Multiplan Empreendimentos Imobiliários (MULT3) Q2 2026 earnings summary

Executive summary

• Achieved record second-quarter sales of R$6.8 billion, up 7.7% year-over-year, with occupancy rates above 96% and strong operational excellence.

• Net income increased 61.7% to R$427.4 million in 2Q26, with consolidated net income for H1 2026 reaching R$743.6 million.

• Digital innovation, including the Multi app surpassing 10.5 million downloads, enhanced customer engagement and contributed to sales growth.

• Expansion and renovation projects across multiple malls, such as MorumbiShopping and BH Shopping, drove growth and relevance.

• Real estate projects like Golden Lake and Lake Baikal showed strong pre-launch performance and positive margin outlook.

Financial highlights

• Net revenue for Q2 2026 was R$846.8 million (+22.0% YoY); EBITDA reached R$699.2 million (+52.0% YoY, margin 82.6%); NOI margin hit a record 95.9%.

• Net income for 2Q26 was R$427.4 million (+61.7% YoY); EPS grew 60.9% YoY.

• FFO totaled R$515.7 million (+76.3% YoY, margin 60.9%).

• Parking lot revenue grew 70% year-over-year, and services revenue posted double-digit growth.

• Recognized R$253 million in PIS/COFINS tax credits, positively impacting results.

Outlook and guidance

• Multiple expansions concluded and planned, with over 30,000 sq.m of new GLA under study and 130,000 sq.m in the land bank.

• Pre-launch of Lake Baikal, Golden Lake’s third phase, expected to generate R$400 million in PSV.

• Continued focus on digital innovation, customer engagement, and leveraging AI for productivity.

• Optimism for continued sector leadership and growth over the next 20 years.