1Q25
Earnings
Report
Contact the Investor Relations Team at:
ri.multiplan.com.br
ri@multiplan.com.br +55 21 3031-5400
Disclaimer
Legal Notice
This document may contain prospective statements and goals, which are subject to risks and uncertainties as they are based on expectations of the Company's management and on available information. The Company is under no obligation to update these statements. The words "anticipate", "wish", "expect", "foresee", "intend", "plan", "predict", "forecast", "aim" and similar words are intended to identify these statements.
The Company clarifies that it does not disclose projections and/or estimates under the terms of article 21 of CVM Resolution 80/22 and, therefore, eventual forward-looking statements do not represent any guidance or promise of future performance.
Forward-looking statements refer to future events that may or may not occur. Our future financial situation, operating results, market share and competitive position may differ substantially from those expressed or suggested by these forward-looking statements. Many factors and values that may impact these results are beyond the Company's ability to control. The reader/investor should not make a decision to invest in Multiplan shares based exclusively on the data disclosed in this presentation.
This document also contains information on future projects that could differ materially due to market conditions, changes in laws or government policies, changes in operational conditions and costs, changes in project schedules, operating performance, demands by tenants and consumers, commercial negotiations or other technical and economic factors. These projects may be altered in part or totally by the Company with no prior warning.
External auditors have not reviewed non- accounting information. In this report, the Company has chosen to present the consolidated data from a managerial perspective, in line with the accounting practices excluding the CPC 19 (R2).
For more detailed information, please check our Financial Statements, Reference Form (Formulário de Referência) and other relevant information on our investor relations website ri.multiplan.com.br.
1Q25
Unsponsored depositary receipt programs
It has come to the attention of the Company that foreign banks have launched or intend to launch unsponsored depositary receipt programs, in the USA or in other countries, based on shares of the Company (the "Unsponsored Programs"), taking advantage of the fact that the Company's reports are usually published in English.
The Company, however, (i) is not involved in the Unsponsored Programs, (ii) ignores the terms and conditions of the Unsponsored Programs,
- has no relationship with potential investors in connection with the Unsponsored Programs,
- has not consented to the Unsponsored Programs in any way and assumes no responsibility in connection therewith. Moreover, the Company alerts that its financial statements are translated and also published in English solely in order to comply with Brazilian regulations, notably the requirement contained in item 6.2 of the Level 2 Corporate Governance Listing Rules of B3 S.A. - Brasil, Bolsa, Balcão, which is the market listing segment where the shares of the Company are listed and traded.
Although published in English, the Company's financial statements are prepared in accordance with Brazilian legislation, following Brazilian Generally Accepted Accounting Principles (BR GAAP), which may differ to the generally accepted accounting principles adopted in other countries.
Finally, the Company draws the attention of potential investors to Article 51 of its bylaws, which expressly provides, in summary, that any dispute or controversy which may arise amongst the Company, its shareholders, board members, officers and members of the Fiscal Council (Conselho Fiscal) related to matters contemplated in such provision must be submitted to arbitration before the Câmara de Arbitragem do Mercado, in Brazil.
Therefore, in choosing to invest in any Unsponsored Program, the investor does so at its own risk and will also be subject to the provisions of Article 51 of the Company's bylaws.
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Highlights | PL | Portfolio of Assets | Appendix | 1Q25 |
Highlights | P&L | Portfolio of Assets | Appendix |
Overview
Multiplan Empreendimentos Imobiliários S.A. is one of Brazil's leading shopping center operating companies, established as a full-service company that plans, develops, owns and manages one of the largest and highest-quality mall portfolios in the country.
The Company is also strategically active in the residential and office real estate development sectors, generating synergies for its shopping centers by creating mixed-use projects in adjacent areas.
At the end of 1Q25, Multiplan owned and managed 20 shopping centers for a total Gross Leasable Area (GLA) of 890,117 sq.m., and an average ownership interest of 80.7%, comprising approximately 6,000 stores.
Additionally, Multiplan holds - with an average stake of 92.1% - two corporate office complexes totaling 50,582 sq.m of GLA, resulting in an overall portfolio of 940,699 sq.m.
20071 | Mar-25 | Chg. | CAGR | |||||||||||||
R$ Million | (IPO) 2008 | 2009 | 2010 2011 | 2012 | 2013 | 2014 2015 | 2016 | 2017 2018 | 2019 | 2020 | 2021 2022 | 2023 | 2024 | (LTM) | '07- | '07- |
'24 | '24 |
Sales2 | 4,244 | 5,070 | 6,109 | 7,476 | 8,461 | 9,723 | 11,384 | 12,760 | 13,338 | 13,726 | 14,657 | 15,470 | 16,304 | 10,253 | 14,598 | 20,016 | 21,928 | 23,962 | 24,366.8 | |
Gross | 368.8 | 452.9 | 534.4 | 662.6 | 742.2 | 1,048.0 | 1,074.6 | 1,245.0 | 1,205.2 | 1,257.5 | 1,306.2 | 1,378.9 | 1,460.2 | 1,995.1 | 1,404.5 | 1,975.1 | 2,217.0 | 2,737.5 | 2,744.6 | |
Revenue | ||||||||||||||||||||
NOI | 212.1 | 283.1 | 359.4 | 424.8 | 510.8 | 606.9 | 691.3 | 846.1 | 934.8 | 964.6 | 1,045.5 | 1,138.1 | 1,201.2 | 953.4 | 1,118.9 | 1,561,2 | 1,752.2 | 1,856.6 | 1,903.0 | |
EBITDA | 175.1 | 247.2 | 304.0 | 350.2 | 455.3 | 615.8 | 610.7 | 793.7 | 789.2 | 818.3 | 825.5 | 946.9 | 932.1 | 1,377.1 | 810.8 | 1,280.1 | 1,510.9 | 1,848.0 | 1,857.8 | |
FFO | 56.1 | 112.5 | 266.6 | 363.0 | 414.6 | 501.0 | 421.0 | 543.7 | 522.8 | 487.7 | 561.3 | 707.4 | 703.4 | 1,047.0 | 702.0 | 1,032.5 | 1,243.0 | 1,582.3 | 1,532.2 | |
Net | 21.2 | 74.0 | 163.3 | 218.4 | 298.2 | 388.1 | 284.6 | 368.1 | 362.2 | 311.9 | 369.4 | 472.9 | 471.0 | 964.2 | 453.1 | 769.3 | 1,020.4 | 1,340.8 | 1,307.8 | |
Income | ||||||||||||||||||||
+464.6% +10.7%
+642.3% +12.5%
+775.5% +13.6%
+955.3% +14.9%
+2,720.6% +21.7%
+6,237.8% +27.6%
- 2007's results were calculated in accordance with current methodology. For more details, please access the Company's
Fundamentals Spreadsheet. - Total tenants' sales (100%).
MorumbiShopping - "Expo Dinos" event | 4 |
Highlights | PL | Portfolio of Assets | Appendix | 1Q25 |
Highlights | P&L | Portfolio of Assets | Appendix |
Overview
Performance track record since the IPO (R$ million)
Sales | Gross Revenue | ||
CAGR: +10.7% | 24,367 | CAGR: +12.3% | 2,745 |
4,244 | 369 | ||
2007 | Mar-25 | 2007 | Mar-25 |
(LTM) | (LTM) | ||
NOI | EBITDA | 1,858 | |
CAGR: +13.6% | 1,903 | CAGR: +14.7% |
212 | 175 | ||
2007 | Mar-25 | 2007 | Mar-25 |
(LTM) | (LTM) | ||
FFO | Net Income | ||
CAGR: +21.1% | 1,532 | CAGR: +27.0% | 1,308 |
5621
2007 | Mar-25 | 2007 | Mar-25 |
(LTM) | (LTM) |
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Highlights | PL | Portfolio of Assets | Appendix | 1Q25 |
Highlights | P&L | Portfolio of Assets | Appendix |
Highlights
A strong start for the year
Following robust operational performance in 2024, Multiplan kicked off 2025 on a strong note again, as shown by its first quarter figures:
- Sales increased by 7.9% vs. 1Q24;
- Occupancy rate rose by 56 b.p. compared to 1Q24, reaching 96.3% in the quarter;
- Malls' rental revenue grew 6.0% year-over-year;
- Parking revenue expanded 10.2% over 1Q24;
- Net delinquency stood at 0.8%;
- Record NOI Margin of 94.2%.
These results underscore Multiplan's strong management capabilities, demonstrating consistent growth and a solid start to the year.
SALES | OCCUPANCY | TURNOVER | |
R$5.5 bi | 96.3% | 0.8% | |
+7.9% vs. 1Q24 | +56 b.p. vs. 1Q24 | 7,146 sq.m in 1Q25 | |
MALLS' RENT | SSR | NET | |
DELINQUENCY | |||
R$397 M | 7.0% | ||
+0.8% | |||
+6.0% vs. 1Q24 | +3.4% Real SSR vs. 1Q24 | -41 b.p. vs. 1Q24 | |
NOI MARGIN | EBITDA MARGIN | EPS1 | |
94.2% | 76.2% | +44.1% | |
+349 b.p. vs. 1Q24 | +157 b.p. vs. 1Q24 | Mar-25 vs. Mar-24 LTM |
1 EPS stands for Earnings per share: net income (LTM) divided by the number of outstanding shares (excluding treasury shares) at the end of the period.
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Highlights | PL | Portfolio of Assets | Appendix | 1Q25 |
Highlights | P&L | Portfolio of Assets | Appendix |
Highlights
Capital allocation driving results
In the first quarter of 2025, Multiplan maintained its capital allocation strategy, approving R$110 million in interest on capital, repurchasing 1.2 million shares and cancelling 6.0 million treasury shares.
Additionally, the Company invested R$120.5 million in capital expenditures aimed at mall expansions and renovations. In total, R$255.0 million were allocated during the quarter. These investments ensure that its properties meet evolving consumer and tenant needs, while driving future growth.
This strategy contributed to an EPS1 (earnings per share) increase of 44.1% in Mar-25 (LTM) compared to the same period the previous year, reflecting the Company's commitment to shareholder returns and value creation.
Earnings per share1 (R$)
10Y CAGR2 : +17.2%
+44.1%
2.68
1.86
0.64
Mar-16 | Mar-17 | Mar-18 | Mar-19 Mar-20 Mar-21 | Mar-22 Mar-23 Mar-24 Mar-25 | |||||
LTM | LTM | LTM | LTM | LTM | LTM | LTM | LTM | LTM | LTM |
- Earnings per share: net income (LTM) divided by the number of outstanding shares (excluding treasury shares) at the end of the period.
- CAGR stands for Compound Annual Growth Rate.
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Highlights | PL | Portfolio of Assets | Appendix | 1Q25 |
Highlights | P&L | Portfolio of Assets | Appendix |
Highlights
The value of renovations
In the first quarter of 2025, Multiplan invested R$25.7 million in renovation projects, a 46.3% decrease compared to 1Q24. This reduction aligns with the Company's three- year renovation plan, as significant investments made last year are now yielding positive impacts across the portfolio. Renovated and updated spaces can drive foot traffic, enhance efficiency, improve customer experiences, and boost sales growth.
While renovation efforts continue at select malls, the Company expects lower investment levels in 2025 as several projects near completion.
DiamondMall renovated food court and expansion | New York City Center - renovated area | 8 |
Highlights | PL | Portfolio of Assets | Appendix | 1Q25 |
Highlights | P&L | Portfolio of Assets | Appendix |
Highlights
Governance fortified
Multiplan further strengthened its governance framework during the first quarter of 2025. At the Annual General Meeting (AGM) held on March 28, a new independent board member was elected, increasing the number of independent members on the board from two to three -the Board now comprises seven members, including three independent director and one external member. Their complementary and diversified skills enhance decision-making processes and align with best governance practices.
Additionally, the Fiscal Council was reinstated, with all members being independent, reinforcing Multiplan's commitment to transparency, accountability, and rigorous oversight. These developments reflect the company's dedication to building a governance structure that supports long-term growth.
2025 AGM
Increase in the percentage of independent members from
29% to 43%
Independent | External 1 |
(Non-executive) |
2025 AGM
Management Proposal
1 The IBGC (Brazilian Institute of Corporate Governance) Code of Best Governance Practices classifies as "external" directors who have no current employment or management ties with the organization, but who do not fall under the classification of independent directors.
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Highlights | PL | Portfolio of Assets | Appendix | 1Q25 |
Highlights | P&L | Portfolio of Assets | Appendix |
Consolidated Financial Statements
Profit & Loss
(R$'000) | 1Q25 | 1Q24 | Chg. % | Mar-25 | Mar-24 | Chg.% | |||||||||
(LTM) | (LTM) | ||||||||||||||
Rental revenue | 409,181 | 388,493 | +5.3% | 1,747,160 | 1,690,955 | +3.3% | |||||||||
Services revenue | 45,361 | 39,603 | +14.5% | 155,544 | 161,425 | -3.6% | |||||||||
Key money revenue | 8,321 | 5,348 | +55.6% | 3,692 | 329 | +1,022.2% | |||||||||
Parking revenue | 75,113 | 68,168 | +10.2% | 324,427 | 298,494 | +8.7% | |||||||||
Real estate for sale revenue | 19,418 | 22,196 | -12.5% | 512,023 | 104,555 | +389.7% | |||||||||
Straight-line effect | 9,902 | 5,491 | +80.3% | (18,445) | (35,796) | -48.5% | |||||||||
Other revenues | 3,795 | 34,683 | -89.1% | 20,236 | 62,463 | -67.6% | |||||||||
Gross Revenue | 571,091 | 563,981 | +1.3% | 2,744,637 | 2,282,426 | +20.3% | |||||||||
Taxes on revenues | (45,415) | (40,363) | +12.5% | (197,790) | (174,227) | +13.5% | |||||||||
Net Revenue | 525,677 | 523,619 | +0.4% | 2,546,847 | 2,108,198 | +20.8% | |||||||||
Headquarters expenses | (49,739) | (46,193) | +7.7% | (199,689) | (201,548) | -0.9% | |||||||||
Share-based compensations | (9,032) | (18,078) | -50.0% | (57,736) | (64,346) | -10.3% | |||||||||
Property expenses | (28,764) | (43,048) | -33.2% | (150,176) | (185,041) | -18.8% | |||||||||
Projects for lease expenses | (2,023) | (1,271) | +59.2% | (14,330) | (6,411) | +123.5% | |||||||||
Projects for sale expenses | (4,872) | (4,669) | +4.4% | (28,406) | (20,087) | +41.4% | |||||||||
Cost of properties sold | (27,291) | (16,806) | +62.4% | (211,906) | (71,299) | +197.2% | |||||||||
Equity pickup | 1 | (37) | n.a. | (46) | (45) | +3.3% | |||||||||
Other operating revenues/expenses | (3,342) | (2,694) | +24.0% | (26,728) | (15,403) | +73.5% | |||||||||
EBITDA | 400,615 | 390,824 | +2.5% | 1,857,829 | 1,544,018 | +20.3% | |||||||||
Financial revenues | 48,676 | 48,732 | -0.1% | 179,215 | 154,887 | +15.7% | |||||||||
Financial expenses | (139,619) | (84,861) | +64.5% | (426,529) | (349,624) | +22.0% | |||||||||
Depreciation and amortization | (38,861) | (34,566) | +12.4% | (142,805) | (137,598) | +3.8% | |||||||||
Earnings Before Taxes | 270,810 | 320,129 | -15.4% | 1,467,710 | 1,211,683 | +21.1% | |||||||||
Income tax and social contribution | (22,252) | (21,665) | +2.7% | (96,541) | (75,438) | +28.0% | |||||||||
Deferred income and social contribution taxes | (14,474) | (31,397) | -53.9% | (63,166) | (55,861) | +13.1% | |||||||||
Minority interest | (41) | (39) | +3.0% | (173) | (167) | +3.5% | |||||||||
Net Income | 234,044 | 267,028 | -12.4% | 1,307,830 | 1,080,217 | +21.1% | |||||||||
(R$'000) | 1Q25 | 1Q24 | Chg. % | Mar-25 | Mar-24 | Chg.% | |||||||||
(LTM) | (LTM) | ||||||||||||||
NOI | 465,433 | 419,104 | +11.1% | 1,902,966 | 1,768,612 | +7.6% | |||||||||
NOI margin | 94.2% | 90.7% | +349 b.p. | 92.7% | 90.5% | +216 b.p. | |||||||||
Property EBITDA 1 | 418,925 | 395,528 | +5.9% | 1,678,506 | 1,557,459 | +7.8% | |||||||||
Property EBITDA margin 1 | 82.5% | 78.6% | +387 b.p. | 81.0% | 77.4% | +360 b.p. | |||||||||
EBITDA | 400,615 | 390,824 | +2.5% | 1,857,829 | 1,544,018 | +20.3% | |||||||||
EBITDA margin | 76.2% | 74.6% | +157 b.p. | 72.9% | 73.2% | -29 b.p. | |||||||||
Net Income | 234,044 | 267,028 | -12.4% | 1,307,830 | 1,080,217 | +21.1% | |||||||||
Net Income margin | 44.5% | 51.0% | -647 b.p. | 51.4% | 51.2% | +11 b.p. | |||||||||
FFO | 277,477 | 327,500 | -15.3% | 1,532,246 | 1,309,472 | +17.0% | |||||||||
FFO margin | 52.8% | 62.5% | -976 b.p. | 60.2% | 62.1% | -195 b.p. | |||||||||
1 Does not consider Real Estate for sale activities (revenues, taxes, costs and expenses) and expenses related to future development. Headquarters expenses and stock options are proportional to the shopping centers revenues as a percentage of gross revenue.
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