Plaza (MALLPLAZA) Q4 2025 earnings summary

Executive summary

• Achieved record financial and operational results in 2025, with EBITDA up 38.2% and a margin of 80.5%, driven by expansion, asset transformation, and strong regional performance.

• Consolidated position as the largest shopping center operator in the Andean region, with 37 centers across Chile, Peru, and Colombia.

• Tenant sales grew 22.9% to CLP 6.6 trillion; footfall rose 24% to 385.3 million visits.

• Strategic focus on maximizing asset productivity, disciplined GLA expansion, and scaling complementary businesses, including new F&B, entertainment, and global brands.

• Inclusion in MSCI Mid-Large Cap and FTSE indices boosted stock liquidity and global investor profile.

Financial highlights

• Full-year revenue reached CLP 653.9 billion (up 32.2%); EBITDA was CLP 526.2 billion (up 38.2%) with an 80.5% margin.

• Net income for 2025 was CLP 1,431,012 million (+326.0%), driven by fair value gains; net income excluding fair value rose 53.3% to CLP 369,312 million.

• FFO for 2025 totaled CLP 405.3 billion (+33.7%), with FFO per share up 26.2% to CLP 185.1.

• Tenant sales and footfall both saw double-digit growth, with tenant sales at CLP 6.6 trillion and visits at 385.3 million.

• Market cap more than doubled to $7.7 billion; average daily trading volume up 130%.

Outlook and guidance

• Over USD 600 million growth and transformation plan underway, including 168,600 sqm of GLA expansions and new premium outlet formats.

• Focus on maximizing asset productivity, expanding residential and mixed-use projects, and strengthening complementary businesses.

• Brownfield and M&A growth in Peru and Colombia to add 100,000 sqm over three years.

• Expectation to sustain high EBITDA margins, supported by operational efficiency and cost recoveries.

• Committed to ESG leadership and carbon neutrality by 2030.