Multiplan Empreendimentos Imobiliários (MULT3) investor relations material

Shopping center market in Brazil

• Brazil has 658 malls in 253 cities, generating R$200.9 billion in sales and 18.3 million sq.m of GLA, with the Southeast region leading in both GLA and sales share.

• Small and regional malls predominate, with 58% located outside capital cities and 38.7% classified as small by GLA.

• The number of malls and total GLA grew by 22.3% and 24.7% respectively from 2015 to 2025.

• Malls are evolving into social hubs, focusing on experiences, services, and convenience beyond shopping.

• Dining and leisure are key reasons for mall visits, accounting for over half of visitor motivations.

Company overview and strategy

• Operates 20 shopping centers and 2 office complexes, with 956,482 sq.m of GLA and 6,000 stores, generating 200 million visits annually.

• Management team averages over 20 years of tenure, with a diversified shareholder base and strong governance.

• Strategic pillars include a leading mall portfolio, developer DNA, mixed-use integration, and a long-term focus on city growth vectors.

• Portfolio is diversified geographically and by tenant, with 79% of GLA occupied by multi-store tenants and top 10 retail chains accounting for 14.8% of rental revenue.

• Mixed-use projects and land sales enhance asset value and create synergies, driving steady visitor flow and new revenue streams.

Operational and financial performance (2Q26)

• Sales grew 7.7% year-over-year, net income rose 61.7%, and FFO increased 76.3% in 2Q26.

• EBITDA grew 52% to R$699.2M, with a record margin of 82.6%.

• Net delinquency remained negative and NOI margin exceeded 90% for most of the last 12 quarters.

• Occupancy rate reached 96.2%, with the lowest occupancy cost for a second quarter since the IPO.

• Net debt/EBITDA dropped to 1.93x, the lowest since Sep-24, with strong cash generation and extended debt duration.