Good morning, and thank you for waiting. Welcome to the earnings call of ALLOS for the second quarter of 2026. We have here with us Mr. Rafael Sales, President, Vicente Avellar, VP of Operations, and Ms. Daniella Guanabara, Financial Director and IR Director. This event is being recorded. Our participants will only listen the presentation of the company. Then we will start with a Q&A just for analysts and investors, when we will provide you with additional instructions. This event is being broadcast. It can be accessed at the IR webpage. Then you can find also the presentation. The replay will be available for one week. Questions can only be asked through the Zoom app. If you are connected via webcast, your questions should be delivered directly to the IR team on the email provided by the company.
Before continuing, any forward-looking statements that are done during the earnings call regarding the business perspectives of the company, operational goals, are based on beliefs and premises of the company, as well as based on information that is currently available. These are not guarantees of performance. They involve risks, uncertainties, and premises. They depend on circumstances that may or may not occur. General economic conditions and other factors can affect the performance of the company. Then lead to results that are differently from those forward-looking statements. Now to give the floor to Rafael Sales. The floor is yours.
Good morning. Thank you for your interest. We had a quarter of great results with the acceleration of the revenue, gains of profitability, even though we had uncertainties and the interest rates are high, which certainly affects the demand and the capacity of financing of the economy.
The growth of the revenue, the discipline of expenses, and the maturation of the new verticals showed once again the benefits of our scalability and the fluidity of our operational model. Second quarter, the sales grew 5%, getting to BRL 10.5 billion in a quarter. Same-store sales, 2.6%. The sales were affected by factors such as the World Cup and Easter, which will be in April. The effect is more in March. That is why the sales results of Easter were concentrated in the first quarter. Even though we grew above retail, which reinforces the leadership of our assets, and with stimulus of purchases and the experience in the regions.
Talking about the results. The revenue, BRL 720 million, the growth of 12%. We have the media verticals and the real estate development. The same-store rent grew 6.4% with a real gain regardless of the IGP-M tax, IGP-M rate that is negative. And our shopping malls have performed in a very strong way. So there should be space for brand.
Adding to the revenues and the discipline of expenses, the EBITDA is BRL 255 million, a growth in regards to the second quarter of last year, and the FFO grew BRL 330 million, advancing in regards to the previous quarter. Except the effect of Shopping Tijuca, the growth of EBITDA and FFO is 5%. That result makes us very happy because we are going through a very difficult moment in the Brazilian economy, with the consumer [levered] at very high levels. We have taken provisions so we can attract our consumers and get close to our tenants, creating new opportunities of events and to ensure growth that will be challenging for the retail in Brazil.
Growing FFO in such a year is a reflection of such a work and the preparation of our company for navigating in the diverse scenarios that a country can provide with many challenges for the sustainability of the company. That's why I wanted to thank our team for the spectacular work that they've developed since the creation of ALLOS. I also wanted to comment the digital. Our platform has gained relevance. We have a growth of 17% in regards to the previous year. The GMV is known by the company, which is BRL 1.6 billion, an advance of 31% in regards to the previous year. This is equivalent to a penetration of 21% in the mature malls and 17% of the total base. The benefit program is working in recurrence.
Comparing the behavior of the customers, we see an increase of 15% in the frequency of visitation to the shopping mall, and the number is 31% in the enterprises of biggest maturity and engagement. Going to slide five, I wanted to comment that on this quarter, we're doing important launches for our mall. The project has generated a result of BRL 15 million. In Campinas, we have the master plan of Parque Dom Pedro, which is services in general. For 330,000 sq m, the VGV potential is BRL 4.4 billion, and this has been guaranteed. It will be a hotel, and it will be the first one to get into implementation in this year. The fifth tower of the residential complex of Parque Shopping Maceió, which consolidates this region of Shopping Maceió as one of the biggest areas of the residential launches in the city.
We have projects for 63 towers that will be added all throughout the next years. In this expansion, we have Shopping Tijuca, which is Taste Lab, our gastronomic space. The project has transformed a parking lot into a rooftop with leisure and high-quality experiences. 22 operations of bars that sum 44 m of GLA. Last but not least, I wanted to comment on the updates of portfolio that we are conducting this year. We concluded the sale of Shopping Curitiba and our participation in Shopping Villagio Caxias in 5% in Shopping Taboão. We signed 1.6% additional Shopping Recife at a cap rate of 9%, and these transactions gave continuity to the process of strengthening of the portfolio and the reallocation of higher performance that is more dominant. I give the floor to Daniella, and I'll come back to the Q&A. Thank you very much.
Thank you, Rafael, and have a nice day today. The commercial and operational highlights. The malls are well occupied, taking care of the quality of the mix and offering the best experiences for the visitors. We have an occupancy rate of over, and we have 20,000 sq m signed. The highlight is on writing for Shopping Leblon, first store of Rio de Janeiro, and the second unit now in Shopping Taboão. The occupancy is for the net delinquency, 1.4%, 50 basis points below the last year. A great improvement in regards to the previous year. The media segment kept an accelerated rhythm of expansion. We have a project that is multi-platform, that is dedicated to the World Cup and we see Citibank, Coca-Cola, Hyundai, amongst others. We are advancing in media and the airports with the new launches in 2026, the new terminal of Uberlândia.
The construction will consolidate in two airports in this year. The revenue of media has grown in regards to the second quarter of 2025 and has represented 10.6% of the gross revenue of the company, an advancement of 420 basis points year-on-year. This development has been of higher volume of business with the strengthening of all the verticals of working. We are advancing in efficiency, simplification. In the second quarter, the expenses of SG&A have gone back in nominal terms, facing the second quarter of 2025, even with the effects, which reflects the Simplifica ALLOS program. It is a continuous discipline program aligned with the culture of ALLOS, always preserving the excellence in execution. The average rate of the finances of the company has been dropping. In the quarter, we got to a spread of CDI + 10.5%, a result of the management of the liabilities that we have done.
We have a CRI of BRL 1 billion below the CDI with distributions in 10, 15 years, reinforcing the indebtedness. The profile of the debt is 98.6% indexed to the CDI rate and 1.4% prefix with a leverage that is stable and controlled in 1.7x the net debt over EBITDA, even with a payout of BRL 1.2 billion in dividends in 2026. Thank you for your interest for ALLOS, and now the floor is open for Q&A.
We are going to start the Q&A. It is just for investors and analysts. Should there be any questions, please click on the button. To remove the question from the line, drop the line. Our first question is Ygor Altero, XP.
So media, understand what motivated this movement. What is the end game that we have up ahead, the level of growth that we can see, and how is the evolution? Airport, what can we expect of growth? If you can comment, what is the metric of profitability, if you can share the level of margin. Thank you.
Hi, Ygor. Good morning. Thank you for the question. We expected a growth that is very relevant in this quarter because of the fact that we did not have the airports in the previous year. So it is natural that there is a bigger growth. The operation of the airports is doing well, as expected. We have managed to use all the areas. Just one operator. Our partners are doing the sales of the media spaces in the shopping mall, and it is natural that we have an improvement in the results. Besides, we have new airports. I am going to let Vicente give more details as to what we want for the end of the year.
Well, hello. In fact, it was a quarter very positive, the semester as a whole. The semester, as we commented, the World Cup has an impact that is very positive because of the packages that we have created along with the partners within the shopping mall and also our digital platforms. As Rafael commented, the vertical of airports in the comparison also helps. The positive point is that we grew 20% in the lines of media in shopping malls and residential buildings. So the business as a whole has evolved a lot besides these new verticals and these new fronts. I am very optimistic with the year, and as we commented, now in August, we have the other six airports. These are regional airports.
So the metric of profitability, can you share some?
We are not opening the results of Helloo separate. We are cautious when we open. We're going to analyze through the year the ramp-up of the airport so we can make a decision when we open profitability and return on investment.
Thank you, Rafael.
Our next question, Ana Júlia Zerkowski, UBS. Ana Júlia, the floor is yours.
Hi. Thank you for the opportunity. On our side, a point that really calls our attention is the same-store sales. It's positive besides the deceleration of the growth, but it calls our attention very positively with the impact of Tijuca Pascoa and the calendar. We just want to get a reading, how is the third quarter? Any trends are changing? Any acceleration, deceleration? Whatever you can give us on June with regards to the sales. The second question is in these lines of revenues. It is what we anticipated. If you can give some details, what can we expect on the behavior of this line up ahead? These are the two. Thank you.
Hi, Júlia. Thank you for your question. The sensor sales was affected obviously because of Easter and the World Cup. In July, this is similar to what we've seen before. The quarter should close more normalized. We cannot wait just one year of a lot of growth, and the families are in debt. This generated the result. We captured market share in the markets that we are in.
In regards to the revenues, let's talk about the reasons for this effect. Well, Júlia, we had two main effects here. The first one is a receivable in regards to Tijuca, and we registered the revenue for the real estate. We have a tower in Uberlândia. We have BRL 15 million in this line. These are the two main effects.
Thank you.
Our next question is Matheus Meloni.
Hi, good morning. Well, on my side, two themes. First, wanted to talk about if you can give us an update, is on the schedule. If you can give us some more color, on what are the changes on the assets for sales to understand what is this and if everything has to be done, and if this expense is related to this transaction, and did you do any type of transaction that you have to do something similar. This is the first theme. The second theme is Tijuca. To understand how is the schedule to normalize the operation of the shopping mall in regards to the revenue of the insurance, and what can we expect in the next quarters. If there's anything else in the threshold, a little bit more color on this theme.
Good morning, Matheus. The first question in regards to, well, we are registering this fund, so really we cannot comment anything in regards to schedule. We cannot go deep on this one. In regards to other expenses, these are the results of a restructuring that we've done in April, and this is the objective of simplifying our company to gain more efficiency, and this is connected to our process of portfolio management. This incorporation reverts parts of the accounting effects with a fusion that is connected to these assets. As you can see, it's with the deferred tax that we also received. It has a normal procedure, and we are negotiating the insurance as we are proving the expenses in general.
Our next question is Pedro Peroni, Bank of America.
So Rafael, Daniella. We've seen a market that is. Well, we see the selling of the assets through movements and the real estate. Facing this, I wanted to see if we can see the dynamics for the context of ALLOS. Thinking about appetite for the capture of the fund. If you can explore that will help.
Thank you, Pedro. We are following the real estate fund, and we're seeing the windows of opportunity. We are concluding the reduction of Taboão and investment in Campo Grande and Shopping Villagio Caxias. We also concluded the disinvestment of Shopping Curitiba and Amazonas Shopping, and announcing the Shopping Recife. We're always looking at the opportunities for the future.
Thank you very much, Dani.
Our next question is from Elvis Credendio, Itaú BBA. Elvis, you may proceed.
Good morning, Rafa. Talking about the operational costs, I wanted to understand, what do you think about perspectives along these lines? I imagine that this quarter, there should be a problem in regards to Shopping Tijuca, a one-off. But since the service line has gained relevance and given the profitability that is different from the other lines of revenue, I wanted to explore that line where it should move ahead. Second topic is about leverage and the distribution of dividends. When you announced the guidance of leverage at the end of last year, the macro was very different. Well, to continue with the train of thought, the interest rates are worse. Are you a bit more cautious about this target leverage in the next two years? In fact, continuing to give the strategy of return of capital in this same level that you have presented.
Hi, Elvis. Thank you for the question. First, the issue of costs, operational costs. There was a variation quarterly that we cannot annualize. We have pinpointed issues. Certainly, there is the effect of Shopping Tijuca, both in the expenses and if you look, without this effect, we would have a drop of 7.5% in regards to 2025. The delinquency is 1.2%. The health of the business is preserved, and the growth of profitability. It's not an easy scenario to do business in Brazil, but at the same time, we've seen that we are well-protected. We extract good results regardless of this difficult scenario. In terms of, w ell, connecting to the second question, we are capacity to continue to pay dividends. Our guidance for this year, it's not for all year. We need to approve it for every cycle of results.
The official guidance for one year is for one year, and in fact, we are still having a balance that is deleveraged, and as the scenario of cost of capital is in this level, the opportunities of investment are less. So one thing leads to another, and we end up deleveraging the company more and more, so we can pay more dividends. So it's natural that we keep a level of leverage that we are committed to because it wouldn't make sense to have a capital structure in the balance of the company.
Thank you.
Our next question is Herman Lee, Bradesco BBI. Herman, the floor is yours.
Good morning, Rafa, Dani. The guidance was reaffirmed, and considering the performance of the contribution of the new verticals, I wanted to understand if it's reasonable to see if there is an upset risk for the guidance, if that makes sense. The second point about the digital. As you mentioned, it is growing, and we see an increase of visitation, the more sales of the tenants. I just wanted to understand if you felt an improvement in the price of the rents, the average ticket. I just wanted to understand a bit of the benefits that you felt with the increase of the digital engagement.
I am going to answer about the guidance, and then I will give the floor to Vicente so he can talk about the new program of benefits. The guidance, we keep it because in the second semester, we still do not have a perspective, and we understand that this is aligned with what we were expecting. The effect of Shopping Tijuca in the results that we have already published, we are reaffirming the guidance. We do not have any idea of using guidance or changing the expectations for the year. Let us talk about the effects here, Vicente.
Hi, Herman. We have measured, yes, the growth of the spending of our clients engaged in the program. Last year, we managed to measure it because of the consumers that are participating in the programs. This year, it got into the KPIs that we follow, and we give incentives to the team so we can develop more and more benefits and proposals for the consumers that increase the spending of these customers in the shopping mall. We still have not given disclosure in these numbers, but we are growing, over two digits, the spending of the clients engaged in the programs, which reinforces the indicator that we have shown of the increase of frequency and justifies within our vision.
We can have the consumer more engaged in, and we are very excited with these signals. We are trying to make this increase throughout time.
Very clear, Vicente Avellar. Thank you very much.
Our next question is André Mazini, Citi. The floor is yours.
Good morning, everyone. Two, the first one about development and multi-use, you are accelerating. If you can remind us of the economics of these projects for ALLOS, if there is a financial, find the percentage of VGV, and what is the percentage on average of this VGV in these projects? That is the first one, and I imagine that you are using AI and automation in the program and also the CRMs legacy. What can we still do with the program up ahead? Can we expect an impact that is positive in margins with the Simplifica ALLOS, it is more agility, et cetera, and not so much in margins?
André, thank you very much for the question. The development of real estate, multi-use around the malls, is very important strategy for us, that we managed to create the master plans and the approvals, and selling the projects. This is a company that already works with a lot of real estate assets. Our idea is not adding risk of incorporation. Besides having the real estate and having an effect on the balance, and bringing specialists and partners to develop the projects. This is our main strategy today with real estate development, remembering that it is not just the percentage of exchange which varies from region to region.
It's a case-by-case scenario and a question of the specificities of every market and also the type of product that we're launching. But the important thing is adding quality and density of revenue and potential of consumption for the neighborhood of the shopping mall. This is a driver that is also very important for the decision on what we're going to launch as multi-use. In Simplifica ALLOS, we don't have a data of guidance, because at the same time that we have a drop in expenses because of the factors that you've mentioned, automation, gains of efficiency, and all those factors that are impacting our capacity to get gains of efficiency. Nonetheless, we've had a review of structures that were done after the integration. Obviously, this nominal drop that we expect to have is a factor that will be certainly more strong this year.
But at the same, we're growing in other businesses. Growing in other businesses, we end up growing expenses. It's not that the company is not growing. When we grow, we also need structure. The drop of SG&A should continue this year. We are getting gains of efficiency because of several factors due to this simplification program being something perennial. We will continue to reevaluate processes, doing initiatives of reduction of expenses with systems and technology, which impact our result. Margin, difficult to project or giving a guidance because we had a drop of expenses. But a few of our businesses, they have different margins than the rent real estate. There is a difference in margin that is not necessarily talking to the gains of efficiency, which is a nominal drop and gains of scalability and lower growth than inflation, which is what we expect.
Thank you, Rafa.
Our next question is Mario Simplicio, Morgan Stanley. Please, Mario, the floor is yours.
Thank you for accepting my question. My question is, how do you see the spreads with the contracts of renewal in this period? Also, I wanted to understand how you see the occupancy rate for the next quarters, and if you can give us some color on the performance of the regions. We see the northern region performing better than the others. So I wanted to understand how is this for the rest of the year.
Hi, Mario. Dani. In regards to the spread, we are still at thresholds that are very healthy. Two digits. With the renewals and invoice, we have the health of the tenants in general. We have a delinquency rate that is very low.
Removing the effects of Tijuca, which is PDD from year-on-year, we have a commercial demand that has reduced our occupancy rate. This is a reflection and supports our capacity of having leasing and spread in these thresholds. When we look at the performance of the regions, we see a performance that is very strong in the northern region, but we see the performance that is uniform. Anyway, Rafa commented, when we see quarter-on-quarter, you can have very big variations. You have a constancy of growth and total sales that is very positive. About 5%-10% through several quarters, not just this year, regardless of the challenges that we had in the scenario. This stems from our capacity of qualifying the mix of the malls, promoting the events in the mall, bringing publics to different times, enchanting the clients every day.
Thank you, Dani. Congratulations on the results.
Our next question is Jorel Guilloty, Goldman Sachs. Jorel, the floor is yours.
Thank you for the opportunity to ask a question. The first one about Helloo. If you can remember, where are the biggest opportunities for Helloo? Is it airports, residential, condominiums, other malls? I also wanted to understand, how should we think about the CapEx and the expansion for Helloo? This is 5% of the total CapEx. Second question is about parking lot. We see that the revenue grew year-on-year. I wanted to understand how much of this growth is the tariff, the increase of the flow of vehicles. Do you see readjustments for the price here?
Jorel. First one about Helloo. We expected a strong growth this year. I would like to highlight. We see. We are bringing announcers. We do not have the habit and knowledge of the potential of media out of home, which is a public that is very qualified. We are in the airport, and we can contact with this base of announcers. Improving the knowledge. We have a lot to do. In the shopping malls, we have new media. On the side of parking lot, we still have a flow that is, the main driver is the tariff because of the dominance of our shopping mall. Very specific for every market.
Our next question is Rafael Rehder, Safra.
The first one is M&A. With this macro that is more challenging, the increase of participation in the cap that is more attractive. The second point is talking about the tax reform. For the tenants on the reform, do you have any updates?
The strategy on the acquisition of new malls, it depends on the price, but it also depends on the strategic position of the assets. We are doing a small acquisition. This is a cap that is very good. We are growing projects in an agile way. We have a lot of discipline and a cost of capital that is very high with the activity of the future. If everything is taken into consideration, this is not a year that we are doing a lot of transformation, but we expect that by the end of the election, the uncertainty will decrease regardless of the result and the end of last year.
Rafael, in regards to the tax reform, our focus is ready from the standpoint of systems for the issuance of the documents. We have worked with this team, very well-structured. In regards to the schedule, in the same way that we are preparing, the tenants are also preparing. From the standpoint of technicalities, we are within the deadline with everything that is aligned.
Well, thank you very much.
Next question is Jonathan Koutras from JPMorgan. The floor is yours.
Good morning. Just one question here. Still with the guidance, but about the CapEx. If we analyze the first quarter, the company should be close to the low BRL 350 million- BRL 450 million because of the worse macro and investment. Do we have an expansion that is higher specific for the third and fourth quarter?
Jonathan, Dani as well. In regards to the guidance of CapEx, we have seasonality. It is natural that we also have an investment that is smaller in the first quarter and is decelerating in the second quarter. We are finishing the third quarter, but we are going to have a better idea. The range of the guidance is BRL 450 million.
If we don't have any more questions, I would like to give the floor to Rafael Sales. Please continue.
Well, thank you very much for your interest in our results. I wanted to highlight that this was a quarter that was good for us, regardless of this challenging scenario that we are going through. The company is ready for any scenario. I think that this is very important in this moment that we're going through as a country, with the economy, not only in Brazil, but throughout the world. The team is at your service to answer any questions. Thank you very much. Have a nice weekend.
Thank you. The earnings call of the second quarter of 2026 of ALLOS is closed. Thank you for your participation. Have a nice day.