Brazil · Delayed Price · Currency is BRL Iguatemi Earnings Call Transcripts
Fiscal Year 2026
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Sales grew 4.6% year-over-year in Q2 2026, with strong gains in sales per square meter and record NOI margin of 95%. Portfolio optimization and expansion projects drove higher productivity, while robust demand from international brands and disciplined capital allocation supported growth.
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Q1 2026 saw 12.8% sales growth and record occupancy, driven by premium asset focus and strong demand. Portfolio optimization and capital recycling continued, with robust financial discipline and expansion projects advancing.
Fiscal Year 2025
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Record sales and high occupancy drove strong 2025 results, with premium malls and retail brands outperforming. Ongoing expansion, disciplined capital allocation, and robust operational metrics position the company for continued growth in 2026 despite macro and regulatory uncertainties.
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A disciplined, innovation-driven strategy has expanded the portfolio through major M&A, new developments, and digital platforms, while maintaining financial strength and robust governance. Sustainability, urban development, and partnerships with global brands reinforce market leadership and growth.
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Third quarter saw 22.5% sales growth and 20.6% EBITDA increase, driven by strong flagship and hinterland mall performance, high occupancy, and successful asset sales. CapEx delays shift spending to 2026, with leverage and dividends managed prudently.
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Q2 2025 saw robust sales and rental growth, driven by new asset integration and strong performance in fashion and jewelry. Adjusted EBITDA rose 91% (including capital gains), with high occupancy and NOI supporting future margin gains. Guidance for net revenue growth is confirmed.
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Sales grew 17% year-over-year to BRL 5 billion, with strong gains in fashion, luxury, and jewelry segments. Occupancy reached 96.6%, and adjusted EBITDA rose 8.5% to BRL 244 million. Recent M&A expanded premium mall presence, and guidance for the year is reaffirmed.
Fiscal Year 2024
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Record EBITDA of BRL 1 billion and FFO of BRL 700 million were achieved in 2024, driven by strong sales growth, high occupancy, and strategic asset recycling. Guidance for 2025 anticipates continued revenue and EBITDA margin growth, with robust capital allocation and ongoing portfolio optimization.
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Sales and net revenue grew strongly, with occupancy at 95.9% and retail EBITDA up 208% year-over-year. Asset recycling and new international brands enhanced the portfolio, while leverage and costs improved. Guidance remains positive for year-end.
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Q2 2024 saw strong sales and EBITDA growth, resilient operations despite Rio Grande do Sul flooding, and active portfolio management with key asset sales and acquisitions. Guidance for 2024 is reaffirmed, with margin improvement expected in H2 and robust occupancy and default metrics.