAGR1 % 2007- Sep-25 LTM) Sales2 Gross Revenue NOI3 EBITDA FFO4 Net income 25,473 2,980 2,004 1,963 1,441 1,232 4,244 369 212 175 56 21 2007 Sep-25 2007 Sep-25 2007 Sep-25 2007 Sep-25 2007 Sep-25 2007 Sep-25 (R$ millions) (LTM) (LTM) (LTM) (LTM) (LTM) (LTM) +10.6% +12.5%
Slide 13: Multiplan: a never-ending growth story
Multiplan: a never-ending growth story Expansions Mixed-use Additional gross pipeline: pipeline: floor area: 157,310 sq.m 864,020 sq.m 1,448,700 sq.m ParkShoppingCampoGrande - ParkShopping – Commercial tower Lake Baikal – Golden Lake Mixed-use VillageMall – Mixed-use BH Shopping - Mixed-use ParkShop
Slide 14: BarraShopping expansion VIII
BarraShopping expansion VIII 4,000 sq.m expansion with two phases BarraShopping expansion VIII – Phase 1 Added GLA: 2,000 sq.m No of new stores: Expansion of existing store Capex (100%): R$35.0 M BarraShopping expansion illustration Opening: 2H26 Phase I will expand an anchor store in the Apparel se
Slide 15: BarraShopping: acquiring growth
BarraShopping: acquiring growth Acquisition of a 7.5% stake for R$362.5 million, at a cap rate of 8.8% 1, in Multiplan's larger and growing mall2 Growth drivers: Shareholders’ participation in BarraShopping: R$88.3 million invested in renovations in the last 3 years3 Growth vector: Barra da Tijuca g
Slide 16: BH Shopping expansion VI
BH Shopping expansion VI Expansion will be carried out with the conversion of a covered parking area BH Shopping expansion VI Added GLA: 1,962 sq.m No of new stores: 6, plus 1 expanded store Future BH Shopping expansion VI illustration Capex (100%): R$30.0 M 6 satellite; 1 anchor store to Store size
Slide 17: 157,000 sq.m in potential expansions
Parque Shopping Maceió expansion works – Oct-25 Approximately 157,000 sq.m in potential expansions Expansion works are in full swing to add 27,000 sq.m of GLA GLA: 5,506 sq.m | Capex: R$ 55.4 M | Opening: Nov-25 MorumbiShopping expansion works – Oct-25 ParkShopping expansion works – Oct-25 GLA: 13,1
Slide 18: Capital structure
vs. 2T22 Confidencial vs.–2T22 Para uso interno do Conselho Fiscal da Multiplan vs. 2T22 Capital structure Liability management, including the issuance of a new CRI 1 at 98% of CDI, which extends duration and lowers the Company’s cost of debt Cash and cash generation (R$) Gross debt amortization sch
Slide 19: Stable leverage amid investments and shareholder remuneration
Stable leverage amid investments and shareholder remuneration Net debt/EBITDA at 2.26x (Sep-25) Gross debt: R$5,489.7 M Average cost p.a.:15.43% Net debt: R$4,427.8 M Net debt / EBITDA: 2.26x Properties’ Fair Value1: R$32,816.2 M Net debt / Fair Value: 13.5% Net Debt/ 4.00x 3.06 EBITDA (x) 2.31 2.28
Slide 20: Cost of debt
Cost of debt Lower spread to Selic rate in each of the last four quarters Debt indexes (Sep-25) Cost of debt spread to Selic (b.p.) 95.7% 4.3% 51 57 56 52 43 6 Dec-22 Dec-23 Dec-24 Mar-25 Jun-25 Sep-25 CDI TR Weighted average cost of debt (% p.a.) 14.81% 15.52% 15.43% 14.25% 13.75% 13.81% 12.26% 12.
Slide 21: R$2.0 billion in share buybacks in the last 12 months boost per-share results
R$2.0 billion in share buybacks in the last 12 months boost per-share results FFO1 per share (R$) Earnings per share (R$) CAGR2: +40.2% 28.8% CAGR2: +31.1% 27.8% R$ 2.52 R$ 2.95 R$ 1.96 R$ 2.31 R$ 1.64 R$ 2.07 R$ 1.27 R$ 1.70 R$ 0.65 R$ 1.00 Sep-21 Sep-22 Sep-23 Sep-24 Sep-25 Sep-21 Sep-22 Sep-23 Se
Slide 22: Dividends and IoC evolution
Dividends and IoC evolution R$550.0 million distributed in the last 12 months, and R$4.4 billion since the IPO 1 Shareholder remuneration distribution +9.0% CAGR2: +21.1% 1.13 Remuneration per share3 1.00 1.03 0.72 581.0 540.0 550.0 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
Slide 23: Sep-25 LTM capital allocation: R$3.2 billion in IoC, share buybacks and CAPEX
ParkJacarepaguá Sep-25 LTM capital allocation: R$3.2 billion in IoC1, share buybacks and CAPEX (R$) Multiplan’s Sep-25 LTM capital allocation IoC1 Total capital 550 M allocation R$3,202 M Share CAPEX buyback 627 M 2,025 M Minority acquisition2 362 M 1 IoC stands for Interest on Capital. 2 Refers to
Slide 24: Fair Value
Fair Value Enterprise Value (EV) is 59% of the Fair Value Multiplan’s value Governança corporativaEV¹/ Fair Value² 32.8 1.02 +0.6% 1.0 +69.6% +13.4% 19.4 19.4-2,3% -16.2% 0.84 0.83 0.59 0.59 14.8 14.9 16.2 0.77 13.2 R$ billion 0.51 2 3 2 Sep-24 Sep-24 Sep-25 EV Fair Value EV Replacement adjusted cos
Slide 25: Multi: expansion and engagement
Multi: expansion and engagement Accelerating the ecosystem and strengthening customer relationships JundiaíShopping – Multi’s exclusive pop-up stores reinforce the visibility of the program Centralized and +44% in sales captured strengthened by the program experience (9M25 vs. 9M24) Multi: 9.2 milli
Slide 26: Expanded relationship with the ecosystem
Expanded relationship with the ecosystem “I'm a salesperson” Channel: A Launch of the "I'm a store clerk" Channel, connecting store unique, direct channel between employees to the platform the Company and store store clerk “I'm a store clerk”: new feature expands “Know your Customer”: the Multi ecos
Slide 27: Social and environmental responsibility, governance and awards in 3Q25
Social and environmental responsibility, governance and awards in 3Q25 2025 Marco Maciel Award 2nd place in Institutional and Government Relations: Multiplan & HD Sunflower – Inclusive Strengthening our partnership with Pact ParkShopping Canoas – “Park of the Park” Partnership project Against Hunger
Slide 28: Investor Relations
Parque Shopping Maceió - Alagoas Investor Relations ri@multiplan.com.br +55 21 3031-5400
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