Allos S.a.BMFBOVESPA: ALOS3

Dados Econômico-Financeiros

· Issued by Allos S.a.

EARNINGS RELEASE 1Q26

EARNINGS RELEASE 1Q26

EARNINGS RELEASE 1Q26

EARNINGS RELEASE

CONFERENCE CALL

PORTUGUESE

With simultaneous translation into English

May 8, 2026 - Friday

11:00 AM (BRT) | 10:00 AM (US ET)

Webcast - Click here

For analysts who wish to participate in the Q&A session- Click here



IR CONTACTS

Daniella Guanabara

CFO and IRO

André Coutinho

IR Director

Diego Canuto

IR Manager

Phone: +55 (21) 2583-9800

E-mail: ri@allos.com.br ri.allos.com.br/en

2



EARNINGS RELEASE 1Q26



1Q26

HIGHLIGHTS

SALES ACCELERATE IN 1Q26 AND GROW 6.6%¹

MESSAGE FROM

MANAGEMENT

Rio de Janeiro, May 7th , 2026 - ALLOS S.A. (B3: ALOS3), the most innovative experience, entertainment, services, lifestyle and shopping platform in Latin America, announces its results for the first quarter of 2026 (1Q26). At the end of 1Q26, the Company held interests in 46 shopping centers, totaling 1,931 thousand sqm of Total GLA and 1,262 thousand sqm of Owned GLA. The Company also provided planning, administration and leasing services to 6 third-party shopping centers with a total GLA of 205.3 thousand sqm.

KEY INDICATORS

1Q26 HIGHLIGHTS

FINANCIAL

PERFORMANCE

ALLOS SALES GREW 6,6%¹ IN 1Q26

In the first quarter of 2026, sales at ALLOS malls showed an acceleration compared to the end of 2025, with a growth rate of 6.6% compared to the first quarter of 2025. Same-store sales (SSS) reached 5.0%, marking an increase of 250 basis points compared to the first quarter of 2025.

REVENUE ADVANCES 10,9%

In the first quarter of 2026, ALLOS generated revenues of R$683.3 million, which is 10.9% higher than in the first quarter of 2025 (12.8% higher excluding Tijuca), driven by the real estate development and media verticals.

5.5% SSR1

ALLOS continues to showcase the strength and relevance of its portfolio, achieving a 5.5% SSR in 1Q26. This figure reflects its ability to negotiate contract renewals with significant leasing spreads.

SG&A has decreased by 13.2%

OPERATIONAL

PERFORMANCE

MEDIA

ALLOS made progress in its efficiency and simplification agenda, achieving a 13.2% reduction in expenses in 1Q26, consistent with earlier indications for the start of the year.

STRONG GROWTH IN EBITDA AND FFO

In 1Q26, EBITDA reached R$ 493.1 million, an 11.8% increase compared to 1Q25 (+17.0% ex-Tijuca), with a margin of 72.2%. FFO amounted to R$ 298.8 million, reflecting an increase of 9.7% (+18.2% ex-Tijuca). This growth demonstrates strong operational performance and a reduction in expenses during the quarter.

LIABILITY AND DIVIDEND MANAGEMENT

ALLOS continues to manage liabilities and issues CRI of R$1 billion, below the CDI, in 3 series with maturities of 5, 7 and 10 years and, in line with the shareholder remuneration guidance, until May 2026, the Company distributed R$730 million in dividends and interest on equity.

KINEA ALLOS MALLS FII

DEVELOPMENT

AND MIXED USE

SUSTAINABILITY

DIGITAL FEATURES

ALLOS has partnered with Kinea to create Kinea ALLOS Malls FII, a REIT, which will enhance the Company's capital allocation flexibility and create a new business vertical with recurring revenues, marking the beginning of a new growth cycle.

PORTFOLIO

ACTIVE PORTFOLIO MANAGEMENT

APPENDIX

ALLOS has announced the signing of Memorandums of Understanding (MOUs) for several strategic transactions. These include the complete divestment of Shopping Curitiba, which has a capitalization (cap) rate of 9.5%.

Additionally, ALLOS will acquire a stake in Amazonas Shopping, an asset that generates annual sales exceeding R$ 1 billion, with a cap rate of 9.7%. The agreement also entails exchanging stakes in Shopping Campo Grande and Shopping Villagio Caxias for a stake in Shopping Taboão, along with R$ 20 million in cash.

The managerial financial information contained in this document, as well as other non-accounting information of the Company presented in this Results Report, were not reviewed by the independent auditors. For an analysis of the reconciliation between such managerial financial information and the Company's consolidated financial statements and other relevant information, see tables and tables in the "Annexes" section. The variations presented throughout the document consider current participations applied to the historical base.

¹Indicator considers the portfolio without Shopping Tijuca. 3

MESSAGE FROM MANAGEMENT

2026 started off with strong operational performance. In the first quarter (1Q26), sales at our malls accelerated compared to the end of the previous year, showing a growth of 6.6% compared to the same period in 2025 (1Q25). Same-store sales (SSS) reached 5.0%, which is 250 basis points higher than the growth recorded in 1Q25. This growth was particularly notable in the Food segment, which experienced an increase of 7.9%. Additionally, the Convenience, Services, and Leisure segments grew 6.0%.

At the beginning of the year, typical seasonality led to an occupancy rate of 96.3% for this quarter. The demand for commercial spaces remained strong, with 140 new contracts signed. Notable openings include a new Sephora and Nike stores at Parque Dom Pedro, an Olive Garden at Tamboré Shopping, and a Decathlon at NorteShopping.

In the first quarter of 2026, our revenue reached R$ 683.3 million, representing a 10.9% increase compared to the same period in 2025 (+12.8% when excluding the impact of Shopping Tijuca). This growth was primarily driven by our real estate development and media sectors. Furthermore, our SSR (same-store rent) increased to 5.5%, which is 58 basis points higher than the same period in 2025, despite facing a negative IGP-DI scenario during the quarter. This performance demonstrates the company's ability to successfully execute contract renewals with significant leasing spreads.

We are making progress in our agenda for efficiency and operational simplification through a structured program that includes short, medium, and long-term initiatives. We expect the most significant impacts to begin materializing in 2026. In the first quarter of 2026, the program yielded substantial results, achieving a 13.2% reduction in expenses. This reduction resulted from actions such as adjustments to the organizational structure, a review of mandates, and process improvements. Our approach is a continuous and disciplined process that is conducted thoughtfully, aligns with the ALLOS culture, ensuring we maintain excellence in execution at all times.

EBITDA reached R$ 493.1 million in the first quarter, representing an 11.8% increase compared to 1Q25. The EBITDA margin improved to 72.2%, up by 57 basis points from the same period in 2025, which indicates growth in revenues alongside a reduction in expenses. FFO for the quarter totaled R$ 298.8 million, reflecting a 9.7% increase compared to 1Q25. It is important to note that the highest level of provisioning during the quarter was primarily due to a one-off incident at Shopping Tijuca. Excluding this mall from the indicators, the growth in EBITDA and FFO would have been 17.0% and 18.2%, respectively, with an EBITDA margin of 73.0%,.

Real estate development projects continue to evolve. During this quarter, approval was granted by the city of Juiz de Fora for the launch of a project at Independência Shopping. This project will feature 345 apartments within an area of over 14,000 square meters of private space. We have a land swap with the local developer, Diamond Group, for this development.

¹Indicator considers the portfolio without Shopping Tijuca.

The Only by Living project, developed by Cyrela and located next to NorteShopping, is currently in an advanced stage of construction, with 93% of the units sold. Meanwhile, the Now Reserva da Água development, comprising three towers delivered by the EBM group, is consistently attracting new customers to Shopping Passeio das Águas. Together, these three projects generated R$24.1 million in revenue from real estate development in the first quarter of 2026.

FINANCIAL

PERFORMANCE

MESSAGE FROM

MANAGEMENT

HIGHLIGHTS

KEY INDICATORS

Our digital platform is continuously improving its relationship with consumers while also expanding the monetization of the business. In the first quarter of 2026, we saw growth in Gross Merchandise Volume (GMV) captured and session activity among our 2.3 million program members, indicating increased engagement. Notably, there was an average 16% increase in customer recurrence in malls with the established program, with some groups experiencing a growth rate of up to 25%. Revenue from the platform has significantly increased, especially through media solutions and the activation of the Benefits Program. This initiative has attracted advertisers from various segments, resulting in a threefold increase during the period.

OPERATIONAL

PERFORMANCE

MEDIA

We have recently made a significant advancement in our capital allocation strategy by partnering with Kinea to establish the Kinea ALLOS Malls FII, a REIT. This initiative creates a vehicle for reallocating capital and introduces a new business vertical-fund management-that generates recurring revenue. This marks the beginning of a new growth cycle. The new structure will enhance our flexibility for future acquisitions, optimize portfolio management, and strengthen our ability to maintain our current level of shareholder remuneration.

DEVELOPMENT

AND MIXED USE

SUSTAINABILITY

DIGITAL FEATURES

We are pleased to announce the signing of Memorandums of Understanding (MOUs) for strategic active portfolio management transactions. These transactions involve the complete divestment of Shopping Curitiba, with a cap rate of 9.5%. At the same time, we are acquiring a 7.3% stake in Amazonas Shopping-an asset that generates annual sales exceeding R$ 1 billion-at a cap rate of 9.7%. Additionally, we will exchange stakes in other properties, including a 7.35% stake in Shopping Campo Grande and a 5.0% stake in Shopping Villagio Caxias, in return for an 8.56% stake in Shopping Taboão and an infusion of R$ 20 million in cash. These transactions will help rebalance our portfolio and reinforce our commitment to disciplined capital allocation.

PORTFOLIO

Liabilities management remains ongoing, with the issuance of a CRI (Certificate of Real Estate Receivables) amounting to R$1 billion, priced below the CDI. This issuance consists of three series with maturities of 5, 7, and 10 years. Following the guidance on shareholder remuneration, ALLOS distributed R$730 million in dividends and interest on equity as of May 2026.

APPENDIX

We wish everyone an enjoyable reading and look forward to meeting you during our earnings call.

Team ALLOS

4

KEY INDICATORS

HIGHLIGHTS

RESULT 1Q26

MESSAGE FROM

MANAGEMENT

The Proforma concept discussed in this report consists of applying current holdings to historical bases to make them comparable. The ex-Tijuca indicators were adjusted to reflect ALLOS portfolio, disregarding Shopping Tijuca. The reconciliation of the proforma and ex-Tijuca financial figures is shown in the annex to this report.

Main indicators 1Q26 1Q25 1Q26 / 1Q25

OPERATIONAL

PERFORMANCE

FINANCIAL

PERFORMANCE

Δ%

1Q25

Proforma

1Q26 / 1Q25

Δ% Proforma

1T26 ex-Tijuca / 1T25

KEY INDICATORS

Δ% Proforma ex-Tijuca

Managerial information (Amounts in thousands of Reais, except percentages)

Financial Perfomance



Net revenue

692.418

630.865

9,8%

628.374

10,2%

11,8%

NOI

562.446

559.925

0

557.591

0

4,1%

Margin %

90,8%

93,2%

-240 bps

93,2%

-240 bps

Adjusted EBITDA

502.225

455.772

10,2%

453.439

10,8%

15,6%

Margin %

72,5%

72,2%

29 bps

72,2%

37 bps

Net Income

248.302

254.670

-2,5%

252.337

-1,6%

5,8%

Margin %

35,0%

39,2%

-416 bps

38,9%

-395 bps

FFO

298.835

274.718

8,8%

272.447

9,7%

18,2%

Margin %

43,7%

44,4%

-69 bps

44,2%

-50 bps



FFO per share

0,60

0,48

8,8%

0,54

10,0%

18,6%

Financial Performance Ex-Straight-line rent adj.



Net revenue

683.293

618.359

10,5%

615.931

10,9%

12,8%

NOI

553.321

547.419

1,1%

545.149

1,5%

5,1%

Margin %

90,7%

93,1%

-239 bps

93,1%

-239 bps

Adjusted EBITDA

493.100

443.267

11,2%

440.997

11,8%

17,0%

Margin %

72,2%

71,7%

48 bps

71,6%

57 bps

Net Income

239.177

242.165

-2,5%

239.895

-0,3%

8,2%

Margin %

35,0%

39,2%

-416 bps

38,9%

-395 bps

FFO

298.835

274.718

8,8%

272.447

9,7%

18,2%

Margin %

43,7%

44,4%

-69 bps

44,2%

-50 bps

FFO per share

0,60

0,55

9,1%

0,54

10,0%

18,6%

Total shares ex- treasury shares

499.179.829

500.755.938

-

500.755.938

-0,3%

Total shares

504.190.947

542.936.909

-

542.936.909

-7,1%

(-) Total tereasury shares



(5.011.118)

(42.180.971)

-

(42.180.971)

-88,1%

Main indicators 1T26 1T25

1T26/1T2

5 Δ%

1T26 ex-

Tijuca

1T25 ex-

Tijuca

1T26 ex-Tijuca/ 1T25

DEVELOPMENT

AND MIXED USE

SUSTAINABILITY

DIGITAL FEATURES

MEDIA

Δ% ex-Tijuca

Management information (Amounts in thousands of reais, except percentages)

Operating Perfomance



Total Sales @100% (R$ mil)¹

9.462 9.033

4,7%

9.323

8.746

6,6%

Total Sales @Proforma (R$ mil)¹

6.107 5.853

4,3%

5.982

5.594

6,9%

Sales/sqm (R$)

1.846 1.773

4,1%

1.843

1.742

5,8%

Sales/sqm @Proforma (R$)

1.846 1.772

4,2%

1.843

1.742

5,8%

SSS (% same store sales)

3,8% 2,4%

136 bps

5,0%

2,5%

246 bps

SSR (% same store rent)

3,1% 5,0%

-187 bps

5,5%

5,0%

56 bps

Ocuppancy Cost (% of sales)

11,1% 11,2%

-10 bps

11,0%

11,1%

-11 bps

Net Delinquency (% of revenues)

3,6% 2,7%

84 bps

2,8%

2,8%

8 bps

Ocuppancy Rate (%)

96,2% 96,8%

-62 bps

96,3%

96,8%

-46 bps

Total GLA (sqm)

1.931.700 1.930.698

0,1%

-

-

-



Owned GLA (sqm)

1.262.098 1.254.323

0,6%

-

-

-

APPENDIX

PORTFOLIO

¹Araguaia Shopping, Rio Design Leblon e Brasília Shopping



FINANCIAL PERFORMANCE

REVENUES

In the first quarter of 2026, ALLOS reported net revenue of R$ 683.3 million, representing a 10.9% increase over the same period in 2025 (+12.8% ex-Tijuca). The real estate development and media verticals primarily drove this growth. Rental revenue amounted to R$ 468.5 million for the quarter, reflecting a 1.7% increase (+4.0% ex-Tijuca), despite a negative IGP-DI scenario during this period.

Additionally, parking revenue reached R$ 120.5 million in 1Q26, a 3.7% increase (+5.9% ex-Tijuca) year-over-year. This growth was attributed to higher ticket prices and more paying customers.

HIGHLIGHTS

Net Revenue Composition

5,4% 0,7%

13,7%

16,4%

63,8%

MESSAGE FROM

MANAGEMENT

Rent revenue

KEY INDICATORS

Parking result

Services revenue

Other revenues

Key money

OPERATIONAL

PERFORMANCE

FINANCIAL

PERFORMANCE

Service revenues reached R$100.4 million in the quarter, a 26.9% year-on-year increase, primarily fueled by media revenues, which became a significant growth avenue, especially since July 2025, when operations began at airports.

MEDIA

Finally, other revenues, which include revenue from real estate development characterized by non-linear recognition, were significantly impacted by the realization of revenue from developments at Independência Shopping and Shopping Passeio das Águas. At the latter, three towers were completed in the Now Reserva das Águas condominium, initiating a steady influx of new customers to the mall. The units were sold at an average price 35% above the guaranteed minimum price.

DEVELOPMENT

AND MIXED USE

DIGITAL FEATURES

1Q26 / 1Q25

1Q25

1Q26 / 1Q25

1Q26 ex-Tijuca/ 1Q25

Δ%

Proforma

Δ% Proforma

Δ% Proforma ex-Tijuca

Revenues per Type 1Q26 1Q25



Managerial Financial Information (Amounts in thousands of Reais, except percentages)

Rent revenue

468.515

462.542

1,3%

460.525

1,7%

4,0%

Key money

5.160

4.971

3,8%

4.954

4,1%

4,9%

Parking result

120.452

116.534

3,4%

116.159

3,7%

5,9%

Other revenues¹

39.950

3.945

n/a

3.925

n/a

n/a

Services revenue

100.427

79.155

26,9%

79.155

26,9%

26,9%

Straight-line rent adjustment

9.125

12.505

-27,0%

12.442

-26,7%

-41,2%



Taxes on revenue

(51.211)

(48.787)

5,0%

(48.787)

5,0%

5,0%

Net Revenue

692.418

630.865

9,8%

628.374

10,2%

11,8%

Net Revenue (ex-Straight-line rent adj.)

683.293

618.359

10,5%

615.931

10,9%

12,8%

SUSTAINABILITY

¹Includes real estate developments and new businesses

+12,8%

Ex-Tijuca

683,3

615,9



PORTFOLIO

Net Revenue Build-Up

(0,2) 4,3

(R$ million)

APPENDIX

44,0

21,3 (2,4)

Net Revenues 1Q25

Rent Revenue & Other Revenue

Key Money Parking Revenue Services Revenue Taxes on Revenue Net Revenues

1Q26



RENT REVENUE

Rental revenue in 1Q26 was R$468.5 million, a 1.7% increase (+4.0% ex-Tijuca) from 1Q25.

In the first quarter of 2026, minimum rent revenue reached R$371 million, aligned with the first quarter of 2025 (+2.2% ex-Tijuca). Additionally, overage rent for the same period was R$25.5 million, representing a 9.3% increase (+13.9% ex-Tijuca), reflecting the strong sales performance of tenants.

Rent Revenue Compositon

HIGHLIGHTS

Minimum rent

Overage rent

Mall

MESSAGE FROM

MANAGEMENT

Media

3,7%

11,7%

5,4%

79,2%

KEY INDICATORS

The SSR indicator reached 3.1% this quarter (or 5.5% excluding Tijuca), demonstrating that ALLOS has effectively capitalized on opportunities to increase occupancy costs, resulting in real gains from contract renewals.

FINANCIAL

PERFORMANCE

In addition, the consistent growth in media space rentals is noteworthy, totaling R$ 17.2 million in the first quarter of 2026. This reflects a 5.3% increase (or 9.1% excluding Tijuca) compared to the same period in 2025.

+4,0%

Ex-Tijuca

OPERATIONAL

PERFORMANCE

Rent Revenue Build Up

1,7%

(R$ Million)

MEDIA

460,5

(0,1) 2,2 5,1 0,9

468,5

DEVELOPMENT

AND MIXED USE

Rent revenue 1Q25 Minimun rent Overage rent Mall Media Rent revenue 1Q26

DIGITAL FEATURES

NOI

SUSTAINABILITY

In the first quarter of 2026, ALLOS NOI reached R$553.3 million, reflecting a 1.5% increase compared to the same period last year (+5.1% ex-Tijuca). A significant portion of the rise in mall operating costs and provisions is attributed to a one-off incident at Shopping Tijuca, which affected the overall strong operating results of the Company's other shopping mall properties.

NOI 1Q26 1Q25

1Q26 / 1Q25

APPENDIX

PORTFOLIO

Δ%

1Q25

Proforma

1Q26 / 1Q25

Δ% Proforma

1Q26 ex-Tijuca/ 1Q25

Δ% Proforma ex-Tijuca

Managerial Financial Information (Amounts in thousands of Reais, except percentages)



Rent revenue

468.515

462.542

1,3%

460.525

1,7%

4,0%

Straight-line rent adjustment

9.125

12.505

-27,0%

12.442

-26,7%

-41,2%

Key money

5.160

4.971

3,8%

4.954

4,1%

4,9%

Other revenues

15.868

3.945

n/a

3.925

n/a

n/a

Parking Result

120.452

116.534

3,4%

116.159

3,7%

5,9%

Operational Income

619.119

600.497

3,1%

598.006

3,5%

4,9%



(-) Mall operating costs

(38.460)

(28.353)

35,6%

(28.242)

36,2%

9,2%

(-) Provision for doubtful accounts

(18.213)

(12.219)

49,0%

(12.172)

49,6%

28,4%



(=) NOI

562.446

559.925

0,5%

557.591

0,9%

4,1%

NOI Margin

90,8%

93,2%

-240 bps

93,2%

-240 bps

-

(=) NOI (ex-Straight-line rent adj.)

553.321

547.419

1,1%

545.149

1,5%

5,1%

NOI Margin (ex-Straight-line rent adj.)

90,7%

93,1%

-239 bps

93,1%

-239 bps

-

EBITDA

HIGHLIGHTS

In the first quarter of 2026, EBITDA reached R$ 493.1 million, representing an 11.8% increase compared to the first quarter of 2025 (or a 17.0% increase when excluding Tijuca). The EBITDA margin stood at 72.2%, reflecting an increase of 57 basis points from the same period last year. This improvement can be attributed to strong operating performance and a reduction in selling, general, and administrative expenses.

In the first quarter of 2026, Selling, General, and Administrative (SG&A) expenses amounted to R$99.6 million, reflecting a 13.2% decrease compared to the first quarter of 2025. This reduction is due to the organizational efficiency program implemented in the third quarter of 2025. The financial impact of this program over the past few quarters is illustrated in the

114,8

Evolution of SG&A¹

112,1

110,4

99,6

-13,2%

vs. 1T25

MESSAGE FROM

MANAGEMENT

KEY INDICATORS

114,6

FINANCIAL

PERFORMANCE

accompanying chart.

1Q25 2Q25 3Q25 4Q25 1Q26

SIMPLIFICA ALLOS

After completing the integration of systems, operations, and portfolios by the end of 2025-which will establish a strong foundation, promote consistent growth, and ensure a solid financial position-ALLOS is now focusing on simplification. The goal is to reduce bureaucracy, optimize processes, and increase efficiency. A program with several initiatives is currently underway, including organizational adjustments and process reviews that had a significant impact on expenses in the first quarter of 2026, as noted in previous reports. This approach aims to preserve the ALLOS culture while maintaining operational excellence.

OPERATIONAL

PERFORMANCE

MEDIA

Non-recurring revenues/expenses refer mainly to an agreement to receive amounts owed by a former partner (R$

52.4 million).

EBITDA 1Q26 1Q25

1Q26 / 1Q25

APPENDIX

PORTFOLIO

SUSTAINABILITY

DIGITAL FEATURES

Δ%

1Q25

Proforma

1Q26 / 1Q25

Δ% Proforma

1Q26 ex-Tijuca/ 1Q25

DEVELOPMENT

AND MIXED USE

Δ% Proforma ex-Tijuca

Managerial Financial Information (Amounts in thousands of Reais, except percentages)

NOI (ex-Straight-line rent adjustment)

553.321

547.419

1,1%

545.149

1,5%

5,1%



(-) Taxes on revenue

(51.211)

(48.787)

5,0%

(48.787)

5,0%

5,0%

(-) Net service revenue

70.288

62.678

12,1%

62.678

12,1%

12,1%

(+) Real estate developments

24.083

-

n/a

-

n/a

n/a

(+) Other recurring operational revenues/(expenses)

(3.742)

(3.287)

13,8%

(3.287)

13,8%

13,8%

(+) SG&A

(99.640)

(114.757)

-13,2%

(114.757)

-13,2%

-13,2%

(-) Long term incentive plan

(7.636)

(7.727)

-1,2%

(7.727)

-1,2%

-1,2%

(+) SG&A

(92.003)

(107.030)

-14,0%

(107.030)

-14,0%

-14,0%

(=) Adjusted EBITDA

502.225

455.772

10,2%

453.439

10,8%

15,6%

Adjusted EBITDA Margin

72,5%

72,2%

29 bps

72,2%

37 bps

-

(=) Adjusted EBITDA (ex-Straight-line rent adj.)

493.100

443.267

11,2%

440.997

11,8%

17,0%

Adjusted EBITDA Margin (ex-Straight-line rent adj.)

72,2%

71,7%

48 bps

71,6%

57 bps

-

FINANCIALS RESULTS

HIGHLIGHTS

In the first quarter of 2026, the company's financial revenues were impacted by a decision to increase dividend payments, which resulted in a lower average cash balance. However, financial expenses decreased by 4.8% compared to the first quarter of 2025. This reduction is attributed to the liability management strategy, which successfully lowered the average cost of debt while extending its term.

Financial Result 1Q26 1Q25

1Q26 / 1Q25

Δ%

1Q25

Proforma

1Q26 / 1Q25

MESSAGE FROM

MANAGEMENT

KEY INDICATORS

Δ% Proforma

Managerial Financial Information (Amounts in thousands of Reais, except percentages)

Financial Revenues

90.757

112.860

-19,6%

112.860

-19,6%

Financial revenue

95.773

120.264

-20,4%

120.264

-20,4%

Taxes on financial revenue

(5.016)

(7.404)

-32,2%

(7.404)

-32,2%

Financial Expenses

(228.267)

(239.730)

-4,8%

(239.730)

-4,8%

Interest expenses

(212.657)

(209.974)

1,3%

(209.974)

1,3%

Structuring cost

(4.976)

(8.618)

-42,3%

(8.618)

-42,3%

Other financial expenses

(10.634)

(21.139)

-49,7%

(21.139)

-49,7%

SWAP (Fair Value)

(46.680)

6.005

n/a

6.005

n/a

Recurring Financial Result

(184.190)

(120.865)

52,4%

(120.865)

52,4%

Non-recurring financial revenues and expenses

1.033

365

n/a

365

n/a

Financial Result

(183.157)

(120.500)

52,0%

(120.500)

52,0%

FFO

OPERATIONAL

PERFORMANCE

FINANCIAL

PERFORMANCE

MEDIA

In the first quarter of 2026, funds from operations totaled R$298.8 million, reflecting an increase of 9.7% compared to the first quarter of 2025, or 18.2% when excluding Tijuca. This growth was fueled by strong operating performance and stable financial expenses, even amid a higher interest rate environment. Financial revenues were impacted by the Company's decision to increase dividend payments. Additionally, there was a timing mismatch in current taxes in 1Q25 related to gains from the sale of stakes in shopping malls.

Funds from Operations - FFO 1Q26 1Q25

1Q26 / 1Q25

Δ%

1Q25

Proforma

1Q26 / 1Q25

Δ% Proforma

1Q26 ex-Tijuca/ 1Q25

DEVELOPMENT

AND MIXED USE

APPENDIX

PORTFOLIO

SUSTAINABILITY

DIGITAL FEATURES

Δ% Proforma ex-Tijuca

Managerial Financial Information (Amounts in thousands of Reais, except percentages)

Adjusted EBITDA

502.225

455.772

10,2%

453.439

10,8%

15,6%



(+) Financial revenue

90.757

112.860

-19,6%

112.860

-19,6%

-19,6%

(-) Financial expenses

(228.267)

(239.730)

-4,8%

(239.730)

-4,8%

-4,8%

(-) Current income and social contribution taxes

(56.755)

(41.680)

36,2%

(41.680)

36,2%

36,2%

(-) Straight-line rent adjustment

(9.125)

(12.505)

-27,0%

(12.442)

-26,7%

-41,3%

(=) FFO

298.835

274.718

8,8%

272.447

9,7%

18,2%

FFO Margin %

43,7%

44,4%

-69 bps

44,2%

-50 bps

-

FFO per share

0,60

0,55

9,1%

0,54

10,0%

18,6%

Shopping Villa Lobos



INDEBTEDNESS AND CAPITAL STRATEGY

MESSAGE FROM

MANAGEMENT

HIGHLIGHTS

KEY INDICATORS

ALLOS' average cost of debt was CDI + 0.72%, (versus CDI + 0.8% in the 1Q25). This improvement is attributed to the liability management actions implemented in recent quarters. In the first quarter of 2026, the Company's Net Debt to EBITDA ratio stood at 1.7x. We continue to advance our liability management through the issuance of a R$1 billion CRI, priced at a weighted average cost of 97.8% of the CDI. This issuance is structured in three series, with maturities of 5, 7, and 10 years; proceeds were received in April 2026.

Debt Breakdown

Short-Term

Long-Term

Total Debt

Managerial financial information

(Amounts in thousands of Reais)

Loans and financing, real estate credit notes and debentures¹

258.964

5.556.680

5.815.644



Obligations for the purchase of assets

3.384

14.795

18.179

Financial securities

-

183.676

183.676

Gross Debt

262.347

5.755.151

6.017.498

Cash and Cash Equivalents

(2.159.121)

(164.073)

(2.323.194)

Net debt

(1.896.774)

5.591.078

3.694.304

FINANCIAL

PERFORMANCE

At the end of March 2026, the exposure of ALLOS debts linked to the CDI index was 98.4%.

OPERATIONAL

PERFORMANCE

More information on the costs and maturities of each debt, as well as the reconciliation between the consolidated net debt and the managerial net debt, is available in the Annex to this Report.

Financial expenses vs Debt Cost

1Q25 2Q25 3Q25 4Q25 1Q26

2,0%

1,8%

1,8%

1,7%

1,6%

97,9%

98,2%

98,2%

98,3%

98,4%

MEDIA

0,1%

Debt Profile Index¹

-239,7

-239,4

-254,0

-230,2

-228,3



CDI+0,8% CDI+0,8% CDI+0,8% CDI+0,7% CDI+0,7%

Financial Expenses (R$ million)

Cost of Debt (%)¹

1Q25 2Q25 3Q25 4Q25 1Q26

DEVELOPMENT

AND MIXED USE

DIGITAL FEATURES

Floating rate Fixed rate² Inflation³

¹ Considers debt at the end of the period, excluding asset purchase obligations.

²Pre-fixed indices include TR.

³Inflation indices include IPCA and IGP-DI.

SUSTAINABILITY

The graphs below condense the Company's debt amortization schedule and demonstrate that the cash position is sufficiently robust to manage well in view of the maturities of the coming years.

PORTFOLIO

Principal Amortization Schedule

32,8%

39,3%

32,3%

6,0%

2,5%

2.323,2

913,7

750,0

138,3

57,9

762,1



APPENDIX

1Q26 2026 2027 2028 2029 Avg. 2030-2034

Cash balance (R$ million) Principal amortization (R$ million)

Cash & Cash equivalents (%)

CAPEX

In the first quarter of 2026, ALLOS realized Capex was R$65.5 million distributed as follows:

MESSAGE FROM

MANAGEMENT

HIGHLIGHTS

  1. R$13.2 million invested in expansions and redevelopments. This group includes projects with direct return assigned and that aim to expand GLA, expand market share and/or increase portfolio dominance. Investments in this group were mainly in Shopping Recife, Shopping Villa Lobos, Goiânia Shopping, Shopping Tijuca, Parque Dom Pedro, Center Uberlândia and Shopping Campo Grande. (see details of the projects in the annexes to this report).

    EXPANSION/REDEVELOPMENT

    Projects with direct return assigned, aiming to expand GLA, expand market share and/or increase portfolio dominance

    Goiânia Shopping

    Shopping Recife

    Shopping Tijuca

    Parque Dom Pedro

    Shopping Villa Lobos

    Shopping Campo Grande

    Shopping Center Uberlândia



FINANCIAL

PERFORMANCE

KEY INDICATORS

  1. R$23.2 million invested in revitalizations, which corresponded to 4.2% of the NOI in 1Q26.

  2. R$25.5 million in fixed assets and intangibles is expected to decrease significantly in the coming years,

OPERATIONAL

PERFORMANCE

MEDIA

particularly after the Company completes its ERP unification project.

Capex

1Q26

Managerial financial information

Revitalization

23.240

Expansions and Redevolopments

13.233

PP&E and Intangible

25.468

Other

3.586

Total

65.526

Total ex-Acquisitions

65.526

DEVELOPMENT

AND MIXED USE

SUSTAINABILITY

DIGITAL FEATURES

CASH FLOW

ALLOS reported an operating cash generation of R$453.5 million in the first quarter of 2026. The change in the cash balance can primarily be attributed to the following factors: i) payment of dividends; ii) amortization of principal and interest on financing; iii) capital expenditures (Capex); and iv) receipts from divestments.

PORTFOLIO

Cash Flow

(R$ million)

453,5

90,8

(266,9)

APPENDIX

(65,5) (438,0) 10,4

2.539,0

2.323,2

Cash Balance

4Q25

Cash Flow

from Operations

Financial

revenue

Principal

Amortization

+ Interest

Capex

Dividends

Divestments

Cash Balance

1Q26

11

OPERATIONAL PERFORMANCE

MESSAGE FROM

MANAGEMENT

HIGHLIGHTS

SALES PERFORMANCE

KEY INDICATORS

In the first quarter of 2026, total sales continued to rise, reaching R$ 9.5 billion. This represents a growth of 4.3% compared to the same period in 2025. Excluding Shopping Tijuca, total sales increased by 6.9% year-over-year. Overall, sales per square meter reached R$ 1,846, reflecting a positive change of 3.8%. When excluding Tijuca, this figure rose by 5.5% compared to the first quarter of 2025.

OPERATIONAL

PERFORMANCE

FINANCIAL

PERFORMANCE

The "same-store sales" (SSS) indicator for the quarter was 3.8%, driven by growth in the food, convenience, services, leisure, accessories, beauty items, and jewelry segments. Excluding the impact of Shopping Tijuca, the SSS increased to 5.0%.

SSS% by Segment

1Q26

1Q26 ex-tijuca

Managerial Financial Information



Accessories, Beauty Items and Jewelry

4,0%

5,4%

Food

6,1%

7,9%

Services, Convenience, Leisure and others

5,0%

6,0%

Housewares, Stationary, Tech and others

2,8%

3,8%

Apparel and Shoes

2,5%

3,5%

Total

3,8%

5,0%

AM

M A

PA

CE

PE

AL

SALES

BY REGION

1Q26 vs. 1Q25

BA

MT

GO

MG

ES

MS

SP

RJ

NORTH

+ 8.9%

PR

RS

NORTHEAST

+ 3.9%

MID-WEST

+ 3.6%

SOUTHEAST ex-Tijuca

+ 7.3%

SOUTH

+ 6.5%



DEVELOPMENT

AND MIXED USE

DIGITAL FEATURES

MEDIA

PERFORMANCE BY REGION

ALLOS malls are present in the 5 regions of the country and located in important urban centers in 16 states.

SUSTAINABILITY

In the first quarter of 2026, once again, the North region stands out with growth of 8.9% compared to 1Q25, followed by the Southeast region, which advanced 7.3%.

PORTFOLIO

The other regions also maintained a consistent pace of sales in the first quarter of 2026.

APPENDIX

The highlights in the sales performance in the quarter were: Shopping Grande Rio (+20.0%), Franca Shopping (+18.7%), Shopping Bangu (16.3%), Shopping Taboão (14.7%), Manauara Shopping (11.6%).



SALES/SQM

In the first quarter of 2026, sales per square meter reached R$ 1,846, marking a 3.8% increase compared to the same period last year. This level of sales per square meter highlights the consistent growth trajectory the Company has maintained since 2022, with a total increase of 41.7% over that time, equivalent to a compound annual growth rate (CAGR) of 9.1%, significantly

1303

Sales sqm

+41,7%

(R$)

+9,1%



1846

HIGHLIGHTS

outpacing inflation during the same period.

OCCUPANCY RATE AND LEASING ACTIVITY

1Q22 1Q26

MESSAGE FROM

MANAGEMENT

*Considering numbers released in the respective quarters

KEY INDICATORS

Considering the usual seasonality at the beginning of the year, ALLOS ended the first quarter of 2026 with an occupancy rate of 96.2%.

FINANCIAL

PERFORMANCE

Occupancy Rate

96,8%

97,6%

96,4%

96,5%

96,2%

96,3%

Ex-Tijuca

OPERATIONAL

PERFORMANCE

1Q25 2Q25 3Q25 4Q25 1Q26

In the first quarter of 2026, the Company signed 140 contracts in its own malls, increasing to 13,400 square meters

of Gross Leasable Area (GLA).

MEDIA

Among the highlights of recent openings are: the first Patties hamburger store in a mall, at Shopping Taboão; KFC at Shopping Rio Anil; Lupo and Calvin Klein at NorteShopping; Oficina Reserva at Shopping Uberlândia; and Lindt at Manauara Shopping.

DEVELOPMENT

AND MIXED USE

Among the highlights of recently signed contracts are: Decathlon at NorteShopping, Nike and Sephora at Parque

APPENDIX

PORTFOLIO

SUSTAINABILITY

DIGITAL FEATURES

Dom Pedro Shopping, Adidas at Shopping Piracicaba, and Olive Garden at Shopping Tamboré.

CALVIN KLEIN

NorteShopping

PATTIES

Shopping Taboão



OCCUPANCY COST

HIGHLIGHTS

In the first quarter of 2026, the occupancy cost¹ was 11.1%, in line with the same period of the previous year. Rental expenses accounted for 6.6%, while common charges and promotion fund expenses (FPP) accounted for 4.5% of the total cost.

11,0%

Ex-Tijuca

MESSAGE FROM

MANAGEMENT

Occupancy Cost

(% of Sales)

11,2% 10,2% 10,5% 9,9% 11,1%

4,4%

4,0%

4,1%

3,4%

4,5%

6,7%

6,3%

6,4%

6,5%

6,6%

KEY INDICATORS

1Q25 2Q25 3Q25 4Q25 1Q26

Rent Common Area & Marketing Costs

FINANCIAL

PERFORMANCE

¹Only tenants who had sales during the specified period are considered.

NET DELINQUENCY

OPERATIONAL

PERFORMANCE

In 1Q26, net delinquency was 3.6% (2.8% ex-Tijuca).

Net Delinquency

MEDIA

2,5%

2,8%

Ex-Tijuca

(%)

1,9%

3,6%

DEVELOPMENT

AND MIXED USE

-0,5%

-1,2%

SUSTAINABILITY

DIGITAL FEATURES

1Q25 2Q25 3Q25 4Q25 1Q26



APPENDIX

PORTFOLIO

Center Shopping Uberlandia

HIGHLIGHTS

MEDIA

HELLOO

MESSAGE FROM

MANAGEMENT

KEY INDICATORS

In the first quarter of 2026, helloo consolidated a decisive milestone in its multiplatform strategy, evolving to a 100% unified sales model. Since January, the entire commercial force has been offering the company's complete portfolio in an integrated manner, resulting in unprecedented capillarity in the media market today. This ecosystem reaches 114 malls (including own assets and partners), a robust residential network with 6 thousand condominiums, and more than 14 thousand digital screens, in addition to panels outside the mall.

FINANCIAL

PERFORMANCE

Complementing this journey of impact, helloo successfully integrated the first 5 assets - a total of 17 airports - of AENA and took over the strategic leasing of the loyalty program of the 46 malls of the Allos chain. This movement transforms the loyalty program into a powerful media and conversion channel, allowing the brand to follow the consumption journey at different times of their daily lives - from home to boarding, through entertainment and consumption.

OPERATIONAL

PERFORMANCE

All this progress is anchored in the repositioning of the brand under the concept "helloo connects with what matters". This strategic guideline reinforces the company's commitment to the quality of exposure time and the impact's assertiveness in environments where the audience is more receptive. With this structure, helloo reaffirms its key role in generating non-real estate revenue for Allos by connecting brands and consumers through a high-performance inventory with strong contextual relevance.

NEW CUSTOMERS

MEDIA

Based on 4Q25 data, helloo gained an average of 16% new customers in malls and 14% in residential screens and airports. Additionally, have already achieved cross-sell sales results from customers in shopping malls who are now also operating at airports, including C6 Bank, Volkswagen, Red Ballon, and Marata Alimentos.

DEVELOPMENT

AND MIXED USE

NEW ICONIC PANEL AT SHOPPING LEBLON



DIGITAL FEATURES

helloo inaugurates a new iconic media format at Shopping Leblon, in Rio de Janeiro. Installed on the internal façade of the development, the panel occupies the entire length of the space, creating a visual presence of great impact and reinforcing the company's proposal of immersive experiences.

PORTFOLIO

SUSTAINABILITY

The architectural project was designed by the Índio da Costa office, a reference in urban and architectural projects. The panel has more than 110 sqm of high-resolution LED and is composed of more than 470 plates, forming a continuous, precise surface with a strong visual impact. The scale and technical quality of the project transform the mall's architecture into a contemporary showcase of communication. The panel is also visible externally, since the façade of Shopping Leblon is entirely glazed and raising the standard of premium indoor media.

APPENDIX

To mark the inauguration of the format, the project is integrated with the Sponsorship of Banco BTG, which will now offer the bank's and the mall's customers the main convenience services and exclusivities, such as naming rights of the parking valet, sponsorship of dates and activation of the customer base of the loyalty program, in addition to the brand's presence on the screens with a highly qualified audience throughout the year.

The initiative marks a robust strategy for the acquisition of new customers for BTG cards through the presence of operations already integrated into the day-to-day of the enterprise. Through this partnership, BTG reinforces its commitment to being present in experiences that dialogue with the public's lifestyle, expanding points of contact and strengthening relationships in environments that value convenience, sophistication, proximity and experience.





HIGHLIGHTS

MEDIA



WEBMOTORS SPONSORS KARG CHARGING STATIONS

MESSAGE FROM

MANAGEMENT

In 2025, ALLOS announced the creation of its electric vehicle charging station company, which will be installed in the group's shopping malls throughout Brazil.

KEY INDICATORS

Helloo has developed a commercial project for this important asset and already has Webmotors' sponsorship for Shopping Villa Lobos in the space. This project enables the brand's presence in this type of service provision, marked by the acceleration of electric mobility and the search for increasingly connected consumer experiences.

FINANCIAL

PERFORMANCE

HELLOO, NEOOH TAKES 100% OF CONGONHAS AIRPORT MEDIA

Consortium consolidates operations at Latin America's main business airport and begins a new phase of innovation and digital transformation.

OPERATIONAL

PERFORMANCE

Advancing in the process started nine months ago, when it was declared the winner of the tender held by Aena Brasil for the exploitation of OOH media in its 17 airports in the country, the consortium formed by NEOOH and helloo assumes, as of this month of April, full control of the management and commercialization of 100% of the media at Congonhas Airport, in São Paulo.

The consolidation of the post-transition period is already yielding concrete results for the market. Starting in April, the consortium will offer important news in its portfolio, including sponsorship quotas for the Congonhas Landing Immersive Tunnel, expanding visibility opportunities for brands.

MEDIA

In addition, a new boarding circuit will be launched, integrating screens positioned at the pre-check-in and x-ray moments, and new products will be part of the airport's media ecosystem. Among them, the Digital Landing Cube stands out, integrating the experience circuit and enabling the display of three-dimensional content, thereby promoting even more immersive and innovative experiences for the public.

DEVELOPMENT

AND MIXED USE

DIGITAL FEATURES

The contract with Aena Brasil has an initial term of 10 years and provides for a broad modernization of the airport's media ecosystem. Among the main advances are the implementation of new Out of Home formats, the use of sensors for realtime audience measurement, and the creation of spaces dedicated to brand activations, immersive experiences, and connected premium environments.

HELLOO LIVE CREATES SENSORY SPACE IN PARTNERSHIP WITH JOHNSON'S BABY

helloo in partnership with Johnson's Baby, Omnicom Media, and Agência Talent launch a sensory space dedicated to the brand's institutional campaign for the launch of the chuás mascots at the Eldorado mall.

The action is widely publicized throughout the helloo network in malls and homes, and a customized space for the brand with a sensory activation that invites the public to experience care in a close, affective, and memorable way. By integrating environment, flow, and interaction, the action strengthens the relationship with families and reinforces the role of experience as a competitive advantage in retail.

PORTFOLIO

SUSTAINABILITY

Media Gross Revenue Media as a % of Gross Revenue

(R$ Million)

35,7

+57,3%

17,2

16,3

19,4

39,0

56,2

+ 220 bps

APPENDIX

7,6%

5,4%

1Q25 1Q26

Media | Rent Media | Service

1Q25 1Q26

16



DEVELOPMENT AND MIXED USE

HIGHLIGHTS

PORTFOLIO - SCALABLE CASH GENERATION PLATFORM

MESSAGE FROM

MANAGEMENT

In 1Q26, ALLOS continued to consolidate mixed use as a structural vector for cash generation, based on the monetization of owned land, through masterplans structured in the asset light model, with disciplined execution and returns consistently above the original assumptions.

KEY INDICATORS

The contracted pipeline totals 72 towers, 8 of which are delivered and 64 are under development, totaling more than 740 thousand sqm of private area, with an estimated generation of R$ 539 million in cash (@Share ALLOS), between 2026 and 2036, with no relevant need for capital allocation. The projects have the potential to add more than 40 thousand people to the surroundings of the assets, boosting qualified flow and the sustainable growth of mall operations.

FINANCIAL

PERFORMANCE

MIXED USE - EXECUTION AND COMMERCIAL PERFORMANCE

The execution of these projects continues to demonstrate the Company's ability to generate value through land monetization, showcasing strong commercial performance with prices consistently exceeding the Guaranteed Minimum Price (GMP).

OPERATIONAL

PERFORMANCE

In Goiânia, within the Passeio das Águas Shopping complex, EBM has delivered the three towers of Now Reserva das Águas, initiating a steady influx of new residents around the mall. The units sold were, on average, 35% above the GMP. Simultaneously, Now Alameda das Águas is also performing well, with over 65% of the units sold and average prices 33% above the GMP.

DEVELOPMENT

AND MIXED USE

APPENDIX

PORTFOLIO

SUSTAINABILITY

DIGITAL FEATURES

MEDIA

In Rio de Janeiro, the Only by Living project, developed by RJZ Cyrela next to NorteShopping, is in an advanced stage of construction. Currently, 93% of the units have been sold, with average prices 42% above the GMP, resulting in significant incremental benefits for both partners and ALLOS.

Shopping Passeio das Águas

Now Alameda das Águas

Now Reserva das Águas

Shopping Passeio das Águas



NorteShopping

Only by Living

NorteShopping



DEVELOPMENT AND MIXED USE

Imagem meramente ilustrativa



MESSAGE FROM

MANAGEMENT

HIGHLIGHTS

NEW BUSINESS - HEALTH AND INNOVATION

KEY INDICATORS

The Company also advanced in the monetization of land, with the signing of a contract for the sale of an area located at Av. Ayrton Senna, in Barra da Tijuca (RJ), destined for the development of the first Proton Therapy Center in Brazil.

FINANCIAL

PERFORMANCE

The project will be led by the Severino Sombra Foundation (FUSVE), in partnership with the Belgian company Ion Beam Applications (IBA), a global leader in cancer treatment solutions.

The operation is in line with strategy of disciplined monetization of land, with value capture and without the need for

capital allocation, while associating ALLOS with a project of high institutional and technological relevance.



OPERATIONAL

PERFORMANCE

INDEPENDÊNCIA SHOPPING - APPROVED PROJECT

DEVELOPMENT

AND MIXED USE

DIGITAL FEATURES

MEDIA

In Juiz de Fora, at Independência Shopping, the partner Grupo Diamond obtained the approval of the project from the City Hall, allowing the drawing up of the Definitive Deed, the accounting recognition of the operation by ALLOS and the advance to the launch phase. The project will have 345 apartments, in more than 14 thousand sqm of private area, reinforcing the execution capacity and value generation of the existing portfolio.

MIXED USE PIPELINE - PORTFOLIO OVERVIEW

use area (sqm)

In Approval

In construction/launch

Concluded

Total Signed

Total Available

Parque Shopping Maceió

AL

2

8

4

14

18.416

Shopping da Bahia

BA

5

-

-

5

23.060

Catuaí Shopping Londrina

PR

6

-

-

6

67.419

Norteshopping

RJ

-

5

-

5

65.783

Passeio das Águas Shopping

GO

-

3

3

6

332.120

Franca Shopping

SP

3

-

-

3

56.460

Shopping Tamboré

SP

2

-

-

2

24.300

Shopping Recife

PE

2

1

-

3

35.000

Shopping Piracicaba

SP

3

-

-

3

21.352

Parque Dom Pedro

SP

2

-

-

2

319.310

Independência Shopping

MG

1

1

-

2

-

São Bernardo Plaza Shopping

SP

3

-

-

3

43.050

Shopping Estação Cuiabá

MT

2

-

-

2

13.200

Outros Shoppings do Portifólio

648.725

Malls State

APPENDIX

PORTFOLIO

SUSTAINABILITY

Mixed-use Towers

Private Mixed-





Subtotal

-

31

18

7

56

1.668.195

Independent land

-

3

12

1

16

68.000

Portfolio Total



-

34

30

8

72

1.736.195





DEVELOPMENT AND MIXED USE

HIGHLIGHTS

EXPANSIONS AND REDEVELOPMENT

MESSAGE FROM

MANAGEMENT

VALUE CREATION IN CONSOLIDATED ASSETS



KEY INDICATORS

In 1Q26, ALLOS advanced in the strategy of increasing the productivity of the portfolio through interventions and redevelopments without a relevant increase in built area, with agile execution, low capital consumption and focus on capturing value in already consolidated assets.

This approach allows the Company to extract additional value from the existing portfolio through the requalification of areas, improvement of the commercial mix and increase of operational efficiency, with direct impacts on sales, revenues and profitability.

FINANCIAL

PERFORMANCE

SHOPPING PARQUE DOM PEDRO | SUCCESS CASES

Parque Dom Pedro Shopping is an excellent example of ALLOS redevelopment strategy, evidencing the ability to transform consolidated assets into platforms for greater productivity and value generation.

OPERATIONAL

PERFORMANCE

Since 2022, the project has been undergoing a continuous cycle of requalification, with structured interventions in stages of rapid execution. The improvements combine ambience qualification, comfort and integration with green areas, creating more attractive spaces and increasing the length of stay of customers.

MEDIA

At present, approximately 26 thousand sqm have already been requalified, with a direct impact on the improvement of the mix, reflected in the opening of the first full H&M store in Brazil, and the increase in operational performance.

As a result, the asset recorded growth of approximately

+39% in sales and +36% in revenues in the comparison between 1Q26 and 1Q22, consistently exceeding the accumulated inflation (20,3%) in the period and evidencing the capture of real value, in addition to the effectiveness of the requalification strategy implemented.

+39% +36%

DEVELOPMENT

AND MIXED USE

DIGITAL FEATURES

Sales Growth Revenue Growth

SUSTAINABILITY

Variation 1Q26 vs. 1Q22

2022 | FLORES

2026

ÁGUAS

2025 | COLINAS

2026 | RDVP

PORTFOLIO

DIGITAL ZONE

2023| ÁRVORES

EVENTOS

2024|PEDRAS

APPENDIX

ÁREA KIDS



DEVELOPMENT AND MIXED USE

HIGHLIGHTS

EXPANSIONS AND REDEVELOPMENT

MESSAGE FROM

MANAGEMENT

VALUE CREATION IN CONSOLIDATED ASSETS



KEY INDICATORS

SETOR FLORES 2022

after

FINANCIAL

PERFORMANCE

SETOR ÁRVORES 2023

before

OPERATIONAL

PERFORMANCE

MEDIA

after

SETOR PEDRAS 2024

SETOR COLINAS 2025

before

before

after

DEVELOPMENT

AND MIXED USE

APPENDIX

PORTFOLIO

SUSTAINABILITY

DIGITAL FEATURES

after

before

20

DEVELOPMENT AND MIXED USE

HIGHLIGHTS

EXPANSIONS AND REDEVELOPMENT

MESSAGE FROM

MANAGEMENT

VALUE CREATION IN CONSOLIDATED ASSETS

INNOVATION AND MONETIZATION | DIGITAL ZONE

KEY INDICATORS

The asset's media revenue has already been showing strong growth, with an increase of more than 100% in the comparison between 1Q26 and 1Q25, reinforcing the potential of this front as a relevant vector of value generation.

OPERATIONAL

PERFORMANCE

FINANCIAL

PERFORMANCE

In light of this performance, ALLOS inaugurated the Digital Zone at Parque Dom Pedro in 1Q26 as part of the asset's redevelopment strategy, with the aim of further enhancing this revenue stream and creating new monetization opportunities.

MEDIA

The initiative transformed a previously less attractive area into a new hub of experience and connection, integrating digital content, brand activations and events in an immersive high-interaction environment.

APPENDIX

PORTFOLIO

SUSTAINABILITY

In addition to elevating the customer experience, the Digital Zone expands the asset's monetization potential, reinforcing revenue sources through digital media, commercial partnerships and events, reinforcing the strategy of increasing productivity per sqm.

DEVELOPMENT

AND MIXED USE

DIGITAL FEATURES

Parque Dom Pedro Shopping

AREA OPTIMIZATION AND NEXT VALUE CYCLE

Continuing the redevelopment strategy, the repositioning of approximately 12 thousand sqm currently occupied by low-attractiveness operations is planned for 2026. The intervention provides for the complete reconfiguration of the area, with the introduction of new uses and improved integration with the mall, with a focus on increasing flow, permanence, and productivity.

The project will generate a revenue spread of more than 63%, highlighting the potential to capture value through the reconfiguration of existing areas.

In addition, the works of the Water sector are expected to start throughout 2026, continuing the transformation cycle of the project and reinforcing the strategy of continuous evolution of the asset. In the end, Parque Dom Pedro should total more than 40 thousand sqm of redeveloped areas, consolidating itself as one of the main cases of increased productivity and value generation of ALLOS. Reinforcing ALLOS strategy of revenue growth and profitability through continuous optimization of the existing portfolio.



DIGITAL FEATURES



LOYALTY DRIVEN BY DIGITAL PLATFORM

The significant growth in GMV captured and the number of sessions demonstrate the positive, relevant impact of the ALLOS digital platform on the consumption habits of the program's 2.3 million members, who increasingly use the apps to send their invoices and access the most diverse and exclusive benefits. In malls with the program at a mature stage, the ALLOS digital platform shows an average increase of 16% in consumer recurrence, as members of the relationship program strengthen their bonds and concentrate their purchases on these enterprises. In some specific groups analyzed, consumers increased

HIGHLIGHTS

GMV captured

(R$ million)

+74,6%

Sessions

(million)

+28,3%

1.213,2

13,4

694,8

FINANCIAL

PERFORMANCE

MESSAGE FROM

MANAGEMENT

KEY INDICATORS

17,2

visits to these malls by 25%.

1Q25 1Q26

1Q25 1Q26

PLATFORM MONETIZATION| IN-APP MEDIA ATTRACTING ADVERTISERS FROM DIFFERENT SEGMENTS

The platform's revenues continued to grow significantly, with a highlight on media activation solutions through the Benefits Program, which are offered beyond tenants and attracted advertisers from a wide range of segments, such as healthcare and banking, which tripled in 1Q26 versus 1Q25.

DEVELOPMENT

AND MIXED USE

OPERATIONAL

PERFORMANCE

MEDIA

COMMUNICATION CONNECTING DIGITAL TO THE PHYSICAL EXPERIENCE IN MALLS

DIGITAL FEATURES

ALLOS has made significant strides in automating the consumer journey, enhancing user interactions on the Digital Platform to be more intelligent, contextual, and connected to the physical mall experience. Once a consumer's real presence in the mall is identified, the platform activates personalized journeys in a timely manner, adding value during the consumer's visit.

The detection of a customer's presence in the mall occurs through various journey events, enabling more accurate and relevant activations. This is achieved through push notifications, in-app messages, and SMS, thereby expanding the reach of activations and improving the effectiveness of messaging by recommending benefits at the right moment. This approach encourages new uses of the mall's offerings and prolongs consumers' visits.

APPENDIX

PORTFOLIO

SUSTAINABILITY

An automated, effective consumer journey contributes to increased foot traffic in shopping malls, enhanced member engagement, greater utilization of benefits, and improved traffic to retailers. This reinforces the Digital Platform's role as a strategic pillar in consumers' phygital journey.

ARTIFICIAL INTELLIGENCE| EFFICIENCY AS A LEVER OF SCALE

ALLOS has been intensifying the strategic adoption of AI as part of its innovation, operational efficiency, and decision-making support agenda. The Company maintains a structured approach to continuous learning and the responsible implementation of technology, combining team training, the adoption of state-of-the-art software, and the development of proprietary solutions.

The implementation of Iara, a conversational agent available on the websites of the Company's 45 malls, has significantly improved the consumer experience by making it more efficient and consistent. The results demonstrate notable gains in both efficiency and scalability: the solution has reduced the need to transfer customers to human reEleptrorpeosstoeKnARtGa-tSihvopepisng Lferbloonm 35% to just 5%. This change has already led to an operational cost optimization of nearly 30%.



SUSTAINABILITY

HIGHLIGHTS

ALLOS commitment to sustainability permeates a series of perennial initiatives and projects, carried out by the Company's malls, supporting social causes and local development. Below are the recent outstanding achievements.



MESSAGE FROM

MANAGEMENT

KEY INDICATORS

In April 2026, ALLOS released the 2025 Sustainability Report, which brings the main advances in the ESG agenda over the last year and reinforces the integration of sustainability into the Company's business strategy.

Access FullReport

FINANCIAL

PERFORMANCE

The edition marks the first year of execution of the Private Social Investment (PSI) education projects, highlighting the connection between social development and the territories where the Company operates, in addition to reflecting the consistent evolution of environmental, social, and governance goals.

DEVELOPMENT

AND MIXED USE

OPERATIONAL

PERFORMANCE

APPENDIX

PORTFOLIO

SUSTAINABILITY

DIGITAL FEATURES

MEDIA

ALLOS ESG strategy remains organized under the concept of Spaces that Transform, structured around four pillars:

SPACES THAT CONSERVE

Advances in the environmental agenda

The Company has made significant progress in its environmental agenda, focusing on recovering 75% of the waste generated. It continues to implement energy and water efficiency projects within its portfolio. In alignment with climate initiatives, ALLOS has also increased its involvement in forums and strategic

discussions regarding climate change.

SPACES THAT INCLUDE

Diversity, Equity & Inclusion

In 2025, the DE&I agenda has made significant progress. The Company conducted a DE&I Census that

included

both its employees and

third-party

participants. As a result, representation in leadership

roles has increased, reaching 45.1% for women and 42.4% for black people. This reinforces the Company's commitment to fostering a more diverse and

representative organizational structure.

SPACES THAT CARE SPACES THAT DEVELOP

Employee development and engagement Social impact and investment in education

The development of our employees is central to the In the social pillar, ALLOS invested over R$ 1 million in Company's strategy. In 2025, ALLOS continued to invest education projects, which is the primary focus of its in training and enhancing the organizational culture. Private Social Investment efforts. This investment has Our focus on ethics, diversity, and leadership contributed to the development of local communities contributes to a more engaged work environment that surrounding its projects and has strengthened the aligns with the Company's values. positive impact generated by the company.

For the fifth consecutive year, ALLOS has been selected to be part of the B3 Corporate Sustainability Index (ISE B3), highlighting the recognition of its commitment to sustainability and the ongoing improvement of its practices. Established in 2005 by B3, this index is a pioneering initiative in Latin America and is the fourth sustainability index globally.





DEVELOPMENT

AND MIXED USE

OPERATIONAL

PERFORMANCE

FINANCIAL

PERFORMANCE

MESSAGE FROM

MANAGEMENT

HIGHLIGHTS

APPENDIX

PORTFOLIO

SUSTAINABILITY

DIGITAL FEATURES

MEDIA

KEY INDICATORS

PORTFOLIO

Owned Malls

State

Ownership

Total GLA

(sqm)

Owned GLA

(sqm)

Private area

Mixed Use

Occupancy Rate

(%)

Services rendered

Amazonas Shopping

AM

24,7%

37.555

9.272

48.801

97,3%

A / C / CSC

Araguaia Shopping

GO

50,0%

17.536

8.768

-

98,5%

-

Bangu Shopping

RJ

90,0%

57.935

52.142

8.838

98,4%

A / C / CSC

Boulevard Shopping Belém

PA

80,0%

39.421

31.533

30.030

96,1%

A / C / CSC

Boulevard Shopping Belo Horizonte

MG

70,0%

41.683

29.178

25.906

97,3%

A / C / CSC

Boulevard Shopping Brasília

DF

100,0%

17.990

17.990

0

85,1%

-

Carioca Shopping

RJ

65,0%

36.268

23.574

-

94,3%

A / C / CSC

Catuaí Shopping Londrina

PR

93,0%

57.027

53.035

67.419

96,2%

A / C / CSC

Catuaí Shopping Maringá

PR

100,0%

33.503

33.503

71.227

97,3%

A / C / CSC

Caxias Shopping

RJ

65,0%

27.781

18.057

47.580

96,8%

A / C / CSC

Center Shopping Uberlândia

MG

21,0%

56.906

11.950

50.925

94,4%

A / C / CSC

Shopping Estação BH

MG

60,0%

37.503

22.502

-

97,0%

A / C / CSC

Franca Shopping

SP

76,9%

18.955

14.582

56.460

100,0%

A / C / CSC

Goiânia Shopping

GO

48,8%

30.194

14.747

-

95,1%

A / C / CSC

Independência Shopping

MG

83,4%

23.672

19.752

-

98,5%

A / C / CSC

Manauara Shopping

AM

100,0%

47.279

47.279

-

96,7%

A / C / CSC

Mooca Plaza Shopping

SP

60,0%

42.067

25.240

9.069

99,9%

A / C / CSC

Norteshopping

RJ

72,5%

71.336

51.719

65.783

95,8%

A / C / CSC

Parque Dom Pedro

SP

51,6%

126.359

65.201

319.310

98,4%

A / C / CSC

Parque Shopping Belém

PA

51,0%

36.544

18.638

-

97,3%

A / C / CSC

Parque Shopping Maceió

AL

50,0%

44.257

22.128

18.416

96,3%

-

Passeio das Águas Shopping

GO

90,0%

74.432

66.989

332.120

91,4%

A / C / CSC

Plaza Niterói

RJ

100,0%

44.589

44.589

-

90,6%

A / C / CSC

Plaza Sul Shopping

SP

50,1%

24.375

12.212

-

96,6%

A / C / CSC

São Bernardo Plaza Shopping

SP

60,0%

42.954

25.773

43.050

95,7%

A / C / CSC

Shopping ABC

SP

1,3%

44.602

566

-

97,1%

-

Shopping Campo Grande

MS

70,9%

44.369

31.457

95.264

98,8%

A / C / CSC



Shopping Campo Limpo

SP

20,0%

30.232

6.046

-

98,4%

A / C / CSC

Shopping Curitiba

PR

49,0%

22.379

10.966

-

98,3%

A / C / CSC

Shopping da Bahia

BA

71,5%

71.077

50.813

23.060

95,0%

A / C / CSC

Shopping Del Rey

MG

80,0%

38.069

30.455

-

94,9%

A / C / CSC

Shopping Estação Cuiabá

MT

75,0%

48.273

36.205

13.200

95,1%

A / C / CSC

Shopping Grande Rio

RJ

50,0%

44.128

22.064

54.940

97,2%

A / C / CSC

Shopping Leblon

RJ

51,0%

27.566

14.059

-

96,9%

A / C / CSC

Shopping Metrô Santa Cruz

SP

100,0%

18.774

18.774

-

95,0%

A / C / CSC

Shopping Metrópole

SP

100,0%

28.951

28.951

13.860

95,4%

A / C / CSC

Shopping Parangaba

CE

40,0%

33.523

13.409

13.546

96,2%

A / C / CSC

Shopping Piracicaba

SP

75,3%

44.995

33.895

21.352

96,0%

A / C / CSC

Shopping Recife

PE

30,8%

78.570

24.223

35.000

97,3%

C

Shopping Taboão

SP

92,0%

37.394

34.403

85.766

98,2%

A / C / CSC

Shopping Tamboré

SP

100,0%

49.926

49.926

24.300

97,5%

A / C / CSC

Shopping Tijuca

RJ

90,0%

35.359

31.823

-

92,3%

A / C / CSC

Shopping Vila Velha

ES

50,0%

71.504

35.752

48.180

98,1%

A / C / CSC

Shopping Villagio Caxias do Sul

RS

61,0%

29.677

18.103

44.794

97,1%

A / C / CSC

Shopping Villa-Lobos

SP

63,4%

28.394

18.002

-

96,1%

A / C / CSC

Rio Design Leblon

RJ

38,2%

4.007

1.532

-

55,4%

A / C / CSC

Shopping Brasília

DF

100,0%

17.990

17.990

-

85,1%

A / C / CSC

Lojas C&A

-

87,4%

11.809

10.322

-

100,0%

-

Total Portfólio 65,3% 1.949.690

1.280.088

1.668.195

96,2%





RELATÓRIO DE RESULTADOS 1T26



MESSAGE FROM

MANAGEMENT

HIGHLIGHTS

EXPANSION AND REDEVELOPMENT PROJECTS

ANEXOS

Expansion/Redevelopment:

Taste Lab and new vertical circulation

Under construction

The new gastronomic space with 5 thousand sqm will add 22 new gastronomic options.

SHOPPING

FINANCIAL

PERFORMANCE

KEY INDICATORS

TIJUCA

Redevelopment:

Mall de Águas and an old anchor area.

In Bidding

Modernization and redevelopment of the Sector Águas.

In projects

Redevelopment 12 thousand sqm of GLA.

PARQUE

OPERATIONAL

PERFORMANCE

MEDIA

D. PEDRO SHOPPING

Redevelopment:

Floor L1 and L2

In Bidding

Modernization of the corridors of the

PORTFOLIO

SUSTAINABILITY

two floors near the Gourmet Park

SHOPPING

DEVELOPMENT

AND MIXED USE

DIGITAL FEATURES

RECIFE

Redevelopment:

Rondon Pacheco Facade

In Bidding

Modernization of the façade of Rondon

APPENDIX

Pacheco Avenue.

CENTER UBERLÂNDIA





Redevelopment:

Modernisation of the Villa Lobos Promenade

In project development

KEY INDICATORS

Creation of a new Gastronomic Boulevard integrated with the Villa Lobos Building.

HIGHLIGHTS

SHOPPING VILLA LOBOS

MESSAGE FROM

MANAGEMENT

Redevelopment:

3rd Floor

FINANCIAL

PERFORMANCE

In Project development

OPERATIONAL

PERFORMANCE

MEDIA

GOIÂNIA SHOPPING

Expansion:

Expansion of 150 new stores

In Bidding

DEVELOPMENT

AND MIXED USE

SUSTAINABILITY

DIGITAL FEATURES

The project foresees more than 150 new stores, distributed over 24 thousand sqm, of which 12 thousand sqm are new abl.

SHOPPING CAMPO GRANDE



APPENDIX

PORTFOLIO

EXPANSÃO REDESENVOLVIMENTO

CAPITAL STRUCTURE

MESSAGE FROM

MANAGEMENT

HIGHLIGHTS

KEY INDICATORS

The values below relate to ALLOS share in each debt, excluding structuring costs, asset purchase obligations, swap fair value adjustments, and the fair value of debts arising from business combinations. For further information, please refer to the corresponding Explanatory Note in the Company's consolidated financial statements.

Debts

Index

Interest

Total Cost

Total Debt

(%) Total Debt

Maturity



TR

12,6%

96.104

1,6%

Itaú (CRI - ICVM 476)

TR

11,3%

13,4%

40.635

0,7%

Jun-27

Itaú

TR

9,9%

12,0%

55.469

0,9%

May-30

CDI

15,7%

5.784.542

98,4%

Debenture VIII (CRI - ICVM 400)

CDI

1,0%

15,9%

80.426

1,4%

Jun-29

Debenture XII (CRI - ICVM400)

CDI

1,2%

16,1%

538.280

9,2%

Jul-28

Debenture 7ª (CRI - ICVM160)

CDI

1,0%

15,9%

316.734

5,4%

Mar-28

Debenture 7ª (CRI - ICVM160).

CDI

1,2%

16,2%

299.017

5,0%

Mar-30

Debenture (8ª emissão. 1ª serie)

CDI

0,6%

15,4%

376.274

6,4%

Apr-29

Debenture (8ª emissão. 2ª serie)

105% CDI

0,0%

15,5%

403.692

6,9%

Apr-29

Debenture (8ª emissão. 3ª serie)

CDI

0,5%

15,3%

493.619

8,4%

Apr-31

CCB Itaú

CDI

1,3%

16,3%

110.125

1,9%

Oct-26

Debenture (11ª emissão.1ª serie)

CDI

0,6%

15,5%

651.850

11,1%

Aug-31

Debenture (11ª emissão. 2ª serie)

CDI

1,0%

15,9%

1.887.806

32,1%

Aug-34

Debenture (12ª emissão.1ª serie)

98% CDI

0,0%

14,5%

156.956

2,7%

Jan-30

Debenture (12ª emissão. 2ª serie)

CDI

0,0%

14,8%

469.763

8,0%

Jan-32

CDI

0,0%

0,0%

0,0%

Gaia Securitizadora (CRI)

IGP-DI²

7,95%

0,0%

0

0,0%

mai-25

Total

15,61%

0,0%



Total

CDI+

0,72%

5.880.646

OPERATIONAL

PERFORMANCE

FINANCIAL

PERFORMANCE

The table below shows the reconciliation between the consolidated accounting net debt and the managerial net debt.

MEDIA

Debt Breakdown | Consolidated

Financial Statements

DEVELOPMENT

AND MIXED USE

APPENDIX

PORTFOLIO

SUSTAINABILITY

DIGITAL FEATURES

1Q26 Effects of CPC 18/19

Managerial 1Q26

(amounts in thousands of reais)

Loans and financing, CCI/CRI's and debentures

5.815.644

-

5.815.644

Obligation for purchase of assets

18.179

(0)

18.179



Derivative financial instruments

183.676

0

183.676

Gross Debt

6.017.499

(0)

6.017.499

Cash and Cash Equivalents

(2.319.767)

(3.427)

(2.323.194)

Net debt

3.697.732

(3.427)

3.694.305

RECONCILIATION OF THE CONSOLIDATED AND MANAGERIAL FINANCIAL STATEMENTS

The managerial financial information is shown as consolidated in thousands of Reais (R$), and reflects the

HIGHLIGHTS

Company's ownership in each mall, in line with the consolidated financial statements.

MESSAGE FROM

MANAGEMENT

The managerial financial statements were prepared based on the balance sheets, income statements, and financial reports of the Company and assumptions that the Company's Management considers to be reasonable and should be read in conjunction with the period's financial statements and explanatory notes.

CONSOLIDATED AND MANAGERIAL FINANCIAL STATEMENTS FOR MARCH 31st, 2025, AND 2026

Consolidated Income Statement 1Q26 1Q25

1Q26 / 1Q25

Δ%

1Q25

Proforma

1Q26 / 1Q25

FINANCIAL

PERFORMANCE

KEY INDICATORS

Δ% Proforma

(Amounts in thousands of Reais, except percentages)

Gross revenue from rent and services

714.792

699.732

2,2%

n/a

n/a

Taxes, contributions and other deductions

(51.089)

(49.889)

2,4%

n/a

n/a

Net revenue

663.702

649.842

2,1%

n/a

n/a

Cost

(190.987)

(173.903)

9,8%

n/a

n/a

Gross income

472.715

475.939

-0,7%

n/a

n/a

Operating income/(expenses)

(56.263)

(28.256)

99,1%

n/a

n/a

Sales, general and administrative expenses

(163.026)

(172.327)

-5,4%

n/a

n/a

Equity income

17.108

17.201

-0,5%

n/a

n/a

Other net income (expenses)

89.655

126.870

-29,3%

n/a

n/a

Financial income/(expenses)

(181.423)

(157.650)

15,1%

n/a

n/a

Net income before taxes and social contributions

235.029

290.033

-19,0%

n/a

n/a

Current income and social contribution taxes

(55.800)

(67.115)

-16,9%

n/a

n/a

Deferred income and social contribution taxes

87.721

55.185

59,0%

n/a

n/a

Net income in the period

266.950

278.104

-4,0%

-

n/a

Income (loss) attributable to:

Controlling Shareholders

248.302

254.670

-2,5%

n/a

n/a

Minority Shareholders

18.648

23.433

-20,4%

n/a

n/a

Net income in the period

266.950

278.104

-4,0%

-

n/a

DEVELOPMENT

AND MIXED USE

OPERATIONAL

PERFORMANCE

APPENDIX

PORTFOLIO

SUSTAINABILITY

DIGITAL FEATURES

MEDIA

1Q26 / 1Q25

1Q26 1Q25 Δ%

1Q25

Proforma

1Q26 / 1Q25

Δ% Proforma

(Amounts in thousands of Reais, except percentages)

Managerial Income Statement



Gross revenue from rent and services

743.629

679.652

9,4%

677.160

9,8%

Taxes, contributions and other deductions

(51.211)

(48.787)

5,0%

(48.787)

5,0%

Net revenue

692.418

630.865

9,8%

628.374

10,2%

Cost

(204.854)

(169.756)

20,7%

(169.599)

20,8%

Cost of rent and services

(86.812)

(57.049)

52,2%

(56.891)

52,6%

Depreciation and amortization

(118.042)

(112.708)

4,7%

(112.708)

4,7%

Gross income

487.564

461.108

5,7%

458.775

6,3%

Operating income/(expenses)

(87.989)

(70.170)

25,4%

(70.170)

25,4%

Sales, general and administrative expenses

(92.003)

(107.030)

-14,0%

(107.030)

-14,0%

Long-term incentive plan

(7.636)

(7.727)

-1,2%

(7.727)

-1,2%

Equity Income

-

-

n/a

-

n/a

Depreciation and Amortization expenses

(35.096)

(36.999)

-5,1%

(36.999)

-5,1%

Other net income (expenses)

46.747

81.586

-42,7%

81.586

-42,7%

Financial income/(expenses)

(183.157)

(120.500)

52,0%

(120.500)

52,0%

Net income before taxes and social contributions

216.418

270.438

-20,0%

268.105

-19,3%

Current income and social contribution taxes

(56.755)

(41.680)

36,2%

(41.680)

36,2%

Deferred income and social contribution taxes

88.638

25.911

n/a

25.911

n/a

Net income in the period

248.302

254.670

-2,5%

252.337

-1,6%

BALANCE SHEET

Managerial Balance Sheet

ALLOS

Financial Statements

Adjustments

ALLOS

HIGHLIGHTS

Managerial Consolidated

DEVELOPMENT

AND MIXED USE

OPERATIONAL

PERFORMANCE

FINANCIAL

PERFORMANCE

MESSAGE FROM

MANAGEMENT

APPENDIX

PORTFOLIO

SUSTAINABILITY

DIGITAL FEATURES

MEDIA

KEY INDICATORS

Total Non-current Assets 21.926.292 22.689.908

399.471

(233.880)

22.325.763

22.456.028

Total Assets 24.860.241 26.006.439

437.799

(267.182)

25.298.039

25.739.257

LIABILITIES (amounts in thousands of Reais)

Current





31/03/2026 31/03/2025 31/03/2026 31/03/2025 31/03/2026 31/03/2025

ASSETS (amounts in thousands of Reais)

Current



Cash and cash equivalents

24.965

60.570

6.430

9.389

31.394

69.960

Short-term investments

2.130.729

2.369.444

(3.002)

(67.573)

2.127.727

2.301.871

Accounts receivable

334.790

473.676

15.942

7.880

350.733

481.556

Dividends receivable

27

27

(27)

(27)

0

(0)

Taxes recoverable

210.207

168.688

4.840

5.900

215.047

174.588

Anticipated expenses

21.605

17.480

482

513

22.088

17.993

Other receivables

211.625

226.645

13.662

10.616

225.287

237.262

Total Current Assets

2.933.948

3.316.531

38.328

(33.302)

2.972.276

3.283.229

Non-Current



Taxes recoverable

53.030

62.263

82

(452)

53.112

61.811

Deferred income and social contribution tax

0

(0)

(0)

(0)

(0)

(0)

Legal deposits

191.564

192.477

949

904

192.514

193.381

Borrowings and other accounts receivable

-

-

-

-

-

-

Values receivable

82.942

80.560

(310)

(1.531)

82.632

79.030

Anticipated expenses

9.925

12.782

(3)

(5)

9.922

12.777

Long-term investments

164.073

167.142

-

-

164.073

167.142

Other receivables

303.777

285.416

(2.963)

(277)

300.813

285.139

Investments

603.967

604.106

(603.967)

(604.106)

0

0

Properties for investment

19.624.631

20.381.666

468.658

(176.699)

20.093.288

20.204.967

Property, plant and equipment

109.515

106.620

2.985

2.655

112.500

109.275

Intangible assets

782.870

796.875

534.041

545.631

1.316.910

1.342.507

Suppliers

70.457

85.869

7.570

3.946

78.027

89.815

Loans and financing, real estate credit notes and debentures

258.964

325.357

-

-

258.964

325.357

Taxes and contributions payable

77.318

108.639

1.250

4.500

78.567

113.139

Deferred income

15.237

10.160

9.271

8.383

24.508

18.543

Dividends payable

438.000

440.839

0

(2.839)

438.000

438.000

Obligations for purchase of assets

3.384

3.384

-

-

3.384

3.384

Leasing

26.514

27.042

64.473

69.628

90.986

96.669

Other liabilities

153.116

283.131

3.359

(52.646)

156.475

230.485

Total Current Liabilities and liabilities related to non-current assets held for sa

1.042.988

1.284.420

85.922

30.973

1.128.910

1.315.392

Non-Current



Loans and financing , real estate credit notes and debentures

5.556.680

5.553.953

-

0

5.556.680

5.553.954

Taxes and contributions to collect

5.412

7.013

(28)

(110)

5.384

6.903

Deferred income

14.686

16.716

379

406

15.065

17.122

Financial securities

183.676

132.740

-

-

183.676

132.740

Deferred income and social contribution tax

4.554.006

4.642.094

(5.155)

(5.217)

4.548.852

4.636.877

Obligations for the purchase of assets

14.795

14.503

-

-

14.795

14.503

Leasing

187.709

193.326

451.363

460.218

639.072

653.543

Other liabilities

14.148

8.040

(13.361)

(1.002)

786

7.038

Provision for contingencies

239.408

254.628

784

111

240.192

254.740

Total Non-Current Liabilities

10.770.520

10.823.013

433.982

454.407

11.204.502

11.277.420

Shareholders' Equity (amounts in thousands of Reais)



Share capital

15.092.136

15.092.136

-

-

15.092.136

15.092.136

Expenditure on issuance of shares

(72.332)

(72.332)

-

-

(72.332)

(72.332)

Capital reserves

26.470

18.590

-

-

26.470

18.590

Legal reserve

275.973

234.265

-

-

275.973

234.265

Shares held in treasury

(104.855)

(104.855)

-

-

(104.855)

(104.855)

Retained earnings (losses)

102.302

0

(0)

0

102.302

0

Income reserves

1.649.249

1.982.957

-

-

1.649.249

1.982.957

Carrying value adjustments

(4.004.316)

(4.004.316)

-

-

(4.004.316)

(4.004.316)

Minority Interest

82.105

752.561

(82.105)

(752.561)

-

-

Total Shareholders' Equity

13.046.732

13.899.006

(82.105)

(752.561)

12.964.627

13.146.445

Total liabilities and shareholders' equity

24.860.241

26.006.439

437.799

(267.182)

25.298.039

25.739.257

HIGHLIGHTS

CASH FLOW

Cash Flow Statement ALLOS

Financial Statements

Adjustments ALLOS Managerial Consolidated

DEVELOPMENT

AND MIXED USE

OPERATIONAL

PERFORMANCE

FINANCIAL

PERFORMANCE

MESSAGE FROM

MANAGEMENT

APPENDIX

PORTFOLIO

SUSTAINABILITY

DIGITAL FEATURES

MEDIA

KEY INDICATORS

481.676 14.361 496.037

Decrease (increase) in assets 111.677 4.303 115.980





31/03/2026 31/03/2026 31/03/2026

(amounts in thousands of reais)

Operating Activities



Net Profit for the period

266.950

(18.648)

248.302

Adjustments to net profit due to:

-

-

-

Straight line rent adjustment

(8.996)

(129)

(9.125)

Depreciation and Amortization

149.860

3.278

153.138

Equity Income

(17.108)

17.108

-

Provisions for doubtful accounts

19.362

(1.149)

18.213

Stock Option plan

11.214

(0)

11.214

Monetary variation over financial debts

208.240

3.007

211.247

Fair value of financial derivatives instruments

49.573

-

49.573

Deferred income and social contribution tax

(87.721)

(917)

(88.638)

(Gain) loss on sale of investment property

-

-

-

Income financial debts

(79.323)

48

(79.275)

Write-off of asset added value

-

-

-

(Gain) loss on sale of lands

(14.787)

2.533

(12.254)

Provision for loss of investments and investment properties

-

-

-

Others

(15.587)

9.229

(6.358)

Accounts receivable

111.173

6.960

118.133



Legal deposits

913

(46)

867

Taxes recoverable

(32.286)

526

(31.760)

Others

31.877

(3.137)

28.740

Increase (decrease) in liabilities (37.582) 53.031 15.449

Suppliers

(15.412)

3.624

(11.788)

Collectable taxes

102.772

(2.841)

99.931

Other obligations

(127.990)

51.388

(76.602)

Deferred income

3.047

861

3.908

Taxes paid - IRPJ e CSLL

(86.354)

(296)

(86.650)

Taxes paid - PIS, COFINS e ISS

(49.340)

(32)

(49.372)

Net Cash Used in Operating Activities

420.077

71.367

491.444

Investment Activities

Acquisition of fixed assets

(9.552)

(800)

(10.352)

Acquisition of Intangible Assets

(14.407)

(427)

(14.834)

Acquisition of properties for investment - Shopping malls

(38.933)

(1.125)

(40.058)

Capital increase/Decrease in controlled companies

(9.600)

9.600

-

Capital Increase (decrease) in subsidiaries/ associets/ amortization of cotas

-

-

-

Decrease (increase) in short-term investments

322.471

(64.620)

257.851

Dividends and interest on capital received

25.742

(25.742)

-

Receipt for the sale of equity and/or real estate interests in shopping malls

10.440

0

10.440

Net Cash Used in Investment Activities

286.161

(83.114)

203.047

Financing Activities



Receipt of loans to related parties

-

-

-

Interest payment - loans, financings and real estate credit notes

(3.005)

-

(3.005)

Principal payment loans and financing and real estate credit notes

(6.497)

-

(6.497)

Issuance of debentures

-

-

-

Interest payment - debentures

(257.045)

-

(257.045)

Principal payment - debentures

-

-

-

Payment of debenture structuring costs

(393)

-

(393)

Leasing - Payment of principal and interest

(11.101)

(17.016)

(28.117)

Share Buyback Program

-

-

-

Buyback - debentures

-

-

-

Share Sales

-

-

-

Dividends paid to stockholders

(438.000)

-

(438.000)

Dividends paid to non-controlled stockholders

(25.802)

25.802

-

Payment of obligations for the purchase of companies

-

-

-

Net Cash Used in Financing Activities

(741.843)

8.786

(733.057)

Net cash and cash equivalent increase (reduction)

(35.605)

(2.961)

(38.566)

Cash and Cash Equivalents at the end of the period

24.965

6.429

31.394

Cash and Cash Equivalents at the beginning of the period

60.570

9.390

69.960

Net change in Cash and Cash Equivalents

(35.605)

(2.961)

(38.566)

RECONCILIATION BETWEEN CONSOLIDATED FINANCIAL STATEMENTS AND

HIGHLIGHTS

MANAGEMENT | 2026

Conciliation

Financial statements vs. Managerial financial information Period ended March 31, 2026

ALLOS Consolidated

MESSAGE FROM

MANAGEMENT

KEY INDICATORS

2026 - Financial Statements Adjustments

ALLOS Consolidated 2026 - Managerial

(amounts in thousands of reais)

Gross revenue from rental and services

714.792

28.837

743.629

Taxes and contributions and other deductions

(51.089)

(122)

(51.211)

Net revenues

663.702

28.716

692.418

Cost of rentals and services

(190.987)

(13.867)

(204.854)

Gross income

472.715

14.849

487.564

Operating income/expenses

(56.263)

(31.726)

(87.989)

Sales, general and administrative expenses

(163.026)

96.549

(66.477)

Long-term incentive plan

n/a

33.163

(33.163)

Equity Income

17.108

(17.108)

-

Depreciation and Amortization

n/a

35.096

(35.096)

Other net operating income (expenses)

89.655

(42.908)

46.747

Financial income/(expenses)

(181.423)

(1.734)

(183.157)

Net income before taxes and social contributions

235.029

(18.611)

216.418

Income and social contribution taxes

31.920

(37)

31.884

Net income in the period

266.950

(18.648)

248.302

Income attributable to:

Controlling shareholders

248.302

(0)

248.302

Minority shareholders

18.648

(18.648)

-



DEVELOPMENT

AND MIXED USE

OPERATIONAL

PERFORMANCE

FINANCIAL

PERFORMANCE

MEDIA

Conciliation between EBITDA / Adjusted EBITDA Period ended March 31, 2026

ALLOS Consolidated

2026 - Financial Statements Adjustments

ALLOS Consolidated 2026 - Managerial

(amounts in thousands of reais, except percentages)



Net income for the period

266.950

(18.648)

248.302

(+) Depreciation and amortization

149.859

3.279

153.138

(+)/(-) Financial expenses / (income)

181.423

1.734

183.157

(+) Income and social contribution taxes

(31.920)

37

(31.884)

EBITDA

566.311

(13.598)

552.713

EBITDA margin %

85,3%

79,8%

(+)/(-) Non-recurring (expenses)/income

(50.488)

-

(50.488)

Adjusted EBITDA

515.823

(13.598)

502.225

Adjusted EBITDA margin %

77,7%

72,5%

(-) Straight line rent adjustments - CPC 06

(8.996)

(129)

(9.125)



Adjusted EBITDA (Ex- Straight line rent adjustments)

506.826

(13.727)

493.100

PORTFOLIO

DIGITAL FEATURES

Conciliation between FFO / Adjusted FFO Period ended March 31, 2026

ALLOS Consolidated

2026 - Financial Statements Adjustments

ALLOS Consolidated 2026 - Managerial

(amounts in thousands of reais, except percentages)



Net income for the period

266.950

(18.648)

248.302

(+) Depretiation and amortization

149.859

3.279

153.138

(=) FFO *

416.808

(15.368)

401.440

(+)/(-) Non-recurring expenses

(50.488)

-

(50.488)

(-) Straight line rent adjustments - CPC 06

(8.996)

(129)

(9.125)

(+)/(-) Non-cash taxes

(87.721)

(918)

(88.638)

(+)/(-) SWAP (Fair Value)

46.680

-

46.680

(+)/(-) Other non-recurring financial expenses

(1.033)

-

(1.033)

(=) Adjusted FFO *

315.250

(16.414)

298.835

AFFO margin %

48,2%

43,7%

APPENDIX

SUSTAINABILITY

* Non-accounting indicators

RECONCILIATION BETWEEN CONSOLIDATED AND MANAGERIAL FINANCIAL

STATEMENTS AND PROFORMA | 2025

Conciliation

Financial statements vs. Managerial financial information 2025 - Financial Statements

Adjustments

2025 - Managerial

(amounts in thousands of reais)

Gross revenue from rental and services

699.732

(20.080)

679.652

Taxes and contributions and other deductions

(49.889)

1.102

(48.787)

Net revenues

649.842

(18.978)

630.865

Cost of rentals and services

(173.903)

4.147

(169.756)

Gross income

475.939

(14.831)

461.108

Operating income/expenses

(28.256)

(41.914)

(70.170)

Sales, general and administrative expenses

(172.327)

65.297

(107.030)

Long-term incentive plan

n/a

7.727

(7.727)

Equity Income

17.201

(17.201)

-

Depreciation and Amortization

n/a

36.999

(36.999)

Other net operating income (expenses)

126.870

(45.284)

81.586

Financial income/(expenses)

(157.650)

37.150

(120.500)

Net income before taxes and social contributions

290.033

(19.595)

270.438

Income and social contribution taxes

(11.929)

(3.839)

(15.768)

Net income in the period

278.104

(23.433)

254.670

Income attributable to:

Controlling shareholders

254.670

(0)

254.670

Minority shareholders

23.433

(23.433)

-

ALLOS Consolidated

HIGHLIGHTS

ALLOS Consolidated

MESSAGE FROM

MANAGEMENT

KEY INDICATORS

Period ended March 31, 2025

FINANCIAL

PERFORMANCE

DIGITAL FEATURES

MEDIA

Conciliation between EBITDA / Adjusted EBITDA Period ended March 31, 2025

ALLOS Consolidated 2025 - Financial Statements

Adjustments ALLOS Consolidated 2025 - Managerial

(amounts in thousands of reais, except percentages)





Net income for the period

278.104

(23.433)

254.670

(+) Depreciation and amortization

150.556

(849)

149.707



(+)/(-) Financial expenses / (income)

157.650

(37.150)

120.500

(+) Income and social contribution taxes

11.929

3.839

15.768

EBITDA

598.239

(57.594)

540.645

EBITDA margin %

92,1%

85,7%

(+)/(-) Non-recurring (expenses)/income

(84.873)

-

(84.873)

Adjusted EBITDA

513.366

(57.594)

455.772

Adjusted EBITDA margin %

79,0%

72,2%

(-) Straight line rent adjustments - CPC 06

(11.514)

(991)

(12.505)

Adjusted EBITDA (Ex- Straight line rent adjustments)

501.852

(58.585)

443.267

DEVELOPMENT

AND MIXED USE

OPERATIONAL

PERFORMANCE

SUSTAINABILITY

Conciliation between FFO / Adjusted FFO Period ended March 31, 2025

ALLOS Consolidated 2025 - Financial Statements

Adjustments ALLOS Consolidated 2025 - Managerial

(amounts in thousands of reais, except percentages)





Net income for the period

278.104

(23.433)

254.670

(+) Depretiation and amortization

150.556

(849)

149.707



(=) FFO *

428.659

(24.282)

404.377

(+)/(-) Non-recurring expenses

(84.873)

-

(84.873)

(-) Straight line rent adjustments - CPC 06

(11.514)

(991)

(12.505)

(+)/(-) Non-cash taxes

(55.185)

29.274

(25.911)

(+)/(-) SWAP (Fair Value)

(6.005)

-

(6.005)

(+)/(-) Other non-recurring financial expenses

(365)

-

(365)

(=) Adjusted FFO *

270.716

4.001

274.718

AFFO margin %

42,4%

44,4%

APPENDIX

PORTFOLIO

* Non-accounting indicators

DEVELOPMENT

AND MIXED USE

OPERATIONAL

PERFORMANCE

FINANCIAL

PERFORMANCE

MESSAGE FROM

MANAGEMENT

HIGHLIGHTS

APPENDIX

PORTFOLIO

SUSTAINABILITY

DIGITAL FEATURES

MEDIA

KEY INDICATORS

RECONCILIATION OF FINANCIAL INDICATORS ADJUSTED FOR THE EXCLUSION OF SHOPPING TIJUCA

(proforma) Δ% Ex-Tijuca Ex-Tijuca Δ% Ex- Tijuca

1T25 1T26 / 1T25 1T26 1T25 1T26 / 1T25

1T26

Financial Indicators Ex-Tijuca

(Amounts in thousands of reais, except percentages)



Rent Revenue 468.515 460.525 1,7%



451.667 434.109 4,0%

Key Money 5.160 4.954 4,1%



4.842 4.614 4,9%

Other Incomes 15.868 3.925 304,2%



11.362 3.810 198,2%

Parking Incomes 120.452 116.159 3,7%



118.826 112.240 5,9%

Operational Income 609.994 585.564 4,2%

586.696 554.774 5,8%

(-) Operating costs

(-) PDA

(38.460) (28.242) 36,2%

(29.976) (27.451) 9,2%

(18.213) (12.172) 49,6%

(15.011) (11.693) 28,4%

(=) NOI (Ex-Straight-line rent adj.) 553.321 545.149 1,5%

541.709 515.629 5,1%

NOI Margin

90,7% 93,1%

92,3% 92,9%

(-) Taxes on revenue (51.211) (48.787) 5,0%



(51.211) (48.787) 5,0%

(+) Net service revenue 70.288 62.678 12,1%



70.288 62.678 12,1%

(+) Real estate developments 24.083 - n/a



24.083 - n/a

(+) Other recurring operational revenues/(expenses) (3.742) (3.287) 13,8%



(3.742) (3.287) 13,8%

(-) SG&A (99.640) (114.757) -13,2%



(99.640) (114.757) -13,2%

(=) EBITDA (Ex-Straight-line rent adj.) 493.100 440.997 11,8%

481.488 411.477 17,0%

EBITDA Margin

72,2% 71,6%

73,0% 70,3%

(+) Financial revenue 90.757 112.860 -19,6%



90.757 112.860 -19,6%

(-) Financial expenses (228.267) (239.730) -4,8%



(228.267) (239.730) -4,8%

(-) ) Current income and social contribution taxes (56.755) (41.680) 36,2%



(56.755) (41.680) 36,2%

(=) AFFO 298.835 272.447 9,7% 287.223 242.927 18,2%

AFFO Margin

43,7% 44,2% 43,5% 41,5%

GLOSSARY

Abrasce: Brazilian Association of Shopping Centers.

Adjusted EBITDA: EBITDA + pre-operational expenses +/(-) other non-recurring expenses/(revenues).

Adjusted FFO (Funds From Operations): Net income from controlling shareholders + depreciation + amortization + non-recurring expenses / (revenue) - straight-line rent +/(-) non-cash taxes - capitalized interest + SWAP effect.

Anchor Stores: Large, well-known stores (with more than 1,000 sqm of GLA) with special marketing and structural features that can attract customers, thereby ensuring permanent flows and uniform traffic in all areas of the mall.

CAGR: Compound annual growth rate.

Capex: Capital Expenditure. Estimate of the amount of funds to be spent on the development, expansion, improvement or acquisition of an asset and others.

CCI: Real Estate Credit Note.

Key Money: The amount charged to the tenant for the right to use the technical infrastructure of the real estate development.

CPC: Accounting Pronouncements Committee.

CRI: Real Estate Receivables Certificates.

EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization): Net revenue -operating costs and expenses + depreciation and amortization.

Federal Law 11.638: on December 28th, 2007, Federal Law 11,638 was enacted with the purpose of including publicly-held companies in the international accounting convergence process. Consequently, certain financial and operating results were subject to accounting effects due to the changes introduced by the new law.

GLA (Gross Leasable Area): Equivalent to the sum of all areas available for leasing in shopping malls, except for kiosks and sold areas.

MESSAGE FROM

MANAGEMENT

HIGHLIGHTS

Greenfield: development of new shopping center projects.

KEY INDICATORS

In-line Stores: Small stores (less than 500 sqm of GLA) with no special marketing and structural features located around the anchor stores and intended for general retailing.

FINANCIAL

PERFORMANCE

Jr. Anchors: Medium-sized stores (between 500 and 1,000 sqm of GLA), which frequently have special marketing and structural features on a lesser scale, but which still attract and retain customers. They are also known as "megastores".

OPERATIONAL

PERFORMANCE

Management Fee: Fee charged to tenants and other partners of the mall to defray management costs.

Minimum Rent: The minimum monthly rent determined in a tenant's lease agreement.

DEVELOPMENT

AND MIXED USE

MEDIA

Net delinquency: The ratio between total period billings (rent receivables, excluding cancelled invoices), and total revenue received over the same period.

DIGITAL FEATURES

NOI (Net Operating Income): Gross mall revenue (excluding revenue from services) + parking result -mall operating costs - provision for doubtful accounts.

Occupancy Cost: The cost of leasing a store as a percentage of sales: Rent (minimum + overage) + common charges + marketing fund (FPP).

SUSTAINABILITY

Occupancy Rate: Leased area divided by total mall

GLA at the end of the period in question.

APPENDIX

PORTFOLIO

Overage Rent: The rent whose calculation is based on the difference (when positive) between the value of a tenant's monthly sales and the breakeven point determined on the tenant's lease contract, multiplied by a percentage also determined on the lease contract.

GLOSSARY

HIGHLIGHTS

Owned GLA: Refers to total GLA weighted by the

Company's ownership in each shopping mall.**

MESSAGE FROM

MANAGEMENT

PDA: Provision for doubtful accounts.

KEY INDICATORS

Total Sales: Sales of products and services in the period declared by the stores in each mall, including kiosk sales.

Sales/sqm: Sales in the period divided by the area that report sales. Does not include kiosk sales, given that these operations are not included in total mall GLA.

OPERATIONAL

PERFORMANCE

FINANCIAL

PERFORMANCE

SSR (Same-Store Rent): Ratio between the rent earned in the same operation in the current period versus the previous year. Considers the current ownership held by the Company in each shopping mall.

SSS (Same-Store Sales): Ratio between sales in the same operation in the current period versus the previous year. Considers the current ownership held by the Company in each shopping mall.

MEDIA

Tenant Mix: Strategic composition of stores defined by the mall manager.

DEVELOPMENT

AND MIXED USE

APPENDIX

PORTFOLIO

SUSTAINABILITY

DIGITAL FEATURES

Vacancy: The mall's gross leasable area available for rent.

(Convenience Translation into English from the Original Previously Issued in Portuguese)

ALLOS S.A. and Subsidiaries

Individual and Consolidated Interim Financial Information (ITR) for the

Three-month Period Ended March 31, 2026 and Independent Auditor's Report on the Review of Interim Financial Information (ITR)

Deloitte Touche Tohmatsu Auditores Independentes Ltda.



Deloitte Touche Tohmatsu Rua São Bento, 18 -

15º e 16º andares

20090-010 - Rio de Janeiro - RJ Brazil

Tel.: + 55 (21) 3981-0500

Fax: + 55 (21) 3981-0600

https://www.deloitte.com.br

(Convenience Translation into English from the Original Previously Issued in Portuguese)

INDEPENDENT AUDITOR'S REPORT ON THE REVIEW OF

INDIVIDUAL AND CONSOLIDATED INTERIM FINANCIAL INFORMATION (ITR)

To the Shareholders and Management of ALLOS S.A. and Subsidiaries

Introduction

We have reviewed the individual and consolidated interim financial information of ALLOS S.A. and subsidiaries (the "Company", or, together with its subsidiaries, affiliates and jointly-controlled entities, the "Group"), comprised in the Interim Financial Information Form (ITR), for the quarter ended March 31, 2026, which comprises the individual and consolidated balance sheet as at March 31, 2026, and the related individual and consolidated statements of income, of comprehensive income, of changes in equity and of cash flows for the three-month period then ended, including the explanatory notes.

The Company's Executive Board is responsible for preparing this individual and consolidated interim financial information in accordance with Brazilian standard NBC TG 21 and international standard IAS 34 - Interim Financial Reporting, issued by the International Accounting Standards Board - IASB, as well as for presenting that information in accordance with the standards issued by the Brazilian Securities and Exchange Commission (CVM), applicable to the preparation of Interim Financial Information (ITR). Our responsibility is to express a conclusion on this individual and consolidated interim financial information based on our review.

Scope of review

We have conducted our review in accordance with Brazilian and international standards on review of interim financial information (NBC TR 2410 and ISRE 2410 - Review of Interim Financial Information Performed by the Independent Auditor of the Entity, respectively). A review of interim financial information consists on making inquiries, specially to persons responsible for financial and accounting matters, and on applying analytical and other review procedures. The scope of a review is significantly smaller than that of an audit conducted in accordance with auditing standards and, consequently, does not allow us to obtain assurance that we have been made aware of all significant matters that could be identified during an audit. Therefore, we do not express an audit opinion.

Conclusion on the individual and consolidated interim financial information

Based on our review, nothing has come to our attention that causes us to believe that the accompanying individual and consolidated interim financial information included in the ITR referred to above was not prepared, in all material respects, in accordance with Brazilian standard NBC TG 21 and international standard IAS 34, applicable to the preparation of ITR, and presented in accordance with the standards issued by the CVM.

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Other matters

Statements of value added

The aforementioned individual and consolidated interim financial information includes the statements of value added (DVA) for the three-month period ended March 31, 2026, prepared under the Executive Board's responsibility and presented as complementary information for purposes of international standard IAS 34.

These statements have been subjected to review procedures performed alongside the review of ITR, with the purpose of concluding on whether they are consistent with the individual and consolidated interim financial information and accounting records, as applicable, and whether their form and content are in accordance with the criteria set forth in technical pronouncement CPC 09 - Statement of Value Added. Based on our review, we are not aware of any fact which leads us to believe that these statements of value added have not been prepared, in all material respects, in accordance with the criteria set forth in such technical pronouncement and consistently with the individual and consolidated interim financial information taken as a whole.

Convenience translation

The accompanying individual and consolidated interim financial information has been translated into English for the convenience of readers outside Brazil.



Ribas Gomes Simões Engagement Partner



Rio de Janeiro, May 7, 2026

DELOITTE TOUCHE TOHMATSU

Auditores Independentes Ltda.

61918FTA

Note Company Consolidated

ASSETS

03/31/2026

12/31/2025

03/31/2026

12/31/2025

CURRENT ASSETS

Cash and cash equivalents

8,925

11,045

24,965

60,570

Short-term investments

7

637,357

694,978

2,130,729

2,369,444

Trade receivables

8

36,050

48,039

334,790

473,676

Dividends and interest on capital receivable

10

22,550

72,603

27

27

Recoverable taxes and contributions

9

122,859

91,771

210,207

168,688

Prepaid expenses

10,131

9,451

21,605

17,480

Other receivables

8.1

194,130

167,569

211,624

226,646

1,032,002

1,095,456

2,933,947

3,316,531

NON-CURRENT ASSETS

Short-term investments

7

79,936

82,497

164,073

167,143

Trade receivables

8

17,430

17,225

82,942

80,560

Recoverable taxes and contributions

9

-

-

53,030

62,263

Judicial deposits

14

37,468

34,124

191,564

192,477

Prepaid expenses

7,745

10,277

9,925

12,782

Other receivables

8.1

641,088

627,865

303,777

285,416

Investments

10

14,659,920

14,766,032

603,967

604,106

Investment properties

11

825,549

857,695

19,624,631

20,381,666

Property and equipment

9,028

8,142

109,515

106,620

Intangible assets

12

138,087

140,134

782,870

796,875

16,416,251

16,543,991

21,926,294

22,689,908

TOTAL ASSETS

17,448,253

17,639,447

24,860,241

26,006,439

Company Consolidated

LIABILITIES AND EQUITY

Note

03/31/2026

12/31/2025

03/31/2026

12/31/2025

CURRENT LIABILITIES

Trade payables

18,704

22,758

70,457

85,869

Borrowings, financings and debentures

13

97,107

68,323

258,964

325,357

Taxes and contributions payable

9

8,048

14,735

77,318

108,639

Dividends payable

438,000

438,000

438,000

440,839

Payables for purchase and sale of assets

2,477

2,477

3,384

3,384

Deferred revenues

1,180

1,180

15,237

10,160

Lease liabilities

6,670

6,195

26,514

27,042

Other payables

15

36,923

66,363

153,116

283,130

609,109

620,031

1,042,990

1,284,420

NON-CURRENT LIABILITIES

Borrowings, financings and debentures

13

2,427,673

2,421,341

5,556,680

5,553,953

Taxes and contributions payable

9

-

-

5,412

7,013

Deferred revenues

3,832

4,008

14,686

16,716

Deferred taxes

16.1

1,188,714

1,237,775

4,554,006

4,642,094

Payables for purchase and sale of assets

-

-

14,795

14,503

Derivative financial instruments

13

183,676

132,740

183,676

132,740

Lease liabilities

19,440

21,455

187,709

193,326

Provision for contingencies

14

33,658

32,220

239,408

254,628

Other payables

15

17,524

23,432

14,148

8,040

3,874,517

3,872,971

10,770,520

10,823,013

EQUITY

Share capital

17.1

15,092,136

15,092,136

15,092,136

15,092,136

Expenditure on issuance of shares

17.2

(72,332)

(72,332)

(72,332)

(72,332)

Treasury shares

17.3

(104,855)

(104,855)

(104,855)

(104,855)

Capital reserves

26,470

18,590

26,470

18,590

Earnings reserves

17.4

1,925,222

2,217,222

1,925,222

2,217,222

Retained earnings

102,302

-

102,302

-

Carrying value adjustments

17.5

(4,004,316)

(4,004,316)

(4,004,316)

(4,004,316)

Equity attributable to stockholders of the

Company

12,964,627

13,146,445

12,964,627

13,146,445

Non-controlling interests

17.6

-

-

82,104

752,561

Total equity

12,964,627

13,146,445

13,046,731

13,899,006

TOTAL LIABILITIES AND EQUITY

17,448,253

17,639,447

24,860,241

26,006,439

The accompanying notes are an integral part of the interim financial information.

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